MGM Resorts International (MGM)

Executive Summary

MGM Resorts International is the largest operator of integrated resorts on the Las Vegas Strip, a 56-percent owner of MGM China (a top-tier Macau concessionaire), the sole licensed integrated resort developer in Japan (Osaka, opening 2030), a 50-percent owner of BetMGM (now profitable on a full-year basis), and an operator of regional U.S. casinos from Detroit to National Harbor. It is also one of the most aggressive capital returners in the S&P 500 mid-cap consumer space: management has retired roughly 45 percent of shares outstanding since the start of 2021, with approximately $8.9 billion of buybacks executed through spring 2026.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers