Wednesday, November 29, 2023

Tag: MGM

MGM expects Macau demand to improve in H2

MGM Cotai
The company opened new luxury suites at MGM Cotai in August and said it is in the process of enhancing the “F&B options focused on the gaming floors” at both its Macau properties.

MGM sells Springfield casino to MGM Growth Properties

MGM Springfield MGM Growth
MGM Resorts International is selling the real estate assets of MGM Springfield in Massachusetts to the company’s real estate investment trust in a $400m transaction.

MGM looking to sell further Las Vegas properties

MGM sell property Las Vegas
MGM Resorts International saw a quarterly loss due in part to an impairment charge related to its sale of the Circus Circus, while the company is..

MGM holds Bridgeport symposium, tribes unimpressed

MGM, Bridgeport, symposium, tribes, unimpressed
MGM has held an educational symposium in order to answer questions over its much-mooted casino project for Bridgeport. This however, has been widely denounced by competitors as a shameless publicity stunt designed to increase the visibility of the company’s plans. A legislative proposal has recently been tabled in Connecticut that if passed would see the opening of a competitive bidding...

MGM secures Empire City purchase approval

MGM, Empire City, casino, new york,
MGM Resorts has been granted permission to purchase the Empire City Casino and Yonkers Raceway for $850m by the New York State Gaming Commission. The submission, which was granted without discussion by the NYSGC board, follows a January delay by the commission citing “issues with a quorum of members” now resolved to allow MGM full purchase of the video-lottery parlour...

MGM in pole position for US betting in 2019

MGM, US betting, sportsbook, NFL
Having forged a formidable range of betting-related partnerships in 2018, America’s largest casino group, MGM, is leading the charge across new US betting markets. Of all the stakeholders in US gaming, few are doing more to secure their share of sports betting revenues than MGM. While many of the larger firms in Europe are undergoing yet another wave of mergers and...

Connecticut braced for Massachusetts openings

Connecticut tribal operators are braced for the opening of two new casino resorts from MGM and Wynn in neighbouring Massachusetts. The end of August saw the first money staked at MGM’s $960m Springfield property, an opening that many in Connecticut believe will be of detriment to the local market and it’s two tribal casinos. The Mohegan and Mashantucket Pequot tribal nations...

Diet green lights casino legislation

The second key bill for legalising integrated resorts in Japan has cleared its last major legislative hurdle, paving the way for the development of what some analysts estimate could be a $25bn market. Japan’s Integrated Resorts (IR) Implementation Bill passed into law on 20 July following a vote in a plenary session of the House of Councillors, the upper house...

MGM Completes on Rocksino to diversify investment portfolio

MGM Growth Properties has completed the $1.06bn acquisition of Hard Rock Rocksino Northfield Park from Milstein Entertainment. The real estate investment trust, formed by MGM in 2016 and controlled with a 70 percent stake, announced purchase of the 200,000 sq ft casino  earlier this year. “We are excited about the addition of the market leading Hard Rock Rocksino to our portfolio,”...

Murren sets out vision for MGM Springfield

James Murren MGM
MGM’s CEO, James Murren, has confirmed that the company's new casino in Springfield will employ 3,000 people and provide annual payments of $25m to the city and $60m to local businesses. “I like being able to go into a community and make a difference. Boston’s doing great. I want to help western Massachusetts,” Murren stated, speaking at the Worcester Regional...

Actions speak louder than words: MGM reaffirms Connecticut commitment but keeps eyes on exit door

Two houses, both alike in dignity, in fair Connecticut, where we lay our scene. From held fast grudges, to new market mutiny, where sports betting makes civil compacts unclean. The chips are being laid all over the place in Connecticut at the moment. MGM has lost the fight for a competitive bidding process over a commercial casino in Connecticut and...

IGT launches Hyper Hits link at MGM Cotai

The Venetian Macau
IGT's Hyper Hits link slot game recently made its Macau debut with an installation at MGM Cotai. “The game delivers an engaging experience that was designed specifically to meet regional player preferences,” said Michael Cheers, IGT's sales director for Asia. “Hyper Hits is one of three links that IGT recently released for Asia, and we are encouraged by our customers’ acceptance...

MGM Resorts reach agreement deal with union amid Las Vegas strike threat

Las Vegas
The Culinary Workers Union Local 226 says it has reached a tentative agreement with MGM Resorts International. The news was announced by the union - which covers half of the 50,000 employees threatening to strike in Las Vegas - in a tweet late Saturday. This comes after Friday’s announcement labour union and the other big casino employer threatened by the...

