Despite strong revenue growth last year, the company's overall revenue decline over three years and lower-than-industry growth predictions may not justify its high P/S ratio. Investors are warned that these price levels may not be sustainable if revenue growth doesn't improve.

MGM China Holdings is currently undervalued, presenting a buying opportunity. Its growth outlook, not fully priced into the shares, is optimistic. However, considering the company's financial health and risks is advisable before investing.

While the recent surge in share price due to revenue growth has caught the market's attention, doubts linger over its sustainability. The long-term performance trend pointing towards a decline could spell a pivotal moment for the business.