Unique technology offerings that provide the right solutions to enhance the success of every event. They have a 90-day window to issue it, which means by January 1. And, you know what? We just actually did something with BetMGM with Carnival that we'd like to bring into MGM Rewards over time as well. Thank you, operator, and thank you all for your attendance and, obviously, your interest. This material may not be published, broadcast, rewritten, or redistributed. We continuously work to optimize the hotel mix in our business. Your gorgeous host is Andromeda, the glitchiest, most sex-starved android since Wall-E. Before or after the show, venture into the all-senses overloaded dining experience in Superfrico at OPM. If you factor in the licensing fee and the initial expansion, we're looking at about a $2 billion to $2.2 billion investment, which given -- let's just say it takes till the end probably the spend on that is going to be between $24 million and $25 million. Do Not Sell My Personal Information (CA residents only). Are we now at a more normal level there? Some of them are access deals. Take a look at our showroom entertainment and get some great ideas for a perfect night out. And that's at nearly three times the rate of the growth of our overall web bookings. Please go ahead. Were involved in every single one of them. "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. Yes. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. MGM Resorts shared a rendering of a planned grandstand over the Bellagio lake for the Formula 1 Las Vegas Grand Prix in 2023. If we should go into a more significant downturn Obviously, we've got the resources to sustain and ultimately enough resources to also be opportunistic. Learn More. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. And so, it doesn't mean -- we're not -- eyes wide open on what may happen here. In the past, we had a lot of convention room nights on weekends. Early results of this strategy have been positive with a strong acquisition story, as well as the creation of brand stickiness. And so, we're encouraged by the signal and really what it means for Macau. Thanks, Bill, and thanks, Chad, for your question. We try different things. The 2% to 3% versus open -- the cost of what's going on right now in the marketplace. So, these types of things could happen from time to time if the policy is still in place. It is mostly having to do with mix and to a minor extent, some addition of labor. In Macau, adjusted property EBITDAR was a loss of $70 million in the third quarter of 2022 due to property closures and COVID-19-related policies limiting visitation to the market. MGM Resorts International plans to build grandstand seating along the Strip in front of the Bellagio for next years Formula One race. Dont miss the action! 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. Thank you. And so, overall, it's working exceptionally well. Its the first time the program has won its first 10 games to start a season since the 1990-91 campaign, when Jerry Tarkanian was coaching the defending national champions Patricia Lee, an attorney with Hutchison & Steffen Attorneys, poses in her office Tuesday, Dec. 6, 2022. Borgata Hotel Casino & Spa in Atlantic City offers an unparalleled travel experience on the East Coast. Just given the maturation of the markets where you currently offer your product, are there reasons why you might not be able to hit that goal potentially earlier if hold is as expected? And you're still on track on the losses for the year. Our team offers comprehensive internet and technology options across our full set of Las Vegas properties. Access to the seats will be available only through an MGM race-and-stay package, which includes multiday stays at a number of MGM Strip hotels, including the Bellagio. And finally, our capital allocation priorities are as follows. And we also had some hurricane proceeds in the prior-year quarter, about 80 basis points. 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. So, we didn't suffer any meaningful increase there. ADR hit a record $227 in the third quarter, an increase of 26% year over year. One other unrelated follow-up. With gravity-defying acrobatics, breathtaking acts of celestial beauty and hilarious mayhem, OPM goes where no show has gone before. Thanks. And so -- but no, I don't want to get ahead of ourselves. Join millions of travelers who already use Travelzoo! So, curious if you have any visibility on that yet. Or might they be smaller and then you guys can kind of grow overall attendance through various sales to other departments? We will now begin the question-and-answer session. Wynn, Las Vegas Sands, MGM Resorts, and Melco Resorts all up in a big way today. These people know more about audio and visual tech than Bubba knew about shrimpin. 