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MGM Resorts International (NYSE: MGM) is a leading global entertainment company known for its world-renowned resorts and casinos. Operating 31 unique hotel and gaming destinations worldwide, MGM Resorts creates immersive experiences through its Las Vegas-inspired brands. With flagship properties such as MGM Grand, Bellagio, and Mandalay Bay on the Las Vegas Strip, MGM is the largest resort operator in the area, boasting 35,000 guest rooms and suites.
Recent Achievements: MGM Resorts received the prestigious 'A' for environmental leadership and an 'A-' in water security, placing it in the top 0.015% of reporting companies. The company’s dedication to sustainability is evident through its
MGM Resorts International reported record third quarter 2024 consolidated net revenues of $4.2 billion, up 5% year-over-year. MGM China achieved record results with net revenues of $929 million, a 14% increase. Net income was $185 million with earnings per share of $0.61. The company repurchased over $300 million of shares in Q3, bringing year-to-date total to $1.3 billion and reducing shares outstanding by 40% since 2021. Las Vegas Strip operations showed revenue of $2.1 billion, up 1%, while Regional Operations revenue increased 3% to $952 million. BetMGM recorded nearly 20% year-over-year revenue growth and announced plans to pursue sports betting in Brazil with Grupo Globo.
MGM Resorts International (NYSE: MGM) and Marriott International, Inc. (Nasdaq: MAR) have announced plans to convert an iconic property on the Las Vegas Strip to W Las Vegas, part of the W Hotels brand within the Marriott Bonvoy® portfolio. This conversion, anticipated to complete later this year, is the latest step in the companies' long-term strategic licensing agreement announced in July 2023.
Since the MGM Collection with Marriott Bonvoy officially launched in March 2024, bookings have significantly outpaced projections. The collaboration allows Marriott Bonvoy's 200 million members to enjoy benefits and redeem points at MGM Resorts' destinations, while MGM Rewards members can status match and receive benefits at Marriott's global portfolio of approximately 9,000 properties.
Located on the Mandalay Bay Campus, W Las Vegas will be the 12th destination on the Las Vegas Strip within the MGM Collection with Marriott Bonvoy, joining properties such as Bellagio, ARIA Resort & Casino, and The Cosmopolitan of Las Vegas.
BetMGM (NYSE: MGM) has been named the 2024 "Online Casino of the Year" by the American Gambling Awards for the third consecutive year. This prestigious recognition, presented by Gambling.com Group (Nasdaq: GAMB), highlights BetMGM's leadership in the U.S. online gambling industry.
Key achievements include:
- Launching exclusive titles and first-to-market games, including the world's first online Buffalo slot
- Setting a U.S. record for the largest progressive jackpot at $6 million in New Jersey
- Becoming the exclusive home of NHL, MLB, and NBA-endorsed slot games
- Implementing innovative engagement strategies like the Super Bowl Spins Giveaway
- Expanding partnerships, including with Marriott Bonvoy for enhanced rewards options
- Strengthening responsible gaming initiatives through the GameSense program and partnership with Kindbridge Behavioral Health
MGM Resorts International (NYSE: MGM) has announced that it will release its financial results for the third quarter of 2024 after the market closes on Wednesday, October 30, 2024. The company will host a conference call at 5:00 p.m. Eastern Time on the same day, featuring a brief discussion of the results followed by a question and answer session.
Supplemental slides will be posted prior to the call on MGM's Investor Relations website. The call will be accessible via the Internet or by phone, with a replay available through August 7, 2024. MGM Resorts is an S&P 500® global gaming and entertainment company with a portfolio of 31 unique hotel and gaming destinations globally, including its 50/50 venture, BetMGM, , which offers sports betting and online gaming in North America.
MGM Resorts International (NYSE: MGM) has announced its participation in the Deutsche Bank 32nd Annual Leveraged Finance Conference on Tuesday, September 24, 2024. Jonathan Halkyard, MGM Resorts CFO and Treasurer, will speak at a session scheduled for 8:00 a.m. PT. The event will be live-streamed on the MGM Investor Relations website.
MGM Resorts is an S&P 500® global gaming and entertainment company with a diverse portfolio of 31 unique hotel and gaming destinations worldwide. The company operates through various brands, including its 50/50 venture BetMGM, , which offers sports betting and online gaming in North America. MGM Resorts is also pursuing expansion in Asia through an integrated resort opportunity in Japan.
The company is committed to sustainability and community impact through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy. MGM Resorts has been recognized as one of FORTUNE® Magazine's World's Most Admired Companies®.
PEPSI® Dig In is bringing six new dishes and four crafted cocktails to Las Vegas for its third annual Restaurant Royalty Residency. Starting September 21, MGM Resorts International's Fan District at Mandalay Bay Resort and Casino and Luxor Hotel & Casino will exclusively offer -edition menu items from renowned restaurants across the country.
The residency features Slutty Vegan's plant-based Fussy Hussy burger, Q1227's Bourbon Chicken Lollipops, and dishes from Taco Mell, Sienna Wings, NYAM, and Vyoone's. The program runs from September 21, 2024, to February 7, 2025, with each dish available for four weeks. Custom cocktails featuring Pepsi-Cola® beverages will also be offered.
Gannett Co., Inc. (NYSE: GCI) has announced a multi-year strategic partnership with BetMGM, a leading sports betting and iGaming operator. BetMGM will serve as the preferred online sportsbook and casino partner for USA TODAY Sports, providing sports betting odds and information across the USA TODAY Network in over 200 local U.S. markets across 43 states.
The partnership aims to deliver trusted sports betting information to Gannett's audience of more than 44 million sports fans. It includes integrating BetMGM sports betting odds into stories and content, as well as featuring a BetMGM "Bet Now" option. Gannett anticipates this collaboration will immediately increase the overall monetization of its content platform.
MGM Resorts International (NYSE: MGM) has signed a 25-year power purchase agreement with Escape Solar to significantly increase its renewable energy use. This deal will more than double MGM's access to clean solar electricity, helping the company move closer to its goal of using 100% renewable electricity in North America by 2030.
The Escape Solar + Storage project, to be built in Lincoln County, Nevada, will combine a 115 MW solar facility with a 100 MW/400 MWh battery storage system. Set to begin operations in early 2026, it will produce renewable electricity equivalent to the annual power usage of over 28,000 average U.S. homes. This expansion will enable MGM to cover 100% of the total daytime needs for 11 of its Las Vegas Strip properties, up from the current 90%.
MGM Resorts International (NYSE: MGM) has priced a public offering of $850 million in 6.125% senior notes due 2029, upsized from the originally announced $675 million. The offering is expected to close on September 17, 2024. The company plans to use the net proceeds to repay existing debt, including its 5.750% senior notes due 2025, pay transaction-related fees, and for general corporate purposes. The notes will be general unsecured senior obligations, guaranteed by most of MGM's wholly owned domestic subsidiaries. Multiple financial institutions will act as joint book-running managers and co-managers for the offering. This offering is made under a prospectus supplement and accompanying prospectus filed with the SEC.
BetMGM, a leading sports betting and iGaming operator, has launched a new TV campaign for the 2024 football season featuring Academy and GRAMMY Award-winner Jamie Foxx. The campaign, directed by Brian Billow, showcases Foxx's comedic range through various character impersonations, highlighting BetMGM's brand DNA and customer-centric approach.
The series includes three spots: 'Anthem', showcasing fans' emotions and BetMGM's rewards program; 'Second Chance', promoting a new touchdown betting feature; and 'Feel Welcome', highlighting an offer for new customers. BetMGM operates in 29 markets across North America and emphasizes responsible gaming through its GameSense program.
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