Macquarie Likes MGM As Top Vegas Play
In a note released Friday, analysts at Macquarie said July non-gaming Las Vegas statistics continue to reflect a healthy and growing market. They point to MGM Resorts (NYSE: MGM) as their top pick among the large-cap gaming stocks.
Macquarie has an Outperform rating on the shares with a $33 price target, a 38 percent premium to the present stock level of $24.41. Macquarie feels the next leg up will be increased room rates, with MGM at the forefront. Caesar's Entertainment (NYSE: CZR) would also likely feel the benefit of raising prices.
Shares of MGM and Caeser's were trading down 1.85 percent and 0.67 percent, respectively.
Elsewhere in the casino and gaming space, Wynn Resorts (NASDAQ: WYNN) was down 2.12 percent while shares of Las Vegas Sands (NYSE: LVS) were lower by 2.14 percent.
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