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MGM Resorts (MGM) BetMGM Collaborates With Boston Red Sox
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MGM Resorts International’s (MGM - Free Report) BetMGM recently announced a collaboration with Boston Red Sox, becoming the latter’s official sports betting partner. The initiative strengthens BetMGM's presence in Massachusetts ahead of the state's mobile sports betting launch (tentatively scheduled on Mar 10, 2023).
The multi-year agreement involves the integration of the company’s co-branded content, BetMGM signage at Fenway Park and GameSense (for responsible gaming tools). It also plans to curate VIP experiences for its fans, including access during batting practice, alumni appearances and ceremonial first pitches.
With respect to the collaboration, Chris Kelley, president & COO, Northeast Group, MGM Resorts, stated, "As host of the annual Red Sox Winter weekend, MGM Springfield has become a destination for New England baseball fans. With sports betting now legal in Massachusetts, we remain committed, through GameSense, to offering an enjoyable and responsible experience for our guests, customers and MGM Rewards members."
Focus on BetMGM Bodes Well
BetMGM focuses on boosting its market share to drive growth. In second-quarter 2022, the company 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. The company also emphasized on investments concerning a commercial gaming facility in New York and a new venture in Japan.
Considering the positive market momentum and its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of $1.8-$2 billion in 2023. The company expects to achieve positive EBITDA in the second half of 2023. The company is confident about the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.
Price Performance
Image Source: Zacks Investment Research
In the past three months, shares of MGM Resorts have gained 23.3% compared with the industry’s 19.9% growth. The company benefits from pent-up consumer demand, high domestic casino spending and strong international leisure trends. Sports betting and iGaming continue to be major growth drivers for the company. The emphasis on monetizing its real estate assets and boosting its domestic cash position bode well. The company remains bullish on its domestic business outlook. Much optimism can be noted owing to attributes such as a rebound in convention business and increased international flight capacity. Earnings estimates for 2023 have increased in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 4.9%. The stock has increased 59.4% in the past year.
The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 107.7% and 217.5%, respectively, from the year-ago period’s estimated levels.
Bluegreen Vacations sports a Zacks Rank #1. BVH has a trailing four-quarter earnings surprise of 11.6%, on average. Shares of the company have increased 24.2% in the past year.
The Zacks Consensus Estimate for BVH’s 2023 sales and EPS indicates a rise of 0.2% and 10.2%, respectively, from the year-ago levels.
Crocs carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 80.3% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates a rise of 12.4% and 0.9%, respectively, from the year-ago period’s levels.
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MGM Resorts (MGM) BetMGM Collaborates With Boston Red Sox
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced a collaboration with Boston Red Sox, becoming the latter’s official sports betting partner. The initiative strengthens BetMGM's presence in Massachusetts ahead of the state's mobile sports betting launch (tentatively scheduled on Mar 10, 2023).
The multi-year agreement involves the integration of the company’s co-branded content, BetMGM signage at Fenway Park and GameSense (for responsible gaming tools). It also plans to curate VIP experiences for its fans, including access during batting practice, alumni appearances and ceremonial first pitches.
With respect to the collaboration, Chris Kelley, president & COO, Northeast Group, MGM Resorts, stated, "As host of the annual Red Sox Winter weekend, MGM Springfield has become a destination for New England baseball fans. With sports betting now legal in Massachusetts, we remain committed, through GameSense, to offering an enjoyable and responsible experience for our guests, customers and MGM Rewards members."
Focus on BetMGM Bodes Well
BetMGM focuses on boosting its market share to drive growth. In second-quarter 2022, the company 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. The company also emphasized on investments concerning a commercial gaming facility in New York and a new venture in Japan.
Considering the positive market momentum and its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of $1.8-$2 billion in 2023. The company expects to achieve positive EBITDA in the second half of 2023. The company is confident about the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.
Price Performance
Image Source: Zacks Investment Research
In the past three months, shares of MGM Resorts have gained 23.3% compared with the industry’s 19.9% growth. The company benefits from pent-up consumer demand, high domestic casino spending and strong international leisure trends. Sports betting and iGaming continue to be major growth drivers for the company. The emphasis on monetizing its real estate assets and boosting its domestic cash position bode well. The company remains bullish on its domestic business outlook. Much optimism can be noted owing to attributes such as a rebound in convention business and increased international flight capacity. Earnings estimates for 2023 have increased in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
Zacks Rank & Key Picks
MGM Resorts currently carries 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 Las Vegas Sands Corp. (LVS - Free Report) and Bluegreen Vacations Holding Corporation and Crocs, Inc. (CROX - Free Report) .
Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 4.9%. The stock has increased 59.4% in the past year.
The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 107.7% and 217.5%, respectively, from the year-ago period’s estimated levels.
Bluegreen Vacations sports a Zacks Rank #1. BVH has a trailing four-quarter earnings surprise of 11.6%, on average. Shares of the company have increased 24.2% in the past year.
The Zacks Consensus Estimate for BVH’s 2023 sales and EPS indicates a rise of 0.2% and 10.2%, respectively, from the year-ago levels.
Crocs carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 80.3% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates a rise of 12.4% and 0.9%, respectively, from the year-ago period’s levels.