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Comprehensive Overview of MGM Resorts International
MGM Resorts International is a globally recognized gaming and entertainment company that sets the benchmark for integrated resort experiences. As an established operator of world-class hotels, casinos, and entertainment venues, the company is synonymous with luxury hospitality, innovative live shows, and premier gaming experiences. With a portfolio that includes iconic properties on the Las Vegas Strip and beyond, MGM Resorts is renowned for its quality entertainment, state-of-the-art facilities, and exceptional customer service.
Iconic Properties and Global Reach
At its core, MGM Resorts International operates a diverse collection of resorts that blend casino gaming, high-end accommodations, and live entertainment. Properties such as MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio showcase the company’s commitment to creating immersive guest experiences. These resorts feature extensive arrays of dining, nightlife, retail, and cultural attractions, positioning MGM as a cornerstone of the global hospitality industry. Beyond the iconic Las Vegas Strip, the company has ventured into regional U.S. markets and international destinations, ensuring a broad concentration of influential properties that create unparalleled entertainment and leisure experiences.
Diverse Business Segments and Revenue Channels
MGM Resorts generates revenue through a multifaceted business model that includes traditional casino gaming, hotel operations, and integrated resort experiences. The company’s business model is distinct for its balanced emphasis on high-quality customer service and sophisticated entertainment. Its operations leverage a combination of land-based resorts and digital platforms, such as the highly acclaimed BetMGM, to cater to a wide range of consumer preferences. By seamlessly integrating physical gaming venues with online sports betting and iGaming, MGM Resorts continues to capitalize on emerging market trends while retaining its strong heritage in traditional hospitality.
Industry Expertise, Strategic Partnerships, and Technological Integration
Central to MGM Resorts’ success is its deep industry expertise and its ability to innovate within a competitive landscape. The company’s strategic alliances, including partnerships with technology providers and media conglomerates, underscore its commitment to expanding its reach and enhancing its offerings. By embracing state-of-the-art technologies and integrating advanced digital solutions into its service model, MGM Resorts delivers consistently high-quality user experiences both in-house and through its dynamic online platforms.
Commitment to Excellence and Customer-Centric Innovation
The foundation of MGM Resorts’ market significance lies in its rigorous focus on customer experience and operational excellence. The company is dedicated to creating environments where guests can enjoy a complete blend of luxurious accommodations, premium dining options, and electrifying nightlife. Through meticulous attention to every detail—from grand architectural designs to thoughtfully curated entertainment programs—MGM Resorts ensures a consistently memorable experience that resonates with diverse audiences across the globe.
Positioning within the Competitive Landscape
MGM Resorts distinguishes itself not only by managing a significant share of the hotel and gaming market but also by continuously evolving its service model to meet the demands of a dynamic industry. Its commitment to excellence is evident in its diversified portfolio that spans traditional casino experiences and innovative digital gaming solutions. This clear differentiation, reinforced by its partnership with leading digital platforms and technology firms, allows MGM Resorts to maintain a robust competitive edge in a crowded marketplace.
Overall, MGM Resorts International encapsulates a unique blend of classic luxury, modern technology, and strategic innovation. Its comprehensive approach to creating immersive, iconic experiences makes it a fundamental reference point for investors and industry enthusiasts seeking detailed insight into the workings of one of the world’s most emblematic resort and entertainment operators.
PEPSI® Dig In is bringing six new dishes and four crafted cocktails to Las Vegas for its third annual Restaurant Royalty Residency. Starting September 21, MGM Resorts International's Fan District at Mandalay Bay Resort and Casino and Luxor Hotel & Casino will exclusively offer -edition menu items from renowned restaurants across the country.
The residency features Slutty Vegan's plant-based Fussy Hussy burger, Q1227's Bourbon Chicken Lollipops, and dishes from Taco Mell, Sienna Wings, NYAM, and Vyoone's. The program runs from September 21, 2024, to February 7, 2025, with each dish available for four weeks. Custom cocktails featuring Pepsi-Cola® beverages will also be offered.
Gannett Co., Inc. (NYSE: GCI) has announced a multi-year strategic partnership with BetMGM, a leading sports betting and iGaming operator. BetMGM will serve as the preferred online sportsbook and casino partner for USA TODAY Sports, providing sports betting odds and information across the USA TODAY Network in over 200 local U.S. markets across 43 states.
The partnership aims to deliver trusted sports betting information to Gannett's audience of more than 44 million sports fans. It includes integrating BetMGM sports betting odds into stories and content, as well as featuring a BetMGM "Bet Now" option. Gannett anticipates this collaboration will immediately increase the overall monetization of its content platform.
MGM Resorts International (NYSE: MGM) has signed a 25-year power purchase agreement with Escape Solar to significantly increase its renewable energy use. This deal will more than double MGM's access to clean solar electricity, helping the company move closer to its goal of using 100% renewable electricity in North America by 2030.
