MGM Resorts International to pursue Brazilian license
The Gaming conglomerate is set to form a new joint venture with Grupo Globo.
MGM Resorts International is set to form a new venture with LatAm-based media group, Grupo Globo, in pursuit of a Brazilian sports betting & iGaming license, following the recent regulatory finalization of the market.
The application is pending regulatory approval and, if successful, will see the launch of the pair’s joint venture in the early stages of 2025. Set to operate under the BetMGM brand, the new betting platform will seek to utilize Grupo Globo’s LatAm market expertise as it seeks to break into the newly regulated Brazilian landscape. Further, the venture is set to establish its headquarters in Sao Paulo.
It has been an interesting road to regulation for Brazil, which initially announced the opening of its legal iGaming and sports betting in December of 2023. While initially slow to release its regulatory ordinances, the nation is now in place to officially open its iGaming and sports betting markets by the new year.
For MGM Resorts, this announcement closely follows the release of its Q2 2024 results, in which it was revealed that the organization generated a total revenue of $4.33bn, a 9.8% increase when compared to the figures from Q2 2023.
MGM Resorts CEO & President, Bill Hornbuckle, commented on the latest news, “MGM Resorts is committed to becoming the world’s premier gaming entertainment company, and this strategic alliance with Grupo Globo, and entry into the Brazilian market, is a landmark step forward and key milestone in our growth strategy.”
“Brazil is one of the most exciting and vibrant emerging gaming markets in the world, and no one has more exposure and expertise in this market than Grupo Globo. This historic alliance allows us to quickly enter the market with the scale and expertise needed to establish an early foothold as a leading operator and provider of the very best experience to customers across Brazil.”
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