MGM RESORTS INTERNATIONAL LAUNCHES ALL-INCLUSIVE EXPERIENCE ON LAS VEGAS STRIP Accessibility StatementSkip Navigation New Bundle at Luxor and Excalibur Combines Hotel, Dining, Entertainment and Parking into One Approachable, Upfront Price LAS VEGAS, March 25, 2026 /PRNewswire/ -- Arriving just in time for spring and summer travel, MGM Resorts International is launching an all-inclusive experienceon the Las Vegas Strip, bundling hotel accommodations, daily resort fee, dining, entertainment and parking into a ...

Longleaf Partners, managed by Southeastern Asset Management, released its fourth-quarter 2025 investor letter for “Longleaf Partners Global Fund”. A copy of the letter can be downloaded here. The Fund returned 5.27% in the quarter, compared to the MSCI World’s 3.12 % and the MSCI World Value’s 3.34% return. The Fund returned 16.72% for the year, compared to 21.09% and 20.79% returns, respectively, for the indexes. 2025 was a solid year for the Fund, celebrating Southeastern's 50th anniversary and the 25th ...

Group 1 - MGM Resorts International is considered one of the most undervalued hotel stocks currently available for investment [1] - The company announced a new sales structure aimed at enhancing customer experience and streamlining event planning, which includes leadership appointments and a refined organizational structure [1] - MGM Resorts reported a fiscal Q4 earnings beat, driven by improved results from Las Vegas and Macau [2] Group 2 - MGM Resorts operates as a global entertainment and gaming company with segments including Las Vegas Strip Resorts, MGM China, and Regional Operations [3] - The stock price target was raised by Morgan Stanley from $33 to $34, while maintaining an Underweight rating [2] - Recent developments indicate a significant surge in Macau gaming revenues, contributing to a 7.27% increase in MGM's stock price [6]

Core Viewpoint - The probability of Tilman Fertitta acquiring Caesars Entertainment is currently at 61.5%, which could significantly reshape the competitive landscape in the gaming sector and impact various stakeholders, including VICI Properties and MGM Resorts [1][2]. Group 1: Caesars Entertainment - Caesars operates over 50 casino and hotel properties and reported $11.49 billion in revenue for full-year 2025, but carries $11.9 billion in debt and posted a net loss of $502 million [1]. - The stock price was around $19.70 at the time of the Q4 earnings filing, significantly lower than its 52-week high of $31.58, indicating a depressed valuation that has fueled acquisition speculation [1]. - Caesars Digital achieved a quarterly adjusted EBITDA record of $85 million in Q4 2025, up from $20 million in the previous year, highlighting a potential growth area [1]. Group 2: VICI Properties - VICI Properties owns the real estate for many of Caesars' key properties, with Caesars accounting for 39% of its annualized contractual rent, making it the largest tenant [1]. - The REIT generated approximately $4 billion in revenue for the full year and has raised its dividend for eight consecutive years, currently paying $0.45 per quarter [1]. - Analysts suggest that VICI has the most direct exposure to a potential ownership change, as it collects rent regardless of who operates the properties and holds call rights that could be valuable if a new owner pursues asset monetization [2]. Group 3: MGM Resorts - MGM Resorts is Caesars' primary competitor and could benefit from a distracted Caesars during a potential acquisition, allowing MGM to gain market share in Las Vegas and online gaming [1]. - MGM reported $17.54 billion in revenue for full-year 2025 and achieved a 20% growth in Consolidated Adjusted EBITDA in Q4, despite challenges in Las Vegas [1]. - The digital segment, BetMGM, turned profitable with an operating income of $29.3 million, contrasting with a loss of $42.3 million in the prior year [1]. Group 4: Gaming and Leisure Properties - Gaming and Leisure Properties holds properties leased to Caesars, generating $22.5 million from its Caesars Master Lease in Q4 2025, but has a more diversified tenant base compared to VICI [1]. - The company reported a record $1.12 billion in full-year AFFO and has a committed pipeline of approximately $2.6 billion at a blended cap rate over 8%, indicating strong growth potential [1].

