MGM Resorts International Q4 2025 MGM Resorts International Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 MGM Resorts International Earnings Call
Joining the call from the company today are Bill, hornbuckle, chief executive officer and president.
I Salina Chief Operating Officer.
Jonathan Howard.
Chief Financial Officer.
Gary Fritz Chief commercial officer and president of MGM digital.
Kenneth Fong.
Chief Executive Officer of MGM, China, Holdings, and Howard long, vice president, investor relations.
Participants of the most.
After the company's remarks, there will be a question and answer session.
In fairness to all participants, please listen to yourself to 1 question and 1 follow-up.
Please note this conference is being recorded.
Now, I would like to turn the call over to Howard Wong. Please go ahead.
Operator: Good afternoon, and welcome to the MGM Resorts International Q4 and full year 2025 earnings conference call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Ayesha Molino, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer; Gary Fritz, Chief Commercial Officer and President of MGM Digital; Kenneth Feng, Chief Executive Officer of MGM China Holdings; and Howard Wang, Vice President, Investor Relations. Participants are in listen-only mode. After the company's remarks, there will be a question-and-answer session. In fairness to all participants, please limit yourself to one question and one follow-up. Please note, this conference is being recorded. Now, I would like to turn the call over to Howard Wang. Please go ahead.
Thanks, bro. Welcome to the MGM Resorts International fourth quarter and full year, 2025 earnings call. This call is being broadcast live on the internet at investors. MGM resorts.com. And we have also furnished our press release on for AK to the SEC. On this call, we will make forward-looking statements under the Safe Harbor. Provisions of the federal Securities laws. Actual results May differ materially from those contemplated in these statements 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, except as required by law, we undertake no obligation to update these statements as a result of new information, or otherwise during the call. We will also
Operator: Participants are in listen-only mode. After the company's remarks, there will be a question-and-answer session. In fairness to all participants, please limit yourself to one question and one follow-up. Please note, this conference is being recorded. Now, I would like to turn the call over to Howard Wang. Please go ahead.
Discuss non-gaap Financial measures. When talking about our performance, you can find the reconciliation to gaap financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded. I will now turn it over to Bill hornbuckle. Thank you. Howard to everyone dialing in, we truly appreciate your flexibility and joining us this earlier than expected call and look forward to providing you with some important color and detail about our fourth quarter and 4-year performance.
Howard Wang: Thanks, Rocco. Welcome to the MGM Resorts International Q4 and Full Year 2025 Earnings Call. This call is being broadcast live on the internet at investors.mgmresorts.com, and we've also furnished our press release on Form 8-K to the SEC. On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. 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. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During the call, we will also discuss non-GAAP financial measures when talking about our performance.
Howard Wang: Thanks, Rocco. Welcome to the MGM Resorts International Q4 and Full Year 2025 Earnings Call. This call is being broadcast live on the internet at investors.mgmresorts.com, and we've also furnished our press release on Form 8-K to the SEC. On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements.
Before I get started, I'd like to introduce everyone on. Today's earnings call to Aisha, Molino our new Chief offering officer. If she was previously our chief public affairs officer and president and Chief Operating Officer of Arya and Vdara which flourished under her leadership, and we are thrilled to have her in the co role.
Howard Wang: 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. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During the call, we will also discuss non-GAAP financial measures when talking about our performance.
I also want to congratulate. Kenny Fong, who has been leading the MGM China as president and executive director since 2020 and there's no it is no stranger to these earnings calls on his recent promotion to Chief Executive Officer of MGM, China.
And finally, I'd like to congratulate TN Han on his promotion to Chief Operating Officer. Ken has also been integral to the success of MGM China in recent years and I'm extremely excited to see the great things, the entire Macau team does going forward.
Howard Wang: You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded. I will now turn it over to Bill Hornbuckle.
Howard Wang: You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded. I will now turn it over to Bill Hornbuckle.
Bill Hornbuckle: Thank you, Howard. To everyone dialing in, we truly appreciate your flexibility in joining us this earlier-than-expected call and look forward to providing you with some important color and detail about our Q4 and full-year performance. Before I get started, I'd like to introduce everyone on today's earnings call to Ayesha Molino, our new Chief Operating Officer. Ayesha was previously our Chief Public Affairs Officer and President and Chief Operating Officer of Aria and Vdara, which flourished under her leadership, and we are thrilled to have her in the COO role. I also want to congratulate Kenneth Feng, who has been leading the MGM China as president and executive director since 2020, and is no stranger to these earnings calls on his recent promotion to Chief Executive Officer of MGM China.
Bill Hornbuckle: Thank you, Howard. To everyone dialing in, we truly appreciate your flexibility in joining us this earlier-than-expected call and look forward to providing you with some important color and detail about our Q4 and full-year performance. Before I get started, I'd like to introduce everyone on today's earnings call to Ayesha Molino, our new Chief Operating Officer. Ayesha was previously our Chief Public Affairs Officer and President and Chief Operating Officer of Aria and Vdara, which flourished under her leadership, and we are thrilled to have her in the COO role.
MGM Resorts is the leading Global integrated Resort. Operator across physical and digital channels, converging gaming and Hospitality with entertainment and sports. And this diversity helped us once again to achieve Consolidated growth for the fourth quarter and the full year 2025
It's worth noting some of our key accomplishments last year.
Achieving record for Q and 4 year. Ebit dollar and Macau while maintaining margins and outside market share throughout the year.
Accomplishing a nearly 470 million Eva turnaround at our betmgm North America Venture, which cumin uh, commence distribution to its parents and 4 q.
Breaking ground and MGM Osaka, which we believe will be the world's largest and great Resort upon opening.
Bill Hornbuckle: I also want to congratulate Kenneth Feng, who has been leading the MGM China as president and executive director since 2020, and is no stranger to these earnings calls on his recent promotion to Chief Executive Officer of MGM China. And finally, I'd like to congratulate Tian Han on his promotion to chief operating officer. Tian has also been integral to the success of MGM China in recent years, and I'm extremely excited to see the great things the entire Macau team does going forward.
And investing in upgrading experiences across our portfolio from dining to enhance VIP gaming environments in Las Vegas to our regional operations. And most notably in Macau,
Bill Hornbuckle: And finally, I'd like to congratulate Tian Han on his promotion to chief operating officer. Tian has also been integral to the success of MGM China in recent years, and I'm extremely excited to see the great things the entire Macau team does going forward. MGM Resorts is the leading global integrated resort operator across physical and digital channels, converging gaming and hospitality with entertainment and sports, and this diversity helped us once again to achieve consolidated growth for the fourth quarter and the full year 2025. It's worth noting some of our key accomplishments last year: achieving record Q4 and full year EBITDA in Macau while maintaining margins and outsized market share throughout the year. Accomplishing a nearly $470 million EBITDA turnaround at our BetMGM North America venture, which commenced distribution to its parents in Q4....
These along with other successes throughout the year drove growth and Consolidated, net revenues of 6% and positioned us well for further progress into 2026.
Bill Hornbuckle: MGM Resorts is the leading global integrated resort operator across physical and digital channels, converging gaming and hospitality with entertainment and sports, and this diversity helped us once again to achieve consolidated growth for the fourth quarter and the full year 2025.
Last year marked the return to a more balanced environment after several years of exceptional growth in Las Vegas and even with the Las Vegas specific headwinds. We were able to achieve record full year slot when in 2025 driven by our luxury offerings.
From this reset Baseline. We see a path to grow in Las Vegas for the full year of 2026.
Bill Hornbuckle: It's worth noting some of our key accomplishments last year: achieving record Q4 and full year EBITDA in Macau while maintaining margins and outsized market share throughout the year. Accomplishing a nearly $470 million EBITDA turnaround at our BetMGM North America venture, which commenced distribution to its parents in Q4....
First off, we will benefit from a full year contribution from the various capital projects completed last year including and notably MGM Graham's room renovation. We had anywhere from 700 to a thousand rooms offline per day for most of last year but that will not be in the case in 2026. We received tremendous, positive feedback on the refreshed product and are excited. They have the full complement of rooms available this year.
Bill Hornbuckle: Breaking ground in MGM Osaka, which we believe will be the world's largest integrated resort upon opening, and investing in upgrading experiences across our portfolio, from dining to enhanced VIP gaming environments in Las Vegas to our regional operations, and most notably, in Macau. These, along with other successes throughout the year, drove growth and consolidated net revenues of 6% and positioned us well for further progress into 2026. Last year marked a return to a more balanced environment after several years of exceptional growth in Las Vegas, and even with the Las Vegas-specific headwinds, we were able to achieve record full-year slot win in 2025, driven by our luxury offerings. From this reset baseline, we see a path to grow in Las Vegas for the full year of 2026.
Bill Hornbuckle: Breaking ground in MGM Osaka, which we believe will be the world's largest integrated resort upon opening, and investing in upgrading experiences across our portfolio, from dining to enhanced VIP gaming environments in Las Vegas to our regional operations, and most notably, in Macau. These, along with other successes throughout the year, drove growth and consolidated net revenues of 6% and positioned us well for further progress into 2026.
Other projects completed mid to late 25, including the high limit slot rooms at Bellagio and additions to our already deep roster of elite dining experiences with carbon Riviera here at Bellagio and Jim Conner at Arya.
In the group and Convention Channel, we are experiencing mid single-digit, Revenue growth in 2026.
This year's mix will be closer to 20% and the quality of the groups I feel is improved because of meticulous action, carried out.
Bill Hornbuckle: Last year marked a return to a more balanced environment after several years of exceptional growth in Las Vegas, and even with the Las Vegas-specific headwinds, we were able to achieve record full-year slot win in 2025, driven by our luxury offerings. From this reset baseline, we see a path to grow in Las Vegas for the full year of 2026.
Uh last, uh, last year focused on improving profitability.
To date, we've had solid performances during Citywide events, including CES in January and we're excited for the return of conag with expectations of getting back to 2023 attendance and achieving more than our fair share of among the 140,000 attendees arriving in the Las Vegas.
Bill Hornbuckle: First off, we'll benefit from a full-year contribution from the various capital projects completed last year, including, and notably, MGM Grand's room renovation. We had anywhere from 700 to 1,000 rooms offline per day for most of last year, but that will not be the case in 2026. We've received tremendous positive feedback on the refreshed product and are excited to have the full complement of rooms available this year. Other projects completed mid- to late 2025, including the high-limit slot rooms at Bellagio, and additions to our already deep roster of elite dining experiences with Carbone Riviera here at Bellagio and Gymkhana at Aria. Within the group and convention channel, we are experiencing mid-single-digit revenue growth in 2026.
Bill Hornbuckle: First off, we'll benefit from a full-year contribution from the various capital projects completed last year, including, and notably, MGM Grand's room renovation. We had anywhere from 700 to 1,000 rooms offline per day for most of last year, but that will not be the case in 2026. We've received tremendous positive feedback on the refreshed product and are excited to have the full complement of rooms available this year.
Even more exciting, is the fact that we have group and Convention room nights on the books for future years that we've. We've had more a group and Convention much on the books for a few years than we've ever had in our history.
Bill Hornbuckle: Other projects completed mid- to late 2025, including the high-limit slot rooms at Bellagio, and additions to our already deep roster of elite dining experiences with Carbone Riviera here at Bellagio and Gymkhana at Aria. Within the group and convention channel, we are experiencing mid-single-digit revenue growth in 2026.
Well, 2026 event, calendar can continue to fill out. We are seeing comparable Arena capacity Citywide events relative to last year, which will help provide stabilization levels of business. Given the proximity of our properties to the Golden Triangle of venues the legion, T-Mobile and MGM, Grand Garden Arena.
10 Pauling events such as Formula 1. Also continue to drive visitation uh where this year and our strip property saw higher room rates and increased Cash ticket sales at the Bellagio, fountain club, which remained in the premiere Ultra Luxury Hospitality venue to watch the race.
Bill Hornbuckle: This year's mix will be closer to 20%, and the quality of the groups, I feel, has improved because of meticulous action carried out last year, focused on improving profitability. To date, we've had solid performances during citywide events, including CES in January, and we're excited for the return of CONAG, with expectations of getting back to 2023 attendance and achieving more than our fair share among the 140,000 attendees arriving into Las Vegas. Even more exciting is the fact that we have group and convention room nights on the books for future years; we've had more group and convention nights on the books for future years than we've ever had in our history.
Bill Hornbuckle: This year's mix will be closer to 20%, and the quality of the groups, I feel, has improved because of meticulous action carried out last year, focused on improving profitability. To date, we've had solid performances during citywide events, including CES in January, and we're excited for the return of CONAG, with expectations of getting back to 2023 attendance and achieving more than our fair share among the 140,000 attendees arriving into Las Vegas.
We're continuing to invest and we see the greatest growth potential in our luxury offerings. This includes Casino operations.
We are out to improve on the success of last year's. First 1 of A Kind Invitation Only gaming experiences bringing previously unheard of prize purpose, purpose, purses.
Into a 5 million slot tournament and a 10 million Baka tournament.
Bill Hornbuckle: Even more exciting is the fact that we have group and convention room nights on the books for future years; we've had more group and convention nights on the books for future years than we've ever had in our history. While 2026 event calendar continued to fill out, we are seeing comparable arena capacity citywide events relative to last year, which will help provide stabilization levels of business, given the proximity of our properties to the Golden Triangle of venues, Allegiant, T-Mobile, and MGM Grand Garden Arena.
Will be hosting both of those tournaments again this year. We're all. So busy continuing to innovate special, uh especially around the opportunity to buy it by the geographic proximity of major sports events, including this weekend Super Bowl in Northern California and the international visitation accompanying, the upcoming World Cup given several matches, uh, taking place in Los Angeles and Southern California.
Bill Hornbuckle: While 2026 event calendar continued to fill out, we are seeing comparable arena capacity citywide events relative to last year, which will help provide stabilization levels of business, given the proximity of our properties to the Golden Triangle of venues, Allegiant, T-Mobile, and MGM Grand Garden Arena. Tentpoling events, such as Formula 1, also continue to drive visitation, where this year our Strip properties saw higher room rates and increased cash ticket sales at the Bellagio Fountain Club, which remained the premier ultra-luxury hospitality venue to watch the race. We are continuing to invest where we see the greatest growth potential in our luxury offerings. This includes casino operations.
We know these programs are working as our 2 top luxury offerings, Bellagio and Arya together saw 7% increase in evid Dar in 2025.
Bill Hornbuckle: Tentpoling events, such as Formula 1, also continue to drive visitation, where this year our Strip properties saw higher room rates and increased cash ticket sales at the Bellagio Fountain Club, which remained the premier ultra-luxury hospitality venue to watch the race. We are continuing to invest where we see the greatest growth potential in our luxury offerings. This includes casino operations.
We also continue to build on efficiencies driven by our Technology Innovation, which drove an 18% increase in digital, check-ins that have resulted in a significant Improvement to check-in speed which now averages 1 and a half minutes versus the 6 and a half minutes while checking in through the additional front desk. Not including your wait time in line.
We also saw 1 million chats through our digital concierge last year as utilized AI to both transform guest engagement and accelerate productivity.
Bill Hornbuckle: We are out to improve on the success of last year's first one-of-a-kind invitation-only gaming experiences, bringing previously unheard of prize purses into a $5 million slot tournament and a $10 million baccarat tournament. We'll be hosting both of those tournaments again this year. We're also busy continuing to innovate, especially around the opportunities provided by the geographic proximity of major sports events, including this weekend's Super Bowl in Northern California and the international visitation accompanying the upcoming World Cup, given several matches taking place in Los Angeles and Southern California. We know these programs are working, as our two top luxury offerings, Bellagio and Aria, together, saw a 7% increase in EBITDAR in 2025.
Bill Hornbuckle: We are out to improve on the success of last year's first one-of-a-kind invitation-only gaming experiences, bringing previously unheard of prize purses into a $5 million slot tournament and a $10 million baccarat tournament. We'll be hosting both of those tournaments again this year.
And finally, we are busy at work creating programming that will Target and highlight the Great Value. MGM has to offer, we'll share more of that and that exciting news and announcement soon.
Into a 5 million slot tournament, and a 10 million Baccarat tournament.
Bill Hornbuckle: We're also busy continuing to innovate, especially around the opportunities provided by the geographic proximity of major sports events, including this weekend's Super Bowl in Northern California and the international visitation accompanying the upcoming World Cup, given several matches taking place in Los Angeles and Southern California. We know these programs are working, as our two top luxury offerings, Bellagio and Aria, together, saw a 7% increase in EBITDAR in 2025.
At the end of the day, there's nothing comparable to Las Vegas. People are visiting to have Unforgettable experiences and their exceptional value is the optionality of what our guests can enjoy. And discover on any particular visit, there's also value when the unmatched energy and excitement that surrounds everything you do in this town. That's why Las Vegas was selected to host the college football playoff national championships in 2027 and the final 4 in 2028.
