Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

MGM Resorts International / Equity Bottom-Up

<ul><li>Recent deal activity around MGM Resorts International has intensified after People Inc., Barry Diller’s media company formerly known as IAC, offered $48.30 per share in cash for the casino operator’s remaining equity.</li><li>People Inc. already owns approximately 26% of MGM, while its proposal reportedly values the company at about $12.4 billion in equity value.</li><li>MGM has established a special board committee, retained advisers, and reportedly believes the offer undervalues its portfolio of Las Vegas, regional, Macau, and digital assets.</li></ul>

Recent deal activity around MGM Resorts International has intensified after People Inc., Barry Diller’s media company formerly known as IAC, offered $48.30 per share in cash for the casino operator’s remaining equity.People Inc. already owns approximately 26% of MGM, while its proposal reportedly values the company at about $12.4 billion in equity value.MGM has established a special board committee, retained advisers, and reportedly believes the offer undervalues its portfolio of Las Vegas, regional, Macau, and digital assets.

MGM Resorts Acquisition Of People Inc. Could Be A Double-Edged Sword!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Barry Diller’s People Inc. is offering to buy <a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a> at US$48.30/share. People Inc., formerly known as IAC, owns ~26.1% stake in MGM Resorts.</li>
<li>MGM Resorts owns 55.95% in <a href="https://www.smartkarma.com/entities/mgm-china-holdings-limited" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China (2282 HK)</a>. A successful Offer should require People Inc to make a downstream Offer for MGM China; unless its obtains an SFC waiver.</li>
<li>It should also kick off a regulatory vetting process by the Macau government on MGM China's 10-year gaming concession.</li>
</ul>


Barry Diller’s People Inc. is offering to buy MGM Resorts International (MGM US) at US$48.30/share. People Inc., formerly known as IAC, owns ~26.1% stake in MGM Resorts.
MGM Resorts owns 55.95% in MGM China (2282 HK). A successful Offer should require People Inc to make a downstream Offer for MGM China; unless its obtains an SFC waiver.
It should also kick off a regulatory vetting process by the Macau government on MGM China's 10-year gaming concession.


Diller's Offer For MGM Resort Should Trigger A Downstream Offer For MGM China

<ul><li>MGM Resorts International has moved into the center of the gaming sector’s deal chatter after confirming that People Incorporated, formerly IAC, submitted a cash proposal to acquire all MGM shares it does not already own for $48.30 per share.</li><li>MGM’s board has not accepted the offer and said it will review the proposal with financial and legal advisors before deciding what is in the best interests of shareholders.</li><li>The company also cautioned that there is no assurance any agreement or transaction will be reached, or that the timing, price, or terms will remain unchanged.</li></ul>

MGM Resorts International has moved into the center of the gaming sector’s deal chatter after confirming that People Incorporated, formerly IAC, submitted a cash proposal to acquire all MGM shares it does not already own for $48.30 per share.MGM’s board has not accepted the offer and said it will review the proposal with financial and legal advisors before deciding what is in the best interests of shareholders.The company also cautioned that there is no assurance any agreement or transaction will be reached, or that the timing, price, or terms will remain unchanged.

MGM Resorts Takeover Speculation: Las Vegas Scale Meets Digital Upside!

<ul><li>MGM Resorts International reported consolidated net revenue growth exceeding 4% in the first quarter of 2026, driven primarily by improvements in Las Vegas, digital operations, and its China segment.</li><li>Las Vegas net revenues grew year-over-year for the first time in over a year despite strong prior leisure comparables, supported by robust group and convention business including notable citywide events like CES and CON/AGG.</li><li>The company highlighted record convention average daily rates and banquet revenue, with expectations for continued momentum and a modest increase in convention room night mix in the second quarter.</li></ul>

MGM Resorts International reported consolidated net revenue growth exceeding 4% in the first quarter of 2026, driven primarily by improvements in Las Vegas, digital operations, and its China segment.Las Vegas net revenues grew year-over-year for the first time in over a year despite strong prior leisure comparables, supported by robust group and convention business including notable citywide events like CES and CON/AGG.The company highlighted record convention average daily rates and banquet revenue, with expectations for continued momentum and a modest increase in convention room night mix in the second quarter.

MGM Resorts: What’s Driving The Next Big Push Across Macau, Las Vegas & Online Gaming?

<ul><li>MGM Resorts International reported consolidated growth in both the fourth quarter and full year 2025, supported by its diversified portfolio spanning gaming, hospitality, entertainment, and sports across physical and digital channels.</li><li>The company achieved record EBITDAR levels in Macau while maintaining strong margins and market share.</li><li>Its BetMGM North America venture also showed a significant turnaround with nearly $470 million in adjusted EBITDA improvement, contributing $135 million in distributions to MGM during Q4.</li></ul>

MGM Resorts International reported consolidated growth in both the fourth quarter and full year 2025, supported by its diversified portfolio spanning gaming, hospitality, entertainment, and sports across physical and digital channels.The company achieved record EBITDAR levels in Macau while maintaining strong margins and market share.Its BetMGM North America venture also showed a significant turnaround with nearly $470 million in adjusted EBITDA improvement, contributing $135 million in distributions to MGM during Q4.

MGM Resorts’ Powerful Macau Comeback: A Long-Term Cash Flow Engine Emerges!

United States

MGM Resorts International operates gaming, hospitality and entertainment resorts.  The Company owns properties in Nevada, Mississippi and Michigan in the United States; and owns interests in properties in Nevada and Illinois in the United States, and Macau. MGM Resorts also offers hospitality management services for casino and non-casino properties around the world.

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MGM Resorts International (MGM US)

MGM Resorts Acquisition Of People Inc. Could Be A Double-Edged Sword!

Recent deal activity around MGM Resorts International has intensified after People Inc., Barry Diller’s media company formerly known as IAC,...

Baptista Research

Diller's Offer For MGM Resort Should Trigger A Downstream Offer For MGM China

If you were expecting some sort of uplift via a downstream Offer for MGM China, think again. In terms of pricing for MGM Resorts - I can see...

David Blennerhassett

MGM Resorts Takeover Speculation: Las Vegas Scale Meets Digital Upside!

MGM Resorts International has moved into the center of the gaming sector’s deal chatter after confirming that People Incorporated, formerly IAC,...

Baptista Research

MGM Resorts: What’s Driving The Next Big Push Across Macau, Las Vegas & Online Gaming?

MGM Resorts International reported consolidated net revenue growth exceeding 4% in the first quarter of 2026, driven primarily by improvements in...

Baptista Research

MGM Resorts’ Powerful Macau Comeback: A Long-Term Cash Flow Engine Emerges!

MGM Resorts International reported consolidated growth in both the fourth quarter and full year 2025, supported by its diversified portfolio...

Baptista Research

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