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MGM Resorts and GVC announce US sports betting venture

Operator MGM Resorts has announced an equal partnership with GVC Holdings to launch land-based and online sports betting in up to 15 states.

MGMgrand

GVC and MGM will initially contribute $100m each to the venture.

The merger will focus on two brands in particular; PlayMGM and PartyPoker, and both operators will be well poised to expand into new markets once sports betting becomes legal in more states.

Jim Murren, Chairman and CEO of MGM Resorts, said: "We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the US. With MGM Resorts' expertise and leading position in key markets across the US, this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships and brands."  

Kenny Alexander, GVC CEO, said: "MGM Resorts is a world leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity. This combined with GVC's technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for US players and our respective shareholders. To be able to team up with a partner with such pedigree and knowledge, particularly in the US, is a real opportunity for GVC."

The companies said the new business will be headquartered in a "major US technology hub" and have a board of directors with an equal number of representatives from MGM and GVC.

The venture is subject to approval from the relevant regulators.

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