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MGM RESORTS INTERNATIONAL

(MGM)
  Report
Real-time Estimate Cboe BZX  -  11:42 2022-09-28 am EDT
30.47 USD   +1.62%
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MAJOR LEAGUE BASEBALL EXPANDS WIDE-RANGING PARTNERSHIP WITH MGM RESORTS INTERNATIONAL & BETMGM

07/15/2022 | 11:05am EDT

NEW YORK-- Major League Baseball (MLB), MGM Resorts International (NYSE: MGM) and BetMGM, a leading sports betting and digital gaming operator, today announced the renewal and expansion of an integrated, historic partnership that, in 2018, designated MGM Resorts as MLB's first Official Gaming Sponsor. Under the renewed, multi-year agreement, BetMGM will continue to be an Official Sports Betting partner of MLB, domestically marketing its brand and gaming options across a variety of league and team platforms including MLB Network, MLB.com and the portfolio of MLB apps.

MGM Rewards, MGM Resorts' loyalty program, will be the Title Sponsor of this year's All-Star Celebrity Softball Game and Presenting Sponsor of the first-ever All-Star Saturday Extra Innings musical performance at Dodger Stadium.

'We are thrilled to extend and expand upon our groundbreaking work with Major League Baseball,' said Lance Evans, Senior Vice President of Sports & Sponsorships, MGM Resorts. 'We're incredibly proud of the growth and innovation that have transformed our industries since launching our partnership four years ago, and we're eager to continue breaking new ground and delivering world-class sports and entertainment experiences for baseball fans worldwide.'

The partnership between BetMGM and MLB includes data usage in sports betting, promotion across MLB-owned media platforms, domestic and international activations at MLB events, plus multiple fan experiences.

BetMGM Chief Revenue Officer Matt Prevost added, 'It is an exciting day to announce the extension of our partnership with MLB. The collaboration with the League allows us to reach new audiences while delivering a best-in-class baseball wagering product. We look forward to growing our industries together.'

The long-term extension between MGM Resorts and MLB includes the presenting sponsorship of Bettor's Eye, MLB's digital baseball show on MLB.TV with a focus on betting for fans who want to engage on a deeper level within that aspect of the game. BetMGM will continue to be recognized as an MLB-Authorized Gaming Operator and utilize MLB's official statistics feed throughout both digital and live domestic sports gaming options on a non-exclusive basis. MLB will make enhanced statistics available to BetMGM on an exclusive basis. MLB, MGM Resorts and BetMGM will continue to work together on comprehensive responsible gaming measures and protecting the integrity of the game, both on and off the field.

MLB Chief Revenue Officer Noah Garden said, 'Since creating this historic partnership four years ago, MGM Resorts and BetMGM have been truly collaborative and innovative business partners to Major League Baseball. With the success of Bettor's Eye and introduction of All-Star Saturday's Extra Innings concert, we look forward to seeing how MGM Resorts and BetMGM will continue to broaden their business with Baseball.'

Since becoming MLB's first-ever Official Gaming Partner and Entertainment Partner in 2018, MGM Resorts and BetMGM have expanded their commitment to baseball by partnering with multiple MLB Clubs on a variety of levels, including with the Boston Red Sox, Detroit Tigers, Los Angeles Dodgers, New York Mets, New York Yankees, Houston Astros and Washington Nationals. As part of the Nationals partnership, BetMGM built the first retail sportsbook connected to an MLB stadium and is the only mobile sports betting app available at Nationals Park.

ABOUT MGM RESORTS INTERNATIONAL

MGM Resorts International (NYSE: MGM) is an S&P 500 global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 33 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its 'Focused on What Matters: Embracing Humanity and Protecting the Planet' philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE Magazine's World's Most Admired Companies. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

About BetMGM

BetMGM is a market-leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market-leading brands, including BetMGM, Borgata Casino, Party Casino, and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com/.

Forward-Looking Statements

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in MGM Resorts' public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as 'believes,' 'expects,' 'could,' 'may,' 'will,' 'should,' 'seeks,' 'likely,' 'intends,' 'plans,' 'pro forma,' 'projects,' 'estimates' or 'anticipates' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. MGM Resorts has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, MGM Resorts' expectations regarding the benefits of the partnership. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the continued impact of the COVID-19 pandemic on MGM Resorts' business, the effects of economic conditions and market conditions in the markets in which MGM Resorts operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts' Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Contacts

David Hochman, Major League Baseball, (212) 931-7878

Marc Jacobson, MGM Resorts, mjacobson@mgmresorts.com

Elisa Richardson, BetMGM, press@betmgm.com

SOURCE MGM Resorts International; BetMGM

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
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ENTAIN PLC 1.73% 1141.5 Delayed Quote.-33.16%
MGM RESORTS INTERNATIONAL 2.23% 30.66 Delayed Quote.-33.20%
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Financials (USD)
Sales 2022 12 604 M - -
Net income 2022 1 942 M - -
Net Debt 2022 2 231 M - -
P/E ratio 2022 6,50x
Yield 2022 0,04%
Capitalization 11 785 M 11 785 M -
EV / Sales 2022 1,11x
EV / Sales 2023 0,94x
Nbr of Employees 60 500
Free-Float 80,2%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 29,98 $
Average target price 51,83 $
Spread / Average Target 72,9%
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Managers and Directors
William Joseph Hornbuckle President, Chief Executive Officer & Director
Jonathan S. Halkyard Chief Financial Officer & Treasurer
Paul Jude Salem Chairman
Corey I. Sanders Chief Operating Officer
Stephen Martino Chief Compliance Officer & Senior Vice President
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