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MGM Resorts' (MGM) BetMGM on Track to Achieve Its Target
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MGM Resorts International (MGM - Free Report) and Entain Plc’s joint venture — BetMGM — recently provided a business update and reaffirmed its outlook for 2022.
The company continues to deliver robust performance in line with its ambitions. BetMGM is a leader in the U.S. sports betting and iGaming market (25% market share).
BetMGM reaffirmed its long-term and 2022 guidance. It has a long-term growth target of 20% to 25% in the U.S. sports betting and iGaming market. Currently, the company is on track to achieve its target. In 2022, BetMGM anticipates net revenues from operations to be more than $1.3 billion. It expects to achieve positive EBITDA in 2023.
BetMGM on Expansion Spree
BetMGM continues to expand its presence. The company is now live in 23 markets, with New York, Illinois, Louisiana, and Puerto Rico coming online in the first quarter and Ontario launching in early April.
In the first quarter, 57% of its MGM Rewards enrollments came through BetMGM, compared with 39% for the full-year 2021. Considering the positive momentum in markets and its unique and unparalleled online and offline offerings, the company remains optimistic about long-term growth.
In the long term, BetMGM’s EBITDA margins are expected to be 30-35%. MGM Resorts’ BetMGM announced that it has partnered with Gila River Hotels & Casinos and the Arizona Cardinals to expand its retail and online sports betting.
Coming to the price performance, shares of MGM Resorts have fallen 11.8% in the past year compared with the industry’s decline of 53.4%. MGM Resorts carries a Zacks Rank #3 (Hold).
Civeo sports a Zacks Rank #1 at present. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have surged 50.1% in the past year.
The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.
Bluegreen Vacations flaunts a Zacks Rank #1. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has appreciated 17% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.5% and 28.7%, respectively, from the year-ago period’s reported levels.
Funko carries a Zacks Rank #2 (Buy). FNKO has a trailing four-quarter earnings surprise of 78.7%, on average. Shares of the company have declined 22.2% in the past year.
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 24.7% and 28.9%, respectively, from the year-ago period’s reported levels.
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MGM Resorts' (MGM) BetMGM on Track to Achieve Its Target
MGM Resorts International (MGM - Free Report) and Entain Plc’s joint venture — BetMGM — recently provided a business update and reaffirmed its outlook for 2022.
The company continues to deliver robust performance in line with its ambitions. BetMGM is a leader in the U.S. sports betting and iGaming market (25% market share).
BetMGM reaffirmed its long-term and 2022 guidance. It has a long-term growth target of 20% to 25% in the U.S. sports betting and iGaming market. Currently, the company is on track to achieve its target. In 2022, BetMGM anticipates net revenues from operations to be more than $1.3 billion. It expects to achieve positive EBITDA in 2023.
BetMGM on Expansion Spree
BetMGM continues to expand its presence. The company is now live in 23 markets, with New York, Illinois, Louisiana, and Puerto Rico coming online in the first quarter and Ontario launching in early April.
In the first quarter, 57% of its MGM Rewards enrollments came through BetMGM, compared with 39% for the full-year 2021. Considering the positive momentum in markets and its unique and unparalleled online and offline offerings, the company remains optimistic about long-term growth.
In the long term, BetMGM’s EBITDA margins are expected to be 30-35%. MGM Resorts’ BetMGM announced that it has partnered with Gila River Hotels & Casinos and the Arizona Cardinals to expand its retail and online sports betting.
Coming to the price performance, shares of MGM Resorts have fallen 11.8% in the past year compared with the industry’s decline of 53.4%. MGM Resorts carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Add These Stock to Your Portfolio
Some better-ranked stocks in the Consumer Discretionary sector are Civeo Corporation (CVEO - Free Report) , Bluegreen Vacations Holding Corporation and Funko, Inc. (FNKO - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Civeo sports a Zacks Rank #1 at present. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have surged 50.1% in the past year.
The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.
Bluegreen Vacations flaunts a Zacks Rank #1. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has appreciated 17% in the past year.
The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.5% and 28.7%, respectively, from the year-ago period’s reported levels.
Funko carries a Zacks Rank #2 (Buy). FNKO has a trailing four-quarter earnings surprise of 78.7%, on average. Shares of the company have declined 22.2% in the past year.
The Zacks Consensus Estimate for Funko’s current financial year sales and EPS suggests growth of 24.7% and 28.9%, respectively, from the year-ago period’s reported levels.