MGM Sees a Recovering Vegas and Robust Macau Market; Shares Undervalued
We plan to lift our $38.50 fair value estimate for no-moat MGM a mid-single-digit percentage mostly to account for stronger Macau (25% of our 2018 EBITDA estimate) growth in the fourth quarter that we expect to continue through 2018. Additionally, we plan to revise up our Borgota (8%) forecast, as we believe the asset is benefiting from best practices since MGM acquired its majority ownership last year. Finally, we saw the company’s Las Vegas operations (50%) tracking near our forecast and expec...
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