Yeah, yeah. Look, Chad, I wouldn't go so far as to change our projections and our prediction that by this time next year, we should be in a profitable scenario. Afternoon, folks. Learn more, Don't Miss Trevor Wallace live at The Mirage performing on January 6! After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. When the law was released back in June, we, together with our outside auditing firm, Deloitte, we came to the conclusion that it's a new concession that we'll be beginning post December. Bill, Jonathan, I know you mentioned that, I guess, firstly, BetMGM is coming in better than the $1.3 billion revenue projection. The market in Canada on the online side is a bit opaque at this point. And so -- but no, I don't want to get ahead of ourselves. MGM Resorts International plans to build a grandstand along the Strip for the Silver Las Vegas Grand Prix on Nov. 18,2023. Learn more. WebNews Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. We've been amortizing that intangible to between 2031 and 2038. Don't miss the Las Vegas Desert Dogs at Michelob ULTRA Arena! Ladies and gentlemen, this concludes our question-and-answer session. WebRoyal Caribbean International is a global cruise brand with 25 innovative ships, calling on more than 280 destinations in 72 countries across six continents. We thought Allegiant could do like 40 events. It's introduced a higher-end retail customer. I'll let Hubert chime in here in a moment. Well, to be clear, within the United States and North America, of note, Canada and Ontario province, to be specific, that is the domain of BetMGM. Surprisingly well. This convention business comes at a higher average rate typically between $30 to $40 higher and brings with it higher-margin catering spend. But I don't know me, Hubert, if you want to talk any more sentiment and particularly, maybe talk about where you are with the lockdown. And so, while relatively small, its scale to some, it's probably going to be about $50 million in cash flow. I'm not going to project when that time is. For a package with a three-night stay at the Bellagio and a seat in the grandstand area, prices start at about $1,700, according to MGMs website. Revenue and EBITDA improved kind of regardless of how you cut it. The Macau government is in the process of reviewing each of the concessioners' proposals and we expect a decision to be made by year-end. "In addition to the Bellagio Grandstands, which will set new standards for event viewing, we will create a round-the-clock celebration worthy of this international spectacular.". This free-to-play app offers an ever-expanding collection of slot and table games and gives you amazing rewards from your favorite MGM Resorts destinations. In June 2017, news broke that CashCrate had suffered a data breach exposing 6.8 million records. And we think that those customer service scores and the retention associated with those customers are going to help us get there. Learn more, Don't miss Jermell Charlo vs Tim Tszyu at Michelob ULTRA Arena on January 28, 2023! Getting that edge is important. Lee, a 20-year veteran attorney and partner at the Las Vegas-based Hutchison & Steffen Attorneys, will fill the seat on Nevadas high court left vacant by Justice Abbi Silver, who retired in late September. Learn More, MGM Resorts International(MGM -1.78%)Q32022 Earnings CallNov 02, 2022, 5:00 p.m. And so, we just have not seen a slowdown in that fact to the contrary. And just for the follow-up, I'm curious if you're seeing anything different in terms of demand at your Vegas resorts in terms of the more premium properties versus the properties that are sort of more broad market. Cost basis and return based on previous market day close. I want to thank our employees, again, for the tremendous efforts they put forward to achieve these outstanding results. Dont miss the action! The idea of omnichannel is still very strong. Williams, the dynamic quarterback who was the catalyst for the Trojans turnaround season, won the Heisman on Saturday night to make USC the first school to take home college footballs most prestigious player of the year award eight times. We believe we've accomplished a great deal year to date. At a minimum. Please go ahead. Gary will lead our broader digital strategy both here in the U.S. and internationally, which LeoVegas is a significant part. All of this on hopes that easing restrictions will provide a boost to the world's largest gaming market. Thanks, Jon. Our third quarter corporate expense, including share-based compensation, was $117 million, which included $9 million of transaction costs related mostly to LeoVegas. We plan to continue to buy back stock through our authorized program. WebBorgata Hotel Casino & Spa. I think part of it is our Ontario/Detroit database, and we've had exposure to those customers for 20 years. This allows you to provide an enhanced user experience with prime space for sponsor recognition. Learn more, Don't Miss Ray Romano & Brian Regan! Thanks, Bill, and thanks, Chad, for your question. But some of the initial indicators are pretty very firm of actually. And then obviously, Mirage going out later this year. Our third-quarter regional net revenues grew 5%, while adjusted property EBITDAR declined 8%. Play in even more qualifying tournaments to grow your finale prize pool, up to $200,000 CASH! So, I think that just to give you an example, in Macau, recently, there have been in some cases. And you're still on track on the losses for the year. And we have a real position in place with sports betting, we were fortunate enough to get Wayne Gretzky on board early. Now, let's discuss