MGM Resorts International (MGM) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 2, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon and welcome to the MGM Resorts International Second Quarter 2023 Earnings Conference Call.

Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer, and Treasurer; Hubert Wang, President and Chief Operating Officer of MGM China and Andrew Chapman, Director of Investor Relations. Participants are currently in a listen only mode. And after the company's prepared remarks, there will be a question-and-answer session. In fairness to all participants, please limit yourself to one question and one follow-up on today's call. Please also note that this event is being recorded.

I would now like to turn the call over to Andrew Chapman.

Andrew Chapman

Good afternoon and welcome to the MGM Resorts International Second Quarter 2023 Earnings Call. This call is being broadcast live on the internet at investors.mgmresorts.com, 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. Since 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. You can find the reconciliation of 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.

William Hornbuckle

Thank you, Andrew, and thank you all for joining us this afternoon. I'm happy to share that MGM Resorts posted an all-time record for consolidated net revenues in the second quarter. We achieved strong earnings across our domestic portfolio, with near record second quarter adjusted property EBITDA results at MGM China and the first quarter of positive EBITDA at BetMGM. At a high level, we're seeing strong demand trends in Las Vegas with casino drop and handle up year-over-year alongside increasing hotel revenues with our fourth quarter hotel revenues forecasted to be the highest of all time.