Should You Invest in MGM Resorts International (MGM)?

Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like MGM Resorts International (NYSE:MGM) in the Q3 2022 investor letter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) is an entertainment company that operates casinos, hotels, and entertainment resorts. On November 21, 2022, MGM Resorts International (NYSE:MGM) stock closed at $35.76 per share. One-month return of MGM Resorts International (NYSE:MGM) was 4.59% and its shares lost 15.88% of their value over the last 52 weeks. MGM Resorts International (NYSE:MGM) has a market capitalization of $13.733 billion.

Baron Funds made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2022 investor letter:

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.”

Trump International Hotel & Tower, New York City

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MGM Resorts International (NYSE:MGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of the third quarter which was 46 in the previous quarter.

We discussed MGM Resorts International (NYSE:MGM) in another article and shared the list of top ten hospitality companies in the world. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.