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MarketScreener Homepage  >  Equities  >  Nyse  >  MGM Resorts International    MGM

MGM RESORTS INTERNATIONAL

(MGM)
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MGM Resorts International : BetMGM Introduces ESPN Veteran Ryan Spoon as Chief Operating Officer

10/28/2020 | 08:47am EST

JERSEY CITY, N.J.- BetMGM, the sports betting joint venture between MGM Resorts International (NYSE: MGM) and GVC Holdings (LSE: GVC), today announced the appointment of Ryan Spoon as Chief Operating Officer.

Most recently, Spoon served as Senior Vice President of Social & Digital Content at ESPN. Prior to that, he was Senior Vice President of Digital Product and Design. In those capacities, Spoon helped build, operate and grow many of the leading digital properties in sports including ESPN.com; the ESPN App; ESPN Fantasy, including ESPN Fantasy Football; and ESPN Social. ESPN'S digital properties are the world's leading and most successful online sports service, boasting the number one sports website and app, as well as number one sports media publisher in social engagement across Facebook, Instagram and Twitter. Spoon is a two-time Sports Business Journal Forty Under 40 winner. Before joining ESPN, Spoon spent time as a venture capitalist at Polaris Venture Partners where he proved to have innate skills in identifying and leveraging trends in the digital space.

Spoon will report to BetMGM's CEO Adam Greenblatt, who said, 'BetMGM has seen early success in establishing itself as a significant player in the sports betting world through relationships with leagues, teams and partners. With Ryan's expertise in developing scaled and engaging digital experiences, BetMGM will leverage those relationships in entirely new ways.'

BetMGM's industry-leading platform provides a user-friendly sports betting experience, making it simple to customize pre-game, live in-play, futures and parlay bets. Sports bettors can select from a wide assortment of betting options including football, basketball, baseball, hockey, golf, soccer, tennis and combat sports. The app is currently live in six states with the goal of rapid expansion as state legislation allows.

BetMGM's league partnerships include the NBA, MLB, NHL, MLS, PGA TOUR and NASCAR. Team partners include the Denver Broncos, New York Jets, Tennessee Titans, Detroit Lions, Las Vegas Raiders, Vegas Golden Knights, and more. Strategic partners include Yahoo! Sports and Buffalo Wild Wings.

Spoon said, 'The opportunity at BetMGM during these early phases was an immediate draw for me. With the incredible assets of MGM Resorts, GVC's industry-leading technology, and the many league, team and platform partners, BetMGM is uniquely positioned in the market and I am excited to help drive future growth.'

Spoon will be based in the BetMGM headquarters in New Jersey and is scheduled to start in his new role in November.

ABOUT BETMGM

BetMGM is a market leading sports betting and gaming platform by BetMGM LLC, the joint venture between MGM Resorts International (NYSE: MGM) and GVC Holdings Plc (LSE: GVC). Based in New Jersey, the company was established in July 2018 to create a world-class sports betting and online gaming platform in the United States, in order to take advantage of the new opportunities created by the U.S. Supreme Court's decision to overturn the U.S. federal Professional and Amateur Sports Protection Act (PASPA). Utilizing GVC's US-licensed, state-of-the-art proprietary technology platform, BetMGM offers sports betting and online gaming via market leading brands including BetMGM and partypoker. The company has exclusive access to MGM'sU.S. land-based and online sports betting, major tournament poker, and online gaming businesses. For more information visit www.roardigital.com.

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 29 unique hotel and destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. 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' initiative, 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 GVC HOLDINGS PLC

GVC Holdings PLC is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds and Sportingbet; Games Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. The Group has also entered into a joint-venture with MGM Resorts to capitalise on the sports-betting and gaming opportunity in the US. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 250 index and has licenses in more than 20 countries, across five continents. For more information see the Group's website: www.gvc-plc.com

Statements in this release that are not historical facts are 'forward-looking' statements and 'safe harbor statements' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including BetMGM's ability to grow in new or existing jurisdictions. Management has based forward-looking statements on current expectations and assumptions and not on historical facts. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the effects of economic and market conditions in the jurisdictions in which BetMGM operates, competition with other iGaming and sports betting platforms, the timing and costs of expanding in new jurisdictions as well as obtaining and maintaining the required permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions. In providing forward-looking statements, BetMGM 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 BetMGM 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.

Media Contact:

Elisa Richardson

Head of Communications

press@betmgm.com

SOURCE MGM Resorts International

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
GVC HOLDINGS PLC 2.51% 1020.5 Delayed Quote.12.76%
MGM RESORTS INTERNATIONAL 8.80% 28.45 Delayed Quote.-14.49%
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Financials (USD)
Sales 2020 5 284 M - -
Net income 2020 -1 052 M - -
Net Debt 2020 8 289 M - -
P/E ratio 2020 -14,1x
Yield 2020 0,57%
Capitalization 14 053 M 14 053 M -
EV / Sales 2020 4,23x
EV / Sales 2021 2,50x
Nbr of Employees 72 000
Free-Float 87,3%
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Technical analysis trends MGM RESORTS INTERNATIONAL
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 19
Average target price 22,48 $
Last Close Price 28,45 $
Spread / Highest target 1,93%
Spread / Average Target -21,0%
Spread / Lowest Target -47,3%
EPS Revisions
Managers
NameTitle
William Joseph Hornbuckle President, Chief Executive Officer & Director
Paul Jude Salem Chairman
Corey I. Sanders Chief Financial Officer & Treasurer
Roland A. Hernandez Lead Independent Director
Alexis Margaret Herman Independent Director
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