- Record Las Vegas Strip Resorts revenue and Adjusted
Property EBITDAR
- Closed on the acquisition of LeoVegas, a global online
gaming and sports betting company
- Submitted tender for a new 10-year gaming concession in
Macau
- Repurchased $4.2 billion of
shares of common stock from January
2021 through the end of the third quarter 2022
- Continue to pursue commercial gaming license in
New York and development of an
Integrated Resort in Osaka,
Japan
LAS
VEGAS, Nov. 2, 2022 /PRNewswire/ -- MGM
Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company")
today reported financial results for the quarter ended
September 30, 2022.
"We're proud to report the best quarter in our Las Vegas
Strip history, both on a revenue and Adjusted Property EBITDAR
basis, driven by the continued appeal of our entertainment and
meetings offerings," said Bill
Hornbuckle, Chief Executive Officer and President of MGM
Resorts International. "We achieved several key
milestones during the quarter, including closing on the acquisition
of LeoVegas and submitting our tender for a new gaming concession
to the Macau SAR government. Our outlook remains
promising, with continued progress in our operations with BetMGM
and development initiatives in New
York and Japan as well as
strong bookings into 2023 in our domestic operations.
We remain focused on achieving our vision to be the world's
premier gaming entertainment company."
"We continue to see great value in our Company's shares
and repurchased approximately 10 million shares for an aggregate
amount of $307 million in the
quarter," said Jonathan Halkyard,
Chief Financial Officer and Treasurer of MGM Resorts
International. "We remain disciplined in our
approach to capital deployment and are focused on maintaining a
strong balance sheet with adequate liquidity, while also pursuing
growth opportunities with the greatest return to
shareholders."
Third Quarter 2022 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $3.4
billion compared to $2.7
billion in the prior year quarter, an increase of
26%. The current quarter benefited from the inclusion
of the operating results of The Cosmopolitan of Las Vegas ("The Cosmopolitan") and Aria and
Vdara (collectively "Aria") upon their acquisition in May 2022 and September
2021, respectively. Additionally, results improved over the
prior year quarter due to increased business volume and travel
activity primarily at the Las Vegas Strip Resorts;
- Operating loss was $1.0
billion compared to operating income of
$1.9 billion in the
prior year quarter due to a $1.2
billion increase in noncash amortization
expense relating to a change in the useful life of the MGM
Grand Paradise gaming subconcession as a result of new Macau gaming laws and related changes and due
to the $2.3 billion gain
on consolidation of CityCenter, net in the prior year quarter;
- Net loss attributable to MGM Resorts was $577 million, compared to net income
attributable to MGM Resorts of $1.4
billion in the prior year quarter, and was impacted
by the items impacting operating income (loss) discussed
above;
- Diluted loss per share of $1.45 in the current quarter compared to
diluted earnings per share of $2.77 in the prior year
quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) was a loss of
$1.39 in the current
quarter compared to Adjusted EPS of $0.03 in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2) of
$950 million.
Las Vegas Strip Resorts
- Net revenues of $2.3
billion in the current quarter compared to
$1.4 billion in the
prior year quarter, an increase of 67%. The current
quarter benefited from the inclusion of The Cosmopolitan and a full
quarter of operations at Aria and an increase in business volume
and travel activity compared to the prior year quarter;
- Same-store net revenues (adjusted for acquisitions) of
$1.6 billion in
the current quarter compared to $1.4 billion in the prior year quarter, an
increase of 18%;
- Adjusted Property EBITDAR(2) of
$846 million in the
current quarter compared to $535
million in the prior year quarter, an increase of
58%;
- Same-Store Adjusted Property EBITDAR(2)
of $570 million in the
current quarter compared to $529
million in the prior year quarter, an increase of
8%; and
- Adjusted Property EBITDAR margin(2) of
36.8% in the current quarter compared to
38.7% in the prior year quarter, a decrease of
193 basis points due primarily to an increase in
contribution from lower-margin non-gaming outlets and venues and
general and administrative expense.
Regional Operations
- Net revenues of $974
million in the current quarter compared to
$925 million in the
prior year quarter, an increase of 5% due to an
increase in business volume;
- Adjusted Property EBITDAR of $322
million in the current quarter compared to
$348 million in the prior year quarter, a
decrease of 8%; and
- Adjusted Property EBITDAR margin of 33.1% in the
current quarter compared to 37.6% in the prior year
quarter, a decrease of 458 basis points due primarily
to an increase in general and administrative expense.
MGM China
- Net revenues of $87
million in the current quarter compared to
$289 million in the
prior year quarter, a decrease of 70%. The current
quarter was negatively affected by COVID-19 related property
closures and was more significantly impacted by travel and entry
restrictions in Macau compared to
the prior year quarter; and
- Adjusted Property EBITDAR loss of $70 million in the current quarter
compared to Adjusted Property EBITDAR of
$7 million in the prior year quarter.
