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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 announce its financial results for Q4 and full year 2021 on February 9, 2022, after market close. A conference call will follow at 5:00 p.m. ET, featuring an overview of the results and a Q&A session. Supplemental slides will be available on MGM's Investor Relations website prior to the call. The replay of the call can be accessed until February 16, 2022. MGM boasts a global portfolio of 32 hotels and gaming destinations, and is expanding its operations in Asia, particularly in Japan.
On December 21, 2021, BetMGM announced the launch of its retail sportsbook at Emerald Queen Casino (EQC) in Tacoma, Washington, marking a significant expansion in the state. Celebrated by local sports legends, the venue features a 500-square-foot video wall and 70 leather armchairs. Sports betting became legal in Washington on March 25, 2020, and BetMGM is the exclusive partner for EQC. Mobile in-game wagering will be activated in early 2022. BetMGM focuses on responsible gaming and has established a strong competitive presence in the Washington market.
BetMGM has launched its Horse Racing mobile app in Florida and Louisiana, expanding its reach to a new customer base in the South. The app allows users to wager on over 200 tracks globally, including prominent venues like Santa Anita Park and Gulfstream Park. Users can enjoy live streaming, race replays, and betting opportunities on major U.S. racing events. The app is available for iOS and Android in Florida, Louisiana, and Ohio. BetMGM emphasizes responsible gaming education as part of its expansion strategy.
On December 15, 2021, BetMGM launched Borgata Bingo, the first 75-ball real money online bingo product in the U.S., enhancing its online gaming offerings in New Jersey. This innovative platform, developed by Entain, allows players access to exclusive games and jackpot prizes. BetMGM maintains a leading 30% market share of gross gaming revenue in New Jersey and an estimated 32% national GGR market share across several states. Players can enjoy both 75- and 90-ball games, alongside Slingo and slot games, while being part of the M life Rewards program.
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.
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