MGM Resorts International

Jyoti Chopra has joined Las Vegas-based MGM as senior vice president, chief diversity and sustainability officer, reporting directly to president and COO Bill Hornbuckle.

Driving the firm’s social impact and sustainability efforts, Chopra is to also work to expand data-driven methods to measure progress in attaining key social impact and environmental sustainability goals by 2025.

Chopra will also oversee the MGM Resorts community engagement, diversity and inclusion, and environmental sustainability teams and departments, including oversight of the nonprofit MGM Resorts foundation and community grant fund, corporate giving program and employee volunteer program.

Of her new position, Chopra stated: “I am honoured and proud to join MGM Resorts to build our roadmap for a sustainable future that improves the quality of life for humanity and protects our planet.

“I look forward to collaborating with our employees, guests, investors, partners and communities to support economic development, provide environmental leadership and advance inclusive people practices.

“Importantly, our work in these arenas will be aligned with leading global reporting frameworks and environmental, social and governance practices for maximum measurable impact.”

Helio Gaming

Keith Galea has been appointed as the new CEO of lottery games provider Helio Gaming, building up a prior role of COO which was undertaken in June.

Galea is to manage the company’s day-to-day functions, as former CEO Richard Mifsud moves to a consultancy role with a focus on ensuring business continuity and growth.

“I’m delighted to be taking over as CEO of Helio Gaming and honoured to be given the opportunity to help build on the company’s commercial achievements to date,” Galea said of the promotion.

“Helio Gaming’s lottery solutions are an asset for any operator looking to diversify its games portfolio, and I think their universal appeal will help the business go from strength to strength in the years to come.”

Sycuan Casino Resort

The Sycuan Tribal Council has appointed Robert Cinelli as the new general manager of Sycuan Casino Resort, beginning the employment on January 1, 2020.

Cinelli currently serves as the senior vice president of casino operations at the Venetian and Palazzo, and has been with the Las Vegas Sands Corporation since November 2011.

“The Sycuan tribe is excited to have Mr Cinelli join our team,” said Sycuan chairman Cody Martinez. “He brings incredible financial talent and an abundance of management experience and customer focus in a highly competitive gaming market.

“Rob’s breadth and depth of knowledge and goals for our new property, mesh well with the goals and objectives of the tribal council and the entire tribe.”

Betfred USA

Betfred has appointed Bryan Bennett as chief operating officer for their US operations, subject to the necessary regulatory approvals.

Bennett will oversee Betfred’s US operations of on premise, online and mobile wagering and its full suite of managed products: BI/analytics, anti-fraud, trading, compliance/GDPR, customer support, payments, marketing and managed trading operations support.

Mark Stebbings, Betfred Group chief operating officer, noted: “After a thorough process we have appointed Bryan Bennett as the Betfred Sports US chief operating officer. Bryan has a wealth of experience and an exemplary track record. He shares our vision for our US operation and this appointment will help us achieve our goals in this exciting new market.”

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This could put the government on a collision course with senators and ruling coalition members.

The Senate has called for a full review of the government’s proposal to create special casino-entertainment complexes throughout the nation.

Thai Casino Bill: High Priority for Paetongtarn

Senators think their review will wrap some sometime in October. Senate officials have also joined the country’s Deputy Prime Minister in calling for a referendum on the bill.

Many lawmakers are bitterly opposed to the bill, and the proposal has been met with public demonstrations outside parliament this year.

However, Prime Minister Paetongtarn Shinawatra appears to have prioritized the bill, claiming it will boost the economy and end the concept of off-seasons in the tourism sector.

Paetongtarn appears determined to push ahead with the bill, even if it causes ruptures in the ruling coalition.

The Bangkok Post quoted Julapun as saying that there “are only about five to seven top-tier global operators” capable of building these new complexes.

Julapun claims that all of these investors consider Thailand a promising investment destination. The Deputy Minister said these firms appear especially eager to build casinos in the Thai capital.

