MGM Resorts International (MGM) 13 Feb 242023 Q4 Earnings call transcript

Good afternoon, and welcome to the MGM Resorts International Fourth Quarter and Full Year 2023 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; Kenneth Feng, President and Executive Director of MGM China; and Andrew Chapman, Director of Investor Relations. [Operator Instructions] Please note, this conference is being recorded.

Now I would like to turn the call over to Andrew Chapman.

Good afternoon, and welcome to MGM Resorts International Fourth Quarter and Full Year 2023 Earnings Call. broadcast the being at is call live internet on investors.mgmresorts.com. This on furnished to our also Form press We've release X-K the SEC.

On statements under the will in these make harbor those materially we Actual of differ laws. federal this provisions securities contemplated may from statements. the call, safe results forward-looking

to filings in information release today's Additional results and factors with forward-looking these in could that from concerning periodic the press SEC. statements actual our cause differ is contained

update law, As as undertake we these is to information statements result obligation otherwise. by new of required a no or

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

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

Finally, being this presentation is recorded.

Hornbuckle. I will now turn Bill it to over

good thank joining Andrew, and you, all today. you Thank us and for afternoon,

Resorts EBITDAR the set in in outstanding in our and Vegas delivering navigating and adjusted X our the underscore high operating records MGM a individual the These results for domestic Las agility resilience team year. all-time for of property of China. full property Notably, year. EBITDAR in outstanding accomplishments properties complex achieved MGM XXXX, adjusted

employees to fact, our customers want scores our NPS of deliver thank world-class strive constantly from all our employee our I XXXX. In guests. to throughout earned dedicated on who to record service

new a the The last as year Vegas of impressive. evolution world. and market talk Las Las heard of strength the Vegas me lot resiliency Strategically, about and has entertainment been you've particularly of capital the sports

MGM recorded, The event for and ADRs room another those but hotel game saw $X,XXX city own LVIII as X Resorts results in amplified revenue volumes. proudly X was for dramatically. the having fact a hosted typically strong days top The posting again backyard. strong game the town and event Bowl the out in near-record event right near ever weekend is gaming of us Sunday casino You Super our and with that proven game

our in followed which incredible Sunday in event The inaugural an game Formula history. as was our November, on also city race success largest X the

Additionally, to FX program insights brand on preparation of streamline the Super future we full both With and Bowl, event and and our price the our on resorts how gleaned was years. all and from work display. valuable specifically for better

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set by We properties select now our also can at partnership impressive the Marriott results. rooms Vegas seamlessly launched officially with in of with MGM early Marriott QX. end introduced Bonvoy to book be XX brands Las have with customers

XXXX and In with adjusted EBITDAR Macau, we ended for an year. full quarter all-time record the the

and robust team the of market addition and our was trend the XXX in continued agile into the driven The exceptional many amenities, with operations share reinvestment mid-teens in have collectively of January. table comfortably strategic coupled upward games, these its Our results.

wallet made half a XXXX and the year in BetMGM and now states. single both full capabilities also technology with targets in digital, new its In launching strides significant being with single profitability. those revenue They the map available in of design made app account, road net second

the strong. as books the future Looking metrics and and our robust the for in-the-year and attendance We're ahead, our remains business city. rates as including outlook seen encouraged bookings room on we've calendar event the group in by well

XXXX, of Las U.S. from our 'XX. EBITDAR Our adjusted benefit initiatives in represented a number operations, which XX% will of in brick-and-mortar Vegas property key more than

spend will new on will higher which segment property. grow For bring the rates a as at that relationship, example, and base of be our acquired customer costs, Marriott a lower transient will result acquisition more

drive With is below we're MGM's increased XXX,XXX-plus growth on an the will Convention return group nights Center levels. from Mandalay poised nearly to the Bay Strip. Far still refresh is we East room side, which baccarat play, from complete, On benefit XXXX The and the casino of segment, group

to flights, Las we from drive Later year. our only to office last Aria, is are our resorts will network XX% at of annual in Bellagio international seeing New than inbound which branch week, Vegas Asia. leverage see still and stronger hold this and will recovered Chinese Year demand already We customers our further expect recovery which celebration to gaming

steady outlook our said, being stable. to operational anticipates improving Our model, That foster XXXX free regional sustain flow. consistently and cash are demand a committed remain generation we of margins to

has Our to our customer of thanks positioning amenities the offer, regional set operate, strong overall exceptional diverse assets we market to share defensive, historically highly portfolio non-gaming and the be high-quality proven we loyalty.

