MGM Resorts International CFO and treasurer Jonathan Halkyard has said the company could look for other ways to monetise its BetMGM JV with Entain after a strong full-year performance for the brand.
BetMGM reported revenue of $2.8bn in 2025, representing a 33% increase compared to the previous year, driven by significant surges in both online sports betting and igaming revenue across the year.
The operator sits in third in the North American online sports betting and igaming race, with a blended market share of 13% based on GGR, with a 21% share in igaming alone.
The business did return $270m to MGM Resorts International and Entain in Q4, with the pair having ploughed significant capital into the JV since its launch.
There has been murmurs over whether MGM Resorts International would acquire the JV outright, which is powered by Entain’s tech.
Speaking to EGR last year, BetMGM CEO Adam Greenblatt said the brand was “probably the most successful 50/50 JV in the history of anything”.
However, speaking during a forum hosted by JP Morgan yesterday, 12 March, Halkyard lamented BetMGM’s valuation not being baked into the group’s stock.
MGM Resorts International’s shares are up 20% over the past year to $36.30, giving the group a market cap of $9.3bn.
He said: “The return has been phenomenal. Our company has invested around $625m since inception in this venture and maintained the same amount. Last year we received dividends of $130m and we expect more this year.
“We built a business that has, depending on the [US] state, high single-digits up to 15% market share in online sports betting and then over 20% in igaming.
“We are now recapturing our investment and have built a business that is worth billions of dollars in our view, so I can’t think of a better investment.
“I think it’s pretty clear the value of BetMGM is not reflected in our stock price. One can look no further than say Rush Street Gaming or some of the other public companies and those multiples. When we apply that to the performance we reported at MGM, it’s clearly not there in our valuation.”
Halkyard added that the company could seek other ways to monetise the venture in order to make the return on investment more evident to shareholders.
“We will do our level best through disclosure and the rest to make the value of that venture evident for our shareholders, and hopefully, over time, our shareholders get rewarded for that,” he said.
“I do think there could come a point where if they’re not being rewarded for it through our share price, we’d be compelled to look for other ways to monetise or make clear the value of the business because we think it’s a venture that’s worth billions of dollars, to both us and Entain.”
Halkyard’s comments are in a similar vein to those from Caesars Entertainment bosses when they previously spoke of potentially spinning out Caesars Digital.
However, those plans appear to have been quashed amid reports that Tilman Fertitta is plotting a $7bn move for Caesars Entertainment, valuing the Las Vegas giant at $34 a share.
MGM Resorts International went live in the newly regulated Brazil market in January 2025, launching BetMGM Brazil in a JV with Grupo Globo.
Last month, company CEO Bill Hornbuckle said the operator would look to double down on the Brazil investment given the early success experienced in the market.
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CFO Jonathan Halkyard says the JV’s valuation is not reflected in group’s share price, which could mean pursuing other avenues to deliver ROI for shareholders
The post MGM Resorts International could seek “other ways to monetise” BetMGM JV first appeared on EGR Intel.