MGM Resorts International Q3 2025 Financial Update Summary Company Overview - **Company**: MGM Resorts International (NYSE:MGM) - **Date of Update**: October 14, 2025 Key Financial Highlights - **Cash Distribution**: BetMGM will return at least $200 million to parent companies by year-end [2][11] - **EBITDA Guidance**: Upgraded to approximately $200 million from at least $150 million [2][10] - **Revenue Guidance**: Expected to be at least $2.75 billion, up from prior guidance of at least $2.7 billion [2][10] - **Q3 Revenue**: $667 million, a 23% year-on-year growth [3][10] - **Year-to-Date Revenue Growth**: 31% year-on-year with EBITDA at $150 million [3][10] Online Sports Betting (OSB) Performance - **Q3 OSB Revenue**: $202 million, up 36% from Q3 2024 [3][10] - **Player Acquisition**: Focused on premium mass segment with improved retention capabilities [4][10] - **Handle Growth**: Up 13% with NGR margin expansion of 110 basis points [4][10] - **NFL Season Impact**: Strong results in July and August helped absorb September's player-friendly outcomes [4][10] iGaming Performance - **Q3 iGaming Revenue**: $128 million, a 21% increase [7][10] - **Player Metrics**: Active players up 21% despite no new market launches since 2022 [7][10] - **Content Offerings**: New exclusive games launched, contributing to robust player acquisition and retention [8][10] Product Enhancements and Marketing - **App Upgrades**: Significant improvements in app speed, features, and stability ahead of the NFL season [5][10] - **Brand Campaign**: "Make It Legendary" featuring Jon Hamm and Derek Jeter to enhance brand visibility [6][10] - **New Features**: Launched live Same Game Parlays and improved rewards dashboard [6][10] Cash Management and Future Outlook - **Unrestricted Cash Balance**: Projected to exceed $300 million, targeting $100 million as a minimum balance [12][10] - **Quarterly Cash Distributions**: Plan to distribute excess cash above the minimum balance [12][10] - **2025 Revenue and EBITDA Growth**: Expected year-on-year growth of 33% in revenue and nearly $450 million in EBITDA improvement [11][10] Industry Context and Regulatory Environment - **Prediction Markets**: Company maintains a cautious stance on prediction markets, emphasizing regulatory compliance [13][16] - **Market Volatility**: Acknowledges potential revenue swings due to NFL results [11][10] - **Legislative Focus**: Targeting new states for sports betting and iGaming expansion, including Alabama and Nebraska [62][63] Conclusion - **Overall Business Health**: Company expresses confidence in maintaining strong momentum through Q4 and into 2026 [14][10] - **Future Growth Potential**: Optimistic about expanding into new jurisdictions and enhancing product offerings [39][40]

Core Insights - The sports-betting company has raised its full-year earnings guidance due to strong performance in its iGaming and online sports divisions [1] Company Performance - The company reported significant growth in its iGaming and online sports segments, contributing to the overall positive financial outlook [1]

Core Viewpoint - Flutter Entertainment plc has announced a share repurchase program with a maximum consideration of up to $245 million, aimed at reducing its share capital [1][2]. Group 1: Buyback Details - The buyback will commence on October 1, 2025, and conclude no later than December 31, 2025 [2]. - This buyback represents the fourth tranche of a multi-year share repurchase program totaling up to $5 billion, with an expected return of approximately $1 billion to shareholders in 2025 [2]. - Davy Securities UC will execute the buyback independently, with a maximum acquisition of 17,674,003 ordinary shares, adjusted for previous tranches [3]. Group 2: Regulatory Compliance - The buyback will adhere to U.S. Securities Exchange Act rules and EU Market Abuse Regulation, ensuring compliance with legal standards [4]. Group 3: Future Considerations - Future buyback decisions will depend on the ongoing assessment of the company's capital needs and market conditions [5]. Group 4: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, with a diverse portfolio of brands including FanDuel, PokerStars, and Paddy Power [7][8].

