MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

MGM Resorts International (NYSE: MGM) has announced a $2.0 billion share repurchase program, reinforcing its commitment to returning value to shareholders. This new initiative follows a previous $3.0 billion plan, where 60 million shares, valued at $2.5 billion, were bought back. As of March 1, 2022, $524.6 million remains under the old plan. The company intends to utilize those funds before initiating the new buyback. CFO Jonathan Halkyard emphasized the significant value in their shares at current levels, demonstrating confidence in future performance.

MGM Resorts and BetMGM have enhanced their responsible gaming initiative, integrating the GameSense program across both in-person and online platforms. This initiative aims to promote informed decision-making among players, featuring QR codes on slot machines offering access to responsibly gaming resources. More than 180 staff members are now certified GameSense Advisors. The initiative coincides with Problem Gambling Awareness Month and reflects a commitment to fostering a safe gaming environment, especially as sports betting markets expand.

Jonas Brothers have announced Jonas Brothers: Live in Las Vegas, an exclusive five-night residency at Dolby Live at Park MGM on June 3, 4, 9, 10, and 11, 2022. General ticket sales start on March 7, 2022, with prices beginning at $49.95. Pre-sale tickets for Citi card members will be available starting March 2, 2022. The residency follows their successful REMEMBER THIS Tour, which grossed over $36 million across 40+ dates, selling over 528,000 tickets. This event is expected to significantly boost MGM's revenue during the summer months.

Cirque du Soleil will launch 'Mad Apple,' a vibrant new Las Vegas show, at the New York-New York Hotel & Casino on May 26, 2022. The production blends music, comedy, magic, and the essence of NYC nightlife, featuring a cast of 39 performers including comedian Brad Williams and rapper Chris Turner. Previews start on May 12, with tickets priced from $49. The show promises a unique experience, integrating acts that celebrate New York's culture and creativity, aimed at providing an engaging and interactive entertainment experience for audiences.

BetMGM has entered a strategic partnership with SportsGrid, the first 24-hour sports wagering streaming network, to integrate BetMGM content into SportsGrid's programming. This collaboration aims to expand BetMGM's reach through advertisements on television and social media. BetMGM's odds and promotions will feature on popular SportsGrid shows, supported by access to BetMGM’s trading team for unique insights. Currently operational in 21 markets, BetMGM emphasizes responsible gaming education as it expands its online gaming services and sports betting offerings.

Usher, the eight-time GRAMMY Award-winning global star, will launch a new residency at Dolby Live at Park MGM starting July 15, 2022. This follows his prior successful residency in 2021, which sold out all 20 shows. Presented by Live Nation and MGM Resorts International, the show promises an immersive experience with audience interactions in a 5,200-seat venue, showcasing hits from Usher’s two-decade career. Public ticket sales begin on February 25, 2022, with prices starting at $79.

MGM Resorts International and IAC are set to purchase a total of 9 million shares from Corvex Management at $45 per share, amounting to $405 million. Each company will invest $202.5 million, reflecting strong confidence in MGM's long-term growth. This buyback represents approximately 11.5% of MGM's outstanding shares.

The settlement is expected by February 16, 2022, and will be conducted under MGM's $3 billion stock repurchase program, leaving $636.7 million available post-transaction.

BetMGM has launched Puerto Rico's first regulated sports betting platform at Casino del Mar, La Concha Resort, on February 11, 2022. This initiative features 12 kiosks and five betting windows, with a full-scale sportsbook expected later this year. The launch coincides with the Super Bowl, catering to local sports fans. BetMGM plans to introduce a mobile betting app in the coming months. CEO Adam Greenblatt emphasized the significance of this expansion beyond the U.S. mainland, while Casino del Mar's GM expressed excitement over the partnership.

MGM Resorts International reported strong financial results for Q4 and FY 2021, with consolidated net revenues of $3.1 billion in Q4, a 105% increase year-over-year. The company returned $1.75 billion to shareholders through repurchases and achieved a net income of $131 million compared to a loss of $448 million the previous year. Key highlights include the launch of MGM Rewards and continued growth in the U.S. sports betting market through BetMGM. The company anticipates successful geographic expansion, particularly in Japan, while maintaining a strong liquidity position.