MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

On February 10, 2021, MGM Resorts (NYSE: MGM) reported significant financial challenges for Q4 and the full year 2020 due to COVID-19. Consolidated net revenues dropped 53% to $1.5 billion in Q4, leading to a $448 million net loss. Full-year net revenues decreased 60% to $5.2 billion, resulting in a $1.0 billion net loss. Despite these results, MGM noted improvements in Adjusted Property EBITDAR and expressed optimism regarding future recovery. Cash reserves stood at $5.1 billion, with total liquidity of $8.8 billion, indicating some financial stability moving forward.

On February 4, 2021, Bellagio in Las Vegas revealed new guest room designs, enhancing its luxury hospitality experience. The remodel spans all 2,568 rooms, inspired by nature and light, featuring oversized showers, dual sinks, and built-in closets. The upgrade includes design schemes by The Gettys Group, reflecting the iconic Fountains at Bellagio. This initiative aims to attract discerning travelers as tourism rebounds. The first remodeled rooms will be available from April 2021, with completion expected by summer.

Richard Childress Racing has established a groundbreaking partnership with BetMGM, marking the first collaboration between a NASCAR team and a sports betting operator. This multi-faceted agreement includes primary sponsorship for select races in the 2021 NASCAR Cup Series and designates BetMGM as the Official Sports Betting Operator of RCR. The partnership kicks off at Daytona International Speedway, aiming to enhance marketing and engagement with NASCAR fans. BetMGM's platform is live in 10 states and focuses on delivering user-friendly betting experiences.

On January 28, 2021, BetMGM and The Athletic announced an exclusive partnership, making BetMGM the sole sports betting partner in the U.S. for The Athletic. This collaboration aims to create The Athletic Betting Hub, enhancing sports betting content with integrated live odds and exclusive offers. The Athletic, with over one million subscribers, provides extensive coverage of almost 300 teams across North America. BetMGM, backed by MGM Resorts and Entain, operates in ten states and offers a user-friendly sports betting experience.

On January 27, 2021, BetMGM launched its mobile sports betting app in Virginia, marking its entry into the 10th state. The app offers a variety of betting options, including pre-game, live in-play, and parlay wagers, integrated with MGM Resorts' M life Rewards program. CEO Adam Greenblatt highlighted the excitement of serving passionate Virginians and plans for future collaborations with MGM National Harbor and the Washington Nationals. The app emphasizes responsible gaming and is available on iOS, Android, and desktop.

MGM Resorts International has expanded its partnership with PLAYSTUDIOS by adding MGM Springfield to its playAWARDS loyalty platform. This addition allows players to redeem loyalty points earned in PLAYSTUDIOS' mobile games for rewards at MGM Springfield, which features various dining options. The partnership, now in its eighth year, aims to enhance player engagement and experiences, especially as MGM continues to roll out new resorts. Redemptions began on January 8, 2021, although some offerings remain limited due to pandemic guidelines.

BetMGM has launched its sports betting and iGaming app in Michigan, offering a range of betting options and exclusive benefits tied to MGM Grand Detroit and other MGM Resorts properties. The app features customizable betting options and a variety of casino games. The launch follows partnerships with the Detroit Lions and Detroit Red Wings. BetMGM is now available in nine states for mobile sports betting and four states for online casino. The platform emphasizes responsible gaming and provides rewards through the M life Rewards program.

BetMGM announced a multi-year partnership with Hockey Hall of Famer Chris Chelios as a brand ambassador. Chelios, a three-time Stanley Cup champion, will engage in fan interactions, marketing campaigns, and public appearances. His involvement coincides with the BetMGM app launch in Michigan on January 22, enhancing the platform's outreach. Chelios's connection with the Detroit Red Wings, where he won two Cups, solidifies BetMGM's brand credibility. The app operates in eight states, showcasing BetMGM's growth in the sports betting market.