Mgm Resorts - MGM STOCK NEWS

MGM Resorts (NYSE: MGM) and BetMGM have announced a five-year contract extension with the British Columbia Lottery Corporation (BCLC) for their responsible gaming program, GameSense. This partnership aims to enhance customer service by promoting positive conversations about responsible gambling. The agreement, coinciding with Problem Gambling Awareness Month, will involve further commitments to research and responsible gaming practices. MGM Resorts has integrated GameSense into all its platforms, reaching over 100,000 customers monthly with responsible gaming information. The contract extension is set to strengthen efforts in responsible gaming as sports betting and iGaming continue to expand.

MGM Resorts International (NYSE:MGM) and BetMGM have launched MGM Riches, their first custom omnichannel slot experience. This multi-denomination, multi-level progressive slot game features two themes: 'MGM Riches Triple Ruby' and 'MGM Riches 5x Sapphire.' Players can access this game online via BetMGM and at MGM properties in 15 U.S. states, with an upcoming launch in West Virginia. This initiative integrates MGM Rewards and BetMGM Rewards, allowing players to earn Tier Credits and redeem rewards across both platforms. The launch aims to enhance the gaming experience and engagement for customers.

MGM Resorts International has announced the launch of its luxury Bellagio Fountain Club, offering exclusive access during the FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX, from November 16-18, 2023. The experience includes premium viewing of the race, unlimited food and beverages by renowned chefs like Mario Carbone and David Chang, and unique amenities such as F1 racing simulators and a private indoor hospitality deck. Ticket packages include accommodations at MGM properties, though adjacent Bellagio Grandstands are sold out.

High demand for the event suggests a lucrative opportunity for MGM, aligning with its vision to become a premier destination for F1 fans.

BetMGM has announced a groundbreaking pledge to enhance the visibility of responsible gaming messages in its marketing, starting March 1, 2023, in alignment with Problem Gambling Awareness Month. This initiative includes promoting responsible gaming within the BetMGM mobile app and across various advertising platforms, including billboards and social media, in the U.S. and Canada. Developed in collaboration with GameSense, the program offers tools for setting spending limits and addressing gambling myths. BetMGM aims to lead the industry in responsible gaming, with CEO Adam Greenblatt highlighting the importance of research in addressing problem gambling issues.

VICI Properties reported significant financial growth for 2022, achieving a 72.3% increase in total revenues, amounting to $2.6 billion. The company reported a 100.9% rise in Q4 revenues to $769.9 million, with net income attributable to common stockholders rising 10.2% to $1.1 billion. Significant transactions included a $22.8 billion acquisition total, notably from MGM Growth Properties and the Venetian Resort. VICI's AFFO increased 61.7% year-over-year, reaching $1.7 billion. For 2023, VICI anticipates AFFO between $2.10 and $2.13 per share, indicating ongoing growth.

MGM Resorts International (NYSE: MGM) has become the first gaming company to endorse the United Nations' CEO Water Mandate, a global initiative aimed at addressing water-related challenges. CEO Bill Hornbuckle emphasized the importance of innovative water management in the context of ongoing droughts and climate change in the Western U.S. MGM has made significant strides in sustainability, having reduced water use by 37% from 2007 to 2021 and avoided using 5.6 billion gallons through conservation efforts. The company also concluded its Global Water Policy in 2022, promoting responsible water management across its operations.

CNE Gaming Holdings LLC, a subsidiary of Cherokee Nation Businesses, has taken over operations of Gold Strike Casino Resort following approval from the Mississippi Gaming Commission. The acquisition cost approximately $450 million in cash, purchased from MGM Resorts International. As a part of the transaction, a long-term lease was signed with VICI Properties Inc., which owns the property. The acquisition aims to expand CNE's presence in the gaming industry outside Oklahoma, retaining over 1,100 employees and maintaining the casino's existing operations and offerings. Key executives expressed enthusiasm about enhancing their hospitality portfolio.

Anaxi, Aristocrat's online Real Money Gaming business, has formed a strategic partnership with BetMGM, enabling the exclusive delivery of Aristocrat’s gaming content on BetMGM's online casino platform. This collaboration marks the launch of Anaxi's gaming content in North America, enhancing BetMGM's offerings with iconic games from Aristocrat. Anaxi, established in 2022, aims to innovate online gaming experiences through its creative technology and global content studios. The partnership aligns with BetMGM's commitment to responsible gambling and broad market expansion.

VICI Properties Inc. (NYSE: VICI) has announced a triple-net lease agreement with Cherokee Nation Businesses (CNB) related to Gold Strike Casino Resort's acquisition. The lease starts with an annual rent of $40 million for an initial term of 25 years, with annual escalations of 2%. This agreement follows the reduction of annual base rent under VICI's master lease with MGM Resorts International (NYSE: MGM) by $40 million, now totaling $730 million. The lease terms are guaranteed by CNB, enhancing VICI's stability in the gaming and hospitality sector.