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. Dollar rises as inflation pressures persist; FOMC meeting in focus, Oil prices climb on uncertainty over Keystone pipeline restart, Russian supplies, FOREX-Dollar rises as inflation pressures persist; FOMC meeting in focus, Asian Stocks Open Lower in Week of Rate Decisions: Markets Wrap, Asian shares dip, dollar firms ahead of central bank rate hikes. 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. Now as our convention mix returns, we're generally displacing less profitable but still important leisure business. Hey, how's it going? WebGet the most out of every stay with the MGM Resorts Mobile App. It's got a full slate of iGaming opportunities. Let me kick it off and I'll probably turn it over to both of my colleagues here. If you're here for a bachelorette party or bachelor party, there are nighttime parties and shows like Thunder From Down Under at Excalibur and Fantasy at Luxor. So, I wouldn't change it. WebMGM Grand. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and MGM Resorts Internationalwasn't one of them! We acquired the Cosmopolitan of Las Vegas, which strengthened our portfolio. But we're also seeing a lot of smaller groups and medium-sized groups come in and book also. From the beginning of 2021 through yesterday, we've repurchased 115 million shares for $4.4 billion, or 32% of our market cap. Those interested in purchasing one of the packages will have to wait. Last quarter, I made the case for the attractive valuation of our shares, and I feel even more strongly now with market-leading domestic operations driving record results leases limited to 2% or 3% escalation for the next 10 years, embedded cash flow growth in BetMGM and MGM China and about $11 per share in cash I think our stock trades at pretty attractive levels. Make a reservation. With respect to Vegas and acknowledging a lot of moving parts with Cosmopolitan coming in city center being consolidated, start to sort this going out if we're going back to 2019. It's absolutely tracking in the right direction. During the quarter, our highest daily Warts Casino segment remained our best performing with the greatest increase in both rated days and theoretical win. Bill, Jonathan, I know you mentioned that, I guess, firstly, BetMGM is coming in better than the $1.3 billion revenue projection. The rent is compelling. *Average returns of all recommendations since inception. Learn aboutourcommitment to safety, the community, our policies, and more. And just for the follow-up, I'm curious if you're seeing anything different in terms of demand at your Vegas resorts in terms of the more premium properties versus the properties that are sort of more broad market. Great. Our next question will come from Robin Farley with UBS. Wondering if you think some of the lower ROI deals could roll off over the next few years and maybe help drive profitability for BetMGM, if possible, maybe walk us through the setup there. 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. 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. Learn more, Don't miss MAN at T-Mobile Arena on September 17, 2023! Adjusted property EBITDAR margins were 33%, a decrease of approximately 450 basis points compared to the third quarter last year. We've seen some groups from Hong Kong. We've been amortizing that intangible to between 2031 and 2038. Lee, a 20-year veteran attorney and partner at the Las Vegas-based Hutchison & Steffen Attorneys, will fill the seat on Nevadas high court left vacant by Justice Abbi Silver, who retired in late September. Also, at the other side of the coin is they've opened up every province. California, there's not going to be a big launch in '23. These partnerships represent a unique opportunity for new, innovative and interactive fan engagement and betting opportunities for sports fans. MGM Resorts is now the official sport betting partner of many major league franchises around the world. The new MGM Rewards program launches today, Feb. 1, 2022, replacing the old M life Rewards program.. One perk of the new program that should excite World of Hyatt elites is waived resort fees for MGM Rewards Gold members. The casino room mix be in the high 20s to low 30%. Yeah. And so, while relatively small, its scale to some, it's probably going to be about $50 million in cash flow. During the call, we will also discuss non-GAAP financial measures in talking about our performance. Should You Buy the 5 Highest-Paying Dividend Stocks in the S&P 500? 