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Casino

MGM Resorts explores sale of two casino operations, Bloomberg News reports

Thursday 21 de March 2024 / 12:00

2 minutos de lectura

(Ohio).- MGM Resorts International is exploring the sale of its casino operations at Ohio's Northfield Park and in Springfield, Massachusetts, according to a report by Bloomberg News citing people with knowledge of the matter.

MGM Resorts explores sale of two casino operations, Bloomberg News reports

The company is working with financial advisers, but the discussions are preliminary and may not result in any action, said the people, who asked to not be identified as the information is confidential. A spokesperson for MGM declined to comment on the discussions.

MGM’s management has been frustrated with the company’s share price. The stock has climbed less than 5 percent over the past two years despite growth in sales and profit. The largest operator of casinos on the Las Vegas Strip has been looking to build out its exposure to online gambling in the US and overseas.

MGM Northfield Park, a horse track that also has a casino, is located about 20 miles southeast of Cleveland. MGM took over management of the former Hard Rock property in 2019.

MGM won the license to operate in Springfield after Massachusetts authorized casino gambling. The casino, which opened in 2018, has been something of a disappointment.

Our original valuation of this market simply was off — full stop,” MGM Chief Executive Officer Bill Hornbuckle told reporters after meeting with local officials last year. The property generated $278 million in gambling revenue in 2023.

The real estate at both casinos is owned by Vici Properties Inc., a New York-based real estate investment trust that acquired MGM Growth Properties, MGM’s REIT affiliate, almost two years ago.

A Vici representative declined to comment on the sale talks.

Categoría:Casino

Tags: MGM Resorts, casino,

País: United States

Región: North America

Event

BiS SiGMA Américas 2025

07 de April 2025

Rocio Moitino explains how Bis Sigma Americas helped consolidate Air Dice's presence in Brazil and Latin America

(São Paulo, SoloAzar Exclusive).- In an in-depth interview, the Director of Air Dice for Latin America explains what she believes were the key points of the latest edition of BIS SiGMA Americas, held in São Paulo. “We experimented three intense days of show, with many visits and enriching encounters with clients and industry partners,” says Rocío Moitino.

Thursday 17 Apr 2025 / 12:00

EEZE's first booth participation at BiS SiGMA Americas concludes with a positive outcome, according to Maximiliano Ramos

(São Paulo, SoloAzar Exclusive).- Maximiliano Ramos, EEZE Partnership Manager LATAM, reflects on the company's work at BiS SiGMA Americas, the products presented, and the company's commitment to strengthening its presence in the region, among other topics.

Tuesday 15 Apr 2025 / 12:00

Tackling the unregulated iGaming market in Brazil at BiS SiGMA Americas

(São Paulo).- As Brazil’s iGaming sector matures, the challenges of sustaining a compliant, transparent, and profitable market have become increasingly pronounced. During the BiS SiGMA Americas 2025 summit, the panel titled “Financial Strategies to Combat the Unregulated Market and Protect Legal Operators”, hosted on the Jardins stage, delved into these complexities.

Monday 14 Apr 2025 / 12:00

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