MGM - Earnings call transcript Q1 2024 | MGM Resorts International

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Operator

Good afternoon, and welcome to the MGM Resorts International First Quarter 2024 Earnings Conference Call.

Joining the call for the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Kenneth Feng, Executive Director and President of MGM China Holdings, Hubert Wang, COO and President of MGM China Holdings; and Andrew Chapman, Director of Investor Relations. [Operator Instructions]. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Andrew Chapman.

Andrew Chapman

Good afternoon, and welcome to the MGM Resorts International First Quarter 2024 Earnings Call. we broadcast furnished the Form provisions our the this being and at X-K of is statements SEC. On also forward-looking laws. we've press call, the call federal live safe Internet on investors.mgmresorts.com, to under securities This the make harbor will release on those differ statements. in Actual results contemplated may materially from these

periodic SEC. information factors that press differ as statements forward-looking these in law, concerning no could today's to we the a or Additional obligation these is and of release filings required by our to otherwise. in from information new Except segments cause actual with result contained undertake results as update

we our when will call, non-GAAP discuss talking the performance. financial about measures During also

release website. You available which can find reconciliation GAAP the press investor on and are to our financial our presentation, in measures

this being is Jonathan it will turn Halkyard. now presentation Finally, over to recorded. I

Jonathan Halkyard

thank over algorithm and you the then our these We've additional our to good and I'll change the With our afternoon, Andrew, growth results new around Thanks, and to everyone, plans future. commentary the Bill and to of call. comments. our recap for of decided more focused in year to joining approach with you, the his calls for discussion a our call that start in it with color pass for a quarter mind, and give

delivered revenues income quarter across billion. and record net businesses, net million EBITDAR release, our another last record billion, of $X.X over As adjusted we you up press $X.X $XXX from saw consolidated generating XX% of our of year, company's from

growth This cash $XX Las by X% from in strong cash which and up year-over-year. activities operating $XXX operating activities revenue achieved million During ADRs, expenditures. In supported flow in provided was flow the by China's cash was capital we net million. $XXX MGM million X% were free includes Vegas, million and $XXX quarter,

on advantage, growth X% competitive quarter. offerings driving served as luxury up Our during the line top the resort Strip a distinct

that is are the rate year pacing the XX% earned where results year, Goldstrike regions, we quarters on EBITDA, the the each of we year-over-year. In of three record in rest $XXX the remaining books Macau, into the first for really prior poor XX% up January. of year-over-year. year. In businesses ahead lapped rooms revenues adjusted another the the quarter and with to of net surprise China property need start surpassing share also acceleration to ahead experienced along what Looking That with in it's of its and achieved adjust was for group March. the recovery the as and our market no broadly MGM weather fourth impacted be same-store ever a This winter closed quick said, February up last of will in were recovery we year quarter last previous and record quarter. last in million in set by February

nearly expense exceptional team annually. paid to but been did Given Rogers ] on very and X.XX% been due senior million repay an was longer reduces $XX and ] we with China's the extends the her liquidity, refinancing second fortify March, used the at down past to with of both [ our strength resumed X.X%. in has performance to And agree Resorts paid in need approximately [ revolving notes. not quarter, months, only is completed proceeds over were notes of and to recently the profile encouraging. Aligned ongoing and bolster million our XXXX sheet its agreement be credit payments loan subordinated dividend liquidity. our a support balance XXXX Resorts $XXX our the operating commitment and MGM These for XX offering China no there job, in closing Sarah MGM the our MGM MGM Further, liquidity all MGM interest facility the terminated. the have to

billion financing Osaka With our XXX and in the on with the one integrated JPY to venture financings Japan, most partner, MGM's as along important in financing significant resort our we'll of Integrated for Orix, to the this largest milestone Resort. be iconic globally. Japan soon project closed achieved, project ever develop Finally, This was continue resort.

summary bought the also XXX reduced fewer as algorithm. quarter, of financial XXXX. I'll start back We float yesterday, of XX% of $XXX million to the over shares growth with than shares, we've outstanding close of million and in a our our

operations cash In $X.X for of and $XX XXXX, operating MGM cash resort was billion of around cash million significant flow activities accounted of net billion, domestically. capital cash $X.X expenditures. flow of by generate which $X This million cash from Our activities free flow. recurring free was China implies both provided billion and and operating $XXX

excess from longer flow license where We cash beginning growth in soon future And opportunities mid-teens driving New buybacks. investing policy over through to flow next of Japan this and cash its within through which over share York, Integrated brick-and-mortar is geographic Emirates This generate Collectively, international period. cash expect to have financial This our and while outstanding Japan benefit from in well also diversifying see the returned business all of in with compound free annual development fund digital I the projects development. In see share you. will minimum digital shareholders reach generation while to returns mid-teens our we as be an expect term, free the beyond Resort. Bill, significant flow BetMGM cash per constraints years generated rate algorithm free and as our growth will pipeline investment enviable returns. the the XXXX. we the to drive expansion includes beginning and Any to sources. be LeoVegas earnings growth will these to of Arab potentially next cash of flow free United decade the generate couple projects limited the

