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LOS ANGELES – MGM Resorts (NYSE:MGM) International (NYSE: MGM), a $10 billion market cap entertainment giant with annual revenues exceeding $17 billion, has been named an Official Partner of the College Basketball Crown, a new post-season tournament. The event, which features 16 elite college basketball teams, is scheduled to run from March 31 to April 6, 2025, in Las Vegas. According to InvestingPro, MGM’s stock has experienced some volatility recently, with a -8% return over the past week, though analysts maintain a bullish outlook with price targets reaching up to $60.
This partnership, established through AEG Global Partnerships, will see MGM Resorts host the tournament at its premier venues, T-Mobile Arena and MGM Grand Garden Arena. The company will also provide accommodations for the participating teams at various Las Vegas properties, including ARIA Resort & Casino (EPA:CASP), Park MGM, and Vdara Hotel & Spa.
The College Basketball Crown, created by FOX Sports and AEG, is set to broadcast on FOX and FS1, offering viewers nationwide the chance to engage with the tournament. MGM Resorts will enhance the fan experience with exclusive travel-and-ticket packages, in collaboration with Vivid Seats, the Official Ticketing Provider, and JSX, the Official Air Carrier of the tournament.
Nick Baker, COO of AEG Global Partnerships, commended MGM Resorts for its excellence in hospitality and entertainment, stating that their iconic venues and service will elevate both the athlete and fan experience. Jordan Bazant, Executive Vice President of FOX Sports, echoed this sentiment, highlighting the importance of providing student-athletes with an elite experience while captivating audiences at home.
MGM Resorts will gain significant in-game visibility through the partnership, including courtside signage and custom digital content. This exposure is expected to underscore MGM’s role as a vital contributor to the College Basketball Crown.
The collaboration between MGM Resorts and the College Basketball Crown is based on a press release statement and represents a strategic move to deliver high-quality sports and entertainment experiences to fans and athletes alike. Based on InvestingPro’s Fair Value analysis, MGM’s stock currently appears slightly undervalued, with additional insights available in the comprehensive Pro Research Report, which offers deep-dive analysis of this and 1,400+ other US stocks.
In other recent news, MGM Resorts International reported strong fourth-quarter earnings, with property-level EBITDAR reaching $1.24 billion, surpassing both JPMorgan’s and the Street’s expectations. Revenue for the quarter was $4.35 billion, exceeding estimates by $80 million. Analysts from multiple firms have responded positively to these results, with JPMorgan raising its price target to $52 and maintaining an Overweight rating, while CFRA upgraded the stock from Hold to Buy and increased the price target to $45. Mizuho (NYSE:MFG) also lifted its price target to $60, citing MGM’s potential for stable financial performance despite significant cost factors.
Truist Securities maintained a Buy rating with a $50 price target, noting strong results from regional operations and Macau. Stifel adjusted its price target upward to $50, highlighting MGM’s record performance in January and potential growth in the Las Vegas Strip area. MGM’s management expects to capture $150 million in operational EBITDA efficiencies in 2025, partially offsetting a $300 million room renovation at MGM Grand. The company’s expansion in the digital space and strong forward bookings for group and convention events are viewed as positive factors for its growth strategy.
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