5 Best Casino Stocks to Buy for 2023

2. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 53

MGM Resorts International (NYSE:MGM) owns and operates casino, hotel, and entertainment resorts in the US and Macau. It operates through its Las Vegas Strip Resorts, Regional Operations, and MGM China segments.

Stephen Grambling at Morgan Stanley initiated coverage of MGM Resorts International (NYSE:MGM) shares with an Equal Weight rating and a $39 price target on November 21.

MGM Resorts International (NYSE:MGM) is considered one of the best US large-cap casino operator plays. The company’s BetMGM has brought in annualized revenues of $1.4 billion. This November, the company also declared a $0.0025 per share quarterly dividend.

In total, 53 funds were long MGM Resorts International (NYSE:MGM) in the third quarter and 46 hedge funds were long the stock in the previous quarter. Their total stake value was $1.1 billion for both quarters.

Baron Funds, an investment management company, mentioned MGM Resorts International (NYSE:MGM) in its third-quarter 2022 investor letter. Here’s what the firm said:

MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM. At its recent price of only $30 per share, we believe MGM’s valuation is compelling at only 6 times 2023 estimated cash flow.”

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