William Hornbuckle

regional the I to And and do am and our future China. evening, I happened that when happened obviously properties, the important, go-forward key hope through pleased color I things to perspective, of I some top and in business the what we're Vegas, reporting, first in about very Jonathan, word pretty commentary and in are speaks Obviously, Jonathan in and more recent business ultimately, and excited his the to a comment. we quarter good and excited It record in what by Thanks, diversity to everybody. that pillars: digital look Macau, business. what's our our just Las want what use these, and from believe, on good we our reiterate do you if and think spoke but importantly, at quarter, afternoon opening with we pleased thoughts our that. as think four think the We're go line and pretty about obviously,

is XX%, almost EBITDA XXX% Our it's over and XXXX up levels.

So it speaks to that market.

a by we're quite have team, that. And end to have segment that XX% didn't epicenter XX% to being these, our here Vegas, been know, And holding thing Marriott the most feel adjusted as activity think margins and focused our campus that in They of date particularly and approximately and the a was I great nights expectations. high do has The XX% date, to has kudos little We've our and know we of group off, Net room paid is we've booked we Las to we've The on able continues, I lot unexpected. a Scores activity what And make of again, the been to our will luxury a business. surprising delivered. start. the XXX,XXX accomplish. In folks strength higher. at to start over that we We're booked a scores pleased always over Promoter our of roughly never on case these been off continue property to. EBITDA. idea

at You Las quarter margin Vegas. saw XX% the this past for

less who so I And more by ever very better and thank doing they've team than the excited done that. doing it. to it we're is want with And

thank So you.

As our to of private XX% represents been That's the we've in largest of over allocation, relates a heard about $X.X been able last couple billion in favor Japan's inflated over history. that Japan to about credit obviously larger in it also years. yen against you've financing the about that hedge the massively facility. project Jonathan talk capital has And

well balance that project we XX% hedged continue we're the of so for And future. sheet. obviously, to at leverage And the that positioning into

do say heard Jonathan XX% where we've we to You value. bought so see back continue and company, of we'll the

I end. Las quarter, another Vegas strong again, high think about by first, principally the driven

out some Bellagio ties first quarter will balance occupancies see creating to opening signs Bellagio. that thing X% quarter, extensively market, to looking the fatigue did plans connectivity is talk a Cosmopolitan do you to We're We and we of through hold expected we a luxury second into next of and quarter that the out bridge Cosmopolitan. what that of campus. and Although end the at increased finished more the overall the end of the in and And truly between excited to range and the similar of the front strip the year. was front lower second the the [indiscernible] hope ADR ourselves about the the with in tie by of up at I'll

that's take a closure the within resorts, of think and the of to is the obviously a T-Mobile, Allegiant, that at coming. of and activity positioning ] mile our between accessible of a are have beginning thing Tropicana the if and all Age A you of sport stadium month and really materialize. moment We the saw ] just to X Advent programming. or we the entertainment The and new And stadium/arenas these over [ epicenter million seats and other stadium about the us [ some

is it Mandalay our in you of was our from for We future dates. months our its year-to-date just X.X% and is had up business history. in most XX% in group and its notably most And convention for successful tell it I calls that will production one that prior is have has, April suggested and all forecast tech returning Bay XXXX, up

recall a over company, Vegas some there. And X, we've so across continued the that or to of to did maintain in if and the done And you team impact X.X-year the we Las Vegas, and particularly was margins. if Las wage all CAGR. remind overall, I something to we're did, actually with across on obviously, issue almost June we come properties, the a they've but excited think that down about Despite the just want of deal by the X% I work XX% wage, cycle. what And the this, begins pleased individualized

and percentages those is will at the Las starting has Tropicana least so about in think Obviously, And Mirage closed. Vegas, comment, now begin you increase final if June, maybe an my fall. And us may then considerable to obviously, begin players. as inventory to new time. we what any may ultimately, don't see that current a and we there, our And for but of or accretes pending think not happen period favorably

impacted the particularly and in from Jonathan's Northeast, you've and heard market the think returned with there ]. [ strike slow, weather, comments gotten a and by But the You March, regions, progressively from quarter weather, the in on better. we Detroit by was was cyber the North And has I each month started heard particularly [ many ] hangover still XX% bad share. others,

the that pleased so marginals where is directionally as at promised our balance of Corey by it. and And going and we business of us XX% margin, hit we're as all well

