In short: VICI's other major tenant; the same operator-level worries — consumer discretionary spending, regional gaming and operator debt — feed the rent-coverage concern, even though the master leases are cross-defaulted. AI output — unverified.
MGM is VICI's other major casino tenant. The same worry applies — slower gambling spending and heavy borrowing at the casino operators make investors question rent safety over the long run — even though the rent is locked in by long master leases.
In short: Low-cost-basis arb long: $48.30 cash/share proposal from IAC/Peoples; his conservative sum-of-parts (50% BetMGM with Entain, 56% MGM China, the Strip, Japan) is ~$60 — sees potential for a topping bid.
MGM owns Las Vegas casinos, more than half of MGM China (Macau), half of the BetMGM betting app, and a new Japan resort. A buyer (the former IAC, now "Peoples") has proposed taking it private at $48.30 a share in cash.
Singh values the pieces separately at roughly $60, so he thinks the bid underpays — which is exactly why he expects a possible higher competing offer. He owns it from a low cost basis, collecting the spread either way.
56:34effectively, if you built a sum of the parts on MGM, you could effectively look at its 50% stake in Bet MGM with Entane, which is its premium assets, its Japanese assets, it's 50% 56% stake in MGM China, and then all of its Las Vegas properties and Asian properties and you would have got into some of the parts using conservative multiples around $60 a share.
In short: Merger-arb on the IAC/Peoples (Barry Diller, already ~26%) $48.30 all-cash take-private. Shares trade through the bid → market expects a topping war. Sum-of-parts (50% BetMGM, 56% MGM China, Osaka option, ~40% of the Strip) + the Caesars 49%-premium comp imply a ~$53 takeout (~6.6× 2027 EBITDA). Plan: start only below ~45.
MGM Resorts owns casinos and hotels — including a big chunk of the Las Vegas Strip, half of the BetMGM sports-betting app, and most of MGM China (casinos in Macau). It's also building a casino in Osaka, Japan.
Barry Diller's IAC (already a roughly 26% owner) has offered $48.30 a share in cash to buy the whole company and take it private. The interesting part: the stock trades above that offer, which means investors are betting a rival will show up with a higher bid. Adding up all the pieces separately suggests the company is worth closer to ~$53 a share, so the call is to buy only if the price drops below about $45 — leaving room for a bidding war to pay off.
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