MGM Resorts International’s (MGM - Free Report) BetMGM recently announced its collaboration with Shift4 Payments, becoming the preferred payments provider of the former. Following the announcement, shares of the company gained 3% during trading hours on Jun 21.
Per the agreement, Shift4 will support BetMGM’s online gaming and sports betting transactions through its PCI-validated point-to-point encryption and advanced tokenization technology. To this end, the company will offer its end-to-end processing technology to deliver a secure, integrated payment solution.
With respect to the collaboration, Maria Tomlinson, head of Payments at BetMGM, stated, “Shift4’s end-to-end solution will deliver a superior payment experience for our customers, with a streamlined transaction experience and enhanced security. The company’s technology, capabilities, security, and service made it an easy decision to partner with them.”
Increased Focus on BetMGM
Ever since its launch in 2018, BetMGM has put up an outstanding show and operates across 12 states now. As of February 2021, BetMGM’s market share stood at 22% in its active markets. It also reported strengthening of position in New Jersey, with market share gains of more than 30%. Notably, BetMGM continues to gain further market share.
Meanwhile, BetMGM operations contributed $163 million to net revenues during first-quarter 2021. Markedly, the operation results are encouraging compared with the total net revenues of $178 million in 2020.
Given the positive momentum in markets, coupled with the unique and unparalleled online and off-line offerings, the company is optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022.
Price Performance
Coming to the price performance, shares of MGM Resorts have appreciated 33.6%, so far this year, compared with the industry’s 12.7% growth. Notably, the company has been benefiting from sports betting expansion, asset light strategy, non-gaming activities and digital initiatives. Also, the company is confident regarding prospects in Macau and continues to invest in the same. Nonetheless, earnings estimates for 2021 have moved up over the past 30 days, mirroring analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Key Picks
MGM Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Better-ranked stocks in the same space include Boyd Gaming Corporation (BYD - Free Report) , Red Rock Resorts, Inc. (RRR - Free Report) and Century Casinos, Inc. (CNTY - Free Report) . Boyd Gaming and Red Rock sport a Zacks Rank #1, while Century Casinos carries a Zacks Rank of 2 (Buy), at present.
Boyd Gaming has a three-five year earnings per share growth rate of 19.8%.
Red Rock has a trailing four-quarter earnings surprise of 166.2%, on average.
Century Casinos’ 2021 earnings are expected to surge 119.9%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced its collaboration with Shift4 Payments, becoming the preferred payments provider of the former. Following the announcement, shares of the company gained 3% during trading hours on Jun 21.
Per the agreement, Shift4 will support BetMGM’s online gaming and sports betting transactions through its PCI-validated point-to-point encryption and advanced tokenization technology. To this end, the company will offer its end-to-end processing technology to deliver a secure, integrated payment solution.
With respect to the collaboration, Maria Tomlinson, head of Payments at BetMGM, stated, “Shift4’s end-to-end solution will deliver a superior payment experience for our customers, with a streamlined transaction experience and enhanced security. The company’s technology, capabilities, security, and service made it an easy decision to partner with them.”
Increased Focus on BetMGM
Ever since its launch in 2018, BetMGM has put up an outstanding show and operates across 12 states now. As of February 2021, BetMGM’s market share stood at 22% in its active markets. It also reported strengthening of position in New Jersey, with market share gains of more than 30%. Notably, BetMGM continues to gain further market share.
Meanwhile, BetMGM operations contributed $163 million to net revenues during first-quarter 2021. Markedly, the operation results are encouraging compared with the total net revenues of $178 million in 2020.
Given the positive momentum in markets, coupled with the unique and unparalleled online and off-line offerings, the company is optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022.
Price Performance
Coming to the price performance, shares of MGM Resorts have appreciated 33.6%, so far this year, compared with the industry’s 12.7% growth. Notably, the company has been benefiting from sports betting expansion, asset light strategy, non-gaming activities and digital initiatives. Also, the company is confident regarding prospects in Macau and continues to invest in the same. Nonetheless, earnings estimates for 2021 have moved up over the past 30 days, mirroring analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Key Picks
MGM Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Better-ranked stocks in the same space include Boyd Gaming Corporation (BYD - Free Report) , Red Rock Resorts, Inc. (RRR - Free Report) and Century Casinos, Inc. (CNTY - Free Report) . Boyd Gaming and Red Rock sport a Zacks Rank #1, while Century Casinos carries a Zacks Rank of 2 (Buy), at present.
Boyd Gaming has a three-five year earnings per share growth rate of 19.8%.
Red Rock has a trailing four-quarter earnings surprise of 166.2%, on average.
Century Casinos’ 2021 earnings are expected to surge 119.9%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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