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.
Casino del Mar at La Concha Resort has partnered with BetMGM to expand sports betting in Puerto Rico. This marks BetMGM's first market access agreement outside the U.S. mainland, subject to regulatory approval. Sports betting will be available both retail and online, with plans to launch a retail sportsbook and the BetMGM mobile app. Officials express this partnership's potential to enhance local tourism and the economy. BetMGM aims to provide responsible gaming resources as it grows into new markets.
BetMGM has officially launched its mobile sports betting platform in Wyoming, becoming one of the first operators in the state. This marks Wyoming as the 14th market for BetMGM ahead of the football season. CEO Adam Greenblatt expressed excitement over this expansion, highlighting its significance in extending their footprint in the West. The BetMGM app offers various betting options, integrating with MGM Resorts' M life Rewards program for customer benefits.
On August 19, 2021, BetMGM announced a partnership with Liv Hospitality to launch sports betting at Tin Lizzie Gaming Resort and Cadillac Jack's in Deadwood, South Dakota. This follows the approval of the Deadwood Sports Betting Legalization Amendment by voters on November 3, 2020. Pending regulatory approval, BetMGM's mobile app will be available within both resorts, alongside retail sportsbooks featuring kiosks and counter wagering. BetMGM CEO Adam Greenblatt emphasized the partnership's potential to enhance the sports betting experience for local fans.
On August 9, 2021, BetMGM announced partnerships with Gila River Hotels & Casinos and the Arizona Cardinals to expand its sports betting operations in Arizona. The collaboration includes retail sportsbooks at Gila River's three Arizona locations and State Farm Stadium, aiming for a launch in time for the 2022 NFL season. BetMGM’s CEO expressed confidence in delivering a premier sports betting experience, while Gila River's CEO highlighted the synergy with both partners. Responsible gaming remains a key focus as BetMGM continues to grow in new markets.
MGM Resorts International (NYSE: MGM) reported strong financial results for Q2 2021, with consolidated net revenues of $2.3 billion, a 683% increase year-over-year, driven by increased travel demand and easing pandemic-related restrictions. The company achieved an operating income of $264 million, recovering from a $1 billion loss in the prior year. Notable highlights include record EBITDAR margins for both Las Vegas and Regional operations. MGM also entered strategic transactions, including a $4.4 billion cash agreement with VICI Properties, enhancing liquidity and positioning for future growth.
MGM Resorts International has struck a definitive deal with VICI Properties and MGM Growth Properties to redeem MGP operating partnership units at $43 each, totaling approximately $4.4 billion. This simplifies MGM's structure and provides over $11.6 billion in liquidity, enhancing shareholder value. The agreement values MGP at $17.2 billion, including $5.7 billion in assumed debt. The lease terms include an initial 25-year term with $860 million annual rent. MGM will retain a 1% stake in VICI, valued at $370 million. The transaction is anticipated to close in H1 2022.
BetMGM announces a partnership with Cheddar News to launch Cheddar Bets, a weekly program exploring the intersection of sports betting and financial markets. The show, premiering on August 19, will air Thursdays at 4:30 p.m. ET and is set to feature insights from BetMGM's oddsmakers. This collaboration positions BetMGM as the Exclusive Sports Betting Partner of Cheddar News, highlighting their commitment to engaging audiences and expanding their content offerings in the sports betting arena.
On July 28, 2021, BetMGM announced the signing of NFL star Marshawn Lynch as a brand ambassador. Lynch, recognized for his remarkable football career, will participate in various marketing campaigns and fan events. His role includes engaging with BetMGM players and appearing in social media content. Matt Prevost, BetMGM's Chief Revenue Officer, emphasized Lynch's impressive impact on football and his celebrity status as key factors in this partnership. BetMGM continues to prioritize responsible gaming education as it expands its services.
Inspired Entertainment has launched its V-Play Plug & Play™ solution at BetMGM, Borgata, and Party Casino in New Jersey. This offering includes a range of virtual sports such as NFL Alumni football, basketball, and soccer. The partnership aims to enhance player experiences and expand Inspired's market presence. With over 40,000 retail channels and availability in 35 countries, Inspired's virtual sports content is recognized globally. The collaboration promises to attract more players, boosting potential revenue for both companies.
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.