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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 (MGM) reported strong financial results for Q3 2021, with consolidated net revenues of $2.7 billion, up 140% year-over-year. The company's operating income reached $1.9 billion, compared to a loss of $495 million in Q3 2020. Net income attributable to MGM was $1.4 billion, and diluted EPS was $2.77. MGM's liquidity position remains robust, with total liquidity of $9.8 billion. Notable developments include the acquisition of The Cosmopolitan of Las Vegas for $1.625 billion and continued focus on enhancing shareholder value.
MGM Resorts International (NYSE: MGM) is set to host the United Service Organization (USO) Experience - Salute to the Troops from November 4-8, 2021. This annual event honors 95 wounded warriors and includes exclusive experiences in Las Vegas. Activities will feature a welcome procession at The Mirage Resort & Casino, excursions to local attractions, and a concert at Nellis Air Force Base. CEO Bill Hornbuckle expressed gratitude for U.S. service members, emphasizing MGM's commitment to honoring their sacrifices through this program.
VICI Properties Inc. (NYSE: VICI) announced stockholder approval for the issuance of common stock related to its acquisition of MGM Growth Properties LLC (NYSE: MGP). Over 99.9% of votes favored the proposal during a special meeting, representing about 90% of VICI's outstanding shares. Shareholders of MGP Class A will receive 1.366 shares of VICI stock per MGP Class A share. The transaction is set to close in the first half of 2022, pending regulatory approvals and customary closing conditions.
On Oct. 28, 2021, BetMGM launched the BetMGM Horse Racing mobile app in Ohio, aiming to expand into additional markets. This app enables customers to watch and wager on over 200 tracks globally, featuring marquee events like the Kentucky Derby and international races such as the Melbourne Cup. Developed in partnership with NYRA Bets, the app offers live streaming, race replays, and convenient betting options. The initiative reflects BetMGM's commitment to enhancing the horse racing experience and responsible gaming education.
VICI Properties reported a 10.6% revenue growth to $375.7 million for Q3 2021, with net income at $161.9 million or $0.28 per share. The company announced the $17.2 billion acquisition of MGM Growth Properties and a strategic arrangement to finance BigShots Golf. Adjusted Funds from Operations (AFFO) rose by 12.9% to $257.4 million, with AFFO per share at $0.45. VICI plans to fund the acquisition mainly through debt financing and has updated its full-year AFFO guidance to $1.04-$1.045 billion.
On October 21, 2021, BetMGM announced the signing of NBA legend Kevin Garnett as its new brand ambassador. Garnett will be featured in marketing campaigns, promotions, social media, and fan events. The Hall of Famer aims to enhance BetMGM's visibility as sports betting becomes more mainstream. Matt Prevost, BetMGM's Chief Revenue Officer, expressed enthusiasm about Garnett's unique energy. BetMGM emphasizes responsible gaming education while expanding into new jurisdictions, accessible via its app and desktop platform.
BetMGM has partnered with the Puyallup Tribe to launch retail sports betting at the Emerald Queen Casino in Washington state. This partnership aims to enhance BetMGM's presence in the western U.S. and provide state-of-the-art sports betting experiences at both the Tacoma and Fife locations. Customers will have access to six ticket windows and 30 kiosks in Tacoma, featuring advanced sports viewing technology. The collaboration is seen as a significant step towards expanding BetMGM's footprint while prioritizing responsible gaming education.
MGM Resorts International (NYSE: MGM) is set to release its third-quarter 2021 financial results on November 3, 2021, after market close. A conference call is scheduled for 5:00 PM ET that day, allowing investors to discuss the results and participate in a Q&A session. Supplementary slides will be available on MGM's Investor Relations website prior to the call. The replay will be accessible until November 10, 2021. MGM Resorts operates 31 global hotel and gaming destinations and is actively expanding its market presence in Asia, particularly in Japan.
Genius Sports (NYSE:GENI) has expanded its partnership with Entain and BetMGM to deliver a comprehensive NFL offering, including data feeds and sportsbook content. This 10-year collaboration enhances BetMGM's sportsbook operations across 16 U.S. markets. The agreement allows Entain and BetMGM to access official NFL data, optimizing customer engagement and betting experiences. CEO Mark Locke emphasized the significance of this partnership, which also includes exclusive advertising on NFL digital platforms.
MGM Resorts International has finalized the acquisition of Infinity World Development Corp's 50% stake in CityCenter Holdings for $2.125 billion. Additionally, the company completed a sale-leaseback transaction with Blackstone for the real estate assets of Aria and Vdara valued at $3.89 billion. Following these deals, MGM has eliminated CityCenter's total debt of $1.73 billion, while maintaining operational management of the properties. As of June 30, 2021, CityCenter had $307 million in cash reserves.
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