MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

MGM China Holdings (SEHK: 2282) reported strong financial results for the first half of 2024. Net revenue grew by 52% year-on-year to HK$16.2 billion, reaching 144% of the same period in 2019. Adjusted EBITDA increased by 57% to HK$4.9 billion, surpassing pre-COVID levels at 161% of 2019. The company's market share climbed to 16.5%, up from 14.9% a year ago and 9.5% in 2019. MGM COTAI and MGM MACAU both showed significant improvements in revenue and adjusted EBITDA. The Group maintained a healthy financial position with total liquidity of approximately HK$16 billion. MGM China continues to focus on non-gaming events and international market expansion to align with Macau's vision of becoming a global, diversified tourist destination.

MGM Resorts International reported record Q2 2024 results, with consolidated net revenues of $4.3 billion, up 10% year-over-year. Key highlights include:

- Record MGM China Adjusted Property EBITDAR of $294 million, up 40% YoY
- Net income of $187 million and consolidated Adjusted EBITDAR of $1.2 billion
- Las Vegas Strip net revenues up 3% to $2.2 billion
- Repurchased ~10 million shares for $413 million

The company made progress on its international digital strategy, announcing the acquisition of Tipico's U.S. platform and a strategic relationship with Playtech. MGM remains focused on returning capital to shareholders and driving Free Cash Flow growth.

The Cosmopolitan of Las Vegas has been officially integrated into MGM Rewards, allowing members to earn and redeem rewards at this luxury resort. This integration marks a significant milestone, introducing The Cosmopolitan's amenities to a broader audience while offering its loyal guests access to over 20 MGM Resorts properties nationwide.

Former Identity members of The Cosmopolitan can now enjoy perks across MGM Resorts' portfolio, including access to over 40,000 hotel rooms, 400+ restaurants and bars, and world-class entertainment. MGM Rewards members with select Tier Status will benefit from enhanced perks at The Cosmopolitan, such as priority access, waived resort fees, and various credits.

The integration process involved transferring Identity Points to MGM Rewards Points and SLOT DOLLARS®. The Cosmopolitan will maintain its affiliation with Marriott Bonvoy's Autograph Collection brand and participate in MGM Collection with Marriott Bonvoy.

BetMGM, a leading sports betting and iGaming operator in the U.S., reported net revenue from operations of $1.0 billion in the first half of 2024, up 6% year-over-year. The company saw accelerating momentum with 2Q net revenue growth of 9% YoY, up from 3% in 1Q. BetMGM is focusing on investment and strategic execution in 2024 to drive future growth.

Key highlights include:

• 2Q online sports betting NGR per active up 16% YoY
• 2Q iGaming average monthly actives growth of 18% YoY
• 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming
• Launched digital sports betting in North Carolina and District of Columbia
• Enhanced sports product with Angstrom capabilities and improved player experiences
• Expanded responsible gaming initiatives

BetMGM expects greater marketing investment in iGaming in 2H 2024, funded by bank debt, with 2H EBITDA similar to 1H. The company remains confident in its pathway to $500 million EBITDA in the coming years.

BetMGM, a leading sports betting and iGaming operator in the U.S., jointly owned by MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT), will release an update on its 1H 2024 performance on Monday, July 29, 2024 at 8:30 a.m. Eastern Time. This update precedes the upcoming financial results announcements for MGM Resorts International (2Q 2024 on July 31) and Entain Group (1H 2024 on August 8).

BetMGM, founded in 2018, offers sports betting and online gaming through brands including BetMGM, Borgata Casino, Party Casino, and Party Poker. The company leverages Entain's technology and MGM Resorts' land-based and online gaming businesses to pioneer in the online gaming industry.

BetMGM has launched mobile sports betting operations across Washington, D.C., expanding beyond its previous two-block radius around Nationals Park. This follows the D.C. Council's approval of the FY2025 budget, opening the digital sports betting market. BetMGM will maintain exclusivity near Nationals Park, where it operates a sportsbook.

The expansion allows district-wide access to BetMGM's sports wagering experience, including rewards tied to MGM Resorts and Marriott Bonvoy. BetMGM continues to invest in the region, creating jobs and contributing tax dollars. The app is now available for download across the D.C. Metropolitan area, offering new customers a first bet offer of up to $1,500 in bonus bets.

BetMGM currently operates in 29 markets with mobile and retail offerings, emphasizing responsible gambling education through its GameSense program.

MGM Resorts International (NYSE: MGM) has been named a 'Proud Partner of the New York Yankees.' The partnership aims to deliver unique experiences to MGM Rewards members and baseball fans, including VIP access to batting practices and ceremonial first pitches at Yankee Stadium. MGM Resorts will also feature branding at Yankee Stadium, including LED signage, first and third base rotational signage, and logo placement on the pitcher's mound during televised games. The collaboration is expected to bolster MGM Resorts' brand visibility, especially for the nearby Empire City Casino. This move aligns with MGM's ongoing efforts to secure a full commercial casino license for Empire City Casino and underscores their commitment to community investment and responsible gaming.

BetMGM has been honored with two prestigious awards at the EGR North America Awards 2024: Sports Betting Operator and Employer of the Year. The event, held on June 27 in New York City, celebrates excellence in the North American online gaming industry.

BetMGM was recognized for its innovation and outstanding player experience. Key achievements included strategic partnerships with X and Marriott Bonvoy, as well as leveraging its omnichannel advantage in Las Vegas during Super Bowl LVIII. The acquisition of Angstrom in 2023 further enhanced BetMGM's betting offerings.

As Employer of the Year, BetMGM was commended for its investment in employee development, inclusion, and motivation. The company has been acknowledged as one of the Best Workplaces in New York by Great Place To Work® and Fortune.

BetMGM operates in 29 markets and offers mobile and retail sports betting and casino games via iOS, Android, and desktop platforms. The company emphasizes responsible gambling through programs like GameSense.

MGM Resorts International (NYSE: MGM) will release its Q2 2024 financial results on July 31, 2024, after market close. A conference call will be held at 5:00 p.m. Eastern Time to discuss these results, accompanied by a Q&A session. Supplemental slides will be available on MGM's Investor Relations website before the call. The call can be accessed online or via provided phone numbers, with a replay available until August 7, 2024.

MGM Resorts operates 31 hotel and gaming destinations globally, including notable brands like BetMGM for sports betting and online gaming. The company is pursuing expansion in Asia, focusing on integrated resort opportunities in Japan.