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Text: Actual results may differ materially from those contemplated in these statements.
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 in talking about our performance.
Well, we delivered another quarter of strong domestic results with our Las Vegas Strip and regional segments, reaching all-time adjusted property EBITDA records in the third quarter.
I remain in awe of what our talented teams have accomplished this year given the ongoing COVID pandemic.
We are emerging from it a stronger company with a sharpened focus on operational efficiencies and providing the best experiences for our guests as we carry out the vision to become the world's premier gaming entertainment company.
I continue to express my sincere pride and gratitude of the tremendous effort of our employees, who are the foundation upon which we built our strategic plan and long-term vision.
As a reminder, our strategic plan consists of the following four key elements: investing in our people and planet, providing unique experiences for guests by leveraging data-driven consumer insights and digital capabilities, delivering operational excellence at every level, and allocating our capital responsibly to yield the high returns to our shareholders.
On last earnings call, we discussed the meaningful steps our company has taken to simplify our story and monetize our real estate.
We have reached a number of milestones in this regard.
In August, we announced a transaction with VICI and MGP to redeem the majority of our operating partnership units and deconsolidate MGP within our financial reporting structure.
In September, we acquired the other 50% interest in CityCenter, monetizing its underlying real estate and are now proud owners of 100% of its operations.
In October, we monetized MGM Springfield's underlying real estate as well.
And these transactions grant us the financial flexibility to take foothold of front-footed actions to invest in our core business and to maximize growth and pursue opportunities that align to our long-term vision.
For example, this quarter, we announced an agreement to acquire the operations of the Cosmopolitan of Las Vegas, a high-quality resort with enviable product offerings, strong brand awareness and complementary customer base making it an ideal addition to our Las Vegas Strip portfolio.
We also believe that the synergies we have identified are highly achievable.
Now I've mentioned in the past that we are happy with the amount of exposure we currently have in Las Vegas.
As such, we are currently in the early stages of a process to sell the operations of the Mirage.
Doing so will allow us to maintain our existing Las Vegas exposure, while focusing on the complementary and diverse nature of our offerings in our hometown.
I spent the early part of my career at Mirage, I've been a part of that team's opening of the property in 1989.
It's a stored property with great brand recognition and a strong customer and loyal following.
The campus also sits on approximately 77 acres that provides attractive development opportunities to capture large amounts of foot traffic.
Mirage has served us well over the years, and we are certain it will remain a success with a new operator in the future.
They're an integral part of what makes that property so special, and I know they will remain strong ambassadors of the brand during this transition.
We also remain keen on diversifying our business and further expanding our operations globally.
To that end, in September, we announced that our MGM Orix consortium had achieved a milestone in Japan having been selected as a Osaka's partner to build and operate a world-class integrated resort.
We are now working with Orix in the city to submit an area development plan to the central government in the coming months and are hopeful and confident that we'll be awarded a license next year.
regional markets of significance.
This includes the commercial gaming license in New York, for which we believe MGM is well-positioned given our existing operations at Empire City.
Moving on to BetMGM.
Our sports betting and iGaming venture continues to build on its success every quarter.
In the third quarter, BetMGM launched in three new states: Arizona, South Dakota and Wyoming.
And within a short nine-day period, BetMGM is now live in 16 markets and is well on its way to 20 by the end of the first quarter of 2022.
In the three months ending August, BetMGM commanded 23% share nationwide in both U.S. sports and betting and iGaming.
And in the month of August, we believe BetMGM was competing for first place driven by iGaming in which BetMGM remains the clear leader with a 32% market share.
We're in the middle of the NFL season and the market remains competitive, however, the team has performed exceptionally well, focusing on ROI-positive marketing spend, and we are encouraged to see early signs of a more rational environment as the season progresses.
BetMGM continued momentum through this year has been extraordinary, and we expect full year 2021 net revenues associated with BetMGM will be in excess of $800 million.
Finally, we think about opportunities for organic growth in our core business.
