MGM Resorts began reducing its Strip real estate with the 2016 spin-off of MGM Growth Properties as a publicly traded real estate investment trust. Exterior of the Vdara Hotel and Aria Casino Resort at Cit圜enter. MGM Resorts may discuss continued interest in Entain and expanding BetMGM when the company releases its second-quarter earnings on Aug. – will double its jurisdictions by the end of 2022 and produce more than $1 billion in net revenues. In a presentation to investors in April, BetMGM CEO Adam Greenblatt predicted the company – operating in 10 states and Washington D.C.

He said at the time MGM Resort’s potential from its online gaming business drove his investment thesis. IAC is controlled by media mogul Barry Diller, who joined the MGM board last summer. “We believe MGM is still interested in owning the BetMGM business outright given its long-term aspirations in the space,” said Macquarie Securities gaming analyst Chad Beynon, noting the cooling off period ended this month.īeynon said the company’s land transactions have provided some $8 billion in cash toward the balance sheet, “which could make an acquisition more palatable.”Īlso, technology giant IAC/InterActiveCorp, which spent more than $1 billion last summer to acquire a 12 percent stake in MGM Resorts, making it the company’s largest shareholder, was expected to fund a portion of January's proposed Entain deal through a further investment in MGM. Under UK law, MGM was precluded from making another offer for six months. MGM made an $11 billion buyout offer for the company in January, but the bid was rejected for “undervaluing the company.” “We expect to continue executing on our asset-light strategy and utilizing the proceeds from our real estate transactions to enhance our financial flexibility and secure new growth opportunities,” MGM Resorts CEO Bill Hornbuckle said on July 1.Īnalysts believe MGM Resorts, which owns a 50 percent stake in BetMGM, the company’s sports betting and online gaming operation, wants to acquire the other half through a purchase of United Kingdom betting giant Entain PLC. Much of that site is slated to be used for parking for nearby Allegiant Stadium. 1, 2017, mass shooting – is the last piece of the company’s Strip real estate puzzle. Outdoor festival grounds across from Luxor and Mandalay Bay – the location of the Oct. When a pair of recently announced transactions involving Cit圜enter and totaling more than $6 billion are finalized later this year, MGM Resorts’ land ownership on the Strip will cover just 15 acres.

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