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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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MGM Resorts International is set to host the 'USO Experience: Salute to the Troops' event, honoring over 100 wounded warriors and their guests from November 10, 2022. This annual event, held at Mandalay Bay Resort & Casino, will include a variety of activities, meals, and accommodations provided free of charge. In partnership with American Airlines, active-duty service members will be flown to Las Vegas at no cost. MGM Resorts also emphasizes its commitment to supporting military families year-round, including employment initiatives and community support.
MGM Resorts International reported a remarkable third quarter of 2022, with consolidated net revenues soaring to $3.4 billion, a 26% increase year-over-year. Las Vegas Strip Resorts achieved $2.3 billion in revenues, marking a 67% rise, bolstered by the acquisition of The Cosmopolitan and improved travel activity. However, the company reported a net loss of $577 million compared to a net income of $1.4 billion last year, largely due to increased amortization expenses. MGM is pursuing growth opportunities, including a gaming concession in Macau and expansion in Japan.
BetMGM announced the appointment of Rhea Loney as the new Chief Compliance Officer, enhancing its compliance and regulatory framework as it rapidly expands. Loney, with a strong background in compliance from her previous role at Penn Interactive, will oversee critical compliance areas including licensing, AML, and responsible gaming. Her experience includes launching several major sportsbook platforms across multiple states. The company aims to strengthen its position in the market through this strategic hire, ensuring adherence to regulatory requirements.
MGM Resorts International (NYSE: MGM) has announced a partnership with Grant a Gift Autism Foundation-Ackerman Center to support a vocational job placement program for individuals with autism. The Company has pledged $1 million over five years to aid in training and employment opportunities. This initiative aligns with MGM's commitment to community welfare as the largest private employer in Nevada. The program will include a 12-week readiness training, enabling participants to gain essential skills and apply for MGM jobs, enhancing employment prospects for autistic adults.
Mandalay Bay Resort & Casino in Las Vegas has announced a $100 million remodel of its 2.1 million-square-foot convention center, aimed at enhancing modern meeting experiences. The upgrades include new technology features such as Cat6A Ethernet cabling for faster data transmission and 11 dynamic digital walls. Redesigned spaces will feature brighter lighting and tropical-themed decor. The remodel will continue until the end of 2024, while the convention center remains operational. Additional amenities will also be upgraded across the resort.
BetMGM announces its partnership with the Cincinnati Reds as the Official Sports Betting Partner, strengthening its presence in Ohio ahead of the January 1, 2023 launch of legalized sports betting. A retail sportsbook will open at Great American Ball Park, enhancing fan experiences with year-round betting options. The multi-year agreement includes prominent BetMGM signage and VIP experiences for fans. This partnership follows BetMGM’s ongoing relationship with Major League Baseball, aimed at expanding its market reach and emphasizing responsible gaming education.
MGM Resorts International announced the appointment of Gary Fritz as President of MGM Resorts Interactive on October 10, 2022. Fritz is tasked with enhancing the company's digital gaming initiatives, focusing on organic growth and acquisitions, particularly through BetMGM. He previously led MGM's successful acquisition of LeoVegas and has extensive experience in global strategy from roles at IAC, TripAdvisor, and Expedia. CEO Bill Hornbuckle emphasized that Fritz's leadership will accelerate MGM's digital expansion strategy in the gaming sector.
BetMGM launched a new commercial featuring hockey legends Wayne Gretzky and Connor McDavid, coinciding with the upcoming NHL season. The humorous spot showcases the players' interactions, emphasizing BetMGM's app. Created by 72andSunny and directed by Peter Berg, the campaign promotes BetMGM's 'IT'S ON' initiative. McDavid joined as a brand ambassador in March, alongside Gretzky, who has been with BetMGM since June 2021. The BetMGM app focuses on responsible gaming education, integrating tools like GameSense for users.