MGM Resorts International has exceeded expectations and generated $2.9 billion in revenue in Q1 2022, surpassing analysts’ estimates of $2.7 billion in revenue.
The hospitality, entertainment, and gaming company continues to rebound from the pandemic.
The Las Vegas-based company also announced it has offered roughly $607 million to acquire Swedish online gaming company LeoVegas AB, expanding MGM’s market position in Europe.
LeoVegas has until August 2022 to accept MGM’s offer. The company, which offers casino and sports betting in Sweden, Malta, and the Canadian province of Ontario, generated $104 million in revenue in Q1 2022, a 2% increase year-over-year, behind 455,843 customers during the quarter.
A strong start to fiscal 2022 was paramount to MGM as it prepares to acquire The Cosmopolitan of Las Vegas from New York-based investment firm Blackstone Group for $1.6 billion.
BetMGM, a 50-50 joint venture between MGM and European gambling company Entain, will see around $450 million invested in the online sports betting platform this year.
The fresh capital will be allocated toward growth into new markets and new products. BetMGM, which has yet to reach profitability, projects to pocket $1.3 billion in revenue in 2022.
The NCAA has reportedly decided that it is not a violation of policy for conferences and schools to sell player data to sports betting operators.
News Corp is joining a consortium that plans to launch an online sports betting brand in Australia, according to a Wall Street Journal report.
Blackmon has signed an endorsement deal with Colorado-based MaximBet. Players and coaches are allowed to have sports betting partnerships as part of the new CBA.
Super Group, the parent company of Betway, reported a 45% year-over-year increase in 2021 revenue to around $1.4 billion.
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