MGM Resorts International has been named one of Fortune’s “World’s Most Admired Companies” for 2021 in the category of Hotels, Casinos and Resorts.
The MGM Resorts (MGM) portfolio includes 29 unique hotel and destination gaming offerings across the US and Macau. The company is currently also targeting an expansion across Asia.
MGM has been instrumental in “giving back to the community” and last year alone, donated 552,000 meals in Southern Nevada alone and leveraged their significant expertise to support Nevada’s COVID-19 taskforce with 261,000 hospital gowns, 200,000 medical gloves and 500,000 KN95 respiratory mask.
The multi-layered, Seven-Point Safety Plan that was implemented prior to re-opening its resorts after the coronavirus lockdowns was one of the first of its kind, and the company is committed to the fight to stop the spread of the virus.
“We’re proud of the work we’ve done to adapt and continually provide unmatched guest service through this period of uncertainty,” said Bill Hornbuckle, CEO & President of MGM Resorts International. “Furthermore, as a long-standing leader in the hospitality and entertainment business, we take seriously our Social Impact and Sustainability obligations and brand reputation as we strive to make the world a better place.” (See MGM stock analysis on TipRanks)
Goldman Sachs analyst Stephen Grambling reiterated his Sell rating on MGM two weeks ago but raised his price target to $27 from $23. This implies downside potential of around 21% from current levels.
Grambling sees “significant potential” for online sports betting stocks to re-rate closer to consumer internet peers as a “network effect begins to take hold and new forms of revenue become visible.”
Meanwhile, consensus among analysts is a Hold based on 1 Buy, 6 Holds and 2 Sells. The average price target of $28.71 suggests downside potential of around 16% over the next 12 months.
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