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BetMGM and MGM Resorts International have had an eventful beginning to 2022.
MGM, recently crowned as the Casino Operator of the Year at the EGR North America Awards, unveiled its initial quarterly report for 2022 on Monday.
The parent company of Michigan’s top-earning online casino brand received a wealth of positive news within it.
BetMGM named Casino Operator of the Year
The EGR North America Awards recognized BetMGM Casino as the Casino Operator of the Year.
Every year, the EGR North America Awards honor and recognize outstanding achievements in the realm of online gaming in North America.
Adam Greenblatt, the Chief Executive Officer of BetMGM, expressed his gratitude for being acknowledged as the Casino Operator of the Year by their fellow industry professionals. He confidently stated that with the ongoing support from MGM Resorts and Entain, they are certain that their casino product will continue to surpass expectations for many years ahead.
The online casino operator that has achieved global dominance in the sector and excelled in the quality of their product is awarded the Casino Operator of the Year, according to EGR’s award criteria.
The award contenders were evaluated based on the uniqueness of their product, the brand’s influence, and any innovative aspects that distinguished their offering from competitors. Additionally, factors such as organizational expansion, product excellence, active customer participation, as well as 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 of its kind across the nation. Additionally, it was praised for its impressive collection of games and engagement tools, its top-notch partnerships, and its strong emphasis on omnichannel approach.
MGM continues dominant run in Michigan
BetMGM Michigan remains the dominant online casino in Michigan, as highlighted in the revenue report of March 2022, with a significant lead over its competitors.
MGM’s all-time online gaming casino revenue in the state has surpassed $555.7 million, which is more than twice the amount earned by its closest rivals.
BetMGM’s online sportsbook and MGM Grand Detroit have generated a remarkable $127.2 million in all-time sports betting revenue, securing the second position. Moreover, they have also witnessed a substantial online handle, with over $1.1 billion wagered, placing them third in this category.
Revenue numbers nearly double from 2021
The first quarter of 2021 brought robust figures for MGM Resorts International.
MGM Resorts’ net revenue for the first quarter reached $2.9 billion, indicating a substantial improvement compared to the same period in 2021. In the previous year, the company reported net revenue of $1.6 billion and a net loss of $332 million. However, in the current quarter, despite progress, there was still a net loss of $18 million.
In the first quarter of 2022, MGM regional operations experienced a significant boost in revenue, reaching $891 million. This marked a 25% increase compared to the previous year’s earnings of $711 million. Additionally, adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs saw an impressive improvement of 29%, rising from $242 million in the previous year to $313 million in the current year.
As of Tuesday, the stock of MGM Resorts International opened the year 2022 at $45.48 per share, but currently stands at $40.58. Throughout the past year, starting from March, the stock has consistently remained above $40 per share.
MGM offers to acquire LeoVegas
In an effort to enhance its iGaming presence worldwide, MGM Resorts International is currently in pursuit of a potential acquisition of LeoVegas.
The announcement of the proposed move was made on Tuesday, preceding its first quarter earnings call. A recommended public tender offer for 100% of LeoVegas’ shares, amounting to around $607 million, has been initiated. The closure of the deal is anticipated to take place in the latter half of 2022.
Founded in 2011, LeoVegas has emerged as a prominent global online gaming company, holding licenses in eight jurisdictions across the Nordics and Europe.
From April 1, 2021 to March 31, 2022, it earned a total of EUR 393 million in revenue and EUR 48 million in Adjusted EBITDA.
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