He explained: “Bangkok, in particular, is seen as highly suitable, with the potential to support more than one entertainment complex.”

The Thai Prime Minister was in Monaco over the weekend, where she met the principality’s hereditary ruler, Prince Albert II, ahead of the Monaco Grand Prix. The PM said her government was working on a proposal to establish a Thai Formula 1 event.

Various Thai media outlets have reported that casino regulation was also on Paetongtarn’s agenda during her Monaco visit.

MGM: Keep Tax Rates Competitive and Admit Thai Visitors

Julapun said that investors were ready to invest between $6.2 billion and $9.2 billion in each site. He added that the government was likely to cap the number of projects it approves “at three to five, and not exceeding seven.”

The government claims it has already spoken to Wynn Resorts and MGM Resorts about investment possibilities. Bangkok also claims it is set to meet two unnamed investors in the days ahead.

MGM told the government it should allow domestic visitors to visit casino complexes, rather than creating gambling spaces that only admit foreign passport holders.

Ed Bowers, the President of Global Development at MGM, told the Bangkok Post (in a separate report) that granting domestic visitors entry would be important.

The MGM executive suggested South Korea’s casino experience should function as a cautionary tale. Bowers noted that most casinos in the country do not allow South Korean passport holders to gamble.

Bowers added that this has left many South Korean casinos struggling, with one integrated resort reportedly put up for sale due to a lack of visitors.

He explained that casino resorts can be a poor fit for countries with a mismatch between the government’s aspirations and operators’ needs.

‘Tighter Levels of Control’

Bowers also urged Bangkok not to price Thais out of the casino market with prohibitive entry fees. He said casinos should not charge Thai visitors more than the 6,000 yen ($42.07) flat casino entry fee for Japanese nationals now being discussed in Tokyo.

MGM also wants Thailand to refrain from imposing heavy taxes on the legal gambling sector. Bowers noted that Singapore charges casinos an average tax rate of 17% on gross gaming revenue. In Macau, the tax rate is 40%, with Japan setting a rate of 30%.

Bowers added that bigger cities should only house one large integrated resort. However, the MGM official said that metropolises like Bangkok may house two casinos if facilities were smaller.

Julapun, meanwhile, hit out at accusations that the new complexes could facilitate money laundering and spike gambling addiction rates. The deputy minister said: “The level of control in entertainment complex casinos is actually stricter than in the banking sector. All visitors will be required to register, and nearly every square inch of the casino area will be monitored by surveillance cameras.”

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The JPY 1.27 trillion ($8.9 billion) resort celebrated the start of construction with a groundbreaking ceremony. Representatives of MGM and Orix both attended the ceremony, alongside Hirofumi Yoshimuda, the Governor of the Osaka prefecture.

Inside the $8.9 Billion MGM Osaka and Orix Project

The resort, which will be completed and opened by Q3 2030, will feature 2,500 hotel rooms, 330,000 square feet of exhibition space, 400,000 square feet of conference facilities, and a theater with 3,500 seats.

However, local media reported that construction might be scaled back because of the international Expo 2025 Osaka event, which will require heavy machinery until 13 October.

Regardless, construction is expected to end in the fall of 2030. It will contribute to Japan’s tourism industry and be a unique project in the Kansai region and wider Japan.

Plans to launch the facility were initially reported in September 2023, when MGM opted not to withdraw from the Japanese casino sector. At the time, Rhino Entertainment’s Country Manager for Japan, Maya Yazaki, said there was growing sentiment in favor of regulating online gambling.

She added that the brand would be essential to success in the Japanese market, giving it an edge over Thailand, one of the market’s main competitors. 

Later that same month, plans for building MGM Osaka were finalized in partnership with Orix Corp. MGM and Orix have both stressed a desire to contribute to the sustainable growth and development of tourism in Osaka’s economy.