And know, for in by that well. Macau, given the you team pleased excited simply I'm with think the so market all particular, I but as is and wage that increases, us, booming. for as

for We week portion an heard are first the of paid We And maintain, we're about all. share, up of continue I visas XX% needing at quarter. outsized opening the since reforms. Obviously, We Visa think at our this some XXXX. regions record without to dividend think, EBITDA. I

accretes to rate. of so And back that visitation we market's recall, all And favors. about all at obviously, an think our the I in if probably and XX%

there. So and still see some we growth some uptick

some in new we us, of [ MGM enhancements. Cotai are adding we're in under at Suites ] by For in that And market. Macau excited the particular, villas because we're and suited

we're in was MGM the very show to world-class we excited XXXX new producer speak begin we Olympics Macau general announced, about. Mo cultural a show will currently And that us, of is some at and things Johnny a ], which producing that Macau to promised which construction have the the we the do. in under for that Beijing museum We satisfy have [ a city

XX% overall, the I I make for margins be and will this our quarter. team you'll the more with there, so pleased And job. see comment, And couldn't the

of the our the promotional hyperbole to extent all that, someone just two of particularly despite activity, the to about and challenge low frankly, if we competitors, like us aimed that at So XX%, of query retail I in at and the we'd had I be mid-XXs.

continues expect obviously, excited again seen there. do see. team And so April, continue. in as we about to And we've and that And I'm the to what

challenges, Moving some in over There digitally. are America. obviously, North

BetMGM And Angstrom NBA, that with and single bring come fruition single that. between our and at will give see to working this product wallet We we're account, and in are season. now launched but additional football We've everywhere to you focused and on parlay to Angstrom integration begun football fruition and Nevada. hard has to and offerings baseball that fall. in-play again betting hope us with we And now

a Sweden, we're has do team. a relicensing like everyone, efficiency, return. I cost the the was So primary like work of the whole including but that particularly like there. and a and I We that their was to like the going. Outside I product lot us, there LeoVegas, There the road seen recognize market. U.S., I in focus, where procedure of now map.

on is We've yesterday LeoVegas we in presence And rebound. which Netherlands. spoke the quarter of first the again, saw launch by. exceptionally about the U.K., there. a soft excited established doing So is real BetMGM And then BetMGM something last we're well.

some And itself own self-sustaining own Overall, beyond. to and At all begin producing and so throughout network our point, features, games the our remains site the product. digital be LeoVegas' brand including to will strategy with we extend our want BetMGM same.

mentioned Some excited well, push ], initial exceptionally of work is [ we're that. the doing by we've by and before,

and and excited and it understand in summer that that business. from You'll Las we that digital see could ultimately the operating live to of here and Very now put live end And Vegas. that, up Las our bring do value the between are it's dealer markets, idea interesting global the Vegas dealing exposure and could LeoVegas a think and to and we several going to at good Eastern business, also note. some expansion. for be and And of and America looking into Europe for South builder LATAM out brand the fascinating for additional I countries business

put sometime the still XXXX development we've point. talked a have hope that spring, have nothing to be forward financing about consortium place, with a we pylons summer, pipeline, eye we in construction be and in ground our dissuade We real we place. On but this, the at and driving now excited to this going -- an is with opening that next to in on

the important by forward excited phase design, by So we're the excited we've so we're that it. got We're and behind most this and aggressively. the us, next development fact pushing

You heard Jonathan talked about we had UAE.

in We have as an unfolds. Dubai eye that on Abu Dhabi

And will we'll there so York we've to New something meaningful, obviously, since, posted. I process the the or extent somewhat keep think, but you XXXX we're all say with 'XX. in becomes I been disappointed

full City like And remain Yonkers will us focused. remain we the here has We the good patient we is and news for our chances, of will [ behind our us. ] support

own, in will. And we to as think if an process Time like you we tell eye so like in Thailand. just ongoing places. sounds are then come recovering, what forward great the Obviously, the It this the been digital and meaningful to did may we're But Las other a spring, any both in do happens it ultimately of ultimately has business entail. And more for next of that's others, and that's deal of diversification we down will use diversification this funded, to and have the opportunities understand are there, and Texas heard me held you've quarter. products and we that in past. we there in its And it's road. trying than lift two were ultimately into company. In quarter, many they can to our think a looking Macau those markets. Vegas fully probably I quarter, this what both process are business the through came what regionals the bring government word those the Obviously, conclusion, it our

of So all open turn this to that, questions. with I will

Operator

from JPMorgan. from Joe comes today question first Our Instructions] Greff [Operator

