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MGM Resorts Powers Up to 100% of Daytime Las Vegas Strip Electricity with Solar

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New solar-plus-storage project more than doubles the Company's renewable electricity access LAS VEGA...

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AI Summary

MGM Resorts has achieved a milestone by powering 100% of its daytime electricity needs on the Las Vegas Strip with solar energy, thanks to a new solar and battery project. This advancement supports its goal of 100% renewable electricity by 2030 and aims to stabilize long-term energy costs while reducing carbon emissions.

Sentiment Rationale

Historical efforts in renewable energy have led to cost efficiencies and improved public perception, similar to other companies like Tesla that have benefited from sustainability initiatives.

Trading Thesis

MGM Resorts is well-positioned for long-term growth due to its renewable energy advancements, recommending a buy.

Market-Moving

  • The new solar project may reduce long-term energy costs significantly.
  • Sustainability initiatives can enhance MGM's market reputation and customer loyalty.
  • Achieving 100% renewable electricity aligns with global sustainability trends, attracting ESG investors.
  • Increased renewable capacity might stabilize MGM's operational costs amidst rising energy prices.

Key Facts

  • MGM Resorts powers up to 100% daytime needs with solar energy.
  • New solar project adds 115 MW capacity and 400 MWh of storage.
  • MGM plans to achieve 100% renewable electricity by 2030.
  • Company aims to lower energy costs and reduce emissions significantly.
  • Recent investment aids sustainability goals, enhancing operational resilience.

Companies Mentioned

  • Escape Solar LLC (N/A): Partnering on renewable energy projects enhances MGM's sustainability goals.
  • BetMGM, LLC (N/A): The company contributes to MGM’s growth strategy in the gaming sector.

Corporate Developments

This news fits within 'Corporate Developments' as it details MGM's significant investments in renewable energy which impacts operational costs and aligns with sustainability trends, driving corporate responsibility.

MGM Resorts Achieves Significant Milestone in Renewable Energy

MGM Resorts International (NYSE: MGM) has reached a crucial milestone in its sustainable energy strategy by becoming capable of powering up to 100% of its daytime electricity needs on the Las Vegas Strip with solar energy. This achievement follows the successful commissioning of the Escape Solar and Storage Project, which supplies 115 MW of solar energy and 400 megawatt-hours (MWh) of battery storage, initiated in December 2025 in Lincoln County, Nevada.

Doubling Renewable Energy Access

The integration of power from the newly activated Escape Solar and Storage Project with MGM's existing 100-megawatt (MW) Mega Solar Array has more than doubled the Company’s renewable energy access. The advanced battery system from Escape Solar enables MGM Resorts to store solar energy generated during peak production hours, utilizing it during evenings and other lower production periods—thus optimizing energy usage.

Commitment to Sustainable Energy Goals

Bill Hornbuckle, CEO and President of MGM Resorts, stated, "With this new project coming online, we are accelerating progress toward our goal of using 100% renewable electricity domestically by 2030." This initiative, along with the Mega Solar Array, illustrates MGM’s dedication to scalable, impactful clean-energy solutions, enhancing business resilience while supporting industry-wide sustainability.

Long-term Power Purchase Agreement

In September 2024, MGM Resorts entered into a 25-year power purchase agreement with Escape Solar LLC to further boost its renewable energy capabilities, ensuring the coverage of up to 100% of its Las Vegas properties' total daytime electricity needs.

Focus on Reducing Carbon Emissions

As a leader in large-scale resort operations, MGM Resorts is committed to expanding the use of renewable energy to decrease long-term energy costs and minimize risks associated with energy price fluctuations. Since 2016, MGM Resorts has invested significantly in renewable energy projects, achieving notable reductions in carbon emissions. Key renewable energy initiatives include:

  • 323,000-panel Mega Solar Array providing 100 MW to MGM Resorts locations in Las Vegas.
  • 26,000 solar panels atop the Mandalay Bay Convention Center providing 8.3 MW to that property.
  • 100-kW rooftop solar array to support T-Mobile Arena's energy needs.
  • 3,456 solar panels atop the parking garage at MGM Springfield in Massachusetts.

Conclusion: A Sustainable Future

MGM Resorts’ commitment to renewable energy demonstrates its leadership in promoting sustainable business practices within the hospitality industry. For further details on MGM Resorts' sustainability initiatives, interested parties can find more information on their official website.

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