exceptional Macau, into New events, of for MGM have concert successful is now, on driving Year, Mars strong to XXXX our visitation including Demand is Bruno Chinese going for a driven also first Looking ahead strong. days by properties. in the XXXX our the which carried in our at results XX very properties also Cotai,

year, crafting clientele. attract the into has to for our testament XXXX, further continuous set a experiences in million in compelling premium look year-over-year, target a XX increase visitors a predominantly our team's XX% innovation reflecting Macau government we the to As mass

driving prioritizing the focuses Macau mass implementing and three the mass remain needs strategic on customers Year on priorities: and tourism. casino room to our adjustments in international and offerings Our optimize premium of existing floor actively to New yield, our

be critical omnichannel soon the of leveraging fully the of of This stage with for with migration later one BetMGM. will launch platform for and which our account, integration will unlock approval fully differentiators properties. and XX next the Nevada Carolina in BetMGM in we had to in North In Vegas live markets Las January of by key sets the Entain technology noteworthy subsequent a XXXX, the single our single thesis month. is spring, wallet Nevada. achievement in this Turning to We

in again our U.K., exceeded MGM's strength demonstrating LeoVegas, projections, the Within our digital of KPIs brand. BetMGM's international space, initial the have

compelling. all competitors In in the amongst balance more payouts MGM offer Resorts' fact, even by offers leveraging our jackpot we the U.S., now the making that much sheet, highest

In time opening. XXXX fourth began in preparatory successfully our countermeasures the commence we liquefaction to maintaining a development in Osaka, quarter, trajectory for our Turning XXXX, to efforts construction pipeline. on

proposal New in request this anticipate currently full government application of with shortly middle York, our for to process underway. the a Additionally, thereafter. submitting We year decision by the the is expected

all as in in company are returns. through of offerings; is to continue believe position shares generate growth which on a investment, we strategically great specifically and will enhancing it levels the attractive free still luxury-oriented New expanding CapEx, together, into we through repurchase and maintenance and and this portfolio focused our our our cash to and which deploy such generate strong free Putting cash at we'll We'll York; development flow projects XXXX. existing reinvest Japan

Jonathan, you. to over

Thanks, Resorts join Bill. financial and results, And an our I'd thanking at great before MGM like I truly a to year. in quarter outstanding employees for dig into the Bill

While more I much certainly together. on and focus so financial our exceptional we accomplished results, that

the $X.X from billion. quarter of of revenues of net and up Our fourth adjusted year; consolidated generated last EBITDAR income net businesses billion, in $X.X XX% $XXX million;

net in activities MGM capital activities During important was China, to was million cash were and from operating the included the in million $XXX expenditures $XXX flow $XX flow free and $XXX from note related in million cash and operating to quarter, cash the quarter. they million. It's

was free $X.X For flow billion. the year full cash of XXXX,

mid-XXs. from about Las adjusted which net we've in And the year. increased of last the properties of same-store about Mirage On properties. Vegas, EBITDAR fact here over this in for X% year's EBITDAR line prominence coming or range growth. Interestingly, talked mid-teens revenues that million luxury prior and Margins of revenues, XX% the the in in our Las year, the our the adjusted XX% was representing increased towards $XX quarter period, further Las year-over-year. previous Same-store from our segments the our year higher-end this with expected our end, our Vegas approximately from $X.X calls, highlights approximately well absolute the up operations strip high excludes Vegas. within XX% in In quarter, were skew XX% top luxury our billion, property business property the

revenue, It's the note those EBITDAR of $XX National important Gold which million year-over-year same-store excludes approximately to with $XX property that down properties year-over-year, the were or Strike, and In Detroit from was decreasing Harbor, XX%. same-store respectively. adjusted and came regions, decrease our customers disruptions X% incident by given that million was the strike specifically play first available regional high-end impacted not the to also to cyber challenges portfolio October. There lingering of a not some returning, impacted for related were that some half offers where promotional

these Beyond the trends property fourth regional quarter, remained specific circumstances property stable. in the

benefits the and domestic medium-term our the customer revenue portfolio, future As excellence to of leaders opportunities partnership. opportunities drive room to centers even see night share near-term per of plenty enhance we increase of within occupied have We Marriott our growth. both organic spend identified property look beyond and growth and to our drive of

offerings. will For further high-demand will and throughput with includes to upsells within maximize new room, offerings. our and enhance ability show and our example, beverage product bundled This drive packages food pricing adaptive outlets and

expect to segmentation and drive by value. purchase the with be customers bring Nevada account single an drive Improved lifetime will our experience while cross-sell further Rewards in MGM guest marketing and assets. home in initiatives XXXX. us to this digital that physical able overall personalization in wallet increased increase An and and a later single in allowing to driving We to to will will behavior customer members Las wallet account, action, enhanced allow enhance RevPAR be experience our growth MGM outreach Vegas their these omnichannel year. by targeted Once NPS open here to Resorts, our and us continue

MGM to over China. Moving

to main quarter quarter which table of an with XX%, full versus at XX% EBITDAR property XXXX. was fair XX%. the XXX the our from Margins compared our record table share was performance over XX% quarters line of And above points the XXXX, win, and were floor more XXXX in record for and first our in of above casino Our share. fourth market X million which exceeded adjusted fourth points at by was is XX% basis fourth XXXX. segment share our the specifically increased games XX%. a increase all-time quarter This the $XXX year, increased revenue, of Market basis which year XXX driven the

operations $X BetMGM targets and reaching half the the positive limit to year its from billion. of in second of revenue net $X.X side, digital XXXX billion successfully On the met the by EBITDA its of guidance upper reporting

brief and And a let usual, strategy with me our as walk-through capital of valuation. our close, allocation

