MGM - Earnings call transcript Q4 2024 | MGM Resorts International

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Operator

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

Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; Hubert Wang, COO and President of MGM China Holdings; and Howard Wang, Vice President of Investor Relations.

[Operator Instructions]. is event this note, being recorded. Please

would Howard Wang. I like to to over call the Please turn Now go ahead.

Unknown Executive

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

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

Finally, being recorded. this presentation is

will Bill turn Hornbuckle. it I over to now

William Hornbuckle

and to you the have very to excited us. join you, welcome Thank team. We're Howard,

me year Let including win, record my by as well best results at high revenues revenue annual an hotel our F&B net for as of ever consolidated results. and another yet all-time start for delivering slot Interim record thanking exceptional colleagues domestic revenue.

the of Our solid and enviable yes. of of culture the because employees company our a built today in show culture is position that around and

for in I at drive Our say all-time Net for out in about great record MGM, centricity things quarter than the customers simply day commitment Promoter Scores other here the results reflected these you. people can't dedication and Gold thank to set year. an day who great guest and which and is enough our our Plus in fourth

industry last over MGM we leader, executed years. strategic decisions few the thanks the have an to is on

Bowl and both growth and strong perspective, from Our casino foundation, financial Sunday, brick-and-mortar. XXXX. to a Las and BetMGM. a strategic event was operations Super in us Vegas given has off opportunities proficient us And great and in digital just a for plan unparalleled in here we're the at played was start a strong a Obviously,

quarter, into we the the to of the are as with rest domestic seeking indicators, As remainder year. seeing with in for of ADRs -- revenues to we this operations continue we revenues January and our positive the pay on most look in year, positive indicators of well as up are grow up

balance characterized this debt All of solid sheet, backed net by and a significant low liquidity. great by momentum is

prime than to locations, addressable XX million globally other growing billion, market online our $XXX digital Our and recognized and brands, MGM platform and markets. development any more customers more a markets sector our with us in both exceeding physical opportunities including members company resorts and total over award reach enable

I'm in XXXX truly here's excited and front of us in by the opportunities and why. beyond,

stability position Las term. leading near source be in the a will Our and of Vegas growth in

of renovation a in the as as experience. XXXX, beverage offerings of of and all throughout In our customer We are suites spaces. improvement investing gaming and we business refresh continued broad food premium our new the a Bellagio, well

resort MGM Las and of operations these to capital Cosmopolitan the transitioned into investments continued Rewards spend. and was increased regular Additionally, Vegas visitation our guest drive

level handle record fourth to slot for and all-time quarterly and our handle quarter. slot -- the December slot slot with win history, for in any Vegas contributed month win in Las an all-time and the record

space. million XXXX. in convention we Center, completed being new our Convention the nights fruition to of the both and a Last we the Mandalay industry and existing investment with leader We goal in meetings $XXX are and groups on room over for welcome X.X of bringing million customers books year, to Bay

the In of for record company. convention of we -- month closed December, strongest record on a the a booked

XX% In which stayed the trend outperformed for expectations a record with over our prior in room package our original and our our track promising XXXX, displace. look bookings future. XXX,XXX with month, were higher to first the than the in nights higher in leisure spend year December rooms year we Marriott fact, in We concluded

Importantly, properties of year further of live runway XXXX since our be a we see to full all in grow bookings. will for

which program. the much the has of has also single the Marriott brand MGM's of will opportunity Delano allow Tower now with a the -- Bay Bonvoy which distribution of the Las W at rebranded we app the quarter, -- significant significantly recognition at launch speed resort benefit During system a the fourth and Mandalay in Marriott from and the in wallet is omnichannel to and more functionality BetMGM. and improvement meaningful Nevada single now advantage and extended Vegas app

significant season. BetMGM's presence first-time the season, Las XX% versus throughout depositors prior football During a Nevada acquired increase Vegas drove in

their a of and stickiness. omnichannel state post sign-up in saw signal valuable are wall customer also a single players in more home Xx the Nevada, single-app than continued play driving players. that doubling actives We in These is their digital-only

MGM the best-in-class, properties remain segment expect adjusted flow best in them ever to truly the regional cash free and a forward. Macau, going source of China. history In we we EBITDAR full Our very of are steady achieved year

in market over confident the December we MGM revenues outlier continue similar concluded X have market we our grew levels. Year's market. premium a which Chinese we day share XXXX, sold steps XX,XXX the remain We driven with New to and mid-teens, We in important the in that during MGM over Macau, strong the innovation focus and Macau. Macau at to Cotai drive proven on sustainable mass the Museum have to our the market by We at teams believe year XX% and the and execution in by both share visitation product Polyart team. show exceptional are and high-performing people non-gaming resident first be at to

ago, $X in billion year the growth a accelerating operations, over the in drove of from line and second top net the is half aspect virtually the revenue in At BetMGM, to in every our business in XX% first compared of X% year. it half stronger we from to year

