As the state prepares to award three highly sought-after downstate casino licenses, these impressive sports betting figures underscore the enormous potential of New York’s gaming market.

Notably, five of the eight casino bidders also operate mobile sportsbook platforms, giving them a unique advantage in both market familiarity and customer reach. Despite facing one of the highest tax rates in the country, New York remains a magnet for operators eager to tap into its massive betting base.

But how are these operators performing — and could their success in online sports betting give them a critical edge in the fierce race for these coveted casino licenses?

June 2025 Sports Betting Revenue

New York’s sports betting market generated $1.65 billion in handle in June, the lowest figure in over a year. However, despite the handle dip, operators maintained a record 12.5% hold rate.

As a result, the state generated gross gaming revenue of $206.5 million, a 54% year-over-year increase. As the state collects 51%, tax receipts were $105 million.

June marked the second consecutive month surpassing $200 million in gross revenue, and the fifth in the past year. In that period, mobile sportsbooks have contributed over $1.1 billion in tax revenue.

As expected, FanDuel and DraftKings dominated the market, together capturing 78% of the market. For the trailing 12 months, the market leader FanDuel alone has surpassed $1 billion in gross gaming revenue.

How the Casino Bid Hopefuls Fared

MGM Empire City

Among the casino bidders, BetMGM, co-owned by MGM Resorts and Entain, reported approximately $116.6 million in handle (about 7% market share) and $11.9 million in gross gaming revenue in June. That represented a 16% increase year-over-year in handle and an impressive 74% increase in revenue.

MGM Resorts plans to transform its Empire City Casino in Yonkers into a full-scale casino. At $2.3 billion, the transformation is the lowest-valued. Still, it is among the front runners due to the lower resources needed to convert. Additionally, the project already contributes tax revenue and has little opposition.

Caesars Times Square

While the New York Gaming Commission did not post Caesars Entertainment’s Caesars Sportsbook monthly revenue figures on its website, it did load the weekly ones. They show that Caesars Sportsbook closely trailed BetMGM.

While Caesars’ handle remained mostly flat compared to June 2024 (about 5 or 6% market share), its gross gaming revenue grew significantly, thanks to improved hold rates and marketing. (As the weeks did not coincide with the whole month, full figures cannot be given.)

Caesars’ casino proposal, Caesars Times Square, developed in partnership with SL Green and Jay-Z’s Roc Nation, aims to transform Times Square. While its “elevated entertainment” concept promises an economic boost for the neighborhood, it faces strong opposition, especially from the theater industry.

The Avenir

Rush Street Interactive, which operates the BetRivers platform, is a partner in The Avenir bid in Manhattan. For June, the mobile platform brought in $40.4 million in handle (about 2.5% market share) and $3.7 million in revenue.

These figures represented a 41% decrease in handle, but a 48% increase in revenue.

The Avenir, a $5 billion Manhattan project which includes a 1,000-room Hyatt Destination hotel, is being developed by Silverstein Properties, which is behind One World Trade. The developer is among the most politically connected companies in New York, which could help its cause.

Still, it faces various West Side community organizations and local politicians’ opposition.

Bally’s Bronx

Bally’s Corporation’s Bally Bet sports betting platform is among the smaller players in the New York market. In June, it generated $9.9 million in handle (approximately 0.6% market share) and $791,201 in revenue. Still, that represented a 44% yearly increase in handle and a 20% rise in revenue.

Bally’s bid is relying on job creation and an economic boost for the Bronx. As a result, it has received support from most Democratic leaders in the Bronx. The Trump Organization also stands to benefit financially if Bally’s receives a license from the land-purchase deal.

The company faced concerns about whether it could finance the $4 billion project. However, it recently announced a $3.2 billion sale of its International Interactive Division to Intralot, which will give it a much-needed financial injection.

Resorts World New York City

June was Resorts World Bet’s last month, as it announced it would shut down on June 30. That reflected in the platform’s performance, which ranks last in the state in terms of market share. In June, it generated only $2.75 million in handle (about 0.17% market share) and $229,357 in revenue.

These figures represented a 63% year-over-year decline in handle and a 60% decline in revenue.

The exit of its sportsbook has not steered its parent company, Genting Group, to pursue a full casino license for its Queens racino.

Like MGM’s Empire City, many consider Resorts World New York City a frontrunner as it’s an operational racino. It has minimal opposition and strong support among local politicians and organizations.

Could Knowledge of NY Consumers Help with Casino Applications?

While the five operators trail FanDuel and DraftKings in sports betting revenue, their sports betting experience could give them an advantage: deep knowledge of New York bettors.

Their existing data covers wagering patterns, peak betting seasons, promotional effectiveness, and player demographics.

They can leverage this information to cross-promote between the digital platform and physical property, creating tailored experiences to resonate with local players. For example, through their loyalty programs, they can offer targeted bonuses or invite top online bettors to exclusive in-person events.

Additionally, familiarity with the brands could enhance consumer engagement, which in turn could help satisfy community advisory committees (CACs) that may seek operators committed to regional economic growth and responsible gaming.