Adjusted EPS
The following table reconciles diluted earnings per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended September
30,
|
2022
|
|
2021
|
Diluted earnings per
share
|
$
(1.45)
|
|
$
2.77
|
Property transactions,
net
|
(0.03)
|
|
0.01
|
Gain on consolidation
of CityCenter, net
|
—
|
|
(3.23)
|
Non-operating
items:
|
|
|
|
Loss related to equity
investments
|
0.05
|
|
0.10
|
Foreign currency loss
on MGM China senior notes
|
—
|
|
0.01
|
Change in fair value
of foreign currency contracts
|
0.05
|
|
—
|
Income tax impact on
net income adjustments (1)
|
(0.01)
|
|
0.37
|
Adjusted EPS
|
$
(1.39)
|
|
$
0.03
|
|
|
(1)
|
The income tax impact
includes current and deferred income tax expense based upon the
nature of the adjustment and the jurisdiction in which it
occurs.
|
The current quarter also included a non-cash income tax benefit
of $296 million to
record the deferred tax impact of the extension of the exemption
from the Macau 12%
complementary tax to the end of the year and a non-cash income tax
charge of $59 million to
record the deferred tax impact of income tax regulations governing
combined reporting in New Jersey
that were issued during the quarter.
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las
Vegas Strip Resorts:
Three Months Ended September
30,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
revenue
|
$
576
|
|
$
423
|
36 %
|
Table games
drop
|
$
1,604
|
|
$
917
|
75 %
|
Table games
win
|
$
389
|
|
$
251
|
55 %
|
Table games win
%
|
24.3 %
|
|
27.4 %
|
|
Slots handle
|
$
6,193
|
|
$
3,863
|
60 %
|
Slots win
|
$
577
|
|
$
369
|
56 %
|
Slots win %
|
9.3 %
|
|
9.6 %
|
|
The following table shows key hotel statistics for Las
Vegas Strip Resorts:
Three Months Ended September
30,
|
2022
|
|
2021
|
%
Change
|
Room revenue (in
millions)
|
$
736
|
|
$
403
|
83 %
|
Occupancy
|
93 %
|
|
82 %
|
|
Average daily rate
(ADR)
|
$
227
|
|
$
181
|
26 %
|
Revenue per available
room (REVPAR)(3)
|
$
210
|
|
$
148
|
42 %
|
Regional Operations
The following table shows key gaming statistics for
Regional Operations:
Three Months Ended September
30,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
revenue
|
$
721
|
|
$
720
|
0 %
|
Table games
drop
|
$
1,152
|
|
$
1,080
|
7 %
|
Table games
win
|
$
217
|
|
$
214
|
1 %
|
Table games win
%
|
18.8 %
|
|
19.8 %
|
|
Slots handle
|
$
7,426
|
|
$
6,900
|
8 %
|
Slots win
|
$
703
|
|
$
661
|
6 %
|
Slots win %
|
9.5 %
|
|
9.6 %
|
|
MGM China
The following table shows key gaming statistics for MGM
China:
Three Months Ended September
30,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
revenue
|
$
70
|
|
$
252
|
(72) %
|
VIP table games
turnover
|
$
328
|
|
$
1,800
|
(82) %
|
VIP table games
win
|
$
8
|
|
$
72
|
(88) %
|
VIP table games win
%
|
2.6 %
|
|
4.0 %
|
|
Main floor table games
drop
|
$
352
|
|
$
1,042
|
(66) %
|
Main floor table games
win
|
$
75
|
|
$
222
|
(66) %
|
Main floor table games
win %
|
21.4 %
|
|
21.3 %
|
|
License fee expense was $2
million in the current quarter and $5 million in the prior year quarter.
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, increased to $117
million in the third quarter of 2022, from
$112 million in the
prior year quarter, partially due to an increase in payroll
expense. The current quarter also included $9 million in transaction costs and the
prior year quarter included $18
million of transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates:
Three Months Ended September
30,
|
2022
|
|
2021
|
|
(In thousands)
|
CityCenter
|
$
—
|
|
$
40,747
|
VICI BREIT
Venture
|
—
|
|
38,959
|
BetMGM
|
(23,582)
|
|
(49,060)
|
Other
|
6,115
|
|
4,465
|
|
$
(17,467)
|
|
$
35,111
|
MGM Resorts Dividend and Share
Repurchases
On November 2, 2022, the
Company's Board of Directors approved a quarterly dividend of
$0.0025 per share. The dividend will
be payable on December 15, 2022 to
holders of record on December 9,
2022.
During the third quarter of 2022, the Company repurchased
approximately 10 million shares of its common stock at an average
price of $30.69 per share for an
aggregate amount of $307 million,
pursuant to its repurchase plan. The remaining availability under
the repurchase plan was $827 million
as of September 30, 2022. All shares
repurchased under the Company's repurchase plan have been
retired.
Conference Call
Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include
a brief discussion of the results followed by a question and answer
session. In addition, supplemental slides will be posted prior to
the start of the call on MGM's Investor Relations website
at http://investors.mgmresorts.com.
The call will be accessible via the Internet through
http://investors.mgmresorts.com/investors/events-and-presentations/ or
by calling 1-888-317-6003 for domestic callers and 1-412-317-6061
for international callers. The conference call access code is
3137435.
A replay of the call will be available through
November 9, 2022. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay
access code is 5544098.