We have a great network of premier properties across the U.S. that we believe we can better leverage to drive customer choice, increase loyalty and maximize wallet share over time.
For example, we recently launched a new tailgating experience at Mandalay for events at Allegiant Stadium.
We've hosted Bruno Mars and Lady Gaga's concert of Park MGM, and completed our room remodels at Bellagio's main tower, as well as the pyramid at Luxor with additional remodels ongoing at Aria suites and villas.
We also continue to focus on targeting strategies that draw on our competitive advantage to acquire and drive sustainable growth from high-value customers in our business.
Over the years, we will invest in customer-centric products and services to execute these strategies, which we will be enabled by advanced marketing practices and enhanced physical and digital experiences.
I must say it's simply great to be in Las Vegas right now.
We've kicked off the quarter exceptionally strong, anchored by a great fourth of July holiday, better than pre-pandemic casino spend levels, and pent-up demand for the city's wide-scale entertainment relaunch that drew large crowds in the town, especially on the weekends.
While the Delta variant impacted our group business during the quarter, we have been able to offset with leisure and casino customers.
With cases on the downswing, we have built -- quickly, we built momentum into October.
And the level of demand in the marketplace, especially on the weekends, has simply been incredible, October will be another all-time record month.
Groups are still coming to town.
We have a healthy amount of group room nights on the books through the rest of the year.
And we look ahead -- and as we look ahead, we feel good about our group business coming together, anchored by the back half of this year and what's already on the books for '23 and 2024.
With the relaunch of large-scale entertainment in July, these offerings are driving visitation to Las Vegas.
Allegiant Stadium brings fans to the Strip for events, and we've had some of the best weekends around these events.
The Raiders estimate that roughly 60% of tickets are sold to out-of-state fans.
And with the majority of the 50,000 to 60,000 people walking to and from Allegiant Stadium over the Hacienda Bridge between Mandalay Bay and Luxor, we are seeing significant broad-based uplift at both properties on event days and even more so on Raiders games.
We're also driving our own destiny with a fantastic line of events across our venues, which have been met with great enthusiasm whether it was the McGregor fight at T-Mobile, which by the way, produced our second highest single day for table games win in the company's history, or the debut of our new Americas Got Talent Show At Luxor this week.
We continue to demonstrate that the city, and MGM Resorts is a leading destination for exceptional entertainment.
Turning to our regional properties.
As I mentioned earlier, our regional operations delivered another all-time record EBITDAR and margin quarter driven by continued strength in our rated gaming spend levels as we yield to our higher net worth customers.
With the easing of statewide restrictions, we have begun to strategically reintroduce entertainment and F&B at all of our regional properties.
And I'm gratified that our customers can once again enjoy the quality experience for which MGM is known.
On the cost side, our team continues to focus on productivity across labor, player reinvestment and other streamlining initiatives, and this gives us great confidence in our ability to sustain strong margins as we head into 2022.
I'll conclude with some final thoughts on Macau.
The market continues to operate well below pre-pandemic levels as varying forms of travel restrictions have limited visitation to the region.
The obvious catalyst to Macau's recovery is a sustained resumption of frictionless travel between Macau, Hong Kong and Mainland China, which heavily relies on the higher vaccination rates that will take some time.
When the market does rebound more meaningfully, we believe MGM China is well-positioned given its strength in premium mass.
Macau remains an important part of our business, and we have high conviction in the future success of this region.
We will continue to work with the government, and we are highly confident in ultimately getting our license renewed.
Ongoing discussions with the government give us a greater confidence in our belief that the process will be both judicious and fair.
We look forward to further promoting the long-term development of Macau's gaming industry and to supporting the government's tourism and diversification goals for the region.
I certainly join Bill in gratitude to our entire team for outstanding results this quarter.
What a difference in performance and momentum as we have moved through the course of the year.
And now with only 60 days until the start of 2022, I could not be more excited about our prospects for the year ahead, and it's all due to the heroic efforts of our thousands of colleagues here at MGM Resorts.
Now let's talk about our third quarter results in some detail.