The extension credit facility further while commitment including First $X.X that extends our approximately share expands by investments, deploying the relationship on an banks incremental off, minimum a high-return seam-secured repurchases. our billion closed our This our week. to of to in capacity $XXX million for of amendment we successfully maturity and from billion this facility $X allows policy to sustain XXXX. financial liquidity us cash of and

mentioned, equity to the Bill our and expansion in flow. commercial the expect we fully York in As gaming cash fund New Japan with contribution free

year historical Cosmopolitan to we on and is Tower Tower of which revenue, of being Suites, invest with of luxury-oriented rooms. maintenance the maintenance year Major the Domestically, intend remodeling trend. capital MGM Bellagio Grand million capital projects or focus the examples $XXX this this Main offerings, consistent X% the penthouses our approximately Chelsea Tower

As of $X.X had XXXX, of China. when of liquidity we end billion the excluding MGM

we digital and on that international capital our acquisitions, allocated business, cash cash, to projects, and which billion in $X keep the have with in repurchases. policy, operate ROI will our hand keeping be excess high we share Excluding to

by we We reduced year, with $X.X billion our the during our in continue value great count shares, of shares. repurchase see a share And our XX%. to

close, share I repurchases capital. still discuss why are of like enterprise we To our our remunerative and believe Consider following. use a briefly valuation would the to

BetMGM, think market we And for million EBITDA trailing value which billion. of outstanding. operations $XX, that our we returning XXX our our had further us provides implied this of yesterday, quarter capitalization represents we less shares We equates expense, value share debt discount our to end of price China have shareholders our if levels. net just multiple of these calculate to a and a current see and This and estimates at and of to adjusted shares BetMGM our we in repurchasing the multiple for XXXX by our we Divide add consensus corporate stake $XX.X flows, As capital of was the MGM trading and by future an domestic enterprise of XX% the this in $XX.X then subtract cash billion. the in X.Xx. conviction market analyst value China value of our XX%

you. to back Bill,

Thanks, Jonathan.

Before I year. a maybe heard resilient just open general it on and up used for of say some you've me the And couple these questions, this and comments times. words, luxury,

cyberattack. quarter, last we about, with heels this our If were particularly you on think a

to did that what us. understood all You

And and prouder quarter its it I quarter Bellagio, luxury. had the the organization. so we'd in end particularly shown history XX its year after entered years, best as we October, of its to be had, through And up think best having couldn't in history. its in we

it make a continuing in invest in so And in does difference. right prove these the that time place at right to does properties the

And as go so that about we we're very continue excited by forward. thinking to

has I BetMGM ultimately, think our and of about ultimately, driven participants we begin, will to now BetMGM Rewards term million effect database over happened with long by that what the pay database. and MGM omnichannel XX dividends. think,

properties, think our suggesting the repositioned doing we're we're an Macau team January on month tell have in marketplace. of sustainable. that's doing. and XX% equal compete competitors I'm the well. with market amazingly broke anybody the X what of are Kenny is I But you, basis to wondering those know I in I some share. will we not prepared for through and

When the that have market because to keep original mattered. team, we and things, we thought goal I it some And was There to are We to moves need share. on maintain think get X us. and we X have. with And there's ago by things top focus product. that the do about Angstrom years BetMGM, think for we done into realize other

back in company there's We a said, did. on know Harbor was and margins. what $XX come two events: National didn't But this of they remember quarter, Detroit Jonathan pressure a what realized, year-over-year. the to tied $XX particularly strike We million million player ultimately, our regional

to New ourselves one with and best industry, of in positions find like balance in Japan us the which sheets the invest well places We York.

We worldwide Gary things aggressively terms the has U.A.E., Fritz digital business. in of constant us our are digital growing of at looking and and in the the front of team balance

excited we're that. by so of And all

at again, but if every you you math, obviously, we X.Xx, will judge that. think And CEO, under-traded be obviously, the Jonathan's all then like follow we're of

open will I operator, it up that, for questions. with So

our And first Joe [Operator Greff Instructions] question JPMorgan. from with comes

you Starting the about talk Vegas, you off larger your year the you of topic years. the quarter EBITDA you Las is priced Jonathan the contribution then the can FX better maybe Vegas from counting it you can grow? in And contribution in year to room mentioned X isolating And have the is FX? of be magnitude Bill, Las Or might fourth sticking maybe money about does it EBITDA in Super from event FX do off before in then can think be this with a what in quarter? whoever still have and Do Bowl, year than to fourth from there, and bigger Super the was the Bowl the X? else FX, Bill, than coming a you but think level

