Earnings were great, but the market had questions about the future.Shares of casino stock MGM Resorts (MGM -14.10%) dropped as much as 14.8% on Thursday after the company reported better-than-expected second-quarter 2024 financial results. Shares were still down 14.5% at 2:30 p.m. ET.Good, but not good enoughQuarterly revenue rose from $3.94 billion a year ago to $4.33 billion, and net income fell from $200.8 million to $187.1 million on higher labor costs. But earnings per share were up $0.05 to $0.60 per ...

Key TakeawaysMGM Resorts International raised concerns about advance bookings for a Formula 1 car race in Las Vegas scheduled for November, and the company's shares slid Thursday.Chief Executive Officer (CEO) Bill Hornbuckle said Wednesday that MGM Resorts' room rates around the event are showing some softness, which could affect fourth-quarter results.The hotel and casino operator's second-quarter profit and sales released Wednesday beat estimates. Shares of hotel and casino operator MGM Resorts Internatio ...

MGM Resorts International (MGM) reported impressive second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.During the quarter, the company exhibited strong financial performance and growth, setting a record for MGM China Adjusted Property EBITDAR. Also, it stated the benefits of Las Vegas expansion and strategic partnership with Marriott. MGM’s meetings and convention business witnessed improvement, sup ...

Financial Data and Key Metrics - Net revenues in Las Vegas grew 3% year-over-year, driven by higher room rates and occupancy [7] - MGM China net revenues grew 37% year-over-year, achieving a market share of 16% [9] - Adjusted property EBITDAR for MGM China reached $294 million, marking a 40% increase with margins at 29% [9] - The company has reduced its share count to around 300 million shares from close to 500 million, a 40% reduction in float over three years [11] Business Line Performance - Luxury resorts in Las Vegas drove the majority of top-line growth, with 75% of the 2024 domestic property capital budget focused on these properties [8] - MGM China's performance was strong, with MGM Macau becoming the top producer on the Peninsula side [16] - BetMGM was profitable in Q2 2024, driven by the iGaming business, which contributes about $400 million annually [19] Market Performance - Las Vegas room rates are up year-over-year for every month in Q3, with group rooms pacing up mid-single-digits for the rest of 2024 and 2025 [7] - MGM China's market share in Macau remains strong, with the market only returning to 80% recovery, while MGM is well above that [16] - The regional markets remain stable, with margins holding at 30%+ [15] Strategic Direction and Industry Competition - The company is focusing on luxury offerings in Las Vegas, with significant capital investments in properties like Bellagio [26] - MGM is exploring opportunities in new markets, including Japan, the UAE, and potentially Thailand [28] - The company is investing in digital businesses, with BetMGM reaching an inflection point and LeoVegas expanding into new markets [10][25] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong performance in Las Vegas, driven by transient and group demand, and the successful integration of Marriott [12] - Formula One in Q4 is showing some softness, which could present a headwind, but overall, the outlook for Las Vegas remains strong [14] - The company is optimistic about the long-term prospects of its digital strategy, particularly with the Live Dealer product and the expansion of BetMGM [19][25] Other Important Information - The company has a favorable supply dynamic in Las Vegas, with the closing of the Mirage and Tropicana taking approximately 1.5 million room nights off the market [14] - MGM is investing in technology, including the integration of the Cosmopolitan into the MGM Rewards program [8] - The company is focused on reducing labor costs and improving variable labor effectiveness to maintain margins [9] Q&A Session Summary Question: Contribution from Marriott connectivity and Formula One softness [32] - The Marriott partnership contributed 410,000 room nights year-to-date, with 60% already stayed and the rest booked for future months [33] - Formula One is showing softness in room rates, particularly at luxury properties, but gaming remains strong [34] Question: Core gaming customer trends in Las Vegas [37] - The core gaming customer remains solid, with high-end performance and database optimization driving results [38] Question: Digital strategy and investment [39] - The digital ventures, excluding BetMGM, are largely self-funding, with modest investments needed for new market launches [40] Question: EBITDA growth and Formula One impact [42] - Q3 is expected to be strong, but Q4 depends on Formula One performance, which is currently showing softness [43] Question: BetMGM investment and future contributions [44] - The company does not anticipate additional significant investments in BetMGM beyond what has already been allocated [45] Question: Digital strategy convergence and value capture [47] - The company is focused on scaling its digital businesses, including BetMGM and LeoVegas, with potential for convergence in the future [48] Question: BetMGM cost structure and flow-through [51] - Product enhancements, particularly with Angstrom, are expected to improve gross gaming margins and reduce costs [52] Question: Las Vegas supply dynamics and customer trends [55] - The closure of Mirage and Tropicana has created a favorable supply dynamic, with MGM well-positioned to capture market share [56] Question: MGM China margins and performance [58] - MGM China's margins are driven by disciplined reinvestment and an increase in mass revenue mix [59] Question: Las Vegas room revenue growth vs. ancillary spend [62] - Room revenue growth is outpacing ancillary spend, driven by Marriott integration and convention demand [63] Question: Share repurchases and debt financing [66] - The company is open to using debt to finance share repurchases, given its strong balance sheet and low net debt [67] Question: Formula One performance and regional trends [69] - Formula One is expected to perform better at non-luxury properties, with the Raiders game providing additional support [70] - Regional markets are seeing strength in middle to high-end customers, with some softening at the lower end [73] Question: UAE development and online gaming opportunities [74] - The company is optimistic about the UAE market, with potential for both integrated resorts and online gaming [75] Question: Macro factors and gaming trends [79] - The company does not see significant macro factors impacting gaming growth, with strong performance from core customers [80] Question: Las Vegas margins and labor costs [82] - Margins in Las Vegas are expected to remain stable, with labor cost increases tapering off [84] Question: Las Vegas property investments and renovations [85] - The company is focused on luxury property investments, with room remodels planned for ARIA and MGM Grand [86] Question: Market share growth in Las Vegas [87] - The company sees opportunities to gain further market share in Las Vegas, particularly in high-end retail and nightlife [88] Question: Digital business pivot and core business focus [91] - The company remains committed to its digital strategy but will reassess if results do not meet expectations [92] Question: Cross-sell opportunities in Las Vegas [94] - The company is optimistic about its ability to capture in-market share through property connectivity and customer personalization [95] Question: BetMGM outlook and investment changes [96] - The company is focused on regaining sports market share and will adjust investments based on performance [97]

