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- **Strategic Exits & Returns**: Sold Northfield Park at 6.6x multiple, exited Yonkers to focus on higher-return projects like Japan and digital.
- **BetMGM Cash Flow**: Begins quarterly distributions starting with $100M in Q4, as digital revenue grows 23% YoY.
- **Macau Strength**: 15.5% market share and record Q3 EBITDAR, with new Alpha Gaming Club driving premium mass growth.
- **Japan Investment**: Secured $300M yen-denominated credit facility at 2.5% interest for MGM Osaka, targeting high-teens returns.
- **Digital Expansion**: MGM Digital targets $1B+ revenue with double-digit margins, Brazil GGR up 30% YoY.

**【CEO Summary Section】**
- MGM exited the Yonkers, NY project after facing regulatory challenges and high tax burdens, opting to focus on higher-return opportunities like Japan and digital expansion.
- Sold Northfield Park for $546M, realizing a 6.6x multiple on the 2019 acquisition cost, highlighting the undervaluation of core assets.
- Las Vegas recovery driven by a 5-day sale doubling room bookings, with Q3 luxury properties posting record slot win and F1 presales pacing higher YoY.
- Macau achieved 15.5% market share and record Q3 EBITDAR, despite typhoon disruption, with new Alpha Gaming Club driving premium mass growth.
- BetMGM to begin quarterly cash distributions, starting with $100M in Q4, as digital segment revenue grows 23% YoY.

**【CFO Financial Commentary】**
- Las Vegas EBITDAR declined 18% YoY to $601M due to lower occupancy (-7%), offset by cost reductions (FTEs down 7%).
- Macau EBITDAR rose 20% YoY during Golden Week, with Q3 EBITDAR at record levels despite $12M typhoon impact.
- MGM Digital reported 23% revenue growth but $23M EBITDA loss, driven by Brazil investments; full-year EBITDA loss expected near $100M.
- Secured $300M yen-denominated credit facility for MGM Osaka at 2.5% interest, supporting 2030 opening with high-teens return expectations.

**【Q&A Key Highlights】**
- **Investment Thresholds**: Share buybacks yield ~25-30%, making them more attractive than most projects; Japan and digital investments meet this hurdle.
- **Las Vegas Recovery**: Q4 stabilization expected with strong group bookings, though Spirit Airlines bankruptcy impacts persist.
- **Macau Strategy**: Focused on premiumization (Alpha Villas, Fantasy Parks) to maintain 15%+ market share amid competition.
- **Digital Growth**: BetMGM to return $100M+ annually, with Brazil GGR up 30% YoY; MGM Digital targets $1B+ revenue with double-digit margins.
- **Future Projects**: ARIA renovation to begin Q4 2026, with Golden Gate Bridge opening in 2028; MGM Grand rooms upgrade complete ahead of schedule.

MGM Resorts International (MGM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MGM

MGM fundamentals

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