Bill Hornbuckle: We also continue to build on efficiencies driven by our technology innovation, which drove an 18% increase in digital check-ins that have resulted in a significant improvement to check-in speed, which now averages 1.5 minutes versus the 6.5 minutes while checking in through the traditional front desk, not including your wait time in line. We also saw 1 million chats through our digital concierge last year, as we utilized AI to both transform guest engagement and accelerate productivity. And finally, we are busy at work creating programming that will target and highlight the great value MGM has to offer. We'll share more of that and that exciting news in an announcement soon. At the end of the day, there's nothing comparable to Las Vegas.
Bill Hornbuckle: We also continue to build on efficiencies driven by our technology innovation, which drove an 18% increase in digital check-ins that have resulted in a significant improvement to check-in speed, which now averages 1.5 minutes versus the 6.5 minutes while checking in through the traditional front desk, not including your wait time in line.
Las Vegas is where the NBA is exploring expansion. And Major League Baseball is now establishing operations. We have also extended our relationship with F1 for 5 years and there has always been and always will be extraordinary value here in Las Vegas.
Bill Hornbuckle: We also saw 1 million chats through our digital concierge last year, as we utilized AI to both transform guest engagement and accelerate productivity. And finally, we are busy at work creating programming that will target and highlight the great value MGM has to offer. We'll share more of that and that exciting news in an announcement soon. At the end of the day, there's nothing comparable to Las Vegas.
A regional operations continued to deliver solid results, regardless of the macroeconomic, thanks to their outstanding asset quality, their strong strong demographic placement and experienced operating teams during the quarter. They reported not only record fourth quarter slot win but also the best 4-year slot win ever.
MGM China remains a strong out, performer ending the year with a record high quarterly and full year, segment, adjustment at i-bidder.
We achieved a 16.5% market share during the fourth quarter and impressively maintained, share of over 16% for the full year.
Bill Hornbuckle: People are visiting to have unforgettable experiences, and their exceptional value is the optionality of what our guests can enjoy and discover on any particular visit. There's also value in the unmatched energy and excitement that surrounds everything you do in this town. That's why Las Vegas was selected to host the College Football Playoff National Championships in 2027 and the Final Four in 2028. Las Vegas is where the NBA is exploring expansion, and Major League Baseball is now establishing operations. We've also extended our relationship with F1 for five years, and there has always been and always will be extraordinary value here in Las Vegas. Our regional operations continue to deliver solid results regardless of the macroeconomic, thanks to their outstanding asset quality, their strong, strong demographic placement, and experienced operating teams.
Bill Hornbuckle: People are visiting to have unforgettable experiences, and their exceptional value is the optionality of what our guests can enjoy and discover on any particular visit. There's also value in the unmatched energy and excitement that surrounds everything you do in this town. That's why Las Vegas was selected to host the College Football Playoff National Championships in 2027 and the Final Four in 2028.
A record market share level for an annual period as our operating team continues to command a strong understanding of relationship with the premium Mass customer driving the market.
Bill Hornbuckle: Las Vegas is where the NBA is exploring expansion, and Major League Baseball is now establishing operations. We've also extended our relationship with F1 for five years, and there has always been and always will be extraordinary value here in Las Vegas. Our regional operations continue to deliver solid results regardless of the macroeconomic, thanks to their outstanding asset quality, their strong, strong demographic placement, and experienced operating teams.
Considering our execution reflecting in our ability to maintain an over-indexed market, share and solidity. But our margins MGM training. China's, trading value is its sub-7. Times forward ibida. Multiple versus an industry average of over 8 and a half times. Seems significantly discounted to us.
Yesterday we heard impressive results from Adam and Gary on our bed, MGM North America venture.
By nearly 470 million.
Bill Hornbuckle: During the quarter, they reported not only record fourth quarter slot win, but also the best full-year slot win ever. MGM China remains a strong outperformer, ending the year with a record high quarterly and full-year segment Adjusted EBITDAR. We achieved a 16.5% market share during the fourth quarter and impressively maintained share of over 16% for the full year, a record market share level for an annual period, as our operating team continues to command a strong understanding and relationship with the premium mass customer driving the market. Considering our execution, reflecting in our ability to maintain an over-indexed market share and solid EBITDAR margins, MGM China's trading value is at sub-7x forward EBITDAR multiple, versus an industry average of over 8.5x.... seems significantly discounted to us.
Bill Hornbuckle: During the quarter, they reported not only record fourth quarter slot win, but also the best full-year slot win ever. MGM China remains a strong outperformer, ending the year with a record high quarterly and full-year segment Adjusted EBITDAR. We achieved a 16.5% market share during the fourth quarter and impressively maintained share of over 16% for the full year, a record market share level for an annual period, as our operating team continues to command a strong understanding and relationship with the premium mass customer driving the market.
The strong performance resulted in 135 million distribution of MGM during the fourth quarter and during 2025 monthly player volumes increased 24%, while active player days increased 14.
This momentum remains positive highlighted by the plan, outlined on the earnings, call to reach 500 million of adjusted ibida in 2027.
MGM digital also continues to see encouraging momentum. We are excited by the scaling. The betmgm brands and key International markets where Sweden continues to be our top Market.
Bill Hornbuckle: Considering our execution, reflecting in our ability to maintain an over-indexed market share and solid EBITDAR margins, MGM China's trading value is at sub-7x forward EBITDAR multiple, versus an industry average of over 8.5x.... seems significantly discounted to us. Yesterday, we heard impressive results from Adam and Gary on our BetMGM North America venture. BetMGM beat 2025 guidance during a year where they started by inflecting positive and ending by turning annual EBITDA around by nearly $470 million.
A record market share level for an annual period as our operating team continues to command a strong understanding in relationship with the premium, Mass customer driving the market.
We uh, exited 2025 making significant Headway, in Brazil, particularly after the December launch of our in-house sports book. The Brazilian Market is new robust and evolving. And we are confident that our product and our JV with global and the value Global Marketing assets have created abundant opportunities that are worthy of sustained investment in the coming year.
Bill Hornbuckle: Yesterday, we heard impressive results from Adam and Gary on our BetMGM North America venture. BetMGM beat 2025 guidance during a year where they started by inflecting positive and ending by turning annual EBITDA around by nearly $470 million. This strong performance resulted in a $135 million distribution of MGM during the fourth quarter, and during 2025, monthly player volumes increased 24%, while active player days increased 14%. This momentum remains positive, highlighted by the plan outlined on the earnings call to reach $500 million of adjusted EBITDA in 2027. MGM Digital also continues to see encouraging momentum. We are excited by the scaling of the BetMGM brands in key international markets, where Sweden continues to be our top market.
Considering our execution reflecting in our ability to maintain and over Index market, share and solid, Evar, margins, MGM China's. Trading value is its sub 7 times forward. Eva M multiple versus an industry average of over 8 and a half times seems significantly discounted to us.
Professor results from Adam and Gary on our bed, MGM, North America venture
Bill Hornbuckle: This strong performance resulted in a $135 million distribution of MGM during the fourth quarter, and during 2025, monthly player volumes increased 24%, while active player days increased 14%. This momentum remains positive, highlighted by the plan outlined on the earnings call to reach $500 million of adjusted EBITDA in 2027. MGM Digital also continues to see encouraging momentum. We are excited by the scaling of the BetMGM brands in key international markets, where Sweden continues to be our top market.
But MGM beat 2025 guidance during a year where they started by inflecting uh positive and ending by turning annual ebita around by nearly 470 million dollars.
Progress. Also continues with our development projects setting long-term growth pipeline for our business, construction remains on schedule. In Dubai with Bellagio, Arya and MGM Grand Hotel Towers scheduled to open in 3 Q of 28 and in Japan construction remains on time. And on budget for MGM, Osaka, currently about 20% of the foundation piles have been installed or completed in the project remains on track to open in 2030.
The strong performance resulted in 135 million distribution of MGM during the fourth quarter and during 2025 monthly player volumes increased 24%, while active player days increased 14.
The outlook for the coming year is encouraging with a more constructive backdrop and a stabilizing environment. Our message last quarter holds true. We are optimistic that growth in Las Vegas can be achieved this year.
This momentum remains positive highlighted by the plan, outlined on the earnings call to reach 500 million of adjusted Ava in 2027.
Bill Hornbuckle: We exited 2025, making significant headway in Brazil, particularly after the December launch of our in-house sportsbook. The Brazilian market is new, robust, and evolving, and we are confident that our product and our JV with Globo and the valuable global marketing assets have created abundant opportunities that are worthy of sustained investment in the coming year. Progress also continues with our development projects, setting long-term growth pipeline for our business. Construction remains on schedule in Dubai, with Bellagio, Aria, and MGM Grand Hotel Towers scheduled to open in Q3 of 2028. In Japan, construction remains on time and on budget for MGM Osaka. Currently, about 20% of the foundation piles have been installed or completed, and the project remains on track to open in 2030. The outlook for the coming year is encouraging.
Bill Hornbuckle: We exited 2025, making significant headway in Brazil, particularly after the December launch of our in-house sportsbook. The Brazilian market is new, robust, and evolving, and we are confident that our product and our JV with Globo and the valuable global marketing assets have created abundant opportunities that are worthy of sustained investment in the coming year. Progress also continues with our development projects, setting long-term growth pipeline for our business.
MGM digital also continues to see encouraging momentum. We are excited by the scaling of the betmgm brands in key International markets where Sweden continues to be our top Market.
There are potential macro catalysts, that could benefit both Los Vegas and MGM more broadly, including lower trending interest rates, certain tax regulations, including no tax on overtime and tips. And other stimulus, benefiting consumers and further progress at the Las Vegas Airport as about 50% of the loss of capacity, left by value, Airlines and select. International carriers have been backfilled by other airlines
We, uh, exited 2025 making significant headway in Brazil, particularly after the December launch of our in-house sportsbook. The Brazilian market is new, robust, and evolving. And we are confident that our product and our JV with Global, and the value Global Marketing assets have created, present abundant opportunities that are worthy of sustained investment in the coming year.
Bill Hornbuckle: Construction remains on schedule in Dubai, with Bellagio, Aria, and MGM Grand Hotel Towers scheduled to open in Q3 of 2028. In Japan, construction remains on time and on budget for MGM Osaka.
beyond the macro drivers MGM is driving convention and group nights with more future room. Nights on the books than we've ever had. We also continue to identifying opportunities to operate more efficiently and make further progress on our Ai and Technology initiatives. All while our improved liquidity and cash flow, generation allows us to pursue innovative ideas and strategic Investments that can and will deliver meaningful value with that. I'll now turn this back to Jonathan to provide additional details on our performance for the quarter.
Bill Hornbuckle: Currently, about 20% of the foundation piles have been installed or completed, and the project remains on track to open in 2030. The outlook for the coming year is encouraging. With a more constructive backdrop and a stabilizing environment, our message last quarter holds true. We are optimistic that growth in Las Vegas can be achieved this year.
Progress. Also continues with our development projects setting long-term growth pipeline for our business. Construction remains on schedule. In Dubai with Bellagio, Arya and MGM Grand Hotel Towers scheduled to open in 3 Q of 28 and in Japan construction remains on time. And on budget for MGM, Osaka, currently about 20% of the foundation piles have been in
Installed or completed and the project remains on track to open in 2030.
Bill Hornbuckle: With a more constructive backdrop and a stabilizing environment, our message last quarter holds true. We are optimistic that growth in Las Vegas can be achieved this year. There are also potential macro catalysts that could benefit both Las Vegas and MGM more broadly, including lower trending interest rates, certain tax regulations, including no tax on overtime and tips, and other stimulus benefiting consumers, and further progress at the Las Vegas airport, as about 50% of the lost capacity left by Value Airlines and select international carriers have been backfilled by other airlines. Beyond the macro drivers, MGM is driving convention and group nights with more future room nights on the books than we've ever had.
Uh, thanks very much Bill and thanks to all of our employees, who stepped up throughout a challenging year, strengthening the foundation we have today, and allowing us to take advantage of the growth opportunities in 2026.
Bill Hornbuckle: There are also potential macro catalysts that could benefit both Las Vegas and MGM more broadly, including lower trending interest rates, certain tax regulations, including no tax on overtime and tips, and other stimulus benefiting consumers, and further progress at the Las Vegas airport, as about 50% of the lost capacity left by Value Airlines and select international carriers have been backfilled by other airlines. Beyond the macro drivers, MGM is driving convention and group nights with more future room nights on the books than we've ever had.
The outlook for the coming year is encouraging with a more constructive backdrop and a stabilizing environment. Our message last quarter holds true. We are optimistic that growth in Las Vegas can be achieved this year.
There are also potential macro catalysts that could benefit both Las Vegas and MGM more broadly, including lower trending interest rates, certain tax regulations—including no tax on overtime and tips—and other stimulus benefiting consumers. There has also been further progress at the Las Vegas airport, with about 50% of the lost capacity left by value airlines and select international carriers now backfilled by other airlines.
Bill Hornbuckle: We also continue identifying opportunities to operate more efficiently and make further progress on our AI and technology initiatives, all while our improved liquidity and cash flow generation allows us to pursue innovative ideas and strategic investments that can and will deliver meaningful value. With that, I'll now turn this back to Jonathan to provide additional details on our performance for the quarter.
Bill Hornbuckle: We also continue identifying opportunities to operate more efficiently and make further progress on our AI and technology initiatives, all while our improved liquidity and cash flow generation allows us to pursue innovative ideas and strategic investments that can and will deliver meaningful value. With that, I'll now turn this back to Jonathan to provide additional details on our performance for the quarter.
Jonathan Halkyard: Thanks very much, Bill, and thanks to all of our employees who stepped up throughout a challenging year, strengthening the foundation we have today and allowing us to take advantage of the growth opportunities in 2026. Consistent with our Q3 commentary surrounding Las Vegas, we saw stabilization in the Q4. Las Vegas EBITDAR declined 4% year-over-year, an improvement versus the declines experienced earlier this year, driven by the completion of the MGM Grand room remodel in October, a year-over-year improvement in convention mix, and holds settling in above our normal range. Luxor and Excalibur continued to have a disproportionate impact to this quarter's decline in Las Vegas, though keep in mind, these two properties only represent about 6% of Las Vegas segment adjusted EBITDAR in 2025.
Jonathan Halkyard: Thanks very much, Bill, and thanks to all of our employees who stepped up throughout a challenging year, strengthening the foundation we have today and allowing us to take advantage of the growth opportunities in 2026. Consistent with our Q3 commentary surrounding Las Vegas, we saw stabilization in the Q4. Las Vegas EBITDAR declined 4% year-over-year, an improvement versus the declines experienced earlier this year, driven by the completion of the MGM Grand room remodel in October, a year-over-year improvement in convention mix, and holds settling in above our normal range.
While we do not see immediate changes to Value customer habits, we are seeing strength in the South End of the strip when we have robust programming at allegion and as Bill referenced, or working towards some Creative Concepts on marketing. Our value proposition to these customers. Additionally, the comparisons just become more favorable toward the end of the first half of 2026,
beyond the macro drivers MGM is driving convention in group nights with more future room. Nights on the books than we've ever had. We also continue to identifying opportunities to operate more efficiently and make further progress on our Ai and Technology initiatives. All while our improved liquidity and cash flow, generation allows us to pursue innovative ideas and strategic Investments that can and will deliver meaningful value with that. I'll now turn this back to Jonathan to provide additional details on our performance for the quarter.
The return of the MGM Grand room inventory has been a benefit and it's worth noting upon completion. The average age of Our Last Vegas rooms since renovation is about 6 years.
Uh, thanks very much, Bill, and thanks to all of our employees who stepped up throughout a challenging year, strengthening the foundation we have today and allowing us to take advantage of the growth opportunities in 2026.
We have a strong maintenance Capital program to reinvest in our properties regularly and I would argue that we have the best maintained portfolio of assets on the Strip, which is recognized in the positive feedback from customers and of course, the outs outside room, occupancy, share that we command in the market.
Jonathan Halkyard: Luxor and Excalibur continued to have a disproportionate impact to this quarter's decline in Las Vegas, though keep in mind, these two properties only represent about 6% of Las Vegas segment adjusted EBITDAR in 2025. While we do not see immediate changes to value customer habits, we are seeing strength in the south end of the Strip when we have robust programming at Allegiant, and as Bill referenced, we're working towards some creative concepts on marketing our value proposition to these customers.
Consistent with our third quarter commentary surrounding Las Vegas. We saw stabilization in the fourth quarter, Las Vegas, Evar declined 4% year-over-year and Improvement versus the declines experienced earlier. This year driven by the completion of the MGM Grand room remodel in October, a year-over-year Improvement in convention, mix and hold settling in above our normal range.
