Is MGM Resorts International overvalued or undervalued?

As of 17 October 2025, the valuation grade for MGM Resorts International has moved from attractive to expensive, indicating a shift in its perceived value. The company appears overvalued based on its current metrics, with a P/E ratio of 8, a Price to Book Value of 3.04, and an EV to EBITDA of 5.31. In comparison to peers, Wynn Resorts Ltd. has a significantly higher P/E ratio of 31.93, while Boyd Gaming Corp. is more attractively valued with a P/E of 11.80.
The stock has underperformed against the S&P 500, with a year-to-date return of -8.86% compared to the index's 13.30%. This trend continues over one year, where MGM's return of -22.18% starkly contrasts with the S&P 500's 14.08%, reinforcing the narrative that the stock is currently overvalued.