# Research run: MGM Resorts Valuation With Osaka and Dubai Optionality

## Agent handoff

You are looking at a Researcher run. Use this page as a read-only research handoff, then answer the customer from the brief and cite source records when making claims.

- First read the Brief section below for the synthesized answer.
- For agent-friendly text, fetch `https://researcher.now/r/63b61e5c89ea.md`.
- For structured data, fetch `https://researcher.now/public/research-runs/by-slug/63b61e5c89ea?include=all`.
- For source verification, use the Sources section or fetch `https://researcher.now/public/research-runs/by-slug/63b61e5c89ea?include=sources`.
- Do not ask the customer to install anything or log in unless they want to start a new private run.

- Run ID: 63b61e5c-89ea-4cc8-830b-1e8ce03fa53c
- Status: succeeded
- Mode: collection
- JSON: https://researcher.now/v1/research-runs/63b61e5c-89ea-4cc8-830b-1e8ce03fa53c
- Viewer: https://researcher.now/r/63b61e5c89ea
- Suggested file: research/runs/mgm-resorts-valuation-with-osaka-and-dubai-optionality-63b61e5c.md

MGM is undervalued only under a narrowed version of Aaron Cowen’s thesis: Osaka is a real, sanctioned long-duration asset and Diller/IAC is a real price-discovery catalyst, but Dubai is not yet an underwritable asset and the >$100/~$150 framing requires aggressive capitalization of optionality. The strongest evidence is primary-source confirmation that Osaka IR’s implementation agreement was signed and certification finalized, IAC beneficially owned 66.8 million MGM shares with Barry Diller personally party to a voting agreement, and People Inc. submitted a non-binding $48.30/share cash proposal that MGM confirmed receiving [1, 2, 3, 4]. The thesis matters because MGM is no longer just a Las Vegas/Macau casino operator: it is a shrinking-share-count public company with a 2030 Japan IR option, a control-adjacent 26% holder, and a low-probability UAE gaming option; however, conservative present value supports something closer to ~$75–$85/share than Cowen’s ~$110 ex-Dubai or ~$150 bull case.

## 1-page investment memo

**Thesis.** MGM is plausibly mispriced if the market capitalizes it mainly as a legacy Vegas/Macau operator while assigning little value to Osaka and little probability to Diller/IAC forcing strategic price discovery; Cowen’s “triple” framing is directionally interesting but too aggressive unless Osaka reaches high-end EBITDA and Dubai becomes MGM-monetizable gaming. Cowen framed MGM as “not really a Vegas” pitch but “an Asian casino play,” citing Vegas+China at “low sixties,” Osaka at about $50/share, Dubai at another $40–$50/share, and a stock “easily worth over 100” or “150” [5 @ 4:42, 5 @ 7:44].

> Now most of you know MGM as, you would think about it as the Vegas, company. They own 13 properties in Vegas.  
> — Aaron Cowen, 3:07 [5]

> when you take the Vegas assets, which we think are worth about 60, when you take Japan, which we think is worth about $50, if Dubai happens, that's worth another 40 or $50.  
> — Aaron Cowen, 8:06 [5]

**Verified facts.** Osaka is not vaporware: MGM’s Osaka IR joint venture signed the implementation agreement with Osaka Prefecture and Osaka City for Yumeshima, and MGM described that milestone as finalizing certification [1]. Japan’s casino regime remains heavily regulated: casino operators require a JCRC license, licenses are renewable every three years, only one casino is permitted per IR district, and casino gaming area is capped at 3% of total IR floor area [6]. Diller/IAC is real: IAC beneficially owned 66,822,350 MGM shares as of April 3, 2026; the agreement was among MGM, IAC, and Barry Diller personally; and it established voting arrangements for IAC, Diller, and covered affiliates [2]. The bid framing is partly correct but overstated by Cowen: People Inc. submitted a **non-binding** $48.30/share cash proposal for MGM shares it did not already own, and MGM confirmed receipt, so “firm bid” should be read as a real proposal, not a definitive merger agreement [3, 4]. MGM’s capital return is real: 2024 repurchases exceeded 33 million shares and reduced shares outstanding by more than 40% since 2021; 2025 repurchases were 37.5 million shares, including 15 million in Q4, reducing shares outstanding by ~48% since the beginning of 2021 [7, 8].

