MGM Resorts International – FairOdds Network

June 24, 2024

Weekend Report: MGM hacker arrested, Colorado tribes still shut out

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.

Suspected MGM hacker arrested in Spain

In 2022, MGM confirmed that its loyalty programme had been hacked. On 14 June, the Spanish national police arrested a man they believe to be involved in the hack at Palma Airport. He was boarding a flight to Italy, reported Murcia Today.

The FBI’s Los Angeles field office issued the arrest warrant for the 22-year-old UK national, per CyberNews.

The group responsible for the cyberattack, Scattered Spider, allegedly hacked multiple major corporations. The man arrested is accused of hacking corporate accounts and allegedly controlled $27m worth of BitCoin. Caesars Entertainment was also hacked last autumn.

Colorado tribes still shut out of digital wagering

Nearly five years after Coloradans legalised digital sports betting and four-plus years after launch, the state’s tribes still aren’t live. Per the Colorado Sun, the state has ..

February 14, 2024

Detroit casino revenue down 8.8% year-on-year

Detroit, Michigan's three casinos recorded $94.4m (£75.2m/ €88.0m) in revenue for January.

This marked a dip of 8.8% from January 2023. In total, $93.9m came from table games and slots, while $500,221 was generated by retail sports betting.

The overall revenue also fell month-on-month, trickling down by 18.8% from Detroit’s December report.

In terms of market share, MGM held 48% in January. MotorCity held 30%, while Hollywood Casino at Greektown took up 22%.

Table games and slots revenue

Looking at revenue from table games and slots specifically, it fell by 9.1% compared to January 2023 and 15.7% from December 2023.

Detroit’s casinos also recorded drops in gaming revenue year-on-year. Revenue at MGM decreased by 11.3% compared to January 2023, while revenue at MotorCity dipped 10.4% to $27.1m. Hollywood Casino at Greektown recorded a dip of 2.0% to $22.2m.

Things were similar when looking at the month-on-month comparisons. MGM gaming revenue fell 11.8% and MotorCity gaming ..

October 17, 2023

G2E 2023: Like Covid never happened

The dog days of the pandemic feel long in the past and the gaming industry was in a bullish mood at G2E 2023, Buck Wargo writes. Despite potential economic headwinds, international expansion and high hopes for igaming mean many left Las Vegas with the sense the industry is in good health.

It was like the pandemic never happened.

The Global Gaming Expo returned to Las Vegas last week, upbeat and optimistic about igaming’s future.

The industry faces headwinds in the coming months from the US economy and a potential Culinary Union strike in Las Vegas, but attendees at the show remained positive.

G2E attracted more than 25,000 people over its four days, just shy of 2019’s record 27,000 turnout. Attendance continued to bounce back after 2020’s cancelled event and a 2021 edition that drew only 13,000 delegates.

A greater return of international visitors and exhibitors – more than 125 countries were represented – helped boost attendance numbers. There were 368 exhibitors, up from 350 a y..

August 3, 2023

BetMGM close to profitability as MGM hits record revenue in Q2

Land-based and online gaming operator MGM Resorts International reported all-time record revenue in Q2, as the company’s online business BetMGM announced its first EBITDA positive quarter.

MGM recorded $1.95bn in revenue in Q2, up 43.4% from the same quarter the previous year. The operator put the increase down primarily to the removal of Covid-19 related entry restrictions in Macau.

MGM CEO and president Bill Hornbuckle also chose to highlight the progress made by its online joint venture with Entain, BetMGM.

“BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability,” he said.

However, despite this, the online gaming platform still recorded a $22.5m loss during the quarter. This represents a 68.4% fall in losses compared to the $71.2m reported in the same quarter the previous year.

MGM reports steady profits in Q2

On this total, the business announced it achieved an operating income of $37..

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Tag: MGM Resorts International