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MGM Resorts (MGM) BetMGM Collaborates With Cincinnati Reds
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MGM Resorts International’s (MGM - Free Report) BetMGM recently announced a collaboration with Cincinnati Reds, becoming the latter’s official sports betting partner. The initiative strengthens BetMGM's presence in Ohio ahead of the state's legalized sports betting launch scheduled on Jan 1, 2023.
The multi-year agreement includes the entitlement of a retail Sportsbook at Great American Ball Park comprising BetMGM suites and club seats. It also plans to curate VIP experiences for its fans, including on-field access during batting practice.
Extending its relationship with Major League Baseball, BetMGM intends to support Cincinnati Reds’ promotional and marketing campaigns. To this end, BetMGM branded signage will be available throughout Great American Ball Park, including a permanent outfield wall sign, messaging behind home plate and a branded foul line during select games.
With respect to the collaboration, BetMGM CEO Adam Greenblatt, stated, "Today's announcement marks the beginning of our plans to create the most entertaining and dynamic sports betting experiences in Ohio. Through our relationships with the Reds and MGM Northfield Park, we look forward to bringing unique BetMGM content to Ohio's passionate sports fans."
BetMGM continues to gain market share. In second-quarter 2022, the company rolled out its offerings in Ontario. It also announced a partnership with Carnival cruises to provide onboard ship betting and gaming under the BetMGM brand. As of May 2022, BetMGM achieved a market share of 21% in the U.S. sports betting and the iGaming space. Considering the positive market momentum and its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of more than $1.3 billion in 2022. MGM expects to achieve positive EBITDA in 2023.
Price Performance
Image Source: Zacks Investment Research
In the past three months, shares of MGM Resorts have gained 5.7% compared with the industry’s 0.7% growth. The company benefits from pent-up consumer demand, high domestic casino spending and strong international leisure trends. Sports betting and iGaming continues to be a major growth driver for the company. The emphasis on monetizing its real estate assets and boosting its domestic cash position bode well. The company intends to invest more than $2 billion into its properties to boost customer experiences and services. The initiative is likely to support the needed technology platform and advanced analytics to engage better and service its guests and drive market share in its principal markets. Earnings estimates for 2023 have increased in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Key Picks
MGM Resorts currently has a Zacks Rank #5 (Strong Sell).
The Zacks Consensus Estimate for CROX’s 2022 sales and earnings per share (EPS) indicates a rise of 49.7% and 20.7%, respectively, from the year-ago period’s levels.
Hyatt sports a Zacks Rank #1. H has a trailing four-quarter earnings surprise of 798.8%, on average. The stock has declined 5.1% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates growth of 89.1% and 113%, respectively, from the year-ago period’s reported levels.
Boyd Gaming carries a Zacks Rank #2 (Buy). BYD has a long-term earnings growth rate of 9.8%. The stock has declined 24.6% in the past year.
The Zacks Consensus Estimate for BYD’s current financial year sales and EPS indicates growth of 3.1% and 7%, respectively, from the year-ago period’s reported levels.
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MGM Resorts (MGM) BetMGM Collaborates With Cincinnati Reds
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced a collaboration with Cincinnati Reds, becoming the latter’s official sports betting partner. The initiative strengthens BetMGM's presence in Ohio ahead of the state's legalized sports betting launch scheduled on Jan 1, 2023.
The multi-year agreement includes the entitlement of a retail Sportsbook at Great American Ball Park comprising BetMGM suites and club seats. It also plans to curate VIP experiences for its fans, including on-field access during batting practice.
Extending its relationship with Major League Baseball, BetMGM intends to support Cincinnati Reds’ promotional and marketing campaigns. To this end, BetMGM branded signage will be available throughout Great American Ball Park, including a permanent outfield wall sign, messaging behind home plate and a branded foul line during select games.
With respect to the collaboration, BetMGM CEO Adam Greenblatt, stated, "Today's announcement marks the beginning of our plans to create the most entertaining and dynamic sports betting experiences in Ohio. Through our relationships with the Reds and MGM Northfield Park, we look forward to bringing unique BetMGM content to Ohio's passionate sports fans."
BetMGM continues to gain market share. In second-quarter 2022, the company rolled out its offerings in Ontario. It also announced a partnership with Carnival cruises to provide onboard ship betting and gaming under the BetMGM brand. As of May 2022, BetMGM achieved a market share of 21% in the U.S. sports betting and the iGaming space. Considering the positive market momentum and its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of more than $1.3 billion in 2022. MGM expects to achieve positive EBITDA in 2023.
Price Performance
Image Source: Zacks Investment Research
In the past three months, shares of MGM Resorts have gained 5.7% compared with the industry’s 0.7% growth. The company benefits from pent-up consumer demand, high domestic casino spending and strong international leisure trends. Sports betting and iGaming continues to be a major growth driver for the company. The emphasis on monetizing its real estate assets and boosting its domestic cash position bode well. The company intends to invest more than $2 billion into its properties to boost customer experiences and services. The initiative is likely to support the needed technology platform and advanced analytics to engage better and service its guests and drive market share in its principal markets. Earnings estimates for 2023 have increased in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Key Picks
MGM Resorts currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Crocs, Inc. (CROX - Free Report) , Hyatt Hotels Corporation (H - Free Report) and Boyd Gaming Corporation (BYD - Free Report) .
Crocs sports a Zacks Rank #1 (Strong Buy). CROX has a long-term earnings growth rate of 15%. Shares of Crocs have decreased 42.5% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CROX’s 2022 sales and earnings per share (EPS) indicates a rise of 49.7% and 20.7%, respectively, from the year-ago period’s levels.
Hyatt sports a Zacks Rank #1. H has a trailing four-quarter earnings surprise of 798.8%, on average. The stock has declined 5.1% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates growth of 89.1% and 113%, respectively, from the year-ago period’s reported levels.
Boyd Gaming carries a Zacks Rank #2 (Buy). BYD has a long-term earnings growth rate of 9.8%. The stock has declined 24.6% in the past year.
The Zacks Consensus Estimate for BYD’s current financial year sales and EPS indicates growth of 3.1% and 7%, respectively, from the year-ago period’s reported levels.