XXXX, we and with to inflecting the year-over-year. from to momentum billion billion increase expects $X.X net As to revenues to $X.X $XXX range growing which represents a operating million look positive, BetMGM EBITDA approximately continue of of an

and to progress In million of putting posted for over iGaming, market of to online setting size In activity fourth-ranked time a we and in our has and player product and iGaming us importantly, We at revenue up #X the XX% contribution KPIs in positive additional maintained first the expanded in GGR operator. engagement engagement times in tools $X.X Sports, with content experience and be and approximately podium us at $XXX share the firmly billion XXXX. improved the driving in OSB contribution.

grow We as achieving the that about a way expect to our on strong $XXX sustainably the to is operating BetMGM see we belief talked future. million revenue we've continued with EBITDA leverage in benefit of its annual

we TIPICO's and We've excluding components: established purchase this when XXXX. business, a which Europe, with operation U.S. wholly online owned new betting digital, added such MGM gaming business of sports is major Digital, segment core betting in features inducing as which business. solidly of betting the sports of are international reporting business brands, consolidated X is LeoVegas development, with composed new the consists was This first, to the an segment In online profitable and technology. of Push in content this acquisition our

of target. our business, we and core healthy Grupo digital opportunity Globo. which which $X the BetMGM investment We top going are billion of is market owned our with medium-term realistic long-run in margins of a brand and expansion through the launch can and third, believe Second, the a achieve business -- collectively venture significant Brazil, to in the in throughout operated Europe; after line

through TIPICO's with terms progress betting betting completing week In initial next with LeoVegas, soon progress more follow market sports in integrating live sports of going launches we and to our in strategy, anticipate as own are of QX. U.S. our as platform we technology and

market Sweden also the scale, to operating in digital brand at have will and more BetMGM and LeoVegas We including reinforced opportunities We're push. portion combined in leverage through our Brazil U.K. our of mature beginning our terms the with position realize operations already stack deployed against and against the of [indiscernible]. market-leading favorable power

Now burden that infrastructure building of these from cost the the tapering. much of businesses is

the City milestone, the by Osaka we official the April future XX, as Ground advancing options January pipeline, targeted is completion preparation transportation Yonkers of New our zoning. the planned. plan and on to in ceremony to our the scheduled enhancing a of MGM we shortly opening marked construction engaged resort. significant In guests the actively progress are thereafter. with is with year, set to additionally, subway in main year, In submit our RFA for ground breaking and for infrastructure York, middle is development this of of for commence The

With a growth to strong long-term for industry-leading capital expansion. and the is spending maintain XXXX reflection critical and good targeted start XXXX, to position MGM year our is in momentum our proving

are that transparency the providing doing community potential full we that. additional operate earnings recognize realize is also channels to exactly so we the MGM We across of important, power to in investor our

to over Jonathan some this pass now provide I'll details. to additional

Jonathan Halkyard

Thanks very much, Bill.

to the that I'd important introducing this like we into to new few digging numbers, are a disclosures moment Before a take highlight quarter.

across a more common a other and to familiar consolidated industries. others will The our metric, first measure think adjusted compare EBITDA, performance is we provide which

The our and businesses. KPIs now Digital we've We're touched second which relates for on our MGM segment, Bill breaking out disclosure of earlier, -- MGM to digital an BetMGM. expanded

in EBITDAR of revenues comping X% on to and Vegas, very down I'll down that, XX%. was last move fourth With face quarter quarter In adjusted to the were results. Las a our year, strong

slot evidenced in the the concluded on FX December related with over of ADRs all-time of grow operations slot of XXXX, the points, quarter February, digits fourth and gives exception handle all-time an occupancy us quarterly and underlying domestic the Vegas year win. remain XXXX a data the Las MGM's strong this Excluding monthly solid, and record with and that momentum slot This record several single course. comparisons domestic challenging note and the variances win can optimism to trends in an including quarter. hold, the up by for month We

due best-in-class to revenue percentage our by the were revenues of by in days, drop managed in across strategy operating XX% the table Grand assets our year-over-year strike labor work we while is the regional Moving adjusted strong previous and a the slot and execution to in revenues costs leading of as a geographies But achieved labor We of EBITDAR recovery growth portion put, increase and of healthy the quarter. high-value fourth from grew a Detroit regional towards, and rated We performances portfolio. outperformance lower. simply drove to impacts year. X% properties. MGM the KPI

net dividends quarterly the grew China reportable revenues X% MGM MGM last, approximately million total $XXX Macau, China were to year-over-year, MGM our MGM new not And but In certainly Resorts Digital. and from in segment, least, year.

