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On a hard day for most casino stocks, MGM Resorts International (NYSE: MGM) gained nearly 2% on Monday, helped by bullish seller commentary. In a note to clients today, Truist analyst Barry Jonas upgraded the Bellagio operator's stock from "hold" to "buy," while raising his price target on the Bellagio from $40 to $50. The new forecast suggests MGM shares are likely up 32.2% from today's close. While we've historically been more cautious about bearish macro risks to Streep and destination markets, we expect MGM to perform relatively better in 2023 on Streep's strong event calendar and returning midweek business trips," Jonas wrote. There are growing concerns about the impact high inflation and rising interest rates will have on Las Vegas strip operators in 2023. However, Truist sees the Mandalay Bay operator as well positioned to withstand these macroeconomic headwinds. Event Calendar May Rise MGM Shares In 2023 Las Vegas is always home to some of the world's best entertainment and regularly hosts big sporting events, but the 2023 event calendar could be particularly useful as a catalyst for MGM shares. The Consumer Electronics Show (CES) returns to Sin City in January as the most-attended version of the tournament expected to attend since the coronavirus pandemic began. That could be just one example of a rebound in the vital Las Vegas conference and convention business. Earlier this year, Chief Financial Officer Jonathan Halkyard told Deutsche Bank's 30th annual leveraged finance conference that he was seeing operators "getting back to normal" on their convention and conference bookings. He added that the company's strip venues are seeing a solid booking trend through the first half of 2023. "We note that generally well-attended events (CES) were configured relatively easily in the first quarter, impacted by the COVID variant that was revived last year. In general, the return of conventions brings higher value customers, while high-profile entertainment events bring much higher budget customers for gaming, food and beverage, and other non-gaming," Jonas added. Other famous events in Las Vegas next year include the Electric Daisy Carnival in the second quarter and the Formula One Las Vegas Grand Prix in November next year. The total attendance at these events could reach 600,000. MGM Stock Attractions Conventions are very important for MGM and its competitors because these gatherings increase Las Vegas' share of the week. "While the macro environment shows some uncertainty surrounding the game outlook by 2023 (2022), we believe the number and quality of events planned in Vegas should drive relative performance," Truist analysts said. Also, despite the group's decline this year, some consumer discretionary stocks remain rich in value, but Jonas said MGM's value was "not necessary" at its current level.