MGM RESORTS INTERNATIONAL - MGM STOCK NEWS

MGM Resorts International reported a significant drop in financial performance for Q3 2020, with net revenues decreasing by 66% year-over-year to $1.1 billion due to pandemic-related restrictions. The company experienced an operating loss of $495 million and a net loss of $535 million, compared to profits in the previous year. Despite these challenges, MGM maintained substantial liquidity of $4.5 billion, aided by a $750 million bond issuance to bolster its financial position. The report highlighted growth in regional operations and strong performance in U.S. sports betting and iGaming through BetMGM.

The Detroit Red Wings have renewed and expanded their partnership with BetMGM, enhancing fan engagement through various promotions and a dedicated stats module in the District Detroit app. The multi-year deal includes an on-ice logo at Little Caesars Arena and further integration of BetMGM's offerings. With this collaboration, both companies aim to enhance the experience for Red Wings fans while emphasizing responsible gambling education through programs like GameSense.

BetMGM, the sports betting joint venture between MGM Resorts and GVC Holdings, announced the appointment of Ryan Spoon as Chief Operating Officer.

Previously at ESPN, Spoon is tasked with leveraging BetMGM's league and team partnerships for growth. BetMGM's platform offers a user-friendly sports betting experience and aims for rapid expansion in the U.S. The company collaborates with major sports leagues and teams, including the NBA and NFL, and operates in six states.

MGM Resorts International (NYSE: MGM) received the Gold award for Corporate and Business Volunteer Program of the Year at the 2020 Nevada Governor's Points of Light Awards. This prestigious event recognizes exceptional volunteer efforts across Nevada. MGM aims to donate 5 million meals via its Feeding Forward program by 2025 and exceed 1 million community volunteer hours. Amid the pandemic, the company emphasizes its commitment to community support and service. This recognition aligns with MGM's broader commitment to sustainability and positive social impact.

MGM Resorts Foundation has received the SportsTravel Award for its Employee Emergency Grant Fund (EEG) program, which has raised over $14 million to aid employees and their families during the COVID-19 pandemic. The fund has facilitated more than 9,000 bill payments for qualified expenses. Additionally, MGM Resorts contributed food and PPE to local communities, providing nearly 500,000 meals to those in need. This recognition highlights the Foundation's commitment to support during challenging times.

Din Tai Fung has opened its first location in Las Vegas at ARIA Resort & Casino, expanding its global reach from Taipei to Los Angeles. Known for its Xiao Long Bao, the restaurant aims to deliver the same culinary experience as its original establishment founded in 1972. The venue features a lively show kitchen capable of producing 10,000 dumplings daily. This expansion celebrates Din Tai Fung's 20th anniversary in the U.S., marking its significant growth with locations worldwide, now totaling over 170.

MGM Resorts International (NYSE: MGM) will announce its third quarter 2020 financial results on October 29, 2020, after market close. A conference call is scheduled for 5:00 p.m. ET that same day, featuring discussions on the results followed by a Q&A session. Investors can access supplemental slides on the Investor Relations website. Callers can join via phone or online. A replay will be available until November 5. MGM Resorts is a leading global entertainment company with a focus on immersive experiences through its various properties.

Borgata Hotel Casino & Spa, an MGM Resorts property, will reopen its Poker Room on October 21, 2020. The reopening follows earlier closures due to the COVID-19 crisis and will feature 30 socially distanced tables. Enhanced safety measures, including mandatory masks, polycarbonate barriers, and health screenings, are implemented to ensure guest safety. The Bad Beat Jackpot will commence with a prize of $100,000. Borgata aims to restore its status as a leading gaming destination on the East Coast.