JPMorgan says to buy the dip in MGM Resorts as Vegas foot traffic rebounds

The marquee and sign at an entrance at MGM Grand Hotel & Casino display messages after the Las Vegas Strip resort was closed as the coronavirus continues to spread across the United States on March 17, 2020 in Las Vegas, Nevada.
Ethan Miller | Getty Images

After a recent pullback, MGM Resorts is now a smart way to bet on the recovery of Las Vegas, JPMorgan said on Tuesday.

The casino stock has struggled during the most-recent bout of market volatility, sinking 8% over the past three weeks. Analyst Joseph Greff said in a note to clients the dip has gone far enough and upgraded the stock to overweight from neutral, citing improved customer traffic in Las Vegas.