MGM’s President and CEO, Bill Hornbuckle, said this was a significant moment for the company, as it closed the certification process and started focusing on executing its vision. The plan is to create Osaka’s best-in-class gaming, entertainment, dining, and retail experiences.

The State of Gambling in Japan

The creation of the resort marks a significant change for Japan, which has banned casinos and all other forms of private gambling. MGM Osaka will be the first casino property built in the country since a 2018 integrated resort law allowed the government to permit up to three IRs in the country.

This is also a big move for MGM Resorts since it was among the first casino firms to express interest in going to Japan after the country started considering gaming legislation. 

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In an official announcement, MGM China said it would use the deal, a revolving credit facility, to refinance two existing revolving credit facilities and for “general corporate purposes.”

The new facility will take effect on April 22 and will mature in 60 months.

However, the investors appear to have insisted that the US-based MGM Resorts International retains ownership of MGM China. A clause in the deal states that the investment must be repaid if the US firm’s ownership of the Macau casino operator drops below 50%.

MGM China: Details of Refinancing Deal

The deal comes after media reports in February claimed MGM China was looking to secure a $2 billion syndicated loan. Bloomberg quoted unnamed sources close to the deal as stating that the casino operator was speaking to over a dozen banks about a five-year agreement.

MGM China announced its first revolving credit facility, worth HKD 9.75 billion (around $1.25 billion), in August 2019.

The firm later agreed to extensions on this deal, which would mature in May next year. It later agreed on a second revolving credit facility of HKD 2.34 billion ($301.74 million). MGM China later increased the size of this facility to $402 million. The maturity date was also set to May 2026.

However, MGM China explained that the latest refinancing package will see the amounts due under the existing credit facilities repaid in full. “Total commitments thereof will be cancelled,” it wrote.

MGM China explained that the deal also includes an accordion option clause. This could potentially allow the borrower to increase its line of credit with its lenders.

The firm wrote: “The 2025 revolving credit facility will bear interest at a fluctuating rate per annum based on the Hong Kong Interbank Offered Rate, plus a margin (in the range of 1.625% to 2.75%), which will be determined by MGM China’s leverage ratio.”

MGM Resorts’ Record-breaking Reports

MGM opened its first Macau casino resort, the 600-room MGM Macau, in December 2007. The doors to MGM China’s second and largest venue, the MGM Cotai, opened in February 2018.

MGM Resorts retains around 56% of the company’s issued shares. The firm successfully launched an initial public offering on the Hong Kong Stock Exchange on June 3, 2011.

Last year, MGM China’s 14% year-on-year growth rates saw MGM Resorts post record net revenues for Q3 of FY2024.

This followed a record-breaking Q1 for MGM Resorts, with MGM China’s post-COVID recovery again credited for much of the growth.

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The operator will have branding on Yankees Stadium as a result of a new partnership with the New York Yankees. 

It’s a deal that will see the two firms deliver exclusive VIP experiences to MGM Rewards members and baseball fans. 

Furthermore, MGM Resorts will benefit significantly from the highly visible brand placement at Yankee Stadium on LED signage and first and third base rotational signage, and its logo will adorn the back of the pitcher’s mound during live local television broadcasts of select games. 

Bill Hornbuckle, MGM Resorts CEO and president, commented: “We remain committed to investing in the community, while collaborating with the New York Yankees to provide unparalleled experiences for baseball fans.

“Our company has owned and operated Empire City Casino and Yonkers Raceway for the past five years. As we continue working to secure a full commercial casino license at Empire City, this partnership allows us to further develop these properties to their potential, while providing the world-class hospitality guests have come to expect from the MGM Resorts brand.”

Michael Tusiani, the Yankees’ SVP of Partnerships also underlined the potential impact the collaboration could have for the exposure of the Empire City Casino. 

Empire City Casino plans to host Yankees-themed fan activities and experiences involving active and former MLB players.

