#3 - MGM Resorts (NYSE:MGM)
For MGM (NYSE:MGM), the Covid-19 pandemic was double trouble. First the Las Vegas-based company was forced to shut down its entire network of hotel and casino properties. But what added to the company’s troubles was that MGM had just launched its own sports betting app, BetMGM.
However, the ability to generate revenue both as a traditional sportsbook and via its mobile gaming app is now working in the company’s favor. In the last 12 months, MGM stock is up over 320% and the company looks to just be getting started.
The company projects the combination of sports betting and online gambling to be worth in excess of $20 billion by 2025 with sports betting making up about a third of that number. Currently, MGM has a 17% market share and management is forecasting keeping market share in a range between 15% and 20%. And that number only includes about 4% of its revenue being due to sports betting in 2021.
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
- $34.16
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 11 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $52.54 (53.8% Upside)
