Morningstar - MGM Resorts International (MGM) MGM Fair Value and Industry Gaming Forecast Unchanged Despite Expected Lower Table Allocation

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Morningstar

Dan Wasiolek

EUR 147.86 For Business Accounts Only

MGM Fair Value and Industry Gaming Forecast Unchanged Despite Expected Lower Table Allocation

We plan to maintain our $26 fair value estimate on no-moat MGM Resorts, despite our revised expectations for a mid-2017 opening for Cotai (versus the first quarter of 2017 previously) and a 150-table allocation (versus 250 previously), because the companyâ€™s new property will focus exclusively on mass gaming, which is higher margin versus VIP, and we believe Macauâ€™s current table base is underutilized. We continue to expect recent casino openings to gradually improve industry growth with a more m...

20/09/2016 14 EN

Underlying

MGM Resorts International

MGM Resorts International is a holding company. Through its subsidiaries, the company owns and operates casino, hotel, and entertainment resorts across the United States and in Macau. The company's segments include: Las Vegas Strip Resorts, which consists of casino resorts such as Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, New York-New York, Excalibur, and Park MGM; Regional Operations, which consists of casino resorts such as MGM Grand Detroit, Beau Rivage, Gold Strike Tunica, Borgata, MGM National Harbor, MGM Springfield, Empire City, and MGM Northfield Park; and MGM China, which owns and operates casino resorts and the related gaming subconcession and land concessions.

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US5529531015 New York Stock Exchange United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Dan Wasiolek

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MGM Fair Value and Industry Gaming Forecast Unchanged Despite Expected Lower Table Allocation

MGM Resorts International: Update following affirmation of B1 CFR and stable outlook

Moody's rates MGM Resorts International proposed senior unsecured notes B1

MGM Resorts International - December 2023 (LTM): Peer Snapshot

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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