Our regional operations had another strong quarter to close out a record-breaking year. Not only did they achieve best ever fourth quarter slot win, but they accomplished the best ever annual slot when performance for 2025, resulting in a 2% rise in net revenues and the fourth quarter and stable i-bidder.
Jonathan Halkyard: While we do not see immediate changes to value customer habits, we are seeing strength in the south end of the Strip when we have robust programming at Allegiant, and as Bill referenced, we're working towards some creative concepts on marketing our value proposition to these customers. Additionally, the comparisons just become more favorable toward the end of the first half of 2026. The return of the MGM Grand room inventory has been a benefit, and it's worth noting, upon completion, the average age of our Las Vegas rooms since renovation is about six years. We have a strong maintenance capital program to reinvest in our properties regularly, and I would argue that we have the best-maintained portfolio of assets on the Strip, which is recognized in the positive feedback from customers and, of course, the outsized room occupancy share that we command in the market.
Luxor and Excalibur continued to have a disproportionate impact on this quarter's decline in Las Vegas, though. Keep in mind, these two properties only represent about 6% of Las Vegas segment adjusted EBITDAR in 2025.
I'd also highlight that the sale of the Northfield Park operations remain on track for the first half 2026 close.
New fourth quarter record.
Jonathan Halkyard: Additionally, the comparisons just become more favorable toward the end of the first half of 2026. The return of the MGM Grand room inventory has been a benefit, and it's worth noting, upon completion, the average age of our Las Vegas rooms since renovation is about six years. We have a strong maintenance capital program to reinvest in our properties regularly, and I would argue that we have the best-maintained portfolio of assets on the Strip, which is recognized in the positive feedback from customers and, of course, the outsized room occupancy share that we command in the market.
While we do not see immediate changes to Value customer habits, we are seeing strength in the South End of the strip when we have robust programming at allegion and as Bill referenced, or working towards some Creative Concepts on marketing. Our value proposition to these customers. Additionally, the comparisons just become more favorable toward the end of the first half of 2026,
A Relentless competitive. Environment is the norm there but our team is consistently maintained mid. High 20s margins. With their focus on maintaining High service levels. While anticipating evolving customer tastes and preferences.
The return of the MGM Grand room inventory has been a benefit and it's worth noting upon completion. The average age of our Las Vegas rooms since renovation is about 6 years.
Jonathan Halkyard: Our regional operations had another strong quarter to close out a record-breaking year. Not only did they achieve best ever Q4 slot win, but they accomplished the best ever annual slot win performance for 2025, resulting in a 2% rise in net revenues in the Q4 and stable EBITDAR. I'd also highlight that the sale of the Northfield Park operations remain on track for the first half 2026 close. MGM China just crushed it this quarter. During the Q4, net revenues grew 21% and segment-adjusted EBITDAR grew by 31%, a new Q4 record. A relentless competitive environment is the norm there, but our team has consistently maintained mid-high 20s margins with their focus on maintaining high service levels while anticipating evolving customer tastes and preferences.
Jonathan Halkyard: Our regional operations had another strong quarter to close out a record-breaking year. Not only did they achieve best ever Q4 slot win, but they accomplished the best ever annual slot win performance for 2025, resulting in a 2% rise in net revenues in the Q4 and stable EBITDAR. I'd also highlight that the sale of the Northfield Park operations remain on track for the first half 2026 close. MGM China just crushed it this quarter.
We have a strong maintenance Capital program to reinvest in our properties regularly and I would argue that we have the best maintained portfolio of assets on the Strip, which is recognized in the positive feedback from customers and of course, the outs outside room, occupancy, share that we command in the market.
MGM China recently announced new terms for its branding fee, which will increase this year from 1.75% to 3 and a half percent. And secures, the MGM brand new through the life of the concession and Auto renews for up to 20 years. Upon a concession renewal. The rate is comparable to the only other us-based Macau, operator, and is sensible given the strength of mgm's brand, its Market size and Global reach. The brand is proven its value over time. Helping Drive MGM China's market. Share and i-bidder both of which have almost doubled since 2019.
Our regional operations had another strong quarter to close out a record-breaking year. Not only did they achieve best ever fourth quarter slot win, but they accomplished the best ever annual slot when performance for 2025, resulting in a 2% rise in net revenues and the fourth quarter and stable i-bidder.
6 close.
Jonathan Halkyard: During the Q4, net revenues grew 21% and segment-adjusted EBITDAR grew by 31%, a new Q4 record. A relentless competitive environment is the norm there, but our team has consistently maintained mid-high 20s margins with their focus on maintaining high service levels while anticipating evolving customer tastes and preferences. MGM China recently announced new terms for its branding fee, which will increase this year from 1.75% to 3.5% and secures the MGM branding through the life of the concession and auto renews for up to 20 years upon a concession renewal.
MGM China. Just crushed at this quarter during the fourth quarter, net revenues, grew 21%, and segment adjusted i-bidder grew by 31% a new fourth quarter record.
The renewal terms also result in Greater cash flow generated for MGM Resorts, which if we use 2025 results, would represent represent over $50 million in incremental, cash flow to our company. We remain highly confident in the long-term growth prospects in Macau, and remained aligned with the MGM China shareholders and our desire to increase profitability and ultimately the Enterprise value of MGM China.
Jonathan Halkyard: MGM China recently announced new terms for its branding fee, which will increase this year from 1.75% to 3.5% and secures the MGM branding through the life of the concession and auto renews for up to 20 years upon a concession renewal. The rate is comparable to the only other US-based Macau operator and is sensible, given the strength of MGM's brand, its market size, and global reach. The brand has proven its value over time, helping drive MGM China's market share and EBITDAR, both of which have almost doubled since 2019. The renewal terms also result in greater cash flow generated for MGM Resorts, which, if we use 2025 results, would represent over $50 million in incremental cash flow to our company.
A Relentless competitive. Environment is the norm there but our team has consistently maintained mid. High 20s margins. With their focus on maintaining High service levels. While anticipating evolving customer tastes and preferences.
Jonathan Halkyard: The rate is comparable to the only other US-based Macau operator and is sensible, given the strength of MGM's brand, its market size, and global reach. The brand has proven its value over time, helping drive MGM China's market share and EBITDAR, both of which have almost doubled since 2019. The renewal terms also result in greater cash flow generated for MGM Resorts, which, if we use 2025 results, would represent over $50 million in incremental cash flow to our company.
Our bed, MGM North America Venture had a tremendous year with growth in fourth quarter, net revenue from operations, of 39% and Evita improving by 176 million to 71 million in the quarter as reported. On their recent earnings, call MGM betmgm provided 2026 adjusted Eva guidance of 300 to 350 million and 50 million of expected capex, along with the expectation of regularly Distributing excess cash to its parents.
MGM digital saw impressive, 35% growth in net revenues due to continued momentum across the various International geographies, including our Legacy, Leo Vegas, markets, and Brazil.
We plan to continue investing and growth initiatives throughout 2026.
MGM China recently announced new terms for its branding fee, which will increase this year from 1.75% to 3 and a half percent. And secures, the MGM brand new through the life of the concession and Auto renews for up to 20 years. Upon a concession renewal. The rate is comparable to the only other us-based Macau, operator, and is sensible given the strength of mgm's brand, its Market size and Global reach. The brand is proven its value over time. Helping Drive MGM China's market. Share and i-bidder both of which have almost doubled since 2019.
Including integration of our sports book platform that we expect to launch in several of our key markets, including Sweden as well as continued investment in Brazil.
Jonathan Halkyard: We remain highly confident in the long-term growth prospects in Macau and remained aligned with the MGM China shareholders in our desire to increase profitability and ultimately, the enterprise value of MGM China. Our BetMGM North America venture had a tremendous year, with growth in Q4 net revenue from operations of 39% and EBITDA improving by $176 million to $71 million in the quarter. As reported on their recent earnings call, MGM BetMGM provided 2026 adjusted EBITDA guidance of $300 to $350 million and $50 million of expected CapEx, along with the expectation of regularly distributing excess cash to its parents. MGM Digital saw impressive 35% growth in net revenues due to continued momentum across the various international geographies, including our legacy LeoVegas markets and Brazil.
Jonathan Halkyard: We remain highly confident in the long-term growth prospects in Macau and remained aligned with the MGM China shareholders in our desire to increase profitability and ultimately, the enterprise value of MGM China. Our BetMGM North America venture had a tremendous year, with growth in Q4 net revenue from operations of 39% and EBITDA improving by $176 million to $71 million in the quarter.
We anticipate a another year of solid Top Line growth and Improvement in 2026, Evita that we expect to be approximately half the losses that we had in 2025.
The renewal terms also resulting in Greater cash flow generated for MGM Resorts, which if we use 2025 results would repres represent over $50 million in incremental, cash flow to our company. We remain highly confident in the long-term growth prospects in Macau, and remained aligned with the MGM China shareholders, in our desire to increase profitability. And ultimately
The enterprise value of MGM China.
Jonathan Halkyard: As reported on their recent earnings call, MGM BetMGM provided 2026 adjusted EBITDA guidance of $300 to $350 million and $50 million of expected CapEx, along with the expectation of regularly distributing excess cash to its parents. MGM Digital saw impressive 35% growth in net revenues due to continued momentum across the various international geographies, including our legacy LeoVegas markets and Brazil.
In Japan. We're expecting our 2026 funding commitment to be approximately, 350 to 400 million US Dollars. Much of it will be addressed with proceeds from the Yen denominated credit facility. We closed last October, which we upsized to approximately 350 million during the quarter at a low single digit cost of capital.
Our BetMGM North America venture had a tremendous year, with growth in the fourth quarter. Net revenue from operations was up 39%, and IBA improved by $176 million to $71 million in the quarter as reported. On their recent earnings call, MGM and BetMGM provided 2026 adjusted IBA guidance of $300 to $350 million and $50 million of expected capex, along with the expectation of regularly distributing excess cash to its parents.
We bought back over 15 million shares during the fourth quarter for 516 million. Bringing our total 2025 Cherie purchase activity to 37 and a half million shares for 1.2 billion, and that represents an average price of $32.43. And over the last 5 years, we've decreased our share count by almost 50%
Jonathan Halkyard: We plan to continue investing in growth initiatives throughout 2026, including integration of our sportsbook platform that we expect to launch in several of our key markets, including Sweden, as well as continued investment in Brazil. We anticipate another year of solid top-line growth and an improvement in 2026 EBITDAR that we expect to be approximately half the losses that we had in 2025. In Japan, we're expecting our 2026 funding commitment to be approximately $350 to 400 million. Much of it will be addressed with proceeds from the yen-denominated credit facility we closed last October, which we upsized to approximately $350 million during the quarter at a low single-digit cost of capital.
Jonathan Halkyard: We plan to continue investing in growth initiatives throughout 2026, including integration of our sportsbook platform that we expect to launch in several of our key markets, including Sweden, as well as continued investment in Brazil. We anticipate another year of solid top-line growth and an improvement in 2026 EBITDAR that we expect to be approximately half the losses that we had in 2025. In Japan, we're expecting our 2026 funding commitment to be approximately $350 to 400 million.
MGM digital saw impressive, 35% growth in net revenues due to continued momentum across the various International geographies, including our Legacy, Leo Vegas, markets, and Brazil.
We plan to continue investing in growth initiatives throughout 2026.
Finally, I want to remind everyone of our various sources of cash, flow spending the business, including cash, gender freedom, from our Las Vegas and Regional operations.
Including integration of our sports book platform that we expect to launch in several of our key markets, including Sweden, as well as continued investment in Brazil.
Our MGM uh, MGM China branding, fees and distributions and now our bed MGM distributions.
The cash sources from MGM China and betmgm in particular are high margin, recurring sources of income and should be assessed accordingly when valuing our company.
We anticipate a another year of solid Top Line growth and Improvement in 2026, Evita that we expect to be approximately half the losses that we had in 2025.
Jonathan Halkyard: Much of it will be addressed with proceeds from the yen-denominated credit facility we closed last October, which we upsized to approximately $350 million during the quarter at a low single-digit cost of capital. We bought back over 15 million shares during Q4 for $516 million, bringing our total 2025 share repurchase activity to 37.5 million shares for $1.2 billion, and that represents an average price of $32.43. Over the last 5 years, we've decreased our share count by almost 50%.
Jonathan Halkyard: We bought back over 15 million shares during Q4 for $516 million, bringing our total 2025 share repurchase activity to 37.5 million shares for $1.2 billion, and that represents an average price of $32.43. Over the last 5 years, we've decreased our share count by almost 50%. Finally, I want to remind everyone of our various sources of cash flow spanning the business, including cash generated from our Las Vegas and regional operations, our MGM China branding fees and distributions, and now our BetMGM distributions. The cash sources from MGM China and BetMGM, in particular, are high margin, recurring sources of income and should be assessed accordingly when valuing our company.
In Japan. We're expecting our 2026 funding commitment to be approximately, 350 to 400 million US Dollars. Much of it will be addressed with proceeds from the Yen denominated credit facility. We closed last October, which we upsized to approximately 350 million during the quarter at a low single digit cost of capital.
Jonathan Halkyard: Finally, I want to remind everyone of our various sources of cash flow spanning the business, including cash generated from our Las Vegas and regional operations, our MGM China branding fees and distributions, and now our BetMGM distributions. The cash sources from MGM China and BetMGM, in particular, are high margin, recurring sources of income and should be assessed accordingly when valuing our company.
We bought back over 15 million shares during the fourth quarter for 516 million, bringing our total 2025, share, we purchase activity to 37.5 million shares for 1.2 billion, and that represents an average price of $32.43. And over the last 5 years, we've decreased our share count by almost 50%
We've augmented these recurring sources of cash with other actions, including raising a low cost of borrowing denominated facility to F fund. Most of our Japan commitments, this year selling our Northfield Park operations, which will close in May and reallocating capital previously, earmarked for our pursuit of a table games, license in New York in aggregate, these growing sources of cash flow enable us to fund growth opportunities, including the entirety of our MGM, Osaka commitment, and any future capex projects. We choose to pursue it also covers share BuyBacks maintenance, capex, interest expense and rent expense, and keep in mind. Not all leases are created equally. None of our triple net, real estate, leases allow for rent to escalate above 2% in the first 10 years and the most aggressive Leaf. Turn lease terms cap. Our rent escalators at 3%, for the next 10 years. After that, as a result of our aggregate cash flow sources, we can convert our diverse operating strength,
Our MGM uh, MGM China branding, fees and distributions and now our bed MGM distributions.
Shareholder value. I'll turn it back to Bill. Thanks Jonathan, a couple of thoughts before we go to questions, but we exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory
Jonathan Halkyard: We've augmented these recurring sources of cash with other actions, including raising a low cost to borrow yen-denominated facility to fund most of our Japan commitments this year, selling our Northfield Park operations, which will close in May, and reallocating capital previously earmarked for our pursuit of a table games license in New York. In aggregate, these growing sources of cash flow enable us to fund growth opportunities, including the entirety of our MGM Osaka commitment and any future CapEx projects we choose to pursue. It also covers share buybacks, maintenance CapEx, interest expense, and rent expense. And keep in mind, not all leases are created equally.
Jonathan Halkyard: We've augmented these recurring sources of cash with other actions, including raising a low cost to borrow yen-denominated facility to fund most of our Japan commitments this year, selling our Northfield Park operations, which will close in May, and reallocating capital previously earmarked for our pursuit of a table games license in New York. In aggregate, these growing sources of cash flow enable us to fund growth opportunities, including the entirety of our MGM Osaka commitment and any future CapEx projects we choose to pursue.
The cash sources from MGM China and betmgm in particular are high margin, recurring sources of income and should be assessed accordingly when valuing our company.
We continue to see those positive Trends as we begin 2026 and expect to make even greater progress from a reset Baseline in Las Vegas. When we left earlier Leisure comparisons in the second half of the year,
our diversity supported Consolidated growth in 2025 and has proven to support our growth in almost any environment.
everywhere we operate we have the best portfolio Brands physical assets leadership and employees who once again set a new annual record for Gold Plus NPS scores,
Jonathan Halkyard: It also covers share buybacks, maintenance CapEx, interest expense, and rent expense. And keep in mind, not all leases are created equally. None of our triple-net real estate leases allow for rent to escalate above 2% in the first 10 years, and the most aggressive lease terms cap our rent escalators at 3% for the next 10 years after that. As a result of our aggregate cash flow sources, we can convert our diverse operating strength into meaningful, durable, free cash flow to drive shareholder value. I'll turn it back to Bill.