does Now MGM's remains affiliate its represents include due consolidated digital businesses. It not an XX-XX BetMGM, unconsolidated this venture structure. to which

in MGM at the revenues quarter. Digital Net fourth grew XX%

narrowing marketing we to U.K. the will While result from MGM those in a to launch the relatively in of XXXX decreased XXXX. Brazil losses spending the EBITDAR increased with related had Digital's in lot spend stay consistent in

On discussed $XXX identifying operational call, our last conference EBITDA in we million approximately opportunities.

changes is of capture XX% $XXX a be more approximately improves will expense. way this is in consumer that to these efficiency, XX% initiatives calendar Roughly and in expect to and these is responsive actions million revenue behavior. And deployed leverages XXXX. We in technology of

rent, earnings back that into includes $XXX In in represents $X.X it here our Bill, turning approximately back noncash XXXX, CapEx U.S. add When a spent and billion adjusted the of approximately generated put of million power. earnings the expense. our it during in consolidated accurate really power year, it's you of cash Before $X.XX important that EBITDA to view We we in perspective. more to both rent China. and noncash billion

beginning last and over the CapEx, X.X the reduced year XXXX returns to speaking XX% our portfolio, Accelerating XXXX. of the shareholders. deducting of unique million is cash of shares investments After earnings and with generation quarter capital per development opportunities million this fundamental our in in purchased deploy count. flow to we've fourth share float including high-return in returns, share since the this shares of X.X that thus we And another growth far

value our With of the future the we delivering shareholders. from digital operations projects, core significant potential contributions development create and businesses brick-and-mortar our growth our results, can for

Bill, over to you.

William Hornbuckle

Thanks, Jonathan.

to this on questions, Before we double comment turn I'd share down a buybacks. like and Jonathan's to over moment last on take

this assessment, I moment, of And the in value of simple our you price the hopefully, opportunity, business. following our and consider We significant see value continue in in I to you see that our see the continued share if long-term the shares. At momentum see. opportunity

in The XX as in grow will [indiscernible] no and positive MGM growth last advantage that that point, value earnings potential footprint in segment well -- the the Las market and businesses our we continue company Macau tipping to positioned of in program stability earning we business of our as the the will and and expectation of years, Vegas of business that to has our it continue of sustainable operational historic With EBITDA, our it value in a And you adjusted think regional under MGM performance take about XXXX, inflection over mind, is buyback capabilities. made Digital then to of our in at are share take the the cash. be face this marginal our trading properties, growth with poor value, its with stock at ascribe simply at near-term in we've coupled uses our quantum share to Xx put business, aggressive digital together multiples. leap ignore BetMGM's market given is XXXX a our

that, answers. I'd questions to like for it and operator, open up With some

Operator

We [Operator will now Instructions]. begin the question-and-answer session.

The Bank with is question of today Shaun America. Kelley first from

Shaun Kelley

business MGM's see and incremental scale since just just returns? we you little disclosures, got maybe more Jonathan, that specifically the us in outlook investment MGM with quickly. the the Bill, Digital Can start for on we've a business off maybe bit near-term the give you of color digital can

William Hornbuckle

because Sure, Shaun. is here his The Gary day. reason manages business he is every

to And turn going I'm to so it him. over

Gary Fritz

at that We've opportunity our gives digitally. past been great completed We've a principally capital a been Shaun. Yes. completed years. compete in program. believe Thanks, MGM of platform couple we assembling the product Look, we've hard network work and at distribution Digital deployment to us -- a

spent I the sportsbook Leo billion think via the to mentioned recently, Bill proprietary As about the has U.S. $X development capabilities past. of out assets. content in We've building more and acquisition against the Push business, platform the TIPICOs

a year. by integrating the happy player conditions we're should think half all are with to the up of hard in that of where favorable. at to And a us we've create innovation platform assets that of together first compete experiences We're all those that. this We of market of have ended the and really work anywhere allow We set world. complete end

our we're going our fact, with on compete. live integrated unlocks stack the next about first market innovation In fully that, week to ability the and and we're excited increasing that

