Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q1 2024 Earnings Presentation
10 slides from Mgm Resorts International's earnings presentation, May 1, 2024
Slide 1: First Quarter 2024 Earnings
FIRST QUARTER 2024 EARNINGS 1 May 1, 2024
Slide 2: MGM Resorts Is an International Brand
MGM RESORTS IS AN INTERNATIONAL BRAND Operator of 18 properties in the United States and Macau Signed Implementation Agreement for an integrated resort in Japan Sports betting and iGaming brand in 28 North American jurisdictions and Carnival Cruises MGM International Digital Online sports betting an
Slide 3: A Roadmap for Free Cash Flow Growth
A ROADMAP FOR FREE CASH FLOW GROWTH Earnings Stability Mid-Term Organic Growth Long-Term Development Long-Term Digital Growth Earnings Stability Mid-Term Organic Growth Long-Term Development Long-Term Digital Growth 9 properties in Las Vegas with over 80% of Adjusted Property MGM International EBITD
Slide 4: Our Growth Algorithm
OUR GROWTH ALGORITHM Long Term Free Cash Flow Per Share Growth With Growth from Digital Investments and Development Returns Generating Recurring Free Cash And any Excess Cash Returned Flow from Resorts Operations to Shareholders Strong Brands, Long Term Lease Structure, Operational Efficiency, & Cap
Slide 5: Share Count Significantly Reduced
SHARE COUNT SIGNIFICANTLY REDUCED -36% Long-Term Development In Q1: Returned $511 million to shareholders through repurchases 315 million shares outstanding $1.7 billion remaining in the current Board authorization. MGM RESORTS INTERNATIONAL Outstanding shares per 10-K/10-Q for period indicated 5
Slide 6: Key Financial Forecasts
KEY FINANCIAL FORECASTS 2023 Corporate Expense • $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. $600 million in 2024 Capital Expenditures mainten
Slide 7: Strong Liquidity Provides Financial Flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 03/31/2024 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $2,414 $622 $3,036 Revolver availability $2,257 $1,539 $3,796 Total liquidity $4
Slide 8: Marriott Performance Since Launch
MARRIOTT PERFORMANCE SINCE LAUNCH >130k Rate & On-Property Spend Marriott direct room nights at a premium to a displaced booked since launch leisure room night $65-75 million Incremental Group Leads incremental EBITDA in sourced from Marriott stabilized state MGM RESORTS INTERNATIONAL 8
Slide 9: Japan Timeline and Upcoming Milestones
JAPAN TIMELINE AND UPCOMING MILESTONES 9/2021 Selected by Osaka Government as Partner for the Osaka IR Project 4/2023 Certified by Japanese Government as the IR Operator 9/2023 Signed Implementation Agreement with Osaka to officially move forward with project 2023 Q4 Liquefaction Countermeasure Work
Slide 10: 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
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