MGM Resorts International (MGM) BetMGM Business Update Conference (Transcript)

MGM Resorts International (NYSE:MGM) BetMGM Business Update Conference Call December 4, 2023 11:00 AM ET

Company Participants

Adam Greenblatt – CEO, BetMGM

Gary Deutsch – CFO, BetMGM

Conference Call Participants

Ed Young – Morgan Stanley

Joe Greff – JPMorgan

Carlo Santarelli – Deutsche Bank

Shaun Kelley – Bank of America

Stephen Grambling – Morgan Stanley

Dan Politzer – Wells Fargo

Brandt Montour – Barclays

Joe Thomas – HSBC

Robin Farley – UBS

Chad Beynon – Macquarie

Joe Stauff – Susquehanna

Operator

Good day and welcome to the 2023 BetMGM Business Update. Joining from the Company today are Adam Greenblatt, Chief Executive Officer and Gary Deutsch, Chief Financial Officer.

At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to turn the call over to Adam Greenblatt.

Adam Greenblatt

Good morning, everyone. Thank you for joining today’s call. It’s a real pleasure to be here with you as we reflect on our accomplishments of 2023 and discuss how executing against our strategic plan is delivering an exciting future for BetMGM.

Our performance in ‘23 is another example of our commitment to delivering on our promises. In the four short years, since we launched BetMGM, we’ve established ourselves as one of the leaders in this fast-growing, highly-competitive industry. Our products are now available in 28 markets and at 38 retail sports books. In 2023, we launched online sports betting in four new markets, expanding our footprint into Ohio, Massachusetts, Puerto Rico, and Kentucky. The next new market launch is likely to be online sports betting in North Carolina expected sometime before June next year.

We continue to be a market leader with a combined market share in