MGM Resorts International (MGM) Stock Today: Big Buyers, Analyst Downgrades and 2026

MGM Resorts International (NYSE: MGM) has had a busy start to December, with fresh institutional money flowing in, a key Wall Street price target cut, and new property and digital initiatives on the Las Vegas Strip and beyond. All of this is hitting the tape as traders look for direction in one of the market’s most closely watched casino and resort stocks.

As of the latest close on December 5, 2025, MGM Resorts stock ended at $36.07, up about 1.9% on the day, and sits between its 52‑week low of $25.30 and high of $41.32. ^[1] Recent technical data show the shares trading modestly above their 200‑day moving average, with short interest around 9% of float, a level that can amplify reactions to news in either direction. ^[2]

Here is what investors need to know about MGM’s stock on December 6, 2025: the latest headlines, what Wall Street is saying now, and how medium‑ and long‑term forecasts are shaping up.

1. MGM Stock Snapshot on December 6, 2025

Last close: $36.07 (Dec 5, 2025) ^[3]
Intraday high/low (Dec 5): $36.81 / $35.27 ^[4]
52‑week range: $25.30 – $41.32 ^[5]
Market capitalization: roughly $9.8 billion ^[6]
Valuation: trailing P/E above 220, inflated by non‑cash charges, while forward P/E based on 2025–2026 EPS forecasts sits in the mid‑teens. ^[7]

From a technical standpoint, aggregated analysis from CoinCodex shows an overall bullish setup: 20 technical indicators flashing positive versus 6 negative, with many short‑ and medium‑term moving averages pointing higher as of late on December 6. ^[8] At the same time, StockTitan’s market‑pulse data places short interest near 8.8% of float and “days to cover” at about 6.5, suggesting a moderately crowded short side that could intensify moves when new information lands. ^[9]

2. New Money In: Norges Bank Buys a $60.6 Million Stake

One of today’s most important headlines for MGM stock comes from Norway’s sovereign wealth fund.

According to a fresh Form 13F‑based report from MarketBeat, Norges Bank opened a new position in MGM Resorts during the second quarter, buying 1,761,279 shares worth about $60.57 million. That gives the fund roughly 0.65% ownership of MGM at quarter‑end. ^[10]

The same filing‑based article notes that:

Several other institutional investors also added to or initiated MGM stakes in recent quarters.
Overall, institutional investors own around 68% of MGM’s shares, while insiders hold just over 3%. ^[11]

For investors watching the “smart money,” this Norges Bank move is a clear vote of confidence in MGM’s long‑term equity story, even as the backdrop in Las Vegas remains choppy.

3. …While Other Institutions and Insiders Take Profits

The flow of capital around MGM is not one‑way. Another new article dated December 5 highlights selling from a well‑known institutional investor:

Fisher Asset Management LLC cut its MGM stake by 58.5% in Q2, selling 167,956 shares and finishing the quarter with 119,189 shares valued at about $4.1 million. ^[12]

The same piece reiterates that MGM recently missed Wall Street consensus EPS for the latest quarter (adjusted EPS of $0.24 versus $0.37 expected) even as revenue edged slightly higher year over year, and it cites a MarketBeat consensus rating of “Hold” with an average price target near $45.97. ^[13]

There has also been notable insider activity:

MarketBeat and subsequent SEC‑based summaries show Director Keith A. Meister selling 242,000 shares at an average price around $35.42, trimming but not exiting a multi‑million‑share stake. ^[14]
Insider John McManus sold 60,000 shares at roughly $36.12, reducing his holdings to just over 31,000 shares. ^[15]
A separate Form 4 summary notes that Michael Evans, President, Interactive, had 15,005 RSUs vest and sold 5,992 shares at $35.44, leaving him with 130,648 shares. ^[16]

Taken together, December’s tape tells a nuanced story: large, long‑term capital like Norges Bank is coming in, while some hedge‑fund money and insiders are locking in gains after the recent rebound.