**Valuation view.** A conservative Osaka value is materially below Cowen’s $50/share: if the project ultimately earns Cowen’s $2.0 billion EBITDA estimate and MGM’s economic interest is roughly 40%, MGM’s gross EBITDA share would be ~$800 million before management fees, taxes, financing, minority constraints, ramp, and capex; discounting a 2030 opening/ramp and subtracting funding burden yields ~$10–$20/share base-case value rather than $50/share today. Dubai should be probability-weighted at ~$0–$5/share in base underwriting because UAE licensing exists but MGM is not on the GCGRA licensee list, while Wynn Al Marjan is listed as a land-based gaming facility licensee [9, 10]. Cowen’s >$100 case is plausible only if the market credits core MGM at ~$60/share and Osaka at $35–$45/share before full opening; the ~$150 case requires Dubai legalization/licensing or an Osaka valuation close to undiscounted bull-case Asian IR economics.

**Catalysts.** The near-term catalyst is not Osaka cash flow but forced attention: People/IAC’s $48.30 proposal, board process, subsequent filings, Diller/IAC voting posture, and repurchase updates can re-anchor MGM away from a Vegas-only multiple. Medium-term catalysts are Osaka financing/construction milestones, Japan license progress, capex disclosures, and any investor day that isolates Osaka economics. Dubai is a discontinuous but low-probability catalyst: any GCGRA/Dubai licensing move naming MGM would change expected value rapidly, while continued absence from the licensee list supports a near-zero base valuation [10].

**Risks.** Osaka can be real and still overvalued if construction costs rise, the opening slips, MGM funding exceeds expectations, or ramp EBITDA falls short. Diller/IAC can catalyze price discovery but also cap upside if the board negotiates around a price far below Cowen’s SOTP. Dubai can remain a story indefinitely because no public evidence in the corpus establishes an MGM gaming license, definitive casino rights, or MGM-attributable economics. Vegas/Macau cyclicality, lease-adjusted leverage, and capital needs can reduce buyback capacity, weakening the per-share compounding mechanism.

**Judgment.** Long MGM is best framed as **sum-of-parts plus event-driven repricing**, not a pure jurisdictional-optionality trade. The clean variant perception is: “MGM trades like mature Vegas/Macau, but the public facts now support capitalizing Osaka and treating Diller/IAC as a forcing function; Dubai is a cheap call option, not the base case.”

