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MGM Resorts' (MGM) BetMGM Forays Into Arizona With New Partnerships

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MGM Resorts International’s (MGM - Free Report) BetMGM recently announced that it has forged partnerships with Gila River Hotels & Casinos and the Arizona Cardinals in effort to expand its retail and online sports betting retail and online sports betting. This marks the company’s first relationship in the state of Arizona.

BetMGM is planning to bring its industry leading platform online in Arizona after legalized sports betting launches in the state. The company will also open retail sportsbooks at the three Arizona Gila River properties and State Farm Stadium, home of the Cardinals.

BetMGM CEO Adam Greenblatt said, “Gila River Hotels & Casinos and the Arizona Cardinals represent the state's premier casino destinations and sports franchise, making them the ideal partners for us.”

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. In second-quarter 2021, BetMGM’s market share stood at 24% in its live markets. BetMGM continues to gain market share. Case in point, BetMGM remains a leader in iGaming with 30% market share in the second-quarter 2021.

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 against the industry’s decline of 0.1%. 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 & Other Key Picks

MGM Resorts currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some other top-ranked stocks in the same space include Boyd Gaming Corporation (BYD - Free Report) , Red Rock Resorts, Inc. (RRR - Free Report) and Golden Entertainment, Inc. (GDEN - Free Report) , each sporting a Zacks Rank #1.

Boyd Gaming has a three-five year earnings per share growth rate of 40.8%.

Red Rock has a trailing four-quarter earnings surprise of 228%, on average.

Golden Entertainment’s 2021 earnings are expected to soar 128%.