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MGM Resorts' (MGM) BetMGM Partners With Baltimore Ravens
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MGM Resorts International (MGM - Free Report) and GVC Holdings’ joint venture — BetMGM — recently announced collaboration with The Baltimore Ravens, becoming its official gaming partner. Notably, the news surfaced following the legalisation of mobile and retail sports betting in Maryland. However, regulatory frameworks in this regard are still underway.
Per the agreement, BetMGM will support Baltimore Ravens’ promotional and marketing campaigns. To this end, BetMGM branded signage will be made available throughout M&T Bank Stadium, digital media and integrated social media content. Also, BetMGM will have a private hospitality suite within the stadium.
With respect to the collaboration, Jorge Perez, president and chief operating officer, MGM National Harbor, stated, "We are confident that we will provide Ravens fans throughout the DMV with new and innovative ways to experience football season before, during and after games at our entertainment resort."
Focus on BetMGM Bodes Well
Ever since its launch in 2018, BetMGM has done extremely well and is now operating in 12 states. Notably, the company continues to gain market share.
During the first quarter of 2021, BetMGM reported solid results on the back of market share gains in existing markets along with new entries such as Iowa, Michigan and Virginia. 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%. Meanwhile, BetMGM operations contributed $163 million to net revenues during the first quarter. Markedly, the operation results are encouraging compared with total net revenues of $178 million in 2020.
Given the positive momentum in markets coupled with its 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. In the long term, BetMGM’s EBITDA margins are expected in the range of 30-35%. Also, it expects long-term U.S. market share to be between 20% and 25%.
So far this year, shares of MGM Resorts have gained 24.7% compared with the industry’s 8.9% growth.
Some 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 #2 (Buy).
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 114.9%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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MGM Resorts' (MGM) BetMGM Partners With Baltimore Ravens
MGM Resorts International (MGM - Free Report) and GVC Holdings’ joint venture — BetMGM — recently announced collaboration with The Baltimore Ravens, becoming its official gaming partner. Notably, the news surfaced following the legalisation of mobile and retail sports betting in Maryland. However, regulatory frameworks in this regard are still underway.
Per the agreement, BetMGM will support Baltimore Ravens’ promotional and marketing campaigns. To this end, BetMGM branded signage will be made available throughout M&T Bank Stadium, digital media and integrated social media content. Also, BetMGM will have a private hospitality suite within the stadium.
With respect to the collaboration, Jorge Perez, president and chief operating officer, MGM National Harbor, stated, "We are confident that we will provide Ravens fans throughout the DMV with new and innovative ways to experience football season before, during and after games at our entertainment resort."
Focus on BetMGM Bodes Well
Ever since its launch in 2018, BetMGM has done extremely well and is now operating in 12 states. Notably, the company continues to gain market share.
During the first quarter of 2021, BetMGM reported solid results on the back of market share gains in existing markets along with new entries such as Iowa, Michigan and Virginia. 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%. Meanwhile, BetMGM operations contributed $163 million to net revenues during the first quarter. Markedly, the operation results are encouraging compared with total net revenues of $178 million in 2020.
Given the positive momentum in markets coupled with its 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. In the long term, BetMGM’s EBITDA margins are expected in the range of 30-35%. Also, it expects long-term U.S. market share to be between 20% and 25%.
So far this year, shares of MGM Resorts have gained 24.7% compared with the industry’s 8.9% growth.
Zacks Rank & Key Picks
MGM Resorts currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some 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 #2 (Buy).
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 114.9%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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