Mgm Resorts Stock Price, News & Analysis

Mandalay Bay Resort and Casino announced a $100 million remodel of its 2.1 million-square-foot convention center. The upgrade includes advanced technology, dynamic digital signage, and a new design reflecting Mandalay Bay's tropical theme. Implemented over two-and-a-half years, features include Cat6A Ethernet cabling for enhanced data transmission, digital walls for event messaging, RFID locks on meeting room doors, and over 200 motion detection cameras. The remodel, designed by MGM Resorts International and Dezmotif Studios, also revitalizes exhibit spaces and promotes diverse artists. The project aims to meet modern meeting needs, further solidifying Mandalay Bay as a premier events destination.

MGM Resorts (NYSE: MGM) has surpassed its goal of donating 5 million meals to fight food insecurity by 2025, achieving this milestone ahead of schedule. Since 2016, the company has donated meals through its Feeding Forward program, including over 1.2 million meals in 2023 alone. The program not only donates grants to hunger relief organizations but also rescues unserved food from its operations and redistributes it safely to communities across the U.S. MGM Resorts is committed to combating food waste and food insecurity, with significant donations to organizations in Southern Nevada and beyond. This initiative aligns with the company's broader social impact and sustainability goals.

BetMGM, a leading sports betting and iGaming operator, will sponsor a Nightly Progressive Jackpot during Wheel of Fortune's 'Big Money Week' from May 20-24, celebrating the show's 8,000th episode. Contestants solving the Bonus Puzzle will add the jackpot to their winnings. Additionally, a 'Double Jackpot' wedge on the Wheel could double the jackpot amount. Home viewers can also register online for a chance to win the Nightly Progressive Jackpot.

BetMGM's branding will be prominently featured throughout the episodes, including co-branded graphics and in-show displays. BetMGM has a history of collaborating with the show, including the launch of Wheel of Fortune Online Casino in March 2023. The game show reaches over 21.5 million viewers weekly.

MGM China Holdings reported record-high performance and market share for the first quarter of 2024. The company saw significant growth in gross gaming revenue, mass GGR, net revenue, adjusted EBITDA, and market share in Macau. MGM China maintained a strong financial position with total liquidity of HK$16.9 billion and proposed a final dividend of HK$0.347 per share for the year 2023. The company's focus on customer service and innovation contributed to its outstanding performance and confidence in the future of Macau.

MGM Resorts International reported record first quarter 2024 financial and operating results, with MGM China achieving a 78% increase in Adjusted Property EBITDAR and Las Vegas seeing record net revenues. The strategic growth plan includes share repurchases resulting in a 36% reduction since 2021. The Japan IR venture secured financing, and a partnership with Marriott is driving growth. However, net income decreased compared to the prior year, impacted by a gain on the disposition of Gold Strike Tunica.

MGM Resorts International released its 2023 Social Impact and Sustainability Report, showcasing its commitment to social impact, sustainability, and innovation. The report highlights employee volunteer efforts, innovative water stewardship projects, energy savings goals achievement, and workforce development initiatives. The company's focus on diversity, equity, inclusion, philanthropy, community engagement, and environmental sustainability aligns with the United Nations Sustainable Development Goals. MGM Resorts aims to create a more sustainable future while making a positive impact on employees, guests, and communities.

MGM Resorts International announced the launch of BetMGM in the Netherlands, expanding its iGaming and online sports betting brand globally. The Dutch market will enjoy new product features like large-scale jackpots, loyalty rewards, and exclusive slots, powered by LeoVegas Group's technology. This move follows a successful UK launch, marking MGM's strategic international expansion efforts.