Core Insights - MGM Resorts International and BetMGM have committed over $1 million to responsible gaming initiatives during Problem Gambling Awareness Month, with a focus on research, public awareness, and community partnerships [1] Group 1: Financial Commitment - The companies have allocated $450,000 to the International Center for Responsible Gaming for a new research initiative on sports wagering and its impact on player behavior [1] - Over the next three years, the research will explore factors influencing sports betting behaviors and prevention efforts [1] Group 2: Community and State Support - In 2026, MGM Resorts and BetMGM will contribute over $850,000 to organizations focused on problem gambling prevention and responsible gaming measures [1] - MGM Resorts will sponsor the annual Nevada Council on Problem Gambling Conference and provide training sessions for employees [1] Group 3: Employee Engagement and Training - The companies will enhance responsible gaming messaging through their GameSense program across various platforms [1] - Over 2,000 team members are now certified as GameSense Advisors to engage guests in responsible gaming conversations [1] Group 4: New Campaigns and Initiatives - A new campaign titled "Earn More. Play Smart." will be launched, integrating responsible play messaging with MGM Rewards [1] - BetMGM will continue airing a responsible gaming commercial featuring ambassador Connor McDavid during key sports broadcasts [1] Group 5: Ongoing Partnerships - MGM Resorts and BetMGM will maintain their partnership with the American Gaming Association's responsible gaming initiatives [1] - Employees will receive comprehensive training on responsible gaming, and a social media campaign will feature executive insights on the topic [1]

Core Insights - Super Bowl LX generated significant betting activity, with Bank of America identifying Kalshi as a key winner, while expressing concerns over sportsbooks' exposure to the Seattle Seahawks [1][2] Group 1: Kalshi's Performance - Kalshi's trading volume reached $871 million on Super Bowl Sunday, with approximately $650 million specifically on Super Bowl markets, ranking second in app usage that night [2] - Kalshi offered higher payouts on the Seahawks' victory compared to traditional sportsbooks, which contributed to its success [2] - The company introduced new features such as a play-by-play feed and live stats feeds, which may have helped mitigate payment processing delays due to increased betting volume [3] Group 2: Sportsbooks' Outcomes - The Seattle Seahawks won the Super Bowl LX 29-13, covering the -4.5 spread, which was unfavorable for many sportsbooks that had heavy betting on the Seahawks [4] - DraftKings ranked fifth in app usage on Super Bowl Sunday, indicating a strong position in the sports betting market, with a more balanced betting split between the Seahawks and Patriots [4][5] - BetMGM reported that 60% of its wagers were on the Seahawks, highlighting the risk exposure for sportsbooks during the event [5] Group 3: Overall Betting Landscape - The American Gaming Association estimated that legal sportsbooks had a total of $1.76 billion in wagers for Super Bowl LX, reflecting the event's massive betting appeal [6]

Adam Greenblatt, CEO of BetMGM, discusses the company’s record 2025 performance and expectations for Super Bowl weekend. He tells Romaine Bostick and Katie Greifeld on “The Close” that there’s concerns over the sports Prediction market. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute ma ...

ROMAINE: ALREADY ROUGH-AND-TUMBLE WEEK GETS A BIT ROUGHER. LIVE FROM STUDIO 2 AT HEADQUARTERS IN NEW YORK, I AM ROMAINE BOSTICK. KATIE: I AM KATIE GREIFELD.LET'S LOOK AT WHERE WE STAND. WE ARE OFF OUR WORST LEVELS OF THE SESSION, BUT THAT'S NOT REALLY GOOD NEWS BECAUSE WE ARE DOWN 1% WHEN IT COMES TO THE S&P 500, A LITTLE MORE WHEN IT COMES TO THE NASDAQ 100. ANOTHER IMPORTANT DAY FOR THE TECH SECTOR.WE HAVE AMAZON REPORTING AFTER THE BELL. A LOT OF RED ON THE SCREEN. THAT IS SENDING A HAVEN BID INTO THE BO ...

