5 Best Sin Stocks To Invest in 2024

4. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 47

MGM Resorts International (NYSE:MGM) is one of the top hospitality companies and is the owner and operator of casino and non-casino resort projects in the U.S., China, and Japan.

According to Insider Monkey’s database that tracks 910 elite hedge funds, 47 funds had investments in MGM Resorts International (NYSE:MGM)’s stock in the third quarter. With 6.42 million shares worth $236.138 million Keith Meister’s Corvex Capital was the biggest investor in the company.

MGM Resorts International (NYSE:MGM) was mentioned in Longleaf Partners’ third quarter 2023 investor letter. Here is what it said:

“Digital holding company IAC was the largest detractor in the quarter after reporting weak earnings, particularly at underlying holding Angi, which represents a relatively small (single-digit %) proportion of the value but has an outsized impact on IAC’s stock price. Casino and online gaming company MGM Resorts International (NYSE:MGM) (which we also own directly and was a detractor in the quarter) comprises the largest portion of the IAC value. MGM faced multiple headwinds this quarter with a cyberattack that impacted all its properties and pending labor strikes in Las Vegas. Even with these events factored into our appraisal, MGM remains highly discounted today, and management is taking advantage of the price weakness to add value through meaningful share repurchase.”