Mgm Resorts Stock Price, News & Analysis

MGM Resorts International and BetMGM will participate in the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 11, 2021. CEO Bill Hornbuckle and CFO Jonathan Halkyard will present at 11:00 a.m. ET, followed by BetMGM CEO Adam Greenblatt at 11:45 a.m. ET. A live audio webcast will be accessible via the MGM Resorts Investor Relations website.

MGM Resorts International (NYSE: MGM) and BetMGM have announced a unified commitment to responsible gaming, coinciding with Problem Gambling Awareness Month in March. They aim to offer tools and education to assist players in making informed gaming choices. BetMGM will implement a weekly educational series for staff, focusing on problem gambling insights and prevention strategies. Additionally, they are promoting the Eighth Annual Gambling Disorder Screening Day, enhancing resources within the BetMGM app. MGM's GameSense program has been recognized for integrating responsible gaming practices throughout its operations.

MGM Resorts International has partnered with The Clorox Company as the exclusive provider of disinfectant and hand sanitizing products across over 20 of its properties in Las Vegas and the U.S. Clorox will supply disinfectant wipes and hand sanitizer to enhance guest safety in alignment with MGM's Seven-Point Safety Plan, initiated to prioritize health amid the ongoing pandemic. This collaboration highlights MGM's commitment to providing a safe environment for guests and employees, leveraging Clorox's expertise in cleaning products.

On March 1, 2021, BetMGM announced its exclusive partnership with Borussia Dortmund, becoming the first U.S. sports betting operator to collaborate with a German soccer club. This partnership includes cross-marketing opportunities, fan engagement via social media promotions, and customer sweepstakes offering exclusive Dortmund prizes. BetMGM aims to enhance its presence as interest in Bundesliga grows in the U.S. Additionally, users can access live matches through the BetMGM app. The initiative highlights BetMGM's commitment to responsible gaming education.

MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT) will host a business update event on April 21, 2021, focusing on their joint venture, BetMGM LLC. The virtual event, starting at 11:00 a.m. EDT, aims to provide insights into the growing U.S. sports betting and iGaming market. BetMGM, a leading player in online gaming, offers exclusive access to MGM's sports betting and online gaming operations, utilizing Entain's advanced technology. Further registration details will be shared prior to the event.

BetMGM has partnered with Topgolf Entertainment Group to enhance the integrated sports betting experience at select venues. The collaboration will feature BetMGM branding and promotional offers at various Topgolf locations, including Las Vegas and Indianapolis. This partnership aims to attract new audiences and engage consumers through unique entertainment options. BetMGM’s Chief Revenue Officer, Matt Prevost, highlighted the immersive sports betting experiences available to Topgolf guests. Forward-looking statements indicate potential growth challenges in new markets.

MGM Resorts International (NYSE: MGM) will resume 24/7 operations at Mandalay Bay, Park MGM, and The Mirage starting March 3, reflecting rising travel interest in Las Vegas. This decision follows selective mid-week closures due to low business volumes during the pandemic. CEO Bill Hornbuckle expressed optimism about Las Vegas' recovery and plans to bring employees back as demand increases. Additionally, live entertainment shows will return in February and March under state guidelines. MGM's health and safety protocols remain in effect to ensure guest safety amid COVID-19.

Mandalay Bay Resort and Casino has signed a multi-year naming rights agreement with Anheuser-Busch to rename its sports venue as the Michelob ULTRA Arena. This partnership will feature various promotions and events, enhancing the guest experience. The arena is a prominent location for live events, including UFC and concert performances. Anheuser-Busch emphasizes its commitment to providing unforgettable entertainment experiences as travel resumes. The venue underwent significant renovations in 2019, improving seating, technology, and amenities.

On February 10, 2021, MGM Resorts (NYSE: MGM) reported significant financial challenges for Q4 and the full year 2020 due to COVID-19. Consolidated net revenues dropped 53% to $1.5 billion in Q4, leading to a $448 million net loss. Full-year net revenues decreased 60% to $5.2 billion, resulting in a $1.0 billion net loss. Despite these results, MGM noted improvements in Adjusted Property EBITDAR and expressed optimism regarding future recovery. Cash reserves stood at $5.1 billion, with total liquidity of $8.8 billion, indicating some financial stability moving forward.