Mgm Resorts International · NYSE:MGM
Mgm Resorts International — Q4 2023 Earnings Presentation
30 slides from Mgm Resorts International's earnings presentation, Feb 13, 2024
Slide 1: Fourth Quarter and Full Year 2023 Earnings
FOURTH QUARTER AND FULL YEAR 2023 EARNINGS 1 M G M RE S O R T S I NT E R NAT I O N AL February 13, 2024
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 for 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 j
Slide 5: Fourth Quarter 2023 Takeaways
FOURTH QUARTER 2023 TAKEAWAYS All-Time 4Q and Full Year Record Las Vegas and MGM China Adjusted Property EBITDAR Las Vegas Record Driven by F1 ✓ Highest hotel revenue generating event ever ✓ MGM Resorts properties are well-positioned to fully benefit from tent pole Las Vegas events Regional Performa
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: 4Q & FY 2023 Financial Results
1 4Q & FY 2023 FINANCIAL RESULTS LPM at The Cosmopolitan MGM RESORTS INTERNATIONAL 7
Slide 8: 4Q 2023 – Las Vegas Strip Resorts Operations
4Q 2023 – LAS VEGAS STRIP RESORTS OPERATIONS Net Revenues Adjusted Property EBITDAR Margin % ($’s in US millions) ($'s in US millions) +3% vs 4Q22 -1% vs 4Q22 -173 bps vs 4Q22 +10% vs. 4Q22 (SS) +3% vs. 4Q22 (SS) -224 bps vs. 4Q22 (SS) $2,371 $864 $877 $2,297 $836 38.2% 38.7% 36.5% $2,159 4Q23 4Q22
Slide 9: 4Q 2023 – Regional Operations
4Q 2023 – REGIONAL OPERATIONS Net Revenues Adjusted Property EBITDAR Margin % ($ in US millions) ($'s in US millions) -12% vs 4Q22 -27% vs 4Q22 -555 bps vs 4Q22 -7% vs. 4Q22 (SS) -22% vs. 4Q22 (SS) -507 bps vs. 4Q22 (SS) $320 32.2% $991 $297 31.7% $936 $873 $233 26.7% 4Q23 4Q22 4Q22 (SS1) 4Q23 4Q22
Slide 10: 4Q 2023 – MGM China
4Q 2023 – MGM CHINA NetRevenues Adjusted Property EBITDAR Margin % ($ in US millions) ($ in US millions) $983 $262 26.7% $727 25.5% $185 +35% vs +42% vs +126 bps 4Q19 4Q19 vs. 4Q19 4Q23 4Q19 4Q23 4Q19 4Q23 4Q19 • Casino revenues exceeded 4Q19 by 31% Macau Market Recovery Stats: – GGR exceeded 4Q19 b
Slide 11: FY 2023 – Las Vegas Operations
FY 2023 – LAS VEGAS OPERATIONS Net Revenues Adjusted Property EBITDAR Margin % ($ in US millions) ($'s in millions) +5% vs 2022 +2% vs 2022 -116 bps vs 2022 $8,799 $3,190 $3,142 37.4% $8,398 36.3% 2023 2022 2023 2022 2023 2022 Casino and hotel metrics 2023 vs. 2022 (as reported): Casino and hotel me
Slide 12: FY 2023 – Regional Operations
FY 2023 – REGIONAL OPERATIONS Net Revenues Adjusted Property EBITDAR Margin % ($'s in US millions) ($'s in US millions) -4% vs 2022 -12% vs 2022 -305 bps vs 2022 $1,295 33.9% $3,816 $3,670 $1,133 30.9% 2023 2022 2023 2022 2023 2022 Gaming and non-gaming metrics 2023 vs. 2022 (as reported): Gaming me
Slide 13: FY 2023 – MGM China
FY 2023 – MGM CHINA Net Revenues Adjusted Property EBITDAR Margin % ($’s in US millions) ($'s in millions) $867 27.5% $3,154 $2,905 $735 25.3% +9% vs +18% vs +220 bps 2019 2019 vs. 2019 2023 2019 2023 2019 2023 2019 • Casino revenues exceeded 2019 by 7% Macau Market Recovery Stats: – GGR was up 1% v
Slide 14: MGM China's Outperformance
