MGM Resorts International Stock Showing Promise After Q4 2022 Results
Contents
MGM Resorts International is on an upward trajectory after a deeper look at the company’s Q4 2022 results. Many firms have a positive outlook for the company in the future as seen with reports detailing the investment potential for MGM Resorts International.
MGM is a brand widely recognized across the world, with a wide range of different casino resorts, as well as popular betting apps such as BetMGM Sportsbook Online and BetMGM Online Casino.
MGM Resorts International Stock Gaining Momentum After Successful Q4 2022
While analysts had some big expectations for MGM Resorts International, the company has surpassed these projections, with a fourth quarter 2022 total of $0.69 earnings per share. This comes as a surprise, as many estimates had the shares valued at $1.60. Many analysts are now under the impression that MGM will have a 0.53 EPS for the 2023 fiscal year.
It’s also been reported by Best Stocks that Pinnacle Associates Ltd. has decreased its stock position in MGM Resorts International for the 2022 fourth quarter by 1.7%. Pinnacle Associates Ltd. is a multi-billion dollar investment firm based in New York City.
The company ended the quarter with a total of 132,862 shares with a total worth of $4.45 million. And the good news didn’t stop there, as MGM Resorts International saw 11.22% on negative equity return while a Q4 revenue of $3.59 billion, once again exceeding expectations, as the quarter was expected to generate closer to $3.35 billion in revenue.
All this news has led to positive outlooks for MGM Resorts International’s investment capabilities going forward. Major entities such as Wells Fargo & Company, Truist Financial, JMP Securities, The Street, and Stifel Nicolaus have given optimistic reports on the company’s stock outlook and stock position.
.@BetMGM has received one of the industry’s top accreditations from the Responsible Gambling Council. We are proud of BetMGM's commitment to responsible gaming, player health, and safeguards.
Learn more: https://t.co/YcDQaG8KKk pic.twitter.com/G1rt2NxAUT— MGM Resorts (@MGMResortsIntl) March 30, 2023
About MGM Resorts International
MGM Resorts International is one of the top names in gambling and entertainment. The company’s casino resorts are some of the most popular in the U.S., with a few of the top examples being Las Vegas locations such as the MGM Grand, Bellagio, Mandalay Bay, and The Cosmopolitan of Las Vegas.
MGM also manages numerous locations outside of Las Vegas, such as MGM Springfield in Massachusetts, the Borgata in the New Jersey, and Empire City Casino in New York. There are also MGM resorts located in China and Japan.
Plus, MGM Resorts International has one of the most popular online betting apps in the state. Resulting from MGM Resorts International partnering with Entain Holdings, BetMGM Sportsbook is battling for market share with some of the top names in sports betting, such as FanDuel Sportsbook, Caesars Sportsbook, and DraftKings Sportsbook.
The mobile betting app is available in pall the top betting markets across the U.S., such as New York, Arizona, New Jersey, Ohio, Illinois, Michigan, and Tennessee. And with the rollout of Massachusetts sports betting just a month ago, BetMGM Sportsbook Massachusetts became on the of the first online sportsbooks available in the Bay State. The company has also launched BetMGM Casino Online, an iGaming app that’s live in Pennsylvania, West Virginia, Michigan, and New Jersey.
