NYSE · Consumer Cyclical · Gambling, Resorts & Casinos · US
Research · Sep 3, 2026
MGM Resorts FY25 (Dec 31, 2025) at $17.54B revenue (+2%). NI $206M; EPS $0.76. Q4 LV EBITDAR -4%, Macau +31% (record), BetMGM swung $176M YoY to $71M EBITDA. FY26 BetMGM EBITDA guide $300-350M. Total debt+lease $56.2B.
Research · Jun 2, 2026
Barry Diller's $48.30/share bid for MGM is already trading toward $54-58 implied final. LVS, WYNN, CZR, BYD reprice on the gaming-consolidation read.
Research · Apr 30, 2026
IAC's April 28 rebrand to People Incorporated removes the conglomerate discount by explicitly positioning the company as a two-asset operator: a thriving digital publisher (10 consecutive quarters of growth, 37.5% Q4 2025 EBITDA margins) and a 25.5% stake in MGM Resorts worth $2.4 billion. The $40 million annual cost savings from consolidating corporate functions will expand margins, while the simplified structure should force sell-side models to reprice the company higher over 6-12 months as the market recognizes the underlying value of its two non-correlated assets.
