MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

BetMGM has signed retired U.S. soccer star Tim Howard as a brand ambassador, launching a $250,000 bracket challenge in conjunction with the upcoming 2022 International Soccer Matches. The initiative includes free-to-play games, with grand prizes for accurate bracket predictions and special offerings for new and existing customers. BetMGM aims to enhance customer engagement with interactive opportunities and responsible gaming education. The promotions are available across multiple U.S. states and Ontario, Canada.

MGM Resorts International will create a unique viewing experience for the FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX 2023, scheduled for November 16-18, 2023. Guests can buy exclusive race-and-stay packages that include a three-day race ticket and a three-night stay at various MGM properties, such as Bellagio and MGM Grand. The packages provide access to grandstands located on the Bellagio lake. MGM's Chief Commercial Officer, Steve Zanella, emphasized the aim to deliver an unparalleled event experience in Las Vegas.

MGM Resorts International is set to host the 'USO Experience: Salute to the Troops' event, honoring over 100 wounded warriors and their guests from November 10, 2022. This annual event, held at Mandalay Bay Resort & Casino, will include a variety of activities, meals, and accommodations provided free of charge. In partnership with American Airlines, active-duty service members will be flown to Las Vegas at no cost. MGM Resorts also emphasizes its commitment to supporting military families year-round, including employment initiatives and community support.

MGM Resorts International reported a remarkable third quarter of 2022, with consolidated net revenues soaring to $3.4 billion, a 26% increase year-over-year. Las Vegas Strip Resorts achieved $2.3 billion in revenues, marking a 67% rise, bolstered by the acquisition of The Cosmopolitan and improved travel activity. However, the company reported a net loss of $577 million compared to a net income of $1.4 billion last year, largely due to increased amortization expenses. MGM is pursuing growth opportunities, including a gaming concession in Macau and expansion in Japan.

BetMGM announced the appointment of Rhea Loney as the new Chief Compliance Officer, enhancing its compliance and regulatory framework as it rapidly expands. Loney, with a strong background in compliance from her previous role at Penn Interactive, will oversee critical compliance areas including licensing, AML, and responsible gaming. Her experience includes launching several major sportsbook platforms across multiple states. The company aims to strengthen its position in the market through this strategic hire, ensuring adherence to regulatory requirements.

MGM Resorts International (NYSE: MGM) has announced a partnership with Grant a Gift Autism Foundation-Ackerman Center to support a vocational job placement program for individuals with autism. The Company has pledged $1 million over five years to aid in training and employment opportunities. This initiative aligns with MGM's commitment to community welfare as the largest private employer in Nevada. The program will include a 12-week readiness training, enabling participants to gain essential skills and apply for MGM jobs, enhancing employment prospects for autistic adults.

Mandalay Bay Resort & Casino in Las Vegas has announced a $100 million remodel of its 2.1 million-square-foot convention center, aimed at enhancing modern meeting experiences. The upgrades include new technology features such as Cat6A Ethernet cabling for faster data transmission and 11 dynamic digital walls. Redesigned spaces will feature brighter lighting and tropical-themed decor. The remodel will continue until the end of 2024, while the convention center remains operational. Additional amenities will also be upgraded across the resort.