Shares of MGM Resorts International (NYSE:MGM) traded today at $49.13, eclipsing its 52-week high. Approximately 1.3 million shares have changed hands today, as compared to an average 30-day volume of 8.2 million shares.
MGM Resorts International is currently priced 20.2% above its average consensus analyst price target of $38.57.
MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market. The company’s Vegas properties include MGM Grand, Mandalay Bay, Mirage, Luxor, New York-New York, and CityCenter. The Strip contributed approximately 49% of total EBITDAR in the prepandemic year of 2019. MGM also owns U.S. regional assets, which represented 29% of 2019 EBITDAR. We estimate MGM’s U.S. sports and iGaming operations will be a mid-single-digit percentage of its total revenue by 2024. The company also operates the 56%-owned MGM Macau casinos with a new property that opened on the Cotai Strip in early 2018. Further, we estimate MGM will open a resort in Japan in 2027.
MGM Resorts International share prices have moved between a 52-week high of $49.13 and a 52-week low of $19.55 and are now trading 147% above that low price at $48.36 per share.
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