MGM Resorts Foundation Donates More Than $2.7M to Nonprofits
In a good news gambling story this week, MGM Resorts Foundation has announced the distribution of more than $2.7 million in new grants to various U.S. charitable organizations.
MGM Resorts International, the Las Vegas-based global casino and gambling operator, announced the news in a press release.
These organizations are primarily located in communities where MGM Resorts conducts casino or online gambling operations. That includes U.S. regions such as Southern Nevada, Michigan, Mississippi, New Jersey, New York, Northeast Ohio, the Washington, D.C. metropolitan area, and Western Massachusetts.
The funds have been allocated to address a range of societal challenges, including homelessness, support for veterans and military families, food insecurity, health and wellness, and advancing education.
“MGM Resorts employees continue to amaze us with their generosity and commitment to our local communities,” said Maria Gatti, VP of philanthropy and community engagement at MGM Resorts.
“On behalf of our 107 grant recipients, thank you for your donations and even more importantly, for enlivening our company’s belief in investing in our communities through giving as well as volunteerism.”
The success of the Foundation’s philanthropic efforts is largely attributed to the active participation and generosity of MGM Resorts employees.
Throughout the year, they make contributions to the Community Grant Fund. The decision-making process regarding which local nonprofits receive funding is spearheaded by Community Grant Councils. These councils consist of employee volunteers representing their respective regions.
Established in 2002, the MGM Resorts Foundation has allowed employees and guests of MGM Resorts to contribute to causes that resonate with them.
Since its inception, the Foundation has raised more than $100 million, benefiting some 1,500 charitable organizations.
Beyond monetary figures, the impact of these grants on lives in real communities across the U.S. is significant.
MGM also announced earlier this year that its BetMGM online casino arm awarded over $75 million in jackpots for lucky players across the U.S. in the first half of 2023.
Of course, all this wouldn’t be possible if MGM Resorts wasn’t one of the biggest gambling companies in the world, with a balance sheet to match.
In early June, MGM was the top gambling operator on the Forbes 2000 list of the world’s biggest companies.
Not to disregard the very real positive effects the MGM Foundation’s new $2 million grant will have, but to put it in perspective – the entire $100 million of the MGM Foundation’s grants in 20 years is roughly what the operator is also spending on upgrading its luxury Las Vegas hotel and casino resort, The Bellagio.
MGM also posted record results in Q1 of 2023, with $2.2 billion in revenues and an operating income of $731 million. It ended the quarter with $4.5 billion on the balance sheet, according to company CFO and Treasurer Jonathan Halkyard.