Our consolidated third quarter net revenues were $2.7 billion, a 19% sequential improvement over our second quarter results.
Our net income attributable to MGM Resorts was $1.4 billion driven by a $1.6 billion net gain from the consolidation of CityCenter.
Our third quarter adjusted EBITDAR improved sequentially to $765 million, led once again by our domestic operations.
12 of our 18 domestic properties achieved either all-time or third quarter EBITDAR records, and 15 achieved either all-time or third quarter margin records.
This performance was driven by strong leisure, transient and domestic casino demand.
We have demonstrated our ability to improve and expand our operations while maintaining cost discipline, all against the backdrop of ramping nongaming revenues and a stabilizing workforce complement.
Our Las Vegas Strip net revenues were $1.4 billion, just 8% below the third quarter of 2019.
Adjusted property EBITDAR for the Strip was $535 million, 21% above the third quarter of 2019.
Hold had a $20 million positive impact on our EBITDAR this quarter.
So Hold Adjusted Strip EBITDAR was approximately $514 million.
Our Strip margins were 39% in the third quarter, a 943 basis point improvement over the third quarter of 2019 and a slight decline on a sequential basis over the second quarter of 2021.
This was driven by a combination of effective casino marketing efforts and continued cost discipline across the business.
Availability of labor also improved sequentially each month in the third quarter, and our payroll per FTE remained in line with the third quarter of 2019.
We continue to attract strong casino demand and drive healthy performance in the third quarter.
Here are a few data points.
Third quarter Strip casino room nights were 27% greater than in the third quarter of 2019.
Casino revenues per casino room night was up 10% above the third quarter of 2019.
And not surprisingly, our slot handle was an all-time quarterly record.
All of this translated into third quarter casino revenues increasing to 26% above the third quarter of 2019, contributing 31% of our total Strip revenues in the third quarter, and that compares to our casino revenue mix of 22% back in 2019.
Our Strip hotel occupancy was 82% in the third quarter, improving from 77% in the second quarter.
And for the first time since reopening, the third quarter's room rates ran higher than pre-pandemic levels, with ADR 10% above that of the third quarter of 2019 or 5% when we exclude Circus Circus.
We finished a strong October with occupancy of 92%, the highest since reopening, and we expect November and December to be strong but also to follow seasonal slowdowns as we typically do every year heading into the holidays.
As we ramp staffing and our nongaming revenues increasingly become larger contributors to our overall business, I expect margins to come in a bit in our Las Vegas operations.
Our customers demand, and are willing to pay for the breadth of offerings we provide here at MGM Resorts.
And while healthy margins are an important feature of our business model and financial health, we are focused on growing our absolute EBITDAR dollars, a goal well supported by future upside from the recovery in group events and international visitation.
We expect our margins to stabilize well above pre-pandemic levels, resulting from our efficiency and cost-saving efforts.
Finally, it's important to note that we closed the CityCenter transactions toward the end of the quarter.
And as a result, we started consolidating CityCenter within our Las Vegas Strip results beginning on September 27.
Our third quarter Strip numbers include four days of Aria and Vdara's results.
Led by Anton Nikodemus and his team, the CityCenter joint venture reported quarter to date ended September 26, adjusted EBITDA of approximately $120 million, with 40% margins.
Had CityCenter been consolidated for the full quarter, our Las Vegas Strip EBITDAR would have been approximately 22% higher than what we reported in the third quarter.
Its magnitude and growth potential makes CityCenter a difference maker for us financially.
Our third quarter regional net revenues were $925 million, just 1% below that of the third quarter in 2019.
We delivered adjusted property EBITDAR of $348 million, which was 29% above 2019 levels and 9% above what we achieved in the second quarter of 2021.
Our regional casino business further strengthened in the third quarter with our slots and table games volumes improving sequentially by 6% and 11%, respectively, from the second quarter this year.
We measure rated player spend levels through theoretical win or theo per day, net of promotions.
