LAS VEGAS, April 21, 2021 /PRNewswire/ -- BetMGM, LLC
("BetMGM"), one of the leading sports betting and iGaming operators
in the U.S., jointly owned by MGM Resorts International (NYSE: MGM)
("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today
providing a business update setting out the key drivers of its
strong momentum and future expectations as it delivers a market
leading position in the U.S.
As part of the investor day, BetMGM announces the following:
- BetMGM is the number one market leader across the U.S. in
iGaming with a market share of 23% over the three months ended
February 2021, and is on course to
take the number two spot in U.S. sports betting and iGaming
overall
- Sports betting & iGaming continues to accelerate across
North America. As such, BetMGM now
expects the total long-term addressable market in the U.S. and
Canada to be approximately
$32 billion
- With continued strong momentum in its business, BetMGM now
expects that, as a leading operator, it will drive long-term market
share of approximately 20% - 25% in the U.S.
- BetMGM expects to achieve $1
billion of net revenue from operations in 2022
- The investment by MGM Resorts and Entain this year is expected
to be approximately $450 million,
incremental to the $210 million
already invested until the end of 2020
Further details will be presented at the investor day event.
"BetMGM has demonstrated strong momentum, building a leading
position in iGaming and on track to be the number two operator
across sports betting and iGaming in the U.S.," said Adam Greenblatt, Chief Executive Officer of
BetMGM. "The U.S. market is shaping up to be even larger and more
exciting than we originally envisaged, and we now believe it will
be worth $32 billion, including
Canada. Furthermore, the
outstanding progress that the team has made so far means that we
now expect to achieve 20-25% U.S. market share long term. The
unique partnership of MGM Resorts' leading brand and loyal customer
base and Entain's proprietary technology platform gives us the best
resources to win in this market."
Event
details:
|
|
Time:
|
11:00am EDT / 8:00am
PDT / 4:00pm BST
|
|
|
The event, including
registration, can be accessed through MGM Resorts' investor
relations site
(http://investors.mgmresorts.com/investors/events-and-presentations/)
or the following webcast link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=4B97D04E-BB6C-45B1-9F00-D80F5B7BF65C
|
|
Management
presentations will be followed by a live Q&A session. To
participate in the Q&A, please also connect via the live audio
dial-in details below:
|
US:
|
+1 (833)
562-0152
|
UK:
|
+44 (0) 20 3107
0289
|
International:
|
+1 (661)
567-1234
|
Conference
ID:
|
3511619
|
Presentation slides will be posted prior to the event on our
websites, in addition to replay details after the event:
http://investors.mgmresorts.com/investors/events-and-presentations/
https://entaingroup.com/investorrelations/results-centre/
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 and amounts expected to be invested by MGM Resorts and
Entain in 2021), 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.
Non-GAAP Financial Information
This press release includes projected net revenue from operations,
which has not been prepared in accordance with GAAP. BetMGM
believes this presentation, which it uses for its own analysis of
operations, is useful in that it reflects the true economic
performance of the business. If BetMGM presented net revenue from
operations in accordance with GAAP, then BetMGM would present the
revenues associated with its Nevada digital and retail sports betting
operations differently, until such time as BetMGM is licensed as a
Nevada gaming operator. Currently
under GAAP, its calculation of Net Revenue would be on a basis net
of operating costs, such that the GAAP reported Net Revenue would
be lower than the Net Revenue reported herein, with Net Income
remaining the same.
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 Resorts' U.S. land-based and online
sports betting, major tournament poker, and online gaming
businesses. Utilizing Entain's U.S.-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 http://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
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 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
and Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo,
Gala, Gioco Digitale, 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 also entered into a
joint-venture with MGM Resorts to capitalise on the sportsbetting
and gaming opportunity in the US, through BetMGM. Entain provides
the technology which powers BetMGM and exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK with licenses in a total of 27
regulated markets. Entain is leader in ESG, a member of FTSE4Good,
the DJSI and is AA rated by MSCI. The Group has set an SBT,
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
BETMGM CONTACT
Elisa
Richardson
Head of Public Relations &
Communications
press@betmgm.com
MGM RESORTS INTERNATIONAL CONTACTS
Investment
Community
CATHERINE PARK
Executive Director, Investor
Relations
cpark@mgmresorts.com
News Media
BRIAN AHERN
Director of Media Relations
media@mgmresorts.com
ENTAIN PLC CONTACT
Investment Community
David Lloyd-Seed
Group Director of Investor Relations & Corporate
Communications
investors@entaingroup.com
News Media
TESSA CURTIS
Head of Media Relations
tessa.curtis@entaingroup.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/mgm-resorts-international-and-entain-announce-betmgm-investor-day-highlights-301273476.html
SOURCE MGM Resorts International