BetMGM, the joint venture between Entain and MGM Resorts International, is “confident” of achieving up to $2.00bn in net revenue in 2023 after exceeding financial targets during its 2022 financial year.
The operator said it delivered against a number of key strategic initiatives in 2022, which in turn led to net revenue reaching $1.44bn, based on estimated figures published in a trading update. This, BetMGM said, was ahead of guidance for the year of $1.30bn.
While BetMGM also forecast an earnings before interest, tax, depreciation and amortization (EBITDA) loss for the year of approximately $440.0m, this would be in line with its prior guidance and the operator expects to be EBTIDA-positive by H2 of 2023.
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