4. Analyst Updates: Capital One Trims Target, Street Still Sees Upside

On December 6, another MarketBeat alert highlighted a key change on the sell‑side:

Capital One Financial cut its MGM price target from $47 to $46, but kept an “overweight” rating, implying about 27–28% upside from current levels. ^[17]

The same piece collects a flurry of recent analyst actions:

Citigroup downgraded MGM from Strong Buy to Hold and slashed its target from $48 to $35 in late November.
Wells Fargo initiated coverage with an “underweight” rating and a low‑end target of $29.
UBS, JPMorgan, Argus, Macquarie, Stifel, Goldman Sachs and others have trimmed targets into the mid‑30s to mid‑40s range over October–November. ^[18]

According to MarketBeat’s data set, that cluster of cautious moves leaves MGM with:

13 Buy ratings, 8 Holds and 4 Sells,
and a consensus price target around $45–46 per share, a little under 30% above the current price. ^[19]

Other aggregators paint a slightly more optimistic picture. StockAnalysis, which tracks a somewhat different cohort of analysts, reports that 15 covering analysts currently rate MGM a “Buy” with an average target of $44.37, about 23% upside from the latest close, with targets ranging from $29 to $60. ^[20]

In short, Wall Street still sees upside in MGM Resorts stock, but the tone has cooled from earlier in 2025: targets are drifting lower and the mix of Buy/Hold/Sell recommendations is more balanced than it was in the first half of the year.

5. Fundamental Backdrop: Q3 2025 Earnings Show a Split Story

MGM’s third‑quarter 2025 results, reported on October 29, still anchor much of the current debate.

According to the company’s earnings release:

Consolidated net revenue came in at $4.3 billion, up 2% year over year, driven primarily by strong growth at MGM China.
The company recorded a net loss of $285 million versus $185 million in net income a year earlier, largely due to a non‑cash goodwill impairment charge of $256 million and other write‑offs tied to the decision to withdraw an application for a commercial gaming license at Empire City.
Adjusted EBITDA fell to $506 million (from $574 million), and adjusted EPS dropped to $0.24 from $0.54. ^[21]

By segment, the picture was mixed:

Las Vegas Strip Resorts saw net revenue fall 7% to $2.0 billion and segment Adjusted EBITDAR decline 18%, pressured by the MGM Grand room remodel, softer RevPAR, lower table‑games win rates and weaker food‑and‑beverage revenue. ^[22]
Regional operations were essentially flat on revenue (around $957 million) with only a small decline in EBITDAR. ^[23]
MGM China was the standout, with net revenue up 17% to roughly $1.1 billion and segment Adjusted EBITDAR up 20%, reflecting sustained recovery in Macau. ^[24]
MGM Digital (excluding the BetMGM North America joint venture) grew revenue by 23%, though it remains modestly loss‑making on an EBITDAR basis. ^[25]

On the Q3 earnings call (as captured in public summaries), management also flagged that BetMGM’s EBITDA guidance for 2025 was raised to about $200 million, an improvement of roughly $450 million year on year, underlining the pace of digital profitability improvement. ^[26]

This backdrop helps explain why analysts are wrestling with MGM’s valuation: Macau and digital look strong, but Las Vegas is in a temporary lull during a heavy capex and remodel cycle.

6. Strategic Moves: Premium Las Vegas, Marriott Tie‑Up and BetMGM Expansion

Beyond earnings, MGM has been active on the strategic front in Q4 — and those moves feed directly into the stock narrative.