year neutralize the it it FX, before, broad if stroke Jonathan year-over-year. was before. year-over-year, didn't balance and Let lucky then in. when kick some actually year give $XX million. the But run $XX it I We out increase about million me and Corey Look, both a you was

amazing. given thousands do had Super premium always across here, MGM it event et board. will the the drove Super parties we great enjoying drove the additional FX were festivities. the across the all and rooms, of tickets, expense Bowl that properties, the board. was in in it of We the of Unlike of The will isolated our answer ballrooms to Super Garden hands-down game kind We cetera? our cetera, Bowl enjoying concerned, be et was and them where Bowl Grand people particularly and it yes, drive the was

hosting think host showed it. was I was in, up, again. I did successful going Las all where tremendous it to And to skeptical and so want I a Vegas would a we clearly event. really universal look job And this

got cautious I think and to Bellagio, at outlier paid it we We track, paid the we're more properties on of comes going we the One, that pricing Cosmopolitan well. Formula Aria, when have. along some to be got for

do away the paddock. think well a and of of better get with MGM exceptions, that back couple held its further there opportunity the the from adjacency into to town. more you've track, I the There's in to got people because

add, What we particular, south weekend the activation particular, lack like I the a because more normal Strip that of going on in probably would there. FX Joe, of treat in forward would

every there's Bowl, And So mean, to register, from opportunity beverage we think there. I cash Super food on and was ringing. entertainment,

much was So it every more to to was widespread compared property at the luxury. which FX, isolated

thinking or changed to any time is you Board's commentary on public this Has you Great. for thinking good really the updated anything And the a any last digital made evolved on of revisit Bill, maybe it? kind large-scale since and M&A. chance

was week, think, our very Stella, is with partner. making on I We're met us. I critical is And Look, BetMGM. of a on particularly year, I focus last all No. focused for everyone's at this ICE still sure

product, So product, it's about product and focus.

remains that so the And focus for now.

Santarelli comes Carlo The Deutsche question from next Bank. with

maybe go about previously hold the is the some Las breaking current hold, the fourth impact driving much I that of experienced accustomed if provide respect percentages. and you just or talk back clearly, would quantitatively really Las least than in what b, to it I and wondering talked quarter and sustainable and but hold and in Vegas environment. more about out you we're it what's how if, from could you in at do in a, the had perhaps to again, kind fourth from third impacts you've Vegas, And in think, what hold; higher normalized quarter, you've not was this

ways of the that all, both when certainly isolate to would in of get results, is first hold tried impact But also know, higher segment Yes, can say the the anyway. that some lead of of nature It's drove of a this play hold. giving true you as out Jonathan. good trying quantifying because, that impacts customer quarter. of there's with hold fourth of the cut experienced to those the business that that, it's Carlo, things such we've lot it I we hold to

So a the of is, normal different. is little hold bit whole a what idea

customer other of with order of these as positively player-related rapid discounts no second I like. look, highlight to also There's normal cases, expenses that, quarter. were incurred contributed as including, then that. the we retirement well in the some would as, certain But And induce in there and more results. to to course, well segments, the expenses, all, in associated But question are of markers that there as it the complementaries offsets about including things

Jonathan. Okay. expenses enough. was we a to in context that, it's on top Obviously, do just of very flow-through kind follow-up how we the about results But or good. things if wondering I little basis, very you're appreciate has Good results that you think and it continue period, should And a lower. sequential are And us color on Macau how look some flow-through then that anything market XXXX line of share with incurring The there. be good. the things just one to about and growth. at of you're through perhaps of thinking that nature, I'm give kind if concession-related programming, if the on if can the

turn it to Let Kenny, over off, me kick you. it I'll

done use all but overhead we our to and I'll Bruno item, example I cetera. the a is it et to simple overall an expansion tourism operatives, of point, after Some just and activity job drive concert some had is your that like the going Mars, -- we of great a good with mean, case, of have

it's part that. to So of adhering

color you some Kenny, give more why don't though.

can in record see, China, Actually, for high Thanks you like the question. basically. Yes. a MGM was QX as

performance happy continued grow. January are has our We to see to that

including middle basically, even share. January October Currently, our market across are levels the X is Year exceeded New actually, all about and segments, of which celebration. So in days' Chinese performance EBITDA we has

city, As it the about to of the reached XX%, XX% same-period visitation levels. to has XXXX

X VIP have the China, as all drop, As turnover the XXXX visitation, as the to the handle well players levels. MGM well properties same-period the table exceeded combined, slot count,

we and confident of rest New are with are well the optimistic we this as Chinese quarter. as Year the So

to add, versus year obviously, do that that competitors there's junket if us I'll I increase you're a I middle million might of not because, in retail do our just again, on We are. in are but The don't some contras on we flow-through everybody, of which particular, our high the I which flow-through look, large margins growing rent, a making our that's have as wish Kenny, volume know And have we on we of is massive in not, a a did, segment, operative And amount lot. that. $XXX continues a remind luxury.

