Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q1 2023 Earnings Presentation
23 slides from Mgm Resorts International's earnings presentation, May 1, 2023
Slide 1: First Quarter 2023 Earnings
FIRST QUARTER 2023 EARNINGS May 1, 2023 MG M R E S O R T S I NT E R NAT I O N AL
Slide 2: Forward-Looking Statements
F O R WA R D - L O O K I N G S T A T 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 uncertainties, including those described in the Company's
Slide 3: Our Strategic Pillars
OUR STRATEGIC PILLARS Recruit, develop and retain the best talent STRONG PEOPLE Foster a culture of diversity and inclusion AND CULTURE Invest in the employee experience Leverage a customer-centric model reinforced by a CUSTOMER-CENTRIC strong brand and deep customer insights to provide MODEL unmatc
Slide 4: MGM Resorts Is an International Brand
MGM RESORTS IS AN INTERNATIONAL BRAND Operator of 18 properties in the United States and Macau Seeking a license for an integrated resort in Japan Sports betting and iGaming brand in 26 North American jurisdictions Online sports betting and iGaming operator in 8 jurisdictions in Europe and Canada Br
Slide 5: First Quarter 2023 Takeaways
FIRST QUARTER 2023 TAKEAWAYS Important Milestone Reached in Pursuit of Long-term Value Creation ✓ Area Development Plan in Osaka certified by the Japan government on April 14 ✓ Opening date of 2029/2030 Rapid Recovery in Macau ✓ First quarter Adjusted Property EBITDAR reached 88% of first quarter 20
Slide 6: 1Q 2023 Financial Results
1 1Q 2023 FINANCIAL RESULTS The MGM Bellagio Grand Bellagio SpaRoom Studio TowerRemodel Tower Remodel Suite Remodel MGM RESORTS INTERNATIONAL 6
Slide 7: 1Q 2023 – Las Vegas Operations
1Q 2023 – LAS VEGAS OPERATIONS RECORD ADJUSTED PROPERTY EBITDAR FIRST QUARTER Net Revenues Adjusted Property EBITDAR Margin % ($ in U.S. millions) ($ in U.S. millions) $836 38.4% $2,176 $1,663 $594 35.7% +31% vs +41% vs 271 bps 1Q22 1Q22 vs. 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 Casino and hotel metric
Slide 8: 1Q 2023 – Regional Operations
1Q 2023 – REGIONAL OPERATIONS Net Revenues Adjusted Property EBITDAR Margin % ($ in U.S. millions) ($ in U.S. millions) 35.2% $946 $313 $313 33.1% +6% vs flat vs (206 bps) 1Q22 $891 1Q22 vs. 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 Gaming and non-gaming metrics 1Q23 vs. 1Q22 (as reported): Same-store 1Q 2
Slide 9: 1Q 2023 – MGM China
1Q 2023 – MGM CHINA MACAU MARKET RAPIDLY RECOVERED IN THE FIRST QUARTER FOLLOWING REMOVAL OF COVID-19 RESTRICTIONS Net Revenues Adjusted Property EBITDAR ($ in U.S. millions) ($ in U.S. millions) $734 $618 $193 $268 $169 84% of 88% of 1Q19 1Q19 $(26) 1Q23 1Q22 1Q19 1Q23 1Q22 1Q19 MGM China enjoys ke
Slide 10: MGM China's Market Outperformance
MGM CHINA’S MARKET OUTPERFORMANCE 1Q 2023: A RECORD QUARTER IN GGR MARKET SHARE MGM China GGR Market Share 15.4% 14.3% 14.3% 13.3% 13.2% 12.5% 9.9% 9.9% 9.4% 9.5% 9.2% 1Q19 2Q19 3Q19 4Q19 2020 2021 1Q22 2Q22 3Q22 4Q22 1Q23 MGM RESORTS INTERNATIONAL Source: DICJ Macau GGR 10
Slide 11: Key Financial Forecasts
KEY FINANCIAL FORECASTS •• $350 $380 – $400 360 million millionexcluding excludingstock-based stock-basedcomp,comp,including amounts including related amounts to MGM related China to MGM of $44 China of 2023 2023 Corporate Expense Expense million andand $44 million global development global of $37of