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [5][12][14] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [17][24] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [83] Business Line Data and Key Metrics Changes - MGM China reported a record high quarterly and full year segment adjusted EBITDA, achieving a 16.5% market share in the fourth quarter [12][19] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a target of reaching $500 million in Adjusted EBITDA by 2027 [14][21] - MGM Digital experienced a 35% growth in net revenues, driven by strong performance in key international markets [21] Market Data and Key Metrics Changes - The Las Vegas market is showing signs of stabilization, with expectations of increased visitation due to major events like the Super Bowl and the World Cup [11][24] - The company has more group and convention room nights booked for future years than ever before, indicating strong demand [8][16] - MGM China is focused on maintaining high service levels and quality over quantity, which has resulted in stable margins in a competitive environment [19][54] Company Strategy and Development Direction - The company is investing in upgrading experiences across its portfolio, including luxury offerings and technology innovations to enhance customer experience [6][10] - MGM Resorts is pursuing a growth pipeline that includes digital initiatives and the development of MGM Osaka, expected to be the world's largest integrated resort [6][15][24] - The company is focused on operational efficiencies and leveraging technology to drive profitability [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in Las Vegas, citing a favorable outlook for conventions and high-end customer engagement [30][31] - The company is monitoring macroeconomic factors that could benefit its operations, including favorable tax regulations and improvements at the Las Vegas airport [16][24] - Management highlighted the importance of maintaining a strong balance sheet and cash flow to support growth opportunities [24][76] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing its share count by almost 50% over the last five years [22][76] - MGM China announced new branding fee terms that will increase cash flow for MGM Resorts, expected to generate over $50 million in incremental cash flow [20] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including occupancy stabilization and upcoming events like ConAg [28][30] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas' bottom line, with some unusual corporate expenses noted [32] Question: Value customer stabilization - Management highlighted initiatives to address value-conscious customers and improve visitation [36][37] Question: Casino resiliency and revenue growth - Management noted strong performance in high-end gaming and effective marketing strategies driving revenue growth [39][40] Question: Regional segment performance - The regional business remains steady, with investments in high-limit table rooms yielding positive results [63] Question: Gaming loss tax deductibility - Management is monitoring the impact of the 90% gaming loss tax deductibility and advocating for a fix [71]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [6][7][13] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [18][26] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [85] Business Line Data and Key Metrics Changes - MGM China reported a 21% increase in net revenues and a 31% increase in segment adjusted EBITDA for the fourth quarter, achieving record performance [20][22] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a goal of reaching $500 million in Adjusted EBITDA by 2027 [15][23] - The regional operations maintained steady performance, with Borgata seeing positive results from investments in high-limit table rooms [65] Market Data and Key Metrics Changes - MGM China maintained a market share of 16.5% in the fourth quarter, with a focus on premium mass customers [13][22] - The Las Vegas Strip properties experienced higher room rates and increased cash ticket sales, particularly during major events like Formula 1 [10][12] - The company is optimistic about the upcoming events, including the Super Bowl and World Cup, which are expected to drive visitation [11][12] Company Strategy and Development Direction - The company is focused on diversifying its offerings, with significant investments in luxury experiences and digital innovations [6][11] - MGM Osaka is set to become the world's largest integrated resort, with construction on schedule to open in 2030 [16] - The company aims to leverage technology to improve operational efficiencies and enhance customer experiences [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in Las Vegas, with expectations for growth driven by conventions and high-end customer engagement [26][30] - The company is closely monitoring macroeconomic factors that could benefit Las Vegas, including tax regulations and airport capacity recovery [17][26] - Management highlighted the importance of maintaining a strong cash flow to support growth opportunities and shareholder value [24][27] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing the share count by almost 50% over the last five years [24] - MGM China announced an increase in branding fees from 1.75% to 3.5%, expected to generate over $50 million in incremental cash flow [21][22] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including improved occupancy and upcoming events like CON/AGG, with a positive outlook for the second half of 2026 [30][32] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas's bottom line, with some unusual corporate expenses noted [33] Question: Stabilization efforts for value customers - Management highlighted initiatives to address value-conscious customers, with ongoing efforts to drive visitation to Las Vegas [37][38] Question: Casino resiliency despite lower occupancy - Management noted strong performance in high-end gaming and effective marketing strategies contributing to casino revenue growth [39][41] Question: Operating expense growth and renovation impacts - Overall expense growth is expected to be low single digits, with the MGM Grand renovation impacting EBITDA by about $65 million in 2025 [49] Question: Macau margin environment - MGM China reported stable margins in the mid- to high-20s, with strong demand anticipated for the upcoming Chinese New Year [55] Question: Buyback strategy and MGM China - Management emphasized a balanced approach to share repurchases, considering the value of shares against other investment opportunities [77][79]

FanDuel and DraftKings, official partners of the NFL, are front and center here at Radio Row. Even though gamblers can't place wagers on their sportsbook apps, but their prediction platforms are up and running. The sports betting giants entered this prediction freight in the fourth quarter of last year, unwilling just to, you know, sit on the sidelines as Koshi, Poly Market, Robin Hood, and others entered sports the prediction markets. Um, and and Koshi made a big splash with its advertising before last yea ...

BetMGM’s sports-betting revenue jumped 63% last year after the company pulled back on broader marketing efforts to target higher-value gamblers https://t.co/A29LLpr53U ...