MGM Resorts and MLB have had a wide-ranging partnership since 2018, which designated the casino and entertainment company as the first official gaming partner of MLB.

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It marks the second major purchase by MGM’s LeoVegas brand, after the firm also landed a deal for Push Gaming recently. 

The acquisition will enable LeoVegas to operate a purpose-built proprietary sportsbook across all international markets and brands, with the exception of those exclusive to the BetMGM JV.

Gary Fritz, President, MGM Resorts International Interactive, commented on the deal: “The acquisition of Tipico’s award winning US platform marks a significant milestone in the strategic development of MGM Resorts’ global digital gaming business, allowing us to operate a proprietary sports betting platform.

“This acquisition gives us control of our entire technology ecosystem, and we are delighted to bring Tipico’s US team, with their track record of developing high quality product and pricing capabilities, into our business.”

Prior to the acquisition, Tipico will wind down its US operation, as LeoVegas will acquire certain facets of Tipico’s management, technology and trading teams across the US, Colombia and Europe.

LeoVegas CEO Gustaf Hagman added: “By controlling our own sportsbook technology, we ensure that we will deliver the world’s greatest igaming experience to customers across all our markets and brands. Powering our strong brands with a competitive and innovative sports product will enable us to grow and strengthen our sportsbook offering in both new and existing markets. I look forward to welcoming the talented teams from Tipico’s US business into the LeoVegas Group very soon.”

MGM Resorts International also recently united with Playtech in a strategic partnership to elevate its offering through a unique live casino content to operators in the igaming industry. 

The live casino content, branded as MGM Live, will be available for licensing in regulated markets worldwide, outside of the US and will be streamed from the floor of the casino in Vegas. 

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The live casino content, branded as MGM Live, will be available for licensing in regulated markets worldwide, outside of the US and will be streamed from the floor at the casino in Vegas. 

Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts, commented: “The launch of this new and exciting live casino offering, in partnership with Playtech and directly from Bellagio and MGM Grand in Las Vegas, furthers our strategic vision to be the world’s premier gaming entertainment company. 

“This collaboration amplifies our commitment to providing unparalleled experiences and expands our global reach to our customers. We believe the content, celebrity talent and sophisticated gaming experience that we will offer – all from the trusted and highly reputable brands of MGM Resorts – will be unmatched in the industry.”

As the partnership evolves, the plan is to broaden the portfolio with exclusive access to a variety of Playtech games, branded TV game shows, celebrity-hosted trivia shows, and the one-of-a-kind entertainment experiences.

Mor Weizer, Chief Executive Officer at Playtech added: “We are thrilled to partner with MGM Resorts, a world-renowned gaming and entertainment brand. This alliance combines the strength of MGM Resorts’ global prestige with Playtech’s extensive international market knowledge and innovative games. 

“As a leading technology provider in regulated markets, we are delighted that this partnership is pioneering a new live entertainment category and product offering for players in these regulated territories. Our alliance is built on a shared vision to create an innovative and unique customer experience alongside our commitment to safer gambling. Both Playtech and MGM Resorts are dedicated to maintaining the highest standards of player protection and ensuring our offerings are enjoyed responsibly.”

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The case against BetMGM will be taken to the Court of Appeals after it was thrown out by New Jersey District Court judge Madeline Cox Arleo earlier this year. 

Antar claimed that he wagered almost $30m across 2019 and 2020 after allegedly being solicited to play at Borgata Casino and on the operator’s online casino sites, despite VIP hosts supposedly being aware he was a problem gambler. 

The prosecutor named VIP Account Managers Quinton Hogan and Jerry Liang in his complaint, suggesting they plied him with bonuses and encouraged him to keep depositing on-site despite showing several “fundamental and visible symptoms of problem gambling”. 

Antar’s initial complaint also referred to games as being purposefully rigged to time out when he was close to a big win. 

