MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

MGM Resorts International (NYSE: MGM) reported a strong first quarter 2022, achieving consolidated net revenues of $2.9 billion, up 73% year-over-year. Adjusted Property EBITDAR rose 449% to $594 million, with a margin increase of 1,586 basis points. The Las Vegas Strip Resorts had net revenues of $1.7 billion, reflecting a 205% increase. MGM announced a $607 million tender offer for LeoVegas, expanding its online gaming presence. The company repurchased $2.8 billion in shares since January 2021, maintaining robust liquidity while pursuing international growth opportunities.

MGM Resorts announced a public tender offer for 100% of LeoVegas shares at SEK 61.00 each, totaling approximately $607 million. The acquisition aims to enhance MGM's international digital gaming and sports betting presence, leveraging LeoVegas' technology and strong customer base. The deal is expected to be accretive to earnings and cash flow per share. MGM forecasts accelerated growth and expanded product offerings as a result of this strategic move, which is anticipated to conclude by the second half of 2022, pending regulatory approvals.

VICI Properties Inc. has finalized its acquisition of MGM Growth Properties LLC, expanding its portfolio to 43 Class-A properties with an estimated enterprise value of $44 billion. This merger increases VICI's annual rent by over $1 billion. The new triple-net master lease with MGM Resorts has an initial annual rent of $860 million, escalating at 2% annually. VICI has also raised $5 billion through senior unsecured notes to finance this transaction, marking a significant step in its balance sheet management. The acquisition diversifies VICI's tenant base to include eight industry leaders.

MGM Resorts International has successfully completed transactions with VICI Properties and MGM Growth Properties. VICI redeemed a majority of MGP units for $43 each, totaling around $4.4 billion in cash, and acquired all MGP class A shares. This deal grants MGM financial flexibility, enabling further investments to enhance shareholder value. Additionally, a new 25-year master lease was established, with an initial annual rent of $860 million, providing operational flexibility. MGM now owns a 1% stake in the VICI operating partnership.

BetMGM has been awarded Casino Operator of the Year at the EGR North America Awards 2022, celebrating excellence in online gaming. This recognition highlights BetMGM's strong market position, innovative offerings, and effective customer engagement strategies. The award criteria considered product originality, brand strength, and growth metrics. BetMGM's unique state-by-state jackpot network and commitment to responsible gaming through initiatives like GameSense were pivotal in achieving this honor. The company continues to focus on expanding into new markets while ensuring player safety.

Remark Holdings, Inc. (NASDAQ: MARK) launched the VegasVerz app, an augmented and virtual reality experience for BTS fans during their Las Vegas concerts on April 8-9 and April 15-16, 2022. The app, available on Apple and Google Play, allows fans to collect unique NFTs and enjoy exclusive experiences at MGM Resorts properties. CEO Shing Tao highlighted the significance of this launch and past showcases at major events, emphasizing a commitment to expanding augmented and virtual reality applications powered by Remark AI.

MGM Resorts International (NYSE: MGM) is set to release its first quarter 2022 financial results on May 2, 2022, after market close. A conference call will follow at 5:00 p.m. ET for discussion and Q&A. Earnings details will be available on their Investor Relations website. The call can be accessed online or via phone, and a replay will be available until May 9. MGM Resorts operates 32 global destinations and is expanding its footprint, notably in Asia.

BetMGM has launched its online sports betting and iGaming platforms in Ontario, marking its first international expansion. Ontario is the 23rd market where BetMGM's products are available. The platform features user-friendly mobile gaming, including options for live betting and a variety of casino games. BetMGM has partnered with notable Canadian athletes like Wayne Gretzky and Connor McDavid for promotional campaigns. The company emphasizes responsible gaming through its GameSense program, offering resources to help customers play responsibly.

BetMGM has signed AJ Andrews, the first female Gold Glove winner, as a brand ambassador and content creator. Andrews, a notable figure in sports, will represent the company across various platforms during the baseball season. She expressed excitement about advocating for women's opportunities in sports through this role. BetMGM, available in 22 markets, focuses on responsible gaming education and is known for its innovative online gaming offerings. The partnership aims to enhance brand visibility and community engagement while BetMGM continues its expansion.