What Lies Ahead

New York expects to announce the three casino license winners by the end of the year. Before that, the license hopefuls must get approval from their CACs, which were recently formed.

These committees must hold at least two public hearings to gather community input. During this stage, committees can also request that applicants modify or adjust their proposals to better address community concerns.

After the hearings, the CACs will vote on the licensees, with a two-thirds approval requirement. The applications approved by CACs will then move to the Gaming Facility Location Board for final recommendation.

The post New York Sportsbooks See a 54% YoY Revenue Increase in June: How Do the Casino Bid Hopefuls Fare? appeared first on CasinoBeats.

The company now forecasts achieving a net revenue of “at least” $2.6 billion, up from its previous guidance of $2.4–$2.5 billion. Notably, BetMGM now expects to achieve core EBITDA of at least $100 million, a significant turnaround from the $244 million loss in fiscal 2024.

The revision demonstrates growing confidence in the operator’s execution and market position. BetMGM reported that its quarter-to-date trading is consistent with the 34% year-over-year growth it achieved in the first quarter of 2025.

Market Reaction: MGM, Entain, and Major Indexes

The announcement led to significant increases in the share prices of BetMGM’s co-owners.

With an 8% stock price jump, MGM Resorts was the third-best performer on the S&P 500. The growth also allowed the company’s year-to-date share price to reach positive comps.

Meanwhile, Entain saw a 15% surge, its most significant one-day increase since 2021. The surge also meant that Entain led the FTSE 100 index for the day.

BetMGM’s announcement also lifted other gaming stocks:

• Penn Entertainment gained 6.7%
• Las Vegas Sands rose 5.8%
• Wynn Resorts climbed 5.6%
• Caesars Entertainment was up 3.7%
• DraftKings and Flutter Entertainment (FanDuel’s parent) also saw solid gains

Positive Analyst Reaction for MGM Resorts

Analyst reactions affirmed the positive view on MGM Resorts after BetMGM upgraded its forecast.

A consensus recommendation by 21 brokerage firms puts the MGM Resorts stock as “outperform”. One-year price targets, as estimated by 18 analysts, average $45.98, with a high of $59 and a low of $35.00. The average target represents a 35.9% increase from the current price.

Several investment banks raised their target prices, citing improved digital profitability. That marks a turnaround from the spring, when investment banks lowered the target price.

Analysts suggest that the renewed profitability could aid MGM Resorts’ international growth strategies.

Strategic Implications for MGM Resorts

For MGM Resorts, BetMGM’s upgraded financial forecast represents a validation of the company’s omni-channel strategy. That’s a contrast to some rival operators, such as Penn Entertainment, which faces scrutiny from investor HG Vora, or Bally’s Corporation, which has faced opposition from investors in the past, regarding their digital segment pivot.

The possible digital profitability would provide significant strategic advantages for MGM Resorts. That includes opportunities to reinvest in other areas, such as international expansions in markets like Japan, China, and Thailand.

Moreover, digital profitability would provide MGM with a buffer against potential volatility in land-based casino operators, which experienced a slight decline in the first quarter.

Entain Reclaims Strategic Momentum After Difficult Years

The positive BetMGM forecast update will be particularly beneficial for Entain. The positive outlook offers a much-needed boost for the UK gambling giant, which experienced a few turbulent years, including agreeing to a £585 million ($792 million) settlement related to a bribery investigation of its former Turkish business.

Entain also faced considerable pressure from investors to offload its stake in the BetMGM joint venture. However, now with BetMGM’s bright outlook, Entain finds itself in a strengthened strategic position. Instead of divesting, the company is likely to prioritize stability and focus on further expanding the digital joint venture.

As the technology provider for BetMGM, this could include the development of more exclusive games for the platform, aiming to match the popularity of the MGM Grand Millions slot, which is known for producing some of the highest jackpots among US online casinos.

At the helm of this pivot is CEO Stella Davis, who was elevated from interim to permanent CEO in April following Gavin Isaacs’s departure in February. Davis’ strategy includes growth in the US through BetMGM and Brazil.

Analysts have responded positively to her appointment and strategy. The £8.66 ($11.74) price at close represented a 52-week high for the company. Year-to-date, the share price has increased by over 22%.

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MGM Resorts International

Jeff Mochal has joined MGM Resorts International as senior vice president of corporate communication, where he will be based in Las Vegas and report to Ayesha Molino, who has been promoted to senior vice president of public affairs.

Mochal will oversee the company’s corporate communications and strategic positioning, leading issues management strategy and proactive media relations, internal communications and social impact and sustainability messaging strategies for issues affecting the company on a global scale.

“Jeff is joining the company at a crucial time. His skills and expertise will be invaluable as our industry recovers from the pandemic and MGM Resorts seizes on rapidly growing opportunities in mobile gaming and executes on its goal to become the premier global omni-channel gaming, hospitality, and entertainment company,” said Molino.

“Jeff’s strong background and years of experience defining a corporate mission and strategy as a clear and compelling narrative makes him a valuable addition to this leadership team.”

Gaming1

Gaming and sports betting operator Gaming1 has appointed Lana Khoury to the role of chief information officer, building upon a 20-year career in the technology and consulting industry.

