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Comprehensive Overview of MGM Resorts International
MGM Resorts International is a globally recognized gaming and entertainment company that sets the benchmark for integrated resort experiences. As an established operator of world-class hotels, casinos, and entertainment venues, the company is synonymous with luxury hospitality, innovative live shows, and premier gaming experiences. With a portfolio that includes iconic properties on the Las Vegas Strip and beyond, MGM Resorts is renowned for its quality entertainment, state-of-the-art facilities, and exceptional customer service.
Iconic Properties and Global Reach
At its core, MGM Resorts International operates a diverse collection of resorts that blend casino gaming, high-end accommodations, and live entertainment. Properties such as MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio showcase the company’s commitment to creating immersive guest experiences. These resorts feature extensive arrays of dining, nightlife, retail, and cultural attractions, positioning MGM as a cornerstone of the global hospitality industry. Beyond the iconic Las Vegas Strip, the company has ventured into regional U.S. markets and international destinations, ensuring a broad concentration of influential properties that create unparalleled entertainment and leisure experiences.
Diverse Business Segments and Revenue Channels
MGM Resorts generates revenue through a multifaceted business model that includes traditional casino gaming, hotel operations, and integrated resort experiences. The company’s business model is distinct for its balanced emphasis on high-quality customer service and sophisticated entertainment. Its operations leverage a combination of land-based resorts and digital platforms, such as the highly acclaimed BetMGM, to cater to a wide range of consumer preferences. By seamlessly integrating physical gaming venues with online sports betting and iGaming, MGM Resorts continues to capitalize on emerging market trends while retaining its strong heritage in traditional hospitality.
Industry Expertise, Strategic Partnerships, and Technological Integration
Central to MGM Resorts’ success is its deep industry expertise and its ability to innovate within a competitive landscape. The company’s strategic alliances, including partnerships with technology providers and media conglomerates, underscore its commitment to expanding its reach and enhancing its offerings. By embracing state-of-the-art technologies and integrating advanced digital solutions into its service model, MGM Resorts delivers consistently high-quality user experiences both in-house and through its dynamic online platforms.
Commitment to Excellence and Customer-Centric Innovation
The foundation of MGM Resorts’ market significance lies in its rigorous focus on customer experience and operational excellence. The company is dedicated to creating environments where guests can enjoy a complete blend of luxurious accommodations, premium dining options, and electrifying nightlife. Through meticulous attention to every detail—from grand architectural designs to thoughtfully curated entertainment programs—MGM Resorts ensures a consistently memorable experience that resonates with diverse audiences across the globe.
Positioning within the Competitive Landscape
MGM Resorts distinguishes itself not only by managing a significant share of the hotel and gaming market but also by continuously evolving its service model to meet the demands of a dynamic industry. Its commitment to excellence is evident in its diversified portfolio that spans traditional casino experiences and innovative digital gaming solutions. This clear differentiation, reinforced by its partnership with leading digital platforms and technology firms, allows MGM Resorts to maintain a robust competitive edge in a crowded marketplace.
Overall, MGM Resorts International encapsulates a unique blend of classic luxury, modern technology, and strategic innovation. Its comprehensive approach to creating immersive, iconic experiences makes it a fundamental reference point for investors and industry enthusiasts seeking detailed insight into the workings of one of the world’s most emblematic resort and entertainment operators.
BetMGM launches its first Original Bets Sweepstakes for the 2024 Emirates NBA Cup from November 21-29. Customers who wager $10+ on NBA Cup Original Bets can win a Las Vegas sports vacation package including a five-night stay at MGM Grand, tickets to semifinal and championship games, an on-court photo opportunity, and $2,500 in BetMGM Rewards Points. The promotion allows up to 25 entries per person but is not available in Nevada, New York, Ontario, or Puerto Rico. BetMGM's Original Bets are powered by Angstrom's play-by-play simulation models, offering unique markets like both teams scoring in the first minute.
MGM Resorts International has signed a 5.5-year Whole Portfolio Agreement (WPA) with Cisco, gaining access to most of Cisco's software portfolio. The agreement includes cybersecurity, software-defined networking, digital experience assurance, full-stack observability, data center, and services. This partnership aims to enhance guest experiences across all MGM properties through network automation and will enable future location services and machine learning applications. The implementation will support MGM's sustainability goals while ensuring uptime and security for their 24/7 operations.
MGM Resorts International (NYSE: MGM) is hosting its 14th annual USO Experience: Salute to the Troops at Mandalay Bay Resort & Casino, starting November 8. The five-day celebration will honor more than 100 active-duty service members injured in the line of duty. American Airlines will provide transportation while MGM Resorts offers complimentary accommodations, meals, and entertainment. The event includes various activities across Las Vegas, including tours of Hoover Dam, Red Rock Canyon, and visits to local attractions. MGM Resorts was recently awarded the 'Extraordinary Employer Support Award' by the U.S. Department of Defense for its commitment to military recruitment and employment.