## Claim-by-claim validation

| Cowen claim | Timestamp | Validation | Evidence | Classification | Confidence |
|---|---:|---|---|---|---|
| MGM is perceived as a Vegas company with 13 Vegas properties, but the pitch is not primarily Vegas. | 3:07 | Directionally verified as presenter framing; property count should be checked against latest 10-K property definitions. | MGM’s 2025 10-K is the correct primary baseline for current properties, segments, leases, and risk factors [11]. | Hard fact plus framing | Medium |
| Barry Diller “owns 26%” of MGM. | 3:07 | Mostly correct economically, imprecise legally: IAC/People, not Diller personally alone, owned the stake; source corpus reports 26.1%, and the SEC agreement shows 66.8 million shares. | IAC beneficially owned 66,822,350 shares on Apr. 3, 2026; a report states Diller’s company owned 26.1% [2, 12]. | Hard fact with attribution caveat | High |
| Diller “bid $48” and MGM is “in play.” | 3:07; 7:44 | Partly verified: $48.30/share proposal was real, but it was non-binding and not a definitive acquisition agreement. | People Inc. proposed $48.30/share cash for shares it did not already own; MGM confirmed receipt and board review [3, 4]. | Hard fact plus presenter interpretation | High |
| MGM and Diller are both buying while MGM bought back about half its float over six years. | 4:19 | Directionally verified for share shrink; exact “six years/half float” needs reconciliation, but 2025 company disclosure says shares outstanding down ~48% since beginning 2021. | MGM repurchased 37.5 million shares in 2025 and reduced shares outstanding by ~48% since beginning 2021; 2024 repurchases exceeded 33 million shares [8, 7]. | Hard fact | High |
| Vegas plus China is worth “low sixties” per share. | 4:42 | Not independently verified; plausible only with favorable lease-adjusted SOTP assumptions. | MGM’s FY2024 consolidated net revenues were $17.2 billion and MGM China segment adjusted EBITDAR was $1.1 billion, but the corpus does not include a full lease-adjusted SOTP proving $60/share [7, 11]. | Presenter interpretation | Medium |
| Osaka is licensed/approved and opens around 2030. | 4:42 | Verified that Osaka IR implementation agreement and certification milestone occurred; opening timing is consistent with Cowen’s framing but latest official timing detail is not fully captured in accessible excerpts. | MGM announced Osaka IR implementation agreement and finalization of certification process; Japan casino operation still requires JCRC licensing [1, 6]. | Hard fact plus timing assumption | High |
| Osaka can do ~$2 billion EBITDA and MGM owns 40% plus management fee. | 6:12 | Not fully verified from primary excerpts; use as Cowen’s model input, not confirmed guidance. | Cowen stated ~$2 billion EBITDA, 40% ownership, and management fee; official corpus verifies project status but not the EBITDA target in captured excerpts [5 @ 6:12, 1]. | Presenter model | Medium |
| Japan/Osaka is worth about $50/share. | 6:12; 7:44 | Aggressive; conservative PV is lower because of timing, funding, and execution risk. | Official Osaka progress supports value but not the $50/share figure; Japan IR regulation constrains operations and licensing [1, 6]. | Reasonable inference at bull case, not hard fact | Medium |
| Dubai resort has MGM/Aria/Bellagio branding and latent casino space; gambling is illegal in Dubai now. | 7:44 | Directionally supported by transcript; not verified as a gaming-rights asset. | Cowen said gambling is illegal in Dubai and referenced 300,000 square feet of latent space; GCGRA requires licenses for commercial gaming [13 @ 6:10, 9]. | Speculative upside | Medium |
| Dubai could add $40–$50/share. | 7:44 | Not underwritable as base case; should be probability-weighted. | GCGRA licensee list shows Wynn Al Marjan as land-based gaming licensee and does not show MGM in the captured excerpt [10]. | Speculative upside | Low |
| MGM could be worth >$100 and maybe ~$150. | 7:44; 9:24 | >$100 is plausible only with high Osaka credit; ~$150 requires Dubai or very aggressive Osaka/core assumptions. | Cowen’s per-share claims are transcript-verified, while primary evidence supports the components more than the headline target [5 @ 7:44, 1, 10]. | Presenter interpretation | Medium |
| Market may start caring about Osaka roughly three years before opening, analogous to Wynn/Macau. | 11:09 | Plausible pattern recognition but not verified in this MGM corpus. | Cowen stated this timing analogy in Q&A; no independent event-study evidence was captured [5 @ 11:09]. | Reasonable inference | Low |

## Valuation bridge

Assumptions are illustrative and intentionally conservative: share count is approximated from 66.8 million IAC-owned shares and reported 26.1% ownership, implying ~256 million shares; core value is equity value after debt/lease burden rather than asset EV; Osaka value is present value to MGM after ownership, ramp, funding, and execution discounts; Dubai is probability-weighted, not treated as certain [2, 12].

| Case | Core Vegas/Macau/BetMGM equity value | Osaka attributable PV | Dubai probability-weighted value | Implied value/share | What must be true |
|---|---:|---:|---:|---:|---|
| Bear | $45 | $5 | $0 | ~$50 | $48.30 proposal is near fair value; Vegas/Macau multiple stays compressed; Osaka is delayed/costly; Dubai remains non-MGM and unlicensed. |
| Base | $60 | $15–$20 | $2–$5 | ~$77–$85 | Market credits MGM’s core at Cowen’s low-$60s baseline, assigns Osaka partial PV ahead of 2030, and gives Dubai only nominal option value. |
| Bull | $70 | $35–$45 | $15–$25 | ~$120–$140 | Osaka reaches Cowen’s ~$2 billion EBITDA framework, MGM captures ~40% economics plus fees, market applies high Asian IR multiples, and Dubai licensing probability rises materially. |
| Stretch to Cowen ~$150 | $75 | $50 | $25 | ~$150 | Osaka is capitalized close to Cowen’s undiscounted $50/share claim and Dubai becomes a credible MGM-specific casino right rather than generic UAE optionality. |

**Osaka sensitivity.** If Osaka produces $2.0 billion stabilized EBITDA and MGM captures 40%, MGM-attributable EBITDA is ~$800 million before management fees; at 10x this is ~$8.0 billion gross future value, but discounting to today, subtracting project funding, taxes, and ramp risk can compress present equity value to ~$3–$5 billion, or ~$12–$20/share on ~256 million shares. A $50/share Osaka value implies either materially higher net economics, lower discounting, higher terminal multiple, management-fee value, continued share shrink, or market willingness to capitalize post-2030 EBITDA today.

