LAS VEGAS, July 22, 2024 /PRNewswire/ -- BetMGM, LLC ("BetMGM"), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), will release an update on BetMGM's 1H 2024 performance at 8:30 a.m. Eastern Time (1:30pm UK) on Monday, July 29, 2024. Upcoming datesJuly 31: MGM Resorts International 2Q 2024 ResultsAugust 8: Entain Group 1H 2024 ResultsAbout BetMGMBetMGM is a market-leading sport ...

Core Viewpoint - MGM Resorts International is experiencing a recovery in its cash-producing casinos in Macao, but its stock has underperformed the S&P 500 over the past decade, raising questions about its potential for market-beating returns [1][5]. Company Overview - MGM Resorts owns 31 hotel and gaming destinations globally, with notable properties including the MGM Grand in Las Vegas and casinos in Mississippi, Michigan, and Maryland [2]. - The company's most significant revenue sources are its two casinos in Macao, which have recently begun to recover from pandemic-related impacts, with revenue rising 78% year-over-year to $1.1 billion in Q1 2024 [2][3]. Financial Performance - In Q1 2024, MGM Resorts reported total revenue of $4.4 billion, a 13% increase from the previous year, with Las Vegas resorts contributing $2.3 billion, approximately 52% of total revenue [4]. - The company reported a net income of $217 million in Q1 2024, which was lower than the previous year's performance due to a one-time sale of the Gold Strike Casino Resort [4]. Market Position - MGM Resorts has outperformed competitors like Las Vegas Sands and Wynn Resorts in terms of delivering positive returns over the past decade, but it has significantly underperformed the S&P 500 [4][5]. - The company's price-to-earnings (P/E) ratio is below 18, which is lower than the S&P 500 average of about 24.5, indicating a less attractive valuation compared to its peers [5]. Future Outlook - The recovery in Macao and the planned $10 billion casino complex in Osaka, Japan, expected to open in 2030, could positively impact MGM's long-term focus on Asia [3][7]. - Despite potential recovery, the stock is viewed as one that investors might want to avoid due to its historical underperformance against the S&P 500 and the cyclicality of the economy [6][7].

MGM Resorts International's (MGM) leading sports betting and the iGaming brand, BetMGM, expanded its mobile sports betting service throughout Washington, D.C. This move allows sports fans across the district to use the BetMGM app and earn rewards from MGM Resorts and Marriott Bonvoy.The strategic expansion follows the D.C. Council's approval of its fiscal 2025 budget, which includes opening the digital sports betting market. MGM retains exclusivity around Nationals Park, operating the BetMGM Sportsbook thro ...

They sense great potential in the casino operator's collection of assets.The gaming tables at casino operator MGM Resorts International (MGM -1.26%) are getting crowded. That's because a clutch of institutional investors have recently placed chips on the company through investments in its stock. Let's take a brief look at who these players are and a longer one at what's likely piquing their interest in the company.All in on the lionNo less than six entities have piled into MGM in recent months. According to ...

Operator to continue community investment throughout the DMV   Click here to download creative assets WASHINGTON, July 17, 2024 /PRNewswire/ -- BetMGM, a leading iGaming and sports betting operator, today launched mobile sports betting operations across Washington, D.C. Previously accessible within only a two-block radius of the sportsbook's location at Nationals Park, sports fans district-wide now have access to the BetMGM sports wagering experience along with rewards tied to both MGM Resorts and Marriott ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider MGM Resorts (MGM) . This company, which is in the Zacks Gaming industry, shows potential for another earnings beat.When looking at the last two reports, this casino and resort operator has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 40.77%, on average, in the last two quarters ...

Investors interested in Gaming stocks are likely familiar with MGM Resorts (MGM) and Churchill Downs (CHDN) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Sty ...

Core Viewpoint - MGM Resorts International is positioned as a relatively strong player in the struggling casino sector, with a year-to-date decline of only 3.67% compared to larger declines in competitors like Las Vegas Sands and Wynn Resorts [1] Group 1: Company Overview - MGM operates 18 properties in the U.S. and Macau, including iconic Las Vegas locations such as Bellagio and Mandalay Bay, with a combined 17% market share in Macau [2] - The company has partnered with Marriott International to launch the MGM Collection, allowing loyalty members to earn points across 16 properties [3] Group 2: Strategic Initiatives - MGM is expanding its online sports betting and iGaming business through its 50% ownership of BetMGM and the acquisition of Tipico's U.S. sportsbook, expected to close in Q3 2024 [4] - The company has added live dealer table games to its online offerings, enhancing the digital gaming experience [5] Group 3: Financial Performance - MGM reported Q1 2024 earnings with EPS of 78 cents, exceeding estimates by 18 cents, and revenues of $4.4 billion, a 13.2% year-over-year increase [7] - Las Vegas Strip resorts generated $2.3 billion in revenue, while MGM China saw a 71% increase in revenues to $1.1 billion [8] Group 4: Market Sentiment and Analyst Ratings - Analysts have shown favorable sentiment towards MGM, with a MarketRank of 4.73 out of 5 and a price target of $54, indicating a potential upside of 26.7% [10] - Recent ratings upgrades from analysts suggest confidence in MGM's digital segment and operations in Las Vegas and China as key growth drivers [10]

JERSEY CITY, N.J., July 2, 2024 /PRNewswire/ -- BetMGM, a leading iGaming and sports betting operator, was recognized as Sports Betting Operator of the Year and Employer of the Year at the EGR North America Awards 2024. The EGR North America Awards, hosted in New York City on June 27, celebrate excellence in the North American online gaming industry and are considered the premier gaming awards.   "Winning two EGR North America Awards is a tremendous honor," said Adam Greenblatt, Chief Executive Officer, Bet ...

Core Viewpoint - MGM Resorts stock is currently trading at $44 per share, approximately 19% below its pre-inflation shock high of $50, but has shown strong recovery in recent quarters due to increased tourist arrivals and spending in Macau [1][2]. Group 1: Stock Performance - MGM stock has increased by 50% from around $30 in early January 2021 to approximately $45 now, compared to a 45% increase in the S&P 500 over the same period [2]. - The stock's returns were 42% in 2021, -25% in 2022, and 33% in 2023, indicating underperformance in 2022 compared to the S&P 500 [2]. - The stock needs to gain about 13% to return to its pre-inflation shock level of $50 per share, with an estimated valuation of around $47 per share, suggesting limited near-term upside due to global economic concerns [3][4]. Group 2: Financial Recovery - MGM's revenues were $5.2 billion in 2020, recovering to $9.7 billion in 2021, $13 billion in 2022, and reaching $16.2 billion in 2023, reflecting a strong recovery trajectory [7]. - The company posted a loss of -$2 per share in 2020, but earnings improved to $3.39 per share in 2023, indicating a significant turnaround [7]. Group 3: Market Context - Tourist arrivals in Macau increased by 79.4% to 8.88 million in Q1 2024, nearing 86% of pre-pandemic levels, contributing to MGM's recovery [1]. - The Federal Reserve has kept interest rates unchanged since August 2023, with potential cuts expected in 2024, which may positively influence market sentiment [5][8].