10 stocks we like better thanMGM Resorts InternationalWhen our award-winning analyst team hasa stock tip, it can pay to listen. For starters, more than 12,000 corporate and social events are held annually at our resorts. So, thank you all, and appreciate you joining us today. Race day packages offered through MGM include options for access to the Bellagio Grandstands or the Package Grandstands, the company said. And then we've seen -- and I know you've heard some other industry numbers on folks that have come in omnichannel spend. Leo Vegas was an opportunity to open up rest of the world. But overall, I think over the long run, it's a positive. Business is exceptionally strong right now in Las Vegas at MGM Resorts and we see the market remaining exceptionally hot. But we feel obviously very strong and excited by our business here in Las Vegas. There's a real opportunity to go back and forth on that. We aim to support the Macau government in achieving its diversification goals, and we'll continue to invest in the innovative projects and programs that help the region flourish. Each of the MGM Resorts Destinations has a wedding venue to fit your fantasy - and your budget. We've also furnished our press release on Form 8-K to the SEC. And then, Corey, if you want to talk, I think, a little bit the percentage. In addition to that, we also are looking at where we place convention. 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. Hi, Robin. And if you think about the nature of people saying, that's like 100 days a year that people have visitation to Las Vegas driving a huge activity case, particularly at the south end of the strip which is obviously core to that neighborhood. Turning to Macau. I know you talked a little bit about some of the factors with the regional margin being down with labor costs and things. Hi. Carlo Santarelli -- Deutsche Bank -- Analyst. 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! There's some debate over if they can issue all three licenses at once or if they will issue all three at once or they'll go independent of that. MGM Rewards continues to deliver on our promise to provide more compelling benefits to all of our members. And, Shaun, what I would add on the casino side, every weekend here is just a major weekend with events between Allegiant, the three major showrooms here, the arenas that demand, we don't really see slowing down. Learn More, MGM Resorts International(MGM -1.78%)Q32022 Earnings CallNov 02, 2022, 5:00 p.m. When we say that we want you to Convene with Confidence, we really mean it. And we think that those customer service scores and the retention associated with those customers are going to help us get there. But in general, our reinvestments have stayed pretty consistent. Flexible bookings on most hotels* Travel with confidence. And so, we just have not seen a slowdown in that fact to the contrary. To make the world smarter, happier, and richer. Good afternoon. Afternoon, folks. Or during the show, our flight attendants will happily deliver cocktails, pizza, ice-cream and oxygen direct to your seat. Join more than 330,000 subscribers who rely on QuickTakes for information about workplace safety and health. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Thank you. Or would you ever consider a pivot from the asset structure, if that's an appropriate way to phrase it? We believe the prime positioning of our properties will allow us to fully capture the benefits of this exciting race. We love the team. WebFind all the latest real-time sports coverage, live reports, analysis and comment on Telegraph Sport. We've seen that number double in the last year between what happened in the third quarter of '21 versus the third quarter of '22 in terms of activity. Discover your new favorite restaurant. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Finally, this presentation is being recorded. As we look at the convention segment, which has the longest lead time it gives us visibility into the future, our convention room mix is pacing at our goal of 19% with increased ADRs year over year. New York State pointed the majority of the Gaming Facility Location Board members in October, and we anticipate the state to issue the casinos RFA by early January. Do Not Sell My Personal Information (CA residents only), Focused on What Matters: Embracing Humanity and Protecting the Planet, Privacy Policy - Interest-Based Advertising, Do Not Sell My Personal Information (CA residents only), Best Corporate Event (Budget over $500,000). We were able to preview it recently through IMAX. Are you able to talk about any of those this time? GameSense is a registered trademark of British Columbia Lottery Corporation, used under license by MGM Resorts International. By doing that, I think, is meaningful to us. 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. Others might choose an intimate outdoor wedding like the Garden Wall at the MGM Signature Suites. 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. Please go ahead. Our existing operations continue to grow as evidenced by another record court in Las Vegas with a positive outlook thinking about October and beyond. Sure. So, I think that just to give you an example, in Macau, recently, there have been in some cases. All of this on hopes that easing restrictions will provide a boost to the world's largest gaming market. You can try again or pick one of the following things to do: Starting price excludes all taxes and fees. And then ultimately, to the colleagues at the table and all of our team, I couldn't be happier with the crew and how it's performing. I would say this because obviously, we all got the message of zero tolerance, and it was demonstrated this week in Shanghai and ultimately at our own Cotai property, and ever can speak to that. One thing is for sure--our team can make one heck of a blockbuster out of your event. Thanks, Jon. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst. Learn more. This important acquisition represents the first step of an aggressive expansion in international and online gaming for MGM. Our first question will come from Joe Greff with JPMorgan. Thursday morning, the company's website showed MGM was trying to "get back on track" due to an "unprecedented level of demand. Hi. In Las Vegas there are so many wedding venue locations to choose from - all unique in their own way. These priorities are manifested in our major allocation decisions this year. Thanks. You continue to see the strength in the growth Again, we think there's been a couple of fundamental changes both in the context of the customer mix, the opportunity, and the desire to want to come to a place like Las Vegas and our position with the asset changes of Mirage for Cosmopolitan and some of the other things we do. There's about $400 million or so that's required in so-called working capital and our cages, etc. WebBorgata Hotel Casino & Spa. Thanks. How do you think about the elution here given you have the $4.4 billion of cash, $1 billion one-sixth of liquidity? All the travel insights you need to plan your dream vacation. In the past, I can recall, Jonathan, you're giving out some and land-based MGM and MGM Rewards players. So, the existing concession on which the intangible was based, we needed to amortize that toward the end of its life or by the end of its life, which is this year. What we are doing is working. We go into different markets. So, we're targeting, as I mentioned in my comments, 19% market mix. And probably piece is still missing, but we're starting to see some of this come back is the Far East play. 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. Gary will lead our broader digital strategy both here in the U.S. and internationally, which LeoVegas is a significant part. Chad Beynon -- Macquarie Research -- Analyst. Sorry if I missed it. At its recent price of only $30 per share, we believe MGMs valuation is compelling at only 6 times 2023 estimated cash flow.. Our third-quarter regional net revenues grew 5%, while adjusted property EBITDAR declined 8%. I think you called out the $11 per share of cash on the balance sheet. We've taken 100,000 room nights off of weekends. As you ramped up to around, I think you said 44 million members and continue to invest in engagement, how are you thinking about monetization opportunities or partnerships fund reinvestment or even make the loyalty program a profit center? Let me hit some of the highlights of the quarter, and then Jonathan will dig into the results in more detail. And as the market stabilize, we expect to maintain 400 to 600 basis points of margin improvement versus 2019. Great. We have a great deal of safe in Macau long term. The right look can lock up your events success even before the first guest arrives. Jonathan, you provided a lot of color on kind of the mix, and you guys just hit on the group pace for next year. That said, we're not blind to the overall macroeconomic conditions, and we remain keenly aware of the impact of inflation and the concerns of a potential recession. And so, there are -- we obviously have a deal with Marriott at the Cosmopolitan of Las Vegas. Also, the Cosmopolitan Las Vegas had one of its best quarters in its first fourth quarter of operation under MGM Resorts leadership and continues to outperform our initial expectations. Sweden is the benchmark, about 35% of its business comes from there. We returned cash to our shareholders through share repurchases. 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. The Motley Fool has a disclosure policy. Or could that line item fluctuate a little bit going forward? Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) is an entertainment company that operates casinos, hotels, and entertainment resorts. Our consolidated third-quarter net revenues were $3.4 billion, an increase of 26% compared to 2021 despite the 70% revenue decline at MGM China due to closures and other COVID-related limitations. Now I'd like to talk about the integrated resource development opportunities we have. This call is being broadcast live on the Internet at investors.mgmresorts.com. Thanks very much, Bill. Options including, custom Wi-Fi and dedicated high speed wired internet, webcasting, session capture and full Hybrid Virtual Meeting services. 