Our net theo per day for our rated customers reached record levels in the third quarter, led by our younger demographic despite fewer trips as compared with their visitation pre-COVID.
Unlike the younger crowd, visitation and spend from our -- from our 65-plus demographic has not yet fully recovered but we're encouraged with the resiliency in this segment's demand, especially through the Delta variant outbreak.
Our third quarter regional margins of 38% were another all-time record growing 886 basis points over the third quarter of 2019.
While our strong EBITDAR margin has benefited from elevated casino spend, and importantly, also validates the great work that our teams have put into maximizing the effectiveness of our operating model and rethinking how we run our business.
Disciplined customer reinvestment is a key component of this, where we track marketing efficiency across all of our properties against specific goals.
With the return of more nongaming amenities, we'll continue to exercise prudence in our marketing reinvestment strategies, taking a test-and-learn approach to ensure intended returns on any increases in reinvestment.
We're also rightsizing labor in the near term, which has had a near-term favorable impact on our margins, but it's also caused capacity constraints in certain segments of our operations.
Overall, I believe our regional margins will stabilize well above 2019 levels.
Moving on to BetMGM.
Our 50% share of BetMGM's losses in the third quarter amounted to $49 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDAR calculation.
Net revenues associated with BetMGM operations were $227 million in the quarter, exhibiting a 17% sequential growth from the second quarter, led by the continued strength in iGaming.
This was partially offset by heavier customer acquisition and reactivation spend from BetMGM's successful Arizona launch and the return of football, resulting in September first-time deposits growing to over five times, five times that of September 2020.
We know that an omni-channel customer is worth more than a single channel customer.
We're particularly excited about the mutually beneficial advantages of our omnichannel strategy with BetMGM, and we remain its top partner for driving new players.
In the third quarter, 16% of BetMGM's new players were attributed to MGM, meaning they were active with MGM in the last 12 months.
This percentage has remained in a relatively stable range while BetMGM has significantly broadened its reach, illustrating our ability to continually optimize the conversion of M life members to BetMGM.
The BetMGM team previously disclosed during their April Investor Day that MGM-sourced players have much lower customer acquisition costs and over five times the marketing ROI when compared to non-MGM-sourced players.
What's also encouraging is that in New Jersey, our most mature market, based upon preliminary data, we found that MGM-sourced omni customers are spending more on property at Borgata than they did when they were exclusively land-based.
And clearly, the benefit goes both ways.
In the third quarter, 42% of our new M life sign-ups have come from BetMGM, which plays a crucial role in our database expansion, a database, which currently stands at over 37 million members.
Finally, in Macau, third quarter marketwide gross gaming revenues sequentially declined 26% from the second quarter and was 27% of the third quarter 2019.
MGM China's third quarter results were also sequentially lower from the second quarter with net revenues of $289 million and adjusted property EBITDAR of $7 million.
Hold adjusted EBITDAR was a $2 million loss.
While the latest hurdles surrounding the local outbreaks in Macau negatively impacted travel in September and most of October, the situation has now largely been contained.
And with quarantine-free travel having resumed on October 19, the market has seen daily visitation rebound from less than 1,000 in the first 18 days to over 26,000 for the remainder of the month.
Our third quarter corporate expense, excluding share-based compensation, was $105 million, which included approximately $18 million of transaction costs for both MGM and MGP.
We expect that our net corporate expense will run at a similar level in the fourth quarter, heavily driven by our ramping Japan effort, as well as our investments in IT and digital.
In the near term, we also expect to incur incremental costs related to our recently announced transactions.
We believe repurchasing our shares is an attractive use of capital.
In the third quarter, we repurchased 17.2 million shares for $687 million, and we purchased an additional 1.8 million shares for $80 million in the fourth quarter through today.
That's $1.1 billion of share repurchases year to date, or approximately 5% of our market cap, and that is this year since March.
Over the past few months, we announced some significant deals that simplify our corporate structure, further bolster our liquidity position and advance our vision to be the world's premier gaming entertainment company.
We closed the CityCenter transactions in the third