Latest news with #MGMResorts
Yahoo
a day ago
- Business
- Yahoo
Century Casinos Announces Sports Betting Partnership With BetMGM in Missouri
MGM Resorts International (NYSE:MGM) is among the 10 Best Casino Stocks To Buy Now. Century Casinos has announced a long-term partnership with MGM Resorts International (NYSE:MGM)'s BetMGM to launch online and mobile sports betting in Missouri at its Century Casino & Hotel Cape Girardeau. Aerial shot of an entertainment resort, its buildings and gaming amenities sprawling along the seafront. BetMGM will use Century's license to run sports betting under the terms of the arrangement, and Century will get a cut of net gaming income, with a minimum guaranteed. The agreement is based on regulatory approvals and permits Century to offer retail sportsbook options at its discretion. Century's strategic position in Missouri's developing sports betting market is strengthened by the agreement. Peter Hoetzinger and Erwin Haitzmann, co-CEOs, stressed the action as a crucial step in improving the value of its licenses in Missouri. BetMGM, founded in 2018 as a joint venture between MGM Resorts International (NYSE:MGM) and Entain Plc, delivers proprietary U.S.-licensed technology and operates major brands like BetMGM, Borgata Casino, and Party Poker. Both companies' goals are to boost their market share and take advantage of the current gaming infrastructure, which is reflected in this agreement. While we acknowledge the potential of MGM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
Bloomberg
a day ago
- Business
- Bloomberg
NYC's $4.4 Billion Casino Battle Now Lies With Gambling Skeptics
Vicki Been, the chair of New York's Gaming Facility Location Board, says she's never been to a casino. 'That's nowhere I want to spend my time,' said Been, a former deputy mayor for housing and economic development for New York City. She now leads the board that will decide which three of eight high-profile bidders — Mets owner Steve Cohen and MGM Resorts International among them — will win a license to operate a casino in downstate New York. The initial bids are due Friday. To win backing, the proposals make big promises: Thousands of housing units, green spaces, and lots and lots of jobs. And the estimated payoff for the owners of three successful projects in the most populous US city is a whopping $4.4 billion in annual gambling revenue, according to Spectrum Gaming Group.
Cision Canada
2 days ago
- Business
- Cision Canada
MGM YONKERS SUBMITS COMMERCIAL CASINO LICENSE APPLICATION IN NEW YORK
Application highlights transformative vision for Empire City YONKERS, N.Y., June 26, 2025 /CNW/ -- MGM Yonkers Inc., a subsidiary of MGM Resorts International (NYSE: MGM), today submitted its commercial casino license application to the New York Gaming Commission and the Gaming Facility Location Board, with a $2.3 billion proposal to transform its historic Empire City Casino site into a commercial casino and entertainment destination. The development plans have been thoughtfully curated to achieve the maximum benefits for the State of New York, City of Yonkers and surrounding counties, while also meeting the needs of the local community. MGM Yonkers' plans include the full renovation and expansion of Empire City Casino's existing gaming areas, an expansive high-limit lounge and the addition of a state-of-the-art BetMGM Sportsbook offering retail sports betting. The plan also envisions the addition of a 5,000 person maximum capacity entertainment venue and accompanying meeting space which will welcome a variety of A-list and local performances with the design flexibility to accommodate special events, local graduations and other community needs. Additionally, three new full-service restaurants and the renovation of existing food and beverage venues will provide high-concept dining options for guests. A parking garage with solar energy arrays and electric vehicle parking spaces are among features that demonstrate MGM Resorts' strong commitment to sustainability. If MGM Yonkers is awarded a commercial casino license, it anticipates completing all project elements by mid-2029. "Empire City Casino and Yonkers Raceway have anchored the entertainment and tourism culture in downstate New York for more than a century. Achieving a full casino license will ensure this site will continue to be a cultural and economic force for generations to come," said Bill Hornbuckle, President and CEO of MGM Resorts International. Empire City's role in the community and local economy Since opening in October 2006, Empire City Casino has generated more than $5 billion for New York State education, including $1.6 billion since MGM Resorts assumed ownership in 2019. MGM Yonkers' casino application details the significant financial benefit the City of Yonkers, New York's third-largest city, and the surrounding counties would receive from this project as part of the revenue share formula. If a license is awarded to Empire City, 20% of the generated tax revenue will be distributed with 10% directed to the City of Yonkers, 5% to Westchester County and 5% divided between Rockland and Putnam counties. The proposal estimates the project will ultimately create thousands of direct, induced and indirect jobs through the new economic activity that the commercial casino license would generate for the region. MGM Resorts has a strong track record of being an employer of choice by providing career pathways, supporting higher education and prioritizing responsible business practices through programs like GameSense, an industry-leading responsible gaming educational tool. Other highlights of MGM Yonkers' application include significant investments to support public infrastructure in the City of Yonkers, including improvements to roads, water lines and traffic technology. Energy efficient methods to conserve water and harness solar energy are also an integral part of the proposal, since building and sustaining the communities in which MGM Resorts operates is a core belief of the Company. ABOUT EMPIRE CITY CASINO BY MGM RESORTS Empire City Casino by MGM Resorts is one of the largest entertainment and gaming destinations in the northeast. Featuring nearly 4,700 of the hottest slots, electronic three card poker, blackjack, craps, roulette, baccarat and sic bo table games, Empire City Casino also offers guests year-round harness racing and international simulcasting; live entertainment including the best party, tribute, and Latin bands; New York's hottest DJ's, and more. A selection of dining options will satisfy even the most discerning palate with fan-favorite fare at The Pub, and convenient delicious options at Lil' Cocina and the Big Kitchen International Food Court. Visit Empire City Casino by MGM Resorts located at 810 Yonkers Avenue (off I-87 at Central Avenue) Yonkers, NY, Westchester County, open seven days a week from 10:00 a.m. to 6:00 a.m. Empire City Casino is an indirect wholly owned subsidiary of MGM Resorts International (NYSE: MGM). For more information, visit or call 914.968.4200. ABOUT MGM RESORTS INTERNATIONAL MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and 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 31 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 sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters 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 Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram. 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 the Company's 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. The Company 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, the Company's expectations regarding the amount of the investment in the project, the timing to complete the project elements, the scope of the design and expected amenities and the benefits the project may bring to the City of Yonkers. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. 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 economic and market conditions in the markets in which the Company 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 the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company 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 the Company 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.
