MGM Resorts International (MGM) saw a significant surge in its shares, rising over 6% in intraday trading on Monday. This increase came as the casino operator, alongside London-traded firm Entain, raised their full-year outlook for their jointly owned BetMGM sports betting and iGaming operator.
According to MGM and Entain, BetMGM’s positive momentum observed during the first quarter of 2025 has continued into the second quarter, with strong growth in net revenue from both iGaming and online sports betting. This growth has been primarily driven by an increase in handle, indicating a higher volume of bets being placed on the platform. The firms noted that trading performance in the second quarter has been consistent with the 34% year-over-year revenue growth seen in the first quarter.
As a result of this strong performance, MGM and Entain now anticipate BetMGM’s fiscal 2025 revenue to reach “at least $2.6 billion,” up from the previous outlook range of $2.4 billion to $2.5 billion. Additionally, they expect the company’s EBITDA to be “at least $100 million,” compared to the previous forecast of being EBITDA positive.
The news of BetMGM’s improved outlook also had a positive impact on the shares of gaming rivals Wynn Resorts (WYNN) and Las Vegas Sands (LVS), which both saw an increase of approximately 5% in recent trading. These companies joined MGM Resorts International among the top gainers in the S&P 500 index.
Overall, the revised outlook for BetMGM reflects the strong performance and growth potential of the sports betting and iGaming industry. Investors and market analysts will be closely monitoring the continued success of BetMGM and its impact on the broader gaming sector.
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