MGM CHINA’S OUTPERFORMANCE 2023 Full Year Market Share Exceeded 2019 by 560 bps 16.3% 15.4% 15.1% 14.6% 14.3% 13.7% 12.5% 9.5% 2019 2021 2022 1Q23 2Q23 3Q23 4Q23 2023 MGM RESORTS INTERNATIONAL Source: DICJ Macau GGR and MGM China gross slot win + main floor win + VIP win 14
Slide 15: Key Financial Forecasts
KEY FINANCIAL FORECASTS •• $350 $425 -– $460 360 million millionexcluding excludingstock-based stock-basedcomp, including comp, amounts including related amounts to to related MGM China MGM of $44 China of 2023 2024 Corporate Expense Expense million and $40 - $50 global development of $37 million mi
Slide 16: Strong Liquidity Provides Financial Flexibility
STRONG LIQUIDITY PROVIDES FINANCIAL FLEXIBILITY CONSOLIDATED LIQUIDITY OVERVIEW AS OF 12/31/2023 MGM MGM MGM Resorts ($ in U.S. millions) Resorts1 China3 Consolidated Cash, cash equivalents & marketable debt securities2 $2,806 $542 $3,348 Revolver availability $1,647 $1,465 $3,112 Total liquidity $4
Slide 17: Triple Net Lease Cash Rent
TRIPLE NET LEASE CASH RENT CASH RENT ESTIMATE1 ($ in U.S. millions) 1Q24 2Q24 3Q24 4Q24 2024 VICI $186 $189 $190 $190 $755 Mandalay Bay / MGM Grand Las Vegas 78 79 79 79 $315 Bellagio 66 66 66 67 $265 Aria / Vdara 56 56 56 57 $225 The Cosmopolitan 51 51 52 52 $206 Total Cash Rent $437 $441 $443 $445
Slide 18: Marriott Strategic Relationship Has Launched
MARRIOTT STRATEGIC RELATIONSHIP HAS LAUNCHED MGM RESORTS INTERNATIONAL 18
Slide 19: BetMGM Update
2 BetMGM UPDATE The Cosmopolitan of Las Vegas Sportsbook & Lounge MGM RESORTS INTERNATIONAL
Slide 20: BetMGM Remains a Leading Operator in U.S. iGaming
BETMGM REMAINS A LEADING OPERATOR IN U.S. iGAMING… OVERALL ESTIMATED ACTIVE MARKET SHARE IN U.S. iGAMING1 30% COMPETITOR 1 25% COMPETITOR 2 20% 15% 10% COMPETITOR 3 5% 0% Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 MGM RESORTS INTERNATIONAL Note: Market
Slide 21: 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 ACTIVE MARKET SHARE IN U.S. SPORTS BETTING & iGAMING1 40% 35% COMPETITOR 2 30% COMPETITOR 1 25% 20% 15% 10% COMPETITOR 3 5% 0% Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct
Slide 22: 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 35 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 49% TX LA FL Live Addressable Ma
Slide 23: Supplemental Information
3 SUPPLEMENTAL INFORMATION Aria Sky Villa Refresh MGM RESORTS INTERNATIONAL
Slide 24: 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 Twelve Months Ended December 31 December 31 2023 2022 2023 2022
Slide 25: 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 Twelve Months Ended December 31 December 31 2023 2022 2023 2022
Slide 26: 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 Twelve Months Ended December 31 December 31 2023 2022 2023 2022
Slide 27: 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 28: MGM Japan
MGM JAPAN
Slide 29: Empire City Casino, Yonkers, NY
EMPIRE CITY CASINO, YONKERS, NY
Slide 30: Dubai Porto Island
DUBAI PORTO ISLAND
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