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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
BetMGM, a leading sports betting and iGaming operator in the U.S., reported net revenue from operations of $1.0 billion in the first half of 2024, up 6% year-over-year. The company saw accelerating momentum with 2Q net revenue growth of 9% YoY, up from 3% in 1Q. BetMGM is focusing on investment and strategic execution in 2024 to drive future growth.
Key highlights include:
- 2Q online sports betting NGR per active up 16% YoY
- 2Q iGaming average monthly actives growth of 18% YoY
- 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming
- Launched digital sports betting in North Carolina and District of Columbia
- Enhanced sports product with Angstrom capabilities and improved player experiences
- Expanded responsible gaming initiatives
BetMGM expects greater marketing investment in iGaming in 2H 2024, funded by bank debt, with 2H EBITDA similar to 1H. The company remains confident in its pathway to $500 million EBITDA in the coming years.
BetMGM, a leading sports betting and iGaming operator in the U.S., jointly owned by MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT), will release an update on its 1H 2024 performance on Monday, July 29, 2024 at 8:30 a.m. Eastern Time. This update precedes the upcoming financial results announcements for MGM Resorts International (2Q 2024 on July 31) and Entain Group (1H 2024 on August 8).
BetMGM, founded in 2018, offers sports betting and online gaming through brands including BetMGM, Borgata Casino, Party Casino, and Party Poker. The company leverages Entain's technology and MGM Resorts' land-based and online gaming businesses to pioneer in the online gaming industry.
BetMGM has launched mobile sports betting operations across Washington, D.C., expanding beyond its previous two-block radius around Nationals Park. This follows the D.C. Council's approval of the FY2025 budget, opening the digital sports betting market. BetMGM will maintain exclusivity near Nationals Park, where it operates a sportsbook.
The expansion allows district-wide access to BetMGM's sports wagering experience, including rewards tied to MGM Resorts and Marriott Bonvoy. BetMGM continues to invest in the region, creating jobs and contributing tax dollars. The app is now available for download across the D.C. Metropolitan area, offering new customers a first bet offer of up to $1,500 in bonus bets.
BetMGM currently operates in 29 markets with mobile and retail offerings, emphasizing responsible gambling education through its GameSense program.
MGM Resorts International (NYSE: MGM) has been named a 'Proud Partner of the New York Yankees.' The partnership aims to deliver unique experiences to MGM Rewards members and baseball fans, including VIP access to batting practices and ceremonial first pitches at Yankee Stadium. MGM Resorts will also feature branding at Yankee Stadium, including LED signage, first and third base rotational signage, and logo placement on the pitcher's mound during televised games. The collaboration is expected to bolster MGM Resorts' brand visibility, especially for the nearby Empire City Casino. This move aligns with MGM's ongoing efforts to secure a full commercial casino license for Empire City Casino and underscores their commitment to community investment and responsible gaming.
BetMGM has been honored with two prestigious awards at the EGR North America Awards 2024: Sports Betting Operator and Employer of the Year. The event, held on June 27 in New York City, celebrates excellence in the North American online gaming industry.
BetMGM was recognized for its innovation and outstanding player experience. Key achievements included strategic partnerships with X and Marriott Bonvoy, as well as leveraging its omnichannel advantage in Las Vegas during Super Bowl LVIII. The acquisition of Angstrom in 2023 further enhanced BetMGM's betting offerings.
As Employer of the Year, BetMGM was commended for its investment in employee development, inclusion, and motivation. The company has been acknowledged as one of the Best Workplaces in New York by Great Place To Work® and Fortune.
BetMGM operates in 29 markets and offers mobile and retail sports betting and casino games via iOS, Android, and desktop platforms. The company emphasizes responsible gambling through programs like GameSense.
MGM Resorts International (NYSE: MGM) will release its Q2 2024 financial results on July 31, 2024, after market close. A conference call will be held at 5:00 p.m. Eastern Time to discuss these results, accompanied by a Q&A session. Supplemental slides will be available on MGM's Investor Relations website before the call. The call can be accessed online or via provided phone numbers, with a replay available until August 7, 2024.
MGM Resorts operates 31 hotel and gaming destinations globally, including notable brands like BetMGM for sports betting and online gaming. The company is pursuing expansion in Asia, focusing on integrated resort opportunities in Japan.
MGM Resorts International announced that its subsidiary, LeoVegas Group, has agreed to acquire Tipico's U.S. sportsbook and online casino platform. This acquisition will enable LeoVegas to operate a proprietary sportsbook, enhancing its global digital gaming business. The transaction includes the integration of Tipico's U.S. management, technology, and trading teams. This deal marks LeoVegas' second major investment, following its acquisition of Push Gaming in 2023. The transaction is expected to be completed in Q3 2024, subject to customary closing conditions.
MGM Resorts International has announced a strategic partnership with Playtech to launch a new live casino content offering directly from Las Vegas. The service, branded as 'MGM Live,' will feature live-streamed games including single and double-zero roulette and baccarat from MGM Grand and Bellagio's gaming floors. This initiative is aimed at regulated markets worldwide, excluding the United States.
Future plans include expanding the game portfolio with exclusive Playtech games, TV game shows, and celebrity-hosted trivia. Both companies emphasize their commitment to responsible gambling. This collaboration will enhance MGM's global reach and offer innovative experiences, driven by the trusted brands of MGM and the technological prowess of Playtech.
BetMGM has announced an exclusive partnership with Brian Christopher, a top social media influencer in the slots and casino gaming space. As the new brand ambassador, Brian will feature in live streams and marketing campaigns showcasing BetMGM’s online casino platforms. His social media reach spans 8 million monthly unique viewers and 1.8 million subscribers, with content that recently surpassed 1 billion views. This collaboration will include live streams on various platforms, exclusive experiences, and a strong emphasis on responsible gaming. BetMGM, a leader in sports betting and iGaming with over 2,800 casino titles and multiple awards, continues to prioritize responsible gambling education and tools.
MGM Resorts International has named Viral Nation as its official Influencer Marketing Agency of Record. Viral Nation will collaborate with MGM Resorts to enhance the brand's presence and engagement within the digital landscape.
Sarah Moore, SVP of Marketing for MGM Resorts, expressed confidence in Viral Nation's expertise to elevate the brand and drive engagement, leveraging a portfolio of destinations including Bellagio, ARIA, and MGM Grand. Joe Gagliese, CEO of Viral Nation, emphasized the agency’s focus on Social-First Marketing to craft impactful campaigns.
This collaboration aims to reach new audiences and bolster MGM Resorts' leadership in the global hospitality industry.
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