For the quarter ended June 2024, MGM Resorts (MGM) reported revenue of $4.33 billion, up 9.8% over the same period last year. EPS came in at $0.86, compared to $0.59 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $4.18 billion, representing a surprise of +3.56%. The company delivered an EPS surprise of +30.30%, with the consensus EPS estimate being $0.66.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Adjusted EBITDA up 57% Year-on-YearMarket Share Reached 16.5%HONG KONG, July 31, 2024 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for second quarter and the first half of 2024 (the "Period").The Group is pleased to see Macau continue to grow. Total visitor arrivals in first half of year increased 43% year-on-year to 91,868 per day. The visitation recove ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-10362 MGM Resorts International UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Exhibit 99.1 MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS • Record 2Q consolidated net revenues of $4.3 billion • Record 2Q MGM China Adjusted Property EBITDAR of $294 million; increase of 40% year-over-year as market share remained in the mid-teens • 2Q net income attributable to MGM Resorts of $187 million and 2Q consolidated Adjusted EBITDAR of $1.2 billion • International digital strategy progressed with announced acquisition of Tipico's U.S. platform bringing sp ...

Record 2Q consolidated net revenues of $4.3 billionRecord 2Q MGM China Adjusted Property EBITDAR of $294 million; increase of 40% year-over-year as market share remained in the mid-teens2Q net income attributable to MGM Resorts of $187 million and 2Q consolidated Adjusted EBITDAR of $1.2 billionInternational digital strategy progressed with announced acquisition of Tipico's U.S. platform bringing sports betting product in house and strategic relationship with Playtech to become only U.S. operator to offer l ...

MGM Resorts International (MGM) is scheduled to report second-quarter 2024 results on Jul 31, 2024, after the closing bell.In first-quarter 2024, MGM Resorts reported stellar performance, with earnings per share (EPS) beating the Zacks Consensus Estimate by 23.3% and revenues surpassing the same by 4.8%. Year over year, adjusted EPS and revenues rose 23.3% and 13.2%, respectively. Solid contributions from MGM China and luxury resort properties in Las Vegas drove the company’s performance.MGM has an impressi ...