But look, I that been X the course why to we of is over think capability building years. past the what we've don't anybody overlook want

a at that's businesses profitable, business happy very be those core to value But want core with drive double-digit creation. businesses targeted businesses we And with with between performance. that and would augment Digital $X.X were their strategically be to that to decided MGM long-term revenue those we've very, mentality, billion-plus highly margin Push, operational a bets operate Our Leo if they'd stand-alone we business. high

invested So the The organic select BetMGM in in brand Netherlands specifically, Sweden. in handful a of the against we've Europe. and markets U.K., growth

a XXXX Our really entries operational 'XX. to that the for losses and us with are XXXX, and trading setting meaningful results well. narrow strong into early the up going those Growth with associated is going going rate market we opportunity in suggests throughout believe exit investments are a strong, inflection operating

Brazil. launched media when early we're very, and hard You We level compete We've there Brazil, excited with scheduled $X market have we the field. It's TAM, for built in a a on the happy our our very then Globo. we're in a Brazil. next and management on team ground in full It's to billion Brazil. there days believe, January with launch partnership in local We're week. soft liberalized, playing

live And final is decided then operations. our make that we to long-term against piece MGM the a we've call bet what

capacity up the our we'll first from operations content already, which We're casinos. live of floors year. to business, day the dealer -- continues expanded grow in and live dual-play over studio of this our our coming half So have our Vegas day, floors of

we So deploying done that And up potential all for operated together, when digital definitely forward. plus and business to business. healthy we're with the set we put confident double-digit billion owned feel for be that going you in of $X the against largely are capital revenue margins

Shaun Kelley

and BI was Perfect. And in quick anything regional out. last remarks quarter, a if a or then there was We call of probably hear whether I little called Jonathan, the bit follow-up not quarter the got this in the just there. the on one segment -- But for I to could. anything either you, Vegas few prepared inbounds proceeds there segment. out in Las didn't

Jonathan Halkyard

Yes. proceeds did an the fourth the expect the front. quarter. We We XXXX during important quarter, to business during numbers to was fourth quarter. It the though, during additional the of that about resolved this interruption BI meaningful have not proceeds receive on any still talked tune litigation we've We civil previously.

we those year. So expect this

Operator

is question with Carlo next Deutsche Bank. The from Santarelli

Carlo Santarelli

initiatives, focus obviously have the little it split but I about wanted Las you talked some I guys XX-XX and on You side. Vegas bit think talked when some revenue put the and about you to a of

kind that a you've a some of kind the for Jan, the here in flat terms of kind from from or the of of As various you in of in you today, X, environment magnitude what on start XXXX see of in of have of perspective? demand pricing terms that on kind new put revenue the the year you head programs put in, sit do just you've of measures some

Jonathan Halkyard

put detail during the December, sense flat. actually a a go month to But we your month in with a it's directly, all, dollars for millions done anything can and the into more that answer like. so of of of place. of that, that But was XXXX them of we if very It that that but strong those. of tens the of little you bit you the initiatives hit us January on gives revenue first of Carlos, in year have Yes. question of were head Most magnitude start. we was

Carlo Santarelli

to then Jonathan. said something, delve And you just wanted remarks. I to Great. your I in Okay. back believe

for of Super was On EBITDA about kind of say, the $XX the event the last magnitude call, guys basis. I kind want strip being, you to on talked Bowl million an the

being kind you offset you grow kind But able that referring weren't through about specifically. the able talked monthly. impact to to of is kind You the of Bowl move to the quarter, February year? of And to in first about the we be the goal when as think Super of

Jonathan Halkyard

Turned Yes, we're or fourth about $XX estimated Super to we estimated the certainly impact this we were back out to when going in together our The I be in call, we year-on-year. to that. million November. do what -- our Bowl, best guess, quarter do about of the last on

renovation through So response also our our I'd XXX actually in able customers. through that the be the rooms terms at do overcome that. programs for Grand. got our to of project MGM is from great impact we obstacles remind some to of the growth, important a organic it goal already This with We've online have is we you described us. back capital really

year-over-year. the So of of same the amount moving about us Bowl it it as course to project the impact well that the tune the did does is Super will year over but --

William Hornbuckle

point. was one than last was Super for it maybe in the us casino, year. The color interestingly Bowl, Carlos, last And better

up better line but we Some was luck, the a place. simple of ended bottom that in is

So hotel of and the sponsorships note. degradation is

it a when all said Year. Same with was Chinese New done. had New and Year's We Chinese

there's some for. to And people at market momentum so the that are and out watch of end while sure watch concerned the out, with bottom want I'm

this If done you projections, our exceed we think we look can year. at year-end what we've

Bowl So exactly and question Super your going that we're that surpass implies to this more.

