MGM Remains Well Positioned in Vegas and for Japan Opportunity; Shares Slightly Undervalued
Although renovation and tougher comparables present near-term growth headwinds to MGM’s Vegas segment (55% of first half 2017 EBITDA), we continue to see the company’s underlying growth and positioning in the region as solid. Therefore, we do not plan to adjust our Vegas forecast of low-single-digit average annual growth and 300 basis points of margin expansion over the next 10 years. That said, we do plan to shift MGM’s Cotai resort opening to the fourth quarter of this year from our previous m...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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