MGM Resorts International (MGM - Free Report) has announced a new partnership deal with Las Vegas Raiders — becoming the official gaming partner of the NFL team. The company has also become the founding partner of Allegiant Stadium to bring best in class expertise to the entertainment experience in Southern Nevada.
Per the deal, MGM Resorts will have prominent signage throughout Allegiant Stadium, including in-stadium branding and naming rights to the west VIP entry and drop-off zone. It will also gain naming rights to the exclusive MGM Club at the still-under-construction venue.
The partnership also includes entitlement of the MGM Club at Allegiant Stadium that provides an ultra-exclusive experience with a full-service premium bar, luxury lounge and an upgraded stadium seating for game viewing. It will also provide exclusive fan experiences before and after Raiders home games throughout its portfolio of resorts in Las Vegas.
Strategic Initiatives to Drive Growth
To strengthen its foothold in the gaming industry, MGM Resorts has undertaken various initiatives to align every recognized brand into one global entertainment brand.
In 2018, MGM Resorts announced a multi-year partnership with the National Basketball Association, under which the former became the official partner of NBA and WNBA. Under the partnership, MGM Resorts uses official NBA and WNBA data and branding, on a non-exclusive basis, across its land-based as well as digital sports betting offerings in the United States.
It has also partnered with Boyd Gaming to offer online and mobile gaming platforms, including sports betting, casino gaming and poker. The deal significantly enhances each company's market access and customer base throughout the United States.
Coming to price performance, shares of MGM Resorts have gained 10% in the past six months compared with the industry’s growth of 8.4%. The improvement was backed by robust performance of MGM China and Regional Operations.
Zacks Rank & Stocks to Consider
MGM Resorts, which share space with Las Vegas Sands Corp. (LVS - Free Report) , 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 same space are Churchill Downs Incorporated (CHDN - Free Report) and Caesars Entertainment Corporation (CZR - Free Report) , each carrying a Zacks Rank #2 (Buy).
Churchill Downs has trailing four-quarter positive earnings surprise of 17.9%. The company’s earnings beat estimates in three of the last four quarters.
Caesars Entertainment’s 2020 earnings are expected to rise 100.1%.
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