MGM Resorts International Reports First Quarter 2022 Financial And Operating Results


MGM Resorts International;

MGM Motels Global (NYSE: MGM) the day before today reported monetary effects for the quarter ended March 31, 2022.

“We delivered a powerful first quarter in our home operations pushed by means of weekend call for and a greater combine of industrial. Our midweek trade is bettering with every quarter and our team base is rising after a tricky January. The effects show the powerful call for for our gaming leisure choices with the backdrop of greater sports activities and leisure programming within the Las Vegas marketplace,” mentioned Invoice Hornbuckle, Leader Govt Officer and President of MGM Motels Global. “We reached every other milestone within the of completion of our asset mild technique with the last of the VICI transaction, permitting us to simplify our company construction and bolster our liquidity whilst deploying capital into enlargement initiatives with the best possible shareholder go back. We introduced this morning the delicate be offering for 100% of the stocks of LeoVegas which can let us make bigger into world on-line gaming with a global magnificence control workforce, robust IT platform and enlargement potentialities. We stay excited about reaching our imaginative and prescient to be the arena’s premier gaming leisure corporate.”

“Our robust liquidity place, coupled with our self belief within the long-term restoration of our core trade, has allowed us to proceed to concentrate on maximizing long-term shareholder price. To that finish, we persevered to repurchase our inventory within the first quarter, achieving over $1.0 billion all through the primary quarter of 2022 and we repaid $1.0 billion of notes in March,” mentioned Jonathan Halkyard, Leader Monetary Officer and Treasurer of MGM Motels Global. “We’re disciplined in our option to capital deployment and are excited about keeping up a powerful steadiness sheet with ok liquidity, whilst on the similar time pursuing enlargement alternatives with the best go back to shareholders.”

First Quarter 2022 Monetary Highlights:

Consolidated Effects

  • Consolidated web revenues of $2.9 billion in comparison to $1.6 billion within the prior yr quarter, an build up of 73%. The present quarter benefited from the inclusion of  the working result of Aria and Vdara (jointly “Aria”) because of its consolidation in September 2021 and used to be negatively suffering from a lower in trade quantity and shuttle because of the unfold of the omicron variant within the early a part of the quarter; alternatively, effects progressed over the prior yr quarter which used to be negatively suffering from midweek belongings and resort closures, decrease trade quantity and shuttle job, and operational restrictions because of the COVID-19 pandemic essentially on the Las Vegas Strip Motels;
  • Internet loss resulting from MGM Motels of $18 million in comparison to web loss resulting from MGM Motels of $332 million within the prior yr quarter, and web source of revenue resulting from MGM Motels of $31 million within the first quarter of 2019;
  • Diluted loss according to percentage of $0.06 within the present quarter in comparison to diluted loss according to percentage of $0.69 within the prior yr quarter; 
  • Adjusted diluted income according to percentage (“Adjusted EPS”)(1) of $0.01 within the present quarter in comparison to an Adjusted EPS loss according to percentage of $0.68 within the prior yr quarter; and
  • Consolidated Adjusted EBITDAR(2) of $670 million and Consolidated Adjusted EBITDAR margin(2) of 23.5% within the present quarter.

