MGM Resorts and GVC Holdings today formally announced the establishment of a 50/50 joint venture to create a sports betting and online gaming platform in the United States.
News of the joint venture was first reported Saturday by the British broadcaster Sky News.
The companies say their new operation brings together market-leading assets, distinguished brands, proven and scalable proprietary technology, and extensive industry expertise in addition to lowering “execution risk” for both gaming brands.
"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 U.S. With MGM Resorts' expertise and leading position in key markets across the U.S., this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships and brands," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts.
Kenneth Alexander, Chief Executive of GVC, 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 U.S. players.”
The new venture will have exclusive access to all U.S. land-based and online sports betting, online real money and free-to-play casino gaming, major tournament and online poker, and other similar future interactive businesses. It will also allow for full integration between the MGM Resorts and GVC loyalty programs.