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Silvia Pavlof December 5, 2023 2 min read
BetMGM Unveils Ambitious Strategy for 2024, Aiming to Boost Market Presence
The company, led by CEO Adam Greenblatt, is set to deploy an omnichannel approach, placing a significant emphasis on the vibrant Las Vegas scene and its sports offerings
BetMGM has laid out its strategic plans for 2024, with a key focus on enhancing its market share and aiming for a staggering $500 million in adjusted earnings by 2026.
BetMGM CEO Adam Greenblatt Maps Ambitious 2024 Vision with Las Vegas at the Center
CEO Adam Greenblatt outlined the key objectives for 2024, emphasizing the improvement of products, accelerated player acquisitions, enhanced player retention, and the realization of omnichannel strategies through innovative product development and advancements in sports betting within the Las Vegas market.
During a video conference call with Wall Street analysts, Greenblatt expressed confidence in BetMGM’s data-driven marketing approach and predictive value models. Notably, the company recently solidified a partnership with Marriott through a loyalty marketing agreement. This collaboration will enable players to earn Marriott Bonvoy points while engaging with BetMGM, fostering a seamless integration set to go live in the first half of 2024.
Highlighting the significance of Las Vegas in BetMGM’s expansion plans, Greenblatt mentioned that the year 2024 would mark the moment when Nevada comes to life for the company, pending approval from state regulators. Once approved, BetMGM’s flagship sports app will be accessible to the millions of visitors frequenting MGM properties in Las Vegas annually.
BetMGM’s Greenblatt Anticipates Big Wins in 2024
Furthermore, Greenblatt expressed enthusiasm about merging Nevada into BetMGM‘s US single-wallet platform, creating a seamless gaming experience for players transitioning between Las Vegas and other markets.
With MGM’s Las Vegas properties boasting 30 million room nights per year and a substantial database of visitors, Greenblatt sees immense potential for new player acquisitions and robust retention mechanisms.
Emphasizing the growing relevance of Las Vegas in BetMGM’s sports business, Greenblatt highlighted the city’s sports venues, including Allegiant Stadium and T-Mobile Arena. He also noted plans for a 33,000-seat stadium for the relocation of the Oakland A’s in 2028, foreseeing Las Vegas as a future hub for major US sports events.
BetMGM’s Chief Financial Officer, Garry Deutsch, reported positive developments in 2023, with the company expecting to end the year with $1.8 billion to $2 billion in revenue. Deutsch highlighted the EBITDA-positive quarter in April through June and projected EBITDA positivity for the second half of 2023, showcasing significant year-over-year improvement. With an optimistic outlook, BetMGM appears well-positioned to capitalize on Las Vegas becoming a premier sports destination in the United States, aiming to surpass rivals FanDuel and DraftKings in nationwide market share.