The gaming industry has lost 4.2% in the last week compared with the S&P 500 index’s decline of 1.7%. The disappointing performance can be attributed to the coronavirus pandemic. Although most of the casinos worldwide have resumed operations, dismal traffic due to the pandemic remains a concern.
Recap of Last Week’s Most Important Stories
MGM Resorts' BetMGM Partners With Las Vegas Raiders
MGM Resorts International MGM and GVC Holdings’ joint venture — BetMGM — has become the official sports betting partner of Las Vegas Raiders. Notably, the collaboration enhances the multi-year partnership between MGM Resorts and Raiders.
Per the agreement, BetMGM will provide educational information about the BetMGM app to Raiders fans in Nevada. Sports lovers in Nevada need to register on the BetMGM app, which is available on iOS and Android, by visiting any MGM Resorts Sports Book in Las Vegas.
MGM Resorts is not only the official sports betting partner of Raiders but also a founding partner of Allegiant Stadium with prominent brand presence throughout the stadium.
MGM Resorts has a Zacks Rank #4 (Sell).
Caesars Entertainment Collaborates With Disney’s ESPN for Sports Betting
Caesars Entertainment, Inc. CZR has entered into sports betting partnership with Walt Disney’s DIS ESPN. The multi-year deal includes link integrations from ESPN's digital platforms to sportsbooks from Caesars Entertainment's sports betting partner, William Hill.
Per the agreement, Caesars Sportsbook by William Hill will be a sponsor of ESPN's Fantasy products. Ulrik Bengtsson, group chief executive officer of William Hill said “ESPN is one of the pre-eminent brands in sports. Tens of millions of fans will now have a direct link to our sports betting apps and odds.”
Following the regulatory approval, mobile sports betting app, Caesars Sports Book by William Hill, will be available in Indiana, Pennsylvania, New Jersey and Nevada.
Caesars Entertainment carries a Zacks Rank #3 (Hold).
MGM Resorts on Track to Open All Properties
MGM Resorts is planning to reopen Park MGM and NoMad Las Vegas properties on Sep 30, 2020. Following the reopening of aforementioned properties, the company’s will complete the resumption of all its properties globally.
Bill Hornbuckle, MGM Resorts CEO and president said “The last six months have presented extraordinary challenges and I could not be prouder of the MGM Resorts team for the tireless effort required to get us here. There is much work ahead as we remain focused on the health and safety of our employees and guests, but this is an important moment for us.”
Boyd Gaming Reopens Delta Downs Racetrack Casino Hotel
Boyd Gaming Corporation BYD has reopened Delta Downs Racetrack Casino Hotel in Vinton, LA on Sep 16, 2020. The company closed the property in August due to damage from Hurricane Laura.
Keith Smith, president and CEO of Boyd Gaming said “Through direct financial assistance to our team members, as well as contributions to non-profit organizations engaged in the relief effort, we are pleased to do our part to help the southwest Louisiana community recover from this terrible storm.”
Boyd Gaming has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The following table shows the price movement of the major gambling stocks in the last week and the last six months:
However, key sector participants like Penn National Gaming, Century Casinos and Caesars Entertainment Corporation were major gainers in the past six months.
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Las Vegas Sands Corp. (LVS): Free Stock Analysis Report
MGM Resorts International (MGM): Free Stock Analysis Report
The Walt Disney Company (DIS): Free Stock Analysis Report
Wynn Resorts, Limited (WYNN): Free Stock Analysis Report
Caesars Entertainment, Inc. (CZR): Free Stock Analysis Report
Boyd Gaming Corporation (BYD): Free Stock Analysis Report
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