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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
VICI Properties announced a new lease with Hard Rock International related to the operations of The Mirage Hotel & Casino in Las Vegas. This agreement follows MGM Resorts' decision to sell the Mirage's operations, marking an expansion of VICI's partnership with Hard Rock. The lease will have an initial annual base rent of $90 million and includes a potential $1.5 billion redevelopment investment in the Mirage. Additionally, the MGM Master Lease will be amended, reducing its base rent by $90 million. Both transactions are expected to close in the second half of 2022.
MGM Resorts International announced the sale of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash. This transaction aims to strengthen MGM's financial standing, with expected net cash proceeds of approximately $815 million after taxes and fees. The sale will reduce MGM's annual rent by $90 million. MGM plans to focus capital expenditures on enhancing customer experiences at other properties in Las Vegas. The agreement includes a provision to retain The Mirage brand for up to three years while Hard Rock rebrands the property.
MGM Resorts International and BetMGM have launched legalized sports betting at MGM National Harbor in Maryland. Governor Larry Hogan placed the state's first bet, marking a significant milestone after over a year of development. The BetMGM Sportsbook & Lounge features an 8,000 square foot area, state-of-the-art technology, and multiple betting options. This initiative is expected to boost local revenue for public education while enhancing MGM National Harbor's status as a premier entertainment destination.
MGM Resorts International will participate in Morgan Stanley's Virtual Global Consumer & Retail Conference on December 1, 2021. CFO Jonathan Halkyard is scheduled to speak at 1:40 p.m. Eastern Time. The session will be webcast live, accessible via the Events & Presentations section of the MGM Investor Relations website. MGM Resorts is a leading global entertainment company with a focus on immersive experiences and sustainable practices.
The Pac-12 Conference and Oak View Group announced US LBM as the exclusive naming rights partner for the inaugural Pac-12 Coast-to-Coast Challenge, presented by MGM Resorts International. The event will take place on Dec. 19 at T-Mobile Arena in Las Vegas and feature matchups including Stanford vs. Texas (men) and Arizona vs. Texas (women). Tickets are available now. This partnership aims to grow the event into a marquee national basketball showcase, highlighting both men's and women's collegiate teams.
MGM Resorts and Real Vision will host The Takeover, a premier blockchain conference from December 9-11, 2021, in Las Vegas. The event will take place at multiple MGM properties and is expected to attract over 500 attendees, featuring keynote speakers like Dan Morehead and Caitlin Long. Attendees will experience an array of immersive events including panels and after-parties. Additionally, an online experience will offer virtual sessions and access to exclusive content for thousands unable to attend in person.
On November 5, 2021, BetMGM launched its first retail sportsbook at Vee Quiva in Arizona, marking a significant expansion in the sports betting sector. This venue features 25 large screen displays and accommodates over 100 guests, along with 20 betting kiosks. BetMGM's CEO, Adam Greenblatt, highlighted this as a key development in their partnership with Gila River Hotels & Casinos. Additional sportsbooks are planned at Wild Horse Pass and Lone Butte, with the aim of enhancing the sports betting experience in Arizona.
BetMGM has announced the signing of former NFL running back Chris Johnson as its new brand ambassador. Johnson, renowned for his remarkable career and impressive statistics, will be featured in upcoming marketing campaigns and promotions. BetMGM is looking to enhance its presence in Tennessee and Arizona, leveraging Johnson's popularity to engage fans. The company emphasizes its commitment to responsible gaming education as it continues its expansion in the digital gaming landscape.
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