MGM Resorts International (NYSE:MGM) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET

Company Participants

Andrew Chapman - Director, IR

William Hornbuckle - CEO and President

Jonathan Halkyard - CFO

Corey Sanders - COO

Hubert Wang - President and Chief Operating Officer of MGM China

Conference Call Participants

Joseph Greff - JPMorgan

Daniel Politzer - Wells Fargo

Carlo Santarelli - Deutsche Bank

Shaun Kelley - Bank of America

David Katz - Jefferies

Robin Farley - UBS

Barry Jonas - Truist Securities

John DeCree - CBRE Securities

Chad Beynon - Macquarie Research

Jordan Bender - JMP Securities

Operator

Good afternoon, and welcome to the MGM Resorts International Third 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. [Operator Instructions] Please note, this conference is being recorded.

Now I would like to turn the call over to Andrew Chapman. Please go ahead.

Andrew Chapman

Good afternoon, and welcome to the MGM Resorts International Third 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 par 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. 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

Thanks, Andrew, and thank you all for joining us today. In the third quarter, we had a fantastic results as evidenced by our record consolidated net revenues. And despite the disruption across our portfolio, we achieved record same-store ADRs in Las Vegas as well as a record third quarter regional net revenues on a same-store basis. To say the least, we're off to a strong start prior to the cybersecurity issue. And to briefly summarize, on September 12, we disclosed that we identified a cybersecurity issue affecting certain of our U.S. systems. As a precautionary measure, we proactively shut down certain systems to mitigate risk to customer information, which resulted in disruption at some of our properties. .