In this article, we will take a look at the 5 best gambling stocks to buy now. To see more such companies, go directly to 17 Best Gambling Stocks To Buy Now.
5. Wynn Resorts, Limited (NASDAQ:WYNN)
Number of Hedge Fund Holders: 36
As of the end of the fourth quarter of 2022, 36 hedge funds tracked by Insider Monkey had stakes in Wynn Resorts, Limited (NASDAQ:WYNN). The biggest hedge fund stakeholder of Wynn Resorts, Limited (NASDAQ:WYNN) was Ian Cumming and Joseph Steinberg’s Leucadia National with a $562 million stake.
4. Boyd Gaming Corporation (NYSE:BYD)
Number of Hedge Fund Holders: 39
Gaming and hospitality company Boyd Gaming Corporation (NYSE:BYD) ranks 4th in our list of the best gambling stocks to buy according to hedge funds. In February, Boyd Gaming Corporation (NYSE:BYD) shares jumped after the company posted a strong Q4 report. CBRE Equity Research upgraded the stock to Buy from Hold following the upbeat report. The firm’s analyst John DeCree said Boyd Gaming Corporation (NYSE:BYD) is able to offset the impact of an economic slowdown on the back of an accelerating recovery of visitation and group business in Las Vegas.
Insider Monkey’s database of 943 hedge funds and their holdings shows that 39 hedge funds had stakes in Boyd Gaming Corporation (NYSE:BYD) as of the end of the fourth quarter of 2022.
3. MGM Resorts International (NYSE:MGM)
Number of Hedge Fund Holders: 48
Casinos and sports betting giant MGM Resorts International (NYSE:MGM) is one of the most popular gambling stocks among the elite hedge funds tracked by Insider Monkey as of the end of the fourth quarter of the last year. 48 hedge funds in Insider Monkey’s database had stakes in MGM Resorts International (NYSE:MGM). The biggest stakeholder of MGM Resorts International (NYSE:MGM) was Keith Meister’s Corvex Capital which had a $224 million stake in the company.
Earlier this month, BofA published a list of stocks that are helped by a rise in nominal interest rates. MGM Resorts International (NYSE:MGM) was one of these stocks. Recently, MGM Resorts International (NYSE:MGM) launched its mobile app in Massachusetts for a user-friendly sports betting platform experience.
2. Las Vegas Sands Corp. (NYSE:LVS)
Number of Hedge Fund Holders: 57
Las Vegas Sands Corp. (NYSE:LVS) ranks 2nd in our list of the best gambling stocks to buy according to hedge funds.
As of the end of the fourth quarter of 2022, 57 hedge funds tracked by Insider Monkey reported owning stakes in Las Vegas Sands Corp. (NYSE:LVS).
1. Caesars Entertainment, Inc. (NASDAQ:CZR)
Number of Hedge Fund Holders: 61
Caesars Entertainment, Inc. (NASDAQ:CZR) posted its Q4 results in February after which the company received bullish comments from several Wall Street analysts. Macquarie analyst Chad Beynon praised Caesars Entertainment, Inc. (NASDAQ:CZR)’s Q4 EBITDA of 46% which was above the pre-pandemic levels. The analyst said Caesars Entertainment, Inc. (NASDAQ:CZR) is getting a boost from a strong domestic consumer demand. The analyst retained a Buy rating on Caesars Entertainment, Inc. (NASDAQ:CZR) and set a $70 price target.
At the end of the last quarter of 2022, 61 hedge funds tracked by Insider Monkey had stakes in Caesars Entertainment, Inc. (NASDAQ:CZR).
You can also take a peek at 10 Best Delivery Stocks To Buy Now and 10 High Growth Retail Stocks That Are Profitable.
