It’s been quite a start to 2022 for BetMGM and MGM Resorts International.
Fresh off earning Casino Operator of the Year at the EGR North America Awards, MGM released its first quarterly report of 2022 on Monday.
Within it was plenty of good news for the parent company of Michigan’s highest earning online casino brand.
BetMGM named Casino Operator of the Year
BetMGM Casino was recently named Casino Operator of the Year at the EGR North America Awards.
The EGR North America Awards celebrate excellence in North American online gaming each year.
“We are honored to be recognized by our peers as the Casino Operator of the Year,” said Adam Greenblatt, Chief Executive Officer, BetMGM. “With continued support from MGM Resorts and Entain, we are confident our casino product will continue setting the bar for years to come.”
Based on EGR’s award criteria, Casino Operator of the Year is the online casino operator that has dominated the sector through their global reach and quality of their product.
Nominees for the award were judged on the originality of their product, strength of brand and innovations that set their offering apart from competitors. Organizational growth, product quality, customer engagement, customer acquisition and retention strategies were also considered.
BetMGM was recognized for offering the nation’s largest exclusive state-by-state in-house progressive jackpot network, a robust games and engagement tool portfolio, first class partnerships and an omnichannel focus.
MGM continues dominant run in Michigan
MGM has produced $555.7 million in all-time online gaming casino revenue in the state. That is more than double its nearest competitors.
The combination of BetMGM’s online sportsbook and MGM Grand Detroit is second in all-time sports betting revenue at $127.2 million. It’s also third in online handle with more than $1.1 billion wagered.
Revenue numbers nearly double from 2021
MGM Resorts International saw strong numbers for the first quarter of 2021.
Consolidated first quarter net revenue for MGM Resorts was $2.9 billion with net loss at $18 million. That’s a significant improvement compared to the first quarter of 2021, which saw net revenue of $1.6 billion and net loss of $332 million.
MGM regional operations saw $891 million in revenue in the first quarter of 2022, a 25% increase from a year ago ($711 million). Adjusted property earnings before interest, taxes, depreciation, amortization and restructuring or rent costs was $313 million, a 29% improvement from a year ago ($242 million).
MGM Resorts International stock opened 2022 at $45.48 per share and sits at $40.58 as of Tuesday. Since March of last year, the stock has been steadily over $40 a share.
MGM offers to acquire LeoVegas
MGM Resorts International is continuing to expand its iGaming presence internationally by attempting to acquire LeoVegas.
The proposed move was announced on Tuesday prior to its first quarter earnings call. It has commenced a recommended public tender offer for 100% of the shares of LeoVegas for approximately $607 million. The deal is expected to close in the second half of 2022.
LeoVegas was founded in 2011 and has become a leading global online gaming company with licenses in eight jurisdictions in the Nordics and the rest of Europe.
It generated EUR 393 million in revenue and EUR 48 million in Adjusted EBITDA from April 1, 2021-March 31, 2022.