Chosen for an ability to align business and IT by managing technology in pursuit of an organisation’s success, the position will see Khoury build on the awareness of the group’s brands, as well as implementing organisational changes to support the company’s agile delivery model and data-driven focus.

Sylvain Boniver, COO and co-founder at Gaming1, noted: “I am delighted to welcome Lana to the team. A world-class addition, her appointment forms part of a recruitment drive aimed at accelerating our continued international expansion into crucial markets.

“With a precise and technically-minded approach, as well as an impressive skillset and portfolio, she is exactly what we need to take our brand to the next level.”

A Game Above

Nicolas Fleiderman has been selected as the new chief executive officer for A Game Above, taking over fromSteen Madsen who stepped down earlier this year.

Fleiderman’s appointment comes soon after the customer experience campaigns and consulting agency celebrated its first anniversary.

In his new role, the new CEO will focus primarily on the company’s growth within regulated markets across Africa, Europe, the US and Latin America as well as the ‘omnichannel opportunity’.

Bill Pascrell III, president of A Game Above, stated: “An industry veteran of Nicolas’ calibre is totally the right call for the A Game Above team at this point in the business mission. The commitment to detail and delivery is obvious across Jakob Famme and Ismail Vali’s experience and day-to-day.

“As president, I’m looking for the medium to long term performance and structure that builds reliably to success. Nicolas’ appointment delivers a  dealmaker and sole decision-maker with a solid track record that speaks to only one outcome: getting the job done, and done well. I’m very much looking forward to working with him.”

Checkd Media

Manchester-based social media marketing and technology business Checkd Group has hired Glenn Townsend as poker manager for its Checkd Media division.

Townsend, who was previously marketing manager at partypoker liver, will take on the role of delivering Checkd Media’s poker strategy, which centres around the Footy Accumulators Poker League.

Alex Beecham, Checkd Media managing director, commented: “Glenn’s track record with partypoker live shows that he has the drive and expertise to maintain the momentum that the Footy Accumulators Poker League has picked up over the past year.

“We intend for poker to continue to be a strong element within our product mix, engaging our communities and driving traffic.”

The post Part 63 | On the move: recruitment round-up appeared first on CasinoBeats.

MGM Resorts International

Former Nevada Governor Brian Sandoval has confirmed his departure from the MGM Resorts International, almost 15 months after initially joining the company.

Tasked with driving MGM Resorts’ global expansion efforts, most importantly in Japan, as well as focusing on state public policy efforts around sports gaming, Sandoval departs to pursue the position of President of the University of Nevada, Reno.

Bill Hornbuckle, acting CEO and President, said of the departure of the president of global gaming development: “We are grateful to Governor Sandoval for all that he has accomplished in his time at MGM Resorts. 

“He helped to advance our efforts in Japan, in jurisdictions where we were seeking expanded access, and areas where we pursued sports betting opportunities. We wish him the very best in pursuit of this next opportunity and thank him for his commitment to MGM Resorts.” 

European Casino Association

Hermann Pamminger has been confirmed as the security general of the European Casino Association with immediate effect, following a board meeting undertaken this week.

This comes after the ECA confirmed a previous shake-up following the resignations of Tracy Damestani and Dietmar Hoscher, with Bettina Glatz-Kremsner from Casinos Austria and Jari Heino from Veikkaus new board members representing Austria and Finland, with Pascal Camia from Société des Bains de Mer Monte Carlo approved as new vice chairman.

“We are confident that Hermann’s many years of experience in the international gambling industry will be an asset for the ECA, especially in these difficult times,” stated Per Jaldung, ECA chairman. 

“Hermann is well known in the industry, has been PR Coordinator and a Senior Advisor to the ECA for many years and knows the legal and regulatory opportunities as well as challenges of our business inside out.”

GVC Holdings 

GVC has announced the promotion of Grainne Hurst to the position of group corporate affairs director and will be joining the Group’s ExCo team.

In the newly created role, Hurst will build on the group’s ambition to lead the industry on responsible gambling and develop relationships with the media and external partners.

Grainne was previously director of responsible gambling at GVC, a position she held since the group’s acquisition of the Ladbrokes Coral Group in March 2017, where she led the company’s parliamentary liaison. 

Kenneth Alexander, GVC CEO, stated: “Grainne brings a wealth of experience to this new position, both within GVC where she has spear-headed our Changing for the Bettor Safer Gambling campaign, and from previous communications roles.

“I am delighted to be promoting from within GVC, after an extensive external search, which proves we have the existing talent and expertise to develop our leadership team. I look forward to welcoming Grainne back from maternity leave next month”.

Maxima Compliance

Dafydd Williams has been appointed as head of business development by Maxima Compliance, proceeding with a particular focus on its recently-launched Complitech product.

Williams, boasting more than five years’ experience in gaming compliance, most recently as a business development manager for GLI, will oversee the growth of Complitech, a technical compliance database that provides the latest requirements from more than 20 online gaming jurisdictions.

Antonio Zanghi, founder and managing director of Maxima Compliance, explained: “It is fantastic to welcome Dafydd to the fast-growing Maxima Compliance team, where he will lead business development with a focus on Complitech.

