Why MGM Resorts Stock Jumped Today
Portfolio Pulse from Ryan Gustafson
MGM Resorts International's stock (NYSE:MGM) saw an increase after BetMGM, a sports betting and iGaming operator, announced an extended multi-year partnership with the National Hockey League (NHL) in North America. The partnership will allow BetMGM to create VIP fan experiences and offer league and team-branded casino games. MGM's CEO Adam Greenblatt emphasized the enhancement of the BetMGM product and the creation of unique entertainment experiences for fans. The stock rose over 4% on Tuesday, closing at $45.03, up 3.42%.
December 19, 2023 | 9:08 pm
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MGM Resorts International's stock increased due to the announcement of BetMGM's extended partnership with the NHL, which is expected to enhance the company's offerings and fan engagement.
The positive reaction in MGM's stock price is directly related to the announcement of the extended partnership with the NHL by BetMGM, which is expected to create new revenue streams and enhance customer engagement. The news is significant for investors as it indicates potential growth in a key area of MGM's business strategy.
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IMPORTANCE 80
RELEVANCE 100