as -- month. really we're indicator, so we're good January to great to a an was off think a I And start

Operator

is question Brandt next The with Barclays. from Montour

Brandt Montour

I go sort saw very to January January, want on for non-gaming sort if also of hear versus except any that movement to positive, I December, you you thoughts but And about of of I the into know November would in your gaming. you room sound versus effect definitely, Jonathan, love sequentially? rates. there rate room October terms and

Jonathan Halkyard

guess I that Yes. Brandt. into walked I right one,

-- for records the Yes we question. handle the revenue. some January no, for appreciate XX% I occupancy So slot record January, restaurant set at ADR

for very terms were demand. So all just us these of strong in aggregate indicators

of the talked we the in we good one booking reasons So Bill group about side the December. of remarks, the in the year, had on start felt prepared about his

Now course, important our 'XX, of sense booked but those beyond are years but 'XX, of segment rooms the rooms not are that in it demand for just that's, rates. only that the level for and gives of in from a reflected

let's at we'e growth call So again, which term we're in nearer months, mid-single-digit it, other in except for February, the year-over-year, discussed in least the seeing, view. ADRs

Corey Sanders

November, you really would rest to Throughout limited the And I pretty and of the FX were was what in has solid. pretty business. week, lot October great. was those even add the And Jewish and November of was holidays of solid. December of is October been first and don't year, rest get convention October week the a the

continue from great Super an month ADR going And As to -- a be it's for outside will February of Jonathan said, the us perspective. Bowl was a weekend, then great January month.

Brandt Montour

of Okay. better follow-up you why. and of group Obviously, the with of Great. is is the you all their convention trend the sense consumer momentum guess data question feel change post Marriott I look -- there? guys. different the you That's really across have that regionals election? and more kind Do there's and But that helpful, a a Vegas the there feels your you like when see, just And engine.

William Hornbuckle

XX,XXX of fourth row, but a room or beginning Marriott. did January, week last I a we far, for good play brought the with and I have Bill. in year-end them year would we've the that and launch. we you example I'd one over Brandt, is now, say booked all nights don't but the Marriott a if this, And in go it's know didn't up

just weeks, if the goal I we're X That and XX,XXX about it just do we for lot of and we which year. dynamic. the a leverage yielding. rest about great which, of of how of room pace and we our That's and we underlying last have so how room what does. the foundation changes help It a continues, a And nights, that deal a nights this do the think $XXX,XXX

So that's been positive.

You the earlier. convention heard me mention numbers

interesting the is business about Now thing Obviously, 'XX of that back. 'XX. of 'XX, it's tech come and much in has it's in some

no been of particularly from and corporate "concerned" terms the to number in staggering what there's contrary, sign So room America push to just we on happened us that nights think we the that was a the you December, about put in they're of it booked. when result

so And you Corey, don't do... I know,

Corey Sanders

would Las of we amount yield is up. Vegas casino have is our nights I us in solid. the room the business core very casino also helping And on segment add, rooms the

So we're that in pretty also. looking forward see favorable segment on what we

William Hornbuckle

larger. to MGM added cetera, et has MGM database, our has that Obviously, base, been never cetera. active that, Rewards et Our

inflecting all Vegas And couple a not just Las so that. it's down forgetting in of hotels,

Operator

The next is Katz Jefferies. from with David question

David Katz

with the if wanted just in in is And and I go engaged back to which aligned is to or BetMGM that how any I'm U.S. I at Digital to may. curious, the all digital, MGM degree affected? way

William Hornbuckle

Push. to clean I'll we over But with me kick and any let to it I here. may and content David, turn create Gary up with have development sloppiness off, that specifically

that games are they using. created have We

the games. can branded think MGM to I of those success some speak of Gary

when casino of it's live at dealer on coming We from itself, ultimately, MGM things we've meaningful We thing some And the of the look all built floor, time, at compelling. talked home you real. think see the and it's over the will that it's brand we about.

to I Gary, so, And want up. clean that you if know don't

Gary Fritz

I BetMGM and best. that's is creation capabilities think probably where Resorts like digital the think content the the MGM No, I I mean helps area right. content development

the of the BetMGM. each In distribution that do we distinctly can venture the But other We sure of BetMGM where try support are X and very operated cooperating we to are make try businesses, points joint certainly can. operated agreement. owned terms things with those and given not silly we to nature and

David Katz

following sort commentary that? And sports forth share content share, of any back with just it. to Got respect like or and is on your there up or betting, anything information

Gary Fritz

those businesses independently. operate We largely

Operator

is from Barry Securities. Truist Next with question Jonas

Barry Jonas

uplift the how should about ADR appreciate any come and the once the these And commentary overall really I we on think impact Maybe back think you about expect. we the Grand online? for ROI MGM renovations about should rooms expectations hotel talk the model?