1."Adjusted EPS" is diluted earnings or loss per share
adjusted to exclude property transactions, net, gain on
consolidation of CityCenter, net, net loss related to equity
investments for which the Company has elected the fair value option
of ASC 825 and equity investments accounted for under ASC 321 for
which there is a readily determinable fair value, foreign currency
loss related to MGM China's U.S. dollar-denominated debt, and
change in the fair value of foreign currency contracts.
Adjusted EPS is a non-GAAP measure and is presented solely
as a supplemental disclosure to reported GAAP measures because
management believes this measure is useful in providing
period-to-period comparisons of the results of the Company's
continuing operations to assist investors in reviewing the
Company's operating performance over time. Management believes that
while certain items excluded from Adjusted EPS may be recurring in
nature and should not be disregarded in evaluating the Company's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, and items further discussed in footnote 2 below, may not
relate specifically to current operating trends or be indicative of
future results. Adjusted EPS should not be construed as an
alternative to GAAP earnings per share as an indicator of the
Company's performance. In addition, Adjusted EPS may not be defined
in the same manner by all companies and, as a result, may not be
comparable to similarly titled non-GAAP financial measures of other
companies. A reconciliation of Adjusted EPS to diluted earnings per
share can be found under "Adjusted Diluted Earnings Per Share"
included in this release.
2."Adjusted EBITDAR" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, property
transactions, net, gain on REIT transactions, net, gain on
consolidation of CityCenter, net, rent expense related to
triple-net operating leases and ground leases, gain related to
CityCenter's sale of Harmon land recorded within income from
unconsolidated affiliates, and income from unconsolidated
affiliates related to investments in real estate
ventures.
"Adjusted Property EBITDAR" is the Company's reportable
segment GAAP measure, which management utilizes as the primary
profit measure for its reportable segments and underlying operating
segments. Adjusted Property EBITDAR is a measure defined as
earnings before interest and other non-operating income (expense),
taxes, depreciation and amortization, preopening and start-up
expenses, property transactions, net, gain on REIT transactions,
net, rent expense related to triple-net operating leases and ground
leases, income from unconsolidated affiliates related to
investments in real estate ventures, and also excludes gain on
consolidation of CityCenter, net, gain related to CityCenter's sale
of Harmon land recorded within income from unconsolidated
affiliates, corporate expense and stock compensation expense, which
are not allocated to each operating segment, and rent expense
related to the master lease with MGP that eliminated in
consolidation.
"Same-Store Adjusted Property EBITDAR" is Adjusted
Property EBITDAR further adjusted to exclude the Adjusted Property
EBITDAR of acquired operating segments from the date of acquisition
through the end of the reporting period. Accordingly, the Company
has excluded the Adjusted Property EBITDAR of The Cosmopolitan for
periods subsequent to its acquisition on May
17, 2022 and Aria for periods subsequent to its acquisition
on September 27, 2021 in Same-Store
Adjusted Property EBITDAR for the periods indicated.
Same-Store Adjusted Property EBITDAR is a non-GAAP measure
and is presented solely as a supplemental disclosure to reported
GAAP measures because management believes this measure is useful in
providing meaningful period-to-period comparisons of the results of
the Company's operations for operating segments that were
consolidated for the full period presented to assist users of the
financial statements in reviewing operating performance over time.
Same-Store Adjusted Property EBITDAR should not be viewed as a
measure of overall operating performance, considered in isolation,
or as an alternative to the Company's reportable segment GAAP
measure or net income, or as an alternative to any other measure
determined in accordance with generally accepted accounting
principles, because this measure is not presented on a GAAP basis,
and is provided for the limited purposes discussed herein. In
addition, Same-Store Adjusted Property EBITDAR may not be defined
in the same manner by all companies and, as a result, may not be
comparable to similarly titled non-GAAP financial measures of other
companies, and such differences may be material. A reconciliation
of the Company's reportable segment Adjusted Property EBITDAR GAAP
measure to Same-Store Adjusted Property EBITDAR is included in the
financial schedules in this release.
"Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDAR" and "Table Games Hold Adjusted Las Vegas
Strip Resorts Same-Store Adjusted Property EBITDAR" are
supplemental non-GAAP financial measures, that, in addition to the
reasons described above for the presentation of Adjusted Property
EBITDAR and Same-Store Adjusted Property EBITDAR, are presented to
adjust for the impact of certain variances in table games win
percentages compared to the mid-point of the expected ranges. Table
Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR and Table Games Hold Adjusted Las Vegas Strip Resorts
Same-Store Adjusted Property EBITDAR are calculated by applying a
win percentage of 30.0% for Baccarat and 21.0% for non-Baccarat
games to the respective table games drops for the quarter, which
represents the mid-point of the expected ranges of 25.0% to 35.0%
for Baccarat and 19.0% to 23.0% for non-Baccarat at the Las Vegas
Strip Resorts properties. Table Games Hold Adjusted Las Vegas Strip
Resorts Same-Store Adjusted Property EBITDAR excludes the Adjusted
Property EBITDAR of acquired operating segments from the date of
acquisition through the end of the reporting period and also
excludes the hold adjustment related to such acquired operating
segments for the respective periods. Table Games Hold Adjusted Las
Vegas Strip Resorts Adjusted Property EBITDAR and Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR are also adjusted for the gaming taxes, bad debt expense,
discounts and other incentives that would have been incurred or
avoided when applying the win percentages noted above to the
respective gaming volumes. Table Games Hold Adjusted Las Vegas
Strip Resorts Adjusted Property EBITDAR and Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR should not be viewed as a measure of overall operating
performance, considered in isolation, or as an alternative to the
Company's reportable segment GAAP measure or net income, or to any
other measure determined in accordance with generally accepted
accounting principles, because this measure is not presented on a
GAAP basis, and is provided for the limited purposes discussed
herein. In addition, Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR and Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Adjusted Property EBITDAR may not be
defined in the same manner by all companies and, as a result, may
not be comparable to similarly titled non-GAAP financials measures
of other companies, and such differences may be material. A
reconciliation of the Company's reportable segment Adjusted
Property EBITDAR GAAP measure to Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Adjusted Property EBITDAR is
included in the financial schedules in this release.