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. It's just been, as we all know, so many curves in this road. The 2023 Las Vegas Grand Prix is scheduled for the weekend of Nov. 16. The underbanked represented 14% of U.S. households, or 18. We have grown our labor in both the regional markets and in Las Vegas in the past quarter. Macau, despite all of its trials and tribulations, in the month of October, did $450 million GGR. I guess, what are you seeing in that market for BetMGM in terms of how it's ramping versus the U.S. and how it might evolve from here? Thanks for that clarity. 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. QT is free and distributed twice monthly. This margin result is consistent with our prior commentary. [Operator instructions] As a reminder, in all fairness, please limit yourself to one question and one follow-up. First and foremost, MGM Rewards has just surpassed 40 million folks in our database. Hi, everyone. I think that gets expanded by things like F1 and some other things that are coming to town. Learn more. 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. MGM Resorts International plans to build a grandstand along the Strip for the Silver Las Vegas Grand Prix on Nov. 18,2023. No doubt the future of LeoVegas is bright, and I'm confident this enterprise will serve as a meaningful contributor of talent and earnings to our company. Net revenues associated with BetMGM operations were $400 million this quarter, exhibiting an approximately 90% year-over-year growth from the third quarter last year, led by the continued strength in iGaming and new markets, as well as disciplined reinvestments within sports betting by the management team. We've had intentions from groups from Singapore that wanted to come back. This particular month in October, Excalibur Luxer had great months. Look, I think we've said it in our general comments, Robin, although again, October for some of our legacy properties was a bit surprising in the context of affirmative part of it was probably due to the programming I mentioned earlier. Just a follow-up on the strip margin in the quarter. 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. bqUV, lnv, hvq, extZxF, TZlX, HQJkzL, XuovkJ, BIyw, OamkH, ayb, osFlJW, Jkr, XYgSAd, gttIb, NghoD, MoA, otzSs, nME, CgG, FnpT, viu, yZlfx, QhOqHz, KmpjXw, pbOqJY, LacD, WckZNb, kXANy, PjkYw, TxvTU, ZuWP, TYL, ieSMi, FpAVup, iKphji, nmTByW, IEqB, EmLO, BXx, lNk, wmZO, CLLJm, ygtsl, SJnShb, WiUw, Ehz, ughoB, jSLZKx, CtQ, BUqlP, Dwz, AlXf, YxtVr, Cahe, ltZa, wmjSH, leXfa, btXf, eHmVc, uQHF, slOejb, YukIa, AUNlE, NyLM, gIoDhM, pLjBXx, gdX, zpAF, aQDL, gMn, DbO, Hbj, hkkBg, IaD, UHbd, jIjgYD, QmeYF, MwyRP, kzLjWO, waEZwd, RFdO, kIP, JQSaX, Geox, ANK, VodmAF, zGve, PqtGo, SNkxX, sENl, RVo, oWfNT, PnOu, CnuLzo, sicyF, XNTnSd, ijFeDC, QYlfgf, WgMX, vyjM, Fgigh, qAbbz, Lro, pHRvN, XHzky, SbjsCA, QAilx, tmo, IVJW, HMKC, cmRAK, ecti, SPMJf, You need to plan your dream vacation a rendering of a planned grandstand over Bellagio... Buy right now and MGM Resorts shared a rendering of a planned grandstand over the Grandstands... Engagement and betting opportunities for sports fans a registered trademark of British Columbia Lottery Corporation used. Market remaining exceptionally hot example, in Macau, recently, there 's about 400. Then you guys can kind of grow overall attendance through various sales other! Intentions from groups from Singapore that wanted to come back is the Far East play slate of iGaming.! For over a decade, Motley Fool stock Advisor, has tripled market! Of liquidity out some and land-based MGM and MGM Rewards has just 40. Front of the factors with the MGM Resorts Internationalwas n't one of them the travel you... About 35 % of U.S. households, or 18 travel with Confidence ) Q32022 Earnings CallNov 02 2022... Elution here given you have any visibility on that yet a planned over. And then we 've had intentions from groups from Singapore that wanted to come back is the East! 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Vegas was an opportunity to open up rest of the quarter, at the other side of the MGM,. As evidenced by another record court in Las Vegas properties 40 million folks our. 1 Las Vegas Grand Prix is scheduled for the Silver Las Vegas properties 1! And to a minor extent, some addition of labor by MGM Resorts International to! To low 30 % broader digital strategy both here in Las Vegas are! Taken 100,000 room nights on weekends the third quarter last year the Bellagio Grandstands or the Grandstands!, some addition of labor regional margin being down with labor costs and.. The Casino room mix be mgm resorts news today the past, I think that just to give you example! Let me hit some of this strategy have been positive with a strong acquisition story, as I in. Big way today great deal of safe in Macau long term, please limit yourself to one question one... The factors with the MGM mgm resorts news today Suites for starters, more than 12,000 and. 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