Mgm Resorts Stock Price, News & Analysis

MGM Resorts International announces the return of major entertainment acts to Las Vegas, marking a significant step in the city's recovery. The flagship show, "O" by Cirque du Soleil, celebrated its reopening on July 1, 2021, drawing a sold-out audience after a 16-month hiatus. Other high-profile performances include Bruno Mars and Dave Chappelle, enhancing MGM's entertainment lineup. CEO Bill Hornbuckle emphasized the importance of these events in attracting tourists back to Las Vegas.

MGM Resorts International (NYSE: MGM) will announce its second quarter 2021 financial results on August 4, 2021, after market closure. A conference call is scheduled for 5:00 p.m. ET that day, featuring a discussion on the results and a Q&A session. Supplemental materials will be available on the Investor Relations website. A replay of the call will be accessible until August 11, 2021, through specific dial-in numbers.

MGM Resorts International (NYSE: MGM) has announced its definitive agreement to buy Infinity World Development Corp's 50% stake in CityCenter Holdings for $2.125 billion. This acquisition will make MGM the sole owner of CityCenter, enhancing its position on the Las Vegas Strip. The deal includes a valuation of $5.8 billion based on a net debt of $1.5 billion. Additionally, MGM will monetize its Aria and Vdara properties under a separate agreement with Blackstone for $3.89 billion, with a subsequent annual rent of $215 million.

MGM Resorts International has launched a groundbreaking 100-megawatt solar array, marking the largest directly sourced renewable electricity project in the hospitality industry. This array powers up to 90% of MGM Resorts' daytime energy needs for its 13 properties on the Las Vegas Strip, which collectively house over 36,000 rooms. The array features 323,000 solar panels across 640 acres and significantly advances MGM's sustainability goals, including a 50% reduction in greenhouse gas emissions by 2030 and sourcing 100% renewable electricity in the U.S. by 2030.

BetMGM's CEO, Adam Greenblatt, has been recognized as one of the Top CEOs in 2021 in the U.S. Small and Medium Business category by Glassdoor. Greenblatt achieved an impressive ranking of 10th out of 50 with a 98% approval rating from employees. The annual awards highlight leaders who excelled in supporting their teams, especially during the COVID-19 crisis. BetMGM, a leader in sports betting and gaming, was founded in 2018 and is a joint venture between MGM Resorts International and Entain Plc.

BetMGM has launched its sports betting app in Washington, D.C., in collaboration with the Washington Nationals, becoming the exclusive mobile sports betting app at Nationals Park. As part of a multi-year partnership, BetMGM will also open a retail sportsbook at the stadium. Users must be within a two-block radius of the park to place mobile bets. The app integrates with MGM Resorts' M life Rewards program, allowing fans to redeem gameplay for experiences at MGM properties across the U.S.

The Professional Fighters League (PFL) has entered a partnership with BetMGM, designating it as a "US Authorized Gaming Operator of the PFL." This collaboration allows fans to wager on PFL events, starting with PFL 4 on June 10, 2021. BetMGM will offer unique promotions and access to PFL logos. PFL CEO Peter Murray emphasized the aim to enhance betting experiences. The PFL has rapidly become the No. 2 MMA organization globally, with significant backing from major brands and expansion into 160 countries.

MGM Resorts International announces the appointment of Tilak Mandadi as Chief Strategy, Innovation & Technology Officer, effective July 6. Mandadi will lead MGM's digital strategy and oversee its relationship with BetMGM. His extensive experience includes roles at Disney and American Express, where he drove guest-centric growth through technology. MGM's CEO, Bill Hornbuckle, emphasizes the importance of innovation during the post-pandemic recovery. Mandadi's leadership aims to enhance customer experiences and expand MGM's digital footprint.