Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q3 2023 Earnings Presentation
27 slides from Mgm Resorts International's earnings presentation, Nov 8, 2023
Slide 1: Third Quarter 2023 Earnings
PRIVILEGED & CONFIDENTIAL THIRD QUARTER 2023 EARNINGS November 8, 2023 M G M RE S O R T S I NT E R NAT I O N AL 1
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 Signed Implementation Agreement an integrated resort in Japan Sports betting and iGaming brand in 28 North American jurisdictions and Carnival Cruises Online sports betting and iGaming operator in 10 juris
Slide 5: Third Quarter 2023 Takeaways
THIRD QUARTER 2023 TAKEAWAYS All-Time Record Consolidated Net Revenues MGM Results Recovered Quickly Following Disruption From the Cybersecurity Issue ✓ Las Vegas: Record 3Q same-store ADR - Same-store net revenues down 2% year over year and Adjusted Property EBITDAR down 11% or $91 million, with an
Slide 6: Our Structure Supports Our Strategic Direction
OUR STRUCTURE SUPPORTS OUR STRATEGIC DIRECTION 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 (100% ownership) (56%
Slide 7: 3Q 2023 Financial Results
Mandalay Bay Convention Center Refresh 1 3Q 2023 FINANCIAL RESULTS MGM RESORTS INTERNATIONAL 7
Slide 8: 3Q 2023 – Las Vegas Operations
3Q 2023 – LAS VEGAS OPERATIONS Estimated negative impact of cybersecurity issue of approximately $80 million in Adjusted Property EBITDAR in Las Vegas and 200bps of margin Net Revenues Adjusted Property EBITDAR Margin % ($ in U.S. millions) ($ in U.S. millions) -8% vs 3Q22 -287 bps vs 3Q22 -2% vs. 3
Slide 9: 3Q 2023 – Regional Operations
3Q 2023 – REGIONAL OPERATIONS Some impact estimated from cybersecurity issue to regionals Net Revenues Adjusted Property EBITDAR Margin % ($ in U.S. millions) ($ in U.S. millions) -5% vs 3Q22 -9% vs 3Q22 -136 bps vs 3Q22 +1% vs. 3Q22 (SS1) -2% vs. 3Q22 (SS1) -86 bps vs. 3Q22 (SS1) $974 $925 33.1% $9
Slide 10: 3Q 2023 – MGM China
3Q 2023 – MGM CHINA Net Revenues Adjusted Property EBITDAR Margin % ($ in U.S. millions) ($ in U.S. millions) $813 27.8% $226 $738 $184 24.9% +10% vs +23% vs +289 bps 3Q19 3Q19 vs. 3Q19 3Q23 3Q19 3Q23 3Q19 3Q23 3Q19 • Casino revenues exceeded 3Q19 by 8% Macau Market Recovery Stats: – GGR was 99% of
Slide 11: MGM China's Market Outperformance
MGM CHINA’S MARKET OUTPERFORMANCE 3Q 2023: MARKET SHARE REMAINS OVER 2019 LEVELS MGM China GGR Market Share 15.4% 15.5% 14.6% 14.3% 14.3% 14.3% 13.3% 13.2% 12.5% Monthly Breakdown: 9.9% July: 14.4% 9.4% 9.5% 9.2% August: 14.3% September: 14.4% October: 15.5% 1Q19 2Q19 3Q19 4Q19 2021 1Q22 2Q22 3Q22 4
Slide 12: Key Financial Forecasts
KEY FINANCIAL FORECASTS •• $350 – 360 million $450 million excluding excluding stock-based stock-based comp,comp, including including amounts amounts related related to MGM to MGM China China of $44 of $40 2023 2023 Corporate Expense Expense million and global million and global development developm
Slide 13: Strong Liquidity Provides Financial Flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 09/30/23 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $3,336 $443 $3,779 Revolver availability $1,646 $1,133 $2,779 Total liquidity $4,9
Slide 14: Triple Net Lease Cash Rent
TRIPLE NET LEASE CASH RENT CASH RENT ESTIMATE1 ($ 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 15: MGM and Marriott Brand Collection
MGM AND MARRIOTT BRAND COLLECTION MGM RESORTS INTERNATIONAL 15
Slide 16: BetMGM Update
2 BetMGM UPDATE The Cosmopolitan of Las Vegas Sportsbook & Lounge MGM RESORTS INTERNATIONAL
Slide 17: BetMGM Remains a Leading Operator in U.S. iGaming
BETMGM REMAINS A LEADING OPERATOR IN U.S. iGAMING… OVERALL ESTIMATED NATIONAL MARKET SHARE IN U.S. iGAMING1 35% 30% 25% COMPETITOR 1 COMPETITOR 2 20% 15% 10% COMPETITOR 3 5% Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Note: Market share information prov
Slide 18: Top Position in Active Markets in U.S. Sports Betting & iGaming
… WITH A TOP 3 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% 35% COMPETITOR 1 30% COMPETITOR 2 25% 20% 15% 10% 5% COMPETITOR 3 0% Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar
Slide 19: Growing Presence & Broad-Based Market Access
GROWING PRESENCE & BROAD-BASED MARKET ACCESS 28 ONTARIO ME WA Current active VT jurisdictions 1 MT ND NH MN NY MA OR CT RI ID WI MI SD PA NJ WY 34 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 50% TX LA FL Live Addressable Ma
Slide 20: Supplemental Information
3 SUPPLEMENTAL INFORMATION The Vault at Bellagio MGM RESORTS INTERNATIONAL
Slide 21: 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 2023 2022 2023 2022
Slide 22: 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 2023 2022 2023 2022
Slide 23: 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 2023 2022 2023 2022
Slide 24: 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 Ground Break: Liquefaction Count
Slide 25: MGM Japan
MGM JAPAN
Slide 26: Empire City Casino, Yonkers, NY
EMPIRE CITY CASINO, YONKERS, NY
Slide 27: Dubai Porto Island
DUBAI PORTO ISLAND
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