The investment firm also raised its price target on MGM Resorts shares to $20 from $17.
Goldman noted noted that the stock has rallied more than 40% since the beginning of August. Shares of MGM at last check were 0.8% higher at $22.91.
Las Vegas has taken longer to recover from the coronavirus lockdown.
Goldman sees the rally in the shares as "unwarranted" due to MGM Resorts' lower exposure to the outperforming regional segment; its only partial ownership of its digital operations; and its higher exposure to the convention market, which has dried up amid the virus lockdowns.
The firm also said that the areas surrounding its properties had the lowest "mobility metrics/highest covid-19 case count" over the past two weeks, compared with other casinos.
The firm reiterated its buy rating on Penn National (PENN) - Get Report and Red Rock Resorts (RRR) - Get Report, given their exposure to defensive regional markets, cost-cutting opportunities and, for Penn, the coming launch of its sports-betting app with Barstool.
"If consumer behavior drives greater share-of-wallet shifts in leisure to more than offset business weakness, or if business demand recovers faster than we anticipate, we would see upside to our estimates and consensus, prompting a more favorable view," analyst Stephen Grambling said.
The firm does see potential share gains for MGM from the launch of its mansion product in the VIP and premium mass segment. But even that catalyst has competition from SJM Holdings SJMHF and Galaxy GXYEF also opening new properties.