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MGM Resorts (MGM) BetMGM Boost Offerings With Buffalo Slot
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MGM Resorts International’s (MGM - Free Report) BetMGM recently announced the launch of Buffalo, an online casino slot machine game in New Jersey. Anaxi has reimagined the online version of the game.
The Buffalo game features a 20-line 5x4 slot game where players aim to win by filling the screen with Buffalo symbols. Backed by the game's immense popularity at brick-and-mortar casinos, the company is optimistic with respect to the online version. Moving ahead, the company plans to expand the online play in other U.S. markets, including Pennsylvania and Michigan.
BetMGM's online casino features over 1,500 games and an extensive state-by-state exclusive jackpot network. Given the new game additions, the company is on course to reach the $100 million jackpot milestone (established in 2022) and has awarded around $75 million in jackpots in the first half of 2023.
Focus on BetMGM Bodes Well
BetMGM focuses on boosting its market share to drive growth. In August 2023, BetMGM expanded its presence in the U.K. with new thrilling product features, including large-scale and frequent jackpots, loyalty rewards and distinct and compelling sports promotions and exclusive slots. The new international product is available on desktop and mobile websites, with mobile applications scheduled before a national media launch in mid-September 2023. MGM Resorts is optimistic about the U.K. launch of the BetMGM brand as it believes this to be a step closer to expanding the brand in international markets.
In the first half of 2023, BetMGM generated $944 million in net revenues from operations, marking a 55% increase compared with year-ago levels. Given the positive market momentum coupled with its unique and unparalleled online and offline offerings, the company remains on track to achieve its 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 year, shares of MGM Resorts have gained 28.7% compared with the industry’s 22.7% growth. The company benefits from increased business volume and travel activity, primarily at MGM China and Las Vegas Strip Resorts. Also, focus on international expansion, sports betting, asset-light strategy and non-gaming activities bodes well. The company emphasizes a strategic licensing agreement with Marriott to drive growth. Earnings estimates have increased in the past 30 days, depicting analysts’ optimism regarding the stock growth potential.
Zacks Rank & Other Top Picks
MGM Resorts currently sports a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS indicates a rise of 54.5% and 180.3%, respectively, from the year-ago period’s levels.
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9% on average. Shares of TCOM have increased 51.1% in the past year.
The Zacks Consensus Estimate for TCOM’s 2023 sales and EPS indicates a rise of 104.9% and 537.9%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 39.1% on average. Shares of SKX have increased 33.5% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 8.7% and 42%, respectively, from the year-ago period’s levels.
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MGM Resorts (MGM) BetMGM Boost Offerings With Buffalo Slot
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced the launch of Buffalo, an online casino slot machine game in New Jersey. Anaxi has reimagined the online version of the game.
The Buffalo game features a 20-line 5x4 slot game where players aim to win by filling the screen with Buffalo symbols. Backed by the game's immense popularity at brick-and-mortar casinos, the company is optimistic with respect to the online version. Moving ahead, the company plans to expand the online play in other U.S. markets, including Pennsylvania and Michigan.
BetMGM's online casino features over 1,500 games and an extensive state-by-state exclusive jackpot network. Given the new game additions, the company is on course to reach the $100 million jackpot milestone (established in 2022) and has awarded around $75 million in jackpots in the first half of 2023.
Focus on BetMGM Bodes Well
BetMGM focuses on boosting its market share to drive growth. In August 2023, BetMGM expanded its presence in the U.K. with new thrilling product features, including large-scale and frequent jackpots, loyalty rewards and distinct and compelling sports promotions and exclusive slots. The new international product is available on desktop and mobile websites, with mobile applications scheduled before a national media launch in mid-September 2023. MGM Resorts is optimistic about the U.K. launch of the BetMGM brand as it believes this to be a step closer to expanding the brand in international markets.
In the first half of 2023, BetMGM generated $944 million in net revenues from operations, marking a 55% increase compared with year-ago levels. Given the positive market momentum coupled with its unique and unparalleled online and offline offerings, the company remains on track to achieve its 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 year, shares of MGM Resorts have gained 28.7% compared with the industry’s 22.7% growth. The company benefits from increased business volume and travel activity, primarily at MGM China and Las Vegas Strip Resorts. Also, focus on international expansion, sports betting, asset-light strategy and non-gaming activities bodes well. The company emphasizes a strategic licensing agreement with Marriott to drive growth. Earnings estimates have increased in the past 30 days, depicting analysts’ optimism regarding the stock growth potential.
Zacks Rank & Other Top Picks
MGM Resorts currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are:
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1. RCL has a trailing four-quarter earnings surprise of 28.5% on average. Shares of RCL have gained 126% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and EPS indicates a rise of 54.5% and 180.3%, respectively, from the year-ago period’s levels.
Trip.com Group Limited (TCOM - Free Report) flaunts a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 147.9% on average. Shares of TCOM have increased 51.1% in the past year.
The Zacks Consensus Estimate for TCOM’s 2023 sales and EPS indicates a rise of 104.9% and 537.9%, respectively, from the year-ago period’s levels.
Skechers U.S.A., Inc. (SKX - Free Report) sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 39.1% on average. Shares of SKX have increased 33.5% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS indicates a rise of 8.7% and 42%, respectively, from the year-ago period’s levels.