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.
On October 21, 2021, BetMGM announced the signing of NBA legend Kevin Garnett as its new brand ambassador. Garnett will be featured in marketing campaigns, promotions, social media, and fan events. The Hall of Famer aims to enhance BetMGM's visibility as sports betting becomes more mainstream. Matt Prevost, BetMGM's Chief Revenue Officer, expressed enthusiasm about Garnett's unique energy. BetMGM emphasizes responsible gaming education while expanding into new jurisdictions, accessible via its app and desktop platform.
BetMGM has partnered with the Puyallup Tribe to launch retail sports betting at the Emerald Queen Casino in Washington state. This partnership aims to enhance BetMGM's presence in the western U.S. and provide state-of-the-art sports betting experiences at both the Tacoma and Fife locations. Customers will have access to six ticket windows and 30 kiosks in Tacoma, featuring advanced sports viewing technology. The collaboration is seen as a significant step towards expanding BetMGM's footprint while prioritizing responsible gaming education.
MGM Resorts International (NYSE: MGM) is set to release its third-quarter 2021 financial results on November 3, 2021, after market close. A conference call is scheduled for 5:00 PM ET that day, allowing investors to discuss the results and participate in a Q&A session. Supplementary slides will be available on MGM's Investor Relations website prior to the call. The replay will be accessible until November 10, 2021. MGM Resorts operates 31 global hotel and gaming destinations and is actively expanding its market presence in Asia, particularly in Japan.
Genius Sports (NYSE:GENI) has expanded its partnership with Entain and BetMGM to deliver a comprehensive NFL offering, including data feeds and sportsbook content. This 10-year collaboration enhances BetMGM's sportsbook operations across 16 U.S. markets. The agreement allows Entain and BetMGM to access official NFL data, optimizing customer engagement and betting experiences. CEO Mark Locke emphasized the significance of this partnership, which also includes exclusive advertising on NFL digital platforms.
MGM Resorts International has finalized the acquisition of Infinity World Development Corp's 50% stake in CityCenter Holdings for $2.125 billion. Additionally, the company completed a sale-leaseback transaction with Blackstone for the real estate assets of Aria and Vdara valued at $3.89 billion. Following these deals, MGM has eliminated CityCenter's total debt of $1.73 billion, while maintaining operational management of the properties. As of June 30, 2021, CityCenter had $307 million in cash reserves.
MGM Resorts International (NYSE: MGM) announced that it has been selected as the integrated resort partner for Osaka, in collaboration with joint-venture partner ORIX. This selection marks a significant milestone in MGM's pursuit to develop one of Japan's first integrated resorts, with an initial investment of approximately $10 billion. The project aims to attract around 20 million annual visitors and generate 15,000 jobs. The next step involves submitting an Area Development Plan to Japan's government by April 2022, with potential licensing in 2022.
MGM Resorts International has announced a definitive agreement to acquire The Cosmopolitan of Las Vegas from Blackstone for $1.625 billion. This transaction, representing an approximate eight times adjusted EBITDA, includes operational synergies and revenue growth potential. MGM will enter a 30-year lease for the property while maintaining a strong financial commitment of an initial annual rent of $200 million. The Cosmopolitan generated $234 million in net revenue during Q2 2021 and has seen over $500 million in capital improvements since 2014.
BetMGM, a top sports betting and digital gaming company, has signed MMA journalist Ariel Helwani as a brand ambassador. Helwani will incorporate BetMGM into his promotional content and participate in marketing campaigns and fan events. His influence in the MMA community aligns with BetMGM's expansion in sports betting across various states. The company continues to prioritize responsible gaming education while growing its market presence. BetMGM, a collaboration between MGM Resorts and Entain, offers innovative gaming solutions and maintains a focus on customer responsibility.
MGM Resorts and BetMGM have partnered with the American Gaming Association (AGA) for the 'Have A Game Plan' initiative, which encourages responsible sports wagering. This collaboration coincides with the AGA's Responsible Gaming Education Week. The companies will utilize social media and their platforms to disseminate responsible gaming tips year-round. Richard Taylor, BetMGM's Responsible Gambling Program Manager, highlighted their commitment through GameSense, an industry-leading program to promote safe gambling practices. This initiative underscores MGM Resorts and BetMGM's dedication to responsible gaming education as they expand their sports betting operations.
MGM Resorts International is aware of DraftKings' potential offer for Entain plc. As Entain's exclusive U.S. online sports betting partner via BetMGM, MGM asserts that any competing business ownership by Entain will require its consent. MGM emphasizes the importance of maintaining control over BetMGM to capture growth in the U.S. online market. The company intends to engage with both Entain and DraftKings to address exclusivity arrangements. PJT Partners is advising MGM in this matter.