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MGM Pops After Board Member Meister Touts Sports activities Betting Prospects | Speed Casino
  • Thu. Jun 24th, 2021

MGM Pops After Board Member Meister Touts Sports activities Betting Prospects

BySpeed Casino

Feb 11, 2021

Posted on: February 10, 2021, 11:49h. 
Final up to date on: February 10, 2021, 02:21h.

Todd Shriber Learn Extra

Shares of MGM Resorts Worldwide (NYSE:MGM) rallied forward of the corporate’s earnings report later right now. That’s after board member Keith Meister talked up the operator’s sports activities betting prospects in an interview with CNBC.

Corvex founder and MGM Director Keith Meister in a 2020 CNBC interview. He spoke bullishly on the BetMGM unit on the community right now. (Picture: CNBC)

In late buying and selling, shares of the Bellagio operator are larger by almost two p.c after hitting a brand new 52-week excessive following Meister’s feedback on BetMGM. Meister’s New York-based hedge fund, Corvex Administration, owns 22.53 million shares of MGM, making the cash supervisor the fourth-largest institutional investor within the gaming firm.

I’m massively bullish on the potential alternative for BetMGM,” Meister stated within the CNBC interview. “Over time, as traders understand the potential for BetMGM, I believe that’s a really misvalued asset within MGM.”

Meister is a protege of financier Carl Icahn. He was named to MGM’s board in January 2019. That’s after constructing a stake within the gaming firm within the latter half of the earlier yr. Icahn himself has an in depth historical past of investing in and pushing for change at on line casino operators.
Attention-grabbing Timing for Meister’s Feedback
The timing of Meister’s remarks on BetMGM is fascinating as a result of, as famous above, the Mirage operator delivers fourth-quarter outcomes after the shut of US markets right now, and that report is prone to comprise some commentary on the sports activities betting enterprise.

Analysts count on the gaming firm misplaced 93 cents a share within the ultimate three months of 2020 on income of $1.53 billion. The consensus estimate for adjusted property earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) is $100.4 million. Over the previous 90 days, eight analysts trimmed earnings and gross sales forecasts on the identify, whereas only one boosted a turnover estimate.

In a be aware to purchasers right now, Roth Capital analyst David Bain reiterated a “purchase” score on MGM whereas lifting his value goal on the inventory to $27 from $20. However that’s nicely under the $36.50 space at which the shares at the moment commerce.
“Close to-term visitors is prone to migrate to high-quality belongings, given a convergence of value level parity pushed by low visitation,” stated the analyst. “Whereas MGM’s largest driver in Las Vegas, the Bellagio, ought to be one of many first properties to totally get better, the mid-tier portfolio might lag, as higher-end properties probably re-ramp first.”
BetMGM: No Longer Free, Nor Ought to it Be
Beforehand, sports activities betting was seen as a free name choice accompanying MGM inventory. However that’s altering. Corvex’s Meister isn’t the one one which sees worth in BetMGM. Roth Capital’s Bain stated the sports activities betting unit is exceeding expectations.
MGM concurs, as a result of final month, it provided $11.06 billion for Entain Plc (OTC:GMVHY), its companion within the interactive gaming/sports activities wagering enterprise. That overture was rebuffed, with the Las Vegas-based firm opting towards elevating the bid.
Bain stated consolidation continues to be attainable, and “provides robust upside potential” ought to it come at a good value.
Coming into this yr, BetMGM loved an 18 p.c market share in states by which it was operational. However that determine will increase to 21 p.c for states by which it debuted between January and November 2020. As of final month, the operator is dwell in a dozen states, and that quantity is slated to develop over the course of 2021.

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