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MGM Resorts (MGM) Announces Partnership With MLB Players
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MGM Resorts International (MGM - Free Report) recently announced a collaboration with — MLB Players, Inc. — the business arm of the Major League Baseball Players Association. The initiative reinforces the importance of leveraging Players to facilitate marketing initiatives.
Per the multi-year agreement, MGM Resorts will access MLB Players' branding and group marketing rights in the United States, China and Japan. This includes coverage of print and digital promotions, advertisements and sweepstakes. The initiative paves the path for MGM Resorts promotion using individual player ambassador agreements through appearances, social media posts, autographed memorabilia, and advertisements.
Meanwhile, the company will serve as the host location for various MLB player-related events. Also, it will act as the latter’s participating partner (in the Players House hospitality space) for the All-Star Game seasons. The association labels MGM Resorts as the Official Offseason Destination that provides hospitality benefits to MLB Players with MGM Resorts' properties.
Concerning the partnership, Lance Evans, Senior Vice President of Sports & Sponsorships, MGM Resorts, stated, "This new partnership strengthens our commitment to the sport of baseball in the U.S. and around the globe. We welcome the opportunity to host MLB Players at our world-class resorts and create unique player experiences for our valued MGM Rewards members."
Price Performance
Image Source: Zacks Investment Research
So far this year, shares of MGM Resorts have declined 35.6% compared with the industry’s fall of 42.6%. The company benefits from pent-up consumer demand, high domestic casino spending and strong international leisure trends. Sports betting and iGaming continues to be major growth driver for the company. The company is optimistic regarding BetMGM operations as it anticipates revenue contributions of more than $1.3 billion in 2022. Also, emphasis on monetizing its real estate assets and boosting its domestic cash position bode well. The company intends to invest more than $2 billion into its properties to boost customer experiences and services. This and the focus on international expansion will likely drive growth in the upcoming periods. Earnings estimates for 2022 have increased in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
G-III Apparel sports a Zacks Rank #1. GIII has a trailing four-quarter earnings surprise of 97.5%, on average. The stock has declined 34.9% in the past year.
The Zacks Consensus Estimate for GIII’s current financial year sales and earnings per share (EPS) indicates growth of 12.9% and 10.4%, respectively, from the year-ago period’s reported levels.
Caleres sports a Zacks Rank #1. CAL has a trailing four-quarter earnings surprise of 62.9%, on average. Shares of the company have increased 5.3% in the past year.
The Zacks Consensus Estimate for CAL’s current financial year sales and EPS suggests growth of 4.8% and 0.7%, respectively, from the year-ago period’s levels.
Hilton sports a Zacks Rank #1. MGM has a trailing four-quarter earnings surprise of 20.5%, on average. Shares of the company have declined 9.1% in the past year.
The Zacks Consensus Estimate for HLT’s current financial year sales and EPS suggests growth of 41.1% and 93.3%, respectively, from the year-ago period’s reported levels.
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MGM Resorts (MGM) Announces Partnership With MLB Players
MGM Resorts International (MGM - Free Report) recently announced a collaboration with — MLB Players, Inc. — the business arm of the Major League Baseball Players Association. The initiative reinforces the importance of leveraging Players to facilitate marketing initiatives.
Per the multi-year agreement, MGM Resorts will access MLB Players' branding and group marketing rights in the United States, China and Japan. This includes coverage of print and digital promotions, advertisements and sweepstakes. The initiative paves the path for MGM Resorts promotion using individual player ambassador agreements through appearances, social media posts, autographed memorabilia, and advertisements.
Meanwhile, the company will serve as the host location for various MLB player-related events. Also, it will act as the latter’s participating partner (in the Players House hospitality space) for the All-Star Game seasons. The association labels MGM Resorts as the Official Offseason Destination that provides hospitality benefits to MLB Players with MGM Resorts' properties.
Concerning the partnership, Lance Evans, Senior Vice President of Sports & Sponsorships, MGM Resorts, stated, "This new partnership strengthens our commitment to the sport of baseball in the U.S. and around the globe. We welcome the opportunity to host MLB Players at our world-class resorts and create unique player experiences for our valued MGM Rewards members."
Price Performance
Image Source: Zacks Investment Research
So far this year, shares of MGM Resorts have declined 35.6% compared with the industry’s fall of 42.6%. The company benefits from pent-up consumer demand, high domestic casino spending and strong international leisure trends. Sports betting and iGaming continues to be major growth driver for the company. The company is optimistic regarding BetMGM operations as it anticipates revenue contributions of more than $1.3 billion in 2022. Also, emphasis on monetizing its real estate assets and boosting its domestic cash position bode well. The company intends to invest more than $2 billion into its properties to boost customer experiences and services. This and the focus on international expansion will likely drive growth in the upcoming periods. Earnings estimates for 2022 have increased in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Other Key Picks
MGM Resorts sports has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are G-III Apparel Group, Ltd. (GIII - Free Report) , Caleres, Inc. (CAL - Free Report) and Hilton Worldwide Holdings Inc. (HLT - Free Report) .
G-III Apparel sports a Zacks Rank #1. GIII has a trailing four-quarter earnings surprise of 97.5%, on average. The stock has declined 34.9% in the past year.
The Zacks Consensus Estimate for GIII’s current financial year sales and earnings per share (EPS) indicates growth of 12.9% and 10.4%, respectively, from the year-ago period’s reported levels.
Caleres sports a Zacks Rank #1. CAL has a trailing four-quarter earnings surprise of 62.9%, on average. Shares of the company have increased 5.3% in the past year.
The Zacks Consensus Estimate for CAL’s current financial year sales and EPS suggests growth of 4.8% and 0.7%, respectively, from the year-ago period’s levels.
Hilton sports a Zacks Rank #1. MGM has a trailing four-quarter earnings surprise of 20.5%, on average. Shares of the company have declined 9.1% in the past year.
The Zacks Consensus Estimate for HLT’s current financial year sales and EPS suggests growth of 41.1% and 93.3%, respectively, from the year-ago period’s reported levels.