MGM Resorts (MGM) revealed that BetMGM, its sports betting and gaming entertainment company, has inked a multi-year brand ambassador deal with Wayne Gretzky, former National Hockey League (NHL) legend and four-time Stanley Cup champion.
Gretzky will help BetMGM with its marketing initiatives in the North American region.
Gretzky is considered to be the greatest hockey player ever with 61 unique NHL records to his credit. He is also the Hockey Hall of Famer commonly referred to as “The Great One”. (See MGM Resorts stock analysis on TipRanks)
BetMGM’s Chief Revenue Officer Matt Prevost commented, “Wayne is an exceptional talent who transcends the sports world and we’re proud to welcome him to the BetMGM team. As we look toward potential expansion into Canada, and elsewhere throughout the United States, Wayne will bring a unique ability to tell our brand story.”
On May 21, Jefferies analyst David Katz maintained a Buy rating and a price target of $53 (22.6% upside potential) on the stock.
Katz commented, “We believe the issues and catalysts are progressing as expected-improved operating execution in an improving environment, accelerating growth in BetMGM, thoughtful capital allocation and simplifying the corporate structure which should improve the shares’ trading levels from current ~9.5X EBITDA.”
Overall, the stock has a Moderate Buy consensus rating based on 4 Buys, 5 Holds, and 1 Sell. The average analyst price target of $44.80 implies 3.6% upside potential from current levels. Shares of MGM Resorts have jumped over 110% over the past year.
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