Adjusted EBITDAR information is a non-GAAP measure that is
a valuation metric, should not be used as an operating metric, and
is presented solely as a supplemental disclosure to reported GAAP
measures because management believes this measure is widely used by
analysts, lenders, financial institutions, and investors as a
principal basis for the valuation of gaming companies. Management
believes that while items excluded from Adjusted EBITDAR may be
recurring in nature and should not be disregarded in evaluation of
the Company's earnings performance, it is useful to exclude such
items when analyzing current results and trends. Also, management
believes excluded items may not relate specifically to current
trends or be indicative of future results. For example, preopening
and start-up expenses will be significantly different in periods
when the Company is developing and constructing a major expansion
project and will depend on where the current period lies within the
development cycle, as well as the size and scope of the project(s).
Property transactions, net includes normal recurring disposals,
gains and losses on sales of assets related to specific assets
within the Company's resorts, but also includes gains or losses on
sales of an entire operating resort or a group of resorts and
impairment charges on entire asset groups or investments in
unconsolidated affiliates, which may not be comparable period over
period. In addition, management excludes rent expense related to
triple-net operating leases and ground leases. Management believes
excluding rent expense related to triple-net operating leases and
ground leases provides useful information to analysts, lenders,
financial institutions, and investors when valuing the Company, as
well as comparing the Company's results to other gaming companies,
without regard to differences in capital structure and leasing
arrangements since the operations of other gaming companies may or
may not include triple-net operating leases or ground leases.
However, as discussed herein, Adjusted EBITDAR should not be viewed
as a measure of overall operating performance, an indicator of the
Company's performance, considered in isolation, or construed as an
alternative to operating income or net income, or as an alternative
to cash flows from operating activities, as a measure of liquidity,
or as an alternative to any other measure determined in accordance
with generally accepted accounting principles, because this measure
is not presented on a GAAP basis and excludes certain expenses,
including the rent expense related to the Company's triple-net
operating leases and ground leases, and is provided for the limited
purposes discussed herein. In addition, other companies in the
gaming and hospitality industries that report Adjusted EBITDAR may
calculate Adjusted EBITDAR in a different manner and such
differences may be material. The Company has significant uses of
cash flows, including capital expenditures, interest payments,
taxes, real estate triple-net lease and ground lease payments, and
debt principal repayments, which are not reflected in Adjusted
EBITDAR.
A reconciliation of GAAP net income (loss) to Adjusted
EBITDAR is included in the financial schedules in this
release.
"Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues" and "Table Games Hold Adjusted Las Vegas Strip Resorts
Same-Store Net Revenues" are additional supplemental non-GAAP
financial measures that are presented to adjust Las Vegas Strip
Resorts net revenues for the impact of certain variances in table
games win percentages compared to the mid-point of the expected
ranges, as described herein. Table Games Hold Adjusted Las Vegas
Strip Resorts Same-Store Net Revenues excludes the net revenues of
acquired operating segments from the date of acquisition through
the end of the reporting period and also excludes the hold
adjustment related to such acquired operating segments for the
respective periods. Table Games Hold Adjusted Las Vegas Strip
Resorts Net Revenues and Table Games Hold Adjusted Las Vegas Strip
Resorts Same-Store Net Revenues are also adjusted for the discounts
and other incentives that would have been incurred or avoided when
applying the win percentages described herein to the respective
gaming volumes. Management believes Table Games Hold Adjusted Las
Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Net Revenues present consistent
measures in providing period-to-period comparisons and are useful
measures in assisting investors in evaluating the Company's
operating performance, and that Table Games Hold Adjusted Las Vegas
Strip Resorts Same-Store Net Revenues is useful in providing
meaningful period-to-period comparisons of the results of the
Company's operations for operating segments that were consolidated
by the Company for the full period presented to assist investors in
reviewing the Company's operating performance over time. Table
Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and Table
Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues
should not be construed as alternatives to GAAP net revenues or to
any other measure determined in accordance with generally accepted
accounting principles and may not be defined in the same manner by
all companies and, as a result, may not be comparable to similarly
titled non-GAAP financial measures of other companies, and such
differences may be material. Reconciliations of GAAP net revenues
to Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues
and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store
Net Revenues are included in the financial schedules in this
release.
