5 Best Las Vegas Stocks to Buy Right Now

2. MGM Resorts International (NYSE:MGM)

No. of Hedge Fund Holders: 53

MGM Resorts International (NYSE:MGM) is a Delaware corporation which owns and operates integrated casino, hotel, and entertainment resorts across the US and in Macau.

MGM Resorts International (NYSE:MGM) announced that it has closed on the sale of operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.

Consolidated net revenues of MGM Resorts International (NYSE:MGM) came at $3.4 billion in Q3 2022 against $2.7 billion in Q3 2021, exhibiting 26% year-over-year growth.

Growth in Q3 2022 stemmed from inclusion of the operating results of The Cosmopolitan of Las Vegas and Aria and Vdara upon their acquisition in May 2022 and September 2021, respectively. Results saw year-over-year improvement as a result of higher business volume and travel activity principally at the Las Vegas Strip Resorts. The company expects healthy outlook, with continued progress in its operations at BetMGM and development initiatives in New York and Japan. The company sees strong bookings into 2023 in its domestic operations.

According to Insider Monkey’s third quarter database, 53 hedge funds were long MGM Resorts International (NYSE:MGM), with collective stakes worth $1.10 billion.

Baron Funds, an investment management company, released its investor letter for Q3 2022, and mentioned MGM Resorts International (NYSE:MGM). Here is what the fund 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.”

Follow Mgm Resorts International (NYSE:MGM)