Mgm Resorts - MGM STOCK NEWS

MGM Resorts International (NYSE: MGM) received the "Responsibility" H.E.R.O.E.S award from the Western Regional Minority Supplier Development Council for its leadership in inclusion and sustainable programs supporting Minority Businesses. This recognition highlights MGM's commitment to supplier diversity, with efforts focused on economic empowerment in Northern California, Nevada, and Hawaii. The company's procurement strategy aims to broaden its supplier base, fostering entrepreneurship and supporting over 760,000 jobs and $11 billion in revenue generated by minority businesses each year.

BetMGM has announced the appointment of Andrew Hagopian as Chief Legal Officer, effective immediately. Hagopian, previously Chief Corporate Counsel at MGM Resorts International, will lead the legal and compliance teams at BetMGM, reporting directly to CEO Adam Greenblatt. His experience includes overseeing legal matters related to gaming regulations and corporate governance. Hagopian holds a J.D. from Georgetown University Law Center and a B.S. from the University of Southern California. This leadership change aims to strengthen compliance as the company expands its operations.

MGM Resorts International (NYSE: MGM) partners with the University of Nevada Las Vegas (UNLV) College of Education to offer free virtual tutoring for children of active employees for the remainder of the 2020-2021 school year. This initiative aims to help alleviate stress for MGM employees and enhance their children's academic success. MGM has a history of investing in employee education, including the MGM Resorts Scholarship Program and partnerships with Nevada's higher education system to support accessibility to education.

MGM China Holdings Limited reported its third-quarter financial results for 2020 amid ongoing challenges from the COVID-19 pandemic. The company faced a staggering 92% drop in visitation and a 93% decrease in gross gaming revenue year-on-year. However, total revenue increased by 41% sequentially to approximately HK$363 million, reducing the adjusted property EBITDA loss to HK$731 million. The company maintains a healthy liquidity position, totaling approximately HK$10.9 billion. MGM China is optimistic about a gradual recovery in the market as travel restrictions ease.

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.