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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) announced that it has been selected as the integrated resort partner for Osaka, in collaboration with joint-venture partner ORIX. This selection marks a significant milestone in MGM's pursuit to develop one of Japan's first integrated resorts, with an initial investment of approximately $10 billion. The project aims to attract around 20 million annual visitors and generate 15,000 jobs. The next step involves submitting an Area Development Plan to Japan's government by April 2022, with potential licensing in 2022.
MGM Resorts International has announced a definitive agreement to acquire The Cosmopolitan of Las Vegas from Blackstone for $1.625 billion. This transaction, representing an approximate eight times adjusted EBITDA, includes operational synergies and revenue growth potential. MGM will enter a 30-year lease for the property while maintaining a strong financial commitment of an initial annual rent of $200 million. The Cosmopolitan generated $234 million in net revenue during Q2 2021 and has seen over $500 million in capital improvements since 2014.
BetMGM, a top sports betting and digital gaming company, has signed MMA journalist Ariel Helwani as a brand ambassador. Helwani will incorporate BetMGM into his promotional content and participate in marketing campaigns and fan events. His influence in the MMA community aligns with BetMGM's expansion in sports betting across various states. The company continues to prioritize responsible gaming education while growing its market presence. BetMGM, a collaboration between MGM Resorts and Entain, offers innovative gaming solutions and maintains a focus on customer responsibility.
MGM Resorts and BetMGM have partnered with the American Gaming Association (AGA) for the 'Have A Game Plan' initiative, which encourages responsible sports wagering. This collaboration coincides with the AGA's Responsible Gaming Education Week. The companies will utilize social media and their platforms to disseminate responsible gaming tips year-round. Richard Taylor, BetMGM's Responsible Gambling Program Manager, highlighted their commitment through GameSense, an industry-leading program to promote safe gambling practices. This initiative underscores MGM Resorts and BetMGM's dedication to responsible gaming education as they expand their sports betting operations.
MGM Resorts International is aware of DraftKings' potential offer for Entain plc. As Entain's exclusive U.S. online sports betting partner via BetMGM, MGM asserts that any competing business ownership by Entain will require its consent. MGM emphasizes the importance of maintaining control over BetMGM to capture growth in the U.S. online market. The company intends to engage with both Entain and DraftKings to address exclusivity arrangements. PJT Partners is advising MGM in this matter.
Everi Digital, the online gaming division of Everi Holdings, has partnered with BetMGM to introduce the custom-themed game Borgata 777 Respin. This title is accessible via BetMGM Casino and Borgata Casino in New Jersey and Pennsylvania. It features a re-spin bonus and various multipliers, enhancing player engagement. David Lucchese, Everi's EVP, emphasized the collaboration's aim to deliver vibrant gaming experiences. This marks Everi's first partnership game with BetMGM, adding to their digital content portfolio.
MGM Resorts International (NYSE: MGM) will participate in the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum on September 13, 2021. CEO Bill Hornbuckle is set to speak at 11:15 a.m. Eastern Time. Investors can access a live webcast of the session on the MGM Investor Relations website. MGM Resorts is recognized as an S&P 500 global entertainment company, known for its luxury hotels, casinos, and entertainment venues. The company is also actively expanding in Asia, particularly in Japan, through integrated resort opportunities.
BetMGM has launched its digital sports betting platform in Arizona, marking the 15th market for its mobile and online offerings. With strategic partnerships with Gila River Hotels & Casinos and the Arizona Cardinals, BetMGM aims to enhance the betting experience for Arizona customers. Upcoming BetMGM Sportsbooks will be established in Gila River's locations and State Farm Stadium. The user-friendly BetMGM app allows for customizable wagers and integrates with MGM Resorts' M life Rewards program. BetMGM emphasizes its commitment to responsible gaming as it expands its services.
MGM Resorts International (NYSE: MGM) will participate in the virtual Bank of America Securities 2021 Gaming and Lodging Conference on September 9, 2021. CFO Jonathan Halkyard is scheduled to speak at 4:30 p.m. ET. Investors can view the session through a live webcast on the MGM Investor Relations website.
MGM Resorts operates globally with 31 hotel and gaming destinations, recognized for delivering exceptional entertainment experiences. The company is also pursuing expansion in Asia, particularly Japan.
BetMGM has partnered with TAPPP to introduce gift cards available at major grocery and convenience stores in select U.S. states. The gift cards, available in $25 and $50 denominations, aim to provide a convenient funding option for BetMGM accounts as the football season begins. With over 6,000 retail locations, this move enhances accessibility for sports bettors. The partnership aligns with BetMGM's commitment to responsible gaming, offering resources for safe play. This initiative reflects the growing demand for flexible payment options in the sports betting industry.
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