William Hornbuckle

opportunity, the walk I came actually the are done the for I had so in think yesterday renovation spectacular. an to uplift change property. and time complete a any them the first day a out while. we've to by They before. they or And way, More than of

math? So Corey, you can handle the

Corey Sanders

Yes.

get think business there we should and I rates getting rooms because between convention the the for those are new.

and quantify our also. I but there, paper yet. some we'll don't going an minimum We that put rates are there's To perspective. the to lift raise we'd We to Both quite perspective casino convert from some pencil a a suites. think ADR rooms into think there uplift,

Barry Jonas

questions governor maybe And increasing talked it. we taxes, betting games sports Got increasing it. Maryland about taxes. about of Got from lot get states of also a table clients

just are digital to raise this? concerned or thoughts. states taxes? kind you wanted land-based How you are get of there So of looking your to offset about sort to ways And more two, for

William Hornbuckle

now Yes. we're it time. take, something complex. we've a XX for more is give The particularly makes opportunities, with with states, Obviously, fact with digital this that very in dealt or long

employment gave the It -- moving commitments was that and for comfortable now of with think takes when office about and commitment very good some sat of and of terms a that we Maryland, forward. I quick met and that. in feel Governor in cured the jobs the because the meant pretty we've we the of think and I gives that what understanding the and I we went community. other through to

a think down. I landscape. south, we've so casinos about the to competitive And And one backed not only Virginia it's existing is the now talking they're that north. to but

if an relates to think going it's I to will. it ongoing As be you game, digital,

markets there's couple interesting are It think up want think are see they believe it's that states states, I And I I it black continue growth there keep next be onshore get There and true think will about of out to offshore of come holes. it. see tax. to battle. a manageable. do markets how and that iGaming versus to for we'll

I think good not so on we, why. and done the I've communicating just the -- entity, it's stake I MGM. way, far a we've what's at by done think job

it's keeps never And me things if don't but know night, keep never, all that you of it say at up, not out Gary. so up one the them. I of

Gary Fritz

me It certainly up, yes. keeps

Operator

is Next from John DeCree CBRE. question with

John DeCree

wanted and be? I feeling swap have a of particularly the on Vegas, into that maybe an of a that? looking little little curious been dive if business sense it about Las in if how could sustainable those strong just bit how driving idea And trends commented December. you're maybe to see what's had to of you've in because how kind just ask you rooms? Is of a you might slot growth And kind bit

Jonathan Halkyard

Yes.

with, to casino I into the we does have and fall in think that mix of the the course, in have do business it December.

think, product an very a excellence to do doing outstanding comes think, I very slot and and proficient job down have our think portfolio I that also a, reasonable levels. We it product. -- managing so, I center does of also CapEx at

this the But capital ARIA, the it made important in mix as just others. some that and in is in work Bellagio regions, areas, of done to manage well the And year the underway. also MGM The the at it's We've the end, Grand, as work done investments National Harbor in high-limit I hotel. slot some we've we've Borgata think

all really build a together it's those slot business. So coming robust things of to

Corey Sanders

from seen into our regions also. also we've uplift an And Vegas coming

So helped also. that's

John DeCree

the a of curious keep this not FX about think first Maybe, to it's there's to of FX bit if ahead and to talked But year, your you might would but though approach ways XXXX year to that bit. MGM's year about I thoughts want FX the for from quite a gangbusters ways worry XXXX calibrating was this then differently year's but perspective? improving and on last kind do things we and

William Hornbuckle

feet, XX,XXX It a et the at This that. take phenom. was first Look I'll was year Yes, first cetera. is time, Bill.

change which our XXX And results this normal. and than that rates, like though, there and company. average Interestingly, drove is are Xx were literally the year, change. XXX really throughout Our

all this you the worst of year. weekend the If is recall, second

to We're behind to on We excited our packaging this ticket excited So be continue back it. year. we're to cut support it.

the on continue focused pricing we charge. that. We and rewarded I for But get build foundation heard to if the and we going early, are We because to a can recontemplating got is Formula I One the think you going news Fountain And I've about best that's considering and Club. forward, extent to that. think can they what meaningful think on

so I been messaging And delivered think has and that heard.

by we're that. So excited

there. "X-year the going think rest forward We it anywhere. We an sit the And to come it we feels a from anywhere. and then going it's what don't have city, don't we're of going want obviously to obviously, and deal" like go But opportunity. extension discuss with have next to down year,

