5 Best Las Vegas Stocks to Buy Right Now

4. Boyd Gaming Corporation (NYSE:BYD)

No. of Hedge Fund Holders: 36

Boyd Gaming Corporation (NYSE:BYD) is a multi-jurisdictional gaming company, operational since 1975. With its headquarters in Las Vegas, the company operates 28 wholly-owned gaming properties in Nevada, Illinois, Kansas, Indiana, Iowa, Mississippi, Missouri, Louisiana, Ohio and Pennsylvania.

Boyd Gaming Corporation (NYSE:BYD) has closed acquisition of Pala Interactive LLC and its subsidiaries for net cash consideration of $170 million.

Boyd Gaming Corporation (NYSE:BYD) has posted its results for Q3 2022. It has seen strong performance in the said quarter as it achieved healthy EBITDAR. Results were supported by continued focus on core customers and sustained efficiencies. As of September 30, 2022, it had cash of $252.3 million, while total debt came at $2.91 billion.

Morgan Stanley covered Boyd Gaming Corporation (NYSE:BYD) on November 21. They gave an “Underweight” rating on the shares of the stock, with the price objective of $54.00.

According to Insider Monkey’s data, 36 hedge funds were long Boyd Gaming Corporation (NYSE:BYD) at the end of the third quarter of 2022. The stock has been ranked 4th on our list of 11 best Las Vegas stocks to buy now.

Here is what Baron Funds has to say about Boyd Gaming Corporation (NYSE:BYD) in their second quarter 2022 investor letter:

“Boyd Gaming Corporation is one of the largest and most successful casino entertainment companies in the U.S. The company owns and operates 28 casino gaming properties in 10 states with a large presence in Las Vegas. Business conditions have been strong, yet the shares are valued at only 6 times 2022 estimated cash flow versus a long-term average of more than 9 times cash flow. The company maintains a strong and liquid balance sheet. Insiders own approximately 27% of the company. We believe Boyd is a compelling acquisition target.”

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