6.1 Rebranding NoMad Las Vegas as The Reserve at Park MGM

MGM is in the process of rebranding the boutique NoMad Las Vegas property as The Reserve at Park MGM, with the relaunch scheduled for December 17, 2025. The 293‑room hotel is expected to join Marriott’s Autograph Collection in early 2026 as part of the broader MGM Collection with Marriott Bonvoy, which spans 13 Strip destinations including Bellagio, ARIA, The Cosmopolitan and Mandalay Bay. ^[27]

Analysis from Simply Wall St argues that this rebrand, and the tie‑in to Marriott’s huge loyalty ecosystem, supports MGM’s strategy of using higher‑end rooms and global loyalty partnerships to drive RevPAR and non‑gaming spend, even as Strip pricing is being recalibrated after pushback on fees. ^[28]

6.2 Gymkhana: Bringing Two‑Michelin‑Star Indian Dining to the Strip

On December 4, ARIA Resort & Casino and JKS Restaurants opened Gymkhana, the first U.S. outpost of London’s Two‑Michelin‑starred restaurant and the first Indian fine‑dining venue on the Las Vegas Strip. ^[29]

The 175‑seat restaurant features multiple themed spaces, a 780‑label wine list and a tasting‑menu‑driven concept. For MGM, the move is part of a broader push to differentiate its Strip properties through high‑end culinary and experiential offerings, aimed at attracting higher‑spend guests and reinforcing its premium positioning.

6.3 BetMGM’s Push Into Missouri

On the digital and regional front, BetMGM — the joint venture between MGM Resorts and Entain — has expanded into Missouri:

Century Casinos and BetMGM recently opened a retail sportsbook at Century Casino & Hotel Cape Girardeau and launched online wagering across the state. ^[30]

This expansion builds on MGM’s growing digital footprint and supports management’s narrative of BetMGM as a meaningful driver of high‑margin EBITDA and cash distributions back to the parent company.

6.4 Capex and Property Upgrades

Recent filings and property announcements also highlight a $300 million room and suite remodel at MGM Grand Las Vegas, encompassing nearly 4,000 rooms and over 700 suites, as well as ongoing upgrades across the Strip portfolio. ^[31]

In the near term, these projects pressure margins and RevPAR, but management frames them as essential to maintaining MGM’s long‑term competitive moat in Las Vegas hospitality.

7. Forecasts and Models: Where Could MGM Stock Go Next?

7.1 Street Fundamentals: Low‑Single‑Digit Growth, EPS Dip Then Recovery

StockAnalysis aggregates Wall Street forecasts and shows:

Revenue 2025: about $17.5 billion, up ~1.5% from 2024.
Revenue 2026: about $17.7 billion, implying ~1.4% growth.
EPS 2025:$2.18, down roughly 9% from 2024.
EPS 2026:$2.35, a 7.9% rebound. ^[32]

Taken together, this implies a slow‑growth but profitable profile: modest top‑line expansion, earnings dip related in part to 2025 headwinds, and a recovery as Las Vegas normalizes and digital and Macau continue to grow.

7.2 12‑Month Price Targets: Mid‑40s Consensus

StockAnalysis’ average 12‑month target of $44.37 implies about 23% upside from the current price. The range runs from $29 (bearish) to $60 (bullish), highlighting the spread in views on Las Vegas recovery and digital value. ^[33]
MarketBeat’s dataset, incorporating additional analysts, places the average target closer to $45–46, with a tilt toward “Hold” rather than “Buy,” but still pointing to double‑digit upside. ^[34]

7.3 Valuation Models and Long‑Term Price Scenarios

Independent valuation and algorithmic sites are also weighing in:

Simply Wall St projects MGM’s revenue to reach about $18.4 billion and earnings around $906 million by 2028, implying roughly 2.3% annual revenue growth and a ~$370 million earnings uplift from current levels. Their internal model points to a fair value near $42.50, suggesting roughly 20% upside versus today’s price, while stressing key risks around persistent Las Vegas softness. ^[35]
StockScan’s long‑term forecast sees MGM averaging about $57.6 per share in 2028 (around 60% above today’s price) and about $62.4 in 2029 (roughly 70% higher), before moderating to an average near $50.9 in 2030, which would still be about 40% above the current quote. ^[36]
CoinCodex, which uses technical data rather than fundamentals, expects MGM to trade in December 2025 between roughly $33.93 and $38.24, with an average of $36.02 — effectively flat to modestly higher versus current levels — and classifies the overall technical sentiment as bullish with around 77% of indicators positive. ^[37]

It’s important to remember that none of these models are guarantees. They rely on assumptions about growth, margins, interest rates and market sentiment that could change quickly with economic data or company‑specific news.

