BTIG analyst Clark Lampen lowered the firm’s price target on MGM Resorts (MGM) to $47 from $52 but keeps a Buy rating on the shares ahead of its Q3 results. The firm is adjusting its model to reflect a lower mark-to-market value on MGM China, the analyst tells investors in a research note. BTIG adds that a shift to iGaming-only by MGM – paring back its sports betting business – would be $500M beneficial to its U.S. BetMGM EBITDA this year.
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