Mgm Resorts Stock Price, News & Analysis

BetMGM has launched both mobile and retail sports betting operations in Ohio as of January 1, 2023. This initiative includes the BetMGM mobile app, accessible statewide, and retail locations at MGM Northfield Park and Great American Ball Park. The app offers customizable betting options and integrates with MGM Rewards for exclusive experiences. BetMGM also opened new retail sportsbooks in Cleveland and Cincinnati, enhancing its presence in the state. The company emphasizes responsible gambling through its GameSense program, promoting a safe gaming environment for users.

VICI Properties has signed a triple-net lease agreement with Hard Rock International for the Mirage Hotel & Casino, following Hard Rock's acquisition of the property. The lease initiates with annual rent of $90 million for a term of 25 years, with options for renewal every ten years. Rent will increase by 2% annually. This transaction decreases MGM Resorts' annual base rent under its master lease with VICI by $90 million to $770 million. VICI may also fund redevelopment plans for the Mirage through its Partner Property Growth Fund.

MGM Resorts International has completed the sale of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash. The transaction, which aligns with MGM's strategic objectives, is expected to provide approximately $815 million in net cash proceeds post-tax and fees. The sale will also reduce MGM's annual rent by $90 million. MGM retains the Mirage name and will license it to Hard Rock for three years. This move aims to strengthen MGM's balance sheet and support targeted growth opportunities.

BetMGM has become the Official Sports Betting Partner of the Nashville Predators, enhancing its brand visibility at Bridgestone Arena. The multi-year agreement includes branded signage throughout the venue and plans for a BetMGM restaurant and bar. The partnership aims to improve the gameday experience for fans while reinforcing BetMGM's presence in Tennessee, following its earlier collaboration with the Tennessee Titans. BetMGM also prioritizes responsible gaming education through its GameSense program accessible on its platforms.

MGM Resorts International announced a new 10-year gaming concession contract awarded to MGM Grand Paradise, which is 56% owned by them. Over the next decade, MGM China will invest approximately $2 billion, with 50% allocated to capital expenditures and the other half to operating expenses. This investment aims to develop international tourist markets and diversify non-gaming projects, supporting future growth. MGM China will also increase its table games from 550 to 750, enhancing market share opportunities.

Bragg Gaming Group (NASDAQ: BRAG) has launched its new content and technology with BetMGM in Michigan, expanding its North American presence. The new offerings include proprietary titles like Egyptian Magic from the Atomic Slot Lab and exclusive games from partner studios. The Michigan online casino market is projected to generate over $1.5 billion in gross win in 2022, with BetMGM holding a 38% market share. This rollout enhances Bragg's long-standing collaboration with BetMGM, aiming for consistent long-term growth in the iGaming sector.

VICI Properties has signed an agreement to acquire BREIT's 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay for approximately $1.27 billion. This acquisition also involves VICI assuming BREIT’s share of property-level debt of $3 billion, maturing in 2032. The properties are subject to a triple-net lease with MGM Resorts, yielding annual rents of $310 million. The deal is expected to be accretive to VICI's AFFO per share and is anticipated to close in early 2023.

BetMGM has been awarded 'Online Casino of the Year' at the 2022 American Gambling Awards, reflecting its leadership in the iGaming sector. With a substantial 30% market share across New Jersey, West Virginia, Pennsylvania, and Michigan, BetMGM's recognition is attributed to its diverse game offerings, effective marketing strategies, and strong organizational growth in 2022. The award emphasizes BetMGM's commitment to innovation and responsible gaming practices, available in the BetMGM app, which recently expanded to Maryland.