Mgm Resorts Stock Price, News & Analysis

MGM Resorts International will participate in Bernstein's 37th Annual Strategic Decisions Conference on June 3, 2021, with CEO Bill Hornbuckle speaking at 11:00 a.m. Eastern Time. A live webcast will be accessible on their Investor Relations website. MGM Resorts operates 31 hotel and gaming destinations globally, along with BetMGM, a sports betting venture. The company actively pursues expansion in Asia, notably in Japan, and emphasizes sustainability in its operations. For further details, visit their official website.

BetMGM has signed NHL icon Wayne Gretzky as a brand ambassador in a multi-year deal. This partnership aims to enhance BetMGM's marketing efforts in hockey and across North America. Gretzky, a Hockey Hall of Famer with numerous records, expressed excitement about joining BetMGM as it expands into new markets, including potential growth in Canada. Matt Prevost, Chief Revenue Officer at BetMGM, praised Gretzky's ability to elevate their brand story. BetMGM continues to focus on responsible gaming as its app expands availability.

On May 28, 2021, BetMGM announced a partnership with NYRA Bets, the official online wagering platform of the New York Racing Association. This collaboration aims to enhance the horse racing experience for BetMGM customers, allowing them to watch and wager on over 200 tracks globally. BetMGM will integrate NYRA Bets' technology into its Horse Racing app and desktop platforms, providing access to live streaming, race replays, and major U.S. events like the Kentucky Derby. This partnership highlights BetMGM's commitment to expanding its offerings in the burgeoning sports betting market.

On May 21, 2021, retired Military Working Dog Popeye was reunited with his handler, U.S. Army veteran Michael Steponovich, at MGM Resorts' The Mirage in Las Vegas. This emotional reunion was facilitated by American Humane, which supports U.S. Armed Forces veterans and their service dogs. Popeye, a seven-year-old German Shepherd, served in explosive detection in South Korea. MGM Resorts emphasized its commitment to veteran support through its Military Veteran Program. American Humane ensures retired MWDs receive medical care, enhancing their post-service quality of life.

MGM Resorts International (NYSE: MGM) has received approval from the Nevada Gaming Control Board to operate at 100% occupancy without social distancing on gaming floors in its Las Vegas Strip properties, including Bellagio and MGM Grand. This decision reflects progress in the recovery from COVID-19, supported by vaccination efforts. While gaming areas will fully reopen, 80% occupancy and social distancing will remain in non-gaming areas. MGM's vaccination initiatives include on-site clinics and incentive campaigns to encourage employee vaccinations.

MGM Resorts and MGM Growth Properties have finalized an agreement for MGP to acquire the real estate assets of MGM Springfield in Western Massachusetts for approximately $400 million in cash. Following the transaction, MGM Resorts will continue operating the property under a master lease with an increased annual rent of $30 million. The sale is expected to close in Q4 2021, pending regulatory approvals. Both companies view this deal as beneficial for shareholders, with MGM Springfield showing strong financial performance, delivering record Adjusted Property EBITDAR in Q1 2021.

BetMGM has launched BetMGM Poker and Borgata Poker in Pennsylvania, marking the state as the third to offer these services. The launch enables players to access benefits associated with the Borgata Hotel, Casino & Spa and other MGM resorts. New players can receive a $25 bonus and a 100% deposit match up to $600. There are also promotional events scheduled, including a $40,000 Crossover Invitational Freeroll. BetMGM emphasizes responsible gaming practices while integrating with the M life Rewards program for enhanced customer experiences.

MGM Resorts International reported a Q1 2021 net revenue of $1.6 billion, down 27% year-over-year. The operating loss was $247 million, a stark contrast to a previous income of $1.3 billion. The company saw a net loss of $332 million compared to a $807 million profit last year. Despite these challenges, regional operations showed revenue growth of 59% while MGM China reported a 9% increase in revenues. The company maintains strong liquidity with $9.7 billion available and began returning capital to shareholders through repurchases.