our third quarter results in some detail. CONTACT Mr Sent Alex IS A NICE MAN..Call (+234+2348112960763) or add him on WhatsApp (+2348112960763) I was thinking that illuminati is not real, But today with Mr sent Alex, I now believe that illuminati is real, when you come across wrong persons you will think that life is not real but when you are with the real one you will experience News Verstappen and Red Bull pick up their F1 drivers and constructors trophies at the 2022 FIA Prize Giving. I can assure you. In terms of your question on the bond rate for us, I think that we're looking at opex of about $1.5 million a day, in that range. Great. And we have established a financial policy that we will have $1.5 billion available to us in addition to our revolving credit, which is approximately $1.5 billion. Its the first time the program has won its first 10 games to start a season since the 1990-91 campaign, when Jerry Tarkanian was coaching the defending national champions Patricia Lee, an attorney with Hutchison & Steffen Attorneys, poses in her office Tuesday, Dec. 6, 2022. Additional information concerning factors that could cause actual results to differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC. We think it underlines a foundation that just puts us at a different place than we've ever been historically. Las Vegas Sun, 2022, All Rights Reserved, Golden Knights Beat Philadelphia Flyers inOT. With respect to Vegas and acknowledging a lot of moving parts with Cosmopolitan coming in city center being consolidated, start to sort this going out if we're going back to 2019. From contactless check-in to increasing cleaning schedules of common areas in both public areas and back of the house to paying special attention to high-contact areas such as doorknobs and food contact surfaces to in-room covid testing, we are also pioneering a COVID-19 pilot testing protocol with some of the most cutting edge companies, so that if you choose, you can create a perimeter around your space for even more confidence. Just some highlight comments again. This is Jonathan. Yeah, yeah. So, these types of things could happen from time to time if the policy is still in place. This Casino Stock Just Had Its Best Revenue Quarter in History. We're strategically investing our corporate resources in growth areas, including improvements to our IT infrastructure, enhanced digital offerings, and our IR development efforts in Japan and New York. Thanks very much, Bill. Good afternoon, everyone. Wallace can be seen just about everywhere on the internet and has collectively built a digital thumbprint of over 1 Billion views across his social media channels. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst. First and foremost, MGM Rewards has just surpassed 40 million folks in our database. Are you seeing any difference in demand trends there? Not in the third quarter. There was some minor hold impacts in the third quarter, about 60 basis points. Through our Focused on What Matters: Embracing Humanity and Protecting the Planet philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of our employees, guests, and in the communities where we operate. ET. We've also opened some final outlets that had been closed over the past year or two. Occupancy was a major driver of the improvement year over year, reaching 93% for the quarter, the highest it's been since the start of the pandemic, an improvement -- and an improvement of over 1,000 basis points year over year. Our operations teams have become incredibly nimble over the last few years and are prepared to quickly adjust our business to the changing demand trends if they occur. So, this is one of the areas in which our MGM Rewards program and the improvements we've made to that, as well as other marketing efforts, have really helped drive the leisure business even through our proprietary channels. I was hoping you could just talk a little bit more about where you do have visibility into next year, the group and convention business in Las Vegas. Our existing operations continue to grow as evidenced by another record court in Las Vegas with a positive outlook thinking about October and beyond. And interestingly, we're excited to continue to project that into LeoVegas and some of the things we want to do internationally over time. Understood. Staying with digital for a moment, we remain bullish on BetMGM, which continues to build on its success every quarter. Lock in the most iconic track-side resorts, exclusive experiences, and bragging rights to last a lifetime with an exclusive MGM Rewards grandstand experience. Over the past two years, we've increased the effectiveness of our casino marketing and loyalty programs to drive the casino and direct high-rate transient business mix up by several percentage points each. You continue to see the strength in the growth Again, we think there's been a couple of fundamental changes both in the context of the customer mix, the opportunity, and the desire to want to come to a place like Las Vegas and our position with the asset changes of Mirage for Cosmopolitan and some of the other things we do. The grandstand will go over the artificial Bellagio lake, which sits between the resort and the Strip, MGM officials said. Learn more, Don't miss Da Nacional De La Banda at T-Mobile Arena! Learn more. Or during the show, our flight attendants will happily deliver cocktails, pizza, ice-cream and oxygen direct to your seat. If we think about places like Brazil, which is that activity, and talking more and more about sports betting and hopefully and potentially, casino gaming. It's tied to fine dining. A copy of