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BetMGM and MGM Resorts International have had a remarkable beginning to 2022.
After receiving the Casino Operator of the Year accolade at the EGR North America Awards, MGM unveiled its initial quarterly report of 2022 on Monday.
The parent company of Michigan’s top-earning online casino brand had a wealth of positive news within it.
BetMGM named Casino Operator of the Year
BetMGM Casino was recently honored with the prestigious title of Casino Operator of the Year at the EGR North America Awards.
Every year, the EGR North America Awards acknowledge and honor the outstanding achievements in the realm of online gaming within North America.
Adam Greenblatt, Chief Executive Officer of BetMGM, expressed his gratitude for being acknowledged as the Casino Operator of the Year by our fellow industry professionals. He firmly believes that with the unwavering backing of MGM Resorts and Entain, our casino offerings will consistently exceed expectations in the future.
The online casino operator who has achieved global dominance in the industry and excelled in product quality is awarded as the Casino Operator of the Year, as per EGR’s award criteria.
The award nominees were evaluated based on the uniqueness of their product, the effectiveness of their brand, and the distinctive innovations that distinguished their offering from competitors. Additionally, factors such as organizational growth, product quality, customer engagement, and strategies for acquiring and retaining customers were taken into account.
BetMGM received recognition for its extensive in-house progressive jackpot network, which is the largest in the country. Additionally, their impressive portfolio of games and engagement tools, top-notch partnerships, and dedication to omnichannel experiences contributed to their acclaim.
MGM continues dominant run in Michigan
According to the revenue report for March 2022, BetMGM Michigan maintains its status as the leading online casino in Michigan by a considerable margin.
MGM has generated a total of $555.7 million in revenue from online gaming casinos in the state, surpassing its closest competitors by more than twice the amount.
With over $127.2 million in sports betting revenue, the collaboration between BetMGM’s online sportsbook and MGM Grand Detroit holds the second position in history. Additionally, it ranks third in terms of online handle, having witnessed wagers exceeding $1.1 billion.
Revenue numbers nearly double from 2021
The first quarter of 2021 brought robust figures for MGM Resorts International.
In the first quarter of 2022, MGM Resorts recorded consolidated net revenue of $2.9 billion, resulting in a net loss of $18 million. This performance marks a notable improvement when compared to the first quarter of the previous year. During the first quarter of 2021, MGM Resorts reported net revenue of $1.6 billion and a net loss of $332 million.
In the first quarter of 2022, MGM regional operations generated revenue of $891 million, marking a significant 25% growth compared to the previous year’s $711 million. Additionally, there was a notable improvement in adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs, which reached $313 million – a 29% increase from the previous year’s $242 million.
As of Tuesday, the stock of MGM Resorts International opened at $45.48 per share in 2022 but currently stands at $40.58. Over the past year since March, the stock has consistently remained above $40 per share.
MGM offers to acquire LeoVegas
MGM Resorts International is actively pursuing the acquisition of LeoVegas as part of its ongoing efforts to enhance its international iGaming presence.
On Tuesday, before its first quarter earnings call, the announcement was made regarding the proposed move. The company has initiated a suggested public tender offer, aiming to acquire all the shares of LeoVegas for an estimated value of $607 million. Anticipated completion of the deal is set for the latter half of 2022.
Since its establishment in 2011, LeoVegas has emerged as a prominent worldwide online gaming enterprise, holding licenses in eight jurisdictions across the Nordics and Europe.
From April 1, 2021 to March 31, 2022, it recorded a revenue of EUR 393 million and an Adjusted EBITDA of EUR 48 million.
