MGM Resorts expands iGaming and sports betting brand

MGM Resorts InternationalLas Vegas’ largest casino operator reported record full-year net sales on Tuesday (Feb. 13) and a $100 million loss for its operations in the city in the fourth quarter.

On September 12th, PYMNTS wrote that MGM Resorts’ websites were down two days after one began cyber attack At the time, this had resulted in its websites, including its reservation platform, remaining inaccessible.

“You all understand what this is [cyberattack] “That’s what it did for us, and assuming that we would end up having the quarter that we had, I couldn’t be more proud of the organization,” CEO and President of MGM Resorts Bill Hornbuckle said investors and analysts in a call. He added that the milestone results were particularly strong in the luxury segment, where Bellagio resorts posted their best quarter in 25 years.

The company has achieved its goal in the digital area first quarter of profitability about its investment in the online gaming joint venture, BetMGMin the third quarter of 2023, with BetMGM now a top 3 competitor in both US iGaming and US sports betting and iGaming.

Approximately 50% of the adult population in U.S. and Canadian jurisdictions has access to BetMGM’s iGaming and/or sports betting products, which are active in 29 markets with the launch of North Carolina next month.

“We are adding remarkable technology [and] “This sets the stage for the integration of a single account and wallet in Nevada later this spring, which is critical to our omnichannel thesis and will fully unlock one of the key differentiators for BetMGM by fully leveraging our Las Vegas properties.” said Hornbuckle.

In August also the sports betting and online casino platform announced With the launch of iGaming and online sports betting brand BetMGM in the UK, the company aims to conquer European markets and thereby kick-start its international growth strategy. The company also launched on desktop and mobile web platforms and introduced a redesigned device Sports betting app in Nevada earlier this month.

Meanwhile, 2024 appears to be off to a good start for MGM. The company recently announced a collaboration with X that will see the company become the social media platform’s exclusive live odds sports betting partner, with every game linked to BetMGM’s website and app.

“X is at the center of the conversation in the sports world 24 hours a day, seven days a week,” BetMGM CEO Adam Greenblatt said on Feb. 9 Press release. “Being directly accessible in this forum is an unprecedented opportunity to expand our reach to a passionate and engaged audience.”

Looking forward, Hornbuckle said the “strength and resiliency” of the Las Vegas market, which hosted Super Bowl LVIII on Sunday (Feb. 10), continues to be promising for MGM in 2024.

“The game was another strong hotel and casino event for us, [with] “A near record event gaming volume,” he said. “Game weekend is typically a strong event for MGM Resorts, but the game in town dramatically boosted those results.”

Source link