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MGM Resorts' (MGM) BetMGM Unveils Online Offerings in Kansas
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MGM Resorts International’s (MGM - Free Report) BetMGM recently announced the launch of its sports betting and iGaming platform in Kansas. Notably, this marks the 24th state of its online gaming footprint expansion.
The mobile application is available on IOS and Android platforms and offers a user-friendly sports betting experience featuring customizable pre-game, in-play, futures and parlay wagers. MGM Resorts stated that the application will also be made available for the desktop version.
BetMGM along with the company’s loyalty program allows customers to redeem their gameplay for experiences at MGM Resorts properties nationwide. This includes properties at Bellagio, ARIA and MGM Grand (in Las Vegas), Borgata (Atlantic City), MGM Grand Detroit, MGM Northfield Park (Ohio), MGM National Harbor (Maryland) and Beau Rivage (Mississippi).
The company also announced a collaboration with The Kansas City Chiefs, becoming its official sports betting partner. Per the agreement, BetMGM will support Kansas City Chiefs’ promotional and marketing campaigns. To this end, BetMGM branded signage will be made available throughout GEHA Field (at Arrowhead Stadium) and digital channels.
BetMGM chief revenue officer Matt Prevost, stated, "With a rich history and a passionate fan base, the Kansas City Chiefs are an ideal partner. As we launch our sports betting platform in Kansas, we look forward to elevating the game day experience for Chiefs fans throughout the region."
Focus on BetMGM Bodes Well
Meanwhile, BetMGM continues to gain market share. In second-quarter 2022, BetMGM rolled out its offerings in Ontario. It also announced a partnership with Carnival cruises to provide onboard ship betting and gaming under the BetMGM brand. As of May 2022, BetMGM achieved a market share of 21% in the U.S. sports betting and the iGaming space. Net revenues from BetMGM in the first half of 2022 came in at $608 million, thereby reflecting a rise of 70% from 2021 levels.
Considering the positive momentum in markets coupled with its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of more than $1.3 billion in 2022. MGM expects to achieve positive EBITDA in 2023.
Image Source: Zacks Investment Research
In the past year, shares of MGM Resorts have declined 23.7% compared with the industry’s 49.2% fall.
Marriott Vacations sports a Zacks Rank #1. VAC has a trailing four-quarter earnings surprise of 13.9%, on average. The stock has declined 6.6% in the past year.
The Zacks Consensus Estimate for VAC’s current financial year sales and EPS indicates an increase of 19.7% and 131.4%, respectively, from the year-ago period’s reported levels.
Marriott carries a Zacks Rank #2 (Buy). MAR has a trailing four-quarter earnings surprise of 18.6%, on average. The stock has increased 15.7% in the past year.
The Zacks Consensus Estimate for MAR’s current financial year sales and EPS indicates growth of 46.7% and 102.8%, respectively, from the year-ago period’s reported levels.
Choice Hotels carries a Zacks Rank #2. CHH has a trailing four-quarter earnings surprise of 11.2%, on average. The stock has declined 4.9% in the past year.
The Zacks Consensus Estimate for CHH’s current financial year sales and EPS indicates growth of 21.9% and 19.6%, respectively, from the year-ago period’s reported levels.
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MGM Resorts' (MGM) BetMGM Unveils Online Offerings in Kansas
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced the launch of its sports betting and iGaming platform in Kansas. Notably, this marks the 24th state of its online gaming footprint expansion.
The mobile application is available on IOS and Android platforms and offers a user-friendly sports betting experience featuring customizable pre-game, in-play, futures and parlay wagers. MGM Resorts stated that the application will also be made available for the desktop version.
BetMGM along with the company’s loyalty program allows customers to redeem their gameplay for experiences at MGM Resorts properties nationwide. This includes properties at Bellagio, ARIA and MGM Grand (in Las Vegas), Borgata (Atlantic City), MGM Grand Detroit, MGM Northfield Park (Ohio), MGM National Harbor (Maryland) and Beau Rivage (Mississippi).
The company also announced a collaboration with The Kansas City Chiefs, becoming its official sports betting partner. Per the agreement, BetMGM will support Kansas City Chiefs’ promotional and marketing campaigns. To this end, BetMGM branded signage will be made available throughout GEHA Field (at Arrowhead Stadium) and digital channels.
BetMGM chief revenue officer Matt Prevost, stated, "With a rich history and a passionate fan base, the Kansas City Chiefs are an ideal partner. As we launch our sports betting platform in Kansas, we look forward to elevating the game day experience for Chiefs fans throughout the region."
Focus on BetMGM Bodes Well
Meanwhile, BetMGM continues to gain market share. In second-quarter 2022, BetMGM rolled out its offerings in Ontario. It also announced a partnership with Carnival cruises to provide onboard ship betting and gaming under the BetMGM brand. As of May 2022, BetMGM achieved a market share of 21% in the U.S. sports betting and the iGaming space. Net revenues from BetMGM in the first half of 2022 came in at $608 million, thereby reflecting a rise of 70% from 2021 levels.
Considering the positive momentum in markets coupled with its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of more than $1.3 billion in 2022. MGM expects to achieve positive EBITDA in 2023.
Image Source: Zacks Investment Research
In the past year, shares of MGM Resorts have declined 23.7% compared with the industry’s 49.2% fall.
Zacks Rank & Key Picks
MGM Resorts currently has 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 Zacks Consumer Discretionary sector are Marriott Vacations Worldwide Corporation (VAC - Free Report) , Marriott International, Inc. (MAR - Free Report) and Choice Hotels International, Inc. (CHH - Free Report) .
Marriott Vacations sports a Zacks Rank #1. VAC has a trailing four-quarter earnings surprise of 13.9%, on average. The stock has declined 6.6% in the past year.
The Zacks Consensus Estimate for VAC’s current financial year sales and EPS indicates an increase of 19.7% and 131.4%, respectively, from the year-ago period’s reported levels.
Marriott carries a Zacks Rank #2 (Buy). MAR has a trailing four-quarter earnings surprise of 18.6%, on average. The stock has increased 15.7% in the past year.
The Zacks Consensus Estimate for MAR’s current financial year sales and EPS indicates growth of 46.7% and 102.8%, respectively, from the year-ago period’s reported levels.
Choice Hotels carries a Zacks Rank #2. CHH has a trailing four-quarter earnings surprise of 11.2%, on average. The stock has declined 4.9% in the past year.
The Zacks Consensus Estimate for CHH’s current financial year sales and EPS indicates growth of 21.9% and 19.6%, respectively, from the year-ago period’s reported levels.