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.
MGM Resorts International (NYSE: MGM) is set to release its financial results for the fourth quarter and full year 2020 on February 10, 2021, after market close. A conference call will occur at 5:00 p.m. ET to discuss results and answer questions. Supplemental materials will be available on MGM’s Investor Relations website. Investors can access the call online or via telephone. A replay will be available until February 17, 2021. This announcement follows MGM's ongoing efforts in expanding its presence and offerings in the entertainment sector.
MGM Resorts International announced it will not make a revised offer for Entain plc after rejecting a previous all-stock proposal at a 0.6x exchange ratio. The company reiterated its commitment to BetMGM, its joint venture with Entain, which aims to operate in 20 states by the end of 2021. MGM emphasized its focus on remaining a global leader in omni-channel gaming and entertainment while exploring strategic opportunities. The company reserves the right to reconsider its stance on Entain under specific circumstances.
MGM Resorts International (NYSE: MGM) is sponsoring the 39th annual Dr. Martin Luther King Jr. Parade on January 18, 2021, marking 11 years of support. This year, the event will be virtual and feature entertainment like DJs and marching bands. MGM employees will also engage in community service projects throughout January, honoring Dr. King's legacy. MGM has a strong presence in the global entertainment industry with 29 hotels and gaming options, including brands like Bellagio and MGM Grand, and aims for sustainable growth.
BetMGM has been recognized as one of the Best Places to Work in 2021 by Glassdoor, ranking in the Top 20 with an impressive rating of 4.8 out of 5 in the U.S. small and medium company category. The award reflects feedback from employees and highlights BetMGM's growth, having tripled its workforce to 350 team members. CEO Adam Greenblatt emphasized the company's commitment to maintaining a supportive culture during remote work.
BetMGM also prioritizes responsible gaming through its newly formed Responsible Gambling Council.
The Washington Nationals have formed a multi-year, exclusive partnership with BetMGM, a premier sports betting and digital gaming company. This collaboration includes the establishment of a BetMGM Sportsbook adjacent to Nationals Park and a mobile betting app for fans. The partnership aims to enhance the fan experience through unique campaigns and co-branding opportunities. BetMGM, operational in 11 states and seeking expansion into Virginia, emphasizes responsible gaming. This agreement solidifies BetMGM's status as the Official Sports Betting Partner of the Nationals.
MGM Resorts International (NYSE: MGM) has received a non-binding letter of intent from its largest shareholder, IAC, expressing support for MGM's proposed acquisition of Entain. The proposal includes an exchange of 0.6 MGM shares for each Entain share, valuing Entain at 1,383 pence per share, a 22% premium. IAC believes the merger will create a global leader in gaming and enhance BetMGM's growth prospects. A partial cash alternative may be offered to Entain shareholders, potentially funded by IAC's additional investment of up to $1 billion.
MGM Resorts International (NYSE: MGM) acknowledges Snow Lake Capital's letter concerning MGM China Holdings Limited. The Board reaffirms their commitment to Macau and emphasizes actions that benefit shareholders and stakeholders. Continued engagement with MGM China shareholders is appreciated. The company remains focused on growth opportunities and maintaining its leadership in the global entertainment industry while addressing challenges posed by COVID-19 and international market conditions.
MGM Resorts International has appointed Jonathan Halkyard as its new Chief Financial Officer. Previously CEO of Extended Stay America, Halkyard brings over 13 years of experience from Caesars Entertainment, where he held various roles including CFO. He will oversee all financial activities across MGM's global portfolio and report to Bill Hornbuckle, President and CEO. The leadership transition aims to enhance financial discipline and strategic execution amidst the ongoing recovery from the pandemic.
BetMGM has officially launched its sports betting app in Iowa, enhancing its market presence to eight states. Announced on January 4, 2021, the app provides users access to rewards from MGM Resorts, allowing them to redeem gameplay for experiences across various locations. The app offers a user-friendly interface for betting options, including pre-game and live in-play wagers. BetMGM emphasizes responsible gaming and integrates with the M life Rewards program for additional benefits, further solidifying its competitive stance in the iGaming market.
MGM Resorts International (NYSE: MGM) announced a proposal to acquire Entain plc by offering 0.6 MGM shares for each Entain share, valuing Entain at 1,383 pence per share, a 22% premium based on Dec 31, 2020 closing prices. If accepted, Entain shareholders would own about 41.5% of the combined entity. MGM aims to enhance its control over the BetMGM business and expand its global gaming operations. However, Entain's board believes the offer undervalues the company and has requested a strategic rationale from MGM.