Gamble In The Metaverse? This Casino Company Just Took First Step To Enter

Zinger Key Points
  • In February, JPMorgan Chase & Co labeled Metanomics a trillion dollar opportunity for companies entering the metaverse.
  • The trademark filing indicates virtual casinos and virtual concert offerings.

A leading casino and resort company has filed several trademarks related to the metaverse. Here’s the latest.

What Happened: Casino company MGM Resorts International MGM is one of several casino related companies that filed metaverse trademarks recently.

Trademark attorney Josh Gerben of Gerben Law shared recently that MGM, Mandalay Bay and Bellagio are the casino brands that have filed for metaverse based casinos.

According to the trademark filing, MGM could offer downloadable virtual goods, entertainment services, virtual visits of hotels, casinos, nightclubs, restaurants and spas, and virtual concerts and shows.

The trademark includes the potential for virtual casino chips, gaming tables and slot machines.

Related Link: MGM Resorts Q2 Earnings Highlights: Las Vegas Segment Hits A Record, Business Travel Returning 

Why It’s Important: The trademark filings could indicate MGM and others are ready to offer virtual casinos and could launch a virtual currency related to the casino activities in the metaverse.

MGM is the owner of properties in Las Vegas and across the United States. The company recently reported second quarter revenue of $3.26 billion, up 43.6% year-over-year. MGM’s Las Vegas segment saw a record set for EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs).

The company offers sports betting and online casino offerings through its BetMGM joint venture with Entain.

Trademark filings for the metaverse have been growing and could indicate companies exploring offerings in the virtual world or protecting their brands from being used by others.

In February, JPMorgan Chase & Co JPM labeled Metanomics a trillion dollar opportunity for companies exploring growth within the metaverse.

Along with companies, cities like Beverly Hills are also exploring metaverse opportunities, with the famous shopping city recently filing trademarks for its name related to NFTs, digital collectibles and virtual goods.

Posted In: CryptocurrencyMarketsBetMGMcasino companiescasino stocksGerben LawJosh Gerbenmetaversevirtual concertsvirtual goods