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MGM Resorts director Keith Meister sells shares worth $1.87 million

Published 14/12/2024, 09:42 am
MGM
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Keith Meister, a director at MGM Resorts International (NYSE:MGM), has recently sold a portion of his holdings in the company. According to a recent SEC filing, Meister sold 51,000 shares of MGM Resorts common stock. The shares were sold at a weighted average price of $36.57, with transactions occurring within a price range of $36.21 to $36.89. This sale amounts to a total value of approximately $1.87 million. InvestingPro data shows MGM currently trades at $36.25 with a market cap of $10.8 billion and maintains a GOOD financial health score, despite its relatively high beta of 2.2 indicating significant price volatility.

Following this transaction, Meister holds 5,687,478 shares indirectly through accounts managed by Corvex Management LP, where he serves as an investment adviser. Meister has stated that he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest. This sale is part of Meister's ongoing management of his investment portfolio. Notably, InvestingPro analysis reveals management has been actively buying back shares, with the stock currently trading at a P/E ratio of 12.7. Get access to 8 more key ProTips and comprehensive valuation metrics with InvestingPro's detailed research report.

In other recent news, MGM Resorts International has reported record consolidated net revenues in its Q3 2024 earnings call, with a particularly noticeable growth in the MGM China (OTC:MCHVY) segment, which saw a 14% year-over-year increase. The Las Vegas properties also experienced a 1% revenue rise and a 2% increase in adjusted property EBITDAR. BetMGM, the company's venture into sports betting and online gaming, reached profitability, marked by a substantial increase in first-time depositors.

In addition to these financial highlights, MGM Resorts announced the promotion of Ari Kastrati to the position of Chief Content, Hospitality, and Development Officer. Kastrati will oversee global design and development, sports and entertainment partnerships, and the company's hospitality strategy.

These are recent developments that also include MGM's strategic focus on organic growth and shareholder returns, supported by a strong balance sheet. The company has a low debt and substantial liquidity position, which will aid its growth plans. However, bearish highlights include a decline in table game volume in Las Vegas, which may face headwinds in the fourth quarter due to tough comparisons to the previous year. Despite these challenges, MGM Resorts remains optimistic about its financial performance, with plans for future projects and partnerships, and a focus on sustained growth and profitability.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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