“Since we launched Complitech, we’ve received huge interest in the product, and have already onboarded the first users. 

“Complitech will quickly become a standard across the industry, and Dafydd is perfectly positioned to drive this growth.”

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Reporting to BetMGM’s Chief Revenue Officer, Matt Prevost, Hurbis brings 30 years of consumer marketing experience to the operator, including knowledge in consumer engagement, digital advertising, partnership development and experiential marketing.

“Sports betting is one of the most competitive and rapidly evolving industries in the marketing world, and I’m honoured to join BetMGM at such an exciting time in its growth,” commented Hurbis.

“BetMGM is a brand with incredible momentum, backed by a team that is redefining how we engage and entertain audiences. I look forward to pushing the boundaries of creativity and innovation to not only attract new audiences but enhance the experience for our loyal players to even greater heights.”

Before joining BetMGM, Hurbis was Chief Marketing Officer at retail mortgage lender Rocket Mortgage. He has also spent 24 years in automotive marketing with roles in advertising and communications for FIAT and Alfa Romeo.

At Rocket Mortgage, Hurbis helped the company achieve consecutive number one rankings on USA Today’s Ad Meter for Super Bowl commercials, in addition to launching the Rocket Mortgage Classic, the most-awarded event on the PGA Tour.

He has also previously collaborated with BetMGM’s creative agency of record, Highdive, on three top-ranked Super Bowl campaigns while at Rocket Mortgage.

Prevost added: “Building BetMGM from the ground up into one of the most recognizable brands in the sports betting and igaming sphere has been an incredible accomplishment made possible by the tireless efforts of our amazing team. Bringing a visionary leader like Casey Hurbis on board adds another impactful advantage for our brand.”

As previously mentioned, MGM Resorts has promoted Ari Kastrati to the position of Chief Content, Hospitality and Development Officer. He was previously Chief Hospitality Officer.

Reporting to MGM Resorts’ CEO & President, Bill Hornbuckle, Kastrati will be in charge of the company’s global design and development efforts and sports and entertainment partnerships.

In addition, he will continue to lead MGM Resorts’ hospitality strategy, including the development of food and beverage and nightlife concepts, as well as lifestyle, retail, leasing, and arts divisions. He will also serve on the company’s Executive Committee.

“MGM Resorts is continuing to extend into some of the world’s most exciting luxury destinations, and I am thrilled to play a bigger role in our growth,” stated Kastrati. 

“It’s an honour to not just grow within the company but serve in an expanded leadership role, and I look forward to helping the company redefine the gaming entertainment experience for our guests, in Las Vegas and globally.”

Kastrati has been with MGM Resorts since 2010, but has previously worked with several premium hospitality companies and has over 25 years of industry experience.

Hornbuckle added: “Ari has long played an integral role in making MGM Resorts the world’s premier gaming entertainment company. He has a keen sense of what consumers want, and what is cutting-edge in global luxury and entertainment. 

“His expertise will be essential as our company continues to develop marquee experiences in Las Vegas and beyond and create unparalleled resorts with world-class design in some of the world’s pre-eminent gaming markets.”

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10%

The UK Gambling Commission has reported an online total gross gambling yield (GGY) increase of over 10% year-over-year for the country’s gambling market in the second quarter of 2024.

Slots GGY also increased by more than 15% in comparison to the same period last year, but the Commission did include the caveat that one operator has re-classified some of its products, impacting the data.

Publishing its Q2 data for the UK gambling market – July to September – the Commission noted that online operator GGY data, covering approximately 80% of the online gambling market, stood at £1.32bn, an 11% increase YoY.

However, the quarter’s figure was down on the £1.46bn reported during the Q1 data release earlier this year in August.

The number of total bets and/or spins increased by 12% YoY in Q2 to hit a new high for the third consecutive quarter of 25.2 billion. Meanwhile, the average monthly active accounts in the quarter increased by 8%.

Slots GGY hit a new high as well with £680m in the quarter, up 16% YoY, as the number of spins grew by 13% to 23.3 billion, while the average monthly active accounts rose by 16% to 4.4 million per month. 

The number of online slots sessions lasting longer than an hour rose by 9% YoY to 10 million, while the average session length remained at 17 minutes. 

Approximately 6.1% of all sessions lasted more than one hour (Q2 2023: 6.6%), but the number of spins per session and the GGY per session has fallen in comparison to the same quarter the previous year to 142 (2023: 147) and £4.13 (2023: £4.20) respectively.

$4.18bn

MGM Resorts International declared a record Q3 consolidated net revenue of $4.18bn across the third quarter of 2024, up 5% YoY (Q3 2023: $3.97bn).

Net income attributable to MGM Resorts in the quarter was $185m (2023: $161m), while consolidated adjusted EBITDAR stood at $1.1bn.

Revenue per segment, casino was $2.12bn (2023: $2.1bn), rooms stood at $883.6m (2023: $827.1m), food and beverage came in at $755.3m (2023: $698.3m) while entertainment, retail and other was $411.3m (2023: $385.7m). Reimbursed costs were $11.9m (2023: $11.6m).

