Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q3 2024 Earnings Presentation
25 slides from Mgm Resorts International's earnings presentation, Oct 30, 2024
Slide 1: Investor Presentation
MGM Resorts International INVESTOR PRESENTATION 10.30.2024 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 either active or expe
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 International Digital Onl
Slide 4: ... and we execute that mission at scale
… AND WE EXECUTE THAT MISSION AT SCALE $2.0 Billion $1.1 billion of net income attributable ~$13 Billion $16.2 Billion 2 2023 BetMGM Net Revenues to MGM Resorts in 2023 and Market Cap1 2023 Net Revenues from Operations3 Adjusted EBITDAR of $4.6 billion2 FINEST FORTIFIED BALANCE SHEET ELITE PROPERTIE
Slide 5: Capitalizing on existing opportunities
CAPITALIZING ON EXISTING OPPORTUNITIES INTEGRATED RESORTS OPERATIONS
Slide 6: 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 $8 Billion 4% GGR CAGR $6 Billion $4 Billion $2 Billion 1990 1995 2000 2005 2010 2015 2020 2023 6 Source: Nevada Control Board Gaming Win from Las Vegas Strip Nonrestricted Locations
Slide 7: Contiguous resorts in the heart of the Strip
CONTIGUOUS RESORTS IN THE HEART OF THE STRIP 20 Entertainment Venues 325 F&B Outlets 37,000 Hotel Rooms 1.1mn sq ft of Casino Floor 4.0mn sq ft of Convention Space Stats as of 12/31/2023 7
Slide 8: 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 63% of attendees to Allegiant Stadium 40+ 8 million are from out of town events beyond hoc
Slide 9: Proven strong operations over the last 5 years
PROVEN STRONG OPERATIONS OVER THE LAST 5 YEARS 2019 – 2023 Growth LAS VEGAS REGIONALS MGM CHINA +94% +17% +18% 53% 3,190 growth in ADR1 3,142 64% 1,643 1,738 LAS VEGAS 970 1,133 growth in REGIONALS 1,218 1,295 casino revenues1 735 867 MGM CHINA 25 (203) 2019 2021 2022 2023 1. Las Vegas Full Year 202
Slide 10: Regional GGR demonstrates growth and resilience through multiple economic cycles
REGIONAL GGR DEMONSTRATES GROWTH AND RESILIENCE THROUGH MULTIPLE ECONOMIC CYCLES $40,000 7% GGR CAGR $30,000 $20,000 $10,000 $0 1999 2002 2005 2008 2011 2014 2017 2020 2023 10 Source: AGA Land Based GGR ex Nevada
Slide 11: Operate leading regional properties
OPERATE LEADING REGIONAL PROPERTIES #1 #1 #1 #2 #1 #2 #1 11 11
Slide 12: MGM China market share has grown significantly post pandemic
MGM CHINA MARKET SHARE HAS GROWN SIGNIFICANTLY POST PANDEMIC 15.9% 15.2% 13.7% 12.5% 9.9% 9.5% 2019 2020 2021 2022 2023 Q3 2024 YTD Source: MGM China GGR as a percent of market GGR 12
Slide 13: Certain financial forecasts, balance sheet & capital allocation
CERTAIN FINANCIAL FORECASTS, BALANCE SHEET & CAPITAL ALLOCATION
Slide 14: Key financial forecasts
KEY FINANCIAL FORECASTS $425 - $460 million excluding stock-based comp, including amounts related to MGM China of 2024 Corporate Expense $40 - $50 million Approximately $830 - $860 million domestically inclusive of approx. $600 million in 2024 Capital Expenditures maintenance capital and the remaini
Slide 15: Strong liquidity provides financial flexibility
STRONG LIQUIDIT Y PROVIDES FINANCIAL FLEXIBILIT Y CONSOLIDATED LIQUIDITY OVERVIEW AS OF 09/30/2024 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $2,587 $5646 $3,151 Revolver availability $2,257 $1,653 $3,910 Total liquidity
Slide 16: Strong balance sheet with no U.S. maturities until 2026
STRONG BALANCE SHEET WITH NO U.S. MATURITIES UNTIL 2026 000’s in thousands $3,500mn $3,000mn $2,500mn $2,000mn $2,300 $1,500mn $579 $1,000mn $750 $750 $500mn $750 $850 $750 $500 $400 $675 $500 $0mn 2025 2026 2027 2028 2029 2031 2032 MGM Bonds MGM China Bonds MGM Revolver MGM China Revolver As of 10.
Slide 17: 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 $7.8 billion in share repurchases Reduced room avg age by 3 High ROI diverse investments since 2021 through Q3, 2024 years since 2021 S
Slide 18: Repurchased ~40% of our shares over the last 3 years
REPURCHASED ~40% OF OUR SHARES OVER THE LAST 3 YEARS 500mn 400mn 300mn 200mn 197mn 189mn 179mn 168mn 115mn 100mn 41mn 0mn 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Shares repurchased net of issued shares 18
Slide 19: 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 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 Nine Months Ended September 30 September 30 2024 2023 2024 2023
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 Nine Months Ended September 30 September 30 2024 2023 2024 2023
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 Nine Months Ended September 30 September 30 2024 2023 2024 2023
Slide 23: MGM Resorts is capitalizing on opportunities in Las Vegas, U.S. 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 24: Our mission: to be the world's premier gaming & entertainment company
OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY
Slide 25: Forward-looking statements
FO RWA R D - LO O K I N G STAT 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 publi
MGM Resorts International — Q3 2024 Earnings Presentation on 6ix