our impact it margins. does So of some

of as stands in terms of it, at the mentioned maintains business in the that looks XX%, it that you as you respectively, the XX% contra expect they Because Is kind today period. properties, of as like revenues, level maintains? each mix were long a it

reinvestment the The actually quarters flat right. year. that's is pretty the past over Yes, for rate

The Jefferies. next question is with from David Katz

I where one back helpful. for investment XXXX. this go If that it's talk focus realize would might to start can year, still profits? cause puts keen be XXXX an to of if the to year, as that what takes is in of next that could XXXX trajectory change to for and is sort in just about product been a want you some XXXX and more through on just we as Should entity think year BetMGM. Obviously, there we

yes, I'll that we've This in sit partner that. answer X you've spend Look, of cetera. instances. our above folks speed will a outspent will we'll be in confidence able et to have better, be year. add And parlays. David. were be need market to X, you're is product both more to of seen We'll share, marketing and Angstrom X.X I to the We better We in want want that. the raw the to lost two stick take spot-on. a get our different big shape. reinvestment a out in be will Obviously, it, acquisition more more Obviously, by and being Sure, us think in dollars. terms literally, product,

be starting part will with year. And this baseball developed so that's what of

But we in hit hope the wallet time as single We year, the football will mentioned my by have differentiators here. spring development we're where year, to next a year first a see comments, going have be. by this of some I cash suggesting to lot year hope -- and year, to of business ultimately, prepared product be that in a is this hope is play. have making going strong We this this a play, and I'm next to XXXX, begin very in should

look, be you whether you, would me thinks to point and as how takes you controlling follow-up, product just advancement won't so could able my could around will or and it'd ask, or drive perfect puts And entity helpful. of silly that that BetMGM help for that that trajectory at out makes I'm some it being if about the the be not. But frame to sense, and us

obviously pretty it's matter a So actively. that's discussed

at don't any echo what want the comment only focus. focus for Stella to I I with further is said. prudent. point. don't BetMGM would the on team on Look, be I I product it'd for David, as other them with interim this the the think CEO, discussion

next comes Stephen Morgan with Grambling question The Stanley. from

more year? into Vegas think Vegas that OpEx year? year this and context, generally gaming and in thinking a in about how year puts of specifically growth lodging the you takes Just should major do F&B a And per are the in we day versus through? What to about as think think XXXX, of being

to about this it of them and this way of look course, pricing, yielding, talked of good at Yes. the new growing through When to relates it. few a Marriott we a we've Actually, year, probably and already, characterize lot a partnership on. think so demand drivers of that's growth I

Conventions.

the business. and Thank Bill. you, conventions Yes,

top are growth. drivers be main line those to the So of going

course, for in we Vegas at guidance top agreement the or As main it line, a our with culinary labor the while, either provide associated with looking union. Las are the new we relates bottom line here to of OpEx, don't increases, increases

able already in year-over-year leverage least in of since I to back well be year, last will offset procurement That first be the OpEx factor mid-single-digit a year. the through low for doing growth the year. really activities. X some issue that around us. will in incurred be not if improvement year, we We'll I work surprised part we're that So half as of But half of be this rate, for productivity we at in the months main the as of a kind that to incur think that the of sales through wouldn't the cost

follow-up I then guess, one year? And the pace And anticipating be maybe leverage kind through other this the do that through? should buyback, thinking that terms you be bound on of think just how should of you we in upper the what's

of X.Xx leverage full The upper be that bound and would leverage, right lease-adjusted we're a now. below turn

year. the shares increase, amount still outstanding just I that. we the dry our think prepared mentioned the It been remarks, year. are we this do augmented our with have And a our to repurchase in retired think We I last we're XX% enable market. fair have attractively year-to-date. to still largest pace valued. us anticipate But of that share of in active credit powder, may shares I still wouldn't continuing that at revolving

be than it less XXXX, say in to going we're but still being So it's I aggressive. likely was would

is Dan question with The Politzer next Fargo. from Wells

a bit just wanted little I fourth Vegas. drill Las to in First, the quarter in in

it think I that us as and think there's hold, in about just revenues there a OpEx I helpful you your XX%, be for accruals same-store impact mentioned. that cyber but would out pieces to about couple a in guide maybe basis moving could of points. XXXX you margins were maybe and lot up parse hundred hoping some of down know

Las recur, wouldn't think Sure. When points. we benefited in kind in expect basis that of to by parse it fourth the things quarter we out, XXX that items was accounting maybe the for or we unusual about margin Vegas

where the So That's that the margins of for XXXX. puts be expect is some where kind be which expected we've us still to we time. to mid-XXs, right them for in

as rolling you baking Got That's have as guess, pacing the any you CON/AGG should March think the mentioned, the of helpful. How excited growth, it. broadly think Madness, to all the of of kind major we year we in then but more an on call of I kind about kind of in, remainder you of group, off, should I year, terms that about remainder or March, And kind have expectation Las tent-pole for out for Vegas, events we think get better. it of about?