3. REVPAR is hotel revenue per available room.
About MGM Resorts
International
MGM Resorts International (NYSE:
MGM) is an S&P 500® global entertainment company with national
and international locations featuring best-in-class hotels and
casinos, state-of-the-art meetings and conference spaces,
incredible live and theatrical entertainment experiences, and an
extensive array of restaurant, nightlife and retail offerings. MGM
Resorts creates immersive, iconic experiences through its suite of
Las Vegas-inspired brands. The MGM
Resorts portfolio encompasses 32 unique hotel and gaming
destinations globally, including some of the most recognizable
resort brands in the industry. The Company's 50/50 venture, BetMGM,
LLC, offers U.S. sports betting and online gaming through
market-leading brands, including BetMGM and partypoker, and the
Company's subsidiary, LeoVegas AB, offers sports betting and online
gaming through market-leading brands in several jurisdictions
throughout Europe. The Company is
currently pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
philosophy, MGM Resorts commits to creating a more
sustainable future, while striving to make a bigger difference in
the lives of its employees, guests, and in the communities where it
operates. The global employees of MGM Resorts are proud of their
company for being recognized as one of FORTUNE® Magazine's World's
Most Admired Companies®. For more information, please visit us at
www.mgmresorts.com. Please also connect with us
@MGMResortsIntl on Twitter as well as
Facebook and Instagram.
Statements in this release that are not historical facts
are forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The Company
has based forward-looking statements on management's current
expectations and assumptions and not on historical facts. Examples
of these statements include, but are not limited to: the Company's
expectations regarding the closing of its announced transactions
and any benefits expected to be received from such transactions;
future results, including the continued impact of the COVID-19
pandemic on its results of operations and the duration of such
impact; expectations regarding the impact of macroeconomic trends
on the Company's business; the Company's ability to execute on its
strategic plans and growth projects, including obtaining commercial
gaming in New York, the
development of an integrated resort in Japan, and positioning BetMGM as a leader in
sports betting and iGaming; expectations regarding the outcome of
the public tender for a new gaming concession in Macau; and the Company's ability to return
capital to shareholders (including the timing and amount of any
share repurchases or dividends). These forward-looking statements
involve a number of risks and uncertainties. Among the important
factors that could cause actual results to differ materially from
those indicated in such forward-looking statements include the
continued impact of the COVID-19 pandemic on the Company's
business, the effects of economic conditions and market conditions
in the markets in which the Company operates and competition with
other destination travel locations throughout the United States and the world, the design,
timing and costs of expansion projects, risks relating to
international operations, permits, licenses, financings, approvals
and other contingencies in connection with growth in new or
existing jurisdictions and additional risks and uncertainties
described in the Company's Form 10-K, Form 10-Q and Form 8-K
reports (including all amendments to those reports). In providing
forward-looking statements, the Company is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise, except as required by
law. If the Company updates one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those other forward-looking statements.
MGM RESORTS CONTACTS:
Investment Community
|
|
ANDREW
CHAPMAN
|
|
Director of Investor Relations
|
|
(702) 693-8711
or achapman@mgmresorts.com
|
|
|
|
News Media
|
|
BRIAN AHERN
|
|
Director of Communications
|
|
media@mgmresorts.com
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,407,367
|
|
$
|
1,400,337
|
|
$
|
4,185,411
|
|
$
|
3,835,094
|
|
Rooms
|
|
|
|
827,397
|
|
|
490,460
|
|
|
2,159,202
|
|
|
1,053,907
|
|
Food and
beverage
|
|
722,982
|
|
|
416,478
|
|
|
1,893,592
|
|
|
876,556
|
|
Entertainment,
retail and other
|
|
447,637
|
|
|
315,693
|
|
|
1,264,545
|
|
|
639,926
|
|
Reimbursed
costs
|
|
10,689
|
|
|
84,571
|
|
|
32,519
|
|
|
217,765
|
|
|
|
|
|
|
3,416,072
|
|
|
2,707,539
|
|
|
9,535,269
|
|
|
6,623,248
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
653,601
|
|
|
640,041
|
|
|
1,950,132
|
|
|
1,808,849
|
|
Rooms
|
|
|
|
256,128
|
|
|