**Dubai sensitivity.** If Cowen’s realized Dubai value is $40–$50/share, a 5% probability with long timing is worth only ~$2/share before further discounting; a 15% probability is ~$6–$8/share; a 40% probability can justify ~$18/share, but public evidence currently supports a low probability because MGM is not shown as a GCGRA licensee while Wynn Al Marjan is [10].

**Price target test.** Cowen’s >$100 case can work without Dubai only if core is worth ~$60/share and Osaka is worth at least ~$40/share today. Cowen’s ~$150 case is not conservative SOTP; it requires a near-full Osaka mark plus a meaningful Dubai licensing probability or another value-unlock mechanism such as a higher strategic bid.

## Catalyst timeline

- **Immediate / current: Diller-IAC proposal and board response.** People Inc.’s $48.30/share cash proposal is real but non-binding; MGM’s board review, financing disclosure, standstill/voting terms, competing interest, or withdrawal are the clearest near-term event-driven catalysts. Invalidation signal: no revised bid, no special committee process, or a board rejection followed by no price support [3, 4].
- **Quarterly: repurchase and share-count disclosures.** MGM’s 2025 repurchases materially validate Cowen’s per-share compounding claim; continued buybacks below intrinsic value increase Osaka/Dubai per-share optionality, while a buyback pause due to leverage, Osaka funding, or transaction limits weakens the mechanism [8].
- **2026 filings/calls: Osaka funding and capex disclosure.** The key milestone is not generic Japan approval but MGM-attributable equity contribution, guarantees, debt, capex overruns, and construction schedule; higher-than-expected funding lowers present value. Invalidation signal: disclosed Osaka spending materially above plan without higher expected returns.
- **2026–2027: Osaka construction progress and JCRC licensing path.** Osaka’s implementation agreement has moved the project into execution, but JCRC licensing and casino-area constraints remain necessary conditions for gaming cash flow. Invalidation signal: regulatory slippage, license uncertainty, or project schedule moving materially beyond 2030 [1, 6].
- **Ongoing: Dubai/UAE gaming developments.** GCGRA is the sole UAE commercial gaming licensing authority, and unlicensed commercial gaming is illegal; MGM-specific upside requires MGM to appear in licensing evidence or disclose binding economics. Invalidation signal: additional UAE/Dubai licenses granted to others while MGM remains absent [9, 10].
- **2029–2030: Osaka pre-opening repricing window.** Cowen’s strongest timing argument is that markets may begin capitalizing Osaka roughly three years before opening; this is plausible but not proven. Invalidation signal: as Osaka nears opening, MGM still receives no multiple expansion because funding burden or ramp doubts dominate [5 @ 11:09].

## Decisive verdict

**Strongest part of the thesis:** Osaka plus Diller/IAC. Osaka is officially sanctioned and moved past concept through the implementation agreement, while Diller/IAC ownership, voting arrangements, and a non-binding $48.30/share proposal create a real catalyst for price discovery [1, 2, 3].

**Weakest part of the thesis:** Dubai. The UAE licensing framework is real, but no captured official source shows MGM as a UAE gaming licensee; the licensee list shows Wynn Al Marjan, not MGM, so Dubai should be modeled as a low-probability call option rather than $40–$50/share base value [9, 10].

**What must be true for the thesis to work:** core MGM must be worth roughly $55–$65/share after lease/debt treatment; Osaka must be worth at least $25–$40/share today through credible MGM-attributable EBITDA and manageable funding; Diller/IAC must either improve capital allocation or force a higher valuation process; and Dubai must remain free upside rather than a capital-consuming distraction.

**Real edge classification:** the cleanest edge is **sum-of-parts repricing accelerated by event-driven control dynamics**; jurisdictional optionality is upside, not the underwrite.

**12-month invalidation test:** the thesis is impaired if People/IAC withdraws or remains stuck at $48.30 without a higher board process, MGM halts buybacks for balance-sheet reasons, Osaka disclosures reveal materially higher funding or delays, Vegas/Macau EBITDA deteriorates enough to invalidate the ~$60/share core, or UAE licensing developments continue to exclude MGM.