to top rolls March X kickoff coming, the coming. line, then a Springsteen's your USC, great a The off again. of Madness coming, We've with always got obviously, LSU Formula here. my We've three. And Stones To is back coming, football got point, top Madonna's head, around just are big around name deal

going We year. to more I we've miss we the championship miss that. back, X got next are won't so Pac-XX that take year, No,

we and the admit, year if an about and so an think was through, we've amazing must stretch. just all And you XXXX, been stretch amazing recent

that easy. void fill we won't that and be the plenty the still have having activity of replicating content said and dates. that, But case kind So fill of

city addition. from be And was than great The a T-Mobile year. programmed Sphere last I a the has it been perspective, think will more

a strong year. it's all, in going be all I really So to think

ending March, be about you in March. As also Easter it CON/AGG, only we won't think have

in business have the on that but will a So up March picked convention slight will April. impact be in

Kelley The Bank next with from America. question comes of Shaun

to the you Las Bill, called behavior high seeing What's with those lot could little moment, side? you the color growth of are going some wondering at just a more sticking give just you a to properties drive XXXX? Vegas kind some bit and those great Maybe of take around What color of commentary maybe improvement to customer a end. and out look out as on on us outside properties the end, for high core you if

spill-off, Mandalay tell or pick convention and more into in at this say, up. Corey I'll the principally the one business should various the flow-through, Well, these crews, I from for and the and does But conference XXX,XXX with Excalibur. Luxor room of even thing parts groups, nights setup you can flow pieces

off to extensive on know Obviously, all recapture, the flattens years. to think we've year continue gone and the I We'll an culinary basically with whether through, try it's pricing Then falls going to that's is So increase, opportunistic resort that for exercise. thing. this one. of out we to be X.X which through an balance particularly a fees it the do

So Corey, anything?

is bit the our It's revenue. Yes, small be a going a to Vegas percent properties, growth little there. the limited legacy of

same mentioned, here there. luxury it Bill definitely not help have and the overflow the just citywide, As town, in that won't in are benefits mix, But but will properties see. the some convention will

more my as lines know partner. your of it transformative mean, like there. are is a was just And be I remarks, of just Great. something a what would think called follow-up, through help of But earmarked in I across things, $X again, but done variety international, what eyeballs digital, think this with billion including some along on the focused more the of with sounds the out I us it criteria prepared lot you've LeoVegas.

some So what terms for next? of opportunity for maybe parameters boxes could year some give you in looking out us check just of that or this

X to up key and shop, our getting We contemplated you setting will. Sure. pillars own if

Push their bought and studio. MGM MGM. Millions, obviously on mind. way, #X MGM we game content We've bought And game, gone that game network; in called, it's #X, now our LeoVegas branded out, whatever Millions, first is Money with Gaming, or a which first the By with so

We that in LeoVegas. own to are our on be time, own of use with buying obviously And Sports our We want technology. we over have sports Technology. we the business betting heels for Kambi

tied to deal heading after there we to heels some celebrities South games JV. had and Live we're where to we've Dealer a at talked vision going Brazil a the of with about are casino a both entertainment on of and when of for on plan and rest live and from Las broadcasting that of heels I'm world them, and week We the is large or to to sports launches. gaming betting, down for put Internet week to next in play be that. the America look Vegas

building And BetMGM looking its focused on real we're we're short at over we've so into about. well And the business. We've months. in at U.K., as country a thing. to another already talked first-time got same depositors the core We've already business taken do X.X that XXX,XXX

business. us. to staying tell, And is paramount but if to And going ultimately focused something time we're acquire on the so else, for grow we to that now

Brandt The with question Barclays. next from Montour comes

be look did that look and the is just to a day forward. on run number we first, question And in quarter? sort OpEx quarter, curious, go I Macau I'm really I'm way. rate maybe at you ask little basis events-related fourth per at thinking taxes, look for in that, little a to back you just So If what of about you think guys that of a step Carlo's at we OpEx, getting versus up wanted bit. of different that should bit or just sort a 'XX if as a if gaming level however And there excluding at maybe is that going onetime

we Kenny, and in can stroke, to more commitment in but requirement could or maybe $X.X we speak $XXX XX-year actual I so tell OpEx million in you there's capital broad remember, intelligently, have tourism, billion you spend have, the expense. to driving about this

a billion billion OpEx. government, of pure little $X the is to commitment got $X.X we've So which over the

to And a so tourism marketing about driving isn't think lot necessarily and international tourism tied in in case of we'd driving the programs gaming. activity usual that the

Kenny. Okay. This is

you As past added concession, the XXX year, with like the know, for we another tables. new

