This gaming stock has room to run, powered by resilient Las Vegas tourism, JPMorgan says

MGM Resorts International is likely to gain ground as Las Vegas Strip tourism powers ahead, according to JPMorgan. The investment bank upgraded MGM to overweight from neutral on Wednesday, raising its 12-month price target on the casino operator to $46 from $41, implying 10% upside from the last close. "Our more favorable view on MGM reflects growing conviction that MGM LV Strip EBITDAR estimates have bottomed, and that growth should improve in the coming months off of easier comparisons and against the backdrop of a resilient U.S. leisure traveler," analyst Daniel Politzer wrote in a 33-page report to clients. Shares of MGM jumped 9% on Wednesday in reaction to the upgrade, bringing the past 12 months' advance to 31%. MGM 5D mountain MGM stock popped 9% on Wednesday. The re-rating comes as the number of visitors to Sin City has remained relatively stable in 2026, despite concerns that higher fuel prices linked to the Iran war could limit travel to the gaming and entertainment hub. As of the end of April, Las Vegas had welcomed about 9.7 million tourists so far in 2026 – roughly in line with tourism trends for the year prior, according to the Las Vegas Convention and Visitors Authority . In the desert city, tourist traffic has remained strong due to value-oriented promotions at casino-hotels on the Strip, in addition to visits from drive-in customers, according to JPMorgan. …