Las Vegas Strip Motels

  • Internet revenues of $1.7 billion within the present quarter in comparison to $545 million within the prior yr quarter, an build up of 205%. The present quarter benefited from the inclusion of Aria and used to be negatively suffering from a lower in trade quantity and shuttle because of the unfold of the omicron variant within the early a part of the quarter; alternatively, the prior yr quarter used to be negatively suffering from midweek belongings and resort closures at sure homes, decrease trade quantity and shuttle job, and operational restrictions because of the COVID-19 pandemic;
  • Identical-store web revenues (adjusted for acquisitions/inclinations, as additional described in our dialogue of non-GAAP measures in footnote 2 beneath) of $1.4 billion within the present quarter, a lower of one% in comparison to the primary quarter of 2019;
  • Desk Video games Cling Adjusted Las Vegas Strip Motels Internet Revenues(3) of $1.7 billion in comparison to $544 million within the prior yr quarter, an build up of 204%;
  • Desk Video games Cling Adjusted Las Vegas Strip Motels Identical-Retailer Internet Revenues(3) of $1.3 billion in comparison to $1.4 billion within the first quarter of 2019, a lower of two%;
  • Adjusted Belongings EBITDAR(2) of $594 million within the present quarter in comparison to $108 million within the prior yr quarter, an build up of 449%;
  • Identical-Retailer Adjusted Belongings EBITDAR(2) of  $472 million within the present quarter in comparison to $391 million within the first quarter of 2019, an build up of 21%;
  • Adjusted Belongings EBITDAR margin(2) of 35.7% within the present quarter in comparison to 19.8% within the prior yr quarter, an build up of one,586 foundation issues;
  • Identical-Retailer Adjusted Belongings EBITDAR margin(2) of 35.0% within the present quarter in comparison to 28.6% within the first quarter of 2019, an build up of 638 foundation issues;
  • Desk Video games Cling Adjusted Las Vegas Strip Motels Adjusted Belongings EBITDAR(2) of $587 million within the present quarter in comparison to $107 million within the prior yr quarter, an build up of 448%; and
  • Desk Video games Cling Adjusted Las Vegas Strip Motels Identical-Retailer Adjusted Belongings EBITDAR(2) of $464 million in comparison to $396 million within the first quarter of 2019, an build up of 17%.

Regional Operations

  • Internet revenues of $891 million within the present quarter in comparison to $711 million within the prior yr quarter, an build up of 25%, and an build up of eleven% in comparison to $804 million within the first quarter of 2019. The prior yr quarter used to be negatively suffering from midweek resort closures at sure homes and operational restrictions;
  • Adjusted Belongings EBITDAR of $313 million within the present quarter in comparison to $242 million within the prior yr quarter, an build up of 29%, and an build up of 48% in comparison to $212 million within the first quarter of 2019; and
  • Adjusted Belongings EBITDAR margin of 35.2% within the present quarter in comparison to 34.0% within the prior yr quarter, an build up of 115 foundation issues, and an build up of 882 foundation issues in comparison to 26.3% within the first quarter of 2019 due essentially to an build up in revenues and learned advantages of the Corporate’s prices financial savings projects.

MGM China

  • Internet revenues of $268 million within the present quarter in comparison to $296 million within the prior yr quarter, a lower of 9%, and a lower of 63% in comparison to $734 million within the first quarter of 2019. The present and prior yr quarter had been considerably impacted by means of shuttle and access restrictions in Macau; and
  • Adjusted Belongings EBITDAR lack of $26 million within the present quarter in comparison to Adjusted Belongings EBITDAR of $5 million within the prior yr quarter, and $193 million within the first quarter of 2019. The present quarter integrated a fee of $18 million associated with litigation reserves.

Adjusted Diluted Profits According to Percentage

The next desk reconciles diluted loss according to percentage (“EPS”) to Adjusted EPS (approximate EPS affect proven, according to percentage; certain changes constitute fees to source of revenue):

3 Months Ended March 31,

2022

2021

Diluted loss according to percentage

$                              (0.06)

$                              (0.69)

Belongings transactions, web

0.12

0.05

Non-operating pieces:

     Achieve associated with fairness funding

(0.03)

     Foreign exchange loss on MGM China senior notes

0.02

0.01

     Trade in honest price of unhedged MGP swaps

(0.03)

(0.04)

Unconsolidated associate pieces:

     Trade in honest price of unhedged CityCenter swaps

(0.01)

Source of revenue tax affect on web source of revenue changes(1)

(0.01)

Adjusted diluted income (loss) according to percentage

$                                0.01

$                              (0.68)

(1)

The source of revenue tax affect contains present and deferred source of revenue tax expense founded upon the character of the adjustment and the

jurisdiction wherein it happens.

