Welcome to our dedicated page for MGM RESORTS INTERNATIONAL news (Ticker: MGM), a resource for investors and traders seeking the latest updates and insights on MGM RESORTS INTERNATIONAL 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.
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BetMGM has officially launched its online casino in Pennsylvania, enhancing its portfolio with over 140 online slots and table games. This launch is complemented by the integration with MGM Resorts' M life Rewards program, allowing players to redeem gameplay for experiences at MGM properties. Future plans include introducing a sports betting offering in the state, pending regulatory approvals. BetMGM's CEO, Adam Greenblatt, expressed enthusiasm about offering a comprehensive gaming experience to Pennsylvania residents.
On November 24, 2020, the Pittsburgh Steelers announced BetMGM as their First Gaming Partner. The partnership includes sponsorship of the Steelers Kickoff pregame show and various media promotions. BetMGM will utilize Steelers branding and will become an Official Sports Betting Partner in Pennsylvania upon launching their online sports betting product. The collaboration features weekly contests with significant prizes and enhanced fan engagement opportunities. BetMGM anticipates launching its online casino and sports betting services in Pennsylvania by the end of 2020, pending regulatory approval.
MGM Resorts International (NYSE: MGM) received the "Responsibility" H.E.R.O.E.S award from the Western Regional Minority Supplier Development Council for its leadership in inclusion and sustainable programs supporting Minority Businesses. This recognition highlights MGM's commitment to supplier diversity, with efforts focused on economic empowerment in Northern California, Nevada, and Hawaii. The company's procurement strategy aims to broaden its supplier base, fostering entrepreneurship and supporting over 760,000 jobs and $11 billion in revenue generated by minority businesses each year.
BetMGM has announced the appointment of Andrew Hagopian as Chief Legal Officer, effective immediately. Hagopian, previously Chief Corporate Counsel at MGM Resorts International, will lead the legal and compliance teams at BetMGM, reporting directly to CEO Adam Greenblatt. His experience includes overseeing legal matters related to gaming regulations and corporate governance. Hagopian holds a J.D. from Georgetown University Law Center and a B.S. from the University of Southern California. This leadership change aims to strengthen compliance as the company expands its operations.
MGM Resorts International (NYSE: MGM) partners with the University of Nevada Las Vegas (UNLV) College of Education to offer free virtual tutoring for children of active employees for the remainder of the 2020-2021 school year. This initiative aims to help alleviate stress for MGM employees and enhance their children's academic success. MGM has a history of investing in employee education, including the MGM Resorts Scholarship Program and partnerships with Nevada's higher education system to support accessibility to education.
MGM China Holdings Limited reported its third-quarter financial results for 2020 amid ongoing challenges from the COVID-19 pandemic. The company faced a staggering 92% drop in visitation and a 93% decrease in gross gaming revenue year-on-year. However, total revenue increased by 41% sequentially to approximately HK$363 million, reducing the adjusted property EBITDA loss to HK$731 million. The company maintains a healthy liquidity position, totaling approximately HK$10.9 billion. MGM China is optimistic about a gradual recovery in the market as travel restrictions ease.
MGM Resorts International reported a significant drop in financial performance for Q3 2020, with net revenues decreasing by 66% year-over-year to $1.1 billion due to pandemic-related restrictions. The company experienced an operating loss of $495 million and a net loss of $535 million, compared to profits in the previous year. Despite these challenges, MGM maintained substantial liquidity of $4.5 billion, aided by a $750 million bond issuance to bolster its financial position. The report highlighted growth in regional operations and strong performance in U.S. sports betting and iGaming through BetMGM.
The Detroit Red Wings have renewed and expanded their partnership with BetMGM, enhancing fan engagement through various promotions and a dedicated stats module in the District Detroit app. The multi-year deal includes an on-ice logo at Little Caesars Arena and further integration of BetMGM's offerings. With this collaboration, both companies aim to enhance the experience for Red Wings fans while emphasizing responsible gambling education through programs like GameSense.