#5 - MGM Resorts International (NYSE:MGM)
All casinos will face unique challenges as they attempt to safely re-open while encouraging demand. That’s why when considering gambling stocks, you should look for companies that have that something else. In the case of MGM Resorts International (NYSE:MGM) that something else is BetMGM.
If there’s one company that needs live sports more than DraftKings, it’s MGM. The company has created its own mobile betting app, BetMGM, and has big plans to be an active player in the live sports betting market.
Although it’s only legal to bet on sports in 16 states at this time, 31 states are now taking steps to legalize sports gambling. And according to Morgan Stanley analyst Thomas Allen, the sports betting market is $150 billion.
BetMGM will allow users to bet on pro and college football, as well as other sporting events such as Major League Baseball (MLB), the National Basketball Association (NBA), and the National Hockey League (NHL). And MGM is moving fast to seed BetMGM into every state where sports betting is legal. They have notable partnerships with Yahoo! Sports and Buffalo Wild Wings restaurants.
But all of this requires live sports. And that may still be awhile away.
About MGM Resorts International
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.
Read More - Current Price
- $36.95
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 11 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $53.15 (43.9% Upside)
