Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q4 2024 Earnings Presentation
31 slides from Mgm Resorts International's earnings presentation, Feb 12, 2025
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 02.12.2025 Privileged prepared at the request of counsel
Slide 2: World-class operators poised to capture unparalleled global TAM
MGM RESORTS INTERNATIONAL WORLD-CLASS OPERATORS POISED TO CAPTURE UNPARALLELED GLOBAL TAM THROUGH ITS RESORTS AND DIGITAL PLATFORMS Growing Global Access to $150 Billion Great Brands Presence in Regulated TAM 1 1. Calculated as digital + brick & mortar gross gaming revenue from active jurisdictions
Slide 3: Our mission: to be the world's premier gaming & entertainment company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY Operator of 18 properties in the United States and Macau Development underway with an integrated resort in Japan and resort in Dubai Sports betting and iGaming brand in 29 North American jurisdictions MGM Digital Online sports bet
Slide 4: ... and we execute that mission at scale
… AND WE EXECUTE THAT MISSION AT SCALE $0.7 billion $2.1 Billion 2024 Net Income attributable to ~$10 Billion $17.2 Billion 2024 BetMGM Net Revenues MGM Resorts and Market Cap1 2024 Net Revenues from Operations3 $2.4 billion 2024 Consolidated Adjusted EBITDA FINEST FORTIFIED BALANCE SHEET ELITE PROP
Slide 5: Capitalizing on existing opportunities
CAPITALIZING ON EXISTING OPPORTUNITIES INTEGRATED RESORTS OPERATIONS
Slide 6: Proven strong operations over the last 5 years
PROVEN STRONG OPERATIONS OVER THE LAST 5 YEARS 2019 – 2024 Growth LAS VEGAS REGIONALS MGM CHINA +89% +18% +48% 56% growth in ADR1 3,107 3,190 3,142 1,643 1,738 51% LAS VEGAS 1,144 970 1,133 growth in REGIONALS MGM CHINA 735 1,218 1,295 867 1,087 casino revenues1 25 25 (203) 2019 2021 2022 2023 2024
Slide 7: Las Vegas Strip GGR has grown more than 4x over 30 years
LAS VEGAS STRIP GGR HAS GROWN MORE THAN 4X OVER 30 YEARS $10 billion 4% GGR CAGR $8 billion $6 billion $4 billion $2 billion 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2021 2024 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations 7
Slide 8: Contiguous resorts in the heart of the Strip
CONTIGUOUS RESORTS IN THE HEART OF THE STRIP 20 Entertainment Venues 350 F&B and Club Experiences 37,000 Hotel Rooms 1.1mn sq ft of Casino Floor 4.4mn sq ft of Convention Space Stats as of 12/31/2024 8
Slide 9: Positioned at the center court of sports & entertainment growth
POSITIONED AT THE CENTER COURT OF SPORTS & ENTERTAINMENT GROWTH ~5 million tickets sold annually when 4 major teams are in Las Vegas & MGM's prime locations are set to benefit 750k hockey tickets sold per year 8 million tickets sold in 2024 50+ events beyond hockey 24+ headliner and production shows
Slide 10: Operate leading regional properties
OPERATE LEADING REGIONAL PROPERTIES #1 #1 #1 #1 #1 #2 #2 1010 Rankings reflect market share position respective to each region
Slide 11: Regional GGR demonstrates growth and resilience through multiple economic cycles
REGIONAL GGR DEMONSTRATES GROWTH AND RESILIENCE THROUGH MULTIPLE ECONOMIC CYCLES Ex Cov19 period, Regional Gaming Volumes Have Never Dropped YoY $40,000 7% GGR CAGR $30,000 $20,000 $10,000 $0 1999 2004 2009 2014 2019 2024 Source: AGA Land Based GGR ex Nevada 11
Slide 12: China market share has grown significantly post pandemic
CHINA MARKET SHARE HAS GROWN SIGNIFICANTLY POST PANDEMIC 15.8% 15.2% 13.7% 12.5% 9.9% 9.5% 2019 2020 2021 2022 2023 2024 Source: MGM China GGR as a percent of market GGR 12
Slide 13: BetMGM & MGM Digital
e) BetMGM & MGM Digital
Slide 14: BetMGM 2024 financial performance strengthening
BetMGM 2024 FINANCIAL PERFORMANCE STRENGTHENING $2.1B BetMGM 2024 Financial Highlights 2024 Net Revenue $’s in millions 2024 YoY % 2H 2024 YoY % 1H 2024 YoY % 2023 from operations 7% 8% Net Revenue from operations1,2 $2,102 $1,104 $999 6% $1,964 13% adj. 19% adj. 13% 15% +7% iGaming 1,479 15% adj. 7
Slide 15: BetMGM KPIs
BetMGM KPIs 2023-2024 BetMGM Financial Summary • 2024 EBITDA in-line with prior guidance and investment $’s in millions Twelve months ending Dec 31, year expectations 2024 2023 % Change • iGaming Contribution of $424 million in 2024 Net Revenue from operations 1 $2,102 $1,964 7% • 2024 total Contrib