Jonathan Halkyard: None of our triple-net real estate leases allow for rent to escalate above 2% in the first 10 years, and the most aggressive lease terms cap our rent escalators at 3% for the next 10 years after that. As a result of our aggregate cash flow sources, we can convert our diverse operating strength into meaningful, durable, free cash flow to drive shareholder value. I'll turn it back to Bill.
we have a growth pipeline that includes digital in the near to medium-term and arguably the greatest Global integrated Resort opportunity with MGM Osaka opening in 2030. We have a solid balance sheet, low relative leverage, and favorable lease structures with reasonable rent escalators.
We generate substantial and growing cash flow. That provides us with the ability to pursue any opportunities that may drive value creation.
We have a massively shrinking share count and we are reverting to growth in Las Vegas operator. If we could open it up for questions, now we'd be happy to take you.
Bill Hornbuckle: Thanks, Jonathan. A couple of thoughts before we go to questions. We exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory. We continue to see those positive trends as we begin 2026 and expect to make even greater progress from a reset baseline in Las Vegas when we lap earlier leisure comparisons in the second half of the year. Our diversity supported consolidated growth in 2025 and has proven to support our growth in almost any environment. Everywhere we operate, we have the best portfolio of brands, physical assets, leadership, and employees, who once again set a new annual record for Gold Plus NPS scores. We have a growth pipeline that includes digital in the near to medium term, and arguably the greatest global integrated resort opportunity with MGM Osaka opening in 2030.
Bill Hornbuckle: Thanks, Jonathan. A couple of thoughts before we go to questions. We exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory. We continue to see those positive trends as we begin 2026 and expect to make even greater progress from a reset baseline in Las Vegas when we lap earlier leisure comparisons in the second half of the year. Our diversity supported consolidated growth in 2025 and has proven to support our growth in almost any environment.
Thank you. We will now begin the question and answer session to join the question queue. Please press star 1
As a reminder in all fairness, please, let me yourself to 1 question and 1 follow-up.
Ren escalators at 3% for the next 10 years after that as a result of our aggregate cash flow sources, we can convert our diverse operating strength in a meaningful durable free cash flow to drive shareholder value. I'll turn it back to Bill. Thanks Jonathan, a couple of thoughts. Before we go to questions, we exited 2025 with Las Vegas showing signs of stabilization and an improving trajectory.
Our first question, today comes from Dan Pulitzer with JP Morgan. Please go ahead.
We continue to see those positive trends as we begin 2026 and expect to make even greater progress from a reset baseline in Las Vegas. When we left earlier leisure comparisons in the second half of the year,
Bill Hornbuckle: Everywhere we operate, we have the best portfolio of brands, physical assets, leadership, and employees, who once again set a new annual record for Gold Plus NPS scores. We have a growth pipeline that includes digital in the near to medium term, and arguably the greatest global integrated resort opportunity with MGM Osaka opening in 2030.
our diversity supported Consolidated growth in 2025 and has proven to support our growth in almost any environment.
Everywhere we operate, we have the best portfolio, brands, physical assets, leadership, and employees, who once again set a new annual record for Gold Plus NPS scores.
Hey, good afternoon everyone and thanks for taking my question. Uh, bill, I want to just pick up pick back up on on your last comment there on, you know, the path to reverting back to growth in Las Vegas. I think you you laid out certainly a big, yeah. A number of factors with group and Convention pacing up mid single digits conag and obviously strong Opex control with some of those technology benefits. So I mean other than that the second half comparisons getting easier. I guess how do you think about the past 4 in terms of the first quarter and second quarter, in terms of getting back to normalized? Even the growth in in in Las Vegas here?
Bill Hornbuckle: We have a solid balance sheet, low relative leverage, and favorable lease structures with reasonable rent escalators. We generate substantial and growing cash flow that provides us with the ability to pursue any opportunities that may drive value creation. We have a massively shrinking share count, and we are reverting to growth in Las Vegas. Operator, if we could open it up for questions now, we'd be happy to take them.
Bill Hornbuckle: We have a solid balance sheet, low relative leverage, and favorable lease structures with reasonable rent escalators. We generate substantial and growing cash flow that provides us with the ability to pursue any opportunities that may drive value creation. We have a massively shrinking share count, and we are reverting to growth in Las Vegas. Operator, if we could open it up for questions now, we'd be happy to take them.
we have a growth pipeline that includes digital in the near to medium-term and arguably the greatest Global integrated Resort opportunity with MGM Osaka opening in 2030.
We have a solid balance sheet, low, relative leverage, and favorable lease structures with reasonable rent escalators.
We generate substantial and growing cash flow. That provides us with the ability to pursue any opportunities that may drive value creation.
Operator: Thank you. We will now begin the question-and-answer session. To join the question queue, please press star then one. As a reminder, in all fairness, please limit yourself to one question and one follow-up. Our first question today comes from Dan Politzer with J.P. Morgan. Please go ahead.
Operator: Thank you. We will now begin the question-and-answer session. To join the question queue, please press star then one. As a reminder, in all fairness, please limit yourself to one question and one follow-up. Our first question today comes from Dan Politzer with J.P. Morgan. Please go ahead.
We have a massively shrinking share count, and we are reverting to growth in our Las Vegas operator. If we could open it up for questions now, we'd be happy to take some.
Thank you, we will not.
And answer session.
As a reminder, in all fairness, please, let me yourself to 1 question and 1 follow-up.
Okay, I I'll kick this off and maybe I should can pipe in here as well. Um, you know, this current quarter, we're in, um, as compared to the first year, you know, there's some differentiators that I think we can we will intend and should go through. Um as it relates to occupancy. It is clearly stabilized. Obviously, we have conac coming up. Um, we have seen and we have demonstrated the ability to continue to drive the high-end luxury pieces of our business and that will continue. I think all the way through 2026. Um we've seen in particularly in gaming, the high-end and I don't mean premium. Super high-end. I mean, high-end business, led by things like our holiday gift shop which was the second
Dan Politzer: Hey, good afternoon, everyone. Thanks for taking my question. Bill, I want to just pick back up on your last comment there on, you know, the path to reverting back to growth in Las Vegas. I think you laid out certainly a big number of factors with group and convention pacing up mid-single digits, Conex, and obviously strong OpEx control with some of those technology benefits. So, I mean, other than the second half comparisons getting easier, I guess, how do you think about the path forward in terms of Q1 and Q2 in terms of getting back to normalized EBITDA growth in Las Vegas here?
Dan Politzer: Hey, good afternoon, everyone. Thanks for taking my question. Bill, I want to just pick back up on your last comment there on, you know, the path to reverting back to growth in Las Vegas. I think you laid out certainly a big number of factors with group and convention pacing up mid-single digits, Conex, and obviously strong OpEx control with some of those technology benefits. So, I mean, other than the second half comparisons getting easier, I guess, how do you think about the path forward in terms of Q1 and Q2 in terms of getting back to normalized EBITDA growth in Las Vegas here?
Our first question, today comes from Dan Pulitzer with JP Morgan. Please go ahead.
Bill Hornbuckle: ... Look, I, I'll kick this off, and maybe Ayesha can pipe in here as well. You know, this current quarter we're in, as compared to the first year, you know there's some differentiators that I think we will intend and should go through. And as it relates to occupancy, it is clearly stabilized. Obviously, we have CONAG coming up. We have seen and have demonstrated the ability to continue to drive the high-end luxury pieces of our business, and that'll continue, I think, all the way through 2026. We've seen, and particularly in gaming, the high end, and I don't mean premium, super high end, I mean high-end business led by things like our holiday gift shop, which was the second highest holiday gift shop I think we've ever had.
Bill Hornbuckle: ... Look, I, I'll kick this off, and maybe Ayesha can pipe in here as well. You know, this current quarter we're in, as compared to the first year, you know there's some differentiators that I think we will intend and should go through. And as it relates to occupancy, it is clearly stabilized. Obviously, we have CONAG coming up. We have seen and have demonstrated the ability to continue to drive the high-end luxury pieces of our business, and that'll continue, I think, all the way through 2026.
Hey, good afternoon everyone, and thanks for taking my question. Uh, bill, I want to just pick up take back up on on your last comment there on, you know, the path to reverting back to growth in Las Vegas. I think you you laid out certainly a big a number of factors with group and Convention pacing up mid single digits conag and obviously strong Opex control with some of those technology benefits. So I mean other than the second half comparisons getting easier. I guess how do you think about the path forward in terms of the first quarter and the second quarter, in terms of getting back to normalized? Even the growth in in in Las Vegas here?
Highest level of the gift shop, I think we've ever had. And so, you know, it's fair to say the K economy is alive and well, but given the positioning of our assets, the programming, I think as we get through into April particularly May and Beyond, um, I think you're going to see uh, some really strong performance. Uh, obviously the MGM piece is a big piece for us. I've never seen a a remodel impacted property the way that 1 did only because we had so many rooms out at the same time and so all of those things I think and are looking favorable and generally I think things will stabilize. I think we've begun to see if the convention Authority is expecting a million more visitors. Um and so you know 24 was an amazing year and so 25 was difficult. Yeah we need to solve for Canada and Leisure Travel, but generally speaking, uh we feel very positive. Positive enough to think that we're going to exit 26 on and up. I sure. Don't know if you want to add. Yeah, just a couple of thoughts, you know, certainly. I think it's still noted as we look, we look at conac we're so certainly
Okay, I'll pick this off and maybe Aisha can pipe in here as well. Um, you know this current quarter we're in um, as compared to the first year, you know, there's some differentiators that I think we can we will intend and should go through um as it relates to occupancy. It is clearly stabilized. Obviously, we have conac coming up. Um we have seen and and have demonstrated.
Bill Hornbuckle: We've seen, and particularly in gaming, the high end, and I don't mean premium, super high end, I mean high-end business led by things like our holiday gift shop, which was the second highest holiday gift shop I think we've ever had. You know, I think it's fair to say the K economy is alive and well, but given the positioning of our assets, the programming, I think as we get through and into April, particularly May and beyond, I think you're gonna see some really strong performance.
Bill Hornbuckle: You know, I think it's fair to say the K economy is alive and well, but given the positioning of our assets, the programming, I think as we get through and into April, particularly May and beyond, I think you're gonna see some really strong performance. Obviously, the MGM piece is a big piece for us. I've never seen a remodel impact a property the way that one did, only because we had so many rooms out at the same time. And so all of those things, I think, and are looking favorable. And generally, I think things will stabilize. I think we've begun to see it; the convention authority is expecting 1 million more visitors. And so, you know, 2024 was an amazing year, and so 2025 was difficult.
Looking at that favorably for our business and when we think about conag and we think about that combined with our own convention base especially if we head into the latter part of Q2 and into Q3, I think we have reason to have a very favorable Outlook. I'd also note in the near term, we have events, like the Super Bowl that are continuing to drive a lot of excitement among our meaningful, uh, customer base. And so, you know, we continue to see that base can turn out as Bill noted particularly at the at the high end. But with a lot of excitement for our business,
Bill Hornbuckle: Obviously, the MGM piece is a big piece for us. I've never seen a remodel impact a property the way that one did, only because we had so many rooms out at the same time. And so all of those things, I think, and are looking favorable. And generally, I think things will stabilize. I think we've begun to see it; the convention authority is expecting 1 million more visitors. And so, you know, 2024 was an amazing year, and so 2025 was difficult.
Got it, that's helpful. And then, then just for my follow-up, um, in the fourth quarter, obviously we saw that the table hold was a bit higher and we can kind of triangulate on the math there, but were there. Any other 1 offs in particular in the fourth quarter, either in Las Vegas or or any of the other segments you would call out? Um, just so, you know, for modeling purposes
Bill Hornbuckle: Yeah, we need to solve for Canada and leisure travel, but generally speaking, we feel very positive, positive enough to think that we're gonna exit 2026 on an up. Ayesha, I don't know if you want to add.
Bill Hornbuckle: Yeah, we need to solve for Canada and leisure travel, but generally speaking, we feel very positive, positive enough to think that we're gonna exit 2026 on an up. Ayesha, I don't know if you want to add.
The ability to continue to drive the high-end luxury pieces of our business and that'll continue. I think all the way through 2026. Um, we've seen in particularly in gaming, the high-end and I don't mean premium. Super high-end. I mean, high-end business led by things like our holiday gift shop, which was the second highest holiday gift shop. I think we've ever had. And so, you know, it's fair to say that K economy is alive and well, but given the positioning of our assets. The programming, I think as we get through into April particularly May and Beyond, um, I think you're going to see some really strong performance. Uh obviously the MGM piece is a big piece for us. I've never seen a a remodel impact of property. The way that 1 did only because we had so many rooms out at the same time and so all of those things they're thinking and are looking favorable and generally I think things will stabilize. I think we've begun to see at the convention Authority is expecting a million more visitors um and so you know at 24 was an amazing year and so 25 was
In Las Vegas.
Ayesha Molino: Yeah, just a couple of thoughts. You know, certainly, I think as Bill noted, as we look, we look at CONAG, we're certainly looking at that favorably for our business. And when we think about CONAG, and we think about that combined with our own convention base, especially as we head into the latter part of Q2 and into Q3, I think we have reason to have a very favorable outlook. I'd also note in the near term, we have events like the Super Bowl that are continuing to drive a lot of excitement among our meaningful customer base. And so, you know, we continue to see that base continue to turn out, as Bill noted, particularly at the high end, but with a lot of excitement for our business.
Ayesha Molino: Yeah, just a couple of thoughts. You know, certainly, I think as Bill noted, as we look, we look at CONAG, we're certainly looking at that favorably for our business. And when we think about CONAG, and we think about that combined with our own convention base, especially as we head into the latter part of Q2 and into Q3, I think we have reason to have a very favorable outlook. I'd also note in the near term, we have events like the Super Bowl that are continuing to drive a lot of excitement among our meaningful customer base.
Was difficult. Yeah, we need to solve for Canada and Leisure Travel, but generally speaking, uh, we feel very positive. Positive enough to think that we're going to exit 26 on an. I don't know if you want to add. Yeah, just a couple of thoughts, you know, certainly. I think it's still noted as we look, we look at conac. We're so certainly looking at that favorably for our business and when we think about conag and we think about that combined with our own convention base especially as we head into the latter part of Q2 and into Q3. I think we have reason to have a very favorite
Um, the only other really 1 time items would be some in corporate expense uh and so for modeling purposes, um you know the the corporate expense number is around 110 115 um million dollars per quarter. We had some unusual expenses in the fourth quarter uh and uh and some in the first quarter of last year that should not recur this year.
Ayesha Molino: And so, you know, we continue to see that base continue to turn out, as Bill noted, particularly at the high end, but with a lot of excitement for our business.
Understood. Thanks so much.
Thank you. And our next question. Today comes from John decree with CBRE. Please go ahead.
Able Outlook. I'd also note in the near term, we have events, like the Super Bowl that are continuing to drive a lot of excitement among our meaningful, uh, customer base. And so, you know, we continue to see that base turnout as Bill noted particularly at the, at the high end. But with a lot of excitement for our business
Dan Politzer: Got it. That's helpful. And then just for my follow-up, in the Q4, obviously, we saw that the table hold was a bit higher, and we can kind of triangulate on the math there. But were there any other one-offs that, in particular, in the Q4, either in Las Vegas or any of the other segments you would call out, just so, you know, for modeling purposes?
Dan Politzer: Got it. That's helpful. And then just for my follow-up, in the Q4, obviously, we saw that the table hold was a bit higher, and we can kind of triangulate on the math there. But were there any other one-offs that, in particular, in the Q4, either in Las Vegas or any of the other segments you would call out, just so, you know, for modeling purposes?
Jonathan Halkyard: Yeah, the hold was a little bit above average for us and a little bit above prior year. You know, we consider that impact in Q4 to be kinda $20-ish million to the bottom line in Las Vegas. The only other really one-time items would be some in corporate expense. And so for modeling purposes, you know, the corporate expense number is around $110 to $115 million per quarter. We had some unusual expenses in Q4, and some in Q1 of last year that should not recur this year.
Got it, that's helpful. And then, then just for my follow-up, um, in the fourth quarter, obviously we saw that the table holds is a bit higher and we can kind of triangulate on the math there, but were there any other 1 off, in particular in the fourth quarter, either in Las Vegas or or any of the other segments you would call out? Um, just so, you know, for modeling purposes
Jonathan Halkyard: Yeah, the hold was a little bit above average for us and a little bit above prior year. You know, we consider that impact in Q4 to be kinda $20-ish million to the bottom line in Las Vegas. The only other really one-time items would be some in corporate expense. And so for modeling purposes, you know, the corporate expense number is around $110 to $115 million per quarter. We had some unusual expenses in Q4, and some in Q1 of last year that should not recur this year.