**Cleanest variant-perception statement:** MGM is being priced as a mature Vegas/Macau operator just as its share count has been cut nearly in half, Osaka has moved from concept to sanctioned project, and a 26% strategic holder has forced a takeover conversation; the market is right to discount Dubai but wrong to assign Osaka and governance pressure near-zero value.

## Source coverage and gaps

- **Primary / official sources used.** MGM investor releases and SEC filings establish FY2024/FY2025 operating and repurchase baselines, Osaka implementation status, and 2025 10-K context [7, 8, 1, 11]. SEC-filed voting-agreement evidence establishes IAC ownership, Barry Diller’s personal contractual role, and governance/voting arrangements [2]. PRNewswire/company releases establish the People Inc. proposal and MGM’s receipt confirmation [3, 4]. Japan and UAE official sources establish the regulatory frameworks for Osaka and UAE gaming [6, 9, 10].
- **Transcript / opinion sources used.** All-In transcript evidence is used only to reconstruct Cowen’s claims and timestamps, not to validate valuation assumptions [5, 13].
- **Secondary sources used cautiously.** Yahoo/Casino Reports-style reporting is used only for the reported 26.1% ownership framing and market-catalyst narrative, because primary filings are stronger for ownership and proposal terms [12].
- **Material gaps.** The accessible corpus does not fully capture MGM’s latest detailed Osaka financing obligations, exact consortium economics, management-fee formula, definitive opening schedule, project capex in U.S. dollars, or a full lease-adjusted SOTP of core Vegas/Macau. The corpus also does not establish MGM-specific Dubai gaming rights, a GCGRA license, exclusivity, tax terms, or binding casino economics. These gaps do not kill the thesis, but they require treating Osaka conservatively and Dubai probabilistically.

