Contributions and Feedback . On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Thank you. I think the margin performance is, of course, a number of dynamics going into it, but one of the most important has been our ability to yield on the room demand here. But we're not going to get ahead of ourselves right now. If you gamble, use your GameSense. Jon, I agree. Hey, good afternoon, everyone. We're looking at a studio increment that could be added on to this thing. By doing that, I think, is meaningful to us. Our next question will come from Robin Farley with UBS. Sure. Our balance sheet is in a position of strength as we have more than $6 billion in domestic liquidity with almost no net debt. Through our dual perspectives of efficiency and imagination, we create events of every size and scale. Learn more. No. And hopefully, we've signaled pretty clearly in the past. And so, we are just supplying close to 40% of our new customer base. It's got a full slate of iGaming opportunities. This Casino Stock Just Had Its Best Revenue Quarter in History. First and foremost, MGM Rewards has just surpassed 40 million folks in our database. It is one that we do not have to refinance. WebGet the most out of every stay with the MGM Resorts Mobile App. Please go ahead. WebTravel deals on hotels, flights, vacation packages, cruises and local & entertainment deals too. Occupancy was a major driver of the improvement year over year, reaching 93% for the quarter, the highest it's been since the start of the pandemic, an improvement -- and an improvement of over 1,000 basis points year over year. And so, while relatively small, its scale to some, it's probably going to be about $50 million in cash flow. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Dont miss the action! We've achieved this vision by remaining laser-focused on that strategic plan. As per our database, 53 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of the third quarter which was 46 in the previous quarter. If that didn't make sense. It's tied to the entertainment experiences that may be a Bruno Mars or something of that ilk. Thank you, operator, and thank you all for your attendance and, obviously, your interest. The underbanked represented 14% of U.S. households, or 18. The rent is compelling. WebElvis LA Forum, November 14 1970 HD Remaster: While we all wait for the unreleased MGM 'On Tour' footage, why not check out the fabulous 'HD' remastered youtube clip from November 1970 of Elvis at the L.A. 'Forum of Inglewood' in his 'Long fringe' jumpsuit. But there's clearly an opportunity going forward. Thanks for taking my question. And so, it doesn't mean -- we're not -- eyes wide open on what may happen here. Were involved in every single one of them. Let me close by making some high-level comments on the current state of business and our future outlook. Seating will only be available to those who purchased an MGM race-and-stay package, the company says. Looking forward, improved design and functionality of the BetMGM app launch of a single wallet and omnichannel growth will be tailwinds behind future growth of their business and its impact to MGM as we look to reach profitability during 2023. In the past three months, shares of MGM Resorts have gained 5.7% compared with the industrys 0.7% growth. And we can't forget Topgolf, Las Vegas's most unique golfing experience on The Strip, where all the best things to do come together. Looking forward, we will add Massachusetts, Ohio, and Maryland to our online sports betting portfolio. And what is kind of the target next year within the 19% group and obviously trying to pull out of FIT and some of the OTA channels, things like that? It's been reflected in our NPS scores and what our customers are telling us about their experience here. In addition, please check the funds top five holdings to know its best picks in 2022. Surprisingly well. Thursday morning, the company's website showed MGM was trying to "get back on track" due to an "unprecedented level of demand. Don't miss the Las Vegas Desert Dogs at Michelob ULTRA Arena! Look, Chad, I wouldn't go so far as to change our projections and our prediction that by this time next year, we should be in a profitable scenario. Operator? From contactless check-in to increasing cleaning schedules of common areas in both public areas and back of the house to paying special attention to high-contact areas such as doorknobs and food contact surfaces to in-room covid testing, we are also pioneering a COVID-19 pilot testing protocol with some of the most cutting edge companies, so that if you choose, you can create a perimeter around your space for even more confidence. Learn more, Don't miss Jermell Charlo vs Tim Tszyu at Michelob ULTRA Arena on January 28, 2023! Hi, Robin. As we hit the halfway point of the NFL season, we're encouraged by the preliminary metrics, reinvestment has remained within our expectations and market appear to be acting more rationally. Now, let's discuss our third quarter results in some detail. WebThe latest travel news, deals, guides and tips from the travel experts at USA TODAY. And we'll begin -- we're going to hit our first full year here coming up. WebmyVEGAS is the official mobile and Facebook game of MGM Resorts and MGM Rewards. The breach of the cash-for-surveys site dated back to November 2016 and exposed names, physical addresses, email addresses and passwords stored in plain text for older accounts along with weak MD5 hashes for newer ones. Hi. Thank you both. It's tied to fine dining. So, I would say the main contributor to it has been the has been the strength in the hotel yielding. The inverse of that is we're supplying BetMGM with about 15% of its customers. Our 50% share of the losses in the third quarter narrowed to $24 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDA calculation. News, The L.A. Times, The