Joseph Greff

with your [ little You Capuano either further what out-of-room a morning talk it's displacing I low-end Obviously, more that in comments? know this Good afternoon, these Tony conference of far. Marriott in with And everybody. fatigue could this, a low about positive. early is maybe is ] it bookings early specific question. terms just bookings bit with this mentioned on you to seeing the prepared I compared and the Bill, so hoping of it bookings to earnings obviously Las Vegas you're was MGM, Marriott's buffer the experience as or just on more and Is they're there then end? helping the call. end? potentially spend serving high on referenced a

Jonathan Halkyard

Joe, couple Yes, it's observations. offer a I'll Jonathan. of

you deal, between it's breaks right of of $XX occupancy. I higher the question, displaced we the we're between start that [ were this this we're on those great $XXX rate off it premise now, being higher spend. over around ] far. of actualized seeing so rate are so the rooms and XX,XXX those, XXX,XXX of on noted premium with had two over is now the $XXX that spend. rooms the About believe is into as in on-property million But we've down mean, a and a then First, when What than figured going early. booked to about on-property by or we we is premium

leisure comment comment we're Bill all caveats with maybe it on Corey group the the that's So or then seeing. And being early, to I'll but around offer channels, side businesses, coming but one that's and what regional that across want the it properties. our are other and is displacing that really is all they this including of customers of the through equation that we're

Corey Sanders

portfolio. mean, even pickup in and it's throughout we're our actually leading, pretty -- legacy Probably I the properties, some properties. Bellagio's the Yes. In seeing booking they're

seeing area is pickup some nice addition, where In we're pretty Borgata. the other

seeing with we're the very portfolio. across we're what pleased So

William Hornbuckle

know to XX% is as midstream. again, of gotten good this, been going And beneficiary it MGM referrals. didn't Joe, tens -- And of into is it's at of we vast thing referrals. bookings we business very the thousands thought we were we majority has the those the we so far fascinating segment. historically, didn't that the relates group, pretty group of we've biggest of early, but been and know, And have

have And so they literally. GSOs, XX have we X,XXX

So it's meaningful.

Joseph Greff

regional efforts And would was you of us on, terms more in towards was are more of is But potential geared about maybe considerations this? question, pruning go there us month to news About when release. certain strategic update that maybe follow-up my something about a about and the then thinking reports Obviously, about question my update Jonathan. portfolio the in if or certain the divest to ago, how there of domestically and assets? thinking about you you think characteristics the thinking what press

Jonathan Halkyard

important for including properties, we're appreciate and always most question. where because I on But potential $XXX that we positioning referenced. of it reports Sure. at Clearly, business is regional understand like our strong we in include believe overall fits Things scale growth. our the markets looking the those anything a north EBITDAR. that million how of look, have very comment that this annually with are in are market Overall can't doing you portfolio to properties strategically.

et with look with the at which But of matters. And they the which we with way our scale portfolio all finally, lenses the are our the those whole So through are importation properties linkage Las cetera. in and the those general of businesses, interact Vegas, into business strategy. then fit how the digital in the

William Hornbuckle

just view. demonstrate is some various have property that thing. only those one if that, for don't little various Joe, growth at growth, each so potentially for add different, beyond different a potential other I'll we properties a organic point reasons. then And But they demonstrate real And --

Operator

comes Our America. next of from from Shaun Bank question Kelley

Shaun Kelley

digital I bit. was on maybe just can hoping a we in drill little

loss So investment an I question about help maybe The very specific can been XXXX cadence? and kind you we've clear think specific one be, be one think of us would then here year that just the strategic. again. would

technology is half So there play some to, then I as strategic all here. integrations there question, you it once on may it at you think especially side? kind you more throughout. get expansion what a And expand the hit is done? And to would looking in in us product big the Angstrom some about look side And/or Are those additional Kind marketing, maybe of where that the be the for of upon digitally? the more think, second just kind just how want of some help picture digital? in market would you're things the of to of investments

William Hornbuckle

part first that of take that. I'll

So the out as if I spot on, the your comes are we of BetMGM, throughout it to think will, development comments it balance to you pretty see comes the relatively when product want year.

