LAS
VEGAS, Jan. 17, 2023 /PRNewswire/ -- BetMGM, LLC
("BetMGM"), one of the leading sports betting and iGaming operators
across the U.S., jointly owned by MGM Resorts International (NYSE:
MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), will
release an update on Thursday, January 26,
2023 at approximately 8:30 a.m.
Eastern Time (1:30 pm UK).
BetMGM will also host a conference call that day at 10:00 a.m. Eastern Time, which will include an
overview of its results, followed by a brief Q&A session.
The live webcast will be accessible at
https://edge.media-server.com/mmc/p/e6xy3tdg.
For those wishing to ask a question, please register at
https://register.vevent.com/register/BI036a28fe1b0f49929c731f43afb942c6.
Upon registration, dial-in details and a personalised PIN will
be provided.
The live webcast and replay will also be accessible at
http://investors.mgmresorts.com.
Forward Looking Statements:
Statements in this release
that are not historical facts are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, and involve risks and/or uncertainties,
including those described in the Company's public filings with the
Securities and Exchange Commission. Forward-looking statements can
be identified by the use of forward-looking terminology such as
"believes," "expects," "could," "may," "will," "should," "seeks,"
"likely," "intends," "plans," "pro forma," "projects," "estimates"
or "anticipates" or the negative of these words and phrases or
similar words or phrases that are predictions of or indicate future
events or trends and that do not relate solely to historical
matters. The Company has based forward-looking statements on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, the Company's expectations regarding the closing of the
sale and any benefits expected to be received from the sale,
including the Company's expected net cash proceeds. Forward-looking
statements depend on assumptions, data or methods that may be
incorrect or imprecise, and the Company may not be able to realize
them. The Company does not guarantee that the transaction or other
events described herein will happen as described (or that they will
happen at all). These forward-looking statements involve a number
of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated in
such forward-looking statements include risks related to the
Company's ability to complete the transaction on the terms
described herein or all, the satisfaction of the closing
conditions, including the receipt of regulatory approvals, to which
the completion of the transaction is subject, which could delay or
prevent the completion of the transaction, the continued impact of
the COVID-19 pandemic on the Company's business, the effects of
economic conditions and market conditions in the markets in which
the Company operates and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). 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's U.S. land-based and online sports
betting, major tournament poker, and online gaming businesses.
Utilizing Entain's North
America-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
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 sports betting and online gaming
in North America through
market-leading brands, including BetMGM and partypoker, and the
Company's subsidiary LeoVegas AB offers sports betting and online
gaming through market-leading brands in several jurisdictions
throughout Europe. 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 BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet, and Sports Interaction and SuperSport; Gaming
brands include 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 over 40
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
BETMGM CONTACT:
ELISA
RICHARDSON
Head of Public Relations & Communications
press@betmgm.com
MGM RESORTS CONTACTS:
Investment Community
ANDREW CHAPMAN
Director, Investor Relations
achapman@mgmresorts.com
News Media
BRIAN AHERN
Executive Director, Media Relations
media@mgmresorts.com
ENTAIN CONTACT:
Investment Community
DAVID LLOYD-SEED
Group Director of Investor Relations & Corporate
Communications
investors@entaingroup.com
DAVINA HOBBS
Head of Investor Relations
investors@entaingroup.com
CALLUM SIMS
Manager of Investor Relations
investors@entaingroup.com
News Media
LISA ATTENBOROUGH
Head of Media Relations
media@entaingroup.com
JODIE HITCH
PR Manager
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mgm-resorts-and-entain-announce-betmgm-business-update-301723000.html
SOURCE BetMGM, LLC