MGM Resorts shares plunge to $29 after failed $48.30 takeover, despite stable fundamentals and buybacks.

MGM Resorts' stock dropped sharply to around $29 per share following the collapse of a $48.30 per share takeover bid. Despite this, the company's fundamentals remain stable, supported by a lease-heavy structure, strong share buybacks, and diversified assets, which suggest a fair value closer to $45 per share. However, risks include fixed rent obligations amid a weak Las Vegas Strip market, softness in Macau, underperformance of BetMGM, and capital commitments in Osaka. MGM remains the cheapest among its peers based on lease-adjusted EBITDAR and free cash flow yield metrics, indicating potential value for investors willing to accept these risks.

MGM Resorts trades at $29.64 on Pluang as of Oct 13, 2026 21:52 WIB, close to its 52-week low of $29.27, showing a modest 1.09% gain in the last day. Despite the recent takeover bid collapse, investor interest remains strong with 100% buy orders on the platform. The company’s market cap stands at $7.38 billion, reflecting ongoing confidence in its value despite sector challenges.