Welcome to our dedicated page for Mgm Resorts news (Ticker: MGM), a resource for investors and traders seeking the latest updates and insights on Mgm Resorts stock.
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 entered a strategic partnership with SportsGrid, the first 24-hour sports wagering streaming network, to integrate BetMGM content into SportsGrid's programming. This collaboration aims to expand BetMGM's reach through advertisements on television and social media. BetMGM's odds and promotions will feature on popular SportsGrid shows, supported by access to BetMGM’s trading team for unique insights. Currently operational in 21 markets, BetMGM emphasizes responsible gaming education as it expands its online gaming services and sports betting offerings.
Usher, the eight-time GRAMMY Award-winning global star, will launch a new residency at Dolby Live at Park MGM starting July 15, 2022. This follows his prior successful residency in 2021, which sold out all 20 shows. Presented by Live Nation and MGM Resorts International, the show promises an immersive experience with audience interactions in a 5,200-seat venue, showcasing hits from Usher’s two-decade career. Public ticket sales begin on February 25, 2022, with prices starting at $79.
MGM Resorts International and IAC are set to purchase a total of 9 million shares from Corvex Management at $45 per share, amounting to $405 million. Each company will invest $202.5 million, reflecting strong confidence in MGM's long-term growth. This buyback represents approximately 11.5% of MGM's outstanding shares.
The settlement is expected by February 16, 2022, and will be conducted under MGM's $3 billion stock repurchase program, leaving $636.7 million available post-transaction.
BetMGM has launched Puerto Rico's first regulated sports betting platform at Casino del Mar, La Concha Resort, on February 11, 2022. This initiative features 12 kiosks and five betting windows, with a full-scale sportsbook expected later this year. The launch coincides with the Super Bowl, catering to local sports fans. BetMGM plans to introduce a mobile betting app in the coming months. CEO Adam Greenblatt emphasized the significance of this expansion beyond the U.S. mainland, while Casino del Mar's GM expressed excitement over the partnership.
MGM Resorts International reported strong financial results for Q4 and FY 2021, with consolidated net revenues of $3.1 billion in Q4, a 105% increase year-over-year. The company returned $1.75 billion to shareholders through repurchases and achieved a net income of $131 million compared to a loss of $448 million the previous year. Key highlights include the launch of MGM Rewards and continued growth in the U.S. sports betting market through BetMGM. The company anticipates successful geographic expansion, particularly in Japan, while maintaining a strong liquidity position.
MGM Resorts and BetMGM have announced a multi-year extension of their partnership with the National Hockey League (NHL), enhancing their role as official sports betting and resort partners. The renewal coincides with the upcoming Honda NHL All-Star Weekend in Las Vegas. BetMGM will continue utilizing NHL branding and media channels to engage with fans and enhance customer experience. This partnership aims to grow the audience and promote responsible gaming through initiatives like 'Have A Game Plan' and GameSense.
BetMGM, a top sports betting and iGaming operator, announced the launch of BetMGM Rewards on February 2, 2022. This loyalty rewards program allows users to earn points and MGM Rewards Tier Credits with every wager, unlocking benefits at MGM Resorts' 20+ locations across the U.S. Customers can redeem points for various rewards, including hotel stays and dining experiences. The program also integrates with the Borgata Online Rewards for users in New Jersey and Pennsylvania. BetMGM prioritizes responsible gaming education as it expands its services.
MGM Resorts has launched MGM Rewards, a new loyalty program enhancing benefits for members. Non-gaming members can now earn MGM Rewards Points redeemable for hotel stays, dining, and entertainment. A double multiplier on Tier Credits is available from February 1 to April 30, 2022, at Vegas resorts. Features include waived resort fees, late check-outs, and exclusive concerts for higher-tier members. The revamped program aims to attract more guests across over 20 destinations in the U.S., making it a competitive offering in gaming and entertainment.
Lady Gaga will return to Dolby Live at Park MGM in Las Vegas for her LADY GAGA JAZZ & PIANO show starting April 14, 2022, covering nine select dates. This collaboration between MGM Resorts International and Live Nation celebrates her love for the Great American Songbook and her recent album with Tony Bennett, Love For Sale. Pre-sale tickets are available for her fan community and Citi® / AAdvantage® cardholders from February 1-3, 2022, with general sales commencing on February 4, 2022. Proof of vaccination or negative COVID-19 test is required for entry.
BetMGM has officially opened its first retail sportsbook at Nationals Park in Washington, D.C., marking a significant milestone as the first sportsbook connected to a Major League Baseball stadium. The facility features 40 big-screen TVs, six betting windows, and user-friendly kiosks, all within a 4,000 square-foot area. The sportsbook will operate year-round, offering a vibrant destination for sports fans and casual bettors. This opening follows BetMGM's multi-year partnership with the Washington Nationals and complements its mobile app, enhancing its betting services in the D.C.-Maryland-Virginia region.