the same can bedownloaded here. Want to Boost Your Portfolio? WebMGM Grand. Great. So, during your search, you may find details like: Official health standards. Southern Nevada's award-winning source for news, sports, politics, entertainment and opinion; locally owned and independent since 1950 In the past, we had a lot of convention room nights on weekends. Through the first nine months of the year, BetMGM's revenue associated with operations have surpassed $1 billion, which puts them well on track to achieve their target of over $1.3 billion this year. We've seen that number double in the last year between what happened in the third quarter of '21 versus the third quarter of '22 in terms of activity. And so, it doesn't mean -- we're not -- eyes wide open on what may happen here. The liquidity is amazing. Making the world smarter, happier, and richer. We're doing a Mandalay Bay complete remodel, which is undertaken and underway, and it's been highly well received. Don't miss UFC 285 on Saturday, March 4, 2023 at T-Mobile Arena! Has anything changed in terms of your expectation of when the spigot could or should turn back on? Beyond the United States, MGM and our development partner, Orix, along with the city of Osaka, submitted our area development plan to the government of Japan in April, and we are optimistic that we received certification in the near future. Our next question will come from Carlo Santarelli with Deutsche Bank. But given that everything is coming in better than expected. WebREGINA, SK, Dec. 5, 2022 /CNW/ - Starting today across Saskatchewan and through Dec 02, 2022, 08:00 ET Air Canada's Newly Inaugurated Bangkok Flight Now Enroute to From the beginning of 2021 through yesterday, we've repurchased 115 million shares for $4.4 billion, or 32% of our market cap. The speed and accuracy to which MGM could monitor their employees closely mirrored the NBA COVID testing protocols for our staff and players which minimized risk and allowed our two-week in-market workout program to be executed in a safe and productive manner.. But we've got a sports betting product. No matter your size, MGM Resorts has a space to suit your event, meeting or trade show. And so, we're encouraged by the signal and really what it means for Macau. We've achieved this vision by remaining laser-focused on that strategic plan. It looks like continued pretty strong sequential growth on the casino side. It's a perpetual capital structure with escalations of 2% to 3% over the next 10 years. Our next question will come from Shaun Kelley with Bank of America. Make a reservation. Business is exceptionally strong right now in Las Vegas at MGM Resorts and we see the market remaining exceptionally hot. I would again like to thank our employees for their continued hard work and commitment to our company. And how much of this is sequential margin compression on the existing business from headcount, for example, which you also called out? And he's just iconic. So, the business is definitely dynamic right now from that perspective. Our investment in BetMGM and LeoVegas will allow us to continue to drive our omnichannel strategy, a key competitive advantage that over time allows us to generate incremental earnings between our brick-and-mortar and our online channels. Copyright 2022 Scripps Media, Inc. All rights reserved. Thursday morning, the company's website showed MGM was trying to "get back on track" due to an "unprecedented level of demand. So, you'll probably see our mix come down a little because of that also. Now I'd like to talk about the integrated resource development opportunities we have. We think we have real opportunity there. Please go ahead. We love the operating environment it has, the system it has. CONTACT Mr Sent Alex IS A NICE MAN..Call (+234+2348112960763) or add him on WhatsApp (+2348112960763) I was thinking that illuminati is not real, But today with Mr sent Alex, I now believe that illuminati is real, when you come across wrong persons you will think that life is not real but when you are with the real one you will experience the goodness of your life, Our casino customers aged 65 and above grew again this quarter as compared to last year and 2019, but it still hasn't reached the visitation frequency pre-pandemic. But in general, our reinvestments have stayed pretty consistent. We continue to invest in the business. How do you think about the elution here given you have the $4.4 billion of cash, $1 billion one-sixth of liquidity? Thanks, everyone. So, we took a relatively small amortization charge in the second quarter, and then we're taking the remainder in the third and the fourth quarter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) is an entertainment company that operates casinos, hotels, and entertainment resorts. So, we can't have exact things, but I know what we're doing. And so, we feel really good about what's happened there. I think we've maybe talked about this last quarter, but we've got a couple of questions. Las Vegas is more than gaming and pool parties. These people know more about audio and visual tech than Bubba knew about shrimpin. We just see that as a leading opportunity for us and a vehicle to do that. Dow Jones Barron's Who wouldnt want to plug into a level of expertise like that? So, it was the first-ever Las Vegas race on the strip, that weekend happens to be one of the slowest historic weekends of the year for us ahead of Thanksgiving. Others might choose an intimate outdoor wedding like the Garden Wall at the MGM Signature Suites. Look, we have several different opportunities, whether it's around our existing partnership with Hyatt and expanding it. It is mostly having to do with mix and to a minor extent, some addition of labor. By doing that, I think, is meaningful to us. We've seen some groups from Hong Kong. Masks remain available for anyone wishing to wear one. And so, that -- all of that activity case would remain with that JV and that partnership. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. ET. And there are cases -- there were one case, single case in MGM Cotai, and we had to shut down the operation for three days, and we just reopened and quarantine yesterday and will reopen today. The underbanked represented 14% of U.S. households, or 18. Thank you. Jon, I agree. News, fixtures, scores and video. During 2021, we faced a difficult hiring environment and had a number of outlet closures, but we're now fully staffed, fully open and have returned to the service levels for which we are known. Please go ahead. making sure that we have the most profitable customers on the weekend there. It's tied to the entertainment experiences that may be a Bruno Mars or something of that ilk. When we say that we want you to Convene with Confidence, we really mean it. And then if not, how should we think about the current burn rate in that market? Please go ahead. Hey, everyone. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Take a look at our showroom entertainment and get some great ideas for a perfect night out. But what was -- how do you think about kind of the target of casino? The 2,000 room stylish casino-hotel, located at Renaissance Pointe, presents a destination designed to rival those once found only in cities such as New York City and Las Vegas. 10 stocks we like better thanMGM Resorts InternationalWhen our award-winning analyst team hasa stock tip, it can pay to listen. Learn more, Don't miss Banda MS & Eden Muoz at Michelob ULTRA Arena! But we feel obviously very strong and excited by our business here in Las Vegas. We acquired the Cosmopolitan of Las Vegas, which strengthened our portfolio. Programming also remains an exceptional story which further solidifies Las Vegas as the nation's top sports destination. The inverse of that is we're supplying BetMGM with about 15% of its customers. Join us in our showroom for the best in-flight entertainment in space provided by the greatest stars from across the galaxy. There was a call out in the 10-Q for higher advertising costs. Contributions and Feedback . And we can't forget Topgolf, Las Vegas's most unique golfing experience on The Strip, where all the best things to do come together. Jonathan, you provided a lot of color on kind of the mix, and you guys just hit on the group pace for next year. This particular month in October, Excalibur Luxer had great months. The answer is yes. Thank you, Andrew, and thank you all for joining us this afternoon. And then just as my follow-up on Vegas, some of your competitors have called out one-offs in the quarter such as utilities. During the call, we will also discuss non-GAAP financial measures in talking about our performance. And when I look at what we've been able to accomplish on our M&A agenda, it's probably not too difficult to tease out that the Cosmopolitan and ARIA did nearly $300 million of EBITDA during the third quarter. Or would you ever consider a pivot from the asset structure, if that's an appropriate way to phrase it? Let me close by making some high-level comments on the current state of business and our future outlook. Great. First off, I'm pleased to share that we have completed our acquisition of LeoVegas in September. And our ability -- they don't actually publish per share. Adjusted property EBITDAR margins were 33%, a decrease of approximately 450 basis points compared to the third quarter last year. Were involved in every single one of them. The value proposition of our group business supports our pricing power in Las Vegas. After the company's remarks, there will be a question-and-answer session. Yeah. We bolstered our liquidity through the closing of the VICI transaction and the announced sales of the Mirage and Goldstrike. Of course you can get married in a chapel, but perhaps your inner princess craves being married in the castle to a king? If you want to earn status via tier points, you'll earn as follows: Spend: Earn 4 Tier Credits per dollar of eligible spend; Slots and tables: Earn 8 Tier Credits per dollar of theoretical loss to the casino (THEO); You'll qualify for a tier beginning each Feb. Even use your phone to unlock your room with Digital Key. So, that's one of the reasons I think we've seen this ADR growth has been amazingly substantiated throughout the company. We know that our guests are experiencing greater satisfaction in their stays as measured by our internal Net Promoter Scores, which continue to exceed our projections, as well as our TripAdvisor rankings, which have improved significantly across our portfolio in the last year. Just a follow-up on the strip margin in the quarter. US, EU agree to intensify talks on green subsidies dispute Tue, Dec 6, 2022 at 7:59 am; Australias central bank raises key interest rate to 3.1% Tue, Dec 6, 2022 at 7:58 am; Justices spar in latest clash of free speech and And moving forward, we will also continue to invest our capital in growth projects such as New York, in Japan, as well as strategic M&A. Thank you. We will host a men's NCAA West Regional for Suite 16 in Elite 8 rounds at T-Mobile in March and Formula One, as you know, were selected the weekend of November 16 next year. And then with respect to New York, can you remind us, the scope of the all-in investment, the timing of the spend, and