MGM Resorts’ (MGM) BetMGM Partners Carnival for Sport Betting – Zacks Investment Research

MGM Resorts International (MGM Quick QuoteMGM - Free Report) and Entain Plcs joint venture BetMGM recently announced a new partnership with Carnival Corporation & plc (CCL Quick QuoteCCL - Free Report) . 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 BetMGMs 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.

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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, BetMGMs 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 industrys decline of 57.7%. MGM Resorts carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Consumer Discretionary sector are Civeo Corporation (CVEO Quick QuoteCVEO - Free Report) and Bluegreen Vacations Holding Corporation (BVH Quick QuoteBVH - Free Report) .

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 todays Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for CVEOs 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago periods 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 BVHs current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago periods reported levels.

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MGM Resorts' (MGM) BetMGM Partners Carnival for Sport Betting - Zacks Investment Research