A bidding war in Las Vegas is creating the most expensive sports franchise in U.S. history [Fortune]
MGM Resorts International (MGM)
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Source: Fortune
The list of potential suitors spans LeBron James and his backers to the company that owns the Red Bull brand, according to people familiar with the situation. The total price tag including building a new arena has the potential to hit $7 billion, according to two sports advisers who have previously sold NBA teams. Expansion in America's biggest sports leagues is rare. The NBA last added a team in 2004 when it awarded a franchise to Charlotte. The NFL hasn't grown since 2002 and Major League Baseball's most recent additions came in the late 1990s. There's also been a boom in team valuations. And Las Vegas has become a sporting destination — hosting the most recent Super Bowl and is adding a MLB team to its NFL, NHL and WNBA franchises. “Vegas is a unicorn,” said Michael Leeds, a sports economist and professor at Temple University. The combination of the city being a major tourist destination and booming sports town are going to make an NBA franchise a “huge draw.” There's been m
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MGM
News
- Atlantic City's top-performing Borgata casino was short on its online gambling taxes by $1.1 million, regulators say [Fortune]Fortune
- Atlantic City's top casino underpaid its online gambling taxes by $1.1M, regulators say [Yahoo! Finance Canada]Yahoo! Finance Canada
- New Jersey says Borgata, Atlantic City's top casino, underpaid its online gambling taxes by $1.1M [Financial Post (Toronto, Ontario, Canada)]Financial Post
- New Jersey says Borgata, Atlantic City's top casino, underpaid its online gambling taxes by $1.1M [Yahoo! Finance Canada]Yahoo! Finance Canada
- New Jersey says Borgata, Atlantic City's top casino, underpaid its online gambling taxes by $1.1M [Yahoo! Finance]Yahoo! Finance
MGM
Earnings
- 7/31/24 - Beat
MGM
Sec Filings
- 9/5/24 - Form 424B2
- 9/3/24 - Form FWP
- 8/23/24 - Form 4
- MGM's page on the SEC website