MGM Resorts To Launch First Online Gaming Site Later This Year
MGM Resorts has announced that it will be launching its first online gaming venture playMGM in the state of New Jersey later this year.
The global casino operator’s site launch would make it the 21st online gaming site to go live in the state.
MGM Resorts which operates Borgata Hotel Casino & Spa in Atlantic City has partnered with gaming software firm GVC for the new site.
In a statement Corey Sanders, MGM’s chief operating officer said
This is an historic moment for MGM Resorts to be launching real-money online casino and poker under the MGM brand for the first time. GVC has been a first-rate partner for us, and we are excited about the possibilities of extending that partnership as regulated markets open up in the U.S.
The new MGM site would be in addition to the five sites that are being currently run under the Borgata’s license. GVC Holdings has been providing software and support to Borgata’s sites since 2013. The playMGM site will be similar to the Borgata in terms of online gaming products, but will have new branding and be integrated with MGM Resorts’ loyalty program M life Rewards.
New Jersey is one of the three states with legalized online gaming in the country. Since its rollout in 2013, online gaming has seen significant growth in the state and has played a key role in helping to boost the overall casino industry. Atlantic City’s casino industry saw its first annual increase last year driven by the growth in online gaming which rose by over 32 percent to reach $197 million.
Chris Grove, an online gambling analyst said online gambling was largely the reason for the dramatic turnaround of Atlantic City’s casinos. Since its launch, internet gambling has resulted in revenue of around $536 million for the five casino operators of Atlantic City and their associates. For the state, online winnings has yielded around $93 million as tax revenue.
The online gaming market hit record highs in March this year going up by over 40 percent over the previous year. Revenue recorded was $21 million beating out the previous best of $18.8 million in January. Data for April is expected to be released shortly.
The Borgata had largely been at the top of the New Jersey online gaming market up until recently. The Golden Nugget recently overtook it, to move into the first place with a 28.4 percent share in March. The Borgata followed with 20.0 percent.