Mgm Resorts Stock Price, News & Analysis

BetMGM has announced its partnership with the Houston Astros, becoming the exclusive sports betting partner of the team. This agreement marks BetMGM's entry into Texas. The partnership will enhance fan engagement through exclusive experiences and prominent signage at Minute Maid Park. BetMGM will also offer special betting promotions for customers in Louisiana. With operations in 23 markets, BetMGM prioritizes responsible gaming, offering resources through its GameSense program. BetMGM is a collaboration between MGM Resorts and Entain Plc, focusing on online sports betting and gaming.

BetMGM has announced the inaugural BetMGM Poker Championship to be held from June 23-26, 2022, at ARIA Resort & Casino in Las Vegas. This $3,500 buy-in no-limit hold 'em tournament features a guaranteed prize pool of $1 million. A special $600 BetMGM Poker Mystery Bounty event will also take place on June 25. BetMGM aims to enhance player engagement through qualifiers and satellite tournaments, awarding prizes that include buy-ins and travel packages. The event underscores BetMGM's commitment to responsible gaming with integrated resources available for players.

BetMGM, a premier sports betting and iGaming operator, is set to hold a virtual business update for analysts and investors on May 12, 2022, at 11 a.m. EDT. The event will be led by BetMGM's executive team, including CEO Adam Greenblatt and CFO Gary Deutsch, focusing on the company's growth in North America's sports betting market. Attendees can participate through live Q&A sessions and access presentation slides via MGM's Investor Relations website. An on-demand replay will be available after the event.

MGM Resorts International (NYSE: MGM) reported a strong first quarter 2022, achieving consolidated net revenues of $2.9 billion, up 73% year-over-year. Adjusted Property EBITDAR rose 449% to $594 million, with a margin increase of 1,586 basis points. The Las Vegas Strip Resorts had net revenues of $1.7 billion, reflecting a 205% increase. MGM announced a $607 million tender offer for LeoVegas, expanding its online gaming presence. The company repurchased $2.8 billion in shares since January 2021, maintaining robust liquidity while pursuing international growth opportunities.

MGM Resorts announced a public tender offer for 100% of LeoVegas shares at SEK 61.00 each, totaling approximately $607 million. The acquisition aims to enhance MGM's international digital gaming and sports betting presence, leveraging LeoVegas' technology and strong customer base. The deal is expected to be accretive to earnings and cash flow per share. MGM forecasts accelerated growth and expanded product offerings as a result of this strategic move, which is anticipated to conclude by the second half of 2022, pending regulatory approvals.

VICI Properties Inc. has finalized its acquisition of MGM Growth Properties LLC, expanding its portfolio to 43 Class-A properties with an estimated enterprise value of $44 billion. This merger increases VICI's annual rent by over $1 billion. The new triple-net master lease with MGM Resorts has an initial annual rent of $860 million, escalating at 2% annually. VICI has also raised $5 billion through senior unsecured notes to finance this transaction, marking a significant step in its balance sheet management. The acquisition diversifies VICI's tenant base to include eight industry leaders.

MGM Resorts International has successfully completed transactions with VICI Properties and MGM Growth Properties. VICI redeemed a majority of MGP units for $43 each, totaling around $4.4 billion in cash, and acquired all MGP class A shares. This deal grants MGM financial flexibility, enabling further investments to enhance shareholder value. Additionally, a new 25-year master lease was established, with an initial annual rent of $860 million, providing operational flexibility. MGM now owns a 1% stake in the VICI operating partnership.

BetMGM has been awarded Casino Operator of the Year at the EGR North America Awards 2022, celebrating excellence in online gaming. This recognition highlights BetMGM's strong market position, innovative offerings, and effective customer engagement strategies. The award criteria considered product originality, brand strength, and growth metrics. BetMGM's unique state-by-state jackpot network and commitment to responsible gaming through initiatives like GameSense were pivotal in achieving this honor. The company continues to focus on expanding into new markets while ensuring player safety.