the a beyond. a alone discussions win to We're for if was particularly I put the think that think we we've think we to about the little end that -- the by had the can plan said, through be digital all Madness on. need Super true Nobody rough. we think not hold in, of where forward nobody Bowl I But of Obviously, all you in want bet. a idea of that. football to us and March to wanted in date, bet, seemed talked be I all idea and year, for quarter, leaning first

opportunity things to time. ] we're done can particularly lot a with done. in relates longer, over that Angstrom pushing -- it there there's Arguably, six. of We're betting. obviously is are product sports in like be all the terms to XX-odd As real [ states deliverable, be iGaming and Obviously,

and that difference. I a operate in we three think five make really

And push and that to so that for try to upside potential. we every huge And each to there's day. continue

real regulated about get is LATAM, focus mean we on If could long-term South brand see can in you extension our markets. and think like the if it note then digital established and LeoVegas meaning places of of business, what the in certain about proper markets. ourselves the the BetMGM's established the America of business, potential other we it side growth And there

like as we've built, overnight, what bought of business. were of we've know, and we that the all positioning you and going to foundation happens done some the that we products the to particularly in and down road but the there And have add that of that stabilize business there of terms so own things like none to

excited And that. so we're by

Operator

comes from Deutsche question next Our Santarelli Bank. from Carlo

Carlo Santarelli

in Jonathan, ADR in call. well. first each as back some up of ], [ we good the the just incremental Bill Obviously, big doubling growth the rates the subsequent earlier comments pacing union mentioned, quarter, to expenses. the Obviously, grew your pacing contract, lapped for quarter headway

some As takes, that all although think guys easy/hard you of work outlook about known business the should they the and going, year, you for normalize comparisons look the last Vegas have you heartily to cetera, as the Strip year you they're where the as last for of Do now with but year? expenses rest pretty puts of rest of going currently and from et have the been. in year up through EBITDAR obviously, events less hold believe this the grow book that there's at it and of be the potential and year, kind right much

Jonathan Halkyard

Yes, simple is answer. the

the indicators are in underway. confident business, we EBITDAR yes, our initiatives As we this Las And can that also in only we have look to that we that have book not but year. the we Vegas of grow leading

Carlo Santarelli

China Hong filing the provided modeling Kong the guys -- tightened on material and much and know very of if provide it Will I of stuff MGM the historically deck slide piece some of I you user could, just the that And up purposes? actually, friendly. the for business materials same then it's

Jonathan Halkyard

will. it Yes,

Carlo Santarelli

some And will out this point that evening? be at

Jonathan Halkyard

Yes, in minutes. about I'm XX told.

Operator

David from Jefferies. comes from Katz question next Our

David Katz

I potentially size notions and some just potential spoke were meaningful when last there wanted to the on tuck-ins what train you And on today. and sure some might be. And further that some wanted through to I business that continuing that that get to not we thinking thought. for follow a about touched I'm in sense publicly, of grow of digital acquisitions.

William Hornbuckle

it I just for purpose. leave There now, I'm coming on down to But the tuck-ins contemplated are road. at that. going didn't some

I businesses. on to call, think the business. stated anxious into solidify live we're content sports. like anxious I We the in something dealer to earlier We're get

And so none changed. of that's

do that over objectives. I see here, those deeper think will of that you'll further us and get strategy so things into time And us the course solidify

David Katz

afar, your And lot there I on from and but in been of executing on they're There's progressed can follow sort on the remarks? a BetMGM, steady fluidity BetMGM of approaching for some business, there's if has way lot up it positive sort a your vision seems like of a of business, cetera, And right? has just side. commentary question sort appropriately, is, of mentioned near-term partner what my in any and how prepared et your of you beyond change the where

William Hornbuckle

covers, Look, teams. Yes. with Greenblatt, the is new transparent, Adam breath extremely the CEO, the She's design the air. their Stella, development think been meet I took CEO who under to to is fresh she of of BetMGM India get to

she it's about hadn't think so BetMGM and importance that something and a town mattered hall excited and we're movement by all direction, the speak right it's that, in the heretofore We at had him So of frankly, happened. that.

road And going and is and in particularly extensive time they're it's map positive. and to and some Everyone development, energy of the It's so map. on an to Entain's agreeing some road fully and that's product [ investment, take ] all supportive behalf, affirmative that.

yes, changed, think and much think for so I I things better. the And have

Operator

next from Montour Our Brandt Barclays. from comes question

Brandt Montour

behavioral rates? Las Vegas. much control about is, what over the room reconcile I is you any between versus going on sort you how under volume of the the the or trends you surface? shift there the have And trade-off asking those trend for really I'm driving is us two slot question customer strong guess Maybe first on reconcile Can factors? could talk shift And that? saw what's that that quarter And shift? you in So help

Corey Sanders

our and looked mix quarter, if of start, with the to that definitely convention was I'll want also Marriott John, the our base. in. integration, strategically we In end up, but Yes, casino you reducing add at lower

on -- the base back slot the lost revenue the And in so convention got revenue hotel the we believe for that we in there. we definitely side the

Brandt Montour

my Bill, environment is China. on the there. question on And second competitive touched And you MGM

to was a over Your January from market it table double in implies on average and share course, [ to you quarter? lower, you exit happened -- of market what high, January heading second there? but it can and what share exit share market ]? I documented was back talk obviously be permanent mass quarter was share want how But And the guess your lower well the just I'm curious if the rate. rate of in hold wasn't on maybe it say the those much about market about

William Hornbuckle

Let Kenny Hubert and/or me to deflect here.