Operations per location, Las Vegas Strip Resorts revenue increased by 1% YoY to $2.13bn (2023: $2.11bn) due to “an increase in non-gaming revenue, partially offset by a decrease in casino revenue”.

Vegas’ adjusted property EBITDAR increased by 2% YoY to $731m (2023: $714m) and included “approximately $37m of business interruption insurance proceeds related to the September 2023 cybersecurity issue”.

Net revenues for regional operations rose by 3% YoY to $952m (2023: $925m) primarily due to casino revenue increasing. Regional adjusted Property EBITDAR stood at $300m (2023: $293m) and included approximately $15m of business interruption insurance proceeds related to the aforementioned cybersecurity issue.

MGM China revenue grew by 14% YoY to a record $929m (2023: $813m) as operations benefited from the removal of COVID-19-related restrictions which occurred in Q1 2023. The segment’s adjusted property EBITDAR increased by 5% to a new high of $237m (2023: $226m).

Revenue from BetMGM – MGM Resorts’ online joint venture in the US with Entain – increased by nearly 20% YoY, which the operator says was “more than doubling the revenue growth” achieved in Q2.

0

There was relief for UK gambling as previously no speculated tax rises for the industry were included in the 2024 budget. 

Delivered by Chancellor Rachel Reeves, the budget was Labour’s first for almost 15 years and saw tax increases of £40bn as she sought to secure economic stability for the UK. 

Reeves emphasised that it was essential for the government to take such drastic action, taking aim at the economy and a £22bn black-hole that her party inherited from its Conservative predecessors. 

However, the plans drew significant criticism from opposition leader Rishi Sunak, who accused Labour of “fiddling the figures” and going back on manifesto promises. 

Amidst much speculation however, there was relief for UK Gambling as it continues on a path of regulatory overhaul with the news that gross gaming yield bandings will be frozen from 1 April 2025 to 30 March 2026. 

There were also plans announced for reform of remote gambling duty – aligning gambling offered over the internet, telephone, TV and radio into a single tax, in a bid to “close loopholes in the system”. 

$2.87bn

Publishing its Q3 results, Caesars Entertainment reported a total revenue for the quarter of $2.87bn, down 2.6% YoY (Q3 2023: $2.99bn).

Revenue per segment, Las Vegas fell by 1.3% YoY to $1.06bn (2023: $1.12bn), Regional decreased by 7.6% to $1.45bn (2023: $1.57bn) and Caesars Digital increased by 40.9% to $303m (2023: $215m).

Elsewhere, Managed and Branded revenue declined by 30.6% YoY to $68m (2023: $98m) while Corporate and Other revenue fell to minus $5m (2023: minus $4m).

Looking at online operations closer, CEO Tom Reeg mentioned during Caesars’ Q3 earnings call that Caesars Digital increases were supported by icasino growing by 83% during the quarter.

Caesars’ net income came in at a loss of $9m (2023: $74m net income), while adjusted EBITDA stayed flat at $1bn.

Adjusted EBITDA per segment, Las Vegas fell by 2.1% YoY to $472m (2023: $482m), Regional declined by 13.4% to $498m (2023: $575m) and Caesars Digital came in at $52m (2023: $2m).

Reeg noted that Caesars Digital’s adjusted EBITDA was a new all-time quarterly record “driven by over 40% growth in net revenues”.

Managed and Branded adjusted EBITDA fell by 5% YoY to $19m (2023: $20m) while Corporate and Other adjusted EBITDA dropped by 11.1% to minus $40m (2023: minus $36m).

As of 30 September, Caesars had $12.7bn in aggregate principal  debt outstanding. Total cash and cash equivalents were $802m, excluding restricted cash of $124m.

The post UK budget, Caesars and MGM: the week in numbers appeared first on CasinoBeats.

Reflecting on the results, CEO and President Bill Hornbuckle noted that the operator is “well positioned for long-term growth” thanks to the “positive inflection to come” from digital investments and integrated resort developments and opportunities globally including in Japan and New York.

Record Q3 revenue

Publishing its financials, MGM Resorts declared a record Q3 consolidated net revenue of $4.18bn, up 5% YoY (Q3 2023: $3.97bn).

The global gaming and entertainment company attributed the growth to “an increase in revenue at MGM China resulting from the recovery of operations after the removal of COVID-19 related entry restrictions in Macau” in Q1 2023.

However, the quarter’s revenue was slightly down on the $4.3bn reported during Q2.

Net income attributable to MGM Resorts in the quarter was $185m (2023: $161m), while consolidated adjusted EBITDAR stood at $1.1bn.

Revenue per segment, casino was $2.12bn (2023: $2.1bn), rooms stood at $883.6m (2023: $827.1m), food and beverage came in at $755.3m (2023: $698.3m) while entertainment, retail and other was $411.3m (2023: $385.7m). Reimbursed costs were $11.9m (2023: $11.6m).

MGM China growth

Operations per location, Las Vegas Strip Resorts revenue increased by 1% YoY to $2.13bn (2023: $2.11bn) due to “an increase in non-gaming revenue, partially offset by a decrease in casino revenue”.

