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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
The Washington Nationals have formed a multi-year, exclusive partnership with BetMGM, a premier sports betting and digital gaming company. This collaboration includes the establishment of a BetMGM Sportsbook adjacent to Nationals Park and a mobile betting app for fans. The partnership aims to enhance the fan experience through unique campaigns and co-branding opportunities. BetMGM, operational in 11 states and seeking expansion into Virginia, emphasizes responsible gaming. This agreement solidifies BetMGM's status as the Official Sports Betting Partner of the Nationals.
MGM Resorts International (NYSE: MGM) has received a non-binding letter of intent from its largest shareholder, IAC, expressing support for MGM's proposed acquisition of Entain. The proposal includes an exchange of 0.6 MGM shares for each Entain share, valuing Entain at 1,383 pence per share, a 22% premium. IAC believes the merger will create a global leader in gaming and enhance BetMGM's growth prospects. A partial cash alternative may be offered to Entain shareholders, potentially funded by IAC's additional investment of up to $1 billion.
The year 2020 marked significant progress for online gaming legalization in the United States, with numerous states adding online casino betting following the November elections. President-Elect Joe Biden's support for the industry is expected to further drive momentum in 2021. Key players like Bragg Gaming Group, Wynn Resorts (NASDAQ:WYNN), MGM Resorts International (NYSE:MGM), Flutter Entertainment, and Caesars Entertainment (NASDAQ:CZR) are expanding their operations to seize new opportunities. Bragg has formed partnerships to enhance its market reach, while Wynn and MGM have launched online betting platforms, indicating a robust growth trajectory.
MGM Resorts International (NYSE: MGM) acknowledges Snow Lake Capital's letter concerning MGM China Holdings Limited. The Board reaffirms their commitment to Macau and emphasizes actions that benefit shareholders and stakeholders. Continued engagement with MGM China shareholders is appreciated. The company remains focused on growth opportunities and maintaining its leadership in the global entertainment industry while addressing challenges posed by COVID-19 and international market conditions.
MGM Resorts International has appointed Jonathan Halkyard as its new Chief Financial Officer. Previously CEO of Extended Stay America, Halkyard brings over 13 years of experience from Caesars Entertainment, where he held various roles including CFO. He will oversee all financial activities across MGM's global portfolio and report to Bill Hornbuckle, President and CEO. The leadership transition aims to enhance financial discipline and strategic execution amidst the ongoing recovery from the pandemic.
BetMGM has officially launched its sports betting app in Iowa, enhancing its market presence to eight states. Announced on January 4, 2021, the app provides users access to rewards from MGM Resorts, allowing them to redeem gameplay for experiences across various locations. The app offers a user-friendly interface for betting options, including pre-game and live in-play wagers. BetMGM emphasizes responsible gaming and integrates with the M life Rewards program for additional benefits, further solidifying its competitive stance in the iGaming market.
MGM Resorts International (NYSE: MGM) announced a proposal to acquire Entain plc by offering 0.6 MGM shares for each Entain share, valuing Entain at 1,383 pence per share, a 22% premium based on Dec 31, 2020 closing prices. If accepted, Entain shareholders would own about 41.5% of the combined entity. MGM aims to enhance its control over the BetMGM business and expand its global gaming operations. However, Entain's board believes the offer undervalues the company and has requested a strategic rationale from MGM.
On December 22, 2020, the Philadelphia 76ers announced a partnership with BetMGM, making it the team's Official Sports Betting Partner. This alliance follows BetMGM's recent mobile launch in Pennsylvania and includes visible TV signage during games and fan engagement through the 76ers app. BetMGM aims to provide unique experiences for fans, which includes promotions and co-branded casino events. The Borgata Hotel Casino will serve as an 'Official Away Game Host,' enhancing the partnership's reach and interaction with fans.
BetMGM has launched its sports betting app in Pennsylvania, enhancing its presence in the state after introducing iGaming offerings. The app allows customized sports wagers and integrates with MGM's M life Rewards program, giving users access to MGM Resorts' nationwide experiences. This marks the seventh state for BetMGM's mobile app, joining others like Colorado, New Jersey, and Tennessee. BetMGM prioritizes responsible gaming education as it expands its reach.
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