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MGM Resorts International reports developments across its integrated resort, casino, digital gaming, and hospitality operations. Recurring updates cover Las Vegas Strip Resorts, Regional Operations, MGM China in Macau, MGM Digital, and the BetMGM North America venture for sports betting and iGaming. News also includes quarterly operating results, guest-experience investments at MGM MACAU and MGM COTAI, brand partnerships, and capital-allocation actions.
Company announcements also document portfolio changes such as the completed sale of MGM Northfield Park operations and related lease amendments tied to the company’s regional casino footprint.
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On January 31, 2023, BetMGM announced the launch of retail sports betting at MGM Springfield, Massachusetts, marked by the first legal wager placed by Springfield Mayor Domenic J. Sarno and hockey legend Ray Bourque. BetMGM CEO Adam Greenblatt emphasized the sportsbook as a premier destination for local sports fans, featuring a 45-foot LED wall and multiple betting kiosks. The integration with MGM Rewards enhances user experience, offering rewards redeemable at various MGM Resorts. Local officials, including State Senator Adam Gomez, highlighted the economic benefits, projecting $20-$30 million in revenue from sports betting in Massachusetts.
MGM Resorts International (NYSE: MGM) announced a multi-year partnership with the National Football League Players Association (NFLPA) on January 27, 2023. This collaboration aims to develop original content and enhance fan experiences with current and former NFL players. The agreement includes hospitality benefits for NFL players at MGM properties, creating opportunities for player engagement at events such as the 2023 NFL Pro Bowl Games and Super Bowl LVIII in Las Vegas. The partnership signifies MGM's commitment to football, aligning with premier football events and expanding its reach within the sports industry.
BetMGM, a leading sports betting and iGaming operator, announced its strong financial performance for FY 2022, achieving net revenue of $1.44 billion, surpassing guidance of $1.3 billion. Despite an EBITDA loss of approximately $440 million, the company anticipates being EBITDA positive in the second half of 2023. The business experienced a 51% growth in same-state net revenue and reduced customer acquisition costs by 21%. BetMGM holds a 30% market share in iGaming and 13% in online sports betting, with presence in 25 jurisdictions across North America. The company expects net revenue between $1.8 and $2 billion for FY 2023, alongside a combined additional investment of $150 million from MGM and Entain.
On January 26, 2023, BetMGM, LLC will provide a business update and host a conference call at 10:00 a.m. ET to discuss its results. This sports betting and iGaming operator, jointly owned by MGM Resorts and Entain, continues to lead the U.S. market. The conference call offers an overview of operational results followed by a Q&A session. Interested participants can register for the call to obtain dial-in details. The update will highlight the company's performance and strategic insights relevant to stakeholders and investors.
BetMGM announces the first BetMGM West Fest, kicking off Big Game weekend in Glendale, Arizona on February 11, 2023. The event features Tim McGraw and Bailey Zimmerman and will have $57 general admission tickets available for a 24-hour pre-sale starting January 11, 2023, exclusively through the BetMGM mobile app. Public sales commence on January 12, 2023. The Westgate Entertainment District will host the concert, enhancing fan experiences with local restaurants and entertainment options. BetMGM emphasizes responsible gaming practices and will donate a portion of beer garden sales to a local charity.
VICI Properties Inc. has successfully completed the acquisition of a 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay from Blackstone Real Estate Income Trust for approximately $1.27 billion. VICI will also assume a $3 billion property-level debt due in 2032 at a 3.558% interest rate. The acquisition includes a triple-net lease with MGM Resorts generating about $310 million annually, escalating at 2% annually until 2035. The lease term extends until 2050, with two renewal options.
MGM Resorts International (NYSE: MGM) will announce its fourth quarter and full year 2022 financial results after the market closes on February 8, 2023. A conference call is scheduled for 5:00 p.m. ET on the same day, featuring a discussion of the financials and a Q&A session. Supplemental slides will be available on the Investor Relations website before the call. A replay will be accessible until February 15, 2023. MGM continues to focus on creating immersive experiences and expanding its global portfolio.
MGM Resorts International celebrated New Year's Eve 2023 in Las Vegas with star-studded entertainment. Bruno Mars headlined the SelvaRey New Year's Rum Fiesta at Bellagio Resort, performing a 30-minute live set. Meanwhile, The Killers delivered a high-energy concert at The Chelsea Theatre in The Cosmopolitan, including a countdown into the new year. These events underscore MGM's commitment to providing premium entertainment experiences at its resorts.
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.