Group 1 - The high-end business segment is performing well, with positive trends observed in January, February, and March [1] - Recent events such as CONEXPO, the Super Bowl, and Chinese New Year contributed to strong performance [1] - The company anticipates a soft second half of the year, but expects meaningful growth opportunities in 2026 [2] Group 2 - The company has significant programming planned for April, which is expected to drive growth [2]

MGM Resorts International Conference Call Summary Company Overview - **Company**: MGM Resorts International (NYSE:MGM) - **Date**: March 12, 2026 - **Speakers**: CEO Bill Hornbuckle, CFO Jonathan Halkyard Key Industry Insights Performance Trends - High-end business is performing well, with a progressive improvement noted in Q1 2026 compared to previous months [2][3] - January, February, and March showed positive trends, aided by events like Super Bowl and Chinese New Year [2][3] - Anticipation of growth in 2026, with significant programming planned for April and May [3] Market Dynamics - Softness observed in the value segment (Excalibur and Luxor), prompting aggressive programming initiatives [5] - The company aims to respond to market fluctuations and enhance offerings to attract visitors [5] - Group business and catering services are performing better than expected, with no signs of spending pullback [12] Visitor Profile and Experience - Las Vegas is evolving, offering better value for experiences, with a focus on sports and events [13][14] - The company is adapting to a new visitor profile, emphasizing experiential offerings [13][14] International Travel and Economic Factors - International travel to Las Vegas has decreased, with a focus on regaining Canadian visitors [16] - The company is monitoring economic factors, including energy prices and supply chain impacts, but currently sees no significant threats [18] Financial Performance Revenue and EBITDA - The company reported a strong first quarter, with gaming revenue performing well, particularly in high-end segments [11][12] - Luxor and Excalibur contribute approximately 6% to overall EBITDA, indicating a need for strategic focus on these properties [11] Capital Expenditures - Recent CapEx projects focus on high-end gaming and improving connectivity between luxury properties [24][25] - The company is investing in Japan, with expectations of significant cash flow from the project [63][70] Digital and Gaming Ventures BetMGM Performance - BetMGM has been a bright spot, with significant investments yielding high returns and dividends [46][47] - The company holds a strong market share in online sports betting and iGaming, with expectations for continued growth [46][49] Regulatory Landscape - The regulatory environment for iGaming is evolving, with potential for expansion in several states [53][54] - The company is cautious about illegal sports betting and is monitoring the situation closely [56][58] Strategic Outlook Long-term Growth - The company is focused on steady growth in Las Vegas and regional markets, with digital initiatives and Japan as key long-term strategies [73] - The potential for increased free cash flow per share is anticipated due to share buybacks and growth in digital and international ventures [73] Competitive Landscape - The company acknowledges competition from new properties but believes it has maintained its market position effectively [21][22] - The management is prepared for competition from established brands like Hard Rock and is actively strategizing to enhance its offerings [22] Conclusion - MGM Resorts International is navigating a dynamic market with a focus on high-end experiences, digital growth, and international expansion. The company is optimistic about its future performance, driven by strategic investments and programming initiatives aimed at enhancing visitor engagement and revenue generation.

Core Thesis - MGM Resorts International presents a compelling investment opportunity driven by multiple near- and long-term catalysts despite a temporary slowdown in Las Vegas tourism and room remodels at MGM Grand in 2025 [1] Share Buybacks and Earnings - MGM is aggressively buying back 7-8% of its shares annually, funded by a business generating a 14.2% Owner Earnings yield [2] - BetMGM, the company's digital sports betting and iGaming joint venture, turned profitable in 2025, distributing $100 million back to MGM and setting the stage for $125-200 million in cash distributions in 2026 [2] Near-Term Catalysts - The Northfield Park sale, closing in the first half of 2026, will inject $420 million of proceeds for share repurchases [3] - Stabilization of Las Vegas Strip operations is expected as MGM Grand's remodels are completed, conventions return, and RevPAR growth resumes [3] - MGM China's ongoing recovery continues to provide $200-300 million in annual dividends, further funding capital returns [3] Long-Term Potential - MGM's 42.5% stake in Osaka represents a future $350-450 million annual Owner Earnings contribution, supported by monopoly positioning and a lower tax rate relative to Macau [4] - GAAP net income is expected to swing from loss to profit in 2026 as one-time charges abate, attracting investor attention [4] Valuation and Target Price - At the current share price, MGM trades at roughly 7x Owner Earnings with significant buyback acceleration underway [5] - With stabilized core operations, growing digital cash flows, and Osaka's long-term potential, MGM Resorts offers an attractive risk/reward profile with a bullish target of Buy up to $46 per share [5] Historical Context - MGM's stock price has appreciated by approximately 38.25% since previous bullish coverage, highlighting its asset-light transition, strong brand, disciplined buybacks, and resilient cash flows [6]

