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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
On March 1, 2021, BetMGM announced its exclusive partnership with Borussia Dortmund, becoming the first U.S. sports betting operator to collaborate with a German soccer club. This partnership includes cross-marketing opportunities, fan engagement via social media promotions, and customer sweepstakes offering exclusive Dortmund prizes. BetMGM aims to enhance its presence as interest in Bundesliga grows in the U.S. Additionally, users can access live matches through the BetMGM app. The initiative highlights BetMGM's commitment to responsible gaming education.
MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT) will host a business update event on April 21, 2021, focusing on their joint venture, BetMGM LLC. The virtual event, starting at 11:00 a.m. EDT, aims to provide insights into the growing U.S. sports betting and iGaming market. BetMGM, a leading player in online gaming, offers exclusive access to MGM's sports betting and online gaming operations, utilizing Entain's advanced technology. Further registration details will be shared prior to the event.
BetMGM has partnered with Topgolf Entertainment Group to enhance the integrated sports betting experience at select venues. The collaboration will feature BetMGM branding and promotional offers at various Topgolf locations, including Las Vegas and Indianapolis. This partnership aims to attract new audiences and engage consumers through unique entertainment options. BetMGM’s Chief Revenue Officer, Matt Prevost, highlighted the immersive sports betting experiences available to Topgolf guests. Forward-looking statements indicate potential growth challenges in new markets.
MGM Resorts International (NYSE: MGM) will resume 24/7 operations at Mandalay Bay, Park MGM, and The Mirage starting March 3, reflecting rising travel interest in Las Vegas. This decision follows selective mid-week closures due to low business volumes during the pandemic. CEO Bill Hornbuckle expressed optimism about Las Vegas' recovery and plans to bring employees back as demand increases. Additionally, live entertainment shows will return in February and March under state guidelines. MGM's health and safety protocols remain in effect to ensure guest safety amid COVID-19.
Mandalay Bay Resort and Casino has signed a multi-year naming rights agreement with Anheuser-Busch to rename its sports venue as the Michelob ULTRA Arena. This partnership will feature various promotions and events, enhancing the guest experience. The arena is a prominent location for live events, including UFC and concert performances. Anheuser-Busch emphasizes its commitment to providing unforgettable entertainment experiences as travel resumes. The venue underwent significant renovations in 2019, improving seating, technology, and amenities.
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.
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