5 Best Sin Stocks To Buy in 2023

3. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 53

One of the most notable sin stocks, MGM Resorts operates extremely well-known casinos and entertainment centers all over the world. Some of these properties include Bellagio, MGM Grand, Mandalay Bay, The Mirage, Beau Rivage and Borgata. It is one of the favorite sin stocks of hedge funds. Of the 920 hedge funds tracked by Insider Monkey, 53 funds had stakes in the company as of the end of the September quarter. The total value of these stakes was $1.1 billion. In the previous quarter, 46 hedge funds had stakes in the company. This shows that the smart money is turning bullish on the stock.

Baron Funds made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2022 investor letter:

MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM. At its recent price of only $30 per share, we believe MGM’s valuation is compelling at only 6 times 2023 estimated cash flow.”