New York Teachers Fund Cuts MGM Resorts Stake by 16%

The New York State Teachers Retirement System trimmed its stake in MGM Resorts by 16% in Q1 2025, even as other institutions boosted holdings and the company reported strong Macau growth.

Ziv Chen - News Editor at Covers.com
Ziv Chen • News Editor
Jul 8, 2025 • 11:35 ET • 3 min read
Photo By - Imagn Images.

The New York State Teachers Retirement System sold its 16% shares of MGM Resorts International during the first quarter, according to its most recent SEC filing. The pension fund reduced its stake by selling more than 37,000 shares, leaving it with roughly 0.07% of MGM, worth about $5.76 million at the end of the period. 

Key Takeaways 

  • In the first quarter, the New York State Teachers Retirement System cut its holding in MGM Resorts by 16%. 
  • The move comes amid increased stock holdings in MGM Resorts from Davis Selected Advisers, Marshall Wace, and Norges Bank. 
  • MGM Resorts stocks surged in July as a strong performance in Macau assisted the company’s overall outlook. 

MGM Resorts International operates casinos worldwide and part-owns online platforms like BetMGM Sportsbook in the U.S. 

Institutional sales show changing confidence in the stock. However, MGM has faced obstacles and opportunities as investors evaluate its performance after reporting quarterly earnings in April that surpassed expectations. MGM stated earnings of $0.69 per share on $4.28 billion in revenue, doing better than predicted, even though they generated slightly less revenue than last year.  

While the Teachers Retirement System reduced its stake, other key funds recently showed interest in MGM. Davis Selected Advisers raised its position by 4.6% in Q4, and Marshall Wace increased its stake by 50.9%. Norges Bank also opened a substantial new position. Institutional investors control more than 68% of MGM’s stock. 

In April, MGM revealed that its board approved a new $2 billion share buyback initiative, demonstrating confidence in its future prospects. This authorization allows MGM to buy back up to 22.4% of its shares on the open market. Meanwhile, the company increased its revenue projection to $2.6 billion in June 2025 following positive momentum to start the year.  

Company insiders have also been active. Recent filings with the SEC showed sales by executives, including COO Corey Sanders, who sold 40,000 shares in May for more than $1.37 million, reducing his stake by about 12%. Despite the insider selling, experts continue to be generally positive, with an average target price close to $47 and most rating the stock “Moderate Buy.” 

MGM shares currently trade at approximately $37, off a 12-month high of $47.26 but significantly above the low of $25.30. The stock has a beta value of 1.76, indicating higher volatility than the broader market, which is considered a factor influencing some institutional adjustments. 

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Ziv Chen
News Editor

Ziv has been deep in the iGaming trenches for over 20 years, long before most people could spell "geolocation compliance." With a background in marketing and business development at some of the biggest names in gambling tech, Ziv knows the industry from the inside out. Since joining Covers, he's turned his sharp eye (and sharper keyboard) toward everything happening in the fast-moving world of online gambling. Whether it's new state launches, the latest twists in regulation, or what the big operators and game providers are cooking up next, Ziv breaks it all down with clarity, context, and just the right amount of snark. He covers the business side of betting, from affiliate trends and revenue reports to the tech powering your favorite slots. His motto in writing is “let’s make it make sense without putting you to sleep.”

When he’s not tracking gambling legislation or looking for the next breaking story, Ziv is living and dying with every pitch and play from his beloved Pittsburgh Steelers, Pirates, and Penguins. As a Pitt graduate, it’s a city loyalty forged in heartbreak, but one he wouldn’t trade for anything, except maybe a few more playoff wins.

When away from the keyboard, Ziv loves to hit the road and soak up the energy of casinos. Whether strolling the neon jungle called the Vegas Strip, or wandering into a smoky riverboat casino in the Midwest, Ziv’s in his element. He’s the guy chatting with players, blackjack dealers, and asking pit bosses way too many questions, all in the name of “research,” of course. The casino floor isn’t just his workplace, it’s a weird and wonderful ecosystem of flashing lights, wild characters, and pure sensory overload, and he wouldn’t have it any other way.

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