Las Vegas Strip Motels

The next desk presentations key gaming statistics for Las Vegas Strip Motels:

3 Months Ended March 31,

2022

2021

%

Trade

(Bucks in hundreds of thousands)

On line casino Income

$                           475

$                           232

105%

Desk Video games Drop

$                        1,203

$                           529

127%

Desk Video games Win

$                           296

$                           127

132%

Desk Video games Win %

24.6%

24.1%

Slots Deal with

$                        4,607

$                        2,301

100%

Slots Win

$                           427

$                           212

101%

Slots Win %

9.3%

9.2%

The next desk presentations key resort statistics for Las Vegas Strip Motels:

3 Months Ended March 31,

2022

2021

%

Trade

Room Income (In hundreds of thousands)

$                        485

$                        144

236%

Occupancy(1)

78%

46%

Moderate day-to-day price (ADR)

$                        197

$                        129

53%

Income according to to be had room (REVPAR)(1)(4)

$                        154

$                          60

157%

(1)

Rooms that had been out of provider, together with midweek closures, all through the 3 months ended March 31, 2021 because of the COVID-

19 pandemic had been excluded from the to be had room rely when calculating resort occupancy and REVPAR.

Regional Operations

The next desk presentations key gaming statistics for Regional Operations:

3 Months Ended March 31,

2022

2021

%

Trade

(Bucks in hundreds of thousands)

On line casino Income

$                             704

$                             597

18%

Desk Video games Drop

$                          1,021

$                             819

25%

Desk Video games Win

$                             216

$                             173

25%

Desk Video games Win %

21.2%

21.2%

Slots Deal with

$                          6,662

$                          5,384

24%

Slots Win

$                             638

$                             526

21%

Slots Win %

9.6%

9.8%

 

MGM China

The next desk presentations key gaming statistics for MGM China:

3 Months Ended March 31,

2022

2021

%

Trade

(Bucks in hundreds of thousands)

On line casino Income

$                             231

$                             262

(12)%

VIP Desk Video games Turnover

$                             963

$                          2,373

(59)%

VIP Desk Video games Win

$                               23

$                               78

(71)%

VIP Desk Video games Win %

2.4%

3.3%

Primary Ground Desk Video games Drop

$                          1,096

$                          1,044

6%

Primary Ground Desk Video games Win

$                             239

$                             230

5%

Primary Ground Desk Video games Win %

21.8%

22.0%

License charge expense used to be $5 million in every of the present quarter and prior yr quarter.

Company Expense

Company expense, together with share-based repayment for company staff, greater to $111 million within the first quarter of 2022, from $78 million within the prior yr quarter, in part because of an build up in payroll expense because the prior yr quarter mirrored the affect of transient closures because of the pandemic. The present quarter additionally integrated $9 million in transaction prices.

Unconsolidated Associates

The next desk summarizes data associated with the Corporate’s percentage of working loss from unconsolidated associates:

3 Months Ended March 31,

2022

2021

(In hundreds)

CityCenter

$                                   —

$                            (2,831)

MGP BREIT Undertaking

38,936

38,962

BetMGM

(91,993)

(59,236)

Different

6,219

(2,474)

$                          (46,838)

$                          (25,579)

MGM Enlargement Homes

All the way through the primary quarter of 2022, the Corporate made hire bills to MGM Enlargement Homes Running Partnership LP (“MGP Running Partnership”) within the quantity of $218 million and won distributions of $58 million from the MGP Running Partnership. On April 14, 2022, MGM Enlargement Homes LLC (“MGP”) paid a dividend of $83 million and the Corporate at the same time as won a $59 million distribution.

MGM Motels Dividend and Percentage Repurchases

On Might 2, 2022, the Corporate’s Board of Administrators authorized a quarterly dividend of $0.0025 according to percentage. The dividend will likely be payable on June 15, 2022 to holders of file on June 10, 2022.

