The 10 Largest Gambling Stocks of 2024

6. MGM Resorts International (NYSE:MGM

Market Capitalization: $10.99 Billion

No. of Hedge Fund Investors: 44

MGM Resorts International (NYSE:MGM) is a holding company that operates in domestic and international locations through its subsidiaries. The company’s segments include Las Vegas Strip Resorts, Regional Operations, and MGM China. The company’s properties offer casino and betting products and services to visitors.

MGM Resorts International’s (NYSE:MGM) collaboration with Marriott International has been going smoothly. On October 21, MGM and Marriott announced another partnership to bring the W Hotels brand to Las Vegas. This is part of the companies’ long-term strategic licensing agreement announced in July 2023. Both companies are taking advantage of this partnership. The MGM Collection with Marriott Bonvoy, launched in March 2024, has exceeded expectations, with over 410,000 room nights booked during Q2 2024. Over 200 million Marriott Bonvoy members can now enjoy benefits and redeem points at MGM Resorts destinations. The agreement between both companies encompasses 17 MGM resorts, featuring over 40,000 rooms across Las Vegas and other U.S. regions. During Q3, the demand remained high for MGM’s resorts, driven by record ADRs in Las Vegas and record occupancy at the company’s regional resorts.

The company has also reduced its net debt and improved its free cash flow (FCF), driven by a 9% increase in revenue during the first nine months of fiscal 2024. MGM Resorts International has an FCF of over $944 million, as of Q3 2024. Moreover, during Q3 2024, the company reported record results with a net revenue increase of 5% year-over-year to $4.18 billion, driven by higher prices and occupancy. In Macau, MGM China’s net revenues grew 14% year-over-year.