Slide 12: Strong Liquidity Provides Financial Flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 03/31/23 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $4,546 $468 $5,014 Revolver availability $1,646 $761 $2,407 Total liquidity $6,192
Slide 13: Triple Net Lease Cash Rent
TRIPLE NET LEASE CASH RENT CASH RENT ESTIMATE1 ($ in U.S. millions) 1Q23 2Q23 3Q23 4Q23 2023 VICI $189 $185 $186 $186 $746 Mandalay Bay / MGM Grand Las Vegas 76 77 77 77 $307 Bellagio 65 65 65 65 $260 Aria / Vdara 55 55 55 56 $221 The Cosmopolitan 50 50 51 51 $202 Total Cash Rent $435 $432 $434 $435
Slide 14: BetMGM Update
To add a sportsbook picture 2 BetMGM UPDATE NewCosmopolitan The York New YorkofRoom Las Vegas Remodel Sportsbook & Lounge MGM RESORTS INTERNATIONAL 14
Slide 15: BetMGM Q1 Update
BETMGM Q1 Update $476 100% million First quarter 2023 Growth in same-store online sports net revenues associated betting net revenues associated with BetMGM operations with BetMGM operations $1.8-$2.0 2 billion Forecasted 2023 Additional online net revenues associated with markets added in Q1 BetMGM
Slide 16: BetMGM Remains the Clear #1 Operator in U.S. iGaming
BETMGM REMAINS THE CLEAR #1 OPERATOR IN U.S. iGAMING… OVERALL ESTIMATED NATIONAL MARKET SHARE IN U.S. iGAMING1 35% 30% 25% COMPETITOR 1 20% COMPETITOR 2 15% 10% COMPETITOR 3 5% Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Note: Market share information p
Slide 17: Leading Position in Active Markets in U.S. Sports Betting & iGaming
… WITH A LEADING POSITION IN ACTIVE MARKETS IN U.S. SPORTS BETTING & iGAMING OVERALL ESTIMATED NATIONAL MARKET SHARE IN U.S. SPORTS BETTING & iGAMING IN ACTIVE BETMGM MARKETS12 40% COMPETITOR 1 35% 30% 25% COMPETITOR 2 20% 15% 10% 5% COMPETITOR 3 0% Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 S
Slide 18: Growing Presence & Broad-Based Market Access
GROWING PRESENCE & BROAD-BASED MARKET ACCESS 26 ONTARIO ME WA Current active VT jurisdictions 1 MT ND NH MN NY MA OR CT RI ID WI MI SD PA NJ WY 32 NV NE IA IL IN OH MD DE WV D.C. VA UT CA CO KS MO KY Market access NC secured or anticipated2 TN SC OK AR AZ NM GA AL MS 48% TX LA FL Live Addressable Ma
Slide 19: Supplemental Information
3 SUPPLEMENTAL INFORMATION Beau Rivage Room Remodel MGM RESORTS INTERNATIONAL 19
Slide 20: MGM China Financial Information Under IFRS
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2023 2022 HK$'000 HK$'000 (unaudited) (unaudited) Reve
Slide 21: MGM China Financial Information Under IFRS – MGM Macau
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2023 2022 HK$'000 HK$'000 MGM MACAU (unaudited) (unaud
Slide 22: MGM China Financial Information Under IFRS – MGM Cotai
MGM CHINA FINANCIAL INFORMATION UNDER IFRS Due to the time differences between Macau and the United States, this supplemental information is being provided on behalf of MGM China for the benefit of MGM China investors Three Months Ended March 31 2023 2022 HK$'000 HK$'000 MGM COTAI (unaudited) (unaud
Slide 23: Official Certification of Area Development Plan in Osaka
OFFICAL CERTIFICATION OF AREA DEVELOPMENT PLAN IN OSAKA On April 14, 2023, MGM Resorts announced that Japan’s Ministry of Land, Infrastructure, Transport and Tourism has officially certified the Area Development Plan submitted last year. MGM and ORIX, together with Osaka Prefecture/City, submitted a
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