160,864
|
|
|
684,670
|
|
|
402,364
|
|
Food and
beverage
|
|
528,966
|
|
|
301,963
|
|
|
1,377,749
|
|
|
651,349
|
|
Entertainment,
retail and other
|
|
271,177
|
|
|
204,742
|
|
|
755,110
|
|
|
385,293
|
|
Reimbursed
costs
|
|
10,689
|
|
|
84,571
|
|
|
32,519
|
|
|
217,765
|
|
General and
administrative
|
|
1,212,474
|
|
|
623,275
|
|
|
3,018,076
|
|
|
1,759,891
|
|
Corporate
expense
|
|
117,264
|
|
|
112,114
|
|
|
348,115
|
|
|
287,021
|
|
Preopening and
start-up expenses
|
|
396
|
|
|
1,547
|
|
|
1,372
|
|
|
1,642
|
|
Property
transactions, net
|
|
(11,639)
|
|
|
3,677
|
|
|
23,704
|
|
|
842
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
-
|
|
|
(2,277,747)
|
|
|
-
|
|
Gain on
consolidation of CityCenter, net
|
|
-
|
|
|
(1,562,329)
|
|
|
-
|
|
|
(1,562,329)
|
|
Depreciation and
amortization
|
|
1,405,520
|
|
|
279,403
|
|
|
2,060,413
|
|
|
853,579
|
|
|
|
|
|
|
4,444,576
|
|
|
849,868
|
|
|
7,974,113
|
|
|
4,806,266
|
Income (loss) from
unconsolidated affiliates
|
|
(17,467)
|
|
|
35,111
|
|
|
(119,888)
|
|
|
92,870
|
Operating income
(loss)
|
|
(1,045,971)
|
|
|
1,892,782
|
|
|
1,441,268
|
|
|
1,909,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(125,172)
|
|
|
(200,049)
|
|
|
(457,822)
|
|
|
(598,116)
|
|
Non-operating items
from unconsolidated affiliates
|
|
(995)
|
|
|
(23,421)
|
|
|
(22,248)
|
|
|
(67,473)
|
|
Other,
net
|
|
|
(14,316)
|
|
|
(49,241)
|
|
|
(23,322)
|
|
|
70,302
|
|
|
|
|
|
|
(140,483)
|
|
|
(272,711)
|
|
|
(503,392)
|
|
|
(595,287)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(1,186,454)
|
|
|
1,620,071
|
|
|
937,876
|
|
|
1,314,565
|
|
Benefit (provision)
for income taxes
|
|
125,367
|
|
|
(282,135)
|
|
|
(411,131)
|
|
|
(222,263)
|
Net income
(loss)
|
|
|
(1,061,087)
|
|
|
1,337,936
|
|
|
526,745
|
|
|
1,092,302
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
484,257
|
|
|
12,497
|
|
|
662,346
|
|
|
31,055
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(576,830)
|
|
$
|
1,350,433
|
|
$
|
1,189,091
|
|
$
|
1,123,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(1.45)
|
|
$
|
2.81
|
|
$
|
2.81
|
|
$
|
2.19
|
|
Diluted
|
|
|
$
|
(1.45)
|
|
$
|
2.77
|
|
$
|
2.79
|
|
$
|
2.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
393,295
|
|
|
478,405
|
|
|
417,686
|
|
|
487,509
|
|
Diluted
|
|
|
|
393,295
|
|
|
484,215
|
|
|
421,770
|
|
|
493,184
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
5,295,434
|
|
$
|
4,703,059
|
|
Restricted cash
(1)
|
|
|
-
|
|
|
500,000
|
|
Accounts receivable,
net
|
|
|
709,562
|
|
|
583,915
|
|
Inventories
|
|
|
|
113,323
|
|
|
96,374
|
|
Income tax
receivable
|
|
|
233,496
|
|
|
273,862
|
|
Prepaid expenses and
other
|
|
406,579
|
|
|
258,972
|
|
Assets held for
sale
|
|
|
2,024,788
|
|
|
-
|
|
|
Total current
assets
|
|
|
8,783,182
|
|
|
6,416,182
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
5,089,296
|
|
|
14,435,493
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
185,758
|
|
|
967,044
|
|
Goodwill
|
|
|
|
4,945,188
|
|
|
3,480,997
|
|
Other intangible
assets, net
|
|
2,806,163
|
|
|
3,616,385
|
|
Operating lease
right-of-use assets, net
|
|
24,655,971
|
|
|
11,492,805
|
|
Other long-term
assets, net
|
|
864,664
|
|
|
490,210
|
|
|
Total other
assets
|
|
|
33,457,744
|
|
|
20,047,441
|
|
|
|
|
|
|
$
|
47,330,222
|
|
$
|
40,899,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
403,756
|
|
$
|
263,097
|
|
Construction
payable
|
|
|
20,556
|
|
|
23,099
|
|
Current portion of
long-term debt
|
|
1,351,422
|
|
|
1,000,000
|
|
Accrued interest on
long-term debt
|
|
118,186
|
|
|
172,624
|
|
Other accrued
liabilities
|
|
|
2,047,544
|
|
|
1,983,444
|
|
Liabilities related
to assets held for sale
|
|
1,954,040
|
|
|
-
|
|
|
Total current
liabilities
|
|
|
5,895,504
|
|
|
3,442,264
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,847,302
|
|
|
2,439,364
|
Long-term debt,
net
|
|
|
7,209,837
|
|
|
11,770,797
|
Operating lease
liabilities
|
|
|
25,144,876
|
|
|
11,802,464
|
Other long-term
obligations
|
|
|
270,966
|
|
|
319,914
|
Redeemable
noncontrolling interests
|
|
137,054
|
|
|
147,547
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued
and outstanding 388,760,930 and 453,803,759
shares
|
3,888
|
|
|
4,538
|
|
Capital in excess of
par value
|
|
-
|
|
|
1,750,135
|
|
Retained
earnings
|
|
|
4,871,632
|
|
|
4,340,588
|
|
Accumulated other
comprehensive loss
|
|
(33,830)
|
|
|
(24,616)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,841,690
|
|
|
6,070,645
|
|
Noncontrolling
interests
|
|
|
982,993
|
|
|
4,906,121
|
|
|
Total stockholders'
equity
|
|
5,824,683
|
|
|
10,976,766
|
|
|
|
|
|
|
$
|
47,330,222
|
|
$
|
40,899,116
|
|
|
|
|
|
|
|
|
|
|
|
(1) Relates to the
acquisition of The Cosmopolitan of Las Vegas.
