Morningstar - MGM Resorts International (MGM) MGM Renovation and Calendar Headwinds Waning, but Economic Uncertainty Remains

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Morningstar

Dan Wasiolek

EUR 100.00 For Business Accounts Only

MGM Renovation and Calendar Headwinds Waning, but Economic Uncertainty Remains

We may lift our $37 no-moat MGM valuation around $1 to reflect stronger Las Vegas and regional business, while the company's Macau revenue rebounded after opening new VIP play rooms, in line with our expectations. We see shares as undervalued.
Las Vegas (49% of 2018 sales) revPAR rebounded to 8.2% growth in the fourth quarter from a 3.9% drop in the previous quarter, with EBITDA margins jumping 222 basis points to 29.1%, as headwinds (renovation disruption at MGM Park, terror attacks, and conven...

07/03/2019 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 Renovation and Calendar Headwinds Waning, but Economic Uncertainty Remains

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