Vegas’ adjusted property EBITDAR increased by 2% YoY to $731m (2023: $714m) and included “approximately $37m of business interruption insurance proceeds related to the September 2023 cybersecurity issue”.

Net revenues for regional operations rose by 3% YoY to $952m (2023: $925m) primarily due to casino revenue increasing. Regional adjusted Property EBITDAR stood at $300m (2023: $293m) and included approximately $15m of business interruption insurance proceeds related to the aforementioned cybersecurity issue.

MGM China revenue grew by 14% YoY to a record $929m (2023: $813m) as operations benefited from the removal of COVID-19-related restrictions which occurred in Q1 2023. The segment’s adjusted property EBITDAR increased by 5% to a new high of $237m (2023: $226m).

Revenue from BetMGM – MGM Resorts’ online joint venture in the US with Entain – increased by nearly 20% YoY, which the operator says was “more than doubling the revenue growth” achieved in Q2.

During the quarter, MGM Resorts announced its intentions to enter Brazil’s regulated online sports betting and igaming market via a new venture with Grupo Globo, bringing the BetMGM brand to the country in early 2025 if the Secretariat of Prizes and Betting approves its licence.

Hornbuckle commented: “We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. 

“In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy.”

Positioned well for the future

For the nine months ended September 30, 2024, MGM Resorts net cash flow provided by (used in) operating, investing, and financing activities was $1.7bn, ($879m), and ($774m), respectively. Meanwhile, free cash flow for the same period was $944m.

During Q3, the operator also repurchased over $300m of shares, bringing the year-to-date amount to approximately $1.3bn and reducing overall shares outstanding by 40% since 2021.

In addition, MGM China declared a special dividend in August 2024, “resulting in approximately $200m in cash to MGM Resorts in total this year”.

“During the quarter, we returned over $300m to shareholders through share repurchases, bringing our year-to-date total to approximately $1.3bn,” stated Jonathan Halkyard, CFO and Treasurer of MGM Resorts. 

“Since 2021, we have consistently demonstrated our commitment to returning cash to shareholders, reducing overall shares outstanding by 40%. Our balance sheet, characterised by low net debt and significant liquidity, positions us exceptionally well for strategic investments and sustained growth.”

Hornbuckle also expressed optimism for MGM Resorts’ future, noting that the operator is positioned well for long-term growth.

He said: “MGM Resorts is well positioned for long-term growth driven by the positive inflection to come in our digital investments alongside the enviable integrated resorts pipeline of development that we have in Japan as well as opportunities in New York and beyond.”

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Speaking at one of SBC Summit’s press conferences last week, the companies came together to reveal the conception of MGM Live, an array of live casino products broadcasted directly from MGM’s world-famous Vegas establishments. 

Chrisitan Stuart, SVP, Head of Interactive at MGM Resorts International, began the press conference by expressing the company’s excitement in a collaboration that aims to bring the “elevated experience” of Vegas to all regulated markets. 

“We’ve been looking at the live dealer space for quite some time,” he said. ”It’s a large industry that represents about 20-30% of operator revenue, and we were trying to find our footing in what we could do in this space. After much searching around, we landed on Las Vegas – that’s our distinctive feature. 

“MGM has a major footprint in Las Vegas, it’s our home turf. We have billions of dollars worth of assets, but those assets have only ever been enjoyed in person. You’ve always had to travel to Las Vegas to see and experience them. 

“What we’re doing with Playtech is bringing that experience online, to the global regulated marketplace. You’ll be able to experience the excitement and the energy of gaming in Las Vegas.”

“It’s a very exciting time for us, it allows us to expand our four walls and allow customers to play in Vegas every single night.”

As a result of the partnership, Playtech has produced live casino titles in two of MGM’s flagship venues on the Vegas Strip – Bellagio and MGM Grand – using the operator’s recognisable Vegas assets. 

The igaming supplier’s CCO, Shimon Akad, added to Stuart’s excitement by underlining the significance of working with one of Vegas’ most prestigious casino operators. 

He commented: “We take a lot of pride in the fact that MGM Resorts – the iconic casino operator from Las Vegas and across the world – has chosen to partner up with Playtech as its trusted technology supplier to work together on something that the industry has not seen before. 

“The concept was that everyone knows Vegas. Vegas is the undisputed, unchallenged, almost official capital of the gambling world. Everybody who loves gambling wants to travel to Vegas. 

“It’s a city that is a unique place, so partnering together with MGM Resorts and delivering some of that spark, some of that experience off the floor of Vegas directly into customers’ homes is a unique experience that players were looking for, but did not have before. This is a groundbreaking thing.” 

Taking questions from the media, the pair were quizzed about the challenges they both faced when trying to package the Vegas experience into an online offering, which led Stuart to stress the collaboration’s faith in the city as “a global brand”. 

Stuart said: “With Playtech, we saw eye-to-eye on the strategy that Vegas is a global brand. Vegas will cut through all markets. 

“A lot of times when you’re looking at a US product selling to a certain jurisdiction, you worry about how it needs to be tailored to that market. But we believe that Vegas is a global brand that will allow us to cut through a lot of the noise.” 

