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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 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.
Casino del Mar at La Concha Resort has partnered with BetMGM to expand sports betting in Puerto Rico. This marks BetMGM's first market access agreement outside the U.S. mainland, subject to regulatory approval. Sports betting will be available both retail and online, with plans to launch a retail sportsbook and the BetMGM mobile app. Officials express this partnership's potential to enhance local tourism and the economy. BetMGM aims to provide responsible gaming resources as it grows into new markets.
BetMGM has officially launched its mobile sports betting platform in Wyoming, becoming one of the first operators in the state. This marks Wyoming as the 14th market for BetMGM ahead of the football season. CEO Adam Greenblatt expressed excitement over this expansion, highlighting its significance in extending their footprint in the West. The BetMGM app offers various betting options, integrating with MGM Resorts' M life Rewards program for customer benefits.
On August 19, 2021, BetMGM announced a partnership with Liv Hospitality to launch sports betting at Tin Lizzie Gaming Resort and Cadillac Jack's in Deadwood, South Dakota. This follows the approval of the Deadwood Sports Betting Legalization Amendment by voters on November 3, 2020. Pending regulatory approval, BetMGM's mobile app will be available within both resorts, alongside retail sportsbooks featuring kiosks and counter wagering. BetMGM CEO Adam Greenblatt emphasized the partnership's potential to enhance the sports betting experience for local fans.
On August 9, 2021, BetMGM announced partnerships with Gila River Hotels & Casinos and the Arizona Cardinals to expand its sports betting operations in Arizona. The collaboration includes retail sportsbooks at Gila River's three Arizona locations and State Farm Stadium, aiming for a launch in time for the 2022 NFL season. BetMGM’s CEO expressed confidence in delivering a premier sports betting experience, while Gila River's CEO highlighted the synergy with both partners. Responsible gaming remains a key focus as BetMGM continues to grow in new markets.
MGM Resorts International (NYSE: MGM) reported strong financial results for Q2 2021, with consolidated net revenues of $2.3 billion, a 683% increase year-over-year, driven by increased travel demand and easing pandemic-related restrictions. The company achieved an operating income of $264 million, recovering from a $1 billion loss in the prior year. Notable highlights include record EBITDAR margins for both Las Vegas and Regional operations. MGM also entered strategic transactions, including a $4.4 billion cash agreement with VICI Properties, enhancing liquidity and positioning for future growth.
MGM Resorts International has struck a definitive deal with VICI Properties and MGM Growth Properties to redeem MGP operating partnership units at $43 each, totaling approximately $4.4 billion. This simplifies MGM's structure and provides over $11.6 billion in liquidity, enhancing shareholder value. The agreement values MGP at $17.2 billion, including $5.7 billion in assumed debt. The lease terms include an initial 25-year term with $860 million annual rent. MGM will retain a 1% stake in VICI, valued at $370 million. The transaction is anticipated to close in H1 2022.
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