BetMGM Unveils Bold 2024 Vision Focused on Las Vegas Expansion

BetMGM's CEO, Adam Greenblatt, has outlined the company's strategic goals for 2024, with a major emphasis on capturing the Las Vegas market. The plan includes product enhancements, accelerated player acquisitions, improved player retention, and the implementation of omnichannel strategies. Greenblatt expressed confidence in BetMGM's data-driven marketing and predictive value models during a video conference with Wall Street analysts.

A key development is BetMGM's partnership with Marriott, allowing players to earn Marriott Bonvoy points while engaging with BetMGM. This collaboration, set to launch in the first half of 2024, aims to create a seamless integration between the two platforms.

Greenblatt highlighted the importance of Las Vegas in BetMGM's expansion, stating that 2024 would be a pivotal year pending regulatory approval in Nevada. Once approved, BetMGM's flagship sports app will be accessible to millions of visitors at MGM properties in Las Vegas. The CEO envisions merging Nevada into BetMGM's US single-wallet platform, providing a smooth gaming experience for players transitioning between Las Vegas and other markets.

With MGM's Las Vegas properties hosting 30 million room nights annually, Greenblatt sees vast potential for new player acquisitions and robust retention mechanisms. He emphasized Las Vegas's growing relevance in BetMGM's sports business, citing sports venues like Allegiant Stadium and T-Mobile Arena. Greenblatt also mentioned plans for a 33,000-seat stadium for the relocation of the Oakland A's in 2028, envisioning Las Vegas as a future hub for major US sports events.

BetMGM's Chief Financial Officer, Garry Deutsch, reported positive developments in 2023, projecting revenue between $1.8 billion to $2 billion by year-end. Deutsch highlighted EBITDA-positive quarters, showcasing significant year-over-year improvement. With a positive outlook, BetMGM aims to surpass rivals FanDuel and DraftKings in nationwide market share, positioning itself as a leader in the evolving landscape of sports betting.