We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MGM Resorts' (MGM) BetMGM Partners With Emerald Queen Casino
Read MoreHide Full Article
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced an exclusive market access partnership with the Puyallup Tribe of Indians for sport betting in Washington state. Following the receipt of regulatory approval, sports betting will be available at the Fife and Tacoma properties operated by Emerald Queen Casino.
BetMGM CEO Adam Greenblatt said, “The Puyallup Tribe and Emerald Queen Casino are ideal partners for us as they represent the same high-level of service, amenities and experiences that is built into our DNA at BetMGM.”
BetMGM continues to expand its presence. BetMGM recently collaborated with Everi Digital (online gaming division of Everi Holdings) and launched a custom-themed game — Borgata 777 Respin. This collaboration is likely to boost the company’s online gaming offerings through video slot enhancements and progressive jackpot contents.
BetMGM: Future Prospects Look Bright
During second-quarter 2021, BetMGM operations contributed $194 million to net revenues in the second quarter, up 19% sequentially. Markedly, the operation results are encouraging compared with the total net revenues of $178 million in 2020. Given the positive momentum in markets, and its unique and unparalleled online and off-line offerings, the company remains optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022. Over the long term, BetMGM’s EBITDA margins are projected to be 30-35%.
Image Source: Zacks Investment Research
Price Performance
Coming to the price performance, shares of MGM Resorts have appreciated 41.3% so far this year compared with the industry’s decline of 4.5%. The company has been benefiting from sports betting expansion, asset light strategy, non-gaming activities and digital initiatives. It is confident regarding prospects in Macau and continues to invest in the same. Earnings estimates for 2021 have moved up in the past 60 days, reflecting analysts’ optimism regarding the stock’s growth potential.
MGM Resorts currently carries a Zacks Rank #3 (Hold).
Image: Shutterstock
MGM Resorts' (MGM) BetMGM Partners With Emerald Queen Casino
MGM Resorts International’s (MGM - Free Report) BetMGM recently announced an exclusive market access partnership with the Puyallup Tribe of Indians for sport betting in Washington state. Following the receipt of regulatory approval, sports betting will be available at the Fife and Tacoma properties operated by Emerald Queen Casino.
BetMGM CEO Adam Greenblatt said, “The Puyallup Tribe and Emerald Queen Casino are ideal partners for us as they represent the same high-level of service, amenities and experiences that is built into our DNA at BetMGM.”
BetMGM continues to expand its presence. BetMGM recently collaborated with Everi Digital (online gaming division of Everi Holdings) and launched a custom-themed game — Borgata 777 Respin. This collaboration is likely to boost the company’s online gaming offerings through video slot enhancements and progressive jackpot contents.
BetMGM: Future Prospects Look Bright
During second-quarter 2021, BetMGM operations contributed $194 million to net revenues in the second quarter, up 19% sequentially. Markedly, the operation results are encouraging compared with the total net revenues of $178 million in 2020. Given the positive momentum in markets, and its unique and unparalleled online and off-line offerings, the company remains optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022. Over the long term, BetMGM’s EBITDA margins are projected to be 30-35%.
Price Performance
Coming to the price performance, shares of MGM Resorts have appreciated 41.3% so far this year compared with the industry’s decline of 4.5%. The company has been benefiting from sports betting expansion, asset light strategy, non-gaming activities and digital initiatives. It is confident regarding prospects in Macau and continues to invest in the same. Earnings estimates for 2021 have moved up in the past 60 days, reflecting analysts’ optimism regarding the stock’s growth potential.
MGM Resorts currently carries a Zacks Rank #3 (Hold).
3 Picks You Can’t Miss Out On
Golden Entertainment, Inc. (GDEN - Free Report) has a Zacks Rank #1 (Strong Buy) and a projected 2021 earnings growth rate of 226.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Boyd Gaming Corporation (BYD - Free Report) has a projected long-term earnings growth rate of 40.8% and a Zacks Rank #2 (Buy).
Churchill Downs Incorporated (CHDN - Free Report) has a Zacks Rank #2 and and a projected 2021 earnings growth rate of 627.7%.