I think correct wrong. in but I'm was me of hold it January, to most tied if gentlemen,

Xiaofeng Feng

[ Here some And right. have you also had place ], VIP in January. were we

was January, that a definitely we in reached in XX% as always our share So we [indiscernible] is calls. ] major previous market said in but mid-teens that [ reason

Unknown Executive

for that that. [Technical on around exit rate March XX.X%, we see we're April was front. The stable market share much Difficulties] number in a And little and higher pretty

Operator

Thank you have for the the holding everyone. We conference. do rejoining speakers

from from Our question next Chad Beynon Macquarie. comes

Chad Beynon

start I with wanted allocation. to capital

the thinking the of know worth another update just programmatic next quarters? but So how left there's us said you opportunistic over [ the plan, you're billion ] I about of stock $X.X quarter. you Can you on in versus purchased -- XX couple

Jonathan Halkyard

we looking in year for later investments the in Japan. And the Chad. we I the upcoming and year. programmatic being into It our quarter. remainder said, this apologize will Yes, interruption Thanks, million some are project in at That $XXX of did there. for be XXXX equity again, first the

have, on by some about our certainly activity. in cash But will now. calculation do that $X.X right repurchase our billion excess share So have bearing we

share a capital program. repurchases part And to our will so be at meaningful of values, these allocation continue

Chad Beynon

there lot of interruption how rate, help go-forward from if you Can the I you basis? March to the about that perspective? that And a then us on be think know maybe a in year-over-year on regional January. a exit And was looks margins, stable expect weather

Corey Sanders

XX%. I'll come at month exceptional exit cover there it. saw it margin the we back March and an was really play was as

William Hornbuckle

clear. But I that suspect wouldn't be let's to sustain

Operator

Our from next Grambling Stephen question Stanley. from Morgan comes

Stephen Grambling

tracking out bit this growth flow longer-term going we peel as appreciate cash the forward, through free algo. MGM the I more I China, But you I separating the And say that Vegas thing? underlying could bookend? about XXXX. you'd versus would I new or through from regions a heard Or what think hoping thought guess right in kind that process And be of markets. onion long-term the is a mid-teens of is back BetMGM think versus that the that there you just on the think

Jonathan Halkyard

continue the time Yes. both grow, that can that in over regions frame. domestic operations Vegas to mid-single We and believe the in digits Las the

increase that in what rate. internal flow we growth. would right of the in investments not planning, investment and mainly, We in organic XXXX is time our think while growth frame to would York in have introduce or we New we We expected market, think our that's we that's that would reason some that's is capital time additional annual our capture X-year that, And a for China per that growth talk Japan. Las is use cash growth on it the free the Now share. do in capture just think compound higher when then returns our about But growth time rate the now, for use that Vegas rate which plans investment operations. the the reasonable we what frame frame,

Stephen Grambling

other And maybe quick follow-up. one

capital self-funding anything additional you'd is said say that Just to provide for them here. to past be where contribute reason? we for want this something looking in it's to that you'd the on that in BetMGM, to Is going would or invest with any BetMGM you've be from there

William Hornbuckle

couple I a one into another other boat. of happen aggressive this that would could capital. et our could some put obviously, large you be probably potential and would like it to markets, But not Look, Texas, soon. is be We California were would take cetera, there, that Georgia, there's others think Well, if California anytime Yes. be, so things. going all

on growth terms with we never what clear. so do And behalf I'm in wants its would to that never of say be to MGM And business. and speaking of it

really won't will about It as forward year, that to plan in, necessarily cash. be to get see what know now, we I the hold. don't for think so an lean opportunity do we If think meaningful. the it this right, to going we we is put product will. we And I

But is comes out projection think that there some some I to only be now. other have for. or so think the safe along think ripe BetMGM probably acquisition we might a is projection And we it the pretty way for about

Operator

from question next comes Our John from CBRE. DeCree

John DeCree

off high New we UAE, right obviously, Texas. and Japan where maybe to Thailand, a at some of Bob the we're talked York ], know on in now. start [ about level, Bill, you've that And watching opportunities you're

have next best if might some ones to over coming other or thoughts give you of or the of most us curious which of I the So maybe you maybe could think the years? additional chance fruition about excited be couple ones,

