Is MGM Resorts International overvalued or undervalued?

As of 7 November 2025, MGM Resorts International's valuation grade has moved from fair to very expensive, indicating a significant shift in its perceived market 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, Boyd Gaming Corp., which is rated attractive, has a P/E of 11.80 and an EV to EBITDA of 8.27, while Wynn Resorts Ltd. is considered risky with a much higher P/E of 31.93.
The stock has underperformed relative to the S&P 500, with a year-to-date return of -5.19% compared to the S&P's 14.40%, and a one-year return of -12.80% against the S&P's 12.65%. This performance reinforces the notion that MGM Resorts International is currently overvalued in the market.