On May 22, we highlighted opportunity in Penn National Gaming (PENN) at $29. It’s now up to $32.71 and still running, as casinos slowly reopen for business across the U.S.
Another hot casino stock to consider in MGM Resorts International (MGM), which has been trending higher since bottoming out in March 2020. Since then, the stock has risen from a low of $6 to $20.26. However, we believe that as the global economy reopens, and as casinos get back to some sort of normalcy, the MGM stock could retest its previous high of $34.
In late May 2020, MGM said it would reopen some of its properties in Las Vegas on June 4, including the Bellagio, New York-New York, MGM Grand Las Vegas, and The Signature.