Mgm Resorts - MGM STOCK NEWS

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.

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.