Trader reveals what he did with MGM stock amidst regulatory crackdown in Macau

Shares of MGM Resorts International (NYSE: MGM) lost another 5.0% on Wednesday as Macau opened a 45-day review of its casino industry with expectations of stiffer regulations ahead.

Wells Fargo sees an over 35% upside in MGM

Amidst the sell-off, however, Wells Fargo’s Daniel Politzer sees an opportunity to “buy the dip”.

Politzer initiated MGM Resorts with an ‘overweight’ rating on Wednesday and a price target of $55 that translates to an over 35% upside from here.

Politzer also initiated several other gaming stocks this morning with an ‘overweight’ rating, including notable names like Caesars, Boyd, Red Rock, Churchill Downs, and DraftKings.  

Jason Snipe explains why he bought more shares of MGM

Odyssey Capital Advisors Jason Snipe agrees to the bullish call on MGM Resorts and bought more shares of the U.S. hospitality and entertainment company this morning. Defending his stance on CNBC’s “Halftime Report”, Snipe said:

Snipe also sees a significant “uptrend” in BetMGM – the company’s online sports betting unit that CFO Jonathan Halkyard said last week could go global in the future.

Stephen Weiss disagrees with the bullish call

During the same interview with CNBC, Short Hills Capitals Partners’ Stephen Weiss, however, warned against MGM Resorts.