Business
April 24, 2020
MGM Issues New Public Debt of $750M to Boost Liquidity
MGM Resorts has announced the company managed to raise $750 million in new debt, to further strengthen its balance sheet amid the uncertainty related to the current health crisis that led to casinos closure across the states. Notes Offering Amount Upsized Thursday morning the casino operator was hoping to reach at least $500 million, and […]
Casino
March 30, 2020
Casinos In Detroit Extend Closure Putting Workers On Furlough
The three main casinos in Detroit have extended the temporary closure by two more weeks, at least until April 13, as the coronavirus /Covid-19/ outbreak in the state worsens, leaving thousands of its employees with no paychecks. Health Situation Requires Extension The initial period for the temporary shutdown of operations expires Tuesday, March 31, and […]
Business
March 24, 2020
Former MGM Resorts CEO to Lead Coronavirus Task Force in Nevada
Last Sunday, Steve Sisolak announced the formation of a statewide task force that will be responsible for the state’s efforts to mitigate the spread of COVID-19. Referred to as the COVID-19 Response, Relief, and Recovery Task Force, the team will not only help in the efforts to fight the virus but it will also be […]
Sports
February 26, 2020
BetMGM Gets Approval for Sports Betting App in Indiana
On Monday, BetMGM officially received approval from the Indiana Gaming Commission to launch a mobile sports betting offering in Indiana. This sports betting app is a product of Roar Digital which is the joint venture between MGM Resorts International and GVC Holdings. While there is a lot of excitement pertaining to the addition of a […]
Casino
February 18, 2020
MGM Remains Sole Bidder for Osaka Integrated Resort
Amid the scramble to secure a license to be the first casino operator to build an Integrated Resort (IR) in Japan, MGM Resorts International has finally pulled ahead of the race, with the government of Osaka confirming that the company has been the only one to bid for the project so far. MGM teamed up […]
Casino
February 15, 2020
MGM Resorts’ Jim Murren to Claim Close to $32m in Exit Payout
Amid stepping down, one of MGM Resorts’ most iconic CEO, Jim Murren, is about to collect close to $32 million, a recent filing to SEC revealed. Jim Murren to Collect Nearly $32m in Bonuses, Salary, and Fees According to a filing to the Securities and Exchange Commission (SEC), Jim Murren, MGM Resorts’ boss who announced […]
Business
February 15, 2020
MGM Resorts Pushes 2019 Revenue to Over $12bn
MGM has reported strong revenue year-over-year (YOY), occasioned by the strategic sale of the Bellagio Resort and overall business model that has helped the company achieve a 9.6% increase. Amid great results for the hospitality and gaming company, MGM had to shrink its targets for the Asian market due to the 14-day ban issued to […]
Casino
January 28, 2020
Casinos’ Stock Continues to Fall as China Battles Coronavirus
The deadly new strain of pneumonia known as coronavirus has already claimed the lives of 106 people and counting. Amid the spread of the disease, casino companies have also suffered from a historic drop in visitations to Macau and share price decline. Coronavirus’ Spreading Causes Casino Shares to Fall Again Amid China’s efforts to contain […]