anticipated timeline to complete once you start once you get approval? It's probably a new normal of where we feel pretty comfortable, plus or minus on going forward in the future also. MGM Resorts International plans to build a grandstand along the Strip for the Silver Las Vegas Grand Prix on Nov. 18, 2023. It's actually Bill, David. And, Shaun, what I would add on the casino side, every weekend here is just a major weekend with events between Allegiant, the three major showrooms here, the arenas that demand, we don't really see slowing down. Webtoday icon. Could you remind us on the accounting of that and what's that for? So, we strategically think we could do better cash flow by not placing some of that business on weeknights. Yeah. Hi, everyone. Breaking News Today's News Sunday's Paper . Hubert Wang -- President and Chief Operating Officer of MGM China. Please go ahead. On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. "In addition to the Bellagio Grandstands, which will set new standards for event viewing, we will create a round-the-clock celebration worthy of this international spectacular," Zanella said. And if we're not leading, we're damn close in the context of iGaming of note. Hi. The 2023 Las Vegas Grand Prix is scheduled for the weekend of Nov. 16. Now as our convention mix returns, we're generally displacing less profitable but still important leisure business. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Joining the call from the company today are Bill Hornbuckle, chief executive officer and president; Corey Sanders, chief operating officer; Jonathan Halkyard, chief financial officer and treasurer; Hubert Wang, president and chief operating officer of MGM China; and Andrew Chapman, director of investor relations. So, curious if you have any visibility on that yet. And what is kind of the target next year within the 19% group and obviously trying to pull out of FIT and some of the OTA channels, things like that? We are developing a compelling proposal, and we look forward to submitting it in the coming months. We also expect further global digital growth with LeoVegas, MGM China, and Macau market are showing some productive signals, and we believe we are well positioned with respect to licensing renewals. That's helpful. We will get back to you as quickly as possible regarding your request. I'm just curious if you're seeing anything in terms of marketing your promotions in the regional markets, just given that you mentioned that gaming revenue was pretty much flat, and the growth was coming from non-gaming if that is starting to lead to anything promotional. You need a partner and a sponsor to help you get state, etc., and get ultimately licensed and in some cases, even get legislation through in terms of motivating the cost from the get-go. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We do expect corporate expense to remain elevated in the fourth quarter due mostly to transaction costs related to the Mirage sale. Baron Funds made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2022 investor letter: MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM. The breach of the cash-for-surveys site dated back to November 2016 and exposed names, physical addresses, email addresses and passwords stored in plain text for older accounts along with weak MD5 hashes for newer ones. Thanks. Our 50% share of the losses in the third quarter narrowed to $24 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDA calculation. The rent is compelling. We look to add on to it with live dealer. Our local and cross-property efforts will continue to address these important segments to drive further growth. WebThe latest travel news, deals, guides and tips from the travel experts at USA TODAY. And I think there's some room for enhancement in a couple of places, Las Vegas, and potentially a couple of regional properties despite the one-off opportunities and things that hit us. If you factor in the licensing fee and the initial expansion, we're looking at about a $2 billion to $2.2 billion investment, which given -- let's just say it takes till the end probably the spend on that is going to be between $24 million and $25 million. Privacy Policy - Interest-Based Advertising We've had intentions from groups from Singapore that wanted to come back. Borgata Hotel Casino & Spa in Atlantic City offers an unparalleled travel experience on the East Coast. As we've opened up, remember, the whole essence behind MGM Rewards versus MLive as we've opened up for rewarding all spend, not just gaming spend. And the third quarter, BetMGM launched in Kansas representing its 24th market to date and the eighth new market we have added since November of last year. You heard obviously the success in BetMGM. And so, we're pretty excited by it. It is one that we do not have to refinance. And I think we're really well positioned to get relicensed and are confident that we'll do so by year-end. And I think you all know iGaming is the lion's share of the NGR in this whole universe, actually. On BetMGM, the growth and continued improvement we are seeing in this business is overwhelmingly positive. News, The L.A. Times, The New York Times, Ad Age, Business Insider, Mens Health, Buzzfeed, and Complex to name a few. But when I look at the capital structure, the combination of it and its cost with what I think is our operating leverage in these other businesses with the demand dynamics we've described and the fact that really our regional cross-property efforts are just getting started to the Cosmopolitan integration is still very early in this whole event backdrop I just think