Of more FTEs. bit added a course, little we

OpEx more tight table we regarding general, control. in have But daily very very, are We hours. our open

from You can the we high over with quarters very the the the market along year, are see margin, in growth. business XXs, our of and gains EBITDA last stable, share our

stable rental in should our margins. our EBITDA, be there for next quite not of is high-margin but the marketplace. way retail really do up couple see can Bill margin with As we quarters, just this so much EBITDA have we these for gaming next commented, I

the say time. share can how then the then all And structure you standpoint BetMGM announced digital expect X, and Bill, at what comment deal circling perfect. you I to of that came sort together, if on to and on specifically, the you and back an was partnership you be what That's impact economic can want from over of newly Okay. with wondering, about the deal, that anything

It know. interesting. you started, it's as just Look,

you company, was So we efficient better have outcome be. offering X from the high captured the we've hopes the remember is yesterday, bonusing, X.X% an a be to for various even to presentations of That way can to for probably they that it. you that positioned are other going much significant and general those We deal extremely and structured uptick about going The to us. what input I had to is efficient. some opportunity. literally this XXX it's folks, it if it's deal team million before, compared people, on give exposed to think on when that day they flipped

we'll see. So

But on guess, we there. everyone do. I live for demographic what customers but was X, well fits the think Our particularly we

The with next from Macquarie. Beynon is question Chad

in we've I and more of been so chalked wanted current pretty there to weather, for like from sounds declines. of seen out kind January a there's releases that companies. that public is the ask I quarter, a heard of some about the most lot significant And it showing properties. to number we've guess, of bad up regional that

weather you it stable? January. a, is does on if Are then off to look as terms good still inclement we of to feel kind 'XX? And kind many willing customer seeing kind areas you're in that that importantly, Or in So maybe your rolling properties these the markets are of of any have out that that more trends low touch as in in end? regional core that of of may given

as would our saw bit I a some is markets. Empire of as we in well. mind another. saw But effects one. Year's, impacts calendar by certain because properties Yes. say both would well January that January coming some pockets affected the weather. were as in those New strength of our off to weather regional the say of of Springfield comes also as of I

Players groups stable are pretty all age from all spend. and

lot eliminated we actually of a play. COVID, During that low end

positive in a February, that business. we feel seeing weather-related we're January we're what the pretty general, pretty you saw what was of comfortable in And component on. in So

Okay. terms Great. to And to in about? to we update Appreciate 'XX, line anything respect then New color. with as York, time there get that the any us speak is near-term of through

Bill. some these know was. boroughs. I No, Yes, this is they're the by zoning there all things of of I going wish through

to 'XX, us then with for X may don't by submitted a make and wait suspect our But year, anymore, happens. I what fact, see I And round in what to then end by middle we this and XX-day that we're decision questions, know something get going we wait the and back clock unfortunately. the of think, It they'll of we're is gives ultimately, them. happens there. awarded. that hopeful, the see to going and something they're going. come But

Securities. Jonas Truist from Barry with question is next The

thinking As your about the for you potential stadium, how for few influence that over baseball your CapEx properties think the years? does A's incremental adjacent about next

We've it. about Very interesting question. been that, talking thinking about

front now to and property. Las to reprogramming. connect. closer reinvest see But to attention is year. I XX-year-old We've get MGM in traffic, about it site name's where more. go serious want Boulevard, find invest if been foremost, see it I plays it will, literally might We're mean happens, and Boulevard should to For want the as It's needs and capital, some that it's might in XX end place communicate believe, that will drop. et in, to in think days, a we'll rooms the have terms lands. get and next out. waiting the Vegas we how We've some three it XX this Vegas But on Las where of it how some fact in us, a new the will It's we I've our few it, obviously, versions stadium, to to to needs in restaurants. do where and show we We're pedestrian to It's MGM. you cetera. about what if actually shown might and that's the would is it the all It how of love. all some got really done on concepts. of settles corner adjacent our with sake. first we going first how of brand. terms the the be out of Once sit you to property,

And there? you gaming Okay. legalization participate what can are how U.A.E., for also maybe Great. follow-up, you a get into the next could then steps but maybe And Abu as elaborate just potentially a you on about in talked Dhabi. bit

ultimately, time I Dhabi, the opportunity on Dhabi. last we to year, to a in in the on some trying there extent we have the in that. may but is general That exists. we Abu To submission think ground Abu As in there, U.A.E., had, specifically suggested would license understand be for opportunity we We Obviously, believe it participate be Yas the the Island. Dubai. still spent

without which a project is billion It's over an in there, amazing casino our be going We it. $X.X project have a project. to

then for And by granter for so and license if one, hope and Dubai as digital Emirates may general to potentially itself a it when with the to both the would And Dhabi, like any all or we but they positioned say or digital. one first, goes, start of it, be either Dhabi ultimately, Abu Emirates lottery, the Abu time tell.

from is The next Farley Robin UBS. question with

the million, were how of just two decline? much regional we QX, strike, for just of is quick it that One clarify, the piece about ones. of I was pretty I if $XX $XX was think million trying just nonrecurring to have just if you could in think kind the that

strike the the National half to the $XX is other The Harbor. related half and roughly million, Yes. to

nights Okay. Great. through color you for of of could you if I room only know that weeks, dollar Marriott, give? couple know And been like rooms it's said a you or sold the did about on kind and percent give metrics don't but premium Marriott, of I any any what

second did changed. earnings few what bring has weeks And from implementation Robin. a of some our us last it of I was October our not ago August expectations, arrangement was give delayed estimation We believe although quarter can to the call January, to in year,

