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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 (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.
BetMGM has announced its partnership with the Houston Astros, becoming the exclusive sports betting partner of the team. This agreement marks BetMGM's entry into Texas. The partnership will enhance fan engagement through exclusive experiences and prominent signage at Minute Maid Park. BetMGM will also offer special betting promotions for customers in Louisiana. With operations in 23 markets, BetMGM prioritizes responsible gaming, offering resources through its GameSense program. BetMGM is a collaboration between MGM Resorts and Entain Plc, focusing on online sports betting and gaming.
BetMGM has announced the inaugural BetMGM Poker Championship to be held from June 23-26, 2022, at ARIA Resort & Casino in Las Vegas. This $3,500 buy-in no-limit hold 'em tournament features a guaranteed prize pool of $1 million. A special $600 BetMGM Poker Mystery Bounty event will also take place on June 25. BetMGM aims to enhance player engagement through qualifiers and satellite tournaments, awarding prizes that include buy-ins and travel packages. The event underscores BetMGM's commitment to responsible gaming with integrated resources available for players.
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