MGM Resorts International‘s MGM BetMGM recently announced an exclusive market access partnership with the Puyallup Indian Tribe for sports betting in Washington State. After receipt of regulatory approval, sports betting will be available at 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 are part of our. DNA from 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 has the potential to boost the company’s online gaming offerings through video slot enhancements and progressive jackpot content.
BetMGM: the future outlook looks bright
In the second quarter of 2021, BetMGM operations contributed $ 194 million to second quarter net sales, up 19% sequentially. Notably, the operating results are encouraging compared to total net revenues of $ 178 million in 2020. Given the positive market dynamics and its unique and unmatched online and offline offerings, the company remains optimistic about its long-term growth with its revenues. expectations of over $ 1 billion in 2022. In the long term, BetMGM’s EBITDA margins are expected to be 30-35%.
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As for price performance, shares of MGM Resorts have appreciated 41.3% so far this year, compared to an industry decline of 4.5%. The company benefited from the expansion of sports betting, an asset optimization strategy, non-gaming activities and digital initiatives. He is confident about the prospects in Macau and continues to invest in the same. Earnings estimates for 2021 have risen over the past 60 days, reflecting analysts’ optimism about the stock’s growth potential.
MGM Resorts currently holds a Zacks Rank # 3 (Hold).
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