Arleo threw the case out in February, concluding that the state’s Consumer Fraud Act did not apply in this case, with the New Jersey Casino Control Act considered as the proper legislation for this issue. 

The judge also mentioned that casinos in New Jersey have no obligation to stop problem gamblers from wagering with money they don’t have.

Taking the suit to the Court of Appeals, Antar finds Arleo’s decision to be incorrect, contesting the notion that the CCA supersedes the CFA in the state. 

Antar’s appeal also questions whether the Casino Control Commission has authority on this matter given that the issue at hand is not a regulatory violation.

The brief offers other cases where CCA overrode the CFA in casino-related matters, noting the law prevailed, “because the matter implicated an aspect of gambling that the CCC had used its authority to regulate.”

Antar’s suit against BetMGM has been going on for years, with BetMGM filing a motion to dismiss his claims alongside Borgata, Entain and MGM Resorts in 2022. 

BetMGM pointed out Antar’s legal issues beyond this lawsuit early in the motion, suggesting the civil action was an attempt to find money to pay restitution for acts of fraud he has committed. Antar is currently serving a three-year sentence for felon financial fraud.

The motion declared: “Antar intends to take money from BetMGM based upon his false representations in this lawsuit, to repay himself for the court-ordered restitution that he must pay to the victims of his fraud crimes, whose money he has taken to repay other victims in a rolling Ponzi scheme.”

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Amidst agreeing the cancellation of the loan, it was also revealed that it was untouched as the region and the operator look set for a fruitful period amidst economic growth. 

Optimism stems from significant success that has already been enjoyed by MGM in the region, as revenue was reported to have spiked in 2023. 

The growth was largely underpinned by an uptick when it comes to the recovery of the markets in the region, off the back of the easing of restrictions after the pandemic. 

The group stated that it is ‘in a position where drawing on the facility provided by MGM Resorts is not commercially necessary’.

Macau success has seen the group confirm the building of 200 new tables in the region as it looks to expand its gaming output for those in the space. 

It accelerates a period of growth for MGM as the firm has also sought to expand into Dubai through a landmark new construction agreement. 

First reported by the Meed, the deal will see the long awaited continuation of construction of the MGM site in Dubai and will be led by the same firm that spearheaded the operator’s building in China. 

The move adds fuel to the fire that regulatory talks are on the horizon in the region as the UAE looks to further enrich its allure to tourists through the gaming vertical.

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Speaking at a broadcast of the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Access Forum, Hornbuckle emphasised that the market within the Middle East is ‘fascinating’. 

It comes amid proposals for a lottery and digital gambling bill in Abu Dhabi, something that Hornbuckle believes could lead to a quick expansion of the region. 

Hornbuckle also praised the regulators involved in forming the framework for the UAE, which he believes is a ‘fascinating’ market and can be driven by the robustness of the individuals that are building the regulations. 

The official body to oversee a regulated gaming industry in the region was officially appointed at the end of last year, it was described as “a team of internationally credentialed leaders”.

The General Commercial Gaming Regulatory Authority appointed Kevin Mullally as Chief Executive Officer and Jim Murren as Chair of the board of directors.

Hornbuckle expressed optimism that, following Ramadan, there will be developments and further discussions around the regulatory framework. 

Furthermore, during an update last year Wynn Resorts CEO Craig Billings described the region as the “most exciting new market opening in decades.”

He added: “We believe it highly unlikely that every emirate will ultimately avail themselves of the right to host an integrated resort.

“There’s a whole bunch of reasons for this, ranging from cultural nuances to population density, to varying degrees of need for the additional visitation. Our view is that it will likely be us and us alone for a multiyear period given that we are well underway on construction now. 

“And of course, we all know the advantages of being first as we have seen in other markets. After that, it may be a duopoly or an oligopoly of three, but I find either ultimate market structure undaunted given the database advantages of being first and the fact that we very successfully operate in the two most competitive markets in the world, Vegas and Macau.”

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