{"id":305049,"date":"2023-12-29T17:08:30","date_gmt":"2023-12-29T23:08:30","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=305049"},"modified":"2024-01-01T12:24:58","modified_gmt":"2024-01-01T18:24:58","slug":"caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/","title":{"rendered":"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst"},"content":{"rendered":"

With the good times rolling on the Las Vegas Strip, Caesars Entertainment (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM) could be winning equity ideas for investors in 2024.<\/p>\n

\"Las
People take pictures in front of the “Welcome to Fabulous Las Vegas” sign. An analyst is bullish on shares of Strip operators Caesars and MGM. (Image: Getty)<\/figcaption><\/figure>\n

That\u2019s the take of Macquarie analyst Chad Beynon. In a new report to clients, he reiterated \u201coutperform\u201d ratings for MGM and Caesars — the two largest Strip operators. His price targets on Caesars and MGM imply upside of 30% and 29%, respectively. Beynon\u2019s note arrived on the back of a blistering hot November gross gaming revenue (GGR) report for Nevada casinos. That includes a record month of GGR and revenue per available room (RevPAR) for Strip operators.<\/p>\n

The Vegas Strip generated record revenue of $821m in November (+23% year-over-year), driven by strong table revenue (+62% year-over-year) which we attribute to higher end customers drawn to Vegas for F1 weekend and the Sphere,\u201d<\/strong> wrote Beynon.<\/p><\/blockquote>\n

The bullish outlook on Caesars and MGM arrived just ahead of New Year\u2019s Eve festivities, which could see 400,000 or more visitors<\/a> and locals make their way to various Las Vegas casino hotels. Should that number be met or surpassed, it\u2019d represent one of the busiest starts to a new year in Sin City history.<\/p>\n

Caesars, MGM Could Be 2024 Winners<\/h2>\n

Shares of Caesars and MGM delivered upside in 2023, with the Flamingo operator rising 12.69% and the Bellagio operator rising 33.25%.<\/p>\n

\n

In the case of MGM, it took a 13.31% gain over the past month for that stock to beat the 24.29% returned by the S&P 500. That is to say, Caesars badly lagged the broader market this year. The Linq operator has catalysts for potential outperformance in 2024 as it continues slashing debt<\/a> and as its digital gaming arm becomes more efficient and profitable.<\/p>\n<\/div>\n

Beynon added that Strip operators could see ongoing benefit from Formula One\u2019s yearly visit to Las Vegas, maturation of the Sphere, and the Oakland Athletics\u2019 eventual move to the city, among other bullish factors.<\/p>\n

\u201cWe maintain that the future remains bright in Vegas with the additions of recurring events like F1 and the Sphere and eventually the Major League Baseball which not only bring in additional hotels revs but can be drivers of GGR growth in 2024 and beyond,\u201d <\/strong>noted the analyst. \u201cNovember\u2019s results are also a positive read-through for 1Q24, which includes Vegas hosting Super Bowl LVIII, another major marquee event which will also attract lots of high-end customers.\u201d<\/strong><\/p>\n

Other Ideas Among Las Vegas Strip Stocks<\/h2>\n

Among the other publicly traded gaming companies with Strip exposure, Wynn Resorts (NASDAQ: WYNN) garnered a \u201cneutral\u201d rating from Beynon. Because of its two Macau integrated resorts, Wynn is significantly less dependent on the Strip than are Caesars and MGM, and the stock is widely viewed<\/a> as undervalued after gaining just 10.48% this year.<\/p>\n

Still, Beynon\u2019s price target on Wynn implies upside of 25%. The analyst is also constructive on Golden Entertainment (NASDAQ: GDEN), rating that stock \u201coutperform,\u201d with a price forecast that implies potential upside of 29%.<\/strong><\/p>\n

The bulk of Golden\u2019s Strip exposure is sourced via the Strip-adjacent Strat. But the operator taps into the Las Vegas locals market through two Arizona Charlie\u2019s casinos and a slew of PT\u2019s Pubs strewn across the Las Vegas Valley.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the good times rolling on the Las Vegas Strip, Caesars Entertainment (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM) could be winning equity ideas for investors in 2024. That\u2019s the take of Macquarie analyst Chad Beynon. In a new report to clients, he reiterated \u201coutperform\u201d ratings for MGM and Caesars — the two largest […]<\/p>\n","protected":false},"author":46,"featured_media":292030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nCaesars, MGM Draw Bullish Praise As Las Vegas GGR Rises<\/title>\n<meta name=\"description\" content=\"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars, MGM Draw Bullish Praise As Las Vegas GGR Rises\" \/>\n<meta property=\"og:description\" content=\"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-29T23:08:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-01T18:24:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/\",\"name\":\"Caesars, MGM Draw Bullish Praise As Las Vegas GGR Rises\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg\",\"datePublished\":\"2023-12-29T23:08:30+00:00\",\"dateModified\":\"2024-01-01T18:24:58+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg\",\"width\":1200,\"height\":800,\"caption\":\"People take pictures in front of the \\\"Welcome to Fabulous Las Vegas\\\" sign. Gaming industry CEOs are bullish in their outlooks despite macroeconomic challenges. (Image: Getty)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Caesars, MGM Draw Bullish Praise As Las Vegas GGR Rises","description":"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/","og_locale":"en_US","og_type":"article","og_title":"Caesars, MGM Draw Bullish Praise As Las Vegas GGR Rises","og_description":"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst.","og_url":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-12-29T23:08:30+00:00","article_modified_time":"2024-01-01T18:24:58+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/","url":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/","name":"Caesars, MGM Draw Bullish Praise As Las Vegas GGR Rises","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg","datePublished":"2023-12-29T23:08:30+00:00","dateModified":"2024-01-01T18:24:58+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/09\/230915-las-vegas-welcome-sign-mn-1530-e8b36b.jpg","width":1200,"height":800,"caption":"People take pictures in front of the \"Welcome to Fabulous Las Vegas\" sign. Gaming industry CEOs are bullish in their outlooks despite macroeconomic challenges. (Image: Getty)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/caesars-mgm-draw-bullish-praise-as-las-vegas-ggr-rises\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Caesars, MGM Preferred Picks as Las Vegas GGR Soars, Says Analyst"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/305049"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=305049"}],"version-history":[{"count":4,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/305049\/revisions"}],"predecessor-version":[{"id":305181,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/305049\/revisions\/305181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/292030"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=305049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=305049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=305049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}