“PLAYSTUDIOS Introduces New mySTRIP Feature In myVEGAS Mobile Slots Showcasing Iconic MGM Resorts International Properties - FOX5 Las Vegas” plus 1 more

“PLAYSTUDIOS Introduces New mySTRIP Feature In myVEGAS Mobile Slots Showcasing Iconic MGM Resorts International Properties - FOX5 Las Vegas” plus 1 more


PLAYSTUDIOS Introduces New mySTRIP Feature In myVEGAS Mobile Slots Showcasing Iconic MGM Resorts International Properties - FOX5 Las Vegas

Posted: 17 Aug 2020 09:00 AM PDT

LAS VEGAS, Aug. 17, 2020 /PRNewswire/ -- Award-winning mobile game developer PLAYSTUDIOS is taking the virtual Las Vegas experience to the next level with a game-changing upgrade to its myVEGAS Slots franchise. The just-released mySTRIP feature introduces new game mechanics, extended multi-day challenges, event boosters, and more opportunities to interact with in-game elements.

mySTRIP allows players to explore their virtual world from a sidewalk-level perspective while completing daily missions, activating new game challenges, collecting valuable in-game items, and competing for additional prizes in special "Spotlight Events." Throughout the gameplay experience, players can also "visit" iconic MGM Resorts properties and interact with "Only in Vegas" pedestrians that present "daily missions" – all while being immersed in the sights, sounds, and even traffic of The Strip.

"With mySTRIP, we are adding a new level of depth to the myVEGAS experience and we're putting it in the palm of your hand," says PLAYSTUDIOS Founder, Chairman, and Chief Executive Officer Andrew Pascal. "Our mySTRIP feature gives players a new way to 'take a stroll' down Las Vegas Boulevard."

As a fully integrated feature within myVEGAS Slots, players who engage with mySTRIP will continue to earn coveted real-world rewards – hotel stays, dinners, drinks, show tickets, and more – from MGM Resorts International destinations.

Ann Hoff, MGM Resorts' Chief Marketing Officer, said, "Giving myVEGAS players new and innovative ways to engage with our brands is more important now than ever. Our partners at PLAYSTUDIOS have done a brilliant job of virtually recreating the world's most exciting street – Las Vegas Boulevard."

The Grand Opening season of mySTRIP launched August 13 in the myVEGAS Slots mobile app, and features virtual versions of Excalibur, Luxor, and MGM Grand. Season Two, set to debut in September 2020, will expand the lineup of participating casino resorts, missions, characters, and spotlight events.

About PLAYSTUDIOS PLAYSTUDIOS is the developer of award-winning casual games for mobile and social platforms, including POP! Slots, myVEGAS Slots, myVEGAS Blackjack, and my KONAMI Slots. The apps are powered by the company's groundbreaking playAWARDS loyalty platform, which enables players to earn real-world rewards from more than 70 iconic hospitality, entertainment, and leisure brands across 15 countries and four continents. playAWARDS partners include MGM Resorts International, Wolfgang Puck, Norwegian Cruise Line, Resorts World, Gray Line Tours, and Hippodrome Casino, among others. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS apps that combine the best elements of popular social games with exciting casino gaming mechanics. To learn more about PLAYSTUDIOS, visit www.playstudios.com.

About MGM Resorts International MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company's 50/50 venture, ROAR Digital LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" initiative, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®.

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SOURCE PLAYSTUDIOS

Should You Bet on a Las Vegas Recovery With Caesars Stock? - Motley Fool

Posted: 04 Aug 2020 12:00 AM PDT

Caesars Entertainment (NASDAQ:CZR) and Eldorado Resorts are world-famous casinos with magnificent hotels and locations around the world. The two gambling giants recently closed their merger in a $17.3 billion transaction. Together, they will become one of the largest casino operators in the United States.

Now that the merger is complete, what can investors expect from the combined entity?

A blockbuster deal

The deal to merge Caesars and Eldorado was announced in June 2019. Eldorado agreed to acquire Caesars for $12.75 per share in cash and stock, valuing Caesars at about $17.3 billion. Despite Eldorado serving as the acquirer, the combined company chose to keep Caesar's name.

The rationale behind the deal is simple: Eldorado wanted to gain greater scale and property diversification. Furthermore, Caesars has a powerful brand in the gambling industry, which Eldorado can leverage to improve its market position across its properties, while taking advantage of new opportunities such as online gambling. The combined company now has 60 owned casino-hotels across 16 states in the U.S. And, of course, what is a huge merger without cost synergies? Eldorado has projected roughly $500 million worth of cost synergies in the first year following the closing of the deal.

On paper, the merger has the potential to be a slam dunk for Eldorado, because it can gain increased efficiencies through greater scale and leverage new access to the Caesars brand. However, the realities of COVID-19 have turned the entire hospitality and gambling industry upside down.

a picture of the las vegas strip hotels

Image Source: Getty Images.

A tough time to operate a casino

COVID-19 has been kryptonite for the hospitality industry as hotels around the world stand vacant, and many casinos had to close their doors entirely. This left companies like Caesars and Eldorado with some of the worst financial performances in their histories.

First-quarter revenue for Caesars and Eldorado decreased 13.6% and 25.6% year over year, respectively. Both companies noted that the first two months of the year went well, but things took a turn for the worst in March. To reduce overhead costs and cash burn, Caesars furloughed the majority of its employees, and Eldorado reduced pay for its employees and management team.

There is still a great deal of uncertainty regarding how quickly the hospitality and tourism industry will bounce back. The new Caesars, even with its increased scale and reach, still depends on tourists for most of its revenue, and the business model fails if tourists feel uncomfortable visiting casinos.

These issues aren't unique to Caesars. Las Vegas Sands reported that second quarter revenue was down 97%. Other competitors such as MGM Resorts are facing the most difficult operating environment in their history, and it is almost completely out of their control. Realistically, until there is a COVID-19 vaccine or the pandemic has widely been declared over, casinos won't see their businesses fully recover.

Should investors bet on a recovery?

Even in unprecedented times like today, the merger between Caesars and Eldorado could prove to be extremely successful in the long run if the company hits its growth and cost-cutting targets. The combined company should be more profitable and have a stronger financial footing than the two companies had independently. Assuming business comes back, Caesars will be in a position to generate substantial cash flow and improve its balance sheet.

Caesars will reports its second quarter results after the market close on Aug. 6, and management is likely to share its outlook for the rest of 2020 at that time. The bad news is already well-known, and investors who do believe in an eventual recovery for the gambling and hospitality industry should consider the opportunity presented by the newest top dog among U.S. casino operators. 

 

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