Operator

is question Stanley. next from The with Grambling Stephen Morgan

Stephen Grambling

Macau. of color from a all tariff just to I conflicting the the Chinese commentary turning there's how wondering if otherwise, industry out just could the year, seems you kind given there and far. so noise and Year, New started we on just of provide be data any to Maybe

William Hornbuckle

turn here this a minute. in over Kenny I'll to

New and Kenny, a color, terms you think particularly properties. visitation I of Year Hubert? share, real But our for we win why us some had in great give don't Chinese market

Xiaofeng Feng

Okay. This is Kenny from Macau.

like XXXX than we than Both also have and like Like New -- I Year, Chinese about had New Year. volume pretty properties XX% higher we gaming mid-teens market Chinese traffic the share. our maintained last solid was think Year. year's Chinese a strong higher recorded New

players longer Year Year out, very almost percentage a holidays week high as noticed to Chinese with Chinese post-Chinese the Actually, as strong XXXX. volume very, point first we to New Year Year. want tail New of was a have of was Chinese I arriving business week second the Particularly our versus in New New of

think I comment the that's me. from

Stephen Grambling

can in, I just Vegas. if one Maybe sneak unrelated on follow-up, one Great.

comparison I the provide wages had on there here. is to aspiration Super the how EBITDA for puts think think run Bowl about and Vegas you to that, takes host is color within that and I be in any you expenses any other guess said to on for the particular? positive rate could

William Hornbuckle

up clean for kick this it Corey sure, off, can and I'll John.

year culinary to biggest into third of remember, I think now the going thing our agreement. think we're about the is,

while so was. demonstratedly there's And than it's June, step-up, less a it

XX, X. went just I or we from think me, under help Corey you

Corey Sanders

it's a I think And little lower.

William Hornbuckle

Yes. And we're now in the Xs.

So if think and think good about wage shape. we in we're inflation that increase in I perspective, really

has really the FDEs. handle team gotten think I a good on

it now be staff. FDEs adding where I'm think time. our keep to some because earlier, I we encouraged flat by we our and without I want and been to additional And needed as stated service for continue have We

piece so control. that of think, And under well is I it,

Corey Sanders

think, down. Yes. What of will bring hopefully, we costs is in we're initiatives I also our would the running some through, add labor

is to able increase pretty as So much the neutralize that the of be to positive that. we'll as and would feel possible be goal do

Operator

is Politzer Fargo. from with Dan next The Wells question

Daniel Politzer

changes the a took was quarter, promotional your slot promotions rate that there up or slot the share Are you'd And environment of you in First, out? call a of after share? in lot you any tad. are going that more but your aggressively strategy

Jonathan Halkyard

meaningful change investment. no always tweaking the no improve, but way. we I mean change and meaningful nothing, No, promotional are try to in either it

Daniel Politzer

more the protractive just Got up like a you're clarify, digits called on you and sound environment. January. Super And record mid-single it it. Jonathan, does ADR demand to Bowl out ex certainly

So just wanted to clarify.

thing the you with it then just that we're quarter So sure the through getting like same the Bowl second grow I the fourth mean, first and I lapping, to quarter, make even want should Super straight. quarter. sounds for

Jonathan Halkyard

$XX It's going difficult million quarter headwind. year-over-year in first to with be the a pretty

those business. business that to ourselves pass is, the growing the plan internally try adjust of for in we we a we not way terms the So give

So realistic just have that headwind. be we about to

William Hornbuckle

to Bowl, for we for feel rational think Super seen to that all given is -- [indiscernible] I that but meaning today, and not want today, understand ADRs, positive for reason principally, you that, we've Super save I Bowl. on. and what the make sure and progressive

Operator

UBS. Farley is from Robin question with next The

Robin Farley

$XXX million of mix kind don't for gets you $XXX of the incremental? $XXX expense. Vegas think up wondering, you of for to back your in know of But you Bowl if year-over-year as of flat the million million, be like that was that mentioned company-wide million on comment I Just Vegas. the the circling guide sort in for don't soft if in were is opportunity flat EBITDA that kind a number? that just year. could the $XX know that make we what that With you will take that year that of I in Super part targeting revenue to or is

Jonathan Halkyard

Yes, what or are put we that way number, people a certainly some company-wide intend pieces is can We're just understand the don't objectives our and year. guidance so the other. to one of trying this together