New York Times, Ad Age, Business Insider, Mens Health, Buzzfeed, and Complex to name a few. Was there anything there that you'd call out or that you saw on your side? We want to do more work, and we will continue to do -- they will not go backwards from this point. Wallace can be seen just about everywhere on the internet and has collectively built a digital thumbprint of over 1 Billion views across his social media channels. Overall, customers who play online at our properties have increased engagement and our lower cost per acquisition which reflects the operating leverage we can and will drive into the future. I think that's definitely a long-term positive. And so, we have taken real share. In addition, please check out our hedge fund investor letters Q3 2022page for more investor letters from hedge funds and other leading investors. WebFor a list of 2022 qualifying tournaments click here.. For a list of 2023 qualifying tournaments click here.. Get in on the action and be part of this exciting slot tournament series by contacting your Marketing Executive or Casino VIP Services Agent to register for the next MGM Rewards Slot Series tournament today! These people know more about audio and visual tech than Bubba knew about shrimpin. With a full staff of artisans, designers, planners, entertainers and logistics personnel, we assemble many elements for amazing events. I mean, we've got our casino room nights about where we want them. The answer is yes. The other thing I'd mention, which is important is our direct bookings through our proprietary channels are up about 11% this quarter versus a year ago. *Stock Advisor returns as of September 30, 2022. Our local and cross-property efforts will continue to address these important segments to drive further growth. Learn more, Don't Miss Ray Romano & Brian Regan! 2 Stocks Down 19% to 51% to Buy Right Now, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. In the deck, you did mention investing in advanced marketing and physical/digital experiences, I think, associated with the loyalty program. And how much of this is sequential margin compression on the existing business from headcount, for example, which you also called out? We look forward to helping you create a memorable and special event. I think part of it is our Ontario/Detroit database, and we've had exposure to those customers for 20 years. Just a follow-up on the strip margin in the quarter. WebFrom contactless check-in to increasing cleaning schedules of common areas in both public areas and back of the house to paying special attention to high-contact areas such as doorknobs and food contact surfaces to in-room covid testing, we are also pioneering a COVID-19 pilot testing protocol with some of the most cutting edge companies, so that if And we have established a financial policy that we will have $1.5 billion available to us in addition to our revolving credit, which is approximately $1.5 billion. To make the world smarter, happier, and richer. Thanks, Corey. We're making strategic capital deployments into improving our existing product with room remodels across three of our major properties and an announced refresh of the Mandalay Bay Convention Center to shore up our long-term group market share. Lock in the most iconic track-side resorts, exclusive experiences, and bragging rights to last a lifetime with an exclusive MGM Rewards grandstand experience. Second, we'll invest where we have clear advantages, exercising prudence and measuring prospective returns for our shareholders. In terms of destinations, you couldn't have chosen better. For a package with a three-night stay at the Bellagio and a seat in the grandstand area, prices start at about $1,700, according to MGMs website. You have a commitment on that. Its aim is to document the rules of traditional card and domino games for the benefit of players who would like to broaden their knowledge and try out unfamiliar games. Just taking another swing at Vegas margins. Webtoday icon. WebNews on Japan, Business News, Opinion, Sports, Entertainment and More It looks like you're using an ad blocker. We were able to preview it recently through IMAX. I think in general, in most of our regions, we're seeing some reasonable reinvestments. Our next question will come from Shaun Kelley with Bank of America. Borgata Hotel Casino & Spa in Atlantic City offers an unparalleled travel experience on the East Coast. Most of the rest of it was labor increases when we look quarter over quarter, but we did probably have one and a half points of unusual margin items in the regions in the third quarter. But we've got a sports betting product. Please go ahead. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Programming also remains an exceptional story which further solidifies Las Vegas as the nation's top sports destination. The casino business was very strong for us in terms of room nights a year ago, as I noted in my comments, but that has -- since that and some of the leisure business has been overtaken profitably by group business. Some might choose an iconic location like on a patio across from the Bellagio Fountains. And we also recently announced the addition of Gary Fritz as our president of interactive. I know your question was around sequential, but year over year and sequential, just the volume of activity has increased here, and that's required some additional labor resources. Put all together, and MGM continues to make great progress toward our long-term vision which is to be the world's premier gaming and entertainment company. Our next question will come from Chad Beynon with Macquarie. