MGM Resorts ready to move towards accepting sports bets if approved

MGM Resorts ready to move towards accepting sports bets if approved

February 21, 2018 9:32 AM
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MGM Resorts International Chairman and CEO Jim Murren has revealed his company is ready to quickly move toward accepting sports bets, should the U.S. Supreme Court legalize national sports wagering.

In an earnings conference call with investors Tuesday, Murren predicted the high court would declare unconstitutional the Professional and Amateur Sports Protection Act (PAPSA), restricting single-team sports betting for all states except Nevada.

Recent media reports and several prominent Las Vegas bookmakers, citing their sources, indicate the much-anticipated decision may be released sooner than the June date originally expected, perhaps within the week or in early March.

MGM reported net income of $1.4 billion for the fiscal quarter ending December 2017. That’s $2.42 per share, up from $24.7 million, or 4 cents per share, for the same period of 2016. The number includes a non-cash income tax benefit of $2.52 after the recent tax overhaul. Revenue totaled $2.6 billion, moving up from $2.5 billion last year.

The tax benefit helped MGM overcome a sharp revenue drop at its south Strip properties after the Oct.1 shootings from a room at Mandalay Bay. Mandalay Bay suffered a 6.7 percent revenue drop, the company said in its earnings release.