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
|
SUPPLEMENTAL DATA - NET
REVENUES
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
September 30,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip Resorts (1)
|
|
|
|
|
$
|
2,301,022
|
|
$
|
1,380,967
|
|
$
|
6,101,090
|
|
$
|
2,930,499
|
Regional Operations
|
|
|
|
|
|
|
973,935
|
|
|
925,123
|
|
|
2,824,433
|
|
|
2,492,756
|
MGM China
|
|
|
|
|
|
|
87,486
|
|
|
289,059
|
|
|
498,873
|
|
|
896,044
|
Management and other
operations
|
|
|
|
|
53,629
|
|
|
112,390
|
|
|
110,873
|
|
|
303,949
|
|
|
|
|
|
|
$
|
3,416,072
|
|
$
|
2,707,539
|
|
$
|
9,535,269
|
|
$
|
6,623,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
|
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDAR and
ADJUSTED EBITDAR
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip Resorts (1)
|
|
|
|
|
$
|
846,355
|
|
$
|
534,548
|
|
$
|
2,265,256
|
|
$
|
1,039,472
|
Regional Operations
|
|
|
|
|
|
|
321,984
|
|
|
348,234
|
|
|
975,113
|
|
|
908,564
|
MGM China
|
|
|
|
|
|
|
(70,410)
|
|
|
6,996
|
|
|
(148,157)
|
|
|
20,352
|
Unconsolidated affiliates (2)
|
|
|
|
|
|
(20,157)
|
|
|
(6,559)
|
|
|
(179,050)
|
|
|
(81,892)
|
Management and other
operations
|
|
|
|
|
(6,484)
|
|
|
(1,787)
|
|
|
(8,897)
|
|
|
13,679
|
Stock compensation
|
|
|
|
|
|
|
(7,415)
|
|
|
(10,952)
|
|
|
(46,138)
|
|
|
(37,490)
|
Corporate
|
|
|
|
|
|
|
(114,064)
|
|
|
(105,447)
|
|
|
(318,180)
|
|
|
(263,010)
|
|
|
|
|
|
|
$
|
949,809
|
|
|
|
|
$
|
2,539,947
|
|
|
|
|
(1) The three and nine months ended September 30,
2022 and 2021 includes Aria, which was acquired September 27, 2021.
The three and nine months ended September 30, 2022 includes The
Cosmopolitan, which was acquired May 17,
2022.
|
(2) Represents the Company's share of operating
income (loss) excluding investments in real estate ventures,
adjusted for the effect of certain basis differences. Includes the
Company's share of operating results of CityCenter through
September 26, 2021 during the three and nine months ended September
30, 2021.
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO
MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income (loss) attributable to MGM Resorts
International
|
|
$
|
(576,830)
|
|
$
|
1,350,433
|
|
$
|
1,189,091
|
|
$
|
1,123,357
|
Plus: Net loss attributable to noncontrolling
interests
|
|
|
(484,257)
|
|
|
(12,497)
|
|
|
(662,346)
|
|
|
(31,055)
|
Net income (loss)
|
|
|
|
|
|
|
(1,061,087)
|
|
|
1,337,936
|
|
|
526,745
|
|
|
1,092,302
|
(Benefit) provision for income
taxes
|
|
|
|
|
(125,367)
|
|
|
282,135
|
|
|
411,131
|
|
|
222,263
|
Income (loss) before income
taxes
|
|
|
|
|
(1,186,454)
|
|
|
1,620,071
|
|
|
937,876
|
|
|
1,314,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts
capitalized
|
|
|
|
125,172
|
|
|
200,049
|
|
|
457,822
|
|
|
598,116
|
Other, net
|
|
|
|
|
|
|
15,311
|
|
|
72,662
|
|
|
45,570
|
|
|
(2,829)
|
|
|
|
|
|
|
|
140,483
|
|
|
272,711
|
|
|
503,392
|
|
|
595,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
|
(1,045,971)
|
|
|
1,892,782
|
|
|
1,441,268
|
|
|
1,909,852
|
Preopening and start-up
expenses
|
|
|
|
|
396
|
|
|
1,547
|
|
|
1,372
|
|
|
1,642
|
Property transactions,
net
|
|
|
|
|
|
(11,639)
|
|
|
3,677
|
|
|
23,704
|
|
|
842
|
Depreciation and
amortization
|
|
|
|
|
|
1,405,520
|
|
|
279,403
|
|
|
2,060,413
|
|
|
853,579
|
Gain on REIT transactions,
net
|
|
|
|
|
|
-
|
|
|
-
|
|
|
(2,277,747)
|
|
|
-
|
Gain on consolidation of CityCenter,
net
|
|
|
|
|
-
|
|
|
(1,562,329)
|
|
|
-
|
|
|
(1,562,329)
|
Triple net operating lease and ground lease
rent expense
|
|
|
604,193
|
|
|
191,622
|
|
|
1,350,099
|
|
|
570,851
|
Gain related to sale of Harmon land -
unconsolidated affiliate
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(49,755)
|
Income from unconsolidated affiliates related
to real estate ventures
|
|
(2,690)
|
|
|
(41,669)