On March 2, 2022 the Corporate introduced that its Board of Administrators had approved a brand new $2.0 billion inventory repurchase program, which is along with the Corporate’s current February 2020 $3.0 billion inventory repurchase plan. All the way through the primary quarter of 2022, the Corporate repurchased roughly 23 million stocks of its not unusual inventory at a mean worth of $42.92 according to percentage for an combination quantity of $1.0 billion, pursuant to the February 2020 $3.0 billion inventory repurchase plan. The mixture closing availability beneath the March 2022 $2.0 billion inventory repurchase program and February 2020 $3.0 billion inventory repurchase program used to be $2.2 billion as of March 31, 2022. All stocks repurchased beneath the Corporate’s program were retired.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In hundreds, with the exception of according to percentage information)

(Unaudited)

3 Months Ended

March 31,

March 31,

2022

2021

Revenues:

On line casino

$

1,420,910

$

1,098,633

Rooms

557,073

198,419

Meals and beverage

492,854

157,412

Leisure, retail and different

371,566

135,222

Reimbursed prices

11,906

58,061

2,854,309

1,647,747

Bills:

On line casino

674,365

551,905

Rooms

196,113

104,213

Meals and beverage

368,662

135,227

Leisure, retail and different

218,749

78,381

Reimbursed prices

11,906

58,061

Normal and administrative

776,837

546,407

Company expense

111,241

78,037

Preopening and start-up bills 

434

5

Belongings transactions, web

54,738

26,071

Depreciation and amortization

288,638

290,551

2,701,683

1,868,858

Loss from unconsolidated associates

(46,838)

(25,579)

Running source of revenue (loss)

105,788

(246,690)

Non-operating source of revenue (expense):

Pastime expense, web of quantities capitalized

(196,091)

(195,295)

Non-operating pieces from unconsolidated associates

(15,133)

(20,836)

Different, web

34,302

32,185

(176,922)

(183,946)

Loss prior to source of revenue taxes

(71,134)

(430,636)

Get advantages for source of revenue taxes

36,341

94,698

Internet loss

(34,793)

(335,938)

Much less: Internet loss resulting from noncontrolling pursuits

16,777

4,109

Internet loss resulting from MGM Motels Global

$

(18,016)

$

(331,829)

Loss according to percentage:

Elementary

$

(0.06)

$

(0.69)

Diluted

$

(0.06)

$

(0.69)

Weighted moderate not unusual stocks exceptional:

Elementary

442,916

494,864

Diluted

442,916

494,864

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In hundreds, with the exception of percentage information)

(Unaudited)

March 31,

December 31,

2022

2021

      ASSETS

Present property:

Money and money equivalents

$

2,719,115

$

4,703,059

Limited money (1)

500,101

500,000

Accounts receivable, web

593,466

583,915

Inventories

102,050

96,374

Source of revenue tax receivable

234,659

273,862

Pay as you go bills and different

365,554

258,972

General present property

4,514,945

6,416,182

Belongings and gear, web

14,144,526

14,435,493

Different property:

Investments in and advances to unconsolidated associates

1,008,144

967,044

Goodwill 

3,474,861

3,480,997

Different intangible property, web

3,555,466

3,616,385

Running hire right-of-use property, web

11,438,442

11,492,805

Different long-term property, web

513,621

490,210

General different property

19,990,534

20,047,441

$

38,650,005

$

40,899,116

LIABILITIES AND STOCKHOLDERS’ EQUITY

Present liabilities:

Accounts payable

$

281,225

$

263,097

Development payable

20,703

23,099

Present portion of long-term debt

1,250,000

a million

Amassed passion on long-term debt

169,630

172,624

Different amassed liabilities

1,878,043

1,983,444

General present liabilities

3,599,601

3,442,264

Deferred source of revenue taxes, web 

2,442,618

2,439,364

Lengthy-term debt, web

10,507,140

11,770,797

Different long-term tasks

280,077

319,914

Running hire liabilities

11,810,047

11,802,464

Redeemable noncontrolling passion

130,898

147,547

Stockholders’ fairness:

