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.
BetMGM has launched its mobile sports betting app in Maryland, enhancing its retail sportsbook at MGM National Harbor. The app offers various betting options, integrating with MGM Rewards for experiences at MGM locations nationwide. This initiative aims to connect sports fans in the DC-Maryland-Virginia region with online betting opportunities. CEO Adam Greenblatt highlighted the app’s user-friendly design and its role in expanding BetMGM's offerings beyond physical locations. The app is available on iOS, with Android support coming soon.
BetMGM has awarded a $180,000 grant to the International Center for Responsible Gaming (ICRG) to fund research and education on responsible gambling and advertising's impact on problem gambling. This collaboration aims to enhance understanding of potential risks, shaping best practices in the gaming industry. BetMGM emphasizes its commitment to responsible gambling through its GameSense program, integrated into its platforms, ensuring customers receive support to gamble responsibly. The ICRG, established in 1996, is a leader in research on gambling disorders.
BetMGM has signed retired U.S. soccer star Tim Howard as a brand ambassador, launching a $250,000 bracket challenge in conjunction with the upcoming 2022 International Soccer Matches. The initiative includes free-to-play games, with grand prizes for accurate bracket predictions and special offerings for new and existing customers. BetMGM aims to enhance customer engagement with interactive opportunities and responsible gaming education. The promotions are available across multiple U.S. states and Ontario, Canada.
MGM Resorts International will create a unique viewing experience for the FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX 2023, scheduled for November 16-18, 2023. Guests can buy exclusive race-and-stay packages that include a three-day race ticket and a three-night stay at various MGM properties, such as Bellagio and MGM Grand. The packages provide access to grandstands located on the Bellagio lake. MGM's Chief Commercial Officer, Steve Zanella, emphasized the aim to deliver an unparalleled event experience in Las Vegas.
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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.