8. How MGM Compares Within Casino Stocks Right Now

MarketBeat’s “Top Casino Stocks to Follow Now” and “Casino Stocks Worth Watching” lists, both updated on December 5–6, highlight MGM alongside DraftKings, PENN Entertainment, Super Group and Red Rock Resorts as the casino names with the highest recent dollar trading volume. ^[38]

The lists emphasize:

MGM and Red Rock as land‑based resort operators leveraged to tourism and convention demand.
DraftKings, Super Group and PENN’s interactive segment as digital and iGaming players, exposed to online‑betting growth.

MGM sits in the middle of this ecosystem, offering:

High‑capex, high‑operating‑leverage Las Vegas properties,
Growing exposure to Macau through MGM China,
and a scaled digital presence via BetMGM.

This combination makes MGM a hybrid play on both traditional resort economics and the secular shift toward online gambling — and a natural component of “casino stock” baskets and screeners.

9. Key Risks and Catalysts to Watch

Looking ahead from December 6, 2025, several themes are likely to matter for MGM’s share price:

Las Vegas demand and pricing power
- Q3 showed meaningful pressure on Strip revenue and EBITDAR, tied to remodel disruption and softer RevPAR. A stabilization or rebound in convention and leisure demand would support the bull case; further weakness could force more estimate cuts. ^[39]
Macau and MGM China momentum
- With double‑digit revenue and EBITDAR growth at MGM China, continued strength in Macau is crucial to offset U.S. volatility. ^[40]
Digital profitability and cash distributions from BetMGM
- Raised 2025 EBITDA guidance and new market entries like Missouri underpin the view that MGM’s digital arm is moving from “growth at any cost” to sustainable profitability, with potential for rising cash flows to the parent. ^[41]
Balance sheet and leverage
- With a debt‑to‑equity ratio near 1.8x and heavy investment in property upgrades, MGM is sensitive to interest‑rate trends and credit conditions. ^[42]
Short interest and positioning
- Short interest close to 9% and mixed analyst sentiment mean surprises — good or bad — can trigger outsized moves as bearish and bullish positions get unwound. ^[43]
Execution on Marriott partnership and premium repositioning
- The Reserve at Park MGM, Gymkhana and the MGM Grand remodel are all tests of MGM’s ability to translate premium product into higher spend per guest without over‑relying on higher resort fees, which have already triggered some customer pushback. ^[44]

10. Bottom Line for MGM Resorts Stock on December 6, 2025

For investors following MGM Resorts International stock today, the narrative is a tug‑of‑war between fundamentals, flows and sentiment:

Fundamentals: modest revenue growth, Macau and digital strength, but pressure on Las Vegas margins and EPS in 2025. ^[45]
Flows: a major new buyer in Norges Bank on one side and significant hedge‑fund and insider selling on the other. ^[46]
Street view: consensus 12‑month targets in the mid‑40s, suggesting double‑digit upside, but with more Holds and Sells than earlier this year. ^[47]
Models & technicals: independent valuation tools and algorithmic forecasts generally see upside over the next 1–5 years, while current technical signals lean bullish in the near term. ^[48]

Whether MGM is attractive at around $36 per share ultimately depends on an investor’s view of:

how quickly Las Vegas can re‑accelerate once remodel disruption passes,
how durable Macau’s recovery will be,
and how much value to assign to BetMGM’s growing, higher‑margin digital earnings.

As always, this overview is informational only and not a recommendation to buy or sell any security. Investors should consider their own objectives, risk tolerance and time horizon, and, where appropriate, consult a qualified financial adviser before making portfolio decisions.