5 Best Casino Stocks To Buy Now

2. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 46   

MGM Resorts International (NYSE:MGM), through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The firm is among the best casino stocks to invest in. In late September, the company revealed that it had entered into a strategic partnership with ExteNet Systems, a leading national provider of converged communications infrastructure, to design, build, and operate advanced in-building signal and connectivity solutions. 

On September 26, Citi analyst George Choi maintained a Buy rating on MGM Resorts International (NASDAQ:MGM) stock and raised the price target to $58.50 from $58, citing the resumption of Macau-bound e-Visas in late October and early November as a positive surprise. 

At the end of the second quarter of 2022, 46 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in MGM Resorts International (NYSE:MGM), compared to 59 in the preceding quarter worth $2.18 billion. 

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and MGM Resorts International (NYSE:MGM) was one of them. Here is what the fund said:

“MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company. At its recent price of only $30 per share, we believe MGM is valued at a significant discount to our reasonable $50 per share estimate of the sum-of-the-parts value of its business. Further, the company’s domestic operations are valued at a 18% free-cash-flow yield. Paul Salem, Chairman of the Board, recently acquired shares.”