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Thursday, June 13, 2024

MGM Posts $2.9B Quarter, Rolls Dice on Swedish Gaming Company

  • The hospitality, entertainment, and gaming company surpassed analysts' estimates of $2.7 billion in revenue.
  • It also offered $607 million to acquire Swedish online gaming company LeoVegas AB.
Kirby Lee-USA TODAY Sports

MGM Resorts International has exceeded expectations and generated $2.9 billion in revenue in Q1 2022, surpassing analysts’ estimates of $2.7 billion in revenue. 

The hospitality, entertainment, and gaming company continues to rebound from the pandemic. 

  • MGM’s gaming and casino segment posted $1.4 billion in revenue during the quarter.
  • It reported a net loss of $18 million in Q1 2022, compared to $332 million in Q1 2021. 

The Las Vegas-based company also announced it has offered roughly $607 million to acquire Swedish online gaming company LeoVegas AB, expanding MGM’s market position in Europe. 

LeoVegas has until August 2022 to accept MGM’s offer. The company, which offers casino and sports betting in Sweden, Malta, and the Canadian province of Ontario, generated $104 million in revenue in Q1 2022, a 2% increase year-over-year, behind 455,843 customers during the quarter. 

A strong start to fiscal 2022 was paramount to MGM as it prepares to acquire The Cosmopolitan of Las Vegas from New York-based investment firm Blackstone Group for $1.6 billion.

Commitment to Sports Betting 

BetMGM, a 50-50 joint venture between MGM and European gambling company Entain, will see around $450 million invested in the online sports betting platform this year.

The fresh capital will be allocated toward growth into new markets and new products. BetMGM, which has yet to reach profitability, projects to pocket $1.3 billion in revenue in 2022.

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