MGM Resorts International Statement Regarding DraftKings' Possible Offer For Entain
MGM Resorts International is aware of DraftKings' potential offer for Entain plc. As Entain's exclusive U.S. online sports betting partner via BetMGM, MGM asserts that any competing business ownership by Entain will require its consent. MGM emphasizes the importance of maintaining control over BetMGM to capture growth in the U.S. online market. The company intends to engage with both Entain and DraftKings to address exclusivity arrangements. PJT Partners is advising MGM in this matter.
- MGM maintains a strong position as Entain's exclusive partner in the U.S. online sports betting market through the BetMGM joint venture.
- MGM's control over BetMGM is aimed at capturing growth opportunities in the expanding U.S. online gaming sector.
- The potential offer from DraftKings creates uncertainty regarding the future of MGM's partnership with Entain.
- Any competing ownership by Entain may disrupt MGM's strategic objectives concerning BetMGM.
LAS VEGAS, Sept. 21, 2021 /PRNewswire/ -- MGM Resorts International ("MGM") is aware of DraftKings Inc.'s ("DraftKings") possible offer for Entain plc ("Entain").
MGM is Entain's exclusive partner in the U.S. online sports betting and iGaming market through our highly successful 50/50 joint venture BetMGM LLC ("BetMGM"). As a consequence, any transaction whereby Entain or its affiliates would own a competing business in the U.S. would require MGM's consent.
MGM's priority is to ensure that BetMGM continues to capture the growing U.S. online opportunity and realizing MGM's vision of becoming a premier global gaming entertainment company. MGM believes that having control of the BetMGM joint venture is an important step towards achieving its strategic objectives.
MGM will engage with Entain and DraftKings, as appropriate, to find a solution to the exclusivity arrangements which meets all parties' objectives.
PJT Partners is serving as an advisor to MGM Resorts.
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 destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. 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.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the continued impact of the COVID-19 pandemic on the Company's business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). 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.
MGM RESORTS CONTACTS: | |
Investment Community | News Media |
CATHERINE PARK | BRIAN AHERN |
Executive Director, Investor Relations | Director of Media Relations |
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SOURCE MGM Resorts International
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