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Tuesday, April 16, 2024
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BetMGM Recovers From Pandemic Lows

  • BetMGM posted second quarter earnings that showed a partial bounceback from the pandemic as it invests in sports betting.
  • The company is planning a major expansion into Japan.
MGM Resorts/Design: Alex Brooks

MGM Resorts’ second-quarter earnings showed a strong recovery from the pandemic as it invests in sports betting and an overseas expansion. 

The gambling and casino operator posted net revenues of $2.3 billion – 683% above Q2 2020, but still 47.8% below the $3.2 billion the company earned in Q2 2019.

BetMGM, the company’s sports betting and iGaming venture, which it owns in a 50% split with Entain, continues to expand, but has not yet become profitable.

  • BetMGM lost $46 million in the quarter, compared to a $5.2 million loss in the same period last year.
  • The company partners with MLB, the NBA, WNBA, NASCAR, PGA Tour, MLS, and several media outlets.
  • BetMGM is active in 12 states and expects to be in 20 by the end of the year.

Meanwhile, MGM Resorts is shifting resources while plotting an expansion in Asia. MGM announced the sale of its real estate company MGM Growth Properties to VICI for $17.2 billion. MGM will receive $4.4 billion in cash in the deal.

That liquidity could help fund the $9 billion casino that MGM is planning to build in Osaka, Japan.

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