MGM Resorts draws increased institutional investmentMGM Resorts International (NYSE: MGM), a prominent operator of global casino resorts, has seen a notable influx of investments from major institutional firms in recent months. The company's robust revenue growth and promising expansion into new markets fuelled the growing interest from investors.
Key growth highlights include MGM China's significant 71% year-over-year revenue increase, primarily driven by its operations in Macau. MGM Resorts International's venture into the online and mobile betting market through BetMGM, a joint initiative with UK-based Entain, has also shown impressive growth. In 2023, BetMGM's revenue surged by 36% year-on-year, nearing 2 billion USD. The anticipated development of a resort in Japan is expected to catalyse MGM's growth further, making it an attractive prospect for investors looking for dynamic growth in the hospitality and gaming sectors.
Technical analysis of MGM Resorts International (NYSE: MGM)
Exploring potential trading opportunities based on the current technical setup of MGM Resorts' stock:
Timeframe : Daily (D1)
Current trend : the stock is currently in a global uptrend
Resistance level : 47.00 USD
Support level : 42.60 USD
Potential downtrend target : if the stock enters a downtrend, a possible target could be set at 37.50 USD
Short-term target : if the uptrend continues and the stock breaks through resistance at 47.00 USD, a short-term target could be set at 51.00 USD
Medium-term target : With sustained upward momentum, the price might aim for 56.50 USD
Investors should keep a close watch on MGM Resorts International, especially in light of the increasing institutional interest and the company's strategic expansion efforts. The stock's performance, combined with the company's operational growth, could present considerable opportunities for market participants.
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