Key financial highlights: NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Flutter Entertainment (NYSE: FLUT; LSE: FLTR) ("Flutter") the world's leading online sports betting and iGaming operator today announces Q2 results, and increased 2025 guidance. creating M&A. Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed ...

Financial Data and Key Metrics Changes - DraftKings achieved record revenue of $1,513 million in Q2 2025, representing a 37% year-over-year growth [11] - Adjusted EBITDA reached over $300 million, doubling the previous record, with a margin of 20% [11][12] - The company maintained its fiscal year 2025 guidance for revenue between $6,200 million and $6,400 million, with adjusted EBITDA expected between $800 million and $900 million [14][15] Business Line Data and Key Metrics Changes - Sportsbook net revenue increased by 45% year-over-year, with a handle of approximately $11,500 million, and live betting handle up 16% [12][13] - iGaming net revenue grew by 23% year-over-year, driven by a significant increase in active iGaming customers [13] - The adjusted gross margin improved to 48%, an increase of over 400 basis points year-over-year [13] Market Data and Key Metrics Changes - The sportsbook promotional reinvestments as a percentage of gross gaming revenue improved by nearly 600 basis points year-over-year [12] - The company noted that sportsbook outcomes in May and June added $110 million to revenue due to favorable conditions [9] Company Strategy and Development Direction - DraftKings is focused on enhancing its sportsbook product and capitalizing on the upcoming NFL and NBA seasons [8] - The company is exploring federally regulated prediction markets to enhance shareholder value [9] - Capital allocation is directed towards maximizing risk-adjusted returns, with 6.5 million shares repurchased in the first half of the year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 30% adjusted EBITDA margin target over time [8] - The company is optimistic about the upcoming mobile sportsbook launch in Missouri and its potential financial impacts [16] - Management acknowledged the challenges posed by higher tax rates in certain states but remains focused on core business fundamentals [16][17] Other Important Information - The company is leveraging artificial intelligence and new technologies to improve operational efficiency and customer acquisition [14][33] - DraftKings is monitoring legislative developments regarding micro betting and prediction markets, indicating a proactive approach to regulatory changes [108] Q&A Session Summary Question: Insights on prediction markets opportunity - Management indicated that the total addressable market (TAM) for prediction markets is still uncertain and is being evaluated [20][21] Question: Crossover customer analysis and regulatory conversations - Management is in a monitoring phase regarding regulatory discussions and is assessing the crossover customer potential [25][27] Question: Cost optimization opportunities - Management highlighted potential cost reductions in older agreements and payment processing as areas for improvement [31][32] Question: iGaming revenue acceleration - Management noted that iGaming is ramping up but still has room for growth [39][40] Question: Structural hold improvement drivers - The increase in structural hold was attributed to a better bet mix, particularly in parlays [46] Question: Market access deals and partnerships - Management sees opportunities to renegotiate market access deals and is open to partnerships with sports streaming apps [50][51] Question: Customer acquisition strategies for Q3 - Management is optimistic about customer acquisition efficiency during the peak season and the upcoming Missouri launch [96][98]

Group 1 - Flutter Entertainment has extended its long-term strategic partnership with Boyd Gaming Corporation to 2038 and has completed the buyout of Boyd's 5% stake in FanDuel Group [1] - The market access savings from this transaction will be effective from July 1, 2025 [1] - Flutter is recognized as the leading online sports betting and iGaming operator globally, with a strong market position in the US [2][3] Group 2 - Flutter operates a diverse portfolio of well-known online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others [3] - The company aims to leverage its size and challenger mindset to drive long-term growth while promoting sustainability through its Positive Impact Plan [2]

