My Top Stock to Buy Right Now
With its share price up by 45% year-to-date, MGM Resorts (NYSE: MGM) is an outlier in the sports betting industry. Close rivals like Draftkings and Penn National Gaming have seen their stock performance falter -- they're up just 13% and down 5%, respectively, as investors have taken profits. MGM looks poised to continue outperforming its peers because of its relatively good valuation, spectacular sports betting guidance, and the recovery in its traditional casinos. Let's dig deeper into why it is my top stock to buy right now.
While online sports betting is MGM's most exciting growth catalyst, the company's physical casino operations are equally important. This business was hit hard by the coronavirus pandemic, but MGM's presence in both regional and traditional gambling hubs (like Las Vegas and Macau) is helping to boost its recovery. First-quarter net revenue is down 26% year-over-year to $1.65 billion, a dramatic improvement from the fiscal fourth quarter when sales fell 53% against the prior-year period.
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Source Fool.com