Core Thesis - MGM Resorts International presents a compelling investment opportunity driven by multiple near- and long-term catalysts despite a temporary slowdown in Las Vegas tourism and room remodels at MGM Grand in 2025 [1] Share Buybacks and Earnings - MGM is aggressively buying back 7-8% of its shares annually, funded by a business generating a 14.2% Owner Earnings yield [2] - BetMGM, the company's digital sports betting and iGaming joint venture, turned profitable in 2025, distributing $100 million back to MGM and setting the stage for $125-200 million in cash distributions in 2026 [2] Near-Term Catalysts - The Northfield Park sale, closing in the first half of 2026, will inject $420 million of proceeds for share repurchases [3] - Stabilization of Las Vegas Strip operations is expected as MGM Grand's remodels are completed, conventions return, and RevPAR growth resumes [3] - MGM China's ongoing recovery continues to provide $200-300 million in annual dividends, further funding capital returns [3] Long-Term Potential - MGM's 42.5% stake in Osaka represents a future $350-450 million annual Owner Earnings contribution, supported by monopoly positioning and a lower tax rate relative to Macau [4] - GAAP net income is expected to swing from loss to profit in 2026 as one-time charges abate, attracting investor attention [4] Valuation and Target Price - At the current share price, MGM trades at roughly 7x Owner Earnings with significant buyback acceleration underway [5] - With stabilized core operations, growing digital cash flows, and Osaka's long-term potential, MGM Resorts offers an attractive risk/reward profile with a bullish target of Buy up to $46 per share [5] Historical Context - MGM's stock price has appreciated by approximately 38.25% since previous bullish coverage, highlighting its asset-light transition, strong brand, and disciplined buybacks [6]

Core Viewpoint - Credit Suisse predicts that Macau's total gaming revenue in February 2026 will increase by 7.4% year-on-year, slightly below the market median expectation of 10.5% [2] Group 1: Institutional Insights - The report highlights that during the Lunar New Year Golden Week from February 15 to 19, Macau welcomed 779,300 visitors, representing a year-on-year growth of 7.4% [2] - Based on on-site observations, the report notes a significant crowd in casino halls, reinforcing the positive outlook for the industry [2] - Galaxy Entertainment and MGM China are identified as the top picks in the industry [2] Group 2: Recent Stock Performance - MGM China (02282.HK) has faced pressure in its stock price, closing at HKD 12.52 on February 27, 2026, with a cumulative decline of 7.05% over the past five days [3] - In contrast, MGM (MGM.N) has shown relatively strong performance in the US market, closing at USD 37.62, with a cumulative increase of 3.18% over the same period, including a single-day rise of 5.79% on February 26 [3] - The overall volatility in the Hong Kong gaming sector indicates a need to monitor market sentiment [3] Group 3: Recent Developments - MGM's new hotel in Shenzhen, set to open in 2026, is positioned as an immersive luxury experience project, located near the Shekou Cruise Home Port, aiming to strengthen the Guangdong-Hong Kong-Macau Greater Bay Area strategy [4] - Additionally, MGM's participation in campus recruitment at the University of Macau, as mentioned in a recent job fair announcement, reflects the company's focus on talent acquisition [4]

Core Insights - MGM Resorts International and BetMGM have committed over $1 million to responsible gaming initiatives during Problem Gambling Awareness Month, with a focus on research, public awareness, and community partnerships [1] Group 1: Financial Commitment - The companies have allocated $450,000 to the International Center for Responsible Gaming for a new research initiative on sports wagering and its impact on player behavior [1] - Over the next three years, the research will explore factors influencing sports betting behaviors and prevention efforts [1] Group 2: Community and State Support - In 2026, MGM Resorts and BetMGM will contribute over $850,000 to organizations focused on problem gambling prevention and responsible gaming measures [1] - MGM Resorts will sponsor the annual Nevada Council on Problem Gambling Conference and provide training sessions for employees [1] Group 3: Employee Engagement and Training - The companies will enhance responsible gaming messaging through their GameSense program across various platforms [1] - Over 2,000 team members are now certified as GameSense Advisors to engage guests in responsible gaming conversations [1] Group 4: New Campaigns and Initiatives - A new campaign titled "Earn More. Play Smart." will be launched, integrating responsible play messaging with MGM Rewards [1] - BetMGM will continue airing a responsible gaming commercial featuring ambassador Connor McDavid during key sports broadcasts [1] Group 5: Ongoing Partnerships - MGM Resorts and BetMGM will maintain their partnership with the American Gaming Association's responsible gaming initiatives [1] - Employees will receive comprehensive training on responsible gaming, and a social media campaign will feature executive insights on the topic [1]