MGM Resorts International (MGM) Could Be 39% Below Fair Value After Corner Store Opening

The Corner Store’s Las Vegas debut at The Cosmopolitan has put fresh attention on MGM Resorts International (MGM), as investors weigh how expanded dining partnerships with Catch Hospitality Group might influence the broader resort ecosystem.

MGM Resorts International’s recent marketing push, including its September appearance at the 2026 North American Marketing Leadership Summit and the upcoming Corner Store opening, comes against a weak tape, with the 30-day share price return down 27.22% and the 90-day move down 35.40%.

Over a longer stretch, the stock’s total shareholder return is down 7.18% over the past year and 37.67% over five years. This points to fading momentum even as management leans on new hospitality concepts to reset the story around the US$30.00 share price.

Spot 20 high quality undiscovered gems that pair hospitality-driven stories like MGM Resorts International with under-the-radar fundamentals that could reset sentiment when attention eventually swings back to the sector.

MGM Resorts International now trades around US$30.00 after a sharp slide, so the live issue is whether most of the reset is already priced in or if meaningful upside still sits ahead as the valuation work shows.

Most Popular Narrative: 39% Undervalued

Against that backdrop of pressure on the chart, the most widely followed narrative on MGM Resorts International pegs fair value at $49.33, well above the recent $30.00 close. As a result, attention shifts to what has to go right in the real business for that gap to close.

The Osaka integrated resort project, which is progressing on time and on budget with clearly outlined funding commitments through 2028, is expected to add a large new source of resort and gaming revenue once open and could diversify MGM Resorts International''s earnings mix toward long term international cash flows.

See why 19 investors see MGM Resorts International as 39% undervalued.

Result: Fair Value of $49.33 (UNDERVALUED)

Still, MGM Resorts International faces real pressure points, with high debt levels and rising self insurance and legal costs that could challenge this upbeat narrative.

Find out about the key risks to this MGM Resorts International narrative.

Another View On MGM Resorts International’s Valuation

That fair value of $49.33 leans on detailed earnings forecasts, but the preferred P/E yardstick paints a tougher picture. MGM Resorts International trades on 17.8x, which is higher than its fair ratio of 16.9x and well above a 12.4x peer average, even though it sits below the broader US Hospitality mark of 19.5x. For investors, that mix of richer peer pricing and only a small buffer to the fair ratio raises a simple question: Is this really a mispriced opportunity or just a fully charged story that needs everything to go right to justify the multiple?

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Mixed on MGM Resorts International after all that, or starting to lean one way? Act quickly, review the key data, and weigh both sides through 2 key rewards and 2 important warning signs.

Looking for more investment ideas beyond MGM Resorts International?

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This article by Simply Wall St is general in nature. We provide commentary 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. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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