MGM Newly Announced Profit Plan Looks Achievable; $37 Fair Value Unchanged; Shares Attractive
On Jan. 3, no-moat MGM Resorts announced profit initiatives targeting driving EBITDA growth of $300 million across its domestic resorts (U.S. properties are nearly 80% of 2018 estimated total EBITDA) by the end of 2021. We have confidence MGM can achieve these new profit initiative goals, given the company surpassed its last profit initiative target announced August 2015 to reach $300 million in incremental EBITDA by year-end 2017, as it garnered around $450 million over that time frame. However...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.
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.
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