BetMGM's Q2 update drops July 28, one day before MGM reports earnings, and the timing isn't accidental. After a Q1 that missed analyst forecasts by 14% on revenue and 68% on EBITDA, the question isn't whether the numbers improved... it's whether the technology platform underneath can justify what MGM's hotel-casino properties are being asked to integrate.
BetMGM just posted its first profitable year and returned $270 million to its parents, which means the thesis that casino guests would migrate to their phones wasn't a gamble... it was a forecast. If you're running a property that still thinks the slot floor is the revenue engine, this is the part where the engine moves.
Barry Diller's People Inc. offered $18 billion for MGM Resorts, but the market immediately priced the stock past the bid, which tells you everything about what Wall Street thinks this offer is actually worth.
