BetMGM Business Update

Rhea-AI Summary

BetMGM, LLC (MGM) to Deliver $1.8-$2.0 Billion Revenue and EBITDA Profitability in 2023, Focus on Product Enhancements and Technology Updates for Sustainable Growth

Business on Track with Key Enhancements to Drive Sustainable Growth

LAS VEGAS, Dec. 4, 2023 /PRNewswire/ -- BetMGM, LLC ("BetMGM"), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain") will host a business update for analysts and investors at 11:00 a.m. Eastern Time today.

The virtual presentation will provide the latest views on BetMGM's performance to date, product enhancements and technology updates, sources of competitive differentiation and financial outlook. Following the presentations, there will be a live Q&A session.

During the presentation, BetMGM's Chief Executive Officer Adam Greenblatt and Chief Financial Officer Gary Deutsch will focus on the overall strategy and outlook, including:

• Delivery of 2023 guidance, reaching the upper end of $1.8-$2.0 billion revenue and achieving EBITDA profitability in the second half
• Key enhancements in both digital sports and market-leading iGaming product presenting the opportunity to invest competitively behind the brand, driving accelerated player acquisition and aiding player retention
• Clarity on why 2024 is an investment year to drive enterprise value for shareholders; setting a target of approximately $500m EBITDA in 2026

The event, including registration, can be accessed through the following link: https://app.webinar.net/JPrvyDGj8ge
An on-demand replay also will be available after the event.

Q&A participants may access the live audio dial-in, details below:
US: +1 888-440-3307
UK: +44 (0)800 358 0970
Conference ID: 7129324

Presentation slides will be posted prior to the event on websites:

http://investors.mgmresorts.com/investors/events-and-presentations/
https://entaingroup.com/investorrelations/results-centre/

About BetMGM
BetMGM is a market-leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's North America-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com/.

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary LeoVegas AB offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram. 

About Entain PLC
Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, SuperSport and STS; Gaming Brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 40 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set a science-based target, committing to be carbon net zero by 2035 and through the Entain Foundation supports a variety of initiatives, focusing on safer gambling, grassroots sport, diversity in technology and community projects.For more information see the Group's website: www.entaingroup.com

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission and the public filings of Entain PLC. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted revenues, EBITDA, EBITDA margin and expectations regarding future parent funding), projected market share position, expected benefits of single account single wallet implementation and other product and strategic initiatives (including omnichannel), and its expected growth in new and existing jurisdictions. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the significant competition within the gaming and entertainment industry; the Company's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; the Company's ability to manage growth and access the capital needed to support its growth plans; and the Company's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

BETMGM CONTACT:
WITEK WACINSKI
Vice President – Strategy & Development
witek.wacinski@betmgm.com

MGM RESORTS CONTACTS:
Investment Community
SARAH ROGERS
Senior Vice President of Corporate Finance (702) 730-3942 or srogers@mgmresorts.com

ANDREW CHAPMAN
Director, Investor Relations
achapman@mgmresorts.com

News Media
BRIAN AHERN
Executive Director, Media Relations
media@mgmresorts.com

ENTAIN CONTACT:
Investment Community
DAVID LLOYD-SEED
Chief Investor Relations & Communications Officer
investors@entaingroup.com

DAVINA HOBBS
Head of Investor Relations

AIMEE REMEY
VP of US Investor Relations

CALLUM SIMS
Manager of Investor Relations

News Media
LISA ATTENBOROUGH
Head of Media Relations
media@entaingroup.com

JODIE HITCH
PR Manager

 

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SOURCE BetMGM, LLC

FAQ

What is BetMGM, LLC's revenue guidance for 2023?

BetMGM, LLC aims to reach the upper end of $1.8-$2.0 billion in revenue for 2023.

Who are the joint owners of BetMGM, LLC?

BetMGM, LLC is jointly owned by MGM Resorts International (MGM) and Entain plc (ENT).

What are the key enhancements mentioned in the PR?

Key enhancements include improvements in digital sports and iGaming products to drive accelerated player acquisition and retention.

What is the target EBITDA for BetMGM, LLC in 2026?

BetMGM, LLC has set a target of approximately $500 million EBITDA in 2026.

Where can the presentation slides be accessed?

The presentation slides can be accessed on the following websites: http://investors.mgmresorts.com/investors/events-and-presentations/ and https://entaingroup.com/investorrelations/results-centre/