Markets: News  

MGM Resorts International (MGM) and U.K.-based Entain PLC , joint owners of sports betting and iGaming operator BetMGM, said Wednesday they expect to invest another $450 million in BetMGM in 2022. That will bring the combined investment to $1.1 billion since BetMGM was launched in 2018. MGM's stock rose 1.0% in premarket trading, while Entain's U.K.-listed stock surged 3.7%. The announcement comes as the companies said they were "wholly supportive" of BetMGM's success, as they said BetMGM net revenue from operations is expected to be about $850 million in 2021, which is above expectations and up nearly fivefold from a year ago. For 2022, net revenue from operations is expected to rise to $1.3 billion, with the expected launch of online sportsbooks in Illinois and Louisiana in the first quarter, retail sportsbooks in Puerto Rico and both online sportsbooks and iGaming in Ontario later this year. MGM shares have dropped 7.7% over the past three months through Tuesday and Entain's stock has tumbled 18%, while the S&P 500 has gained 1.3%

-Tomi Kilgore

(END) Dow Jones Newswires

January 19, 2022 08:57 ET (13:57 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.