For those who visit the Cosmopolitan Las Vegas often, there is big news coming your way. The resort’s program, Identity Membership and Rewards will be transitioning to MGM Rewards on July 30. For reference, this change comes after MGM Resorts International bought Blackstone’s operating rights for $1.6 billion in September 2019.

Cosmopolitan Identity Program Merging with MGM Rewards After Cyberattack Delays

Back in February, it was initially planned that Identity Membership and Rewards would merge with MGM Rewards by the same month in 2024. This plan faced delays due to an integration issue caused by a cyberattack that affected some domestic operations of MGM last September. Now the transition is happening and details were disclosed that are relevant to account holders.

According to MGM, all Identity Tier Points earned between July 30, 2023, and July 29, 2024, will be doubled and converted into MGM Rewards Tier Credits no later than the end of business on July 29, 2024. Additionally, points earned from table games play during this period will also be added as bonus Tier Credits to members’ MGM Rewards accounts.

These accumulated tier credits will combine with the players’ existing tier status within MGM Rewards through January 31, 2026, so players should not worry about losing any points. MGM Rewards consists of five tier levels: Sapphire, Pearl, Gold, Platinum, and the invitation-only NOIR.

Identity Transforms to MGM Rewards with New Terminology

The conversion from Identity to MGM Rewards modifies some aspects of the casino reward program. One such change is the terminology used. Tier points at Cosmopolitan will now be referred to as “tier credits” in the MGM system. 

Another important thing to note is when a guest will achieve tier status. The Tier Status Earning Year for MGM Rewards begins on January 1 and ends on December 31 each year, during this time members earn credits towards tiers they can hold for that year and the next one which runs from February 1 until January 31. All remaining or unused tier credits reset every New Year’s Day because all guests start over again trying their luck with earning new ones.

Furthermore, Identity Points previously earned through slot machines, video poker, and other gaming devices will be referred to as Slot Dollars in the MGM Rewards program.

Many people worry about changes being made to reward programs. However, altering Identity into MGM rewards was done in order to increase how many points one can earn as well as enhance tier credit opportunities.

Members of this new system will be able to earn not just at the Cosmopolitan but also at over 20 other MGM properties across the US and through the BetMGM app. There are numerous ways in which players can accumulate points including dining out, staying overnight at a hotel, entertainment services like spas or buying things from retail stores.

Notably, to advance through the tiers, members need to collect 25,000 tier credits for Pearl status, 75,000 for Gold, and 200,000 for Platinum. This integration offers a broader spectrum of benefits and earning possibilities for the loyal guests of the Cosmopolitan, making it a win-win for frequent visitors and the MGM Rewards program alike.

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Global sports and entertainment company Endeavor announced its intention to merge its global sports betting and data businesses, OpenBet and IMG ARENA. According to the announcement, IMG Arena will be integrated under the OpenBet banner.

As a part of OpenBet, IMG ARENA will continue to offer its sports data, integrity and fan engagement products.

The resulting entity, Endeavor said, would leverage both brands’ expertise. It will pair OpenBet’s industry-leading betting technology, content and services with IMG ARENA’s data rights and capabilities. As a result, the new OpenBet will be an end-to-end sports data, tech and content ecosystem for operators and rightsholders.

The new OpenBet will be led by Jordan Levin, OpenBet’s current chief executive officer. He will respond directly to Endeavor’s president and chief operating officer, Mark Shapiro. In the meantime, IMG Arena’s president, Freddie Longe, will serve as strategic advisor to OpenBet during the transition period.

Openbet, for reference, boasts some 25 years of experience in sports betting innovation, offering a modular range of tech, content and services. IMG Arena, on the other hand, supplies sports data and tech to the betting, media and performance sectors, delivering live streaming and data feeds for over 65,000 events.

The pairing of the two companies follows a string of business deals for both companies.

The Merger Has Always Been Endeavor’s Goal

Mark Shapiro, Endeavor’s president and COO, commented on the merger of the two companies, saying that his team had envisioned a holistic integration with IMG ARENA ever since it acquired OpenBet in 2022. He called the new announcement the “culmination of that ambition.”

Leveraging Endeavor’s complementary sports and entertainment capabilities, we will unlock meaningful value for the sports rights and IP of our owned and operated properties, and most importantly, for our partners.

Mark Shapiro, president & COO, Endeavor

In the meantime, Jordan Levin, OpenBet’s CEO, said that the resulting entity is “uniquely positioned as a leading, end-to-end, sports data, technology and content ecosystem for gambling companies, rightsholders and media.

Putting our customers and their players at the heart of our product and tech innovation remains the key to our ongoing success. As an integrated business, we are focused on providing a unique solution to leagues, federations, and sportsbooks worldwide.

Jordan Levin, CEO, OpenBet

Last year, OpenBet powered Sazka, the company behind Allwyn, with its Neccton technology.

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Endeavor and World Wrestling Entertainment (WWE) have agreed to merge into a new, publicly listed company consisting of two iconic, complementary, global sports and entertainment brands: UFC and WWE. 

Endeavor to Hold Majority Stake in New Company with WWE Merger

Endeavor will hold a 51% controlling interest in the new company, and existing WWE shareholders will hold a 49% interest. Together, UFC and WWE expect to deliver an estimated $50 million to $100 million in annualized run-rate cost synergies by leveraging Endeavor’s back office and robust infrastructure. 

“The new company will be well-positioned to maximize the value of our combined media rights, enhance sponsorship monetization, develop new forms of content and pursue other strategic mergers and acquisitions to further bolster our strong stable of brands,” said Vince McMahon, executive chairman of WWE. 

Endeavor further expects significant growth across revenue areas, including domestic and international media rights, ticket sales and yield optimization, event operations, sponsorship, licensing, and premium hospitality.

Endeavor and WWE Announce Executive Team for New Publicly Listed Company

A new company will be formed with Ariel Emanuel as CEO, who will continue to serve as CEO of Endeavor. Vince McMahon will be the executive chairman of the board, and Mark Shapiro will be the President and COO of both Endeavor and the new company. The new company will have Dana White as the President of UFC, and Nick Khan as the President of WWE. The Board of Directors will have 11 members, with six appointed by Endeavor and five by WWE, and their names will be announced later on.

The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. The listing of the new company, which is currently referred to as NewCo until a new name is chosen, will expand the collective investor base to allow for broad market participation across Endeavor and NewCo. 

Endeavor and WWE CEOs Open up about the Biggest Deal in Sports Entertainment History

WWE co-founder and executive chairman, Vince McMahon, and Endeavor CEO, Ari Emanuel, spoke exclusively to CNBC’s Scott Wapner on Monday, revealing the details of Endeavor’s $21 billion deal to merge its UFC brand with WWE. The deal will eventually see the new company go public on the New York Stock Exchange. 

McMahon confirmed that this was the biggest thing he and Emanuel had ever done, combining forces like this has never been done before. When asked why he was willing to sell a controlling stake in WWE, McMahon stated that it was the right time and the next evolution of the company. Emanuel stated that the deal was a win-win for the shareholders of both WWE and Endeavor, as they were not getting the pure value of their assets independently.

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