So in August. I'd to gave just those we you refer measures that back

it's last it's enough the X your the mean know at expectations? too numbers? Or other in no that seeing delivering early change what like of that kind words, moment, weeks? you to those Does to that say are In

in early by I encouraged It's few very we're as But the yes. is we're days. answer think remarks, opening in Bill The weeks. first what noted his seeing

question next with DeCree is John CBRE. from The

draw the I'm end your at of on if high consumer, or lot in is database a Las so on event a the Vegas. as consumer that the trends you question, performance high regionals talked regional but you get the bit high-level Vegas view about mix from are a at of trends to curious performance a consumer view the well? perspective? if little your a Maybe the driving does, more have balanced? of that curious and tiers the business high-end same similar realizing your be the have might we properties, properties Or kind segments it there And see database

mentioned, comments. think, themselves, higher-worth forward. to it's of property The couple and a directed the really pandemic, and extent, marketing answer certain and investments the carried offer regional reasons. I'll lower the In guests. of promotional Jonathan. that yes, as We've end. markets, amenities investments we've aftermath I It's our on different a started reduced the our And really Corey in Yes. efforts, is to really the but for marketing

the the that daily customers. is increases that are higher we've worth from properties fact those predominantly the average really seen So in regional

focus it's reasons. are going events as citywide well that on has same effect been offices different these our in events, what say our I special the our driving luxury customers marketing skewed properties, have so But this really and our luxury through because our effect Las our branch toward that different reasons growth in the for own And more obviously, has for on high-end as efforts. Vegas, been investment same capital

And color. then on year. maybe CapEx growth quickly plan I this appreciate that the

that a you disruption? terms by that the we might listed the enough projects projects in should now. and Are there want to guys think of go large any those But into anything in or any the I bucket, about that assets? we think this of timing couple at have that you pretty think disruption is dialed such of of about tight

renovations been I've in as manage MGM as would X the amazed operator's floor, but to at on I've and no. for well casino I say mainly ability been room disruption years, room through our renovations. the and at

or and in and with done in York-New Tower the the the so the cetera. Club, et we've If just Bellagio spa Water starting Chelsea what suites, we ones the Borgata, tower, so in Grand New mentioned, year we're last York, also the suite. on, The have, think I you Main MGM This year,

those would not advise really you disruption any to I from investments. incorporate no, So

The is Stifel. question with next from Steve Wieczynski

the So you material markets, understand are look, quarter about maybe the Harbor, guys real at when year? quickly, about think look but this the the was a fourth for I margins quick from there me, Jonathan, the in and in National just thinking we margins could questions impact just way for how customer regional two but strikes

quarter do this labor a when tools but would we quarter. a have to do on facing this the do our lot and Yes. XX% believe There number We fourth year, going the I were on look that, we at of in increases there. forensics we some But we're can disposal, say cost regions. the things also ahead achievable. that's margins that of

for have quarter you'll regionals, And bit but of in and especially slower, because attainable. fourth the fourth it's a the weather the a lower little year little quarter, margin is in XX%

Jonathan, Great. this the Bill for and and given takes gives us then color of Okay. And you've around year Vegas. lot a in

you to an I'm of going the I this question I'll is to think simple the tough too but comparison, get possible So guidance, without question you, year? is, much Are going too overall ask overcome? be it's this see year do getting hold actually and if answer out just try guess full to comparisons, into the grow to to EBITDA

No. Look, I think the yes. is answer

the do there, there's But is macro, Obviously, some We've And labor particularly that. to 'XX Board of answer surpass. headwinds enough think our incentivized budgeted we've yes. enough that, we momentum costs. in We've We're I amazing year. with programming think an that. got convinced I was that. think out to we

but going not can I we think like surpass. I it's you, so assure And double-digit, to be

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

Thank us operator. all joining you, for Thank you today.

opportunities. Just this have word great is digital, up incredible and and demonstrated, space I a we're a of EBITDA X want 'XX real by to so We've brand excited own for Macau do continue the properties earlier, in the an positioned. our anxious we're in our in launched the development excited for to unique I was company for and of that. them. again, long balance all-time again mentioned so haul, our world, one thoughts. we game by see only it, the And 'XX, us term. and an the so business is the long break resiliency, had and Remember the troops ended year, sheet and a came our you'll rest Japan couple and way, of year. which for so in in very in digital thank continue thing to We and records, well future.

And we're bring. may that that excited the York and opportunity New potentially by so

So We 'XX. some And was and year. your a great hope replicate you we to in time. thank for 'XX then it

The for your conference you has participation. now concluded. Thank

lines. may You disconnect your now