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MGM Pops After Board Member Meister Touts Sports activities Betting Prospects | Bet-Now
  • Wed. Jul 28th, 2021

MGM Pops After Board Member Meister Touts Sports activities Betting Prospects

ByBet-Now

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 at present. 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 at present. (Picture: CNBC)

In late buying and selling, shares of the Bellagio operator are increased by practically 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 mentioned within the CNBC interview. “Over time, as traders understand the potential for betMGM, I believe that’s a really misvalued asset inside 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 12 months. 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 attention-grabbing as a result of, as famous above, the Mirage operator delivers fourth-quarter outcomes after the shut of US markets at present, and that report is more likely to include some commentary on the sports activities betting enterprise.

Analysts count on the gaming firm misplaced 93 cents a share within the closing 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 title, whereas only one boosted a turnover estimate.

In a observe to purchasers at present, Roth Capital analyst David Bain reiterated a “purchase” score on MGM whereas lifting his worth goal on the inventory to $27 from $20. However that’s nicely under the $36.50 space at which the shares presently commerce.
“Close to-term site visitors is more likely to migrate to high-quality belongings, given a convergence of worth level parity pushed by low visitation,” mentioned the analyst. “Whereas MGM’s largest driver in Las Vegas, the Bellagio, needs to be one of many first properties to completely get well, the mid-tier portfolio might lag, as higher-end properties seemingly re-ramp first.”
betMGM: No Longer Free, Nor Ought to it Be
Beforehand, sports activities betting was considered 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 mentioned the sports activities betting unit is exceeding expectations.
MGM concurs, as a result of final month, it supplied $11.06 billion for Entain Plc (OTC:GMVHY), its accomplice within the interactive gaming/sports activities wagering enterprise. That overture was rebuffed, with the Las Vegas-based firm opting towards elevating the bid.
Bain mentioned consolidation remains to be potential, and “gives sturdy upside potential” ought to it come at a good worth.
Getting into this 12 months, betMGM loved an 18 p.c market share in states through which it was operational. However that determine will increase to 21 p.c for states through which it debuted between January and November 2020. As of final month, the operator is reside in a dozen states, and that quantity is slated to develop over the course of 2021.

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