Commonplace inventory, $.01 par price: approved a million,000 stocks,

   issued and exceptional 430,562,057 and 453,803,759 stocks 

4,306

4,538

Capital in far more than par price

761,559

1,750,135

Retained income

4,321,482

4,340,588

Accrued different complete loss

(22,007)

(24,616)

General MGM Motels Global stockholders’ fairness

5,065,340

6,070,645

Noncontrolling pursuits

4,814,284

4,906,121

General stockholders’ fairness

9,879,624

10,976,766

$

38,650,005

$

40,899,116

(1) Pertains to the purchase of The Cosmopolitan of Las Vegas

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA – NET REVENUES

(In hundreds)

(Unaudited)

3 Months Ended

March 31,

March 31,

March 31,

2022

2021

2019

Las Vegas Strip Motels (1)

$

1,662,892

$

544,964

$

1,428,188

Regional Operations

890,829

711,351

803,945

MGM China

268,375

296,354

734,204

Control and different operations

32,213

95,078

210,574

$

2,854,309

$

1,647,747

$

3,176,911

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA – ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR

(In hundreds)

(Unaudited)

3 Months Ended

March 31,

March 31,

March 31,

2022

2021

2019

Las Vegas Strip Motels (1)

$

593,634

$

108,119

$

403,651

Regional Operations

313,279

241,982

211,797

MGM China

(25,656)

4,775

192,811

Unconsolidated associates (2)

(88,484)

(67,251)

40,482

Control and different operations 

(3,601)

13,586

30,656

Inventory repayment

(23,344)

(16,029)

(16,295)

Company 

(95,424)

(67,297)

(115,374)

$

670,404

(1) The 3 months ended March 31, 2022 contains the working result of Aria, which used to be consolidated taking off September 27, 2021

(2) Represents the Corporate’s percentage of working source of revenue (loss) aside from investments in actual property ventures, adjusted for the impact of sure foundation variations. Contains the working result of CityCenter all through the 3 months ended March 31, 2021 and 2019 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR

(In hundreds)

(Unaudited)

3 Months Ended

March 31,

March 31,

March 31,

2022

2021

2019

Internet source of revenue (loss) resulting from MGM Motels Global

$

(18,016)

$

(331,829)

$

31,297

  Plus: Internet source of revenue (loss) resulting from noncontrolling pursuits

(16,777)

(4,109)

34,860

Internet source of revenue (loss)

(34,793)

(335,938)

66,157

  (Get advantages) provision for source of revenue taxes

(36,341)

(94,698)

71,511

Source of revenue (loss) prior to source of revenue taxes

(71,134)

(430,636)

137,668

Non-operating (source of revenue) expense:

  Pastime expense, web of quantities capitalized

196,091

195,295

216,120

  Different, web

(19,169)

(11,349)

16,472

176,922

183,946

232,592

Running source of revenue (loss)

105,788

(246,690)

370,260

  Preopening and start-up bills

434

5

3,287

  Belongings transactions, web

54,738

26,071

8,776

  Depreciation and amortization

288,638

290,551

316,414

  Restructuring

41,098

  Triple web working hire and floor hire hire expense

262,452

189,620

7,893

  Source of revenue from unconsolidated associates associated with actual property ventures

(41,646)

(41,672)

Adjusted EBITDAR

$

670,404

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATIONS OF LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR TO TABLE GAMES  HOLD ADJUSTED

 LAS VEGAS STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR

(In hundreds)

(Unaudited)

3 Months Ended

March 31,

March 31,

2022

2021

Las Vegas Strip Motels web revenues

$

1,662,892

$

544,964

Cling adjustment (1)

(7,832)

(1,071)