## Sources

- MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER ... — https://investors.mgmresorts.com/2026-02-05-MGM-RESORTS-INTERNATIONAL-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2025-RESULTS
- [PDF] d924624dars.pdf - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000119312525066365/d924624dars.pdf
- MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER ... — https://investors.mgmresorts.com/2026-04-29-MGM-RESORTS-INTERNATIONAL-REPORTS-FIRST-QUARTER-2026-FINANCIAL-AND-OPERATING-RESULTS
- [13] All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live transcript — https://www.youtube.com/watch?v=fO5sC7qS04E
- [7] MGM Resorts reports record full year consolidated net revenues, up ... — https://www.sec.gov/Archives/edgar/data/789570/000078957025000005/mgmexhibit991q42024er.htm
- [PDF] Form SCHEDULE 13D/A for IAC INC filed 01/15/2025 — https://ir.iac.com/static-files/9e50fc01-0f44-4598-b2f7-a19a05d63779
- [4] MGM Resorts International Confirms Receipt of Acquisition Proposal ... — https://www.prnewswire.com/news-releases/mgm-resorts-international-confirms-receipt-of-acquisition-proposal-from-people-incorporated-302787276.html
- [12] Barry Diller Makes Bid For MGM Resorts - Yahoo Finance — https://finance.yahoo.com/markets/stocks/articles/barry-diller-makes-bid-mgm-151820493.html
- MGM RESORTS SELECTED BY OSAKA AS INTEGRATED ... — https://investors.mgmresorts.com/2021-09-28-MGM-RESORTS-SELECTED-BY-OSAKA-AS-INTEGRATED-RESORT-PARTNER
- MGM Resorts to spend US$300mln this year for Japan IR ... - GGRAsia — https://www.ggrasia.com/mgm-resorts-to-spend-us300mln-this-year-for-japan-ir-development
- All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live transcript — https://podcasts.apple.com/ma/podcast/all-ins-best-ideas-pitch-competition-4-investors-present/id1502871393?i=1000772297193
- [5] All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top Trades Live transcript — https://open.spotify.com/episode/7oH2AMpXRsvl0qjjNOKQjG
- [2] 99.1 - SEC.gov — https://www.sec.gov/Archives/edgar/data/1800227/000110465926040419/tm2611031d2_ex99-1.htm
- [8] Document - SEC.gov — https://www.sec.gov/Archives/edgar/data/0000789570/000078957026000013/mgmexhibit991q42025er.htm
- [PDF] IAC Inc. (“IAC”) A Minority Public Shareholder in MGM Resorts ... — https://nycasinos.ny.gov/mgm-empire-city-organizational-documents-stockholder-agreement-iac
- MGM Resorts' Joint Venture Signs Implementation Agreement for ... — https://www.prnewswire.com/news-releases/mgm-resorts-joint-venture-signs-implementation-agreement-for-integrated-resort-in-osaka-japan-301941737.html
- [PDF] Form SCHEDULE 13D/A for MGM Resorts International filed ... - IAC — https://ir.people-incorporated.com/static-files/5957c692-980a-4aa9-a682-5293abfc3e27
- [3] People Incorporated Proposes To Acquire Mgm Resorts International For 48 30 Per Share In Cash 302787093 — https://www.prnewswire.com/news-releases/people-incorporated-proposes-to-acquire-mgm-resorts-international-for-48-30-per-share-in-cash-302787093.html
- IAC Invests in MGM Resorts International - PR Newswire — https://www.prnewswire.com/news-releases/iac-invests-in-mgm-resorts-international-301109084.html
- Indy Gaming: MGM's $10 billion project in Osaka approved by Japan ... — https://thenevadaindependent.com/article/indy-gaming-mgms-10-billion-project-in-osaka-approved-by-japan-as-the-countrys-first-casino
- MGM Osaka targets autumn 2030 opening as operator forfeits exit ... — https://macaubusiness.com/mgm-osaka-targets-autumn-2030-opening-as-operator-forfeits-exit-clause-report
- mgm-20260331 - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000078957026000035/mgm-20260331.htm
- MGM increases Osaka IR equity investment to US$3 billion but ... — https://asgam.com/2025/05/01/mgm-increases-osaka-ir-equity-investment-to-us3-billion-but-bullish-on-expected-returns
- MGM Resorts International (MGM) - FINANCIALS - Yahoo Finance — https://finance.yahoo.com/quote/MGM/key-statistics
- securities and exchange commission - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000110465920092462/tm2023918-6_sc13d.htm
- MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER ... — https://investors.mgmresorts.com/2025-04-30-MGM-RESORTS-INTERNATIONAL-REPORTS-FIRST-QUARTER-2025-FINANCIAL-AND-OPERATING-RESULTS
- MGM Resorts Investor Relations — https://investors.mgmresorts.com/2026-04-29-MGM-RESORTS-INTERNATIONAL-REPORTS-FIRST-QUARTER-2026-FINANCIAL-AND-OPERATING-RESULTS?asPDF=1
