BetMGM “sits on significant excess cash,” CEO Adam Greenblatt said at the outset of a 14 October third-quarter-earnings call with Wall Street analysts. To that end, the company was returning a first-ever, $200 million distribution to parents MGM Resorts International and Entain. Greenblatt called this “a new era for our shareholders.”
The remaining $100 million in cash on hand, the CEO said, would be “the targeted minimum cash for the time being.” BetMGM’s $150 million line of credit remains undrawn.
Queried whether $100 million would be enough to keep in the till, Chief Financial Officer Gary Deutsch assured analysts that it would and that BetMGM had gotten by with less in the past.
