Yahoo Finance MGM Resorts' (MGM) BetMGM Targets $500M EBITDA in 2026
MGM Resorts International’s MGM sports betting and iGaming partner BetMGM provided business update.
BetMGM proudly announced that it successfully met its 2023 targets, reaching the upper end of the revenue range of $1.8-$2.0 billion and achieving EBITDA profitability in the second half of the year.
Key improvements in its digital sports and iGaming products have positioned the sports betting platform to invest competitively in brand development, driving both player acquisition and retention. Looking ahead, BetMGM has set a target to achieve $500 million EBITDA in 2026.
In 2024, the company has strategic plans to introduce its brand in Ontario and Pennsylvania, aligning closely with the promotional calendar of a popular show to deliver a distinct iGaming experience and enhance user engagement. Additionally, it successfully launched Dual Play Roulette on BetMGM and Borgata Online Casino in New Jersey, marking the debut of the first Evolution Dual Play game at an MGM property.
Dual Play Roulette enables simultaneous participation in the same game for both on-site players at the casino's physical roulette table and online players. Positioned strategically on the gaming floor, it has emerged as one of the most sought-after roulette tables at the Borgata Casino, surpassing the average win per unit by more than 75%. The online platform has also experienced a robust performance.
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Stock Performance
The company’s shares have risen 20.3% year to date compared with the industry’s growth of 22.9%. It is benefiting from pent-up consumer demand, high domestic casino spends and robust demand for sports betting. Sports betting and iGaming continue to be major growth drivers for the company.
Zacks Rank
The company currently has a Zacks Rank #3 (Hold).
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