The Escape Solar + Storage project, to be built in Lincoln County, Nevada, will combine a 115 MW solar facility with a 100 MW/400 MWh battery storage system. Set to begin operations in early 2026, it will produce renewable electricity equivalent to the annual power usage of over 28,000 average U.S. homes. This expansion will enable MGM to cover 100% of the total daytime needs for 11 of its Las Vegas Strip properties, up from the current 90%.
MGM Resorts International (NYSE: MGM) has priced a public offering of $850 million in 6.125% senior notes due 2029, upsized from the originally announced $675 million. The offering is expected to close on September 17, 2024. The company plans to use the net proceeds to repay existing debt, including its 5.750% senior notes due 2025, pay transaction-related fees, and for general corporate purposes. The notes will be general unsecured senior obligations, guaranteed by most of MGM's wholly owned domestic subsidiaries. Multiple financial institutions will act as joint book-running managers and co-managers for the offering. This offering is made under a prospectus supplement and accompanying prospectus filed with the SEC.
BetMGM, a leading sports betting and iGaming operator, has launched a new TV campaign for the 2024 football season featuring Academy and GRAMMY Award-winner Jamie Foxx. The campaign, directed by Brian Billow, showcases Foxx's comedic range through various character impersonations, highlighting BetMGM's brand DNA and customer-centric approach.
The series includes three spots: 'Anthem', showcasing fans' emotions and BetMGM's rewards program; 'Second Chance', promoting a new touchdown betting feature; and 'Feel Welcome', highlighting an offer for new customers. BetMGM operates in 29 markets across North America and emphasizes responsible gaming through its GameSense program.
MGM Resorts International (NYSE: MGM) has announced a proposed offering of $675 million in senior notes due 2029. The company plans to use the net proceeds to repay existing debt, including its outstanding 5.750% senior notes due 2025. The new notes will be general unsecured senior obligations, guaranteed by most of MGM's wholly owned domestic subsidiaries.
The offering will be managed by a group of prominent financial institutions, including BofA Securities, J.P. Morgan Securities, and Barclays Capital. MGM Resorts, an S&P 500® global gaming and entertainment company, operates 31 unique hotel and gaming destinations globally and is involved in sports betting and online gaming through its venture BetMGM,
MGM Resorts International (NYSE: MGM) and BetMGM are expanding their responsible gaming initiatives for the 2024 NFL season. They will increase GameSense® messaging at nine NFL stadiums, promoting responsible gambling practices. BetMGM plans to release new advertisements featuring brand ambassadors to highlight responsible gaming resources.
MGM Resorts is contributing $440,000 to fund responsible gaming research through partnerships with the International Center for Responsible Gaming and Kindbridge Research Institute. The company has also certified over 500 employees in its GameSense Advisor Program. Both companies will continue to partner with the American Gaming Association's Have A Game Plan.® Bet Responsibly.™ campaign to educate bettors on responsible sports wagering.
The Fountains of Bellagio celebrated its 25th anniversary by unveiling its 40th show, choreographed by Marriott Bonvoy Elite member Scott Krupa. This marks the first time a guest has created a Fountains of Bellagio show, facilitated through the Marriott Bonvoy Moments platform. Krupa, from Atlanta, redeemed over 2.4 million Marriott Bonvoy points for this once-in-a-lifetime experience. The partnership between MGM Resorts and Marriott Bonvoy offers members unique opportunities to redeem points for extraordinary experiences. MGM Collection with Marriott Bonvoy features 16 iconic hotels and resorts, including Bellagio, ARIA, and The Cosmopolitan of Las Vegas. The Marriott Bonvoy Moments platform provides an array of exclusive experiences, and more are set to launch during the Formula 1 Las Vegas Grand Prix this fall.
BetMGM, a leading iGaming and sports betting company, has introduced a groundbreaking feature for Nevada bettors: seamless nationwide connectivity through a single digital wallet. This innovation allows Nevada residents and visitors to wager in the state and carry their funds to BetMGM mobile markets nationwide, making it the first sports betting app to offer this convenience.
Key points:
- Users can sign up once in-person at an MGM Resorts property in Nevada
- The app is available across all U.S. BetMGM mobile markets
- New Nevada customers can receive a first bet offer of up to $250 in bonus bets
- BetMGM operates in 29 markets across North America
- The company focuses on responsible gambling education, integrating GameSense into its platforms
MGM Resorts International (NYSE: MGM) has appointed Keith Barr, former CEO of IHG Hotels & Resorts, to its Board of Directors. Barr, with over 30 years of experience in the hospitality industry, becomes the 12th board member. His tenure at IHG included successful initiatives that increased revenues, improved operational efficiency, and built a more customer-centric culture.
Paul Salem, Chair of the MGM Resorts Board, praised Barr's leadership skills and innovation, while CEO Bill Hornbuckle highlighted the value of Barr's expertise in building a successful international business as MGM pursues its own global growth strategy. Barr's experience spans roles as CEO of Greater China, COO of Australia and New Zealand, and various positions in the Americas with IHG.
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