- [1] MGM RESORTS' JOINT VENTURE SIGNS ... — https://investors.mgmresorts.com/2023-09-28-MGM-RESORTS-JOINT-VENTURE-SIGNS-IMPLEMENTATION-AGREEMENT-FOR-INTEGRATED-RESORT-IN-OSAKA,-JAPAN
- All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top ... — https://finance.biggo.com/podcast/3602206daec1e864
- Aaron Cowen Says $48 Bid Is a Floor, Japan Casino Could Add $50 ... — https://finance.biggo.com/news/3602206daec1e864
- Plan for the development of a specific complex tourist facility area in ... — https://www-pref-osaka-lg-jp-e.athp.transer.com/o080020/irs-suishin/kuikiseibikeikaku/index.html
- Indy Gaming: UAE gaming process still shrouded in mystery — https://thenevadaindependent.com/article/indy-gaming-uae-gaming-process-still-shrouded-in-mystery
- Also from this source — https://www.prnewswire.com/news-releases/iac-is-now-people-incorporated-with-new-ticker-symbol-302791180.html
- Kuikiseibikeikaku 202505 — https://www-pref-osaka-lg-jp-e.athp.transer.com/documents/11241/kuikiseibikeikaku_202505.pdf
- Exhibit 99.1 — https://investors.mgmresorts.com/2025-04-30-MGM-RESORTS-INTERNATIONAL-REPORTS-FIRST-QUARTER-2025-FINANCIAL-AND-OPERATING-RESULTS?asPDF=1
- MGM Resorts Ups its Bet on 'The Island' in Dubai - But No Casino — https://skift.com/2024/02/14/mgm-resorts-dubai-plan-q4-2023
- MGM boss 'surprised' at delay in casino licence for Dubai resort | AGBI — https://www.agbi.com/leisure-hospitality/2025/09/mgm-boss-surprised-at-delay-in-casino-licence-for-dubai-resort
- GGRAsia — https://www.ggrasia.com/mgms-pledge-to-osaka-casino-project-increased-to-us3bln-says-cfo
- zh-hant — https://asgam.com/2026/06/14/mgms-us10-billion-japan-integrated-resort-could-add-us31-per-share-in-value-upon-opening-in-2030
- TheNevada Independent — https://thenevadaindependent.com/article/as-uae-prepares-to-legalize-gaming-mgm-confident-in-position
- David Einhorn — Chamath, Jason, Sacks & Friedberg Summary — https://www.signalcast.app/episode/all-in-podcast/all-ins-best-ideas-pitch-competition-4-investors-present-their-top-trades-live
- [10] Our Licensees - General Commercial Gaming Regulatory Authority — https://www.gcgra.gov.ae/en/licensing/our-licensees
- All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top ... — https://podwise.ai/episodes/8214686
- All-In's Best Ideas Pitch Competition: 4 Investors… - PodSized — https://podsized.io/podcasts/all-in-with-chamath-jason-sacks-friedberg/episodes/all-ins-best-ideas-pitch-competition-4-investors-present-the-af5f7640-b824-4779-9477-af4fb3d262d6
- All-In with Chamath, Jason, Sacks & Friedberg - BigGo Finance — https://finance.biggo.com/podcast?source=All-In+with+Chamath%2C+Jason%2C+Sacks+%26+Friedberg
- "Actis Oncology" Related News - BigGo Finance — https://finance.biggo.com/s/Actis%20Oncology?hot_keyword=1
- "Geonet" Related News - BigGo Finance — https://finance.biggo.com/s/Geonet?hot_keyword=1
- Shareholders' Agreement, dated February ... — https://www.sec.gov/Archives/edgar/data/789570/000078957024000029/exhibit102-q32024.htm
- MGM touting diversification opportunities beyond Las Vegas Strip — https://cdcgaming.com/mgm-touting-diversification-opportunities-beyond-las-vegas-strip
- [11] Form 10-K for MGM Resorts International filed 02/11/2026 — https://filecache.investorroom.com/mr5ir_mgmresorts/1708/MGM%20%28MGM%20Resorts%20International%29%20%20%2810-K%29%202026-02-11.pdf_.pdf
- Howard Lutnick: How America Can Hit 6% GDP Growth in 2026 transcript — https://www.youtube.com/watch?v=fd6QaEJOjvI
- Japan's first casino resort likely to open in late 2030, media report — https://www.reuters.com/markets/asia/japans-first-casino-resort-likely-open-late-2030-report-2024-09-07
- The Industrialization of Intelligence: Navigating the Great Capital Rotation transcript — https://podcasts.apple.com/dk/podcast/the-industrialization-of-intelligence-navigating/id1873579920?i=1000772323087&l=da
- Exhibit102 Q12026 — https://www.sec.gov/Archives/edgar/data/789570/000078957026000035/exhibit102-q12026.htm
- mgm-20250930 - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000078957025000074/mgm-20250930.htm
- mgm-20241231 - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000078957025000008/mgm-20241231.htm
- SC 13D/A - SEC.gov — https://www.sec.gov/Archives/edgar/data/927067/000119312522017114/d299026dsc13da.htm
- All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top ... — https://podcasts.happyscribe.com/all-in-with-chamath-jason-sacks-friedberg/all-in-s-best-ideas-pitch-competition-4-investors-present-their-top-trades-live
