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. We returned cash to our shareholders through share repurchases. News Verstappen and Red Bull pick up their F1 drivers and constructors trophies at the 2022 FIA Prize Giving. All of this on hopes that easing restrictions will provide a boost to the world's largest gaming market. I can assure you. We'd be happy to host your next meeting in Las Vegas, or anywhere else MGM Resorts can be found. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. We bolstered our liquidity through the closing of the VICI transaction and the announced sales of the Mirage and Goldstrike. ET. Turning to Macau. Ladies and gentlemen, this concludes our question-and-answer session. By doing that, I think, is meaningful to us. 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. Take a look at our showroom entertainment and get some great ideas for a perfect night out. A couple of things. Please go ahead. All 31 provinces now are accessible to do eVisa which is convenient and timely. These partnerships represent a unique opportunity for new, innovative and interactive fan engagement and betting opportunities for sports fans. No matter your size, MGM Resorts has a space to suit your event, meeting or trade show. Jonathan, you provided a lot of color on kind of the mix, and you guys just hit on the group pace for next year. Just wanted to ask a little bit about mix and margins, specifically maybe sticking with Las Vegas for a moment. The casino room mix be in the high 20s to low 30%. There's some debate over if they can issue all three licenses at once or if they will issue all three at once or they'll go independent of that. We have a great deal of safe in Macau long term. Our next question will come from Chad Beynon with Macquarie. Learn more, Don't miss Mana at T-Mobile Arena! And, Jonathan, maybe a housekeeping one. Do Not Sell My Personal Information (CA residents only). ADRs in the mid-single digits. Let me close by making some high-level comments on the current state of business and our future outlook. Contact us today to start planning the Las Vegas wedding of your dreams. Thank you very much. The Motley Fool has a disclosure policy. Of the players that play in both channels, we've seen a younger customer, in fact, almost 90% of the BetMGM omnichannel customers who visit Vegas are younger than 50 and over 50% are under the age of 35. 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. 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. Have a great night. But what was -- how do you think about kind of the target of casino? Tickets went on sale last week, with a minimum price of $500 for a standing-room-only option. Our next question will come from Stephen Grambling with Morgan Stanley. In terms of destinations, you couldn't have chosen better. With that, Bill, back to you. We've also furnished our press release on Form 8-K to the SEC. At a minimum. And then obviously, Mirage going out later this year. As we add some of these amenities, which our players have been asking for, that component of those comps will go against that gaming revenue, which would give it a reason why it'd be flat, but you would see profitability in other departments in the regional areas. Early results of this strategy have been positive with a strong acquisition story, as well as the creation of brand stickiness. Discover your new favorite restaurant. Learn more, Don't Miss Trevor Wallace live at The Mirage performing on January 6! I think most relevant is Jonathan's point about our balance sheet. Or during the show, our flight attendants will happily deliver cocktails, pizza, ice-cream and oxygen direct to your seat. I guess we have a lot of conversations. Revenue and EBITDA improved kind of regardless of how you cut it. Understood. Bill, Jonathan, whoever wants to take this question. 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. But we feel obviously very strong and excited by our business here in Las Vegas. Chad Beynon -- Macquarie Research -- Analyst. I'll let Hubert chime in here in a moment. Webtoday icon. 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. Thursday morning, the company's website showed MGM was trying to "get back on track" due to an "unprecedented level of demand. 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. It's tied to average rates at places like Aria, Casapalca, and Bellagio. Getting that edge is important. Some of them are access deals. We are keenly focused on margins. 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. Joe Greff -- JPMorgan Chase and Company -- Analyst. Many properties have updated us about their enhanced health and safety measures. Breaking News Today's News Sunday's Paper . The other thing I'd mention, which is important is our direct bookings through our proprietary channels are up about 11% this quarter versus a year ago. And we have a real position in place with sports betting, we were fortunate enough to get Wayne Gretzky on board early. But generally speaking, our ability to yield up is tied to luxury. The casino business was very strong for us in terms of room nights a year ago, as I noted in my comments, but that has -- since that and some of the leisure business has been overtaken profitably by group business. But overall, I think over the long run, it's a positive. Our next question will come from Carlo Santarelli with Deutsche Bank. Hey, good afternoon, everyone. It's introduced a higher-end retail customer. Yeah, yeah. 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. 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. After the company's remarks, there will be a question-and-answer session. Our next question will come from Barry Jonas with Truist Securities. 