Hi everyone, thank you for taking my questions. Maybe to continue the discussion in Las Vegas. Jonathan. I think in your prepared remarks, you've mentioned the value customer, uh, a little bit. I think I, I heard you say, there isn't really any change there. Uh, but as we think about value customer or Leisure more broadly, uh, can you elaborate on some of the things that you, you might be able to do, or the city is doing as a whole uh, to kind of help get that customer kind of stabilized throughout 2026
Average for us, in a little bit above prior year. You know, we consider that impact in the, uh, in the fourth quarter to be kind of 20-ish million dollars, um, to the bottom line in Las Vegas.
Um, the only other really 1 time items would be some in corporate expense uh and so for modeling purposes, um you know the the corporate expense number is around 110 115 um million dollars per quarter. We had some unusual expenses in the fourth quarter uh and uh and some in the first quarter of last year that should not recur this year.
Dan Politzer: Understood. Thanks so much.
Dan Politzer: Understood. Thanks so much.
Understood. Thanks so much.
Operator: Thank you. And our next question today comes from John DeCree with CBRE. Please go ahead.
Operator: Thank you. And our next question today comes from John DeCree with CBRE. Please go ahead.
Thank you. And our next question. Today comes from John decree with CBRE. Please go ahead.
Bill Hornbuckle: Hi, everyone. Thank you for taking my questions. Maybe to continue the discussion in Las Vegas, Jonathan, I think in your prepared remarks, you've mentioned the value customer a little bit. I think I heard you say there isn't really any change there, but as we think about value customer or leisure more broadly, can you elaborate on some of the things that you might be able to do or the city is doing as a whole to kind of help get that customer kind of stabilized throughout 2026?
John DeCree: Hi, everyone. Thank you for taking my questions. Maybe to continue the discussion in Las Vegas, Jonathan, I think in your prepared remarks, you've mentioned the value customer a little bit. I think I heard you say there isn't really any change there, but as we think about value customer or leisure more broadly, can you elaborate on some of the things that you might be able to do or the city is doing as a whole to kind of help get that customer kind of stabilized throughout 2026?
Yeah. And I, um, I certainly didn't mean to minimize the contribution of our Luxor, Excalibur properties. We love those properties, but I do think they are the ones that cater most to, that value conscious customer. And they, they do represent about 6% of the IBA, uh, ibaa for our properties here in in Las Vegas. Um, you know, that being said, we're we've done a number of initiatives already both on the revenue driving and the cost side, um, to address those. Um, those customers and we have more plan this year, I invite, uh, Aisha, if she wanted to add anything else. Yeah, sure. Just a couple of things. You know, when we think about the Leisure customer in particular, like a lot of companies in the hospitality industry, I think over the last year or so. We did see that shortening of the, of the booking window, but that being said, we're paying close attention to that customer and we are starting to see a a response particularly to sort of large scale.
Jonathan Halkyard: Yeah, and I, I certainly didn't mean to minimize the contribution of our Luxor and Excalibur properties. We love those properties, but I do think they are the ones that cater most to that value-conscious customer, and they, they do represent about 6% of the EBIT, EBITDA for our properties here in Las Vegas. You know, that being said, we've done a number of initiatives already, both on the revenue driving and the cost side, to address those, those customers, and we have more planned this year. I'm going to invite Ayesha, if she wanted to add anything else.
Jonathan Halkyard: Yeah, and I, I certainly didn't mean to minimize the contribution of our Luxor and Excalibur properties. We love those properties, but I do think they are the ones that cater most to that value-conscious customer, and they, they do represent about 6% of the EBIT, EBITDA for our properties here in Las Vegas. You know, that being said, we've done a number of initiatives already, both on the revenue driving and the cost side, to address those, those customers, and we have more planned this year. I'm going to invite Ayesha, if she wanted to add anything else.
Events that feels positive to us in terms of some of the broader initiatives, the city late last year around a city-wide sale that was very well received. And so I think there is constant effort at, you know, coming together to make sure that we are driving visitation to the city.
Hi everyone, thank you for taking my questions. Maybe to continue the discussion in Las Vegas. Jonathan. I think in your prepared remarks, you've mentioned the value customer, uh, a little bit. I think I, I heard you say, there isn't really any change there, uh, but if, as we think about value customer or Leisure more broadly, uh, can you elaborate on some of the things that you, you might be able to do, or the city is doing as a whole uh, to kind of help get that customer kind of stabilized throughout 2026
That's helpful. Thank you. It maybe 1 more is a follow-up on Vegas?
Uh, The Gaming revenue volumes the win, you know, even outside of some favorable table holds, I think volumes were were quite good and have been all year. Can you talk a little bit about your Casino room Night Mix or or what you might, uh, attribute some of the, you know, resilient or better gaming volumes to In Spite of, you know, lower occupancy on the Strip. Obviously, you mentioned the high end is doing well but um, you know, any anything you can
Ayesha Molino: Yeah, sure. Just a couple of things. You know, when we think about the leisure customer in particular, like a lot of companies in the hospitality industry, I think over the last year or so, we did see that shortening of the booking window. But that being said, we're paying close attention to that customer, and we are starting to see a response, particularly to sort of large-scale events, that feels positive to us. In terms of some of the broader initiatives, the city, late last year, ran a citywide sale that was very well received, and so I think there is constant effort at, you know, coming together to make sure that we are driving visitation to the city.
Ayesha Molino: Yeah, sure. Just a couple of things. You know, when we think about the leisure customer in particular, like a lot of companies in the hospitality industry, I think over the last year or so, we did see that shortening of the booking window. But that being said, we're paying close attention to that customer, and we are starting to see a response, particularly to sort of large-scale events, that feels positive to us.
add to give us some color on, you know, why you think the casino business? The table slots is doing so well, uh, in spite of lower occupancy,
Yeah. And I, um, I certainly didn't mean to minimize the contribution of our Luxor and Excalibur properties. We love those properties, but I do think they are the ones that cater most to, that value conscious customer. And they, they do represent about 6% of the IBA, uh, ibaa for our properties here in in Las Vegas. Um, you know, that being said, we're we've done a number of initiatives already both on the revenue driving and the cost side, um, to address those. Um, those customers and we have more plan this year, I invite, uh, Aisha, if she wanted to add anything else. Yeah, sure. Just a couple of things. You know, when we think about the Leisure customer in particular, like a lot of companies in the hospitality industry, I think over the last year or so. We did see that shortening of the, of the booking window, but that being said, we're paying close attention to that customer and we are starting to see a a response, particularly to sort of large scale of
Ayesha Molino: In terms of some of the broader initiatives, the city, late last year, ran a citywide sale that was very well received, and so I think there is constant effort at, you know, coming together to make sure that we are driving visitation to the city.
events that feels positive to us in terms of some of the broader initiatives, the city late last year around a city-wide sale that was very well received. And so I think there is constant effort at, you know, coming together to make sure that we are driving visitation to the city.
Bill Hornbuckle: That's helpful. Thank you. Maybe one more as a follow-up on Vegas. The gaming revenue volumes, the win, you know, even outside of some favorable table holds, I think volumes were quite good and have been all year. Can you talk a little bit about your casino room night mix or what you might attribute some of the, you know, resilient or better gaming volumes, too, in spite of, you know, lower occupancy on the Strip? Obviously, you've mentioned the high end is doing well, but you know, anything you can add to give us some color on, you know, why you think the casino business, the table slots, is doing so well in spite of lower occupancy? Yeah, this is Bill. I'll kick it off, and Ayesha can finish it in terms of the mix.
John DeCree: That's helpful. Thank you. Maybe one more as a follow-up on Vegas. The gaming revenue volumes, the win, you know, even outside of some favorable table holds, I think volumes were quite good and have been all year. Can you talk a little bit about your casino room night mix or what you might attribute some of the, you know, resilient or better gaming volumes, too, in spite of, you know, lower occupancy on the Strip?
That's helpful. Thank you. It maybe 1 more is a follow-up on Vegas?
John, this is Bill. I'll kick it off and Aisha can finish it. Um, in terms of the mix. Um, look, I think we mentioned it throughout our comments and we've done this and and seen it work. Um, if I think about Bellagio, we've reinvested in the high-end slot room by way. Of example, you know, we've reinvested actually in almost all of our high-end slot rooms across the company. I was just a National Harbor over the weekend and saw that 1. It's paid dividends um, that market uh, which obviously there's a high-end customers but not to the extreme, you get into some of our table games customers. Um it is working. Uh so we've picked I think the right things to invest in, I think it's working in Macau with note, I think Kenny and the team there, particularly picked the right things. Um and then the activity case, you know, we have this this dialogue around value. There are value in high-end activity. When people come do Las Vegas, for whatever the event is we've got, you know uh,
John DeCree: Obviously, you've mentioned the high end is doing well, but you know, anything you can add to give us some color on, you know, why you think the casino business, the table slots, is doing so well in spite of lower occupancy?
Uh, The Gaming revenue volumes the win, you know, even outside of some favorable table holds, I think volumes were were quite good and have been all year. Can you talk a little bit about your Casino room Night Mix or or what you might, uh, attribute some of the, you know, resilient or better gaming volumes to, In Spite of, you know, lower occupancy on the Strip. Obviously, you've mentioned, uh, the high end is doing well, but, um, you know, any anything you can
Bill Hornbuckle: Yeah, this is Bill. I'll kick it off, and Ayesha can finish it in terms of the mix. Look, I think we mentioned it throughout our comments, and we've done this and seen it work. If I think about Bellagio, we've reinvested in the high-end slot room by way of example. We've reinvested actually in almost all of our high-end slot rooms across the company. I was just in National Harbor over the weekend and saw that one. It's paid dividends.
Add that did give us some color on. You know, why you think the casino business? The table slots is doing so well, uh, in spite of lower occupancy,
Bill Hornbuckle: Look, I think we mentioned it throughout our comments, and we've done this and seen it work. If I think about Bellagio, we've reinvested in the high-end slot room by way of example. We've reinvested actually in almost all of our high-end slot rooms across the company. I was just in National Harbor over the weekend and saw that one. It's paid dividends.
Jonathan Halkyard: ... that market, which obviously those are high-end customers, but not to the extreme you get into some of our table games customers, it is working. So we've picked, I think, the right things to invest in. I think it's working in Macau of note. I think Kenny and the team there have particularly picked the right things. And then the activity case, you know, we have this, this dialogue around value. There are value in high-end activity. When people come to Las Vegas for whatever the event is, we've got, you know, a, a bunch of stuff coming up, as we mentioned, they're not afraid to spend money. And so, you know, we need to be value conscious. We need to understand that mix and how we price certain things, to be sure.
Bill Hornbuckle: ... that market, which obviously those are high-end customers, but not to the extreme you get into some of our table games customers, it is working. So we've picked, I think, the right things to invest in. I think it's working in Macau of note. I think Kenny and the team there have particularly picked the right things. And then the activity case, you know, we have this, this dialogue around value. There are value in high-end activity.
A bunch of stuff coming up, as we mentioned, um, they're not afraid to spend money. Uh, and so yeah, we need to be value conscious. We need to understand that mix and how we price certain things to be sure. Um, but when you think about the top end of our business in the experiences, people continue to seek and want, we think we're doing a rational and a good job, both marketing to them and ultimately uh provide and we've pushed hard on bmgm by way of example. Um, I think 1 of the reasons for the success of holiday gift shop, was our ability to provide Omni channel into that program and those people. Uh, and so we can continue to do that. So that's been an added nice Channel. And I think the Marriott Channel, underlying a lot of this, those customers, many of them come having not have to pay for their room per se meaning in cash. And so I think the opportunity to to enjoy Las Vegas and all that we do. I think it's been paying off and so I think it's a combination of a lot of things, really?
To see the resiliency of that database, uh, over time. And I think even as we think about forward-looking Casino bookings
Bill Hornbuckle: When people come to Las Vegas for whatever the event is, we've got, you know, a, a bunch of stuff coming up, as we mentioned, they're not afraid to spend money. And so, you know, we need to be value conscious. We need to understand that mix and how we price certain things, to be sure. But when you think about the top end of our business and the experiences people continue to seek and want, we think we're doing a rational and a good job both marketing to them and ultimately providing. And, and we've pushed hard on BetMGM, by way of example.
You know, the those are remaining strong for us and so especially from The Medium to the high end. And so, um, again I think that the strength of that database continues to pay dividends
So, this is Bill. I'll kick it off and I should can finish it. Um, in terms of the mix. Um, look, I think we mentioned it throughout our comments and we've done this and and seen it work. Um, if I think about Bellagio, we've reinvested in the high-end slot room by way. Of example, you know, we've reinvested actually in almost all of our high-end slot rooms across the company. I was just a National Harbor over the weekend and saw that 1. It's paid dividends, um, that market uh, which obviously there's a high-end customers but not to the extreme, you get into some of our table games customers. Um it is working. Uh so we've picked I think the right things to invest in, I think it's working in Macau. Nope, I think Kenny and the team there, particularly picked the right things. Um and then the activity case, you know, we have this this dialogue around value. There are value in high-end activity. When people come do Las Vegas, for whatever the event is we've got, you know uh,
That's helpful. Thank you all.
Thank you. And our next question. Today comes from Sean Kelly at Bank of America. Please go ahead.
Jonathan Halkyard: But when you think about the top end of our business and the experiences people continue to seek and want, we think we're doing a rational and a good job both marketing to them and ultimately providing. And, and we've pushed hard on BetMGM, by way of example. I think one of the reasons for the success of Holiday Gift Shop was our ability to provide omni-channel into that program and those people. And so we continue to do that. So that's been an added nice channel. And I think the Marriott channel underlying a lot of this, those customers, many of them come having, not have to pay for their room per se, meaning in cash. And so I think the opportunity to, to, to enjoy Las Vegas and all that we do, I think has been paying off.
Bill Hornbuckle: I think one of the reasons for the success of Holiday Gift Shop was our ability to provide omni-channel into that program and those people. And so we continue to do that. So that's been an added nice channel. And I think the Marriott channel underlying a lot of this, those customers, many of them come having, not have to pay for their room per se, meaning in cash. And so I think the opportunity to, to, to enjoy Las Vegas and all that we do, I think has been paying off.And so I think it's a combination of a lot of things, really.
Jonathan Halkyard: And so I think it's a combination of a lot of things, really.
Ayesha Molino: Yeah, the only thing that I'd add is, you know, we, we have a very strong database, and we've been fortunate to see the resiliency of that database over time. And I think even as we think about forward-looking casino bookings, you know, those are remaining strong for us, and so especially from the medium to the high end. And so, again, I think that the strength of that database continues to pay dividends.
Ayesha Molino: Yeah, the only thing that I'd add is, you know, we, we have a very strong database, and we've been fortunate to see the resiliency of that database over time. And I think even as we think about forward-looking casino bookings, you know, those are remaining strong for us, and so especially from the medium to the high end. And so, again, I think that the strength of that database continues to pay dividends.
And so I think the opportunity to enjoy Las Vegas and all that we do, I think, has been paying off. And so I think it's a combination of a lot of things, really?
Hi. Good evening, everyone. Thanks for taking my question. Um, you know, Bill or Jonathan, just kind of wanted to think about some scenario analysis around around Las Vegas specifically. And and if I could, um, you know, margins have been down the last 3 years. I think his business is kind of normalized, a little bit postco and just kind of trying to think about, you know, what you're seeing on the expense side of the ledger. So I think we now know some of the drivers and what you're looking for to to drive, 26 on the top line, but help us. Think about uh yeah. 2 things like 1 would be just run rate operating expense growth and and any internal initiatives, you have, you know, sort of, you know, kind of uh, manage that and then secondarily, uh, remind us on the room renovation. Cadence. What was the disruption for MGM Grand in this past year? If, if you could put it in ebit dollars and they talked about room nights, more importantly relative to, I think Arya was slated for for this year is is that still the case in any uh, any other major projects for this year? That could could be a little disruptive, thanks.
Yeah, the only thing that I'd add is, you know, we have a very strong database, and we've been fortunate to see the resiliency of that database over time. And I think even as we think about forward-looking casino bookings...
You know, those are remaining strong for us, and so especially from the medium to the high end. And so, um, again I think that the strength of that database continues to pay dividends.
John DeCree: That's helpful. Thank you, all.
John DeCree: That's helpful. Thank you, all.
That's helpful. Thank you all.
Operator: Thank you. And our next question today comes from Shaun Kelley at Bank of America. Please go ahead.
Operator: Thank you. And our next question today comes from Shaun Kelley at Bank of America. Please go ahead.
