Friday, May 4,2012 : MGM HAS HIGH HOPES FOR ONLINE OPERATIONS
Social gaming site launch in Q2 will "recreate the Las Vegas Strip experience…"
Whilst Las Vegas gambling giant MGM Resorts International posted a disappointing $217.3m loss in Q1 2012, the company is upbeat about a new online venture in the social gaming field which it intends to launch in Q2, and the prospect of US federal legalization for online gambling.
Speaking to journalists and analysts in a post-results conference call, chief executive Jim Murren talked about the launch, saying the new social gaming site would "recreate the Las Vegas Strip experience and exclusively features our brands.”
Murren has been talking about the new venture since early February this year , and progress is clearly being made.
He also appeared confident on the prospect of federal legalization of online poker in the United States, which he reiterated his company was "aggressively pursuing." MGM and Boyds have a partnership agreement in place with European online gambling Bwin.Party digital, although this is obviously contingent on the legalization of the pastime (see previous InfoPowa reports).