Desk Video games Cling Adjusted Las Vegas Strip Motels Internet Revenues

$

1,655,060

$

543,893

Las Vegas Strip Motels Adjusted Belongings EBITDAR

$

593,634

$

108,119

Cling adjustment (2)

(6,665)

(945)

Desk Video games Cling Adjusted Las Vegas Strip Motels Adjusted Belongings EBITDAR

$

586,969

$

107,174

(1) For the Las Vegas Strip Motels, dangle adjustment represents the estimated incremental desk video games win or loss had the Corporate’s win proportion equaled the mid-point

of the predicted standard vary of 25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat. Quantities come with estimated reductions and different incentives associated with will increase

or decreases in desk video games win.

(2) Those quantities come with estimated incremental bills (gaming taxes and unhealthy debt expense) that may were incurred or have shyed away from at the incremental desk video games win

or loss calculated in (1) above.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATIONS OF LAS VEGAS STRIP RESORTS NET REVENUES TO TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS SAME-STORE NET REVENUES AND

LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR  TO LAS VEGAS STRIP RESORTS SAME-STORE ADJUSTED PROPERTY EBITDAR

AND TABLE GAMES  HOLD ADJUSTED LAS VEGAS STRIP RESORTS SAME-STORE ADJUSTED PROPERTY EBITDAR

(In hundreds)

(Unaudited)

3 Months Ended

March 31,

March 31,

2022

2019

Las Vegas Strip Motels web revenues

$

1,662,892

$

1,428,188

Acquisitions (1)

(311,293)

Inclinations (1)

(59,290)

Las Vegas Strip Motels same-store web revenues

1,351,599

1,368,898

Cling adjustment (2)

(9,608)

5,290

Desk Video games Cling Adjusted Las Vegas Strip Motels Identical-Retailer Internet Revenues

$

1,341,991

$

1,374,188

Las Vegas Strip Motels Adjusted Belongings EBITDAR

$

593,634

$

403,651

Acquisitions (1)

(121,220)

Inclinations (1)

(12,538)

Las Vegas Strip Motels Identical-Retailer Adjusted Belongings EBITDAR

472,414

391,113

Cling adjustment (3)

(8,169)

4,472

Desk Video games Cling Adjusted Las Vegas Strip Motels Identical-Retailer Adjusted Belongings EBITDAR

$

464,245

$

395,585

(1) The Corporate has excluded the online revenues and Adjusted Belongings EBITDAR of Aria (together with Vdara) for classes next to its acquisition on September 27, 2021

and the online revenues and Adjusted Belongings EBITDAR of Circus Circus Las Vegas for classes previous to its disposition on December 19, 2019 in figuring out Desk Video games Cling

Adjusted Las Vegas Strip Motels Identical-Retailer Internet Revenues, Las Vegas Strip Motels Identical-Retailer Adjusted Belongings EBITDAR, and Desk Video games Cling Adjusted Las Vegas Strip

Motels Identical-Retailer Adjusted Belongings EBITDAR.

(2) For the Las Vegas Strip Motels, dangle adjustment represents the estimated incremental desk video games win or loss had the Corporate’s win proportion equaled the mid-point of

the predicted standard vary of 25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat. Quantities come with estimated reductions and different incentives associated with will increase

or decreases in desk video games win. The Corporate has excluded the dangle adjustment associated with Aria (together with Vdara) for classes next to its acquisition on September 27, 2021

and the dangle adjustment associated with Circus Circus Las Vegas for classes previous to its disposition on December 19, 2019 in figuring out Desk Video games Cling Adjusted Las Vegas Strip

Motels Identical-Retailer Internet Revenues and Desk Video games Cling Adjusted Las Vegas Strip Motels Identical-Retailer Adjusted Belongings EBITDAR.

(3) Those quantities come with estimated incremental bills (gaming taxes and unhealthy debt expense) that may were incurred or have shyed away from at the incremental desk video games

win or loss calculated in (2) above.

SOURCE MGM Motels Global



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