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MGM Resorts' (MGM) BetMGM Partners With Pittsburgh Pirates

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MGM Resorts International’s (MGM - Free Report) BetMGM recently partnered with baseball team, the Pittsburgh Pirates, for sports betting. The partnership includes BetMGM branding all over PNC Park, fan-focused promotions, social media content and more.

Per the partnership, the Pirates' digital and social platforms will have BetMGM content. Matt Prevost, BetMGM's chief revenue officer said, “BetMGM has seen tremendous success in Pennsylvania since launching in December 2020. Growing our presence across the state, in partnership with the Pirates, is a top priority and we look forward to providing Pittsburgh's passionate sports fans unique promotions and benefits only available on BetMGM.”

Of late, BetMGM has been focusing on sports betting partnership. Ever since its launch in 2018, BetMGM has been performing outstandingly and currently operates across 12 states. As of February 2021, BetMGM’s market share stood at 22% in its active markets. BetMGM continues to gain market share. Case in point, it reported strengthening of position in New Jersey, with market share gains of more than 30%.

Recently, BetMGM, in collaboration with Inspired Entertainment, announced the launch of an end-to-end online and mobile virtual sports offering — V-Play Plug & Play. The services are currently available in BetMGM Casino, Borgata Casino and Party Casino in New Jersey.

Zacks Investment Research
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Price Performance

Shares of the company have gained 24.4% so far this year compared with the industry’s growth of 2.5%. It has been benefiting from sports betting expansion, asset light strategy, non-gaming activities and digital initiatives. The company is confident regarding prospects in Macau and continues to invest in the same.

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.

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) , each sporting a Zacks Rank #1.

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%.