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MGM Resorts' (MGM) BetMGM Inks Partnership With Liv Hospitality

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MGM Resorts International’s (MGM - Free Report) BetMGM continues to focus on sports betting partnerships. BetMGM has recently partnered with Liv Hospitality's Tin Lizzie Gaming Resort and Cadillac Jack's Gaming Resort for retail and mobile sports betting in Deadwood.

Beginning next month, both Tin Lizzie Gaming Resort and Cadillac Jack's Gaming Resort will have access to BetMGM mobile app, subject to regulatory approval. Adam Greenblatt, BetMGM CEO said “Liv Hospitality's prime resort locations in Deadwood make it an ideal partner for us. Together, we look forward to bringing the BetMGM sports betting experience to South Dakota sports fans.”

Partnerships to Drive Growth

BetMGM recently announced that it has forged partnerships with Gila River Hotels & Casinos and the Arizona Cardinals in an effort to expand its 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.
 

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Earlier, 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.

BetMGM continues to be a leader in iGaming space, with market share reaching 30% in second-quarter 2021. In the second quarter, 15% of its fresh players were from MGM and 31% of MGM M life sign-ups came from BetMGM. BetMGM operations contributed $194 million to net revenues in the second quarter, up 19% sequentially. Markedly, the operation results are encouraging compared with total net revenues of $178 million in 2020.

Shares of the company have gained 19.5% so far this year against the industry’s decline of 6.7%. 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%.