Akad reiterated this notion by stating that Vegas is a “once-in-a-lifetime” trip for most players, ensuring that offering the Vegas experience on an online stage would have strong global appeal. 

He noted: “If you are a player, you fall in love with Vegas when you go there. Two of the iconic places where you have to be are the MGM Grand and the Bellagio, with the fountains and everything around them. It’s part of the experience. 

“it’s our intention to distribute it everywhere that’s regulated”

Shimon Akad, CCO at Playtech

“What we’re trying to do is give you that land-based, amazing, once-in-a-lifetime experience and bring it into the online experience. 

“There is a lot of work in the details of how to do it, and I’m happy to say that when we had the first conversations together with MGM, we found out very early on that we have a belief in common that the players are yearning for that elevated experience, for something fresh, new and hasn’t been done before. 

“That unique experience only exists with the live casino experience that we have together.”

The conversation then turned to regulation, with Stuart expressing that MGM Live content will be delivered “in a regulated fashion” to any jurisdictions they enter. 

“It is a journey to work in a regulated environment,” he said. “We’re very thankful to have privileged licences. MGM is licensed in all jurisdictions that we operate in, which comes with a responsibility. 

“Getting our licence in Nevada and in each jurisdiction, making sure that all our operators are licenced, making sure that we have our certifications for internet security and all these different protocols, this has taken us a bit of time, but now we have total confidence in bringing this to market, and we’re able to deliver this product in a regulated fashion.”

Akad then referred to heaps of interest from licensees across many jurisdictions, with operators hoping to make MGM Live content and the stay-at-home Vegas experience available to their players. 

He added: “When we announced for the first time that we were doing this deal, we saw a huge turnout from many licensees, all calling us asking when they can get the live-dealer experience in their jurisdiction. We told them it’s our intention to distribute it everywhere that’s regulated. 

“I think it is going to appeal to current gamers as well as new gamers all in a responsible fashion”

Christian Stuart, SVP, Head of Interactive at MGM Resorts International

“It takes a little bit of time because we have to do everything by the book and follow the guidelines. It’s very important for us to go where responsible gaming is. Eventually, we want to bring that elevated experience to all the regulated markets where it is allowed.”

Stuart and Akad were then questioned on whether they thought this live-dealer content would have a strong appeal with younger players, as well as players that have never set foot in Vegas before. 

Stuart explained his confidence in appealing to “current gamers as well as new gamers” after witnessing MGM Live’s appeal in markets where it has already been launched, such as the UK and Mexico. 

Stuart continued: “We see that for players in the UK who can now get on a table live-streamed from Vegas, they have all the social factors that come with it, being able to say ‘last night I was playing in Las Vegas and I hit a big payout, you should’ve seen it, they were pushing the chips across the table because a player in the Bellagio won as well, and I won with them’.

“There’s a lot of things that we’re going to incorporate into this product as we develop it. Stage one was playing actual live games, but next, we’re going to have a studio where you’re going to be able to see celebrities, which will appeal to a broader audience. 

“I think it is going to appeal to current gamers as well as new gamers all in a responsible fashion.”

Before the session came to an end, another question asked if MGM Live content would become available in the US, as well as the collaboration’s plans to expand further afield. 

Stuart pointed out that expansion within the US is a tricky affair, with regulations only allowing suppliers to stream content in states where they originally built the studio.

However, he wondered whether this could be something that “changes down the road”, explaining that “it’s not in our control but obviously we would love to be able to do it”. 

Underlining the collaboration’s desire to stay ahead of the curve with this first-to-market content, Akad concluded: “I’m certain that you will hear of many more providers trying to look now for a similar solution elsewhere, but we intend to stay one step ahead.”

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Speaking at SBC Summit, Playtech Live’s CEO Edo Haitin and Chrisitan Stuart, SVP, Head of Interactive at MGM Resorts International, pulled back the curtain on their companies’ collaboration to broadcast live casino titles directly from MGM’s Vegas resorts. 

Haitin explained that Playtech has been looking into a Vegas venture for “years”, hoping to bring the privilege of an experience within one of the city’s casinos to other regulated markets across the globe. 

The Playtech Live CEO hailed MGM as a “major player in the Vegas market and on the Strip”, explaining why the igaming supplier turned to the operator to launch its Vegas-based live casino product, MGM Live. 

As a result of their partnership, Playtech has produced live casino titles in two of MGM’s flagship venues on the Vegas Strip – Bellagio and MGM Grand – using the operator’s branding. 

Detailing why MGM was so keen to enter this venture, Stuart claimed that his company has “been looking at live casino for a while now”, after recognising “significant revenue” there as well as “significant players in that market”. 

“people feel like they’re playing in Vegas with high rollers”

Chrisitan Stuart, SVP, Head of Interactive at MGM Resorts International

The pair from Playtech and MGM underlined the importance of allowing players to feel like they are part of the Vegas experience, with Stuart expecting players to be in the comfort of their own homes while being able “to play in Vegas tonight”. 

