Mgm Resorts Stock Price, News & Analysis

BetMGM launches its first Original Bets Sweepstakes for the 2024 Emirates NBA Cup from November 21-29. Customers who wager $10+ on NBA Cup Original Bets can win a Las Vegas sports vacation package including a five-night stay at MGM Grand, tickets to semifinal and championship games, an on-court photo opportunity, and $2,500 in BetMGM Rewards Points. The promotion allows up to 25 entries per person but is not available in Nevada, New York, Ontario, or Puerto Rico. BetMGM's Original Bets are powered by Angstrom's play-by-play simulation models, offering unique markets like both teams scoring in the first minute.

MGM Resorts International has signed a 5.5-year Whole Portfolio Agreement (WPA) with Cisco, gaining access to most of Cisco's software portfolio. The agreement includes cybersecurity, software-defined networking, digital experience assurance, full-stack observability, data center, and services. This partnership aims to enhance guest experiences across all MGM properties through network automation and will enable future location services and machine learning applications. The implementation will support MGM's sustainability goals while ensuring uptime and security for their 24/7 operations.

MGM Resorts International (NYSE: MGM) is hosting its 14th annual USO Experience: Salute to the Troops at Mandalay Bay Resort & Casino, starting November 8. The five-day celebration will honor more than 100 active-duty service members injured in the line of duty. American Airlines will provide transportation while MGM Resorts offers complimentary accommodations, meals, and entertainment. The event includes various activities across Las Vegas, including tours of Hoover Dam, Red Rock Canyon, and visits to local attractions. MGM Resorts was recently awarded the 'Extraordinary Employer Support Award' by the U.S. Department of Defense for its commitment to military recruitment and employment.

MGM Resorts International announces extensive plans for the 2024 Las Vegas Grand Prix, scheduled for November 21-23. The company is introducing new experiences across its Strip properties, including the enhanced Bellagio Fountain Club featuring renowned chefs, Carlos Sainz's 'Smooth Operator' Dance Lounge at ARIA, and various race-viewing experiences. The event will showcase interactive racing activations, luxury fashion pop-ups, and exclusive culinary experiences with industry icons. Notable additions include the Mercedes Race Experience at ARIA, the return of the popular Shoey Bar at Bellagio, and numerous high-end dining events featuring celebrity chefs and premium beverage brands.

MGM China reported strong performance for the first nine months of 2024, with key metrics surpassing pre-COVID 2019 levels. The company's net revenue grew 38% year-on-year, reaching 137% of 2019 levels, while adjusted EBITDA increased 37% to HK$6.9 billion, representing 150% of 2019 levels. Market share in Macau expanded to 15.9% year-to-date, up from 9.5% in FY2019. MGM COTAI generated revenue of HK$13.7 billion with adjusted EBITDA of HK$4.0 billion, while MGM MACAU recorded revenue of HK$9.8 billion with adjusted EBITDA of HK$2.9 billion. The Group maintained strong liquidity of HK$17.2 billion.

MGM Resorts International reported record third quarter 2024 consolidated net revenues of $4.2 billion, up 5% year-over-year. MGM China achieved record results with net revenues of $929 million, a 14% increase. Net income was $185 million with earnings per share of $0.61. The company repurchased over $300 million of shares in Q3, bringing year-to-date total to $1.3 billion and reducing shares outstanding by 40% since 2021. Las Vegas Strip operations showed revenue of $2.1 billion, up 1%, while Regional Operations revenue increased 3% to $952 million. BetMGM recorded nearly 20% year-over-year revenue growth and announced plans to pursue sports betting in Brazil with Grupo Globo.

MGM Resorts International (NYSE: MGM) and Marriott International, Inc. (Nasdaq: MAR) have announced plans to convert an iconic property on the Las Vegas Strip to W Las Vegas, part of the W Hotels brand within the Marriott Bonvoy® portfolio. This conversion, anticipated to complete later this year, is the latest step in the companies' long-term strategic licensing agreement announced in July 2023.

Since the MGM Collection with Marriott Bonvoy officially launched in March 2024, bookings have significantly outpaced projections. The collaboration allows Marriott Bonvoy's 200 million members to enjoy benefits and redeem points at MGM Resorts' destinations, while MGM Rewards members can status match and receive benefits at Marriott's global portfolio of approximately 9,000 properties.

Located on the Mandalay Bay Campus, W Las Vegas will be the 12th destination on the Las Vegas Strip within the MGM Collection with Marriott Bonvoy, joining properties such as Bellagio, ARIA Resort & Casino, and The Cosmopolitan of Las Vegas.

BetMGM (NYSE: MGM) has been named the 2024 "Online Casino of the Year" by the American Gambling Awards for the third consecutive year. This prestigious recognition, presented by Gambling.com Group (Nasdaq: GAMB), highlights BetMGM's leadership in the U.S. online gambling industry.

Key achievements include:

• Launching exclusive titles and first-to-market games, including the world's first online Buffalo slot
• Setting a U.S. record for the largest progressive jackpot at $6 million in New Jersey
• Becoming the exclusive home of NHL, MLB, and NBA-endorsed slot games
• Implementing innovative engagement strategies like the Super Bowl Spins Giveaway
• Expanding partnerships, including with Marriott Bonvoy for enhanced rewards options
• Strengthening responsible gaming initiatives through the GameSense program and partnership with Kindbridge Behavioral Health

MGM Resorts International (NYSE: MGM) has announced that it will release its financial results for the third quarter of 2024 after the market closes on Wednesday, October 30, 2024. The company will host a conference call at 5:00 p.m. Eastern Time on the same day, featuring a brief discussion of the results followed by a question and answer session.

Supplemental slides will be posted prior to the call on MGM's Investor Relations website. The call will be accessible via the Internet or by phone, with a replay available through August 7, 2024. MGM Resorts is an S&P 500® global gaming and entertainment company with a portfolio of 31 unique hotel and gaming destinations globally, including its 50/50 venture, BetMGM, , which offers sports betting and online gaming in North America.