MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

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.

BetMGM announces the first BetMGM West Fest, kicking off Big Game weekend in Glendale, Arizona on February 11, 2023. The event features Tim McGraw and Bailey Zimmerman and will have $57 general admission tickets available for a 24-hour pre-sale starting January 11, 2023, exclusively through the BetMGM mobile app. Public sales commence on January 12, 2023. The Westgate Entertainment District will host the concert, enhancing fan experiences with local restaurants and entertainment options. BetMGM emphasizes responsible gaming practices and will donate a portion of beer garden sales to a local charity.

VICI Properties Inc. has successfully completed the acquisition of a 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay from Blackstone Real Estate Income Trust for approximately $1.27 billion. VICI will also assume a $3 billion property-level debt due in 2032 at a 3.558% interest rate. The acquisition includes a triple-net lease with MGM Resorts generating about $310 million annually, escalating at 2% annually until 2035. The lease term extends until 2050, with two renewal options.

MGM Resorts International (NYSE: MGM) will announce its fourth quarter and full year 2022 financial results after the market closes on February 8, 2023. A conference call is scheduled for 5:00 p.m. ET on the same day, featuring a discussion of the financials and a Q&A session. Supplemental slides will be available on the Investor Relations website before the call. A replay will be accessible until February 15, 2023. MGM continues to focus on creating immersive experiences and expanding its global portfolio.

MGM Resorts International celebrated New Year's Eve 2023 in Las Vegas with star-studded entertainment. Bruno Mars headlined the SelvaRey New Year's Rum Fiesta at Bellagio Resort, performing a 30-minute live set. Meanwhile, The Killers delivered a high-energy concert at The Chelsea Theatre in The Cosmopolitan, including a countdown into the new year. These events underscore MGM's commitment to providing premium entertainment experiences at its resorts.

BetMGM has launched both mobile and retail sports betting operations in Ohio as of January 1, 2023. This initiative includes the BetMGM mobile app, accessible statewide, and retail locations at MGM Northfield Park and Great American Ball Park. The app offers customizable betting options and integrates with MGM Rewards for exclusive experiences. BetMGM also opened new retail sportsbooks in Cleveland and Cincinnati, enhancing its presence in the state. The company emphasizes responsible gambling through its GameSense program, promoting a safe gaming environment for users.

VICI Properties has signed a triple-net lease agreement with Hard Rock International for the Mirage Hotel & Casino, following Hard Rock's acquisition of the property. The lease initiates with annual rent of $90 million for a term of 25 years, with options for renewal every ten years. Rent will increase by 2% annually. This transaction decreases MGM Resorts' annual base rent under its master lease with VICI by $90 million to $770 million. VICI may also fund redevelopment plans for the Mirage through its Partner Property Growth Fund.

MGM Resorts International has completed the sale of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash. The transaction, which aligns with MGM's strategic objectives, is expected to provide approximately $815 million in net cash proceeds post-tax and fees. The sale will also reduce MGM's annual rent by $90 million. MGM retains the Mirage name and will license it to Hard Rock for three years. This move aims to strengthen MGM's balance sheet and support targeted growth opportunities.

BetMGM has become the Official Sports Betting Partner of the Nashville Predators, enhancing its brand visibility at Bridgestone Arena. The multi-year agreement includes branded signage throughout the venue and plans for a BetMGM restaurant and bar. The partnership aims to improve the gameday experience for fans while reinforcing BetMGM's presence in Tennessee, following its earlier collaboration with the Tennessee Titans. BetMGM also prioritizes responsible gaming education through its GameSense program accessible on its platforms.