Yahoo
2 days ago
- Business
- Yahoo
MGM downgraded as Las Vegas slump, rising capex cloud outlook
-- Brokerage Citizens cut its rating on MGM Resorts (NYSE:MGM) International to market perform from outperform, warning that softer demand on the Las Vegas Strip and a ramp-up in long-dated projects will drag on earnings and stretch the casino operator's balance sheet. Average daily room rates quoted by some Strip operators have fallen by double-digit percentages year over year in May and June, the brokerage said, adding that booking windows are narrowing. Citizens cut its 2025 Las Vegas EBITDAR forecast for MGM by 3% and brought forward the company's remodel of rooms at its flagship MGM Grand to this autumn. 'Every several years, the Las Vegas market slows beyond the traditional seasonal slowdown,' the note said. MGM plans to spend about $2.7 billion on capital projects between 2023 and 2025, with additional outlays expected for a $10-billion resort in Osaka, a possible New York casino licence and future renovations at properties such as Aria and the Cosmopolitan. Citizens estimates lease-adjusted leverage could top 4 times, limiting share buybacks and dividends in a higher-rate environment. The brokerage called BetMGM, the company's U.S. sports-betting venture with Entain, a 'bright spot' but said MGM's 50% stake leaves an overhang if the operator wants full control. It assigned no value to the nascent global digital division, projecting an EBITDA loss of about $10 million in 2026. Citizens expects MGM's brick-and-mortar EBITDAR to be flat to down 3% in 2025-26 and said investors are unlikely to reward the stock until growth prospects improve. 'We believe shares trading at 11% our 2026E FCF yield … represents fair value,' it wrote, comparing that with peers at roughly 14%. Shares of MGM were trading down 1.56% lower at $33.35 in premarket trading. Related articles MGM downgraded as Las Vegas slump, rising capex cloud outlook – Citizens UBS bumps Meta target by $129 on AI revenue from messaging, assistant tools The Trade Desk stock falls after Wells Fargo downgrade on Amazon threat Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
The Top 5 Analyst Questions From MGM Resorts's Q1 Earnings Call
MGM Resorts' first quarter results met Wall Street's revenue expectations but drew a modestly negative market reaction, as sales declined compared to last year and operating margins compressed. Management attributed the softer revenue to challenging year-ago comparisons, particularly with last year's Super Bowl impact, and incremental weather disruptions at regional properties. CEO Bill Hornbuckle emphasized the company's progress in growing its digital business and loyalty program, noting, 'Our MGM Rewards program crossed 50 million members, reflecting the staying power of MGM's iconic brands.' Is now the time to buy MGM? Find out in our full research report (it's free). Revenue: $4.28 billion vs analyst estimates of $4.27 billion (2.4% year-on-year decline, in line) Adjusted EPS: $0.69 vs analyst estimates of $0.46 (51.5% beat) Adjusted EBITDA: $637.1 million vs analyst estimates of $1.14 billion (14.9% margin, 44.2% miss) Operating Margin: 9%, down from 10.5% in the same quarter last year Market Capitalization: $9.22 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Brandt Montour (Barclays) asked about demand trends in Las Vegas, and CFO Jonathan Halkyard described record April occupancy and strong event demand, crediting the Marriott partnership and group bookings. Carlo Santarelli (Deutsche Bank) inquired about labor cost management, with Halkyard noting a reduction in full-time employees and increased use of digital interfaces to improve efficiency. David Katz (Jefferies) asked about cost variability in Japan, and Halkyard explained that the company has built in contingencies and hedged currency exposure, minimizing future cost uncertainty. Shaun Kelley (Bank of America) questioned investment pacing in Brazil's digital launch, and Halkyard outlined a front-loaded marketing spend, expected to taper as the business matures over the next two quarters. John DeCree (CBRE) asked about balancing share repurchases with rising capital needs, and Halkyard stated that future buybacks will be moderated to prioritize funding for Japan and potential New York commitments. The StockStory team will be watching (1) progress on the Osaka resort construction and New York casino license application, (2) continued profitability and user growth in BetMGM and MGM Digital's Brazil operations, and (3) sustained margin discipline as capital expenditures rise. Additionally, we will monitor the impact of new suite and villa offerings in Macau and the performance of the Marriott partnership in driving Las Vegas occupancy. MGM Resorts currently trades at $33.67, up from $31.44 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