Shaun Kelley: Hi, good evening, everyone. Thanks for taking my questions. You know, Bill or Jonathan, just kind of wanted to think about some scenario analysis around Las Vegas, specifically. And if I could, you know, margins have been down the last three years, I think, as businesses kind of normalize a little bit post-COVID. And just kind of trying to think about, you know, what you're seeing on the expense side of the ledger. So I think we now know some of the drivers and what you're looking for to drive 2026 on the top line. But help us think about two things. Like, one would be just run rate, operating expense growth and any internal initiatives you have, you know, to sort of, you know, kind of manage that.
Shaun Kelley (Senior Research Analyst and Man: Hi, good evening, everyone. Thanks for taking my questions. You know, Bill or Jonathan, just kind of wanted to think about some scenario analysis around Las Vegas, specifically. And if I could, you know, margins have been down the last three years, I think, as businesses kind of normalize a little bit post-COVID. And just kind of trying to think about, you know, what you're seeing on the expense side of the ledger.
Yeah, Bank of America, please go ahead.
Shaun Kelley (Senior Research Analyst and Man: So I think we now know some of the drivers and what you're looking for to drive 2026 on the top line. But help us think about two things. Like, one would be just run rate, operating expense growth and any internal initiatives you have, you know, to sort of, you know, kind of manage that. And then secondarily, remind us on the room renovation cadence, what was the disruption for MGM Grand in this past year? If you could put it in EBITDA dollars. I know you talked about room nights. More importantly, relative to, I think, Aria was slated for this year. Is that still the case?
Shaun Kelley: And then secondarily, remind us on the room renovation cadence, what was the disruption for MGM Grand in this past year? If you could put it in EBITDA dollars. I know you talked about room nights. More importantly, relative to, I think, Aria was slated for this year. Is that still the case? And any other major projects for this year that could be a little disruptive? Thanks.
Okay. Uh, um, thanks a lot. Sean. I'll take those in turn and, and, and certainly invite Aisha to comment as well. In terms of, um, expense growth. We'll be able to hold our overall expense growth to the, the very, very low single digits this year. Um, wage of course wages are an important part of our cost structure. Uh, and we have been able to largely offset, um, wage growth unit, labor cost growth with, um, with the labor compliment that we have even adjusting for modest occupancy declines, um, in uh, in 2025. So we had FTE um down slightly in Las Vegas regions and in the corporate office during 2025, um, in terms of the renovation, impact, for the MGM Grand last year, it was about 65 million dollars, uh, in IBA during the year and that is, um,
Shaun Kelley (Senior Research Analyst and Man: And any other major projects for this year that could be a little disruptive? Thanks.
Hi. Good evening, everyone. Thanks for taking my questions. Um, you know, Bill or Jonathan, just kind of wanted to think about some scenario analysis around, uh, around Las Vegas specifically. And, and if I could, um, you know, margins have been down the last 3 years. I think his business is kind of normalized, a little bit postco and just kind of trying to think about, you know, what you're seeing on the expense side of the ledger. So I think we now know some of the drivers and what you're looking for to to drive, 26 on the top line, but help us. Think about uh yeah. 2 things like 1 would be just run rate operating expense growth and and any internal initiatives, you have, you know, sort of, you know, kind of, uh, manage that and then secondarily, uh, remind us on the room renovation. Cadence. What was the disruption for MGM Grand in this past year? If, if you could put it in ebit dollars and you talked about room nights, more importantly relative to, I think Arya was slated for, for this year, is it?
Jonathan Halkyard: Okay. Thanks a lot, Shawn. I'll take those in turn and certainly invite Aisha to comment as well. In terms of expense growth, we'll be able to hold our overall expense growth to the very low single digits this year. Wages, of course, are an important part of our cost structure, and we have been able to largely offset wage growth, unit labor cost growth with the labor complement that we have, even adjusting for modest occupancy declines in 2025. So we had FTEs down slightly in Las Vegas regions and in the corporate office during 2025.
Jonathan Halkyard: Okay. Thanks a lot, Shawn. I'll take those in turn and certainly invite Aisha to comment as well. In terms of expense growth, we'll be able to hold our overall expense growth to the very low single digits this year. Wages, of course, are an important part of our cost structure, and we have been able to largely offset wage growth, unit labor cost growth with the labor complement that we have, even adjusting for modest occupancy declines in 2025. So we had FTEs down slightly in Las Vegas regions and in the corporate office during 2025.
Is that still the case in any uh any other major projects for this year? That could could be a little disruptive, thanks.
Okay. Uh,
Of course, that's already completed. So we'll not only not suffer that this year. But, you know, hopefully enjoy some benefit those remodeled rooms. There's not going to be uh, much renovation impact at all in rooms in Las Vegas. We are starting the Arya project, but that won't be until Midway through the fourth quarter. So that'll be a more, um, more of a 2027 discussion for us, in terms of, um, in terms of room renovation disruption from our
Jonathan Halkyard: In terms of the renovation impact for the MGM Grand last year, it was about $65 million in EBITDA during the year, and that is, of course, that's already completed, so we'll not only not suffer that this year, but, you know, hopefully enjoy some benefit from those remodeled rooms. There's not going to be much renovation impact at all in rooms in Las Vegas. We are starting the Aria project, but that won't be until midway through the Q4. So that'll be a more, more of a 2027 discussion for us in terms of, in terms of room renovation disruption from Aria in Las Vegas. Anything you want to add, on, on the cost structure?
Jonathan Halkyard: In terms of the renovation impact for the MGM Grand last year, it was about $65 million in EBITDA during the year, and that is, of course, that's already completed, so we'll not only not suffer that this year, but, you know, hopefully enjoy some benefit from those remodeled rooms. There's not going to be much renovation impact at all in rooms in Las Vegas. We are starting the Aria project, but that won't be until midway through the Q4. So that'll be a more, more of a 2027 discussion for us in terms of, in terms of room renovation disruption from Aria in Las Vegas. Anything you want to add, on, on the cost structure?
In Las Vegas, anything you want to add um on on the cost structure just a couple thoughts, you know, on that I think the teams have done a really excellent job with FTE management throughout the year and they're constantly looking for ways to improve upon that through technology or otherwise. And so we've certainly seen the dividends of that of those actions over the course of the year and you know as Jonathan noted a couple major differences between Arya and MGM, Grant Jim Grant. Of course we did the bathrooms which are not slated to be done in Arya which will cause significantly less disruption in terms of the number of rooms that have to be taken out at any given time. And as Jonathan noted, we very thoughtfully scheduled this so that the vast majority of the disruption will take place over slower periods. And so we're looking to mitigate Revenue impact there as well.
Thank you, both.
Um, thanks a lot. Sean, I'll take those in turn and and and certainly invite. I should a comment as well in terms of, um, expense growth. We'll be able to hold our overall expense growth to the, the very, very low single digits this year. Um, wage of course wages are an important part of our cost structure. Uh, and we have been able to largely offset, um, wage growth unit, labor cost growth with, um, with the labor compliment that we have even adjusting for modest occupancy declines, um, in uh, in 2025. So we had FTE um down slightly in Las Vegas regions and in the corporate office during 2025, um, in terms of the renovation, impact, for the MGM Grand last year, it was about 65 million dollars, uh, in iBot during the year and that is, um, of course, that's already completed.
Thank you. And our next question, today comes from Chad. Uh uh, Chad Bond with McCrory, please. Go ahead.
So, we'll not only not suffer that this year, but, you know, hopefully enjoy some benefit from those remodeled rooms. There's not going to be, uh, much renovation impact at all in rooms in Las Vegas. We are starting the Aria project, but that won't be until midway through the fourth quarter. So that'll be more of a 2026.
Ayesha Molino: Just a couple thoughts. You know, on that, I think the teams have done a really excellent job with FTE management throughout the year, and they're constantly looking for ways to improve upon that, through technology or otherwise. And so we've certainly seen the dividends of that, of those actions over the course of the year. And, you know, as Jonathan noted, a couple of major differences between Aria and MGM Grand. MGM Grand, of course, we did the bathrooms, which are not slated to be done at Aria, which will cause significantly less disruption in terms of the number of rooms that have to be taken out at any given time. And as Jonathan noted, we very thoughtfully scheduled this so that the vast majority of the disruption will take place over slower periods, and so we're looking to mitigate revenue impact there as well.
Ayesha Molino: Just a couple thoughts. You know, on that, I think the teams have done a really excellent job with FTE management throughout the year, and they're constantly looking for ways to improve upon that, through technology or otherwise. And so we've certainly seen the dividends of that, of those actions over the course of the year. And, you know, as Jonathan noted, a couple of major differences between Aria and MGM Grand.
Hi, good afternoon. Thanks for taking my question. Wanted to shift to Macau um really strong quarter uh particularly compared to, you know, what we've seen in terms of market growth. And some others experiencing uh some cost creep. So can you maybe touch on that? What the margin environment is? Is like if if you believe that um the Macau margins can remain in this area and then anything uh that you're seeing in terms of early, bookings for uh Lunar New Year. Thank you.
Any all yours?
Ayesha Molino: MGM Grand, of course, we did the bathrooms, which are not slated to be done at Aria, which will cause significantly less disruption in terms of the number of rooms that have to be taken out at any given time. And as Jonathan noted, we very thoughtfully scheduled this so that the vast majority of the disruption will take place over slower periods, and so we're looking to mitigate revenue impact there as well.
Yeah, thank you. Thank you for the question. Uh, uh, we do see very rational uh competition in the current Marketplace in the past few quarters. Uh, particularly if you look at our reinvestment rate or the gdr trend, uh, that could be a little bit volatility due to the mix of business. But in general, it's fairly fairly stable.
Shaun Kelley: Thank you both.
Shaun Kelley (Senior Research Analyst and Man: Thank you both.
7 discussion for us, in terms of um, in terms of room, renovation disruption, from Arya and Las Vegas, anything you want to add um, on on the cost structure just a couple thoughts, you know, on that I think the teams have done a really excellent job with FTE management throughout the year and they're constantly looking for ways to improve upon that through technology or otherwise. And so we've certainly seen the dividends of that of those actions over the course of the year and you know as Jonathan noted a couple major differences between Aryan and MGM. Grant Jim Grant of course we did the bathrooms which are not slated to be done in Arya which will cause significantly less disruption in terms of the number of rooms that have to be taken out at any given time. And as Jonathan noted, we very thoughtfully scheduled this so that the vast majority of the disruption will take place over slower periods. And so we're looking to mitigate Revenue impact there as well.
Thank you, both.
Operator: Thank you. Our next question today comes from Chad Beynon with Macquarie. Please go ahead.
Operator: Thank you. Our next question today comes from Chad Beynon with Macquarie. Please go ahead.
Hi, princess as we guided, we always delivered what we said for the past.
Few years.
Chad Beynon: Hi, good afternoon. Thanks for taking my question. Wanted to shift to Macau. Really strong quarter, particularly compared to, you know, what we've seen in terms of market growth and some others experiencing some cost creep. So can you maybe touch on that, what the margin environment is like, if you believe that the Macau margins can remain in this area? And then anything that you're seeing in terms of early bookings for Lunar New Year? Thank you.
Chad Beynon: Hi, good afternoon. Thanks for taking my question. Wanted to shift to Macau. Really strong quarter, particularly compared to, you know, what we've seen in terms of market growth and some others experiencing some cost creep. So can you maybe touch on that, what the margin environment is like, if you believe that the Macau margins can remain in this area? And then anything that you're seeing in terms of early bookings for Lunar New Year? Thank you.
Thank you. And our next question, today comes from Chad. Uh uh, Chad Bond with McCrory, please. Go ahead.
Uh, as to Chinese New Year, uh, we are very optimistic.
Uh, we see very, very encouraging booking Trends or for Chinese New Year. Uh, we have we even have a long waiting list.
Of for our top tier at the hotel products.
Hi, good afternoon. Thanks for taking my question. Wanted to shift to Macau um really strong quarter uh particularly compared to, you know, what we've seen in terms of market growth. And some others experiencing uh some cost creep. So can you maybe touch on that? What the margin environment is? Is like if if you believe that um the Macau margins can remain in this area and then anything uh that you're seeing in terms
The part the pre quality is very high uh, MGM China here. I mean, we do have a limited room inventory but we are good in premium mesh.
Jonathan Halkyard: Kenny, all yours.
Bill Hornbuckle: Kenny, all yours.
Terms of early bookings for uh Lunar New Year. Thank you.
Kenneth Feng: Yeah, thank you. Thank you for the question. We do see very rational competition in the current marketplace in the past few quarters. Particularly if you look at our reinvestment rate over the GGR trend, that could be a little bit of volatility due to the mix of business, but in general, it's fairly, fairly stable. Our MGM China margin has always been in mid to high twenties, as we guided. We always delivered what we said for the past few years. As to Chinese New Year, we are very optimistic. We see very, very encouraging booking trend for Chinese New Year. We even have a long waiting list for our top tier at the hotel products. The part, the pre-quality is very high.
Kenneth Feng: Yeah, thank you. Thank you for the question. We do see very rational competition in the current marketplace in the past few quarters. Particularly if you look at our reinvestment rate over the GGR trend, that could be a little bit of volatility due to the mix of business, but in general, it's fairly, fairly stable. Our MGM China margin has always been in mid to high twenties, as we guided. We always delivered what we said for the past few years. As to Chinese New Year, we are very optimistic. We see very, very encouraging booking trend for Chinese New Year.
We are very focused on quality over quantity.
Any all yours?
And your management is always our strength.
We are confident about the demand, we will make sure that we yield our products wisely.
Uh, that could be a little bit of volatility, due to the mix of business, but in general, it's fairly, fairly stable.
Uh there's a new phenomenon um these days even ahead of holiday. There's no slow period. So we are we we feel good about it in general. Thank you.
That's great to hear. Appreciate it. Thank you.
Uh, or MGM China, margin has always been in need to hide printers, as we guided, we always delivered what we said for the past.
Few years.
Next question, today comes from Brent manto.
Uh, as to Chinese New Year, uh, we are very optimistic.
Kenneth Feng: We even have a long waiting list for our top tier at the hotel products. The part, the pre-quality is very high.MGM China here, I mean, we do have a limited room inventory, but we are good in premium mix. We are very focused on quality over quantity, and yield management is always our strength. We are confident about the demand. We will make sure that we yield our products wisely, and we will make sure what we are doing to serve our customers what we want. There's a new phenomenon these days, even ahead of holiday; there's no slow period. So we feel good about it in general. Thank you.
Uh, we see very, very encouraging booking trends for Chinese New Year. Uh, we even have a long waiting list.
Uh, for our top tier at the hotel products.
Kenneth Feng: MGM China here, I mean, we do have a limited room inventory, but we are good in premium mix. We are very focused on quality over quantity, and yield management is always our strength. We are confident about the demand. We will make sure that we yield our products wisely, and we will make sure what we are doing to serve our customers what we want. There's a new phenomenon these days, even ahead of holiday; there's no slow period. So we feel good about it in general. Thank you.
The, the clear quality is very high.
Uh, MGM China here. I mean we do have uh limited room in inventory, but we are good in premium MS.
We are very focused on quality over quantity.
And your management is always our strength.
We are confident about the demand, we will make sure that we yield our products wisely.
Good afternoon, everybody. Thanks for taking my question. Um, so a couple in Vegas for me. Uh, you know, we, you guys gave us a lot of, um, helpful details, you know. Uh, bill you talked about stabilization and you sound pretty confident, um, about the stabilization you're seeing. I was hoping that we could sort of dig into that, because if you look at the fourth quarter from a kpi perspective, right? Rev par was down, you know, a decent amount, but then casino revenue was up a lot. And so, when you think about, you know, monthly October November December to January, um, what does the stabilization look like from a kpi perspective, and maybe set another way? Can you get back to growth with revpar? Um, yeah, with revpar declines, like you're seeing or even, you know, maybe less so but still still material.
Go ahead.
Go ahead.
And we will make sure what we are doing to serve the customers what we want.
Uh there's a new phenomenon um these days even ahead of holiday. There's no slow period. So we are we we feel good about it in general. Thank you.
Bill Hornbuckle: That's great to hear. Appreciate it. Thank you.
Bill Hornbuckle: That's great to hear. Appreciate it. Thank you.
That's great to hear. Appreciate it. Thank you.
Operator: Thank you. And our next question today comes from Brant Montour with Barclays. Please go ahead.
Operator: Thank you. And our next question today comes from Brant Montour with Barclays. Please go ahead.
Brandt Montour: Hi. Good afternoon, everybody. Thanks for taking my question. So a couple in Vegas for me. You know, you guys gave us a lot of helpful details. You know, Bill, you talked about stabilization, and you sound pretty confident about the stabilization you're seeing. I was hoping that we could sort of dig into that, because if you look at the fourth quarter from a KPI perspective, right, RevPAR was down, you know, a decent amount, but then casino revenue was up a lot. And so when you think about, you know, monthly October, November, December to January, what does the stabilization look like from a KPI perspective? And maybe said another way, can you get back to growth with RevPAR declines like you're seeing, or even, you know, maybe less so, but still material?
