Today, Las Vegas is rebounding mightily, as is MGM stock. That’s happening before the return of vital convention business and in advance of some other factors that could be beneficial to the Mirage operator.<\/p>\n
Deutsche Bank’s Santarelli pointed to \u201ccontinued improvements in Las Vegas, with the outlook further buoyed by improving group trends and a Raiders season with fans in the stadium.\u201d<\/p>\n
While the analyst is broadly bullish on MGM stock, he views contributions from the BetMGM business as perhaps overvalued.<\/p>\n
We see our year Consensus as being too low and, accordingly, the perceived embedded sports\/iCasino valuation as too high,\u201d<\/strong> he said.<\/p><\/blockquote>\nBetMGM is a 50\/50 joint venture between the casino giant and UK sportsbook operator Entain Plc (OTC:GMVHY). It’s the third-largest online sportsbook operator in the US, trailing only FanDuel and DraftKings, and is already the dominant name in the fast-growing internet casino space.<\/p>\n
Because BetMGM is a joint venture, MGM doesn’t enjoy all of the economic benefits of the business. That’s likely why some analysts believe<\/a> the casino company will make another acquisition offer for Entain after being rebuffed by the firm earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":"MGM Resorts International (NYSE:MGM) is the largest operator on the Las Vegas Strip, meaning its stock is highly tethered to recovery in the largest US casino center. But one analyst believes the gaming equity isn’t getting the credit it deserves. In a note to clients today, Deutsche Bank analyst Carlo Santarelli upgrades MGM stock to […]<\/p>\n","protected":false},"author":46,"featured_media":177565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
MGM Stock Is Already Hot, But Analyst Sees More Upside Coming<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n