Yahoo Finance MGM Resorts' (MGM) BetMGM Boosts Online Offerings in New Jersey
MGM Resorts International’s MGM BetMGM, in collaboration with Inspired Entertainment, recently announced the launch of an end-to-end online and mobile virtual sports offering — V-Play Plug & Play. The services are currently available in BetMGM Casino, Borgata Casino and Party Casino in New Jersey.
Inspired Entertainment offers a large portfolio of content, technology, hardware and services for regulated gaming, betting, lottery, social and leisure operators across land-based and mobile channels around the world. This initiative allows New Jersey players to access a wide range of virtual sports, including NFL Alumni ("NFLA") football, basketball, soccer, horses, dogs, motor racing and marbles.
With respect to the launch, Matthew Sunderland, vice president of Gaming, BetMGM, stated, "For many years, Inspired has continued to innovate and provide players with best-in-class virtual content. As we focus on serving players the best titles and most complete platform, we're thrilled to offer them Inspired's popular virtual sports."
Focus on BetMGM Bode Well
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born of a partnership between MGM Resorts and Entain Plc, BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker as well as online gaming businesses.
During first-quarter 2021, BetMGM operations contributed $163 million to net revenues. Markedly, the operation results are encouraging compared with the total net revenues of $178 million in 2020. Given the positive momentum in markets, coupled with unique and unparalleled online and off-line offerings, the company is optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022.
Price Performance
Image Source: Zacks Investment Research
Coming to the price performance, shares of MGM Resorts have appreciated 31.8% so far this year compared with the industry’s 9.4% growth. Notably, the company has been benefiting from sports betting expansion, asset light strategy, non-gaming activities and digital initiatives. The company is confident regarding prospects in Macau and continues to invest in the same. Earnings estimates for 2021 have moved up in the past 30 days, mirroring 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 same space include Boyd Gaming Corporation BYD, Red Rock Resorts, Inc. RRR and Century Casinos, Inc. CNTY, each sporting a Zacks Rank #1.
Boyd Gaming has a three-five year earnings per share growth rate of 19.8%.
Red Rock has a trailing four-quarter earnings surprise of 166.2%, on average.
Century Casinos’ 2021 earnings are expected to surge 119.9%.
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MGM Resorts International (MGM) : Free Stock Analysis Report
Boyd Gaming Corporation (BYD) : Free Stock Analysis Report
Century Casinos, Inc. (CNTY) : Free Stock Analysis Report
Red Rock Resorts, Inc. (RRR) : Free Stock Analysis Report
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