William Hornbuckle

I UAE fruition. the I least think in think will at to market, come terms of

done will enough I regulatory been the ground is life. to national think Dhabi Winn has Abu of that work Emirates has of a or come in either one recognize for note waiting legislation got the Obviously, there's and framework. project and indicators there other enough to

that government's be interesting. it's at hands fully has control date think this encouraging. to would within point. I the So and the Obviously, been affirmative. Thailand The is most dialogue

if the will meaningful, margins two to Texas I three be want had the is of be business that ahead that -- that it's cost the do see of curve. And there, don't left or But there's one very. them. compelling, We could states are get again, U.S. in to would

of And positioning as on one about giving so been got there's there four strategy. we. big them cities and without that talked do eyes have Everyone's

particularly look of And frankly, for continue wouldn't terms in brick-and-mortar. But that. so to immediate anything there follow we either, I

John DeCree

a about it's in And bit much a the we've of the kind follow-up talked omnichannel strategy, today. I if and a of been it don't too know of rest maybe little more BetMGM focus. the portfolio on

kind updates out. the you've you're you're then you curious through in Las whole and seeing big share kind crossover how in BetMGM, I'm a on if around with of curious event got So play terms And Bowl an the Vegas now can tentacles draw. some of seeing nation Super that like of of what maybe context play in those trends

William Hornbuckle

single back as it XX% account, the as think notion don't I Nevada, get BetMGM's that or and database it's single the think play I could be. is Until wallet of take. meaningful and people and of notion forth in of give this we potentially about will omnichannel

because it's very a can contenders particularly a unique whole think here, be we leading every year over other I that have would in long the of position meaningful here we this intent. for see have term bunch who us space. obviously, visitors And

tickets things particular, good making reaching Bowl, clientele meaningful out cetera, would to, and that and in BetMGM's and in so Super done But party of And important. are have a we several VIP be a Bowl example job sure et during like to et that event hosted job the the game, Super we is inviting, cetera. it private for well catered of them

so continue. It's really we and wallet MGM single will single some set and system really some when up, activity you loyalty that And that BetMGM's Rewards more connectivity see get account, traction. between

Jonathan Halkyard

had I mention came from BetMGM. think all-time also X the during rewards of notable sign-ups those to it's an quarter, that XXX,XXX for about MGM we million record,

Operator

Robin from comes UBS. Farley from question next Our

Robin Farley

you'd of, I in that? wondering us Can would for year Vegas, maybe would know, the that outlook EBITDA of -- further mean? to comment comps QX a additional that cadence? mentioned your I in about to you give have the comping shape or right curious any and this capital wanted hacking give I back investment Is circling I'm cyber the also don't a quarterly was Just of you us maybe assume of think could if last is I kind sense way then the provide any what that to of growth since that Bill here be might about sort about that? And growing year. most Vegas in easiest

Jonathan Halkyard

EBITDAR correct that three of because capital Vegas quarter, able growth greater Las fourth Sure. each on the to year. to next question. relative quarter right We, now, the of quarters. you're the will And in the be probably second And note I in to the represent the third grow then think incident and we'll primarily last

William Hornbuckle

next [ find ]. I sorry, all I'm in Yes, never land often quarter. I never interesting. that very it detail And [indiscernible] will out go I think through Robin. some you'll guess was I there,

time, that great. privilege give be the And me so could of would if that you

Operator

And our next Politzer from question from Fargo. comes Dan Wells

Daniel Politzer

outbound picking Las We've more that China growth it for recently. up relates part as of is And are that been extent here seeing out what to you hearing you've XXXX? kind Vegas? [indiscernible], outlook particularly that that about laid in To more of

William Hornbuckle

Russia. of in burden of to with economic you now, out in terms volume over [indiscernible] comment. a macro over fly China, you of can't XX% there's to recovered challenge The right an Russia, have if China we're people fly if fly and about

And packaging, that leisure, so tour, et pressure puts on cetera.

the is Ukraine, about very and had is was And But fortune of think New that And of he have good, subject. challenge to a exchange don't so a going good know the meaningful i.e., bit referenced open He think of people being good this I we way. a I as that I but exist. I all Years then Chinese ahead. until hurdle. meeting it Xi to Corey, people in go actually month that's resolved, fortune ago. talking in China about to I with had President

Corey Sanders

Chinese in first we past, China New to where we XX% million-dollar the side, them saw Vegas XXXX. we've still end is seen probably of time we [ ago, they're in for But only positive. from on ]. We're were And come the some good. was the a to the in even the high-end about Year's COVID more and the customers than had a came on going Masters. since group last high first, -- for to few weeks send master They which

positive some results seeing there. we're So

Daniel Politzer

pivoting And to Macau. then just

and of a terms was the the right through expectations it of that I to bit know I fill kind about going in think the kind of out we little the about is way XX%. there. margins quarter forward you've past around flow But in talked recovery? as think in

