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MGM Resorts' (MGM) BetMGM Partners Carnival for Sport Betting

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·2 min read
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MGM Resorts International MGM and Entain Plc’s joint venture — BetMGM — recently announced a new partnership with Carnival Corporation & plc CCL. Following the collaboration, Carnival passengers can enjoy mobile sports betting and iGaming experiences on cruises.

In the coming months, more than 50 ships docked in the United States across Carnival Cruise Line, Holland America Line and Princess Cruises will offer mobile sports betting and iGaming experiences. The company announced that BetMGM’s platform would be deployed in stages over the coming months.

BetMGM CEO Adam Greenblatt said, “We've found an ideal partner in Carnival Corporation and look forward to providing our sports betting and iGaming products to its millions of passengers.” Per the agreement, Carnival will provide BetMGM-branded digital and cash-based sports betting options.

Zacks Investment Research
Zacks Investment Research


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BetMGM Banks on Expansion

BetMGM continues to expand its presence. The company is now live in 23 markets, with New York, Illinois, Louisiana, and Puerto Rico coming online in the first quarter and Ontario launching in early April.

In the first quarter, 57% of its MGM Rewards enrollments came through BetMGM, compared with 39% for the full-year 2021. Given the positive momentum in markets and its unique and unparalleled online and offline offerings, the company remains optimistic about long-term growth.

In the long term, BetMGM’s EBITDA margins are expected to be 30-35%. MGM Resorts’ BetMGM announced that it has partnered with Gila River Hotels & Casinos and the Arizona Cardinals to expand its retail and online sports betting.

Coming to the price performance, shares of MGM Resorts have fallen 33.6% in the past year compared with the industry’s decline of 57.7%. MGM Resorts carries a Zacks Rank #3 (Hold).

Key Picks

Some better-ranked stocks in the Consumer Discretionary sector are Civeo Corporation CVEO and Bluegreen Vacations Holding Corporation BVH.

Civeo sports a Zacks Rank #1 (Strong Buy) at present. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have surged 51.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.

Bluegreen Vacations flaunts a Zacks Rank #1. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has climbed 32.7% in the past year.

The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago period’s reported levels.


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