Mgm casino logo black and white11/16/2023 Indeed, Morgan Stanley on July 14 identified the name as a top pick because of its high leverage on the Chinese gambling sector. Las Vegas Sands (NYSE: LVS) is a great way to bet on Macau’s recovery. DraftKings (DKNG)Ī room of slot machines in a casino to represent gambling stocks In Las Vegas, MGM expects to get significant boosts over the longer term from special events in the city, including the Formula One auto race, the 2024 Super Bowl, ad the relocation of an MLB team, the Oakland As, to the metropolis. Moreover, BetMGM expects its bottom line to enter the black in the second half of the year. In China, MGM’s casino revenue soared 454% YOY last quarter to $670 million. In the first quarter, the net gaming revenue of BetMGM, MGM’s online betting joint venture, soared 76% year-over-year to $476 million, and the joint venture reported that its EBITDA was positive for the first time in Q2. Better yet, MGM has significant exposure to both online betting and Macau. EPS came in at 59 cents, many times above the adjusted EPS of 4 cents that it generated year-over-year. MGM’s (NYSE: MGM) top line climbed a strong 21% last quarter versus the same period a year earlier. A photo of the MGM logo on the MGM casino building.
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