Mgm Resorts - MGM STOCK NEWS

MGM China Holdings Limited announced its unaudited financial results for 2022, reporting a net revenue of approximately HK$5.3 billion, down from HK$9.4 billion in 2021. The company's adjusted EBITDA was negative at HK$1.3 billion, significantly lower than the previous year. Despite market challenges, MGM China achieved a record-high market share of 13.7%. The award of a new 10-year gaming concession contract in December 2022 allows for expanded operations. Visitor numbers have rebounded since restrictions eased, with GGR in January 2023 surging by 83% year-on-year to MOP11.6 billion.

MGM Resorts International reported impressive financial results for 4Q 2022, showcasing net revenues of $3.6 billion, an 18% increase year-over-year. The Las Vegas Strip Resorts saw net revenues rise to $2.3 billion, a 27% jump, aided by the acquisition of The Cosmopolitan. Despite significant share buybacks totaling $2.8 billion in 2022, net income climbed to $284 million from $131 million a year earlier, resulting in a diluted EPS of $0.69. However, the company reported an Adjusted EPS loss of $1.53, impacted by substantial noncash expenses. A $2 billion share repurchase program has been authorized, reflecting ongoing capital return to shareholders.

MGM Resorts International (NYSE:MGM) has been recognized by the Women's Business Enterprise National Council (WBENC) as one of America's Top Corporations for Women's Business Enterprises in 2023. The company is one of only four honored in the travel & hospitality and arts, entertainment & recreation category and the only gaming company acknowledged. MGM Resorts has committed to increasing opportunities for diverse, women-owned businesses, having spent $4.6 billion with such suppliers since 2001. They aim to graduate 150 suppliers from their Supplier Diversity Mentorship Program by 2025 and will be honored at the upcoming WBENC National Conference in March 2023.

The We Bridge Expo, set for April 21-23, 2023, at Mandalay Bay in Las Vegas, is a cultural celebration of Asian entertainment, headlined by K-Pop group ENHYPEN. The event features major acts like KANG DANIEL and VIVIZ, with several artists making their U.S. arena debut. Organized by Infinite Prospects Entertainment and supported by MGM Resorts, We Bridge aims to showcase Asian culture across music, film, and art. The GRAMMY Museum will host panels and performances during the expo, enhancing the experience. Tickets are available now at webridgeexpo.com.

On January 31, 2023, BetMGM announced the launch of retail sports betting at MGM Springfield, Massachusetts, marked by the first legal wager placed by Springfield Mayor Domenic J. Sarno and hockey legend Ray Bourque. BetMGM CEO Adam Greenblatt emphasized the sportsbook as a premier destination for local sports fans, featuring a 45-foot LED wall and multiple betting kiosks. The integration with MGM Rewards enhances user experience, offering rewards redeemable at various MGM Resorts. Local officials, including State Senator Adam Gomez, highlighted the economic benefits, projecting $20-$30 million in revenue from sports betting in Massachusetts.

MGM Resorts International (NYSE: MGM) announced a multi-year partnership with the National Football League Players Association (NFLPA) on January 27, 2023. This collaboration aims to develop original content and enhance fan experiences with current and former NFL players. The agreement includes hospitality benefits for NFL players at MGM properties, creating opportunities for player engagement at events such as the 2023 NFL Pro Bowl Games and Super Bowl LVIII in Las Vegas. The partnership signifies MGM's commitment to football, aligning with premier football events and expanding its reach within the sports industry.

BetMGM, a leading sports betting and iGaming operator, announced its strong financial performance for FY 2022, achieving net revenue of $1.44 billion, surpassing guidance of $1.3 billion. Despite an EBITDA loss of approximately $440 million, the company anticipates being EBITDA positive in the second half of 2023. The business experienced a 51% growth in same-state net revenue and reduced customer acquisition costs by 21%. BetMGM holds a 30% market share in iGaming and 13% in online sports betting, with presence in 25 jurisdictions across North America. The company expects net revenue between $1.8 and $2 billion for FY 2023, alongside a combined additional investment of $150 million from MGM and Entain.

On January 26, 2023, BetMGM, LLC will provide a business update and host a conference call at 10:00 a.m. ET to discuss its results. This sports betting and iGaming operator, jointly owned by MGM Resorts and Entain, continues to lead the U.S. market. The conference call offers an overview of operational results followed by a Q&A session. Interested participants can register for the call to obtain dial-in details. The update will highlight the company's performance and strategic insights relevant to stakeholders and investors.