MGM Resorts CEO Bill Hornbuckle is confident its BetMGM JV with Entain will increase its EBITDA by $250 million (£193.3 million/€229.9 million) in 2025, thanks to ongoing product updates including single-game parlay, omnichannel and single wallet.
Hornbuckle told the audience at JP Morgan’s Gaming conference on 13 March that, while BetMGM is not the fastest product in the US market today, it is now twice previous iterations.
“I know we’ve stopped losing share,” the CEO said. “I think we see a lot of green shoots particularly in January, February and March. Everything we’ve seen would suggest the projection we’ve given is real and we can hit that target.
“The flow through is about 70%, I would say historically we did some things that we’ve learned from, marketing wise and expense wise.”
Reflecting on these “mistakes,” Hornbuckle said the operator had spent $13 million on a Super Bowl ad in 2023, which he acknowledged “wasn’t the greatest idea”.
“Nor was it a great commercial, t..