Brandt Montour: Hi. Good afternoon, everybody. Thanks for taking my question. So a couple in Vegas for me. You know, you guys gave us a lot of helpful details. You know, Bill, you talked about stabilization, and you sound pretty confident about the stabilization you're seeing. I was hoping that we could sort of dig into that, because if you look at the fourth quarter from a KPI perspective, right, RevPAR was down, you know, a decent amount, but then casino revenue was up a lot. And so when you think about, you know, monthly October, November, December to January, what does the stabilization look like from a KPI perspective?
Thank you. And our next question. Today comes from Brent Montour with barklay, please. Go ahead.
Say the, um, the general Cadence, and the fourth quarter uh, was October was and I'm talking about kind of 80 yards, um, October was down more than December was, November was pretty stable, and it was driven a lot by, um, special events and F1. Uh, and then, as we started to look into the first quarter, we saw again moderating,
Um, declines versus prior year, uh, in, uh, in ADR we are confident about, uh, the casinos ability, uh, to drive Revenue growth through events and through Omni Channel marketing, and just through, uh, more effective Casino marketing. And, uh, it's interesting to note that, um,
Brandt Montour: And maybe said another way, can you get back to growth with RevPAR declines like you're seeing, or even, you know, maybe less so, but still material?
Hi. Um, good afternoon, everybody. Thanks for taking my question. Um, so a couple in Vegas for me. Uh, you know, we, you guys gave us a lot of, um, helpful details, you know. Uh, bill you talked about stabilization and you sound pretty confident, um, about the stabilization you're seeing. I was hoping that we could sort of dig into that because if you look at the fourth quarter, from a kpi perspective, right? Revpar was down, you know, a decent amount, but then casino revenue was up a lot. And so when you think about, you know, monthly October November December to January, um, what does the stabilization look like from a kpi perspective and maybe set another way? Can you get back to growth with revpar? Um, yeah, with revpar declines, like you're seeing or even, you know, maybe less so but still still material.
Kenneth Feng: Go ahead. Or go ahead, Jonathan. Keep going.
Bill Hornbuckle: Go ahead. Or go ahead, Jonathan. Keep going.
Jonathan Halkyard: Yeah. So I would say the general cadence in Q4 was October was. I'm talking about kind of ADRs. October was down more than December was. November was pretty stable, and it was driven a lot by special events and F1. And then as we started to look into Q1, we saw, again, moderating declines versus prior year in ADR. We are confident about the casino's ability to drive revenue growth through events, through omni-channel marketing, and just through more effective casino marketing. It's interesting to note that RevPOR, so overall revenue per occupied room, was actually up slightly for MGM Resorts in Q4.
Jonathan Halkyard: Yeah. So I would say the general cadence in Q4 was October was. I'm talking about kind of ADRs. October was down more than December was. November was pretty stable, and it was driven a lot by special events and F1. And then as we started to look into Q1, we saw, again, moderating declines versus prior year in ADR. We are confident about the casino's ability to drive revenue growth through events, through omni-channel marketing, and just through more effective casino marketing.
Rev 4. So overall Revenue per occupied room was actually up slightly from Jam resorts in the fourth quarter. Uh, and so, you know, we're constantly doing this shifting between the different pockets of demand and different Revenue channels in order to optimize revenue. And um, as we look into the first quarter, we're just seeing some of this continued, uh, stabilization that we saw developing in the Forum.
Okay, thanks for that, Jonathan, that's really helpful. And also in Vegas, um, you made a comment Jonathan about, um, hold a table. Hold settling in. Um, and the, the level that, um, you guys are achieving, you know. Yes. It's been pretty consistent on an annual basis for the last couple years in the 24th that is above preco average. So the Cure the question is, you know what, what structurally has changed, uh, for the whole and is this the new, uh, CEO that we should be, we should be forecasting.
Jonathan Halkyard: It's interesting to note that RevPOR, so overall revenue per occupied room, was actually up slightly for MGM Resorts in Q4.So, you know, we're constantly doing this, shifting between the different pockets of demand and different revenue channels in order to optimize revenue. As we look into the first quarter, we're just seeing some of this continued stabilization that we saw developing in the fourth.
Go ahead, go ahead. Yeah, so I I I, I would say the, um, the general Cadence in the fourth quarter, uh, was October was, and I'm talking about kind of adrs, um, October was down more than December was November was pretty stable, and it was driven a lot by, um, special events and F1. Uh, and then, as we started to look into the first quarter, we saw again, moderating, um, declines versus prior year, uh, in, uh, in ADR we are confident about, uh, the casinos ability, uh, to drive Revenue growth through events and through Omni Channel marketing and just through, uh, more effective. Because, you know, marketing, and, uh, it's interesting to note that, um,
Jonathan Halkyard: So, you know, we're constantly doing this, shifting between the different pockets of demand and different revenue channels in order to optimize revenue. As we look into the first quarter, we're just seeing some of this continued stabilization that we saw developing in the fourth.
Uh, I wouldn't agree to the last comment, but I would say more relative. Um, look, we we see a lot of high-end activity. Uh, so the premium premium customers that we were able to come. I mean, you can see it in our back Rush here. If you, I mean, if you think about our bar pressure, we're well into the high 40s. I think this last last couple of months. Uh, so that more than anything is driving it, but we continue and consistently do that. And while that business can and is volatile at times, I think, our our market share of that is within continuing to lift that number more than almost anything else.
Thanks Bill. Thanks everyone.
Thank you. And our next question today comes from
With Deutsche Bank, please go ahead.
Brandt Montour: Okay. Thanks for that, Jonathan. That's really helpful. And also in Vegas, you made a comment, Jonathan, about hold, a table hold settling in, and the level that you guys are achieving. You know, yes, it's been pretty consistent on an annual basis for the last couple of years in the 24 and change area. That is above pre-COVID average. So the question is, you know, what structurally has changed for the hold, and is this the new norm that we should be forecasting?
Brandt Montour: Okay. Thanks for that, Jonathan. That's really helpful. And also in Vegas, you made a comment, Jonathan, about hold, a table hold settling in, and the level that you guys are achieving. You know, yes, it's been pretty consistent on an annual basis for the last couple of years in the 24 and change area. That is above pre-COVID average. So the question is, you know, what structurally has changed for the hold, and is this the new norm that we should be forecasting?
rev 4. So, overall Revenue per occupied room was actually up slightly for MGM Resorts in the fourth quarter. Uh, and so, you know, we're constantly doing this shifting between the different pockets of demand and different Revenue channels in order to optimize revenue. And, um, as we look into the first quarter, we're just seeing some of this continued, uh, stabilization that we saw developing in the Forum.
And just pivoting to the regional segment. Any color, you can give us on how the year started off for the regional portfolio and if you have any thoughts on a range of outcomes for the regional business this year,
Bill Hornbuckle: I wouldn't agree to the last comment, but I would say more relative. Look, we see a lot of high-end activity. So the premium customers that we're able to come. I mean, you can see it in our baccarat share. I mean, if you think about our baccarat share, we're well into the high forties, I think, this last couple of months. So that, more than anything, is driving it, but we continue and consistently do that, and while that business can and is volatile at times, I think our market share of that has been continuing to lift that number more than almost anything else.
Bill Hornbuckle: I wouldn't agree to the last comment, but I would say more relative. Look, we see a lot of high-end activity. So the premium customers that we're able to come. I mean, you can see it in our baccarat share. I mean, if you think about our baccarat share, we're well into the high forties, I think, this last couple of months. So that, more than anything, is driving it, but we continue and consistently do that, and while that business can and is volatile at times, I think our market share of that has been continuing to lift that number more than almost anything else.
Okay, thanks for that, Jonathan, that's really helpful. And also in Vegas, um, you made a comment Jonathan about, um, hold a table. Hold settling in. Um, and the, the level that, um, you guys are achieving, you know. Yes. It's been pretty consistent on an annual basis for the last couple years in the 24th that is above preco average. So the Cure the question is, you know what, what structurally has changed, uh, for the hold? And is this the new, uh, CEO that we should be? We should be forecasting.
Our regional businesses continue to be really steady over time. And certainly, we're seeing that steadiness continue, uh, through in into the first quarter. And, you know, it's still noted earlier. There have been some real meaningful pockets of excitement for our regional properties. I point here to borgat and the investment in the high limit table rooms there, which is paid, really nice dividends for us, um, and we're continuing to invest as Bill noted in that product at various of our regionals. So we're we're proud of how steady that that those assets have remained and continued to see that steadiness.
Brandt Montour: Thanks, Bill. Thanks, everyone.
Brandt Montour: Thanks, Bill. Thanks, everyone.
Thanks Bill. Thanks everyone.
Operator: Thank you. And our next question today comes from Steve Pizzella with Deutsche Bank. Please go ahead.
Operator: Thank you. And our next question today comes from Steve Pizzella with Deutsche Bank. Please go ahead.
Thank you. And our next question. Today comes from Steve.
fella with
Steve Pizzella: Hey, good evening, everyone, and thanks for taking my question. Just pivoting to the regional segment, any color you can give us on how the year started off for the regional portfolio, and if you have any thoughts on a range of outcomes for the regional business this year?
Steve Pizzella: Hey, good evening, everyone, and thanks for taking my question. Just pivoting to the regional segment, any color you can give us on how the year started off for the regional portfolio, and if you have any thoughts on a range of outcomes for the regional business this year?
And and I would remind this, I don't think that Baker of products and I was talking in rooms came on until May, when did they come on? It was, it was, it was later in the year as my point. So we'll have the benefit of of the first couple of quarters there and then you probably all saw um, and we're excited by we'll see if this comes to fruition or not but we believe it will based on conversations I've had but the notion of a sphere coming to uh, Maryland is very compelling and very exciting. I think, for the project, the region and ultimately National Harbor. Um, if if it's executed as thought about it could deliver a couple million more customers, a year there. And so we we remain very excited by some of our regional properties. They're, they're well placed and they're great assets and that we think will continue to grow over time.
Ayesha Molino: Our regional business has continued to be really steady over time, and certainly we're seeing that steadiness continue through into the first quarter. You know, as Bill noted earlier, there have been some real meaningful pockets of excitement for our regional properties. I'd point here to Borgata and the investment in the high-limit table rooms there, which has paid really nice dividends for us, and we're continuing to invest, as Bill noted, in that product at various of our regionals. We're proud of how steady those assets have remained and continue to see that steadiness.
Ayesha Molino: Our regional business has continued to be really steady over time, and certainly we're seeing that steadiness continue through into the first quarter. You know, as Bill noted earlier, there have been some real meaningful pockets of excitement for our regional properties. I'd point here to Borgata and the investment in the high-limit table rooms there, which has paid really nice dividends for us, and we're continuing to invest, as Bill noted, in that product at various of our regionals. We're proud of how steady those assets have remained and continue to see that steadiness.
taking my question, just pivoting to the regional segment any color, you can give us on how the year started off for the regional portfolio and if you have any thoughts on a range of outcomes for the regional business this year,
Okay. Thank you. And just real quick for my follow-up. You mentioned the World Cup and your prepared remarks are, are you expecting incremental visitation to Las Vegas as a result from from people visiting, um, and have you seen any kind of advanced bookings indicated? Increased demand from that?
Bill Hornbuckle: I would remind us, I don't think that baccarat product and those high-end rooms came out until May. When did they come out? It was later in the year is my point, so we'll have the benefit of the first couple of quarters there. And then you probably all saw, and we're excited by, we'll see if this comes to fruition or not, but we believe it will, based on conversations I've had. But the notion of a sphere coming to, Maryland is very compelling and very exciting, I think, for the project, the region, and ultimately National Harbor. If it's executed as thought about, it could deliver 2 million more customers a year there. And so we remain very excited by some of our regional properties.
Bill Hornbuckle: I would remind us, I don't think that baccarat product and those high-end rooms came out until May. When did they come out? It was later in the year is my point, so we'll have the benefit of the first couple of quarters there. And then you probably all saw, and we're excited by, we'll see if this comes to fruition or not, but we believe it will, based on conversations I've had.
Um, we are expecting. Yes, it's a unique opportunity to particularly bring high-end customers who will be in the region to Las Vegas potentially in and out of LA or on the way to New York or any place else for that matter. Uh, and so we're highly focused on that. Um, I I, I think it's a little early on the overall mix, uh, to tell. But I think when it relates to particularly the high end of the market, we're pretty excited by what may come out of South America and some other markets as as we would all understand them.
Okay, great. Thank you.
Bill Hornbuckle: But the notion of a sphere coming to, Maryland is very compelling and very exciting, I think, for the project, the region, and ultimately National Harbor. If it's executed as thought about, it could deliver 2 million more customers a year there. And so we remain very excited by some of our regional properties.They're well placed and they're great assets, and we think will continue to grow over time.
Thank you. And our next question. Today comes from Barry Jones with truist. Please go ahead.
Our regional business has continued to be really steady over time. And certainly, we're seeing that steadiness continue, um, through in into the first quarter. And, you know, it's still noted earlier, there have been some real meaningful pockets of excitement for our regional properties. I point here to borgat and the investment in the high limit table rooms there, which is paid, really nice dividends for us, um, and we're continuing to invest as Bill noted in that product at various of our regionals. So we're we're proud of how steady that that those assets have remained and continued to see that steadiness. And and I would remind this. I don't think that Buckroe products and I was talking in rooms came on until May, when did they come on? It was, it was it was later in the year as my point. So we'll have the benefit of of the first couple of quarters there and then you probably all saw um and we're excited by we'll see if this comes to fruition or not but we believe it will based on conversations I've had but the notion of a sphere coming to uh, Maryland is very compelling and very exciting. I think for the project the region and ultimately National Harbor.
Bill Hornbuckle: They're well placed and they're great assets, and we think will continue to grow over time.
Um, if if it's executed as thought about it could deliver a couple million more customers, a year there. And so we we remain very excited by some of our regional properties. They're, they're, well placed and they're great assets and I we think we'll continue to grow over time.
Steve Pizzella: Okay, thank you. Just real quick for my follow-up. You mentioned the World Cup in your prepared remarks. Are you expecting incremental visitation to Las Vegas as a result from people visiting? And have you seen any kind of advanced bookings indicated increased demand from that?
Steve Pizzella: Okay, thank you. Just real quick for my follow-up. You mentioned the World Cup in your prepared remarks. Are you expecting incremental visitation to Las Vegas as a result from people visiting? And have you seen any kind of advanced bookings indicated increased demand from that?
Bill Hornbuckle: We are expecting, yes. It's a unique opportunity to particularly bring high-end customers who will be in the region to Las Vegas, potentially in and out of LA or on their way to New York or anyplace else, for that matter. And so we're highly focused on that. I think it's a little early on the overall mix to tell, but I think when it relates to particularly the high end of the market, we're pretty excited by what may come out of South America and some other markets as we would all understand them.
Bill Hornbuckle: We are expecting, yes. It's a unique opportunity to particularly bring high-end customers who will be in the region to Las Vegas, potentially in and out of LA or on their way to New York or anyplace else, for that matter. And so we're highly focused on that. I think it's a little early on the overall mix to tell, but I think when it relates to particularly the high end of the market, we're pretty excited by what may come out of South America and some other markets as we would all understand them.
Okay. Thank you. And just real quick for my follow-up. You mentioned the World Cup and your prepared remarks are, are you expecting incremental visitation to Las Vegas as a result from from people visiting, um, and have you seen any kind of advanced bookings indicated? Increased demand from that?
Um, no, I I, you know, this, this becomes the constant, um, is digital gaming offsetting, um, brick and mortar gaming. I think the closest analogy we have is Michigan where we have a, you know, a robust Sports. And I gaming business yet, our property continues to get gain, share. Um, and so, um, no. We think ultimately, it's additive, uh, when you think about the opportunity for database for Omni Channel, people come here, they get to go home. Loaded up. If you will with betmgm app and continue the experience and so know what is nothing that has shown itself. As a significant issue to the contrary, we see it still as a benefit.
Um, we are expecting. Yes, it's a unique opportunity to particularly bring high-end customers who will be in the region to Las Vegas, potentially in and out of L.A. or on the way to New York, or any place else for that matter. Uh, and so we're highly focused on that. Um, I—I think it's a little early on the overall mix to tell, but I think when it relates to particularly the high end of the market, we're pretty excited by what may come out of South America and some other markets, as we would all understand them.
Steve Pizzella: Okay, great. Thank you.
Steve Pizzella: Okay, great. Thank you.
Okay, great. Thank you.
Operator: Thank you. And our next question today comes from Barry Jonas with Truist. Please go ahead.
