Mgm Resorts Stock Price, News & Analysis

MGM Resorts International (NYSE: MGM) has priced a public offering of $850 million in 6.125% senior notes due 2029, upsized from the originally announced $675 million. The offering is expected to close on September 17, 2024. The company plans to use the net proceeds to repay existing debt, including its 5.750% senior notes due 2025, pay transaction-related fees, and for general corporate purposes. The notes will be general unsecured senior obligations, guaranteed by most of MGM's wholly owned domestic subsidiaries. Multiple financial institutions will act as joint book-running managers and co-managers for the offering. This offering is made under a prospectus supplement and accompanying prospectus filed with the SEC.

BetMGM, a leading sports betting and iGaming operator, has launched a new TV campaign for the 2024 football season featuring Academy and GRAMMY Award-winner Jamie Foxx. The campaign, directed by Brian Billow, showcases Foxx's comedic range through various character impersonations, highlighting BetMGM's brand DNA and customer-centric approach.

The series includes three spots: 'Anthem', showcasing fans' emotions and BetMGM's rewards program; 'Second Chance', promoting a new touchdown betting feature; and 'Feel Welcome', highlighting an offer for new customers. BetMGM operates in 29 markets across North America and emphasizes responsible gaming through its GameSense program.

MGM Resorts International (NYSE: MGM) has announced a proposed offering of $675 million in senior notes due 2029. The company plans to use the net proceeds to repay existing debt, including its outstanding 5.750% senior notes due 2025. The new notes will be general unsecured senior obligations, guaranteed by most of MGM's wholly owned domestic subsidiaries.

The offering will be managed by a group of prominent financial institutions, including BofA Securities, J.P. Morgan Securities, and Barclays Capital. MGM Resorts, an S&P 500® global gaming and entertainment company, operates 31 unique hotel and gaming destinations globally and is involved in sports betting and online gaming through its venture BetMGM,

MGM Resorts International (NYSE: MGM) and BetMGM are expanding their responsible gaming initiatives for the 2024 NFL season. They will increase GameSense® messaging at nine NFL stadiums, promoting responsible gambling practices. BetMGM plans to release new advertisements featuring brand ambassadors to highlight responsible gaming resources.

MGM Resorts is contributing $440,000 to fund responsible gaming research through partnerships with the International Center for Responsible Gaming and Kindbridge Research Institute. The company has also certified over 500 employees in its GameSense Advisor Program. Both companies will continue to partner with the American Gaming Association's Have A Game Plan.® Bet Responsibly.™ campaign to educate bettors on responsible sports wagering.

The Fountains of Bellagio celebrated its 25th anniversary by unveiling its 40th show, choreographed by Marriott Bonvoy Elite member Scott Krupa. This marks the first time a guest has created a Fountains of Bellagio show, facilitated through the Marriott Bonvoy Moments platform. Krupa, from Atlanta, redeemed over 2.4 million Marriott Bonvoy points for this once-in-a-lifetime experience. The partnership between MGM Resorts and Marriott Bonvoy offers members unique opportunities to redeem points for extraordinary experiences. MGM Collection with Marriott Bonvoy features 16 iconic hotels and resorts, including Bellagio, ARIA, and The Cosmopolitan of Las Vegas. The Marriott Bonvoy Moments platform provides an array of exclusive experiences, and more are set to launch during the Formula 1 Las Vegas Grand Prix this fall.

BetMGM, a leading iGaming and sports betting company, has introduced a groundbreaking feature for Nevada bettors: seamless nationwide connectivity through a single digital wallet. This innovation allows Nevada residents and visitors to wager in the state and carry their funds to BetMGM mobile markets nationwide, making it the first sports betting app to offer this convenience.

Key points:

• Users can sign up once in-person at an MGM Resorts property in Nevada
• The app is available across all U.S. BetMGM mobile markets
• New Nevada customers can receive a first bet offer of up to $250 in bonus bets
• BetMGM operates in 29 markets across North America
• The company focuses on responsible gambling education, integrating GameSense into its platforms

MGM Resorts International (NYSE: MGM) has appointed Keith Barr, former CEO of IHG Hotels & Resorts, to its Board of Directors. Barr, with over 30 years of experience in the hospitality industry, becomes the 12th board member. His tenure at IHG included successful initiatives that increased revenues, improved operational efficiency, and built a more customer-centric culture.

Paul Salem, Chair of the MGM Resorts Board, praised Barr's leadership skills and innovation, while CEO Bill Hornbuckle highlighted the value of Barr's expertise in building a successful international business as MGM pursues its own global growth strategy. Barr's experience spans roles as CEO of Greater China, COO of Australia and New Zealand, and various positions in the Americas with IHG.

MGM Resorts International (NYSE: MGM) has been named a Pinnacle Inclusion Index Company in the 2024 Seramount Inclusion Index for the second consecutive year. This recognition highlights MGM Resorts' commitment to fostering an equitable and inclusive workplace across its operations. The company excelled in three key areas: effective practices in recruitment, retention, and advancement of underrepresented groups; fostering an inclusive corporate culture; and demographic workforce diversity.

Out of 160 organizations that applied, only 29 achieved the highest-rated Pinnacle tier. Chief People, Inclusion and Sustainability Officer Jyoti Chopra emphasized the company's dedication to cultivating a culture of belonging and opportunity. This recognition underscores MGM Resorts' commitment to its core values and its focus on empowering and supporting its employees.

MGM Resorts International and Grupo Globo have formed a new venture to seek a sports betting and iGaming license in Brazil. The venture aims to launch under the BetMGM brand in early 2025, pending regulatory approval. This strategic alliance combines MGM Resorts' gaming expertise with Grupo Globo's market reach and consumer knowledge in Brazil.

Key points:

• Brazil has over 20 million active bettors and an estimated market size of $3+ billion
• The venture will have exclusive rights to MGM Resorts' iconic brands
• Headquarters will be established in Sao Paulo
• The Brazilian market is growing at double-digit rates annually

This move aligns with MGM Resorts' goal to become the world's premier gaming entertainment company and marks a significant step in their growth strategy.