it's a fantastic opportunity for value creation. Terms of Use We like the positioning we have, both from iGaming in particular and ultimately in sports betting. WebmyVEGAS is the official mobile and Facebook game of MGM Resorts and MGM Rewards. Thanks, Corey. Short term, we probably will still -- it's a gradual ramp-up process and maybe with fluctuation between due to the dynamic zero-COVID policy in place. I would say this because obviously, we all got the message of zero tolerance, and it was demonstrated this week in Shanghai and ultimately at our own Cotai property, and ever can speak to that. I think the margin performance is, of course, a number of dynamics going into it, but one of the most important has been our ability to yield on the room demand here. For starters, more than 12,000 corporate and social events are held annually at our resorts. Access to the seats will be available only through an MGM race-and-stay package, which includes multiday stays at a number of MGM Strip hotels, including the Bellagio. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Flexible bookings on most hotels* Travel with confidence. From live entertainment to drink specials, the city has you covered. Shares of Casino operators Wynn Resorts Limited WYNN and MGM Resorts International MGM gained on Monday after being granted licenses to operate in Macau. Our people are the best in the business, and they demonstrate that every day with the care they show for our guests. Good afternoon, everybody. LAS VEGAS (KTNV) MGM Resorts will build a grandstand over the Bellagio lake for viewing of the Formula 1 Las Vegas Grand Prix in 2023, the company announced Thursday. And we also had some hurricane proceeds in the prior-year quarter, about 80 basis points. So, I want to stay on point on that. Learn More. Yes. The Motley Fool has no position in any of the stocks mentioned. A couple of things. In addition, please check the funds top five holdings to know its best picks in 2022. We go into different markets. I recently visited our development site and we and the Orix team couldn't be more excited by the opportunity to bring a fully integrated resort to Japan. I know your question was around sequential, but year over year and sequential, just the volume of activity has increased here, and that's required some additional labor resources. It's pretty stable A lot of our work recently has been around yielding the casino even more effectively, particularly during midweek. With that, I'll turn this over to Jon and to discuss more details of the quarter. I think it's going to do that in more. And probably piece is still missing, but we're starting to see some of this come back is the Far East play. So, the existing concession on which the intangible was based, we needed to amortize that toward the end of its life or by the end of its life, which is this year. Join millions of travelers who already use Travelzoo! Seating will only be available to those who purchased an MGM race-and-stay package, the company says. But yes, I think as we get all smarter about this, we all build a customer base that begins to plateau at a reasonable level, you'll see everyone get including us, most notable more efficient at that. Let me start my remarks by also welcoming Gustaf and the over 900 LeoVegas employees to MGM Resorts. California, there's not going to be a big launch in '23. Thanks. As you are thinking about your future Group events or Wedding planning, we are here to support you in every possible way. Thanks for taking my questions. Packages on offer are expected to include the following: "In just over a year, F1 fans from around the globe will see how Las Vegas throws a party," said Steve Zanella, MGM Resorts' chief commercial officer. Hey, how's it going? Finally, this presentation is being recorded. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. *Average returns of all recommendations since inception. I think we feel pretty good on where we are. Net-net, 2022 is shaping up to be a record year for many of resorts, and we believe a fundamental change in people's perception of travel and the value that it brings to their lives in Las Vegas and MGM Resorts is benefiting this emerging theme. But to date and through October, the phenom of what's happened in Las Vegas, particularly for our higher-end properties continues, and we're pretty excited by all of that. As we look at the convention segment, which has the longest lead time it gives us visibility into the future, our convention room mix is pacing at our goal of 19% with increased ADRs year over year. Dollar rises as inflation pressures persist; FOMC meeting in focus, Oil prices climb on uncertainty over Keystone pipeline restart, Russian supplies, FOREX-Dollar rises as inflation pressures persist; FOMC meeting in focus, Asian Stocks Open Lower in Week of Rate Decisions: Markets Wrap, Asian shares dip, dollar firms ahead of central bank rate hikes. In Macau, adjusted property EBITDAR was a loss of $70 million in the third quarter of 2022 due to property closures and COVID-19-related policies limiting visitation to the market. Our last question will come from Ben Chaiken with Credit Suisse. And we also recently announced the addition of Gary Fritz as our president of interactive. And at the same time, we've sold the Mirage and the Gold Strike at 17 and 11 times multiples respectively. And then if I could, just one follow-up. I think you called out the $11 per share of cash on the balance sheet. And then with respect to the zero-COVID policy in China and kind of where things stand right now. And so, we'll continue to push on that. Thanks for