MGM Resorts stock jumped 15.8% after strong Q4 earnings and the announcement of an April 24th groundbreaking for the MGM Osaka integrated resort.
MGM Resorts saw a significant stock price surge Thursday following a strong Q4 earnings report and the announcement of an April 24th groundbreaking ceremony for its highly anticipated MGM Osaka integrated resort.
MGM Resorts stock soared 15.8% on February, hitting its highest point since late October.The positive financial results, coupled with concrete progress on the multi-billion dollar Japan development, fueled investor enthusiasm and drove the stock higher.
This comes after MGM Resorts International chief executive Bill Hornbuckle announced major updates for the company's current and upcoming properties, including what would be Japan's first integrated resort, MGM Osaka.
Hornbuckle announced that the IR will break ground on April 24, 2025.
"[MGM] Osaka is advancing as planned, ground preparation is targeted for completion this year, with main construction set to commence shortly thereafter. The official ground breaking ceremony is scheduled for April 24th.," Hornbuckle said in a fourth-quarter earnings call.
Meanwhile, MGM Resorts reported positive Macau traffic, exceeding last year's Chinese New Year figures by 18%. Their partnership with Marriott has been highly successful, with over 660,000 room nights booked in 2024 and increased spending.
Analysts are bullish, citing MGM's growth potential through BetMGM, MGM Digital, and the Japan resort. Price targets have been raised, with analysts highlighting MGM's core business strength, share repurchases, and long-term growth prospects.
Construction of MGM Osaka, a massive project estimated at around PHP 645 billion (approximately USD 8.07 billion), began in October 2024 on Yumeshima Island, Osaka Bay. The Osaka IR District Development Plan anticipates a grand opening in autumn 2030.
The resort's centerpiece, located in "section B" (a 101,713 square meter area), will be a 27-story building with one basement level and a total floor area of 527,320 square meters. This main building will house a luxury hotel, a state-of-the-art casino, a theater, high-end retail shops, and diverse dining optione.
The building's design was created by a joint venture between Takenaka Corporation and Nihon Sekkei Inc.
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