LeoVegas Reports Drop in Profit Following MGM Acquisition

LeoVegas Reports Drop in Profit Following MGM Acquisition LeoVegas Reports Drop in Profit Following MGM Acquisition

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The latest pickup by the operator of the MGM Grand and other properties reported a hit to its profits in the fourth quarter amid higher costs connected to running its online casino and sports betting sites.
MGM Resorts' prize 2022 Swedish acquisition, LeoVegas AB, saw its fourth-quarter adjusted EBITDA drop by 77% year-over-year (YoY) to €3.7 million ($4.0 million) as compared to €11.6 million ($12.4 million) registered in Q4 2021. 
As part of its Q4 earnings report released this week, LeoVegas also reported that Q4 revenue rose to €99.5 million ($106.4 million), a negligible YoY gain of 1%. More significantly,...
Source: https://www.covers.com/industry/leovegas-mgm-resorts-acquistiion-fourth-quarter-february-2023