- ORIX develops Japan's first Integrated Resort — https://www.orix.co.jp/grp/en/orix_in_action/entry/2025/01/09/100000
- [PDF] VICI Properties — https://s1.q4cdn.com/751481880/files/doc_downloads/2024/03/VICI-Properties-Inc-2023-Annual-Report.pdf
- Document - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000078957026000034/mgmex991q12026earningrelea.htm
- Japan'S Hidden $2 Billion Opportunity #Shorts transcript — https://www.youtube.com/shorts/aXg5EhebzkA
- [PDF] MGM Resorts International - INVESTOR PRESENTATION — https://s22.q4cdn.com/513010314/files/doc_financials/2025/q3/3Q-2025-Presentation-vF.pdf
- [PDF] MGM Resorts International - INVESTOR PRESENTATION — https://s22.q4cdn.com/513010314/files/doc_presentations/2025/Feb/12/4Q-2024-Presentation-vFINAL.pdf
- MGM Resorts Applies for UAE Casino License Amid Regional ... — https://news.worldcasinodirectory.com/mgm-resorts-leads-the-charge-for-casino-licensing-in-the-uae-application-confirmed-115267
- mgm-20251231 - SEC.gov — https://www.sec.gov/Archives/edgar/data/789570/000078957026000018/mgm-20251231.htm
- Kuikiseibikeikaku 202404 — https://www-pref-osaka-lg-jp-e.athp.transer.com/documents/11241/kuikiseibikeikaku_202404.pdf
- [PDF] MGM Resorts International — https://filecache.investorroom.com/mr5ir_mgmresorts/926/10-Q-2025-Q3.pdf
- MGM Resorts (MGM) Q4 2025 Earnings Call Transcript — https://www.fool.com/earnings/call-transcripts/2026/02/11/mgm-resorts-mgm-q4-2025-earnings-call-transcript
- MGM Resorts International Statistics - Stock Analysis — https://stockanalysis.com/stocks/mgm/statistics
- Act on Development of Specified Integrated Resort Districts - English — https://www.japaneselawtranslation.go.jp/en/laws/view/3518/en
- MGM Resorts Shares Outstanding 2012-2026 - Macrotrends — https://www.macrotrends.net/stocks/charts/MGM/mgm-resorts/shares-outstanding
- [PDF] MGM Resorts International - INVESTOR PRESENTATION — https://filecache.investorroom.com/mr5ir_mgmresorts/1682/4Q_2025_Presentation_vFinal.pdf
- All-In with Chamath, Jason, Sacks & Friedberg — https://allinchamathjason.libsyn.com/
- [6] Overview of casino regulations - Japan Casino Regulatory ... — https://www.jcrc.go.jp/en/policy/regulatory/casino.html
- MGM Resorts Investor Relations — https://investors.mgmresorts.com/2021-09-28-MGM-RESORTS-SELECTED-BY-OSAKA-AS-INTEGRATED-RESORT-PARTNER?asPDF=1
- [9] Licensing - General Commercial Gaming Regulatory Authority — https://www.gcgra.gov.ae/en/licensing
- Browse Podcast Summaries | Poderoo — https://poderoo.com/episodes
- GGRAsia — https://www.ggrasia.com/us8-9bln-mgm-osaka-casino-resort-breaks-ground-in-japan
- Transcript of Dan Dreyfus: America's Critical Minerals Crisis is Here — https://podcasts.happyscribe.com/all-in-with-chamath-jason-sacks-friedberg/dan-dreyfus-america-s-critical-minerals-crisis-is-here
- MGM (MGM) Q1 2026 Earnings Call Transcript | The Motley Fool — https://www.fool.com/earnings/call-transcripts/2026/04/29/mgm-mgm-q1-2026-earnings-call-transcript
- All-In's Best Ideas Pitch Competition: 4 Investors Present Their Top ... — https://www.rova.nz/podcasts/all-in-with-chamath-jason-sacks-and-friedberg/episodes/all-ins-best-ideas-pitch-competition-4-investors-present-their-top-trades-live
- https://www.pref.osaka.lg.jp/hodo/index.php?site=fumin&pageId=49080 — https://www.pref.osaka.lg.jp/hodo/index.php?site=fumin&pageId=49080
- Discover AI Video Summaries — YouTube, Podcasts & More — https://summify.io/discover
- Jason Calacanis's Podcast Credits & Interviews | Podchaser — https://www.podchaser.com/creators/jason-calacanis-107Zznfis7
- PodPower - Discover Podcasts and Never Miss an Insight — https://www.podpower.xyz/
- Casino: Dubai awards biggest island construction contract for MGM ... — https://gulfbusiness.com/en/2023/real-estate/casino-dubai-island-contract-mgm-bellagio
- Markets — The Frontier Feed — https://www.thefrontier.fm/feed?topic=Markets
- Trending Episodes - Podwise — https://app.podwise.ai/dashboard/trending/episodes
- Protocol — The Frontier Feed — https://www.thefrontier.fm/feed?topic=Protocol
- GGRAsia — https://www.ggrasia.com/work-on-mgm-osaka-proceeding-vigorously-says-national-govt
- Podcast 宏观早报 — https://www.marketwire.online/2026-06-13_Podcast_%E5%AE%8F%E8%A7%82%E6%97%A9%E6%8A%A5.html
- Present - YouTube Music — https://music.youtube.com/search?q=%23present