12 Cash-Rich Stocks to Buy Right Now

8. MGM Resorts International (NYSE:MGM)

Operating Cash Flow (TTM): $2.55 Billion

On June 3, CBRE downgraded MGM Resorts International (NYSE:MGM) to Hold from Buy. It also set a $50 price target on the stock.

On June 1, CNBC reported that Barry Diller’s People Inc. had offered to acquire MGM Resorts for $48.30 per share in cash. MGM operates several of Las Vegas’ best-known properties, including Bellagio and Aria. Diller, who currently serves on MGM Resorts’ board, said he would recuse himself from any board discussions or actions related to the proposed transaction. He made the statement in a letter sent to the company’s board of directors.

People Inc., previously known as IAC, owns approximately 26.1% of MGM Resorts. In a news release, Diller made the following remark:

“We began investing in MGM nearly six years ago because we believed it represented a rare kind of business: one with real world assets that AI cannot easily replicate or disintermediate and exceptional digital growth opportunities.”

MGM Resorts International (NYSE:MGM) is a global gaming and entertainment company with properties across the US and international markets. Its destinations include hotels and casinos, meeting and convention spaces, live entertainment venues, and a wide range of dining, nightlife, and retail options.