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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 August 3, 2020, BetMGM announced a multi-year partnership with the PGA TOUR, becoming an Official Betting Operator. This agreement grants BetMGM the rights to use PGA TOUR branding and access to media advertising, including pre- and post-game betting programming. BetMGM's mobile app is currently available in seven states with plans to expand to eleven by the end of 2020. The partnership aims to enhance BetMGM's offerings while driving sports betting engagement among fans, backed by PGA TOUR's significant presence in the gaming industry.
MGM Resorts International reported a 91% drop in consolidated net revenues to $290 million for Q2 2020 due to COVID-19 restrictions. The operating loss was $1 billion, compared to a profit of $371 million in the prior year. A net loss of $857 million was recorded, with diluted loss per share of $1.67. Despite these challenges, MGM highlighted its strong liquidity of $4.8 billion and ongoing re-openings of Las Vegas properties. The company remains focused on long-term opportunities while navigating a challenging environment.
MGM Resorts International has appointed William (Bill) J. Hornbuckle as Chief Executive Officer and President, effective immediately. Hornbuckle, who has served as Acting CEO since March 2020, succeeds Jim Murren. The Board of Directors unanimously selected him to lead the company through challenging times. Hornbuckle expressed his honor in taking on this role, emphasizing a focus on long-term recovery and employee welfare. His extensive experience in the gaming industry positions him well for the leadership role as MGM looks toward future growth.
On July 9, 2020, the Denver Broncos and BetMGM announced a multi-year partnership, marking BetMGM as the official sports betting partner of the team. This agreement enables BetMGM to enhance fan engagement at Empower Field with exclusive offerings such as premium lounges, travel packages, and a free-to-play game. The collaboration aims to leverage MGM Resorts' loyalty program, M life Rewards, and includes in-stadium promotions and digital marketing. The BetMGM mobile app launched recently in Colorado, offering new users bonuses on their first bets.
ROAR Digital, LLC, the operator of BetMGM, announced a second round of investment totaling $450 million from its shareholders, MGM Resorts and GVC Holdings. This follows an initial commitment of $200 million, bringing the total investable capital to over $370 million. BetMGM is on track to generate over $130 million in net revenues this year, mainly from iGaming in New Jersey. With market access to 19 states and a 210% growth in gross gaming revenue in Q2 2020, the company aims to establish itself as a leader in the rapidly growing U.S. sports betting and iGaming markets.
MGM Resorts International has announced a mandatory mask policy for all guests and visitors across its properties in the U.S., effective June 24, 2020. This is part of the company's ongoing health and safety measures to combat the spread of COVID-19. Employees have been required to wear masks since earlier, while guest requirements previously depended on local regulations. MGM will provide masks for guests who need them, and those unwilling to comply will be asked to leave. The initiative is part of MGM's Seven-Point Safety Plan, aimed at ensuring a safe environment for all.
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