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MGM Resorts International: When Boring Becomes Brilliant

Everybody knows that fast is good, but what about big and fast? Better in most cases of competition, right? We think so. We have been recommending ‘Epicenter’ stocks since the nadir of the pandemic. Our Head of Research Tom Lee was chastised for saying these imperiled names were buys, the S&P 500 is up roughly 75% since then, and his reasoned call at the depths of a 'blood in the streets' moment has been hailed as one of the best contrarian market calls of the last decade. As the market realized these stocks were sources of significant alpha, they piled in, but many investors never truly listened to our narrative.  As the pandemic recedes, consumer wallets will take a massive shift to the in-person socialized activities that there has been an unprecedented absence of. However, just as important is what these companies have done to boost operating leverage and amend their business models in the meantime. MGM somehow has pivoted to a position where it will almost certainly be one of the leading names in the rapidly developing Sports Betting and i-Gaming markets and we believe it’s traditional assets make it a play with a lot more upside and a lot less valuation risk than pure plays Draft Kings and Fan Duel.

MGM Resorts International: When Boring Becomes Brilliant
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