{"id":1219,"date":"2024-10-30T20:24:43","date_gmt":"2024-10-30T21:24:43","guid":{"rendered":"http:\/\/buckinghamshire-removals.co.uk\/?p=1219"},"modified":"2024-11-07T14:20:36","modified_gmt":"2024-11-07T14:20:36","slug":"mgm-continues-buying-back-shares-as-betmgm-revenue-soars","status":"publish","type":"post","link":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/2024\/10\/30\/mgm-continues-buying-back-shares-as-betmgm-revenue-soars\/","title":{"rendered":"MGM Continues Buying Back Shares as BetMGM Revenue Soars"},"content":{"rendered":"

MGM Resorts International (NYSE: MGM) delivered third-quarter results today, highlighting to investors its ongoing share repurchase efforts and revenue growth at its BetMGM unit.<\/p>\n

\"Cosmopolitan
The Cosmopolitan Las Vegas. The venue’s owners are selling $3 billion in mortgage-backed bonds. (Image: Eater Vegas<\/em>)<\/figcaption><\/figure>\n

Helped by its MGM China unit, the Bellagio operator posted record consolidated net revenue of $4.2 billion for the September quarter, a 5% year-over-year increase. Adjusted earnings per share declined to 54 cents from 64 cents a year earlier.<\/p>\n

\n

While analysts have highlighted tough year-over-year<\/a> comparisons for some Las Vegas Strip operators, MGM said its third-quarter Strip revenue rose 1% to $2.1 billion as adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) increased to $731 million from $714 million. MGM is the largest operator on the Strip.<\/p>\n<\/div>\n

Perhaps allaying concerns about weakness in some regional markets, MGM said sales at its regional casinos jumped to $952 million from $925 million as adjusted EBITDAR rose 2% to $300 million from $293 million.<\/p>\n

BetMGM Shows Strong Improvement<\/h2>\n

BetMGM, a 50\/50 joint venture between the casino giant and Entain Plc (OTC: GMVHY), still trails rivals such as FanDuel and DraftKings (NASDAQ: DKNG) in terms of market share, but it\u2019s making progress<\/a> and that was evident during the July through September period.<\/p>\n

\n

Accelerating growth at BetMGM with record 3Q net revenues increasing nearly 20% year-over-year, more than doubling the revenue growth achieved in 2Q,\u201d said the gaming company in a statement.<\/p>\n<\/blockquote>\n

The US sports wagering market is essentially a duopoly controlled by FanDuel and DraftKings, but iGaming is a more open frontier and one with higher margins and profit potential. That\u2019s an arena in which BetMGM is making a renewed push to capture market share \u2013 a move that could pay long-term dividends.<\/p>\n

iGaming\u2019s long-term growth potential makes it pivotal for operators such as BetMGM. Currently, just seven states \u2014 Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia \u2013 permit that form of wagering, but that figure is expected to grow in the years ahead as states scramble for new revenue sources.<\/p>\n

Buybacks Remain Part of MGM Playbook<\/h2>\n

Over the past several years, MGM has been one of the gaming industry\u2019s most dedicated buyers of its own shares<\/a> and that theme continued in the third quarter.<\/p>\n

“During the quarter, we returned over $300 million to shareholders through share repurchases, bringing our year-to-date total to approximately $1.3 billion,” said CFO Jonathan Halkyard in the press release.<\/strong><\/p>\n

Since 2021, the gaming company has reduced its shares outstanding count by 40% via share repurchases. MGM concluded the third quarter with $944 million in free cash flow and its relatively low debt and robust liquidity are supportive of ongoing share buybacks.<\/p>\n

The post MGM Continues Buying Back Shares as BetMGM Revenue Soars<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

MGM Resorts International (NYSE: MGM) delivered third-quarter results today, highlighting to investors its ongoing share repurchase efforts and revenue growth at its BetMGM unit. The Cosmopolitan Las Vegas. The venue’s owners are selling $3 billion in mortgage-backed bonds. (Image: Eater Vegas) Helped by its MGM […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1219"}],"collection":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1219"}],"version-history":[{"count":1,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1219\/revisions"}],"predecessor-version":[{"id":1220,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1219\/revisions\/1220"}],"wp:attachment":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1219"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}