MGM Resorts International (NYSE: MGM) has recorded a major insider stock purchase after board member Keith Meister acquired millions of dollars’ worth of the casino operator’s shares.
According to a Form 4 filing with the Securities and Exchange Commission (SEC) on November 3, Meister reported purchasing 1,745,592 MGM shares in three transactions between October 30 and November 2.
The purchases totalled approximately $51.74 million at a weighted average price of $29.64 per share, increasing the reported position from 5,347,978 to 7,093,570 shares, a 32.6% increase.
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The largest transaction involved 1,504,076 shares purchased at $29.75 each on October 30, worth approximately $44.75 million. The remaining acquisitions comprised 233,998 shares at $28.92 and 7,518 shares at $30.24.
The shares are held by investment funds managed by Corvex Management, whose general partner is controlled by Meister.
The filing states that he disclaims beneficial ownership except to the extent of his pecuniary interest in the securities.
Meister’s tenure on MGM board
Meister has served on MGM’s board since 2019. The purchases followed a sharp decline in the stock after the company’s latest quarterly results, although the filing does not disclose his investment rationale.
By press time, MGM stock was valued at $32.34 and remains 11% down year-to-date.
MGM shares came under pressure following the October 28 earnings report, which showed weaker profitability despite relatively resilient revenue.
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The company reported third-quarter revenue of $4.2 billion, down 1% year over year, while Adjusted EBITDA fell 20% to $403 million. Adjusted earnings per share also declined to a loss of $0.11 from a profit of $0.24 in the same quarter of 2025.
Las Vegas operations accounted for much of the weakness, with revenue declining 2% to $2 billion and Adjusted EBITDAR falling 12% to $531 million.
Hotel performance also deteriorated, as average daily room rates fell 8% to $218 and revenue per available room declined 8% to $193. Management, however, reported improving room-rate trends at the start of October.
Outside Las Vegas, MGM China revenue increased 5% year over year to $1.1 billion, while its Macau market share reached a record 17.1%.
MGM’s revenue increase
MGM Digital revenue rose 6% to $184 million, with its Adjusted EBITDAR loss narrowing to $4 million from $23 million. BetMGM also contributed $34 million in distributions and branding licence fees during the quarter.
Meanwhile, MGM’s planned Osaka integrated resort in Japan offers a longer-term expansion opportunity.
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Meister’s purchases significantly increased Corvex’s exposure to MGM following the sell-off. While the timing may suggest confidence in the company’s recovery prospects, the filing does not establish his investment rationale.
Featured image via Shutterstock