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Sounds good. Jonathan, I know you mentioned the project for regional was kind of to remain 400 to 600 basis points north of 2019 for that segment. Race day packages offered through MGM include options for access to the Bellagio Grandstands or the Package Grandstands, the company said. Las Vegas is more than gaming and pool parties. Let me hit some of the highlights of the quarter, and then Jonathan will dig into the results in more detail. Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. Andrew Chapman -- Director of Investor Relations. Baron Funds made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2022 investor letter: MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM. Why MGM Resorts Stock Scored a Win on Tuesday, Why MGM Resorts Soared in October and Plummeted to Kick Off November. This article is a transcript of this conference call produced for The Motley Fool. All of this on hopes that easing restrictions will provide a boost to the world's largest gaming market. So, we took a relatively small amortization charge in the second quarter, and then we're taking the remainder in the third and the fourth quarter. 10 stocks we like better thanMGM Resorts InternationalWhen our award-winning analyst team hasa stock tip, it can pay to listen. From galas to gatherings, its all in our wheelhouse. 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; Hubert Wang, president and chief operating officer of MGM China; and Andrew Chapman, director of investor relations. And the third quarter, BetMGM launched in Kansas representing its 24th market to date and the eighth new market we have added since November of last year. But MGM remains the clear leader in iGaming with a 29% market share, and BetMGM commands 22% share in active markets when combining U.S. sports betting and iGaming. We are at a place -- we said they would come back to where they are. Our operations teams have become incredibly nimble over the last few years and are prepared to quickly adjust our business to the changing demand trends if they occur. ADRs in the mid-single digits. WebOSHA's online newsletter provides the latest news about enforcement actions, rulemaking, outreach activities, compliance assistance, and training and educational resources. Our third quarter corporate expense, including share-based compensation, was $117 million, which included $9 million of transaction costs related mostly to LeoVegas. And we're equally, if not more excited, ultimately for MGM Resorts for LeoVegas, and our push into rest of world with that vehicle leading the way. MGM is calling it "one of the world's most exclusive live sports-viewing experiences" that will only be available with purchase of one of its "race-and-stay" packages. We will host a men's NCAA West Regional for Suite 16 in Elite 8 rounds at T-Mobile in March and Formula One, as you know, were selected the weekend of November 16 next year. Whatever the occasion, our job is to ensure that every aspect of your groups Vegas experience is first-rate. It's almost impossible to overstate how much. It gives us two things. In the meantime, we'll continue to look for opportunities to drive organic growth in our core business to select key capital investments in our properties and through our MGM Rewards program. And then with respect to New York, can you remind us, the scope of the all-in investment, the timing of the spend, and anticipated timeline to complete once you start once you get approval? You heard obviously the success in BetMGM. MGM Resorts is now the official sport betting partner of many major league franchises around the world. Now, I would like to turn the call over to Andrew Chapman. I know you talked a little bit about some of the factors with the regional margin being down with labor costs and things. In fact, the opposite is that we continue our energy efficiency programs have had a slight decline in usage. And so, it will take some investments. Our last question will come from Ben Chaiken with Credit Suisse. Of the players that play in both channels, we've seen a younger customer, in fact, almost 90% of the BetMGM omnichannel customers who visit Vegas are younger than 50 and over 50% are under the age of 35. We've taken 100,000 room nights off of weekends. Its time to do away with any system that grants a single state the power to set the tone for the entire national primary race. But overall, I think over the long run, it's a positive. Are those big events going to see similar attendance as 2019? US, EU agree to intensify talks on green subsidies dispute Tue, Dec 6, 2022 at 7:59 am; Australias central bank raises key interest rate to 3.1% Tue, Dec 6, 2022 at 7:58 am; Justices spar in latest clash of free speech and 3 Reasons to Bet on MGM Stock. We continue to stay alert and are actively monitoring our business and indications of a slowdown. Free cancellation. We've also opened some final outlets that had been closed over the past year or two. And so, we're encouraged by the signal and really what it means for Macau. Packages on offer are expected to include the following: "In just over a year, F1 fans from around the globe will see how Las Vegas throws a party," said Steve Zanella, MGM Resorts' chief commercial officer. Tickets went on sale last week, with a minimum price of $500 for a standing-room-only option. Bill Hornbuckle -- Chief Executive Officer and President. And with that, we'll open this up for questions. From golf to entertaining options, this luxury home provides a wealth of amenities. And probably piece is still missing, but we're starting to see some of this come back is the Far East play. Got it. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. The team knows exactly the CPA cost per market, and it allocates certain percentages to what those sponsorships may feel like. At a minimum. The right look can lock up your events success even before the first guest arrives. Las Vegas Sun, 2022, All Rights Reserved, Golden Knights Beat Philadelphia Flyers inOT. We believe this is being executed exceptionally well. This allows you to provide an enhanced user experience with prime space for sponsor recognition. We believe the prime positioning of our properties will allow us to fully capture the benefits of this exciting race. Play in even more qualifying tournaments to grow your finale prize pool, up to $200,000 CASH! So, hopefully, we hear something -- obviously, we get this RFA request. The speed and accuracy to which MGM could monitor their employees closely mirrored the NBA COVID testing protocols for our staff and players which minimized risk and allowed our two-week in-market workout program to be executed in a safe and productive manner.. The 2023 Las Vegas Grand Prix is scheduled for the weekend of Nov. 16. Invest better with The Motley Fool. But I don't know me, Hubert, if you want to talk any more sentiment and particularly, maybe talk about where you are with the lockdown. Not in the third quarter. There's about $400 million or so that's required in so-called working capital and our cages, etc. Bill, Jonathan, I know you mentioned that, I guess, firstly, BetMGM is coming in better than the $1.3 billion revenue projection. Are you able to talk about any of those this time? But in general, our reinvestments have stayed pretty consistent. Each of the MGM Resorts Destinations has a wedding venue to fit your fantasy - and your budget. Great. WebMGM Rewards Slot Series. Discover your new favorite restaurant. I think it is absolutely the right strategy. Joe Greff -- JPMorgan Chase and Company -- Analyst. Our teams are here to assist in planning your next event from a small corporate meeting or family reunion to a large conference. Southern Nevada's award-winning source for news, sports, politics, entertainment and opinion; locally owned and independent since 1950 So, the business is definitely dynamic right now from that perspective. And so, the opportunity that balance sheet presents for us, we think, is very compelling and very exciting as we think about the next couple of years. Hi, everyone. Price as of December 9, 2022, 4:00 p.m. Well, to be clear, within the United States and North America, of note, Canada and Ontario province, to be specific, that is the domain of BetMGM. The grandstand will go over the artificial Bellagio lake, which sits between the resort and the Strip, MGM officials said. Yeah, yeah. I think you called out the $11 per share of cash on the balance sheet. Flexible bookings on most hotels* Travel with confidence. Great. So, we didn't suffer any meaningful increase there. That's helpful. All-time Great Rafael Nadal will face World #1 Carlos Alcaraz in The Slam: A Tennis Experience at MGM Grand Garden Arena in Las Vegas on March 5, 2023. Bill, Jonathan, whoever wants to take this question. Gotcha. And ultimately, our growth pipeline with New York and Japan around the Horizon -- we love that -- both of those opportunities for obvious reasons. Or would you ever consider a pivot from the asset structure, if that's an appropriate way to phrase it? And we also had some hurricane proceeds in the prior-year quarter, about 80 basis points. As you are thinking about your future Group events or Wedding planning, we are here to support you in every possible way. We're strategically investing our corporate resources in growth areas, including improvements to our IT infrastructure, enhanced digital offerings, and our IR development efforts in Japan and New York. We continue to see further opportunity with the Cosmopolitan as we look to integrate our reward system and improve physical connection to our sister properties. "MGM Detroits comprehensive daily onsite employee COVID testing program played a critical role in our ability to execute the NBAs local market bubble program here in Detroit. In the press release, there was a little over $1 billion amortization charge, I think, related to subconcession in Macau. Learn more, Don't miss MAN at T-Mobile Arena on September 17, 2023! We love the team. Its really important that the world begins to know this history, and having this museum in the community will help with that knowledge., Exploring Night + Markets natural wine lineup inside Virgin Hotels Las Vegas, Southern Nevadas Avi Kwa Ame moves closer to formal national monument designation, Las Vegas Sun, 2022, All Rights Reserved, {"stories": [1670774460,1670774460,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800]}, UNLV beats Washington State to improve to 10-0 for first time since 1990, Newly appointed justices dedication to service just one of manyattributes, Start the presidential primary calendar with multiple contests, including Nevada, School Boards policy changes covering superintendents contract near final approval, Sunday Sweats: Seven bets to add to your NFL Week 14 card, Heavy rain, wind, snow blows through California into Sierra, Light heavyweight title remains vacant after draw in UFC 282 in Las Vegas, Las Vegas Historic Westside makes plans for an African American Museum, Sharing wishes, in the spirit of the holidays, Current Las Vegas weather conditions and the forecast, Special envoy gives details of Griners homecoming, Biden aims to narrow trust gap with US-Africa leaders summit, US helicopter raid kills 2 Islamic State militants in Syria, Oil spill in rural Kansas creek shuts down Keystone pipeline, Facing COVID surge, China expanding hospitals, ICUs, Death toll in Jersey fire likely higher than 3 confirmed, Election nonprofit that drew GOP ire in 2020 renews grants, USCs Williams wins Heisman after leading Trojan turnaround, Portugal prepares for post-Ronaldo era after World Cup exit, Shreveport elects its first Republican mayor in 28 years, New national monument a win for allAmericans, Moving Southern Nevada forward for 30years, Take your pick: Fall date night at AREA15, Golden Knights Beat Philadelphia Flyers inOT. 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