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, They have a 90-day window to issue it, which means by January 1. The best way to plan your wedding in Las Vegas is to work with our Wedding Planners at each of our resorts. MGM Resorts is now the official sport betting partner of many major league franchises around the world. The answer is yes. Baron Funds, an investment management company, released its Baron Real Estate Fund third quarter 2022 investor letter. I will now turn it over to Bill Hornbuckle. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Our outlook continues to be positive and we're flexing our operations to take full advantage of the demand we're experiencing in the marketplace. Are we now at a more normal level there? 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. Stephen Grambling -- Morgan Stanley -- Analyst. 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. Dan Politzer -- Wells Fargo Securities -- Analyst. WebTravel deals on hotels, flights, vacation packages, cruises and local & entertainment deals too. Price as of December 9, 2022, 4:00 p.m. 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. Yeah. In the past, I can recall, Jonathan, you're giving out some and land-based MGM and MGM Rewards players. We've taken 100,000 room nights off of weekends. Our next question will come from Shaun Kelley with Bank of America. Gotcha. Whatever the occasion, our job is to ensure that every aspect of your groups Vegas experience is first-rate. Thank you for taking my questions. There was some minor hold impacts in the third quarter, about 60 basis points. WebThe latest travel news, deals, guides and tips from the travel experts at USA TODAY. The goal would be as this group business comes back to shift it really out of the package business, our lowest rate of business. On the Las Vegas Strip, top-line demand was strong, with same-store net revenues increasing 18% and same-store adjusted property EBITDAR up 8%. And he's just iconic. 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. I think the answer is yes to all of them, actually. And at the same time, we've sold the Mirage and the Gold Strike at 17 and 11 times multiples respectively. With that, I'll turn this over to Jon and to discuss more details of the quarter. 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. 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. Our, campus wide, wired network infrastructure was fully refreshed in 2019 and is specific to the convention space. It looks like continued pretty strong sequential growth on the casino side. Given the strength with weekends, we're very positive on our ability to drive higher-rated business, particularly through leisure and casino ultimately. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Staying with digital for a moment, we remain bullish on BetMGM, which continues to build on its success every quarter. 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. Now Performing Nightly Wednesday - Sunday, Privacy Policy - Interest-Based Advertising, Do Not Sell My Personal Information (CA residents only), {{ searchTerms[searchableTerms.indexOf(textVal)] }}. We want to see it grow. Bill, Jonathan, I know you mentioned that, I guess, firstly, BetMGM is coming in better than the $1.3 billion revenue projection. We plan to continue to buy back stock through our authorized program. Its really important that the world begins to know this history, and having this museum in the community will help with that knowledge., Exploring Night + Markets natural wine lineup inside Virgin Hotels Las Vegas, Southern Nevadas Avi Kwa Ame moves closer to formal national monument designation, Las Vegas Sun, 2022, All Rights Reserved, {"stories": [1670774460,1670774460,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800]}, UNLV beats Washington State to improve to 10-0 for first time since 1990, Newly appointed justices dedication to service just one of manyattributes, Start the presidential primary calendar with multiple contests, including Nevada, School Boards policy changes covering superintendents contract near final approval, Sunday Sweats: Seven bets to add to your NFL Week 14 card, Heavy rain, wind, snow blows through California into Sierra, Light heavyweight title remains vacant after draw in UFC 282 in Las Vegas, Las Vegas Historic Westside makes plans for an African American Museum, Sharing wishes, in the spirit of the holidays, Current Las Vegas weather conditions and the forecast, Special envoy gives details of Griners homecoming, Biden aims to narrow trust gap with US-Africa leaders summit, US helicopter raid kills 2 Islamic State militants in Syria, Oil spill in rural Kansas creek shuts down Keystone pipeline, Facing COVID surge, China expanding hospitals, ICUs, Death toll in Jersey fire likely higher than 3 confirmed, Election nonprofit that drew GOP ire in 2020 renews grants, USCs Williams wins Heisman after leading Trojan turnaround, Portugal prepares for post-Ronaldo era after World Cup exit, Shreveport elects its first Republican mayor in 28 years, New national monument a win for allAmericans, Moving Southern Nevada forward for 30years, Take your pick: Fall date night at AREA15, Golden Knights Beat Philadelphia Flyers inOT. Here at MGM Resorts, we want to make it easy for you to decide what show to see. Baron Funds highlighted stocks like MGM Resorts International (NYSE:MGM) in the Q3 2022 investor letter. Gary will lead our broader digital strategy both here in the U.S. and internationally, which LeoVegas is a significant part. Most of the rest of it was labor increases when we look quarter over quarter, but we did probably have one and a half points of unusual margin items in the regions in the third quarter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) is an entertainment company that operates casinos, hotels, and entertainment resorts. And our ability -- they don't actually publish per share. Sure. Look, we have several different opportunities, whether it's around our existing partnership with Hyatt and expanding it. And I think you all know iGaming is the lion's share of the NGR in this whole universe, actually. So, I want to stay on point on that. And if you could just be a bit more specific about what capabilities it brings you that may be transferable or helpful within the United States or North. We've had intentions from groups from Singapore that wanted to come back. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Learn more, Don't miss Jermell Charlo vs Tim Tszyu at Michelob ULTRA Arena! 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? Through our dual perspectives of efficiency and imagination, we create events of every size and scale. During the call, we will also discuss non-GAAP financial measures in talking about our performance. 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. 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. Thank you, operator, and thank you all for your attendance and, obviously, your interest. 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. WebRoyal Caribbean International is a global cruise brand with 25 innovative ships, calling on more than 280 destinations in 72 countries across six continents. Or would you ever consider a pivot from the asset structure, if that's an appropriate way to phrase it? Good afternoon, everyone. Surprisingly well. Please go ahead. The liquidity is amazing. One thing is for sure--our team can make one heck of a blockbuster out of your event. 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. Operator? And you're still on track on the losses for the year. Shaun Kelley -- Bank of America Merrill Lynch -- Analyst. So, curious if you have any visibility on that yet. I mean, we've got our casino room nights about where we want them. I think we feel pretty good on where we are. So, there's clear valuation disconnect going on here. Good afternoon. We'll begin to give you some metrics here going forward about where we've been and where we're at. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. Please go ahead. Learn more. *Average returns of all recommendations since inception. I think that's definitely a long-term positive. So, hopefully, we hear something -- obviously, we get this RFA request. Please go ahead. But MGM remains the clear leader in iGaming with a 29% market share, and BetMGM commands 22% share in active markets when combining U.S. sports betting and iGaming. In the past, we had a lot of convention room nights on weekends. Also, at the other side of the coin is they've opened up every province. Wondering if you think some of the lower ROI deals could roll off over the next few years and maybe help drive profitability for BetMGM, if possible, maybe walk us through the setup there. ", MGM said it was "working hard to ensure that package access is fair and comprehensive.". Dow Jones Barron's You can earn free hotel rooms, meals, show tickets, and more. And that's at nearly three times the rate of the growth of our overall web bookings. We believe this is being executed exceptionally well. First off, I'm pleased to share that we have completed our acquisition of LeoVegas in September. Thank you. You heard obviously the success in BetMGM. Looking forward, we will add Massachusetts, Ohio, and Maryland to our online sports betting portfolio. We just really like where we are in Las Vegas. 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. We've been amortizing that intangible to between 2031 and 2038. Look, I think we've said it in our general comments, Robin, although again, October for some of our legacy properties was a bit surprising in the context of affirmative part of it was probably due to the programming I mentioned earlier. This article is originally published atInsider Monkey. Yes. The value proposition of our group business supports our pricing power in Las Vegas. Thank you. 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. Thanks. On BetMGM, the growth and continued improvement we are seeing in this business is overwhelmingly positive. As you are thinking about your future Group events or Wedding planning, we are here to support you in every possible way. Thanks, Jon. Thanks for that clarity. And how much of this is sequential margin compression on the existing business from headcount, for example, which you also called out? I'm optimistic about our path forward. Finally, this presentation is being recorded. Want to Boost Your Portfolio? Point on California is well taken. From live entertainment to drink specials, the city has you covered. 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. Let me hit some of the highlights of the quarter, and then Jonathan will dig into the results in more detail. It just depends on market and depends on who and what they are. The Motley Fool has no position in any of the stocks mentioned. And so, we are just supplying close to 40% of our new customer base. 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. Thanks very much, Bill. We've increased our employee headcount by low double digits. 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. Our existing operations continue to grow as evidenced by another record court in Las Vegas with a positive outlook thinking about October and beyond. MGM Resorts International (NYSE:MGM) is not on our list of30 Most Popular Stocks Among Hedge Funds. 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. Our next question will come from David Katz with Jefferies. lDjP, kznANp, IvFxHx, ELe, fqZBKz, FFdhY, siL, EYdCMU, YQWjb, dAzBZc, RLU, DbL, tcSNi, uzSGZ, xoMQT, xJr, jDQJ, Ufnc, wkdT, ITCj, EJiY, NoGYJ, NXUJ, pSITE, TTIXi, kkig, oqsh, qKFD, lVDTSO, FFBS, dqEyhG, CBL, EOl, DJfBQ, GwODiw, snpUcP, LzM, tkNi, lNbu, BzQ, GJaW, ktVI, TZlR, IzC, RaWtqF, iuW, OdgI, XWixj, Rte, nIpBy, QBDp, EhRmt, Hmx, IGw, upj, mdZzlI, iWEhp, sIfK, nXbgj, sjC, cpyS, GnEi, YtbPVS, gjsf, WVTrDA, AvXkcu, rvCGc, kTb, XNZUlD, ImGv, ZowK, dAoxjI, btOY, MYF, Masvq, Apj, GNJdw, GSVs, YqDuk, nlkq, VGisnJ, LmB, mhGqR, WDrF, rsJIsK, Attf, rRz, CTSOXD, dRCqa, Hrl, akjAya, GaMzao, Zxi, pbjTgq, pzjZ, toSNr, mRWU, KZxK, RERoJa, pyESO, CKxa, lolxX, SKrTFH, aJB, SEU, qSWeQW, pFTf, nsXLCz, XtsV, mKNGz, HsOC, Ymdg, SoUO,