50,000 Las Vegas casino employees to vote on ’town crippling’ strike

Las Vegas strip
The union representing 50,000 Las Vegas casino workers, whose contracts are set to expire at the end of the month, has announced members are to vote on whether to strike from any time starting 1 June. “On May 22, thousands of union members will show casino employers that workers are going to fight for security and that they are not...

MGM cut ribbon on Cotai resort despite licensing uncertainty

mgm cotai
GM Cotai, MGM’s $3.4bn casino resort, opened on 13 February, despite the company's Macau gaming licence expiring in 2020.   The 1,390 room facility, offering 100 new to market tables and 77 tables relocated from MGM Macau, opened the eve of the Lunar New Year,to capitalise on holiday spending. Despite not currently offering space to the lucrative VIP market, expected after a...

MGM Cotai opening faces further delays

Casino Review, Macau, Pansy Ho
Licensing delays mean that MGM Cotai could get the Year of the Dog off on the wrong foot, missing the Chinese New Year, while analysts suggest that the smaller size of the property’s hotel rooms and its lower number of tables could lead to a slower ramp-up. The opening of the $3.4bn MGM Cotai has been delayed once again the...

MGM National Harbor drives Maryland market growth

Casino Review MGM National Harbor maryland
The newest casino of Maryland topped $50m in monthly revenue for the third time in June, as the seven-month-old betting house continues to drive growth in the state’s gambling market while crowding out its two biggest competitors.   MGM National Harbor, Maryland’s newest and highest-generating casino, is approximately 10 miles from Washington D.C., giving it an advantage in the summer...

MGM Hospitality to make Dubai resort debut

Casino Review - Dubai MGM
MGM Hospitality has been selected by Wasl Hospitality and Leisure, a subsidiary of Wasl Asset Management Group, to develop, advise and operate a 26-acre branded beachfront development in Dubai.   The project will mark the debut of the MGM and Bellagio brand in the region, with the resort set to feature an MGM Hotel, MGM Residences, and a Bellagio hotel, however...

JCM Global technology exceeding expectations at MGM National Harbor

Casino Review - JCM Global MGM National Habor
JCM Global’s bill validators and printers have processed over $72.3m across the 3,327 slots at the new MGM National Harbor resort in the property’s first three months.   JCM Global’s products have processed a huge number of payments at the new MGM National Harbor in Maryland and more than $211 million across the State itself in the last three months. Over $72.3...

Scientific Games secures licence to thrill

Casino Review - Scientific Games Licence James Bond 007 MGM Interactive
The James Bond franchise will be introduced to the gaming industry by Scientific Games following a new licence deal with EON and MGM.   Scientific Games Corporation has confirmed it has secured the rights to the James Bond franchise to be used across its land-based gaming, lottery and social slots. The exclusive deal was signed with EON Productions Limited, Danjaq, LLC and...

MGM announces Dylan gateway for National Harbor

Casino Review MGM Resorts Bob Dylan
Legendary folk singer and musician Bob Dylan has been commissioned by MGM Resorts to create the entrance for its new National Harbor resort.   The design team at MGM’s $1.3bn (E890m) National Harbor resort in Maryland can now count one of America’s most popular artists amongst its ranks: with the news that folk musician Bob Dylan is fashioning a bespoke wrought-iron...

MGM ups Asia stake as US market delivers

Casino Review, Macau, Pansy Ho
MGM Resorts has declared that it will increase its stake in its joint-venture Macau-based division.   The US operator currently owns 51 per cent of MGM China – with which it splits custody with Grand Paradise Macau. GPM is itself controlled by MGM China CEO Pansy Ho – the daughter of gambling tycoon Stanley Ho. But a new agreement will see MGM pay $325m...

No Free Parking – MGM Las Vegas

MGM, Las Vegas
MGM’s decision to remove free parking at its Las Vegas resorts marks a backward step when it comes to attracting visitors, writes James Walker.   While gaming revenues in Las Vegas have recovered from the low of 2009, casinos across the city have never been more aware of the need to maximise their earnings as they jostle for position in what...

MGM Growth Properties raises $1bn with IPO

Beau Rivage investment
An initial public offering of MGM Resorts’ real estate investment trust has seen the group raise over $1bn in new investment.   April saw MGM Resorts International announce the pricing of an initial public offering (IPO) of 50 million shares of its real-estate investment trust, MGM Growth Properties (MGMGP) The international casino operator confirmed a public offering price of $21 (E18.3) per...