I of talked We the we fantastic things Super renovation of But to lot. impact the do mentioned to quite is of Grand, have start. number which MGM the us. X about We for Bowl. overcome going a a have the things a off

those a this in the course, year solid that of overcome And program obstacles. last some November position in ourselves Of so to of -- year. in the place execution to early then this far we put at get

year. So that's pretty for much where stands the it

Robin Farley

about intentions. in of a talked level repurchasing the same more not about thinking How years. shares. might And like necessarily of kind you recent as rate had for on repurchase we Okay. you be share the follow-up, times should at I last share what year, you've kind 'XX? At feel repurchase of just think about

Jonathan Halkyard

capital shares, we the such while do us, toward of our attractive to just shares think in his fact prepared some know reasons compelling the tremendous own the value of end value of that. mean remarks. have that reasons the represents we -- is, thing we the the we now investment really it's the there a responsible most best right some articulated investments matter for front I a of We're the think Bill the is Yes. to at in allocate

So why think very attractive. at we made just these that's those And it's comments. we levels,

So why continue we're we aggressive. that's be to to say going

Robin Farley

It rate repurchase? last to year's could be at a similar

Jonathan Halkyard

during we of January. mean so $XXX quarter, almost $XXX fourth we've done I did the -- million million and month in the

the you on see valuation we've by So the pace the that -- up driven can just really how shares. picked of the

William Hornbuckle

realm want active even in I'm flat. just to think double that in. growth. the And going down I projected here, away we look, we maybe, Despite the have is flat commentary walk the don't and price remain is issues I the Robin, not it's we'll share the with to lineup have, this love long that is which got extent then aggressive -- ups it's terms coming fundamentally, understand But entertainment. important we back. their everyone to say We've Obviously, to go. business. got in summer of Vegas way in much Las season. We've We EBITDA us a all of to XXXX. in downs [indiscernible] the the of always in and despite,

that. excited we're so by And

we remain positive. So optimistic and

just want I sure it's to left that so that And bank. make in

Operator

question next from is Chad with The Benyon Macquarie.

Chad Beynon

on Bill. you I off question. going where kind just pile left that was of to on last

what at view your of about think bookings just the pricing probably we still where see and if point that core, still at say casino that to versus the based again opportunities MGM you it luxury on the this safe luxury team Is exceeding we're kind core obviously, group you notwithstanding the consumer? growth just Is So believe put kind Vegas, the what's will and the Grand. of seeing kind hotel the on that and industry. going of

William Hornbuckle

us, off the given a our for little And who attract of particularly the stat who appeal and nature absolutely. and color nature you to, we here. business Yes, of we the give

If in we difference. to about of you think less quarter, what think the customers, about quarter $XX million baccarat XX you premium and you fourth customers was than year-over-year about saw fourth by, that there the missed equated

piece oversized we positive, can consistent. But And enjoy a that it's we obviously particularly way, the and marketplace. -- up go that. the given of But pretty that yes, nice piece so go of and go down. of And top about our scope, feel end scale either

Chad Beynon

markets you be and that markets? tax as digital that then growing that is like? goal of different of business, share there uniform players And a talked into, the number you're we these the the market about Is Great. on achieved? some Okay. given every market across can rate believe that Or at you of and kind the look is

Unknown Executive

Yes.

market, the not maturity strength market of to competitive and given to have our value relative target share whether of intensity try in the the we we any calibrate our think proposition or market. I

attacking given a be X% across target think to don't at That hard uniform entered. said, say any we in market everything. to it's or would to least we our So it market entering think wasn't if a have being worth I that get we goal

Operator

Ladies question-and-answer and like I closing any back concludes would for Hornbuckle gentlemen, session. over our Bill the conference this remarks. to to turn

William Hornbuckle

us Thank today. you. for thanks, joining And everyone,

year great Year. back East will symbolizes interestingly wish a our This continue the on positive particularly operations Macau late, a renewal land-based trajectory U.S. 'XX. we and see belated New the snake We happy love it's strength growth. that of believe in everyone I'd and deal Now strength, of a marks into Coast. which the to year well

in what of at Renewal there's within optimistic platforms what ultimately, change a be of of each digital franchises the heard happens rebranding , and the and Japan. several is of at produce Bellagio balance MGM MGM story business here that segments you've expecting capital MGM. Grand that newly particularly the of and, attempting reasons our lot terms at doing to Mandalay of our we're with for rebranded W to growth fresh and think plenty initiatives, today to and I We about in course, think

with we you And and that, night. a thank good all wish you

Operator

presentation. today's you The conference attending has for now concluded. Thank

You now may disconnect.

MGM Resorts International (MGM) 12 Feb 252024 Q4 Earnings call transcript