• Record Adjusted Property EBITDAR in 4Q and full year 2022 for Las Vegas Strip Resorts and Regional Operations
  • Share buybacks of $2.8 billion in 2022 and $352 million in 4Q22
  • New $2 billion share repurchase program authorized by the Board of Directors
  • Closed on the sale of the operations of The Mirage for $1.1 billion in cash
  • Awarded new 10-year gaming concession in Macau

LAS VEGAS - MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter and year ended December 31, 2022.

We achieved our fifth consecutive quarter of record-breaking Las Vegas Strip Resorts Adjusted Property EBITDAR in the fourth quarter. What we accomplished in 2022 is nothing short of remarkable, and is a testament to our strategic plan, scale, brand strength, talented team, loyalty program, and the diverse geographies and channels in which we operate. We believe that there is strong momentum in our business and our 2023 outlook remains bright, driven by a robust events calendar domestically, MGM China's rapid year-to-date return to profitability and BetMGM's ongoing improvement in 2023. Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts
We achieved exceptional results in the fourth quarter and remain optimistic in our outlook for this year. We are also focused on free cash flow and believe our company presents a compelling yield, especially when taking into account the value in our share price for excess cash, our ownership value of MGM China and BetMGM. Our share buyback program continues to return capital to shareholders as we have already repurchased 4 million shares for $164 million year-to-date, adding to the 76 million shares we repurchased in 2022 and totaling approximately $4.7 billion since 2021. Beyond this, our Board of Directors authorized an additional $2 billion for share buybacks. Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts

Fourth Quarter 2022 Financial Highlights:

Consolidated Results

  • Consolidated net revenues of $3.6 billion, an increase of 18% compared to the prior year quarter. The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas ("The Cosmopolitan"), which was acquired in May 2022, partially offset by the disposition of The Mirage in December 2022. Additionally, results improved over the prior year quarter due to an increase in business volume and travel activity primarily at the Las Vegas Strip Resorts and Regional Operations;
  • Operating loss was $2 million compared to operating income of $369 million in the prior year quarter due primarily to a $1.2 billion increase in noncash amortization expense relating to the MGM Grand Paradise gaming subconcession and an increase of $338 million of rent expense recorded within general & administrative expense related to the VICI and The Cosmopolitan leases, which commenced in April 2022 and May 2022, respectively, partially offset by a $1.1 billion gain on the disposition of The Mirage in the current quarter;
  • Net income attributable to MGM Resorts of $284 million, which was impacted by the items affecting operating loss discussed above, compared to $131 million in the prior year quarter;
  • Diluted earnings per share of $0.69 in the current quarter compared to $0.23 in the prior year quarter;
  • Adjusted diluted earnings per share ("Adjusted EPS")(1) was a loss of $1.53 in the current quarter compared to Adjusted EPS of $0.12 in the prior year quarter; and
  • Consolidated Adjusted EBITDAR(2) of $957 million in the current quarter.

Las Vegas Strip Resorts

  • Net revenues of $2.3 billion in the current quarter compared to $1.8 billion in the prior year quarter, an increase of 27%. The current quarter benefited from the inclusion of The Cosmopolitan and an increase in business volume and travel activity compared to the prior year quarter, partially offset by the disposition of The Mirage;
  • Same-store net revenues (adjusted for acquisitions and dispositions) of $1.8 billion in the current quarter compared to $1.7 billion in the prior year quarter, an increase of 11%;
  • Adjusted Property EBITDAR(2) of $877 million in the current quarter compared to $699 million in the prior year quarter, an increase of 26%;
  • Same-Store Adjusted Property EBITDAR(2) of $691 million in the current quarter compared to $651 million in the prior year quarter, an increase of 6%; and
  • Adjusted Property EBITDAR margin(2) of 38.2% in the current quarter compared to 38.7% in the prior year quarter, a decrease of 50 basis points due primarily to an increase in contribution from lower-margin non-gaming outlets and venues.

Regional Operations

  • Net revenues of $991 million in the current quarter compared to $900 million in the prior year quarter, an increase of 10% due to an increase in business volume;
  • Adjusted Property EBITDAR of $320 million in the current quarter compared to $309 million in the prior year quarter, an increase of 3%; and
  • Adjusted Property EBITDAR margin of 32.2% in the current quarter compared to 34.4% in the prior year quarter, a decrease of 215 basis points compared to the prior year quarter due to an increase in contribution from lower-margin non-gaming outlets and venues and an increase in general and administrative expenses as the prior year quarter included a benefit of $16 million for insurance recoveries related to Hurricane Zeta.

MGM China

  • Net revenues of $175 million in the current quarter compared to $315 million in the prior year quarter, a decrease of 44%. The current quarter was negatively affected by a three-day COVID-19 related property closure at MGM Cotai and was more significantly impacted by travel and entry restrictions in Macau compared to the prior year quarter; and
  • Adjusted Property EBITDAR loss of $55 million compared to Adjusted Property EBITDAR of $5 million in the prior year quarter

Click here to view the full release.

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

Related