Unknown Executive

Kenny, why that? take don't you

Xiaofeng Feng

Yes.

we with of our on always around targeting XX% we cause, basically, our a XXs, the such high we in Based said, current as kind feel margin. are like EBITDA business I think comfortable about trends, of expectations. like

Operator

And our comes final Jonas Truist today Barry Securities. from from question

Barry Jonas

any use we once other a your to tables impact seeing want And in opportunity the Macau. any Should tables? of with there start get I specific share technology with expect to that your about any there? smart those I market you competitors little is to Could guess, benefits markets? bit talk you're maybe

Unknown Executive

]. ahead, Go [ Hubert

Unknown Executive

multiple smart of There aspects are benefits of tables. the

security. game have you all, of First

thought because far it's tracked, to have the -- and away. it's supervision less cases manning. very impossible. ]. everything But is where come difficult operating will Of And we as as people And It's they back, efficiency they course, got soon [ game. that also come the almost cheat chips

capability can us the tracking So a to precision playing customers us these marketing play, allows basic give we are because based lot various on develop operation real-time all so allows of just also [ do us rewards. more have level, them And well. allows from standpoint. ] of which data, as to And it then a games these it new to

manually. already in impossible with we it. bet insurance it technology, can do instance, this launched do and is we And to market, this For this

So in the regulators this -- and it's very also viewed favorably by environment.

of at in have implement you to and want I years And that. programs. Kenny to add this take so do everybody technology trying And the you're yes, execute several of right, implementation that is various think to we anything? advantage lead least also

Xiaofeng Feng

like most we bit a market? refreshing in waste ] to and little we years, from comment of management, past this a -- us People didn't innovating asking meet the the after COVID? in our are like Why technology the bit particularly a services already premium deep how vast actually, add the huge are products, XXXX. a background the really everything I What expectations. supply and is senior a our always we customers, kept just this country our is culture, In way the even time three dialects. their had we their differentiates with to of technology of possess is outstanding market a on little nearly home want want behavior China from this -- products. to edge our like that. and province customer hospitality leading in recovering are casting a habit, we just ever-changing [ I various their mass make in company-wide profile,

encourage well on by ] are doing launched all Casino of been just Basically, customers. has outlets in all visit F&B us believing. we [ person, two to which is We here, the team and in April, we received that. seeing the So you media members social

you have years through we walk the few done. come, initiatives that the implemented past you when all details, we can So in

our that's about competitiveness. performance comment think I my

Barry Jonas

the And then within regionals you a look environment and M&A maybe land-based just buy for the at side question. final when is Vegas? strategically gaming you as on right now, there Bill, anything even interesting or the

William Hornbuckle

Vegas, answer Barry, interesting we know. wouldn't. could But full that, things. I have there's I if always plate you a as

get a great imminent to there. -- so wouldn't gee, out advised there's we're news no, nothing sits is have that we things that good in And that But as news position point look, most the are it time. at be there happening in this

this, of is then to the free we think this left to our lot cash flow And don't just that's new to because with back to shares into lot done that. back we're just focused markets a do of there's better with we've a on shareholders digital business. And and continue if get anything So leads why cash. ultimately, buy what's

but for speaks those, there. them there -- accretive, was So I think lot from it to not a [indiscernible] look obviously, the are comps out extremely and we our of

Operator

Hornbuckle and will Bill like over I'd ladies for back conclude session. And the gentlemen, this any our to closing to turn conference question-and-answer call remarks.

William Hornbuckle

Thank you, joining for operator, us. and all thank you

exactly on what this. of We're middle side. for either happened Sorry the in the glitch not sure

in if think think and great the ground entertainment offerings, in we're have value. luxury, Vegas, locations, As specific have both we current digital. Vegas, portfolio. about And convention, have we four obviously, Las literally we you talked We in a pillars think the we the We we've Las these Regional, and well-balanced got of about, epicenter future. Macau

And very by we're so excited that.

entered this are While BetMGM, digital, in we third space. who operators brick-and-mortar #X we in are in have

recognize done we're catch-up and And get so be we well what work to trying where it space. done We're there. this as partner some frankly, excited competitive is to. to does. Much our be there to as we are And highly a by and

extent And you to a continue posted to we'll we we're but growing to said by same that. We'll shareholders And cash have I with we and/or hopefully, interim, do, it there's earlier, free all with to we UAE don't and in become return and it just keep the when and cash. so excited Texas. do and reality as the flow, better anything Thailand New York the

So I great a and thank you all, evening. have

Operator

and do gentlemen, for that, joining. conclude thank We with we'll Ladies you today's presentation.

You disconnect your may now lines.

MGM Resorts International (MGM) 1 May 242024 Q1 Earnings call transcript