Operator: Thank you. And our next question today comes from Barry Jonas with Truist. Please go ahead.
Great. And then just for a follow up uh Bill what's the latest on the 90% gaming loss tax? Deductibility I guess what our next steps there and how how impactful could the speed of your business? If uh it unfortunately would stand. I'm going to let the expert handle this actually
Thank you. And our next question. Today comes from Barry Jones with truist. Please go ahead.
Barry Jonas: Hey, guys. One narrative on the Vegas softness has been that perhaps there's trade down, where some folks aren't going to Vegas, but perhaps gaming closer to home. Curious if you've seen that dynamic as you look at your database? Thank you.
Barry Jonas: Hey, guys. One narrative on the Vegas softness has been that perhaps there's trade down, where some folks aren't going to Vegas, but perhaps gaming closer to home. Curious if you've seen that dynamic as you look at your database? Thank you.
We're continuing to see significant strength in our slot handle into the first quarter even as that has taken effect. So we are watching it closely but we are partnering closely. Also with our our industry, uh, our fellow colleagues in the industry to advocate for a fix on that.
Hey, guys. Um, what narrative on the Vegas softness? Uh, has been that perhaps there's trade down, where some folks aren't going to Vegas, but perhaps gaming closer to home. There's—if, uh, if you've seen that dynamic as you look at your database. Thank you.
Bill Hornbuckle: No, you know, this becomes the constant: is digital gaming offsetting brick-and-mortar gaming? I think the closest analogy we have is Michigan, where we have, you know, a robust sports and iGaming business, yet our property continues to gain share. No, we think ultimately it's additive, when you think about the opportunity for database, for omni-channel. People come here, they get to go home loaded up, if you will, with BetMGM app and continue the experience. And so, no, it, it's nothing that has shown itself as a significant issue. To the contrary, we see it still as a benefit.
Great, thank you so much.
Bill Hornbuckle: No, you know, this becomes the constant: is digital gaming offsetting brick-and-mortar gaming? I think the closest analogy we have is Michigan, where we have, you know, a robust sports and iGaming business, yet our property continues to gain share. No, we think ultimately it's additive, when you think about the opportunity for database, for omni-channel. People come here, they get to go home loaded up, if you will, with BetMGM app and continue the experience. And so, no, it, it's nothing that has shown itself as a significant issue. To the contrary, we see it still as a benefit.
Thank you. And our final question today comes from Stephen Graham Blaine at Morgan Stanley. Please go ahead.
Hey, thanks for sneaking me in. Um and apologies if I missed this but it looks like you ramped up the buyback in the quarter and talked to do. Some of the sources of liquidity from here. So how should investors think about the right level of, you know, potentially parent level buyback versus MGM China, maybe buying back there, where I think you mentioned you saw value and as related follow-up on that, if if MGM China is part of the direction you want to go, are there any limitations in terms of how high you can take that share?
Um, no, I I, you know, this, this becomes the constant, um, is digital gaming offsetting, um, brick and mortar gaming. I think the closest analogy we have is Michigan where we have a, you know, a robust Sports. And I gaming business yet, our property continues to get gain, share. Um, and so, um, no. We think ultimately, it's additive, uh, when you think about the opportunity for database for Omni Channel, people come here, they get to go home. Loaded up. If you will with bet MGM app and continue the experience and so know we it's nothing that has shown itself as a significant issue to the contrary, we see it still as a benefit.
Barry Jonas: Great. And then just for a follow-up, Bill, what's the latest on the 90% gaming loss tax deductibility? I guess, what are next steps there, and how impactful could this be to your business if it unfortunately would stand?
Barry Jonas: Great. And then just for a follow-up, Bill, what's the latest on the 90% gaming loss tax deductibility? I guess, what are next steps there, and how impactful could this be to your business if it unfortunately would stand?
Bill Hornbuckle: I'm going to let the expert handle this. Ayesha?
Bill Hornbuckle: I'm going to let the expert handle this. Ayesha?
Great. And then just for a follow-up—Bill, what's the latest on the 90% gaming loss tax deductibility? I guess, what are our next steps there, and how impactful could this be to your business if it unfortunately would stand?
Ayesha Molino: We're continuing to see significant strength in our slot handle into Q1, even as that has taken effect. So we're watching it closely, but we're partnering closely also with our, our industry, our fellow colleagues in the industry, to advocate for a fix on that.
Ayesha Molino: We're continuing to see significant strength in our slot handle into Q1, even as that has taken effect. So we're watching it closely, but we're partnering closely also with our, our industry, our fellow colleagues in the industry, to advocate for a fix on that.
I'm gonna let the expert handle the section.
We're continuing to see significant strength in our slot handle into the first quarter even as that has taken effect. So we were watching it closely but we are partnering closely. Also with our our industry, uh, our fellow colleagues in the industry to advocate for a fix on that.
Barry Jonas: Great. Thank you so much.
Barry Jonas: Great. Thank you so much.
Great, thank you so much.
Operator: Thank you. And our final question today comes from Stephen Grambling at Morgan Stanley. Please go ahead.
Operator: Thank you. And our final question today comes from Stephen Grambling at Morgan Stanley. Please go ahead.
Stephen Grambling: Hey, thanks for sneaking me in. And apologies if I missed this, but it looks like you ramped up the buyback in the quarter and talked through some of the sources of liquidity from here. So how should investors think about the right level of, you know, potentially parent level buyback versus MGM China, maybe buying back there, where I think you mentioned you saw value? And as a related follow-up on that, if MGM China is part of the direction you want to go, are there any limitations in terms of how high you can take that share?
Stephen Grambling: Hey, thanks for sneaking me in. And apologies if I missed this, but it looks like you ramped up the buyback in the quarter and talked through some of the sources of liquidity from here. So how should investors think about the right level of, you know, potentially parent level buyback versus MGM China, maybe buying back there, where I think you mentioned you saw value? And as a related follow-up on that, if MGM China is part of the direction you want to go, are there any limitations in terms of how high you can take that share?
Thank you. And our final question today comes from Stephen Graham Blaine at Morgan Stanley. Please go ahead.
Hey, thanks for sneaking me out. Um, and apologies, if I missed this but it looks like you ramped up the buyback in the quarter and talked to do. Some of the sources of liquidity from here. So how should investors think about the right level of, you know, potentially parent level buyback versus MGM China, maybe buying back there, where I think you mentioned you saw value and as related follow-up on that, if if MGM China is part of the direction you want to go, are there any limitations in terms of how high you can take that share?
Uses of cash that we have that we think are high priorities, you know, in the last 6 months, of course, uh, we made the decision not to proceed with the New York license. That was $500 million at least that had already had been previously earmarked for that. Um, we see Great Value in the shares and so we, you know, we began, uh, share we purchases again in the in the fourth quarter. Uh, I think Sher, we purchases are always going to be in our Capital, allocation mix because fortunately, we can with our level of free cash flow and now that the distributions we're getting from MGM China and betmgm, we can afford to invest in our properties, invest in, um, in the MGM, uh, in Osaka, uh, and, uh, as well as repurchase shares. Um, you know, I didn't go through the multiple math, that we all know very well on MGM Resorts right now. But suffice to say, it's a really compelling investment we believe and that's why we're doing it. I'm not going to speak for the, um, I I
Jonathan Halkyard: Okay, I'm a little unclear on the final part of the question, but as it relates to buybacks at MGM Resorts, it really is a constant evaluation we do around the value that we see in our shares versus the other uses of cash that we have, that we think are high priorities. You know, in the last six months, of course, we made the decision not to proceed with the New York license. That was $500 million at least, that had already had been previously earmarked for that. We see great value in the shares, and so we, you know, we began share repurchases again in Q4.
Jonathan Halkyard: Okay, I'm a little unclear on the final part of the question, but as it relates to buybacks at MGM Resorts, it really is a constant evaluation we do around the value that we see in our shares versus the other uses of cash that we have, that we think are high priorities. You know, in the last six months, of course, we made the decision not to proceed with the New York license. That was $500 million at least, that had already had been previously earmarked for that. We see great value in the shares, and so we, you know, we began share repurchases again in Q4.
Steve. Maybe I'm Stephen on the China. Question is, I think I understand it, but with there's about 22% float in the company. Um,
We have to keep that. And so the idea that we would buy back from the open market is, we've got to keep that float. And frankly, The Exchange is pushing to have more, so that's not what was implied there. The the simple implication was the multiple value seems cheap,
Thanks.
Jonathan Halkyard: I think share repurchases are always going to be in our capital allocation mix, because fortunately, we can, with our level of free cash flow and now the distributions we're getting from MGM China and BetMGM, we can afford to invest in our properties, invest in MGM in Osaka, and as well as repurchase shares. You know, I didn't go through the multiple math that we all know very well on MGM Resorts right now, but suffice to say, it's a really compelling investment, we believe, and that's why we're doing it. I'm not going to speak for the.
Jonathan Halkyard: I think share repurchases are always going to be in our capital allocation mix, because fortunately, we can, with our level of free cash flow and now the distributions we're getting from MGM China and BetMGM, we can afford to invest in our properties, invest in MGM in Osaka, and as well as repurchase shares. You know, I didn't go through the multiple math that we all know very well on MGM Resorts right now, but suffice to say, it's a really compelling investment, we believe, and that's why we're doing it. I'm not going to speak for the.
Thank you, ladies and gentlemen. This concludes your question and answer session. I'd like to turn the conference back over to bill hornbuckle for any closing remarks.
But as it relates to BuyBacks at MGM Resorts, it really is a, it's a constant evaluation we do, uh, around the value that we see in our shares versus the other, uh, uses of cash that we have. That we think are high priorities, you know, in the last 6 months, of course, uh, we made the decision not to proceed with the New York license. That was 500 million at least that had already had been previously earmarked for that. Um, we see Great Value in the shares and so we, you know, we began, uh, share we purchases again in the in the fourth quarter. Uh, I think Sher, we purchases are always going to be in our Capital, allocation mix because fortunately, we can with our level of free cash flow and now that the distributions we're getting from MGM China and betmgm, we can afford to invest in our properties, invest in, um, in know MGM, uh, in Osaka, uh, and, uh, as well as repurchase shares.
Bill Hornbuckle: Steve, maybe Stephen, on the China question, as I think I understand it, there's about 22% float in the company. We have to keep that, and so the idea that we would buy back from the open market is -- we've got to keep that float, and frankly, the exchange is pushing to have more. So that's not what was implied there. The simple implication was the multiple value seems cheap.
Bill Hornbuckle: Steve, maybe Stephen, on the China question, as I think I understand it, there's about 22% float in the company. We have to keep that, and so the idea that we would buy back from the open market is -- we've got to keep that float, and frankly, the exchange is pushing to have more. So that's not what was implied there. The simple implication was the multiple value seems cheap.
Um, you know, I didn't go through the multiple math that we all know very well on MGM Resorts right now. But suffice to say, it's a really compelling investment we believe and that's why we're doing it. I'm not going to speak for the, um, I, I, Steve made me on Stephen on the China question is, I think I understand it, but with there's about 22% float in the company. Um,
Stephen Grambling: No, that's exactly what I was getting at. That's, that's helpful. So it sounds like, again, the parent, you get that, that cheapness through buying back at that level rather than directly anyway.
Stephen Grambling: No, that's exactly what I was getting at. That's, that's helpful. So it sounds like, again, the parent, you get that, that cheapness through buying back at that level rather than directly anyway.
We have to keep that. And so the idea that we would buy back from the open market is, we've got to keep that float. And frankly, The Exchange is pushing to have more, so that's not what was implied there. The simple implication was the multiple value seems cheap,
Thank you, Operator. Just a couple quick comments before you all go and we appreciate your time by giving the time of day. Um, look diversification is clearly working. Our Consolidated growth was up, 20% in the fourth quarter and I think they proved it, you've heard of stress science and stabilization in Vegas, and obviously, we believe that, uh, we've seen it in various segments, whether it's group bmgm discussion, uh, we see stimulus coming and helpful, both in Leisure. And particularly in our regionals, uh, we see Macau continuing to perform at the performance level it is we've all been challenged with. Yeah. But how do you do this? And the market conditions this we've been doing this for a couple years now and so hopefully we build some faith and credibility in that. Uh, and then betmgm, um, had a remarkable year and it sets itself up for when we think and say in 2027, we think we can be at 500 million. We believe that, uh, and we didn't say that until recently and we are now saying it with with, with belief and so, um, we think we're, you know, in great shape as we think about 20,
Bill Hornbuckle: Correct.
Bill Hornbuckle: Correct.
Stephen Grambling: Awesome.
Stephen Grambling: Awesome.
Bill Hornbuckle: Correct.
Bill Hornbuckle: Correct.
Stephen Grambling: Thank you.
Stephen Grambling: Thank you.
Bill Hornbuckle: Thanks.
Bill Hornbuckle: Thanks.
6 and the things in the immediate future uh and with that operator I will end the call and I thank everybody for their time.
No, that's exactly what I was saying—that's helpful. So it sounds like, again, the parent, you get that cheapness through buying back at that level rather than directly. Anyway. Correct, correct. Thank you.
Operator: Thank you. Ladies and gentlemen, this concludes our question and answer session. I'd like to turn the conference back over to Bill Hornbuckle for any closing remarks.
Operator: Thank you. Ladies and gentlemen, this concludes our question and answer session. I'd like to turn the conference back over to Bill Hornbuckle for any closing remarks.
Thank you, sir. This concludes today's conference call. We thank you all for attending today.
Thank you, ladies and gentlemen. This is
a question and answer session.
This presentation, you may now disconnect your lines and have a wonderful evening.
Bill Hornbuckle: Thank you, operator. Just a couple quick comments before you all go, and we appreciate your time, especially given the time of day. Look, diversification is clearly working. Our consolidated EBITDA growth was up 20% in the fourth quarter, and I think they proved it. You've heard us stress signs of stabilization in Vegas, and obviously, we believe that. We've seen it in various segments, whether it's group, the MGM discussion. We see stimulus coming and helpful, both in leisure and particularly in our regionals. We see Macau continuing to perform at the performance level it is. We've all been challenged with, "Yeah, but how do you do this in the market conditions?" We've been doing this for a couple of years now, and so hopefully, we've built some faith and credibility in that.
Bill Hornbuckle: Thank you, operator. Just a couple quick comments before you all go, and we appreciate your time, especially given the time of day. Look, diversification is clearly working. Our consolidated EBITDA growth was up 20% in the fourth quarter, and I think they proved it. You've heard us stress signs of stabilization in Vegas, and obviously, we believe that. We've seen it in various segments, whether it's group, the MGM discussion.
I'd like to turn the conference back over to bill hornbuckle for any closing remarks.
Bill Hornbuckle: We see stimulus coming and helpful, both in leisure and particularly in our regionals. We see Macau continuing to perform at the performance level it is. We've all been challenged with, "Yeah, but how do you do this in the market conditions?" We've been doing this for a couple of years now, and so hopefully, we've built some faith and credibility in that.
Bill Hornbuckle: And then BetMGM had a remarkable year, and it sets itself up for when we think and say in 2027, we think we can be at $500 million; we believe that. And we didn't say that until recently, and we are now saying it with belief. And so, we think we're, you know, in great shape as we think about 2026 and the things in the immediate future. And with that, operator, I will end the call, and I thank everybody for their time.
Bill Hornbuckle: And then BetMGM had a remarkable year, and it sets itself up for when we think and say in 2027, we think we can be at $500 million; we believe that. And we didn't say that until recently, and we are now saying it with belief. And so, we think we're, you know, in great shape as we think about 2026 and the things in the immediate future. And with that, operator, I will end the call, and I thank everybody for their time.
Thank you, Operator. Just a couple quick comments before you all go, and we appreciate your time by giving the time of day. Um, look, diversification is clearly working. Our consolidated growth was up 20% in the fourth quarter, and I think they proved it. You've heard of stressed science and stabilization in Vegas, and obviously, we believe that. Uh, we've seen it in various segments, whether it's group, BetMGM discussion. Uh, we see stimulus coming and helpful, both in leisure and particularly in our regionals. Uh, we see Macau continuing to perform at the performance level it is—we've all been challenged with, yeah, but how do you do this, and the market conditions this—we've been doing this for a couple years now, and so hopefully we build some faith and credibility in that. Uh, and then BetMGM, um, had a remarkable year and it sets itself up for when we think, and say in 2027, we think we can be at $500 million. We believe that, uh, and we didn't say that until
Operator: Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful evening.
Operator: Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful evening.
Recently and we are now saying it with with with belief and so um we think we're you know in great shape as we think about 26 and the things in the immediate future uh and with that operator I will end the call and I thank everybody for their time.
[music].
Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful evening.
