A Look At MGM Resorts (MGM) Valuation After Macau Records BetMGM Profitability And Ongoing Buybacks

Simply Wall St.02-19

Recent commentary on MGM Resorts International (MGM) has focused on record results from its Macau operations and BetMGM reaching profitability, along with substantial share repurchases, all of which ...

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This suggests...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"MGM":"美高梅","BK4561":"索罗斯持仓","BK4150":"赌场与赌博","BK4585":"ETF&股票定投概念","BK4588":"碎股","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC"},"translate_title":"澳门录得BetMGM盈利能力和持续回购后米高梅度假村(MGM)估值一览","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MGM":1.5},"content_text":"Recent commentary on MGM Resorts International (MGM) has focused on record results from its Macau operations and BetMGM reaching profitability, along with substantial share repurchases, all of which have drawn fresh attention to the stock. See our latest analysis for MGM Resorts International. The recent 1-day share price return of 8.52% has added to MGM’s 90-day share price return of 20.90%, even though the 1-year total shareholder return remains slightly negative at 3%. This suggests momentum has picked up recently from a softer longer term picture. If strong Macau results and BetMGM’s progress have your attention, it could be a good moment to look beyond casinos and check out our list of 22 top founder-led companies. With shares up 20.9% over 90 days and MGM trading at a reported 49.19% discount to one intrinsic value estimate, investors are rightly wondering whether there is still a real opportunity here or if the market is already pricing in future growth. AdvertisementMost Popular Narrative: 12.6% Undervalued With MGM Resorts International last closing at $37.19 versus a most followed fair value estimate of about $42.56, the narrative centres on moderate upside built around earnings growth, digital expansion and capital flexibility rather than a dramatic mispricing story.  The development and opening of international integrated resorts, specifically the exclusive license in MGM Osaka, anticipated multibillion-dollar revenue potential, and Dubai project, should capture rising demand for destination travel among the growing global middle class, unlocking new recurring revenue streams and diversifying consolidated earnings over the long term.  Read the complete narrative. Curious what sits behind that fair value gap? The narrative leans heavily on compound earnings growth, firmer margins and a future earnings multiple that is not currently reflected in the price. The exact mix of revenue growth, profitability and discounting assumptions is where the story really gets interesting. Result: Fair Value of $42.56 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the story can change quickly if softness in Las Vegas and regional markets persists, or if large projects such as Osaka and Dubai tie up cash longer than expected. Find out about the key risks to this MGM Resorts International narrative. Another Take: Earnings Multiple Tells A Tougher Story While the narrative and fair value work point to MGM Resorts International trading below one intrinsic value estimate, the current P/E of 45.1x paints a very different picture. That is far above the US Hospitality industry at 21.9x, the peer average at 19.1x, and even its own fair ratio of 26.7x. In simple terms, the share price already embeds a lot of future earnings optimism, so any stumble on growth or margins could matter more than the headline discount to fair value suggests. With that kind of gap, the key question is whether you view this as justified quality or valuation risk waiting to be repriced. See what the numbers say about this price — find out in our valuation breakdown. NYSE:MGM P/E Ratio as at Feb 2026Next Steps With sentiment clearly split between upside potential and valuation risk, it makes sense to review the full picture yourself and be prepared to move quickly if needed, starting with 2 key rewards and 3 important warning signs. Looking for more investment ideas? If MGM has sharpened your focus, do not stop here. Broadening your watchlist now could make a real difference to how your portfolio looks in a few years.  Target resilience by checking companies in our 80 resilient stocks with low risk scores that aim to balance potential returns with more measured risk scores. Hunt for value with the 53 high quality undervalued stocks that highlight businesses combining quality fundamentals with prices that may not fully reflect them. Build a steadier income stream by reviewing our 13 dividend fortresses that focus on higher yielding companies with durable payout profiles.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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