Established market leader; revenue and
profitability outlook reiterated
LAS
VEGAS, May 12, 2022 /PRNewswire/ -- BetMGM,
a leading sports betting and digital gaming operator, is holding a
virtual business update today for analysts and investors.
The event will provide insights into the rapidly growing North
American sports betting and iGaming marketplace, the ongoing
operations of BetMGM, and how the deep integration of BetMGM's
world-class assets are driving competitive advantages.
As part of the presentation, BetMGM will confirm that is
has:
- Established itself as a market leader, delivering strong
performance in line with its ambitions
- Achieved the No. 1 position with 25%1 share in U.S.
sports betting and iGaming markets where it operates
- Consistent leadership in the U.S. iGaming market with
29%2 share
- A total addressable market (TAM) in the U.S. and Canada that is now expected to be
approximately $37 billion, driven by
expansion in online sports betting and strong customer
dynamics
- Committed itself to leading the industry in sustainability and
responsible gambling
- Reiterated its long-term ambitions in the U.S., which are:
-
- Expected market share of approximately 20%-25%
- Expected EBITDA margin of 30-35%
- Reaffirmed its outlook guidance:
-
- FY 2022 net revenues over $1.3
billion
- Reach positive EBITDA during 2023
The event will be hosted by BetMGM's management team –
Adam Greenblatt, Chief Executive
Officer, Gary Deutsch, Chief
Financial Officer, Matt Prevost,
Chief Revenue Officer and Jarrod
Schwarz, Chief Product Officer
The event, including registration, can be accessed
through https://event.webcasts.com/starthere.jsp?ei=1546306&tp_key=20ae892484.
An on-demand replay also will be available after the event.
Following the presentation, there will be a live Q&A
session. To participate, please call 1-800-289-0720 for U.S.
callers, 44-(0)330-165-4012 for U.K. callers, and 1-323-701-0160
for international callers. The conference call access code is
6616118.
Presentation slides will be posted prior to the event on MGM's
Investor Relations website
at http://investors.mgmresorts.com/investors/events-and-presentations/
or Entain's Investor Relations website at
https://entaingroup.com/investorrelations/results-centre/.
Note
1 - Active market share by GGR for retail, OSB and iGaming
including only U.S. markets where BetMGM was active; internal
estimates used where operator-specific results are unavailable.
Results for Feb-22.
2 - Total market share by GGR for retail, OSB and iGaming across
all U.S. markets, including markets where BetMGM is not currently
active; internal estimates used where operator-specific results are
unavailable. Results for Feb-22.
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 US-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 www.betmgminc.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
32 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 Entain PLC
Entain plc (LSE: ENT) is a FTSE100
company and 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, Bet.pt, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet and Sports Interaction; Gaming Brands
include CasinoClub, Foxy Bingo, Gala, GiocoDigitale,
Ninja Casino, Optibet, Partypoker
and PartyCasino. The Group owns proprietary technology across all
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 a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK with operations in a total of 31
regulated or regulating territories. Entain is a leader in ESG, a
member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group
has set a science-based target, committing to be carbon net zero by
2035 and through the Entain Foundation supports a variety of
initiatives, focusing on safer gambling, grassroots sport,
diversity in technology and community projects. For more
information see the Group's website: www.entaingroup.com
Forward-looking statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
which involve substantial risks and/or uncertainties, including
those described in the MGM Resorts International public filings
with the Securities and Exchange Commission. BetMGM has based
forward-looking statements on management's current expectations,
assumptions and projections about future events and trends.
Examples of these statements include, but are not limited to,
BetMGM's expectations regarding its financial outlook (including
forecasted revenues from operations, expective EBITDA margin and
the ability to reach positive EBITDA in 2023), projected market
share position, and its expected growth in new and existing
jurisdictions. These forward-looking statements are not guarantees
of future performance, conditions or results, and involve a number
of known and unknown risks, uncertainties, assumptions and other
important factors, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Included among the important factors that could cause
actual results to differ materially from those indicated in such
forward-looking statements are: the significant competition within
the gaming and entertainment industry; the Company's ability to
execute on its business plan; changes in applicable laws or
regulations, particularly with respect to iGaming and online sports
betting; the Company's ability to manage growth and access the
capital needed to support its growth plans; and the Company's
ability to obtain the required licenses, permits and other
approvals necessary to grow in existing and new jurisdictions. 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.
BETMGM CONTACT:
ELISA RICHARDSON, Head of
Communications
press@betmgm.com
MGM RESORTS CONTACTS:
Investment Community, ANDREW
CHAPMAN, Director of Investor Relations, (702) 693-8711,
achapman@mgmresorts.com, OR News Media, BRIAN AHERN, Executive Director of
Communications, media@mgmresorts.com
ENTAIN PLC CONTACT:
Investors
DAVID LLOYD-SEED, Chief Investor Relations &
Communications Officer
DAVINA HOBBS, Head of Investor
Relations
investors@entainroup.com
Media
LISA
ATTENBOROUGH, Head of Corporate Communications
media@entaingroup.com
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SOURCE MGM Resorts International