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MGM Could Be Winning Casino Stock Idea, Says Macquarie Analyst – Casino.org
Posted on: January 18, 2023, 02:46h.
Last up to date on: January 18, 2023, 02:46h.
MGM Resorts International (NYSE:MGM) may very well be a star amongst casino shares in 2023, owing partially to an eventful Las Vegas calendar.
MGM Grand on the Las Vegas Strip. MGM is Macquarie’s Top Casino inventory thought for 2023. (Image: Luxury Lifestyle Magazine)
In a notice to shoppers at the moment, Macquarie analyst Chad Beynon famous midweek Strip occupancy might dip a bit this 12 months, however the return of extra conventions and conferences in addition to a powerful listing of sporting occasions might help 2023 income upside for Strip operators resembling MGM and Caesars Entertainment (NASDAQ:CZR).
Those two operators and a few others might additionally profit from the return of vacationers from the Asia-Pacific, particularly China.
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In addition, we consider analysts have underestimated worldwide demand (each leisure and VIP from Far East) and, in our view, this might help progress towards document quarters. Our ‘Looks’ report has proven 80% correlations with gaming income and it bodes nicely for upcoming demand,” wrote Beynon.
China lately eased coronavirus journey restrictions and a few analysts consider that might result in extra arrivals from that nation to main US cities, together with Las Vegas, Los Angeles and New York, amongst others.
MGM Has ‘Right Mix’
One of the explanations Beynon is constructive on MGM is that Bellagio operator has a compelling mixture of exposures and isn’t depending on a single jurisdiction or theme.
“MGM is our top pick given the right mix of exposure (58% Vegas, 25% Regional, 11% Macau, 6% Digital),” added the analyst.
He additionally lauded strikes made by MGM final 12 months, together with promoting the Mirage’s working rights and buying the comparable rights to Cosmopolitan, which permits the operator to extend its publicity to the next-finish consumer base.
The Macquarie analyst highlights different MGM-adjacent alternatives that might help upside within the shares this 12 months, together with BetMGM and a rebound in Macau, which is related as a result of MGM owns 56% of MGM China.
“For digital, we expect for BetMGM to grow ~15%+ in ’23 and continue to believe there are opportunities to solve for the 50/50 stake. With one of the strongest balance sheets, supportive shareholders and a goal to be a global digital leader, we expect this to be a priority. Lastly, we believe MGM China (evidenced by MGM China early ’22 stock performance) is not being appropriately reflected in the stock,” added Beynon.
He has an “outperform” score on the Luxor operator with a $52 worth goal, implying greater than 30% upside from the Jan. 17 shut.
Bullish on Small-Cap Casino Stocks, Too
Beynon can also be constructive on choose small-cap casino shares. In alphabetical order, that group is Century Casinos (NASDAQ:CNTY), Everi Holdings (NYSE:EVRI), GAN Ltd. (NASDAQ:GAN), International Game Technology (NYSE: Igt) and PlayAGS (NYSE:AGS).
Those names, all of which sport market values under $2 billion, are thought-about deep worth concepts. Colorado-based Century is the one casino operator within the quintet.
“Absent CNTY and GAN, we are modelling flat to low single digit growth for each of the names in ’23 but importantly view negative estimate revision risk as low, given the nature of their businesses. As for CNTY and GAN, we are estimating healthy growth in the near term driven by announced deals that need to be closed/recognized,” concluded Beynon.
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