Core Insights - BetMGM reported a significant financial turnaround in 2025, achieving $2.8 billion in net revenue, a 33% increase year-over-year, and $220 million in EBITDA, marking a nearly $500 million improvement from the previous year [3][4][7] - The iGaming segment remained the largest business line, generating $1.8 billion in net revenue, up 24%, while online sports betting (OSB) revenue accelerated to over $900 million, reflecting a 63% increase [1][6][8] - Management provided a positive outlook for 2026, projecting net revenue between $3.1 billion and $3.2 billion and adjusted EBITDA of $300 million to $350 million, with a target of exceeding $500 million in adjusted EBITDA by 2027 [7][14][15] iGaming Performance - iGaming generated $1.8 billion in net revenue for 2025, up 24%, with a contribution of over $500 million [1][6] - Average monthly active users in iGaming grew by 24% in 2025, with players engaging 14% more days per month [1] Online Sports Betting (OSB) Insights - OSB net revenue reached over $900 million in 2025, a 63% increase, with Q4 revenue hitting a record $279 million, nearly double the previous year [8][9] - OSB handle grew by 16% for the full year and 3% in Q4, attributed to disciplined acquisition strategies [8][10] - The OSB segment achieved a positive contribution of over $200 million for the first time in 2025 [9] Financial Metrics and Cash Returns - BetMGM distributed $270 million to its parent companies in December 2025, exceeding prior guidance [12] - The company ended 2025 with over $100 million in unrestricted cash and a $150 million credit line for liquidity [12] - Starting in 2026, BetMGM will incur "parent fees" of approximately 15-20% of adjusted EBITDA, which will be recorded as an operating expense but added back for adjusted EBITDA reporting [5][13] Market Dynamics and Strategic Initiatives - Management highlighted the importance of omni-channel strategies, particularly in Nevada, where combined digital and retail sports handle increased by 26% and net revenue rose by 65% year-over-year [11] - The company is focusing on fewer, higher-value "premium mass" players to improve unit economics in its sports strategy [8] - BetMGM's content library has expanded significantly, now including over 7,000 titles, with exclusive releases contributing to its competitive edge [7]

BetMGM Fiscal Year and Fourth Quarter 2025 Financial Update Summary Company Overview - **Company**: BetMGM - **Fiscal Year**: 2025 - **Key Executives**: Adam Greenblatt (CEO), Gary Deutsch (CFO) Key Financial Highlights - **Net Revenue**: $2.8 billion, up 33% year-on-year [4] - **Q4 Net Revenue**: $780 million, up 39% year-on-year [4] - **EBITDA**: $220 million for the full year, up nearly $500 million year-on-year [6] - **Q4 EBITDA**: $71 million [6] - **Cash Distribution to Parents**: $270 million, exceeding guidance of $200 million [6][31] Business Segments Performance iGaming - **Revenue Growth**: 24% year-on-year, with Q4 revenue up 18% [5][10] - **Contribution**: Over $500 million [5] - **Player Engagement**: Average monthly actives increased by 24%, with players engaging for 14% more days [11] - **Game Library**: Over 7,000 titles, adding 1,500 titles since last year [12] Online Sports Betting (OSB) - **Revenue Growth**: 63% year-on-year, with Q4 revenue reaching $279 million, nearly double from the previous year [14][15] - **Contribution**: Over $200 million [15] - **Player Metrics**: Active player days increased by 6%, with a 12% increase in average bets placed [15] - **NGR per Active Player**: Increased by 77% year-on-year [27] Omni-Channel Strategy - **Nevada Performance**: Combined digital and retail sports handle grew 26% year-on-year, with net revenue growth of 65% [19] - **Digital Integration**: Seamless experience for players transitioning between states [20][22] - **Live Dealer Growth**: Fastest-growing live dealer business in the U.S. [13] Strategic Initiatives - **Marketing Campaign**: "Make It Legendary" campaign launched, contributing to increased player engagement [5] - **New Market Launches**: Online sports launched in Missouri, marking the 30th jurisdiction of legal operations [5] - **Future Plans**: Anticipated launch of iGaming and OSB in Alberta in 2026 [8] 2026 Outlook - **Revenue Guidance**: Expected net revenue of $3.1 billion to $3.2 billion [8] - **Adjusted EBITDA Guidance**: Projected range of $300 million to $350 million [8] - **Parent Fees**: Introduction of parent fees tied to joint venture agreement, expected to be 15%-20% of adjusted EBITDA [9][36] Market Dynamics and Risks - **Regulatory Concerns**: Ongoing discussions regarding prediction markets and their impact on the regulated gaming environment [40][41] - **Competitive Landscape**: Focus on expanding iGaming states as a key growth driver [74] Additional Insights - **Player Retention**: Improved player management through real-time integration with MGM's loyalty program [60] - **Future Growth Potential**: Opportunities to double the size of the digital business in Nevada [50] This summary encapsulates the key points from BetMGM's fiscal year and fourth quarter 2025 financial update, highlighting the company's strong performance, strategic initiatives, and outlook for future growth.