Yahoo Finance MGM Resorts' (MGM) BetMGM Launches a New Hybrid Dealer Game
MGM Resorts International’s MGM BetMGM and Inspired Entertainment, Inc. INSE, a B2B provider of gaming content, collaboratively launched MGM Bonus City, which is an innovative online Hybrid Dealer game.
BetMGM is the very first and currently the only casino to offer a Hybrid Dealer game in North America. Hybrid Dealer is a new product category, which provides players branded casino and gameshow content by amalgamating physical and digital elements.
BetMGM’s partnership with Inspired Entertainment will showcase the latter’s groundbreaking technology that seamlessly integrates virtual CGI, green screen technology and footage of real dealers into MGM Bonus City game.
The game is designed to provide an exceptional virtual experience. In the game, the players are virtually transported to Las Vegas, where they can choose from eight potential outcomes that will spin on the big wheel. This includes four iconic Las Vegas MGM property-themed bonus rounds: New York-New York, Luxor, MGM Grand and Bellagio. Furthermore, prior to the spins, the hosts are randomly awarded a special multiplier in the game, which can improve the player's winning chances.
MGM Bonus City game is currently available at BetMGM in New Jersey and will launch in Pennsylvania as well as Michigan in the future. Further, the game can be availed on desktop, the BetMGM sportsbook app and Android. It will be available on iOS in the coming weeks.
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Shares of MGM inched up 0.6% on Oct 10, during the trading session. The stock gained 21.1% in the past year compared with the Zacks Gaming industry’s 23.9% growth.
Online Gaming Boosting Growth
Sports betting and iGaming serve to be the primary growth driver of MGM Resorts. The company’s continuous focus on sports betting expansion has determined the increase in market share gains by BetMGM.
The positive momentum in markets, coupled with its unique and unparalleled online and offline offerings, have made the company optimistic about the long-term growth of BetMGM with revenue expectations of $1.8-$2 billion in 2023. In the second quarter of 2023, BetMGM reported its first positive EBITDA and is on track to achieve the same in the second half of 2023. The company is confident on account of the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.
MGM Resorts is significantly growing in implementing the single account, single wallet system, which enhances its Las Vegas footprint and omnichannel strategy. Further, this will help BetMGM to improve acquisition and engagement through the BetMGM app. The acquisition of Angstrom by its partners further strengthens BetMGM's offerings and pricing tools, thus aiming to boost customer satisfaction and margins.
Zacks Rank
MGM Resorts currently carries a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks from the Consumer Discretionary sector are Live Nation Entertainment, Inc. LYV and Guess?, Inc. GES.
Live Nation presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LYV has a trailing four-quarter earnings surprise of 34.6%, on average. The stock has gained 11.9% in the past year. The Zacks Consensus Estimate for LYV’s 2023 sales and earnings per share (EPS) suggests rises of 21.6% and 59.4%, respectively, from the year-ago period’s levels.
Guess currently sports a Zacks Rank of 1. GES has a trailing four-quarter earnings surprise of 43.4%, on average. Shares of the company have increased 43.4% in the past year.
The Zacks Consensus Estimate for GES’ fiscal 2023 sales and EPS implies improvements of 3.4% and 9.9%, respectively, from the year-ago period’s levels.
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MGM Resorts International (MGM) : Free Stock Analysis Report
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