taking my question. Race festivities for the Heineken Silver Las Vegas Grand Prix are set for Nov. 16-18, 2023. Tickets went on sale last week, with a minimum price of $500 for a standing-room-only option. MGM Resorts is now the official sport betting partner of many major league franchises around the world. Do Not Sell My Personal Information (CA residents only). So, we have seen the measures to border crossing has been tightened. And with that, we'll open this up for questions. We want to see it grow. And then just to squeeze one more in. Wynn, Las Vegas Sands, MGM Resorts, and Melco Resorts all up in a big way today. Our utilities are largely bought through the -- our energy costs largely bought through the end of 2023. We are keenly focused on margins. With a full staff of artisans, designers, planners, entertainers and logistics personnel, we assemble many elements for amazing events. I guess, what are you seeing in that market for BetMGM in terms of how it's ramping versus the U.S. and how it might evolve from here? It's almost impossible to overstate how much. 1 Warren Buffett ETF I'm Stocking Up On Before the End of 2022. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorizes it. And we're more than just meeting spaces: MGM Resorts Events & Productions can transform any venue to the next level! We've taken 100,000 room nights off of weekends. Race day packages offered through MGM include options for access to the Bellagio Grandstands or the Package Grandstands, the company said. Also, New York and Japan represent future development growth opportunities for our company. Price as of December 9, 2022, 4:00 p.m. Our teams are here to assist in planning your next event from a small corporate meeting or family reunion to a large conference. Our first question will come from Joe Greff with JPMorgan. And hopefully, we've signaled pretty clearly in the past. Operator? As BetMGM shared in May at its Investor Day, our strategy is to focus on profitability by allocating spend to geographies with the highest ROI and targeting bonusing. Was there anything there that you'd call out or that you saw on your side? We continue to see further opportunity with the Cosmopolitan as we look to integrate our reward system and improve physical connection to our sister properties. And then, Corey, if you want to talk, I think, a little bit the percentage. I think most relevant is Jonathan's point about our balance sheet. Sorry if I missed it. And Jonathan, I know this has been an area where you've probably been expecting things to be at some point, maybe settle back into more normal behaviors, but it just still seems like it's really robust. It's been reflected in our NPS scores and what our customers are telling us about their experience here. If you gamble, use your GameSense. Got it. We believe the prime positioning of our properties will allow us to fully capture the benefits of this exciting race. Looking forward, we will add Massachusetts, Ohio, and Maryland to our online sports betting portfolio. And we're equally, if not more excited, ultimately for MGM Resorts for LeoVegas, and our push into rest of world with that vehicle leading the way. We'll open our hotel calendar tomorrow for those states and expect an exceptional demand based on our studies of other host cities. What percentage of your anticipated room nights are on the books right now? Learn more, Trevor Wallace is a 29 year old standup comedian, writer & actor. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorizes it. When they're available, MGM says it will show ticket packages and pricing on the MGM rewards website. And hopefully, over time, can get us to a different place. We've increased our employee headcount by low double digits. Here at MGM Resorts, we want to make it easy for you to decide what show to see. Welcome aboard the Starship OPM for your nonstop, warp-speed flight to Uranus. So, we're targeting, as I mentioned in my comments, 19% market mix. Thanks. Got it. Just taking another swing at Vegas margins. We want to do more work, and we will continue to do -- they will not go backwards from this point. But generally speaking, our ability to yield up is tied to luxury. Point on California is well taken. 2 Stocks Down 19% to 51% to Buy Right Now, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Our next question will come from Dan Politzer with Wells Fargo. I would like to turn the conference back over to Bill Hornbuckle for any closing remarks. And so, there are -- we obviously have a deal with Marriott at the Cosmopolitan of Las Vegas. Turning to Macau. If you're here for a bachelorette party or bachelor party, there are nighttime parties and shows like Thunder From Down Under at Excalibur and Fantasy at Luxor. Its aim is to document the rules of traditional card and domino games for the benefit of players who would like to broaden their knowledge and try out unfamiliar games. The 2% to 3% versus open -- the cost of what's going on right now in the marketplace. Good afternoon, and welcome to the MGM Resorts International third quarter 2022 earnings conference call. Options including, custom Wi-Fi and dedicated high speed wired internet, webcasting, session capture and full Hybrid Virtual Meeting services. GameSense is a registered trademark of British Columbia Lottery Corporation, used under license by MGM Resorts International. Learn more, Don't miss Mana at T-Mobile Arena! The valuation considerations aside for a moment, I love this capital structure. I think in general, in most of our regions, we're seeing some reasonable reinvestments. Southern California quarterback Caleb Williams holds the Heisman Trophy after winning the award Saturday, Dec. 10, 2022, in New York. Dan Politzer -- Wells Fargo Securities -- Analyst. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator Jonathan, I know you mentioned the project for regional was kind of to remain 400 to 600 basis points north of 2019 for that segment. We've also furnished our press release on Form 8-K to the SEC. In addition to that, we also are looking at where we place convention. Or could that line item fluctuate a little bit going forward? [Operator instructions] As a reminder, in all fairness, please limit yourself to one question and one follow-up. GameSense is a registered trademark of British Columbia Lottery Corporation, used under license by MGM Resorts International. Yeah. Given the strength with weekends, we're very positive on our ability to drive higher-rated business, particularly through leisure and casino ultimately. We will now begin the question-and-answer session. Sounds good. You can try again or pick one of the following things to do: Starting price excludes all taxes and fees. Net revenues associated with BetMGM operations were $400 million this quarter, exhibiting an approximately 90% year-over-year growth from the third quarter last year, led by the continued strength in iGaming and new markets, as well as disciplined reinvestments within sports betting by the management team. We love the team. Join more than 330,000 subscribers who rely on QuickTakes for information about workplace safety and health. With this in mind, I guess, just kind of like high level, is the opco structure do you think still the most desirable strategy? And ultimately, our growth pipeline with New York and Japan around the Horizon -- we love that -- both of those opportunities for obvious reasons. MGM is calling it "one of the world's most exclusive live sports-viewing experiences" that will only be available with purchase of one of its "race-and-stay" packages. The team knows exactly the CPA cost per market, and it allocates certain percentages to what those sponsorships may feel like. In the past three months, shares of MGM Resorts have gained 5.7% compared with the industrys 0.7% growth. During the quarter, our highest daily Warts Casino segment remained our best performing with the greatest increase in both rated days and theoretical win. So much so that weve gone to great lengths to find the best production and design gurus out there. We aim to support the Macau government in achieving its diversification goals, and we'll continue to invest in the innovative projects and programs that help the region flourish. That said, we're not blind to the overall macroeconomic conditions, and we remain keenly aware of the impact of inflation and the concerns of a potential recession. Some of them have been very profitable, some of them not as. In fact, the opposite is that we continue our energy efficiency programs have had a slight decline in usage. We try different things. And these are businesses that when you look at what we paid to acquire them are sub-six times EBITDA multiples. So, could you just give us a little bit more color about the dynamic there, what you saw in the quarter and how you see that trending both sort of marketwise and then things you might be doing for market share because, again, that does look strong relative to the market? Let me kick it off and I'll probably turn it over to both of my colleagues here. And so, the opportunity that balance sheet presents for us, we think, is very compelling and very exciting as we think about the next couple of years. Early results of this strategy have been positive with a strong acquisition story, as well as the creation of brand stickiness. Thanks. Yeah. Current news releases distributed by PR Newswire, including multimedia press releases, investor relations and disclosure, and company news. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) is an entertainment company that operates casinos, hotels, and entertainment resorts. OK. Is it safe to say it's kind of 400 to 600 operational plus the mix influence of those kind of four assets coming in and out? Put all together, and MGM continues to make great progress toward our long-term vision which is to be the world's premier gaming and entertainment company. Our next question will come from Robin Farley with UBS. Hi, Robin. We're doing some very interesting one and the only kinds of things in the iGaming marketplace where we have integrated jackpots that are omnichannel that will stretch across our casinos, as well as the digital channels. WebFor a list of 2022 qualifying tournaments click here.. For a list of 2023 qualifying tournaments click here.. Get in on the action and be part of this exciting slot tournament series by contacting your Marketing Executive or Casino VIP Services Agent to register for the next MGM Rewards Slot Series tournament today! The right look can lock up your events success even before the first guest arrives. From show and restaurant reservations, to VIP access and tables at the hottest dayclubs and nightlife destinations, to spa and salon dates, let us handle your groups full itinerary. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. And my follow-up question was going to be about LeoVegas. MGM Resorts International (NYSE:MGM) is not on our list of30 Most Popular Stocks Among Hedge Funds. Macau is obviously an SAR, but it is obviously considered part of broader China in every way shape performance. Unique technology offerings that provide the right solutions to enhance the success of every event. 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