Stock price when the opinion was issued
Vegas tourism is white hot. Revenue per room was up 11% in May YOY, convention attendance up 2%, and visitors up 5%. MGM has over half its business from Vegas. But he doesn't like MGM's regional business and those patrons are struggling from higher inflation and interest rates. He Likes MGM, but prefers Wynne because it has more Vegas exposure. But Vegas' boom isn't pushing up Vegas stocks, which is frustrating. Frankly, the market is getting it wrong. When Wynne reports, their strong Macau business will shine.
Like Wynne, the chart has made a golden cross in October, a definite bullish sign. The casino stocks indicate what the markets will be like in 6 months. When we revert to normal, tourism will bounce back and gambling with have a huge year. The country is stir crazy and desperately wants a vacation, which will happen in the second half of 2021. This is more of a vaccine play vs. its peers like Wynne.