Mgm Resorts Stock Price, News & Analysis

BetMGM has announced a groundbreaking pledge to enhance the visibility of responsible gaming messages in its marketing, starting March 1, 2023, in alignment with Problem Gambling Awareness Month. This initiative includes promoting responsible gaming within the BetMGM mobile app and across various advertising platforms, including billboards and social media, in the U.S. and Canada. Developed in collaboration with GameSense, the program offers tools for setting spending limits and addressing gambling myths. BetMGM aims to lead the industry in responsible gaming, with CEO Adam Greenblatt highlighting the importance of research in addressing problem gambling issues.

VICI Properties reported significant financial growth for 2022, achieving a 72.3% increase in total revenues, amounting to $2.6 billion. The company reported a 100.9% rise in Q4 revenues to $769.9 million, with net income attributable to common stockholders rising 10.2% to $1.1 billion. Significant transactions included a $22.8 billion acquisition total, notably from MGM Growth Properties and the Venetian Resort. VICI's AFFO increased 61.7% year-over-year, reaching $1.7 billion. For 2023, VICI anticipates AFFO between $2.10 and $2.13 per share, indicating ongoing growth.

MGM Resorts International (NYSE: MGM) has become the first gaming company to endorse the United Nations' CEO Water Mandate, a global initiative aimed at addressing water-related challenges. CEO Bill Hornbuckle emphasized the importance of innovative water management in the context of ongoing droughts and climate change in the Western U.S. MGM has made significant strides in sustainability, having reduced water use by 37% from 2007 to 2021 and avoided using 5.6 billion gallons through conservation efforts. The company also concluded its Global Water Policy in 2022, promoting responsible water management across its operations.

CNE Gaming Holdings LLC, a subsidiary of Cherokee Nation Businesses, has taken over operations of Gold Strike Casino Resort following approval from the Mississippi Gaming Commission. The acquisition cost approximately $450 million in cash, purchased from MGM Resorts International. As a part of the transaction, a long-term lease was signed with VICI Properties Inc., which owns the property. The acquisition aims to expand CNE's presence in the gaming industry outside Oklahoma, retaining over 1,100 employees and maintaining the casino's existing operations and offerings. Key executives expressed enthusiasm about enhancing their hospitality portfolio.

Anaxi, Aristocrat's online Real Money Gaming business, has formed a strategic partnership with BetMGM, enabling the exclusive delivery of Aristocrat’s gaming content on BetMGM's online casino platform. This collaboration marks the launch of Anaxi's gaming content in North America, enhancing BetMGM's offerings with iconic games from Aristocrat. Anaxi, established in 2022, aims to innovate online gaming experiences through its creative technology and global content studios. The partnership aligns with BetMGM's commitment to responsible gambling and broad market expansion.

VICI Properties Inc. (NYSE: VICI) has announced a triple-net lease agreement with Cherokee Nation Businesses (CNB) related to Gold Strike Casino Resort's acquisition. The lease starts with an annual rent of $40 million for an initial term of 25 years, with annual escalations of 2%. This agreement follows the reduction of annual base rent under VICI's master lease with MGM Resorts International (NYSE: MGM) by $40 million, now totaling $730 million. The lease terms are guaranteed by CNB, enhancing VICI's stability in the gaming and hospitality sector.

MGM Resorts International (NYSE: MGM) has successfully closed the sale of Gold Strike Tunica's operations to CNE Gaming Holdings for $450 million in cash. The transaction is expected to yield approximately $350 million in net cash proceeds after taxes and fees. Gold Strike reported a net income of $47 million and an Adjusted Property EBITDAR of $98 million for the year ending December 31, 2022. Following the sale, MGM will amend its master lease with VICI Properties (NYSE: VICI), reducing annual rent by $40 million. The proceeds will strengthen MGM's balance sheet, support growth initiatives, and enable capital returns to shareholders.

MGM China Holdings Limited announced its unaudited financial results for 2022, reporting a net revenue of approximately HK$5.3 billion, down from HK$9.4 billion in 2021. The company's adjusted EBITDA was negative at HK$1.3 billion, significantly lower than the previous year. Despite market challenges, MGM China achieved a record-high market share of 13.7%. The award of a new 10-year gaming concession contract in December 2022 allows for expanded operations. Visitor numbers have rebounded since restrictions eased, with GGR in January 2023 surging by 83% year-on-year to MOP11.6 billion.

MGM Resorts International reported impressive financial results for 4Q 2022, showcasing net revenues of $3.6 billion, an 18% increase year-over-year. The Las Vegas Strip Resorts saw net revenues rise to $2.3 billion, a 27% jump, aided by the acquisition of The Cosmopolitan. Despite significant share buybacks totaling $2.8 billion in 2022, net income climbed to $284 million from $131 million a year earlier, resulting in a diluted EPS of $0.69. However, the company reported an Adjusted EPS loss of $1.53, impacted by substantial noncash expenses. A $2 billion share repurchase program has been authorized, reflecting ongoing capital return to shareholders.