Is MGM Resorts International overvalued or undervalued?

As of 17 October 2025, MGM Resorts International's valuation grade has moved from attractive to expensive, indicating a shift in its market perception. The company appears to be overvalued based on its current metrics, including a P/E ratio of 8, an EV to EBITDA of 5.31, and a PEG ratio of 3.99. In comparison to peers, Wynn Resorts Ltd. has a significantly higher P/E ratio of 31.93, while Boyd Gaming Corp. presents a more favorable P/E of 11.80, suggesting that MGM's valuation is not justified relative to its industry.
The company's recent stock performance has been underwhelming, with a year-to-date return of -8.86%, significantly lagging behind the S&P 500's 13.30% return during the same period. This trend, coupled with the elevated valuation ratios, reinforces the conclusion that MGM Resorts International is currently overvalued.