Mgm Resorts - MGM STOCK NEWS

MGM Resorts International (NYSE: MGM) announced that 96% of LeoVegas AB shareholders accepted its tender offer at SEK 61.00 per share, totaling around $604 million. The settlement is expected around September 7, 2022. CEO Bill Hornbuckle views this acquisition as a key step in expanding MGM's online gaming operations globally. LeoVegas, known for its robust online casino and sports betting platform, reported EUR 394 million in revenue and EUR 46 million in Adjusted EBITDA for the year ending June 30, 2022. The deal is projected to enhance MGM's market presence and engage a new customer base.

MGM Resorts International and BetMGM are partnering with the American Gaming Association to launch Responsible Gaming Education Month in September 2022. This initiative aims to enhance consumer education, community engagement, and employee training as the gaming industry grows. Key activities include sharing responsible gaming tips on social media and participating in the AGA's public service campaign. More than 62,000 MGM employees have received GameSense training to promote responsible gaming. BetMGM has also trained 1,000 employees, marking a significant commitment to player health and community awareness.

On August 23, 2022, BetMGM expanded its partnership with SportsGrid, enhancing collaboration ahead of the football season. The multi-year agreement allows BetMGM's experts to provide insights during live broadcasts, including Ferrall Coast to Coast and Pro Football Today. Reports from MGM properties will be shared across SportsGrid's platforms, maximizing audience reach. Both companies aim to boost sports betting content and emphasize responsible gaming education. This partnership leverages SportsGrid's extensive media network, enhancing BetMGM's visibility in the sports betting market.

MGM Resorts Foundation has granted nearly $2 million to 82 nonprofit organizations across various states including Southern Nevada and New Jersey. The funding supports basic needs services in local communities, driven by contributions from MGM employees and guests. Since its inception in 2002, the Foundation has raised over $100 million and supported more than 1,500 charitable organizations. This initiative aligns with MGM's commitment to community engagement and sustainability.

BetMGM has appointed actor Jerry Ferrara as its celebrity brand ambassador and co-host of the weekly sports podcast Unleashed. Launched on August 10, 2022, Ferrara will engage in BetMGM marketing campaigns and fan events. Known for his roles in HBO's Entourage and Starz's Power, Ferrara expresses enthusiasm for sports betting. BetMGM, a joint venture between MGM Resorts and Entain, continues to prioritize responsible gaming education as it expands its services in the U.S.

BetMGM has announced a multi-year partnership extension with the NFL, becoming one of the League's Official Sportsbook Partners in Canada. This partnership allows BetMGM to utilize official NFL marks and promote its services on NFL-operated platforms in Canada. Already operational in Ontario since April 2022, BetMGM aims to enhance the NFL fan experience through exclusive offerings and responsible gaming initiatives. This move complements its existing U.S. agreement with the NFL, further solidifying BetMGM's presence in the growing Canadian sports betting market.

MGM Resorts International reported record financial performance for Q2 2022, with consolidated net revenues of $3.3 billion, up 44% year-over-year. Net income reached $1.8 billion, significantly higher than $105 million in the previous year. The company repurchased $1.1 billion of common stock, amounting to 8% of outstanding shares. Key operational highlights include record Adjusted Property EBITDAR for the Las Vegas Strip at $825 million, a 108% increase, and a strong convention calendar ahead. However, MGM China faced a 54% revenue decline due to Macau travel restrictions.

MGM Resorts has launched The Garden Table, a unique dining experience set in the Bellagio Conservatory in Las Vegas, enhancing guest engagement with the venue's floral displays. Guests can enjoy a curated multi-course meal by award-winning chefs from MICHAEL MINA Bellagio and Sadelle's Café, priced at $250 for dinner and $75 for brunch. The immersive setting, featuring a seasonal display, aims to attract both locals and tourists. Reservations are mandated, accommodating up to six guests.