MGM is positioned to participate in Macao's long-term growth opportunity (21% of 2024 EBITDAR) and has seen its room share expand to 8% from 3% with the opening of its Cotai casino in 2018.

The company also operates the 56%-owned MGM China casinos with a new property that opened on the Cotai Strip in early 2018. We estimate MGM will open a resort in Japan in 2030. Market ...