Slide 16: BetMGM accelerating operating momentum
BetMGM ACCELERATING OPERATING MOMENTUM 2024 FINANCIAL PERFORMANCE • $2.1B 2024 Net Revenue from operations 1 (+7% YoY growth, +13% adjusted 2) • $(244)M 2024 EBITDA 1 YOY GROWTH 1Q 2024 4Q 2024 Total Net Revenue from operations2 +3% +20% iGaming Net Revenue from operations 2 +13% +25% Online Sports
Slide 17: Introducing MGM Digital growth strategy
INTRODUCING MGM DIGITAL GROWTH STRATEGY Our pillars for digital growth are: (1) Owned and operated distribution network, (2) Control of a full-stack digital gaming platform, and (3) Ability to self-produce proprietary and differentiated content 1 2 Owned & Operated Digital Distribution Owned Product
Slide 18: MGM Digital is expected to drive significant growth
MGM DIGITAL IS EXPECTED TO DRIVE SIGNIFICANT GROWTH MARKET SHARE TARGETS: ADDRESSABLE TAM: Europe 1-5% $34 billion MGM Digital Brazil 10%+ $7 billion ~$41 billion Total Addressable Market Source: H2GC Global 2029 TAM estimates 18
Slide 19: Financial forecasts, balance sheet & capital allocation
FINANCIAL FORECASTS, BALANCE SHEET & CAPITAL ALLOCATION
Slide 20: Key financial forecasts
KEY FINANCIAL FORECASTS $440 - $475 million excluding stock-based comp, including amounts related to MGM China of 2025 Corporate Expense $50 - $60 million Approximately $820 - $850 million domestically inclusive of approx. $600 million in 2025 Capital Expenditures maintenance capital and the remaini
Slide 21: Strong liquidity provides financial flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 12/31/2024 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $1,931 $6856 $2,616 Revolver availability $2,260 $1,531 $3,791 Total liquidity $
Slide 22: Strong balance sheet with no U.S. maturities until 2026
STRONG BALANCE SHEET WITH NO U.S. MATURITIES UNTIL 2026 $3,500mn $3,000mn $2,500mn $2,000 $2,000mn $2,285 $1,500mn $1,000mn $750 $750 $500mn $750 $850 $750 $500 $400 $675 $500 $0mn 2025 2026 2027 2028 2029 2031 2032 MGM U.S. Bonds MGM China Bonds MGM U.S. Revolver MGM China Revolvers As of 12/31/202
Slide 23: Strategic & disciplined capital allocators
STRATEGIC & DISCIPLINED CAPITAL ALLOCATORS Return Capital to Reinvest in Our Optimize Our Invest For Growth Shareholders Properties Portfolio Added The Cosmopolitan at 8x Focus on high ROIC relative to $8.2 billion in share repurchases Remodeled rooms drive ADR Sold Gold Strike and Mirage at the cos
Slide 24: Repurchased ~40% of our shares over the last years
REPURCHASED ~40% OF OUR SHARES OVER THE LAST 4 YEARS 500mn 400mn Shares Outstanding 300mn 200mn 168mn 200mn 115mn 41mn 100mn - 2020 2021 2022 2023 2024 Cumulative shares repurchased net of issued shares 24
Slide 25: Progressive profit algorithm
PROGRESSIVE PROFIT ALGORITHM Long Term Free Cash Flow Per Share Growth With Growth from Digital Investments and Development Returns Generating Recurring Free Cash Flow And any Excess Cash Returned to from Resorts Operations Shareholders Strong Brands, Long Term Lease Structure, Operational Efficienc
Slide 26: MGM China financial information under IFRS
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended 12/31 Twelve Months Ended 12/31 2024 2023 2024 2023 HK$'000 HK$
Slide 27: MGM China financial information under IFRS (MGM Macau)
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended 12/31 Twelve Months Ended 12/31 2024 2023 2024 2023 HK$'000 HK$
Slide 28: MGM China financial information under IFRS (MGM Cotai)
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended 12/31 Nine Months Ended 12/31 2024 2023 2024 2023 HK$'000 HK$'0
Slide 29: MGM Resorts is capitalizing on opportunities in Las Vegas, regionals, abroad and online
MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. Regionals, abroad and online, to further its goal to be the global leader in gaming and entertainment.
Slide 30: Our mission: to be the world's premier gaming & entertainment company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY
Slide 31: Forward-Looking Statements
F O R W A R D - L O O K I N G S TAT E M E N T S Statements in this presentation 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 uncer tainties, including those described in the Company'
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