Haitin also stressed MGM’s ability to “present their own product to players” to “get that magic from Vegas” through Playtech’s production, as “often operator’s products can lose the real character of the brand”. 

Job creation was also an important aspect of the collaboration, as Haitin explained that while Playtech usually uses its own staff for live casino content, “jobs are being opened up in Vegas” through the launch of MGM Live and they’re “discovering new stars”. 

The CEO stated that “winds of change” have occurred with this deal, as the collaboration has launched titles in Mexico with Caliente and the UK with bet365 already, meaning that what happens in Vegas, no longer stays in Vegas. 

MGM Live content will utilise the operator’s “timeless classic assets” in Vegas, with live dealer content set to be broadcast in front of Bellagio’s famous fountains. 

“I’m very excited with what we’ve been able to bring to players”

Edo Haitin, CEO at Playtech Live

Both Haitin and Stuart highlighted the importance of content being “safe and responsible”, with the MGM SVP stressing the need to take each step of expansion “with all the due diligence”. 

Despite being broadcasted from a US location, MGM Live will only be available to US customers based in Nevada due to US regulations. 

However, should the possibility to spread this content across the US come around, Stuart stated that MGM “would love to be able to give these streams to other states”. 

Before the panel drew to a close, Stuart highlighted some of the feedback the collaboration has received since launching MGM Live out of Vegas.

Haitin referred to customers within the casinos noticing that certain tables are being broadcasted, causing them to engage more with said tables, enhancing experiences for land-based and online players simultaneously. “I’m very excited with what we’ve been able to bring to players,” he said. 

One title also utilised Bellagio’s one-zero roulette table, which Stuart suggested sees a lot of activity on the casino floor. As live casino players can witness this activity for themselves, Stuart stated that “people feel like they’re playing in Vegas with high rollers”. 

The discussion ended with a sneak preview of the collaboration’s latest initiative, launching a Family Feud live casino product streamed from Vegas that utilises branding from the popular US game show. 

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As part of the collaboration, the GameSense responsible gaming program will be promoted at NFL stadiums “more often and in more prominent venue locations during each game”, providing “positive, transparent and proactive engagements with guests and customers about how to gamble responsibly”.

GameSense messaging will be promoted at: Acrisure Stadium (Pittsburgh Steelers), Allegiant Stadium (Las Vegas Raiders), Empower Field at Mile High (Denver Broncos), Ford Field (Detroit Lions), GHEA Field at Arrowhead Stadium (Kansas City Chiefs), M&T Bank Stadium (Baltimore Ravens), MetLife Stadium (New York Jets), Nissan Stadium (Tennessee Titans), State Farm Stadium (Arizona Cardinals).

MGM Resorts and BetMGM had a similar responsible gaming partnership with the AGA in place at NFL stadiums during RGEM last year.

“We’re excited to bring responsible gaming initiatives directly to fans in these NFL venues again this season,” commented Rhea Loney, Chief Compliance Officer at BetMGM. 

“We are setting a new standard for safety and awareness in the industry. At BetMGM, we believe that protecting our players and promoting responsible play is essential to the future of sports betting.”

In the coming months, BetMGM will air advertisements with its brand ambassadors sharing engaging messaging similar to its responsible gaming commercial featuring NHL star Connor McDavid.

MGM Resorts is also contributing $440,000 to fund responsible gaming research through the International Center for Responsible Gaming and Kindbridge Research Institute, which aims to “advance industry best practices and fill significant research gaps on under-studied populations, including women military Veterans”.

Stephen Martino, SVP and Chief Compliance Officer at MGM Resorts, noted: “The importance of responsible gaming research funding cannot be overstated. 

“As a gaming industry leader, it’s imperative that our company supports efforts to better understand the diverse impact gambling has on various populations, including those that may be at greater risk of developing problematic behaviours.”

During RGEM, MGM Resorts and BetMGM will continue to raise employee awareness of responsible gaming via extensive training. 

MGM Resorts’ GameSense advisor program has recently certified more than 500 customer-facing employees, while BetMGM training will include education for VIP staff, in addition to advancing responsible gaming through lived experiences with its EPIC Global Solutions partnership.

GameSense messaging will also be prominently displayed on table games throughout the operator’s properties across the US, with similar messaging on all slot machines, 8,000 of which will feature QR codes for responsible gaming information and education materials.

MGM Resorts’ Las Vegas marquees and more than 35,000 screens across the company’s portfolio will display responsible gaming tips, while improved responsible gaming tools will be released on the BetMGM platform, designed to help players “manage their budgets, stay within their limits and promote a responsible and sustainable entertainment experience”.

MGM Resorts and BetMGM also continue their partnership with the AGA’s ‘Have A Game Plan. Bet Responsibly.’ public service campaign to educate new and seasoned bettors on responsible sports wagering.

“Collaboration is integral to strengthening our collective responsibility efforts,” added Joe Maloney, SVP of Strategic Communications for the American Gaming Association.

“Both in their work with the AGA and throughout the legal, regulated gaming industry, MGM Resorts and BetMGM continue to be leaders in forming innovative partnerships that are advancing responsible gaming in meaningful ways.”

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