MGM Resorts International announces extensive plans for the 2024 Las Vegas Grand Prix, scheduled for November 21-23. The company is introducing new experiences across its Strip properties, including the enhanced Bellagio Fountain Club featuring renowned chefs, Carlos Sainz's 'Smooth Operator' Dance Lounge at ARIA, and various race-viewing experiences. The event will showcase interactive racing activations, luxury fashion pop-ups, and exclusive culinary experiences with industry icons. Notable additions include the Mercedes Race Experience at ARIA, the return of the popular Shoey Bar at Bellagio, and numerous high-end dining events featuring celebrity chefs and premium beverage brands.
MGM China reported strong performance for the first nine months of 2024, with key metrics surpassing pre-COVID 2019 levels. The company's net revenue grew 38% year-on-year, reaching 137% of 2019 levels, while adjusted EBITDA increased 37% to HK$6.9 billion, representing 150% of 2019 levels. Market share in Macau expanded to 15.9% year-to-date, up from 9.5% in FY2019. MGM COTAI generated revenue of HK$13.7 billion with adjusted EBITDA of HK$4.0 billion, while MGM MACAU recorded revenue of HK$9.8 billion with adjusted EBITDA of HK$2.9 billion. The Group maintained strong liquidity of HK$17.2 billion.
MGM Resorts International reported record third quarter 2024 consolidated net revenues of $4.2 billion, up 5% year-over-year. MGM China achieved record results with net revenues of $929 million, a 14% increase. Net income was $185 million with earnings per share of $0.61. The company repurchased over $300 million of shares in Q3, bringing year-to-date total to $1.3 billion and reducing shares outstanding by 40% since 2021. Las Vegas Strip operations showed revenue of $2.1 billion, up 1%, while Regional Operations revenue increased 3% to $952 million. BetMGM recorded nearly 20% year-over-year revenue growth and announced plans to pursue sports betting in Brazil with Grupo Globo.
MGM Resorts International (NYSE: MGM) and Marriott International, Inc. (Nasdaq: MAR) have announced plans to convert an iconic property on the Las Vegas Strip to W Las Vegas, part of the W Hotels brand within the Marriott Bonvoy® portfolio. This conversion, anticipated to complete later this year, is the latest step in the companies' long-term strategic licensing agreement announced in July 2023.
Since the MGM Collection with Marriott Bonvoy officially launched in March 2024, bookings have significantly outpaced projections. The collaboration allows Marriott Bonvoy's 200 million members to enjoy benefits and redeem points at MGM Resorts' destinations, while MGM Rewards members can status match and receive benefits at Marriott's global portfolio of approximately 9,000 properties.
Located on the Mandalay Bay Campus, W Las Vegas will be the 12th destination on the Las Vegas Strip within the MGM Collection with Marriott Bonvoy, joining properties such as Bellagio, ARIA Resort & Casino, and The Cosmopolitan of Las Vegas.
BetMGM (NYSE: MGM) has been named the 2024 "Online Casino of the Year" by the American Gambling Awards for the third consecutive year. This prestigious recognition, presented by Gambling.com Group (Nasdaq: GAMB), highlights BetMGM's leadership in the U.S. online gambling industry.
Key achievements include:
- Launching exclusive titles and first-to-market games, including the world's first online Buffalo slot
- Setting a U.S. record for the largest progressive jackpot at $6 million in New Jersey
- Becoming the exclusive home of NHL, MLB, and NBA-endorsed slot games
- Implementing innovative engagement strategies like the Super Bowl Spins Giveaway
- Expanding partnerships, including with Marriott Bonvoy for enhanced rewards options
- Strengthening responsible gaming initiatives through the GameSense program and partnership with Kindbridge Behavioral Health
MGM Resorts International (NYSE: MGM) has announced that it will release its financial results for the third quarter of 2024 after the market closes on Wednesday, October 30, 2024. The company will host a conference call at 5:00 p.m. Eastern Time on the same day, featuring a brief discussion of the results followed by a question and answer session.
Supplemental slides will be posted prior to the call on MGM's Investor Relations website. The call will be accessible via the Internet or by phone, with a replay available through August 7, 2024. MGM Resorts is an S&P 500® global gaming and entertainment company with a portfolio of 31 unique hotel and gaming destinations globally, including its 50/50 venture, BetMGM, , which offers sports betting and online gaming in North America.
MGM Resorts International (NYSE: MGM) has announced its participation in the Deutsche Bank 32nd Annual Leveraged Finance Conference on Tuesday, September 24, 2024. Jonathan Halkyard, MGM Resorts CFO and Treasurer, will speak at a session scheduled for 8:00 a.m. PT. The event will be live-streamed on the MGM Investor Relations website.
MGM Resorts is an S&P 500® global gaming and entertainment company with a diverse portfolio of 31 unique hotel and gaming destinations worldwide. The company operates through various brands, including its 50/50 venture BetMGM, , which offers sports betting and online gaming in North America. MGM Resorts is also pursuing expansion in Asia through an integrated resort opportunity in Japan.
The company is committed to sustainability and community impact through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy. MGM Resorts has been recognized as one of FORTUNE® Magazine's World's Most Admired Companies®.
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