Like many companies, MGM Resorts International (NYSE: MGM) hasn’t escaped the 2022 bear market , which has sent its stock price down 21% year to date. While the declines help to price in near-term macroeconomic challenges, investors shouldn’t lose sight of the big picture. Here are three reasons the casino operator looks poised for long-term success.
Tourism was hit hard by the pandemic, with nations enacting lockdowns and movement restrictions to slow the spread of the virus. But some jurisdictions are bouncing back faster than others.
In the third quarter, MGM’s net revenue grew 26% year over year to $3.4 billion based on continued strength on the Las Vegas strip, where the company’s sales jumped 67% against the prior-year period.
For further details see:Want to Boost Your Portfolio? 3 Reasons to Bet on MGM Stock.