Why MGM Resorts Stock Is a No-Brainer Buy Right Now
MGM Resorts International (NYSE: MGM) posted another record quarter for its resorts on the Las Vegas Strip as the company resumes operations in Macau. Let's look at MGM's fourth-quarter and full-year 2022 performance, and why I think the casino stock remains a buy at current price levels.
The fourth quarter marked the fifth straight quarter of record-high adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) for MGM's Las Vegas resorts.
Same-resort sales on the Strip, excluding the Cosmopolitan and Mirage, increased 11% year over year while adjusted property EBITDAR rose 6%. Overall, net revenue from MGM's Las Vegas resorts showed a 27% gain year over year, reaching $2.3 billion for the quarter.
Source Fool.com
