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MGM Resorts (MGM) BetMGM Boosts Online Offerings in Puerto Rico

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MGM Resorts International’s (MGM - Free Report) BetMGM recently announced collaboration with Casino del Mar (at La Concha Resort) to launch its mobile sports betting app in Puerto Rico. This marks the company’s second market for online gaming footprint expansion outside the United States.

The mobile application offers a user-friendly sports betting experience featuring customizable pre-game, in-play, futures and parlay wagers. MGM Resorts stated that the application will also be made available for the desktop version.

The integration of BetMGM with the company’s loyalty program allows customers to redeem their gameplay for experiences at MGM Resorts properties nationwide. This includes properties at Bellagio, ARIA and MGM Grand (in Las Vegas), Beau Rivage (in Mississippi), Borgata in (New Jersey) and MGM Grand Detroit.

The company is optimistic with respect to the app launch and anticipates the initiative to drive growth in the upcoming periods. Attributes such as user-friendly technology tools, integration of GameSense program and elevated entertainment experience are likely to add to the positives.

Focus on BetMGM Bodes Well

BetMGM continues to gain market share. In the first quarter of 2023, the company launched BetMGM Ohio and Massachusetts, bringing its total active markets to 26. As of March 2023, BetMGM achieved a market share of 28% in the iGaming and 17% in the U.S. sports betting space.

During the first quarter, net gaming revenues from BetMGM came in at $476 million, up 76% from 2022 levels. Attributes such as robust player economics and a successful bonus optimization strategy added to the positives.

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 $1.8-$2 billion in 2023. The company is confident about the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.

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So far this year, shares of MGM Resorts have gained 24% compared with the industry’s 28% rise.

Zacks Rank & Key Picks

MGM Resorts currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Zacks Consumer Discretionary sector are:

Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have gained 97.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for RCL’s 2023 sales and EPS indicates a rise of 48.5% and 162.8%, respectively, from the year-ago period’s levels.

Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9%, on average. Shares of TCOM have increased 61.2% in the past year.

The Zacks Consensus Estimate for TCOM’s 2023 sales and EPS indicates a rise of 76.9% and 334.5%, respectively, from the year-ago period’s levels.

Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 18.8%, on average. Shares of SKX have increased 36% in the past year.

The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 7.8% and 31.9%, respectively, from the year-ago period’s levels.

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