Core Viewpoint - Flutter Entertainment plc has announced the pricing of a significant offering of senior secured notes and a new term loan facility, aimed at funding strategic acquisitions and partnerships in the gaming industry [1][2][3]. Group 1: Offering Details - The offering includes $625 million of 5.875% senior secured notes, €300 million of 4.000% senior secured notes, and £250 million of 6.125% senior secured notes, all due in 2031 [1]. - The notes will be issued at par and are part of a further issuance of previously issued notes from June 4, 2025 [1]. - The settlement for the offering is expected to occur around August 7, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - Proceeds from the offering and the Fourth Incremental TLB Facility will be used to acquire the remaining 5% minority interest in FanDuel and to extend a strategic partnership with Boyd Interactive Gaming Holdings, L.L.C. [3]. - The issuer plans to utilize cash on its balance sheet to cover certain costs, fees, and expenses related to these transactions [3]. Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, holding a strong market position in the US and globally [4]. - The company aims to leverage its scale and innovative approach to drive long-term growth while promoting sustainability through its Positive Impact Plan [4]. - Flutter operates a diverse portfolio of well-known brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Viewpoint - Flutter Entertainment is set to release its second quarter 2025 update on August 7, 2025, after market close, with all related materials available on its website [1] Group 1: Financial Update - The second quarter 2025 update will be released at 4:05 p.m. EDT (9:05 p.m. BST) on August 7, 2025 [1] - A conference call will be held on the same day at 4:30 p.m. EDT (9:30 p.m. BST) to review the results and answer questions [2] Group 2: Participation Details - Analysts and investors can participate in the live conference call by dialing specific numbers and using conference ID 20251, with a recommendation to join 10 minutes early [3] Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, with a strong market position in the US and globally [3] - The company aims to leverage its size and innovative mindset to drive long-term growth while promoting sustainability through its Positive Impact Plan [3] Group 4: Brand Portfolio - Flutter operates a diverse portfolio of well-known online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others [4]

Core Viewpoint - Flutter Entertainment plc is launching an offering of senior secured notes in multiple currencies to fund strategic acquisitions and partnerships, indicating a proactive approach to growth and market positioning [1][3]. Group 1: Offering Details - Flutter is offering USD, EUR, and GBP-denominated senior secured notes due in 2031, which will be a further issuance of previously issued notes [1]. - The total amount intended to be raised through the notes and an incremental debt facility is $1,755 million [3]. Group 2: Purpose of Funds - Proceeds from the offering will be used to acquire a 5% minority interest in FanDuel and to extend a strategic partnership with Boyd Interactive Gaming Holdings, L.L.C. [3]. Group 3: Company Overview - Flutter is recognized as a leading online sports betting and iGaming operator globally, with a strong market presence in the US [4]. - The company operates a diverse portfolio of brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Viewpoint - Flutter Entertainment has announced the extension of its strategic partnership with Boyd Gaming Corporation to 2038 and the acquisition of Boyd's 5% stake in FanDuel for approximately $1.755 billion, increasing Flutter's ownership in FanDuel to 100% at an implied valuation of around $31 billion [1][2][3]. Group 1: Strategic Partnership and Acquisition - The acquisition involves a payment of approximately $1.755 billion, which includes $1.55 billion for the stake in FanDuel and $205 million for revised commercial terms [2][12]. - The strategic partnership extension with Boyd will lead to significantly reduced market access costs, expected to save Flutter approximately $65 million annually starting July 1, 2025 [2][6][12]. Group 2: Market Position and Financial Impact - FanDuel holds a 43% market share in sports betting and 27% in iGaming in the US, making it the clear market leader [6][12]. - The transaction is anticipated to enhance Flutter's long-term profitability profile and mitigate potential tax increases, with the expected annual savings contributing to a more favorable adjusted EBITDA margin [6][12]. Group 3: Financial Arrangements - Flutter has entered into a bridge credit agreement for a senior secured first lien term loan of $1.75 billion to finance the acquisition [5][7]. - The leverage ratio is expected to increase initially but is projected to decrease due to visible profitable growth opportunities, with a commitment to maintain a medium-term leverage ratio of 2.0-2.5x [3][6].