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MGM Resorts, GVC To Form Sports Betting & Interactive Gaming Platform In U.S.

MGM Resorts International (MGM) and GVC Holdings PLC (GVC.L) announced the establishment of a 50/50 joint venture to create a sports betting and online gaming platform in the United States, well-positioned to engage in the new opportunities created by the recent Supreme Court decision overturning the federal Professional and Amateur Sports Protection Act, or PASPA.

GVC Holdings noted that the new venture will have exclusive access to all U.S. land-based and online sports betting, online real money and free-to-play casino gaming, major tournament and online poker, and other similar future interactive businesses - facilitating entry into multiple digital gaming verticals under the playMGM and partypoker headline brands. The venture will also allow for full integration between the MGM Resorts and GVC loyalty programs, enhancing the user experience and value proposition for existing and future customers.

As per the agreement, MGM Resorts and GVC have agreed to capitalize the venture with initial commitments of $100 million per partner. The venture will establish a separate headquarters to be located in a major U.S. technology hub, select a leadership team comprised of best-in-class talent from each company and additional new hires, and form a four-person board of directors with equal representation from MGM Resorts and GVC to oversee the venture's ongoing operations and growth. Both parties are excited to announce the formation of the joint venture in anticipation of the upcoming professional football season.

Separately, MGM Resorts International and Boyd Gaming Corporation announced a partnership to significantly increase each company's market access and customer base throughout the United States.

Under this partnership, MGM Resorts and Boyd Gaming will both have the opportunity to offer online and mobile gaming platforms - including sports betting, casino gaming and poker - in jurisdictions where either Boyd Gaming or MGM Resorts operate physical casino resorts and online licenses are available. Under this market access agreement, each company will have a path to expand their online and mobile gaming presence across 15 states.

MGM Resorts and Boyd Gaming combined will operate land-based gaming facilities in 15 states. This partnership allows each company to leverage their scale to create a nationwide approach to online and mobile sports betting, real money casino gaming and poker. In accordance with the terms of the agreement, MGM intends to provide the acquired market access to its newly formed joint venture with GVC Holdings PLC.

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