• Record Las Vegas Strip Resorts revenue and Adjusted Property EBITDAR
  • Closed on the acquisition of LeoVegas, a global online gaming and sports betting company
  • Submitted tender for a new 10-year gaming concession in Macau
  • Repurchased $4.2 billion of shares of common stock from January 2021 through the end of the third quarter 2022
  • Continue to pursue commercial gaming license in New York and development of an Integrated Resort in Osaka, Japan

LAS VEGAS - MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2022.

We're proud to report the best quarter in our Las Vegas Strip history, both on a revenue and Adjusted Property EBITDAR basis, driven by the continued appeal of our entertainment and meetings offerings. We achieved several key milestones during the quarter, including closing on the acquisition of LeoVegas and submitting our tender for a new gaming concession to the Macau SAR government. Our outlook remains promising, with continued progress in our operations with BetMGM and development initiatives in New York and Japan as well as strong bookings into 2023 in our domestic operations. We remain focused on achieving our vision to be the world's premier gaming entertainment company.
We continue to see great value in our Company's shares and repurchased approximately 10 million shares for an aggregate amount of $307 million in the quarter," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. We remain disciplined in our approach to capital deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while also pursuing growth opportunities with the greatest return to shareholders. Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International

Third Quarter 2022 Financial Highlights:

Consolidated Results

  • Consolidated net revenues of $3.4 billion compared to $2.7 billion in the prior year quarter, an increase of 26%. The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas ("The Cosmopolitan") and Aria and Vdara (collectively "Aria") upon their acquisition in May 2022 and September 2021, respectively. Additionally, results improved over the prior year quarter due to increased business volume and travel activity primarily at the Las Vegas Strip Resorts;
  • Operating loss was $1.0 billion compared to operating income of $1.9 billion in the prior year quarter due to a $1.2 billion increase in noncash amortization expense relating to a change in the useful life of the MGM Grand Paradise gaming subconcession as a result of new Macau gaming laws and related changes and due to the $2.3 billion gain on consolidation of CityCenter, net in the prior year quarter;
  • Net loss attributable to MGM Resorts was $577 million, compared to net income attributable to MGM Resorts of $1.4 billion in the prior year quarter, and was impacted by the items impacting operating income (loss) discussed above;
  • Diluted loss per share of $1.45 in the current quarter compared to diluted earnings per share of $2.77 in the prior year quarter;
  • Adjusted diluted earnings per share ("Adjusted EPS")(1)was a loss of$1.39 in the current quarter compared to Adjusted EPS of $0.03 in the prior year quarter; and
  • Consolidated Adjusted EBITDAR(2) of $950 million.

Las Vegas Strip Resorts

  • Net revenues of $2.3 billion in the current quarter compared to $1.4 billion in the prior year quarter, an increase of 67%. The current quarter benefited from the inclusion of The Cosmopolitan and a full quarter of operations at Aria and an increase in business volume and travel activity compared to the prior year quarter;
  • Same-store net revenues (adjusted for acquisitions) of $1.6 billion in the current quarter compared to $1.4 billion in the prior year quarter, an increase of 18%;
  • Adjusted Property EBITDAR(2) of $846 million in the current quarter compared to $535 million in the prior year quarter, an increase of 58%;
  • Same-Store Adjusted Property EBITDAR(2) of $570 million in the current quarter compared to $529 million in the prior year quarter, an increase of 8%; and
  • Adjusted Property EBITDAR margin(2) of 36.8% in the current quarter compared to 38.7% in the prior year quarter, a decrease of 193 basis points due primarily to an increase in contribution from lower-margin non-gaming outlets and venues and general and administrative expense.

Regional Operations

  • Net revenues of $974 million in the current quarter compared to $925 million in the prior year quarter, an increase of 5% due to an increase in business volume;
  • Adjusted Property EBITDAR of $322 million in the current quarter compared to $348 million in the prior year quarter, a decrease of 8%; and
  • Adjusted Property EBITDAR margin of 33.1% in the current quarter compared to 37.6% in the prior year quarter, a decrease of 458 basis points due primarily to an increase in general and administrative expense.

MGM China

  • Net revenues of $87 million in the current quarter compared to $289 million in the prior year quarter, a decrease of 70%. The current quarter was negatively affected by COVID-19 related property closures and was more significantly impacted by travel and entry restrictions in Macau compared to the prior year quarter; and
  • Adjusted Property EBITDAR loss of $70 million in the current quarter compared to Adjusted Property EBITDAR of $7 million in the prior year quarter.

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About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary LeoVegas AB offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "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 its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their Company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

Brian Ahern
Director of Media Relations
MGM Resorts International

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