The part-owner of one of America’s largest sports betting operators reported favorable third-quarter results.
MGM Resorts — the co-owner of BetMGM — generated $4 billion in revenue in Q3 2023, a 16% increase compared to the same period last year. The entertainment and hospitality giant attributed the growth to an increase in revenue at its MGM China property despite a roughly $100 million loss due to a cyberattack in September 2023 that impacted a slew of systems.
“We started the quarter with great momentum across our businesses. While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination. With the incident now behind us, we are a stronger company having been through the challenge.”
- Bill Hornbuckle, MGM Resorts CEO
MGM reported an operating income of $370 million in Q3 2023 compared to an operating loss of $1 billion in Q3 2022.
Sports betting business
MGM Resorts, which owns a 50% stake in BetMGM with gambling giant Entain, is benefiting from a growing U.S. sports betting market. In Q3 2023, BetMGM posted $458 million in net gaming revenue — a 15% increase year-over-year.
BetMGM is the third-largest sportsbook in America behind FanDuel and DraftKings with an 18% market share in licensed jurisdictions. Its market share currently excludes New York — the largest online gaming market in the U.S.
The sportsbook added to its portfolio of U.S. markets in Q3 2023 after securing a deal with Revolution Racing Kentucky — a horse racing-focused real estate development group — to offer online and retail wagering in the Bluegrass State. Retail sports betting in Kentucky went live on Sept. 7, while online wagering launched on Sept. 28.
Earlier this month, BetMGM added New Mexico to its list of markets with plans to open a retail sportsbook at Isleta Resort & Casino in Albuquerque. The sportsbook will feature five betting windows, five kiosks, and 35 televisions.
Entain, which also owns UK betting brand Ladbrokes, projects BetMGM to generate between $1.8 billion and $2 billion in revenue in FY2023 amid its expansion to new U.S. betting markets.
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