Meister Buys $51.7M in MGM Stock

Board member Keith Meister bought 1,745,592 MGM Resorts shares after the company reported weaker third-quarter profitability.

Updated on Nov. 8, 2026 in Corporate Finance

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MGM Resorts board member Keith Meister purchased 1,745,592 shares for approximately $51.74 million between October 30 and November 2, according to a Form 4 filing with the Securities and Exchange Commission. The purchases came after MGM stock fell following its October 28 earnings report showing weaker profitability.

Why it matters

Insider share purchases by a board member can signal confidence in a company's prospects during a period of declining results. The filing also shows Meister increased his reported position by 32.6%, bringing his holdings to 7,093,570 shares.

Meister's reported purchases totaled about $51.74 million at a weighted average price of $29.64 per share, while MGM stock was valued at $32.34 at press time and is down 11% year-to-date. The filing does not explain his reasons for buying, and it is unclear whether other insiders made similar trades.

The players

Keith Meister

Meister is an investor who has served on the MGM Resorts board since 2019 and controls Corvex Management, the investment firm holding the shares.

MGM Resorts International

MGM Resorts International is a major casino and hospitality company operating resorts in Las Vegas, Macau and other markets.

The details

Meister's purchases were made in three transactions, the largest being 1,504,076 shares bought at $29.75 each on October 30. The shares are held by investment funds managed by Corvex Management, whose general partner is controlled by Meister, who has served on MGM's board since 2019.

October 28: MGM reports third-quarter earnings showing weaker profitability.
October 30 to November 2: Meister completes three share purchases.
November 3: Form 4 filing discloses the transactions.

Market Dynamics

Insider purchases disclosed on Form 4 filings are required under federal securities rules that require reporting of insider trades within two business days. This filing follows that standard disclosure process and offers investors a public record of insider activity during a period of weaker earnings.

Retail investors tracking MGM Resorts can use Form 4 filings to monitor insider buying as one input when evaluating the stock. Insider purchases alone do not indicate future performance, so the filing is best weighed alongside the company's reported results.

The takeaway

Insider purchases can offer one signal of management or board confidence, but they should be weighed against earnings trends and other data. MGM's reported profitability decline remains the context investors will watch closely.