MGM Resorts: The Chips Are Falling Into Place (Upgrade)

2026-02-05 09:56:44 ET

Thesis

MGM Resorts International ( MGM ) is a Las Vegas–based gaming and hospitality company with operations on the Strip, in Macau, and in online betting. When I last looked at this stock, a little over a year ago, I put it at a Hold . The business was running well, but that was the tension. On the one hand, operating performance was strong. On the other hand, the balance sheet was stretched. Debt was high. Shareholder returns were weak. And over the long run, the stock had lagged. Taken together, the good just didn’t outweigh the bad....

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