MGM Resorts echoed its BetMGM joint venture partner, Entain, that profitability should come at some point in 2023.
CEO Bill Hornbuckle was not ready to say on MGM’s third-quarter earnings call Thursday if BetMGM‘s profitability could come sooner than next year’s third quarter as expected because of the likely failure of Prop 27 in California:
“I don’t want to get ahead of ourselves. We continue to invest in the business. We want to see it grow. We like the positioning we have, both from iGaming in particular and ultimately in sports betting. And so it will take some investments.”
“Point on California is well-taken. But we’re not going to get ahead of ourselves right now.”