MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

BetMGM and Audacy have announced an exclusive multi-year partnership, making BetMGM the official sportsbook of the BetQL Network. This partnership builds upon an existing relationship, expanding BetQL's reach from 2 to 31 markets since its launch in June 2021. The network has seen significant audience growth, including a 575% increase in podcast downloads. BetMGM will feature prominently in programming, including popular shows like 'You Better You Bet'. The BetQL Network broadcasts approximately 100 hours of original content weekly, leveraging Audacy's extensive sports radio presence.

The UNITE HERE Local 54 union in Atlantic City has projected significant financial losses for Caesars Entertainment (CZR) and MGM Resorts (MGM) due to potential strikes. Caesars could face losses of $1 million daily across its three casinos, while MGM's Borgata may see losses of $1.6 million per day. This is based on a projected 25% revenue drop in Q3 2022 compared to Q3 2021. A 96% majority of union members authorized a strike, with deadlines set for July 1 and July 3, 2022. The union demands substantial wage increases amid rising industry profits and labor shortages.

The partnership between BetMGM, Sony Pictures Television, and IGT will launch the Wheel of Fortune Casino in New Jersey, marking North America's first brand-led online casino. This initiative coincides with the show's 40th season anniversary and aims to engage players with real money wagering on iconic Wheel of Fortune slot games. Matt Prevost from BetMGM highlighted the excitement of bringing this experience online, while IGT's Enrico Drago emphasized the brand's legacy in gaming. The launch also includes a focus on responsible gaming through GameSense resources.

MGM Resorts International (NYSE: MGM) will participate in the Jefferies Global Consumer Conference on June 20, 2022. CFO Jonathan Halkyard will speak at 8 a.m. EDT, with a webcast available on the MGM Investor Relations website. MGM Resorts is a leading global entertainment company, featuring hotels, casinos, and diverse offerings worldwide. The company is committed to sustainability and aims to create immersive experiences for guests. MGM Resorts is also expanding into the Asian market, particularly in Japan.

VICI Properties Inc. announced a new lease agreement with Cherokee Nation Entertainment Gaming Holdings, related to the operation of Gold Strike Casino Resort in Tunica, MS. This follows MGM Resorts International's decision to divest the casino operations. The new lease has an initial annual base rent of $40 million and a 25-year term with tenant renewal options. VICI will also amend its Master Lease with MGM to reflect a $40 million reduction in annual rent. The transaction is expected to finalize in H1 2023, subject to regulatory approvals.

MGM Resorts International has announced the sale of Gold Strike Tunica to Cherokee Nation Entertainment for $450 million. This transaction reflects approximately an 11 times multiple on average Adjusted Property EBITDA from 2019-2021. Gold Strike reported a net income of $81.1 million for the twelve months ending December 31, 2021, with Adjusted Property EBITDAR of $115 million. The deal is expected to close in the first half of 2023, with MGM anticipating net cash proceeds of around $350 million post-taxes and fees. Annual rent with VICI Properties will be reduced by $40 million.

iHeartMedia announced the 2022 iHeartRadio Music Festival, taking place on September 23-24 at T-Mobile Arena in Las Vegas. The festival features performances from a star-studded lineup including Avril Lavigne, Black Eyed Peas, Halsey, and more. The event will be hosted by Ryan Seacrest and will also include a Daytime Stage on September 24 at AREA15 featuring various artists. The festival will be broadcast on The CW Network and livestreamed through its app. General tickets go on sale from June 17.

Nellie's Southern Kitchen, inspired by the Jonas family's matriarch, has opened its first West Coast location at MGM Grand in Las Vegas. This restaurant, celebrating Southern cuisine, offers a family dining experience filled with live music and traditional recipes passed down through generations. The opening featured the Jonas brothers and numerous artists, enhancing its entertainment appeal. Designed to reflect the charm of North Carolina, the venue aims to provide a welcoming atmosphere for all guests.

MGM Resorts International has successfully closed its acquisition of The Cosmopolitan of Las Vegas from Blackstone for $1.625 billion. This acquisition adds a premier luxury brand to MGM's portfolio, with The Cosmopolitan generating $1.1 billion in net revenue and $416 million in adjusted EBITDAR over the past 12 months. MGM has entered a 30-year lease for the property, starting with an annual rent of $200 million that will escalate over time. This move is expected to enhance MGM's market position on the Las Vegas Strip.