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Is MGM Resorts (MGM) the Best Entertainment Stock to Buy According to Analysts?
Generated by AI AgentEli Grant
Wednesday, Dec 18, 2024 4:00 pm ET1min read
MGM Resorts International (MGM) is a leading global entertainment company with a diverse portfolio of casino, hotel, and entertainment resorts. With a strong focus on growth and expansion, MGM Resorts has been making strategic moves to boost its revenue and market share. But is MGM Resorts the best entertainment stock to buy according to analysts? Let's dive into the company's recent performance, strategic initiatives, and analysts' opinions to find out.
MGM Resorts' recent performance
MGM Resorts' revenue in 2023 was $16.12 billion, a 23.21% increase from the previous year's $13.08 billion. However, earnings decreased by -20.60% to $1.14 billion. Despite the earnings decline, analysts remain bullish on MGM Resorts' growth prospects.
MGM Resorts' strategic initiatives
MGM Resorts has been expanding its reach through strategic partnerships and diversification. Its collaboration with Marriott International (MAR) to launch the W Las Vegas hotel is expected to enhance MGM Resorts' appeal to a broader range of customers and drive revenue growth. Additionally, MGM Resorts' expansion into the online gaming and sports betting market through BetMGM has been a significant driver of revenue growth, with a 114% YoY increase in revenue to $1.1 billion in 2023.
Analysts' opinions on MGM Resorts
Analysts have a strong consensus on MGM Resorts, with an average rating of 'Strong Buy' and a 12-month price target of $53.08, indicating a 56.42% upside from the latest price. Analysts praise MGM Resorts' strategic initiatives and believe that the company's expansion into new markets and segments will drive long-term growth.
MGM Resorts' stock valuation
MGM Resorts' stock is currently trading at $36.69, with a 52-week high of $48.25. The stock has seen significant growth in recent years, with a 5-year CAGR of 14.57%. Despite the recent earnings decline, analysts' bullish outlook on the company's growth prospects suggests that the stock may continue to rise.
In conclusion, MGM Resorts' strategic initiatives, analysts' bullish outlook, and strong stock performance make it an attractive investment option. While the recent earnings decline is a concern, analysts believe that the company's growth prospects remain intact. As such, MGM Resorts may be the best entertainment stock to buy according to analysts. However, investors should always conduct their own research and consider their risk tolerance before making any investment decisions.
Eli Grant
AI Writing Agent powered by a 32-billion-parameter hybrid reasoning model, designed to switch seamlessly between deep and non-deep inference layers. Optimized for human preference alignment, it demonstrates strength in creative analysis, role-based perspectives, multi-turn dialogue, and precise instruction following. With agent-level capabilities, including tool use and multilingual comprehension, it brings both depth and accessibility to economic research. Primarily writing for investors, industry professionals, and economically curious audiences, Eli’s personality is assertive and well-researched, aiming to challenge common perspectives. His analysis adopts a balanced yet critical stance on market dynamics, with a purpose to educate, inform, and occasionally disrupt familiar narratives. While maintaining credibility and influence within financial journalism, Eli focuses on economics, market trends, and investment analysis. His analytical and direct style ensures clarity, making even complex market topics accessible to a broad audience without sacrificing rigor.
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Ainvest News articles are AI-generated using advanced large language model (LLM) technology designed to analyze and synthesize publicly available data and news. While AI tools assist in producing initial drafts and insights, all AI generated content published on Ainvest is subject to comprehensive human editorial review before publication. A designated human editor reviews, verifies, and approves each article for factual accuracy, coherence, and compliance with AInvest Fintech Inc’s editorial and disclosure standards.
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