MGM Resorts International Stock Rises on Strong Q1 BetMGM Results
MGM Resorts International said BetMGM's Online Sports and iGaming revenue soared in the first quarter.
The BetMGM joint venture with Entain plc reported a 34% year-over-year increase in total revenue.
BetMGM affirmed its full-year revenue outlook of $2.4 billion to $2.5 billion.Shares of MGM Resorts International (MGM) gained Monday when the casino and hotel operator reported strong demand for its BetMGM sports betting and online gaming platform.
The company said BetMGM, jointly owned with Isle of Man-based Entain plc, posted first-quarter revenue of $657 million, 34% higher than a year ago. It was driven by a 68% jump in Online Sports to $194 million and 27% rise to $443 million in iGaming. It added that BetMGM had positive Q1 EBITDA, and "underlying trends reaffirm confidence that FY 2025 will be EBITDA positive."
BetMGM CEO Adam Greenblatt said that the year "is off to an encouraging start," building on momentum from the second half of 2024 even with "unfavorable sports outcomes during key moments in the quarter."
BetMGM said that the performance so far in 2025 "provides increased confidence in exceeding guidance, however we remain mindful it is still relatively early in the year." It reaffirmed its outlook that full–year revenue will come in at $2.4 billion to $2.5 billion.
Shares of MGM Resort International, which reports results Wednesday, rose more than 2% but are down about 7% for the year.
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