|
|
|
(59,162)
|
|
|
(125,007)
|
Adjusted EBITDAR
|
|
|
|
|
|
$
|
949,809
|
|
|
|
|
$
|
2,539,947
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS
ADJUSTED PROPERTY EBITDAR TO TABLE GAMES HOLD
ADJUSTED
|
LAS VEGAS
STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS ADJUSTED PROPERTY EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip
Resorts Net Revenues
|
|
|
|
$
|
2,301,022
|
|
$
|
1,380,967
|
|
$
|
6,101,090
|
|
$
|
2,930,499
|
Hold Adjustment
(1)
|
|
|
|
|
|
(4,462)
|
|
|
(23,543)
|
|
|
(3,138)
|
|
|
(17,629)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
|
|
$
|
2,296,560
|
|
$
|
1,357,424
|
|
$
|
6,097,952
|
|
$
|
2,912,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
|
$
|
846,355
|
|
$
|
534,548
|
|
$
|
2,265,256
|
|
$
|
1,039,472
|
Hold adjustment
(2)
|
|
|
|
|
|
(3,760)
|
|
|
(20,076)
|
|
|
(2,467)
|
|
|
(15,054)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
|
$
|
842,595
|
|
$
|
514,472
|
|
$
|
2,262,789
|
|
$
|
1,024,418
|
|
(1) Represents the
estimated incremental table games win or loss had the win
percentage equaled the mid-point of the expected normal range of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat.
Amounts include estimated discounts and other incentives related to
increases or decreases in table games win.
|
(2) Includes
estimated incremental expenses (gaming taxes and bad debt expense)
that would have been incurred or avoided on the incremental table
games win or loss calculated in (1) above.
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES TO TABLE GAMES HOLD ADJUSTED
LAS VEGAS STRIP
|
RESORTS SAME-STORE
NET REVENUES AND LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR
TO LAS VEGAS STRIP
|
RESORTS SAME-STORE
ADJUSTED PROPERTY EBITDAR AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS SAME-STORE ADJUSTED PROPERTY EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip
Resorts Net Revenues
|
|
|
|
$
|
2,301,022
|
|
$
|
1,380,967
|
|
$
|
6,101,090
|
|
$
|
2,930,499
|
Acquisitions
(1)
|
|
|
|
|
|
(694,103)
|
|
|
(13,529)
|
|
|
(1,538,236)
|
|
|
(13,529)
|
Las Vegas Strip
Resorts Same-Store Net Revenues
|
|
|
|
|
1,606,919
|
|
|
1,367,438
|
|
|
4,562,854
|
|
|
2,916,970
|
Hold adjustment
(2)
|
|
|
|
|
|
(6,968)
|
|
|
(22,773)
|
|
|
(21,974)
|
|
|
(16,859)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Net
Revenues
|
|
$
|
1,599,951
|
|
$
|
1,344,665
|
|
$
|
4,540,880
|
|
$
|
2,900,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
|
$
|
846,355
|
|
$
|
534,548
|
|
$
|
2,265,256
|
|
$
|
1,039,472
|
Acquisitions
(1)
|
|
|
|
|
|
(276,055)
|
|
|
(5,878)
|
|
|
(623,607)
|
|
|
(5,878)
|
Las Vegas Strip
Resorts Same-Store Adjusted Property EBITDAR
|
|
|
|
570,300
|
|
|
528,670
|
|
|
1,641,649
|
|
|
1,033,594
|
Hold adjustment
(3)
|
|
|
|
|
|
(5,898)
|
|
|
(19,412)
|
|
|
(18,609)
|
|
|
(14,390)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR
|
$
|
564,402
|
|
$
|
509,258
|
|
$
|
1,623,040
|
|
$
|
1,019,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes the net
revenues and Adjusted Property EBITDAR of The Cosmopolitan and
Aria.
|
(2) Represents the
estimated incremental table games win or loss had the win
percentage equaled the mid-point of the expected normal range of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat.
Amounts include estimated discounts and other incentives related to
increases or decreases in table games win and excludes the hold
adjustment for the acquired resorts in footnote (1)
above.
|
(3) Includes
estimated incremental expenses (gaming taxes and bad debt expense)
that would have been incurred or avoided on the incremental table
games win or loss calculated in (2) above.
|
View original
content:https://www.prnewswire.com/news-releases/mgm-resorts-international-reports-third-quarter-2022-financial-and-operating-results-301665721.html
SOURCE MGM Resorts International