MGM Resorts International (MGM - Free Report) and Entain Plc’s joint venture BetMGM recently announced the launch of its mobile app in Maryland. The app will enable customers to access several online betting options.
BetMGM CEO Adam Greenblatt said, “The convenience of our best-in-class mobile app connects directly to the engaging atmosphere we've created in our retail sportsbooks at MGM National Harbor and Nationals Park.”
BetMGM’s expansion efforts continue to drive growth. Net revenues from BetMGM in the first half of 2022 came in at $608 million, up 70% from 2021 levels. Meanwhile, BetMGM continues to gain market share. In second-quarter 2022, BetMGM rolled out its offerings in Ontario. As of May 2022, BetMGM achieved a market share of 21% in the U.S. sports betting and the iGaming space.
BetMGM has a long-term growth target of 20- 25% in U.S. sports betting and iGaming. Currently, the company is on track to achieve its target. Given the positive momentum in the markets coupled with its exceptional online and offline offerings, the company expects revenues to be more than $1.3 billion in 2022.
BetMGM expects to achieve positive EBITDA in 2023. To drive growth, the company continues to invest in additional markets.
The company announced partnerships with Gila River Hotels & Casinos and the Arizona Cardinals to expand its retail and online sports betting. Further, the company started a collaboration with Orix to build a world-class integrated resort in Japan.
Price Performance
Shares of MGM Resorts have gained 11.8% in the past six months, compared with the industry’s increase of 11.3%. The company is benefiting from pent-up consumer demand, high domestic casino spends and robust demand for sports betting. It is also benefiting from increased visitation in the Las Vegas market. Sports betting and iGaming continue to be major growth drivers for the company.
Zacks Rank & Key Picks
The company currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Consumer Discretionary sector are Hyatt Hotels Corporation (H - Free Report) , Crocs, Inc. (CROX - Free Report) and Boyd Gaming Corporation (BYD - Free Report) .
Hyatt currently carries a Zacks Rank #2 (Buy). H has a trailing four-quarter earnings surprise of 652.3% on average. The stock has improved 16.1% in the past year.
The Zacks Consensus Estimate for H’s current financial year’s sales and EPS indicates a surge of 92.6% and 121.8%, respectively, from the year-ago period’s reported levels.
Crocs currently carries a Zacks Rank #2. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have declined 43.7% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 51.5% and 23.7%, respectively, from the year-ago period’s levels.
Boyd Gaming carries a Zacks Rank #2 at present. BYD has a long-term earnings growth rate of 12.8%. The stock has declined 3.4% in the past year.
The Zacks Consensus Estimate for BYD’s 2022 sales and EPS indicates growth of 4.4% and 11.9%, respectively, from the year-ago period’s reported levels.
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MGM Resorts International (MGM - Free Report) and Entain Plc’s joint venture BetMGM recently announced the launch of its mobile app in Maryland. The app will enable customers to access several online betting options.
BetMGM CEO Adam Greenblatt said, “The convenience of our best-in-class mobile app connects directly to the engaging atmosphere we've created in our retail sportsbooks at MGM National Harbor and Nationals Park.”
BetMGM’s expansion efforts continue to drive growth. Net revenues from BetMGM in the first half of 2022 came in at $608 million, up 70% from 2021 levels. Meanwhile, BetMGM continues to gain market share. In second-quarter 2022, BetMGM rolled out its offerings in Ontario. As of May 2022, BetMGM achieved a market share of 21% in the U.S. sports betting and the iGaming space.
BetMGM has a long-term growth target of 20- 25% in U.S. sports betting and iGaming. Currently, the company is on track to achieve its target. Given the positive momentum in the markets coupled with its exceptional online and offline offerings, the company expects revenues to be more than $1.3 billion in 2022.
BetMGM expects to achieve positive EBITDA in 2023. To drive growth, the company continues to invest in additional markets.
The company announced partnerships with Gila River Hotels & Casinos and the Arizona Cardinals to expand its retail and online sports betting. Further, the company started a collaboration with Orix to build a world-class integrated resort in Japan.
Price Performance
Shares of MGM Resorts have gained 11.8% in the past six months, compared with the industry’s increase of 11.3%. The company is benefiting from pent-up consumer demand, high domestic casino spends and robust demand for sports betting. It is also benefiting from increased visitation in the Las Vegas market. Sports betting and iGaming continue to be major growth drivers for the company.
Zacks Rank & Key Picks
The company currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Consumer Discretionary sector are Hyatt Hotels Corporation (H - Free Report) , Crocs, Inc. (CROX - Free Report) and Boyd Gaming Corporation (BYD - Free Report) .
Hyatt currently carries a Zacks Rank #2 (Buy). H has a trailing four-quarter earnings surprise of 652.3% on average. The stock has improved 16.1% in the past year.
The Zacks Consensus Estimate for H’s current financial year’s sales and EPS indicates a surge of 92.6% and 121.8%, respectively, from the year-ago period’s reported levels.
Crocs currently carries a Zacks Rank #2. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have declined 43.7% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 51.5% and 23.7%, respectively, from the year-ago period’s levels.
Boyd Gaming carries a Zacks Rank #2 at present. BYD has a long-term earnings growth rate of 12.8%. The stock has declined 3.4% in the past year.
The Zacks Consensus Estimate for BYD’s 2022 sales and EPS indicates growth of 4.4% and 11.9%, respectively, from the year-ago period’s reported levels.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
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