Mgm Resorts - MGM STOCK NEWS

MGM Resorts International reported a Q1 2021 net revenue of $1.6 billion, down 27% year-over-year. The operating loss was $247 million, a stark contrast to a previous income of $1.3 billion. The company saw a net loss of $332 million compared to a $807 million profit last year. Despite these challenges, regional operations showed revenue growth of 59% while MGM China reported a 9% increase in revenues. The company maintains strong liquidity with $9.7 billion available and began returning capital to shareholders through repurchases.

MGM Resorts International's CityCenter has announced a definitive agreement to sell a two-acre site on the Las Vegas Strip to 63SLVB, LLC for approximately $80 million. This parcel, located adjacent to The Shops at Crystals, will be developed into a retail complex featuring specialty retail and dining options. The deal is expected to close in the second quarter of 2021. CityCenter is a joint venture between MGM and Infinity World Development Corp, incorporating notable developments like ARIA Resort & Casino and Vdara Hotel and Spa.

BetMGM, a collaboration between MGM Resorts and Entain, reported a strong business update as of April 21, 2021. The company leads the U.S. iGaming market with a 23% market share as of February 2021 and is set to capture 20-25% of the U.S. sports betting and iGaming market in the long term. BetMGM foresees a $32 billion addressable market across the U.S. and Canada and anticipates achieving $1 billion in net revenue in 2022. The joint investment from MGM Resorts and Entain for 2021 is expected to be around $450 million.

On April 20, 2021, BetMGM announced the integration of GameSense, a responsible gaming program, into its platform, marking a first for U.S. online gaming. Developed by the British Columbia Lottery Corporation (BCLC), GameSense offers resources for informed and responsible gambling. BetMGM's CEO Adam Greenblatt emphasized the importance of responsible gambling as the industry expands. The program will be fully integrated later this year and aims to promote healthy gaming habits. MGM Resorts, which launched GameSense in 2017, aims to enhance player experience across its properties and now through BetMGM.

MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT) will hold a virtual investor day for their joint venture BetMGM on April 21, 2021, at 11:00 a.m. EDT. The event will feature key management presentations, including CEO Adam Greenblatt and CFO Gary Deutsch, followed by a live Q&A session. Participants can register for the event online and will have access to an on-demand replay afterward. This event emphasizes BetMGM's position as a leader in sports betting and online gaming.

MGM Resorts announced enhancements to its Convene with Confidence program, aimed at reviving in-person meetings in Las Vegas. The health and safety initiative now offers optional rapid COVID-19 testing for event attendees, in line with Nevada's increased capacity limits. Since its launch in September 2020, the program has successfully hosted nearly 300 meetings. Key partnerships with CLEAR, Cue Health, and Impact Health facilitate secure health monitoring and rapid testing. In-room testing options are also available, providing convenience for guests at their Las Vegas properties.

MGM Resorts International (NYSE: MGM) will release its Q1 2021 financial results on April 28, 2021, after market close. A conference call is scheduled for 5:00 p.m. ET on the same day, featuring a discussion of results and a Q&A session. Supplemental materials will be available on MGM's Investor Relations website prior to the call. The call can be accessed via the internet or by phone, with a replay available until May 5, 2021. MGM Resorts operates 29 hotel and gaming destinations and is pursuing expansion in Asia, notably Japan.

PLAYSTUDIOS has collaborated with five renowned Las Vegas artists to launch its new app, myVEGAS Bingo, starting April 1, 2021. This initiative, named “Lucky Numbers”, features unique bingo balls displayed across iconic Las Vegas locations. PLAYSTUDIOS aims to enhance its gaming experience by integrating local culture and talent. The app allows players to join clubs, compete in tournaments, and earn loyalty points redeemable for real-world rewards. The press release also mentions a planned merger with Acies Acquisition Corp., transitioning to Nasdaq under the symbol “MYPS”.

The Detroit Tigers have entered into a multi-year sponsorship agreement with BetMGM, enhancing their partnership in the gaming sector.

This deal includes BetMGM branding at Comerica Park, promotions for fans, and integration across digital platforms such as the MLB Ballpark App. BetMGM's Chief Revenue Officer, Matt Prevost, emphasized the importance of connecting with Michigan sports teams. The BetMGM app is now available in Michigan for sports betting. This collaboration aims to enrich the fan experience both at the stadium and remotely, promoting responsible gaming as part of BetMGM's commitment.