MGM Resorts International’s Stock Price Dips to $33.66, Recording a 2.86% Decrease

MGM Resorts International (MGM)

33.66 USD -0.99 (-2.86%) Volume: 4.21M

MGM Resorts International’s stock price stands at 33.66 USD, witnessing a trading session dip of -2.86%. With a trading volume of 4.21M and a year-to-date percentage change of -2.66%, MGM’s stock performance continues to be a focal point for investors.

Latest developments on MGM Resorts International

Today, MGM Resorts International (NYSE:MGM) stock price is influenced by recent key events. Brokerages have given the company a “Moderate Buy” consensus rating. Marriott Bonvoy has strengthened its loyalty partnership with MGM Resorts, enhancing benefits for members until 2025. However, MGM Resorts announced the closure of the Ayesha Curry and Chef Michael Mina restaurant in Las Vegas, as well as the closure of International Smoke at the MGM Grand. These closures, along with the news of a celebrity chef shutting down a restaurant on the Las Vegas Strip, are impacting the stock price movement of MGM Resorts International today.

MGM Resorts International on Smartkarma

Analysts at Baptista Research have been closely monitoring MGM Resorts International and have published two insightful reports on Smartkarma. In their first report titled “MGM Resorts International: Focusing on High-Value Casino Operations To Redefine the Industry! – Major Drivers,” the analysts highlighted the company’s strong performance in its Third Quarter 2024 Earnings Call. They praised CEO Bill Hornbuckle and other key executives for reporting record consolidated net revenues and impressive results from subsidiary MGM China. Baptista Research aims to evaluate various factors influencing the company’s stock price and has conducted an independent valuation using a Discounted Cash Flow (DCF) methodology.

Furthermore, in their second report titled “MGM Resorts International: Expansion in Digital and Sports Betting Platforms & Other Factors Driving Our Bullish Thesis! – Financial Forecasts,” Baptista Research discussed the company’s diverse financial outcomes in the second quarter of 2024. Despite facing challenges in certain sectors, MGM Resorts International saw a 3% increase in net revenues in Las Vegas, attributed to higher room rates and occupancy. The analysts noted that the integration with Marriott has been beneficial for the company’s room bookings, indicating a positive outlook for revenue growth. Overall, Baptista Research remains bullish on MGM Resorts International‘s prospects.

A look at MGM Resorts International Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

Based on the Smartkarma Smart Scores, MGM Resorts International has a promising long-term outlook. With a high score in Growth, the company is expected to see positive development and expansion in the future. Additionally, its Value score indicates that the company is considered to be fairly valued in the market, offering potential for investors.

However, MGM Resorts International scores lower in Dividend and Resilience, suggesting that it may not be a top choice for income-seeking investors and may face challenges in uncertain market conditions. With a moderate Momentum score, the company may experience fluctuation in its stock performance in the near future. Overall, MGM Resorts International‘s diverse operations in gaming, hospitality, and entertainment position it well for long-term success despite some potential areas of concern.

Summary: MGM Resorts International operates gaming, hospitality, and entertainment resorts in various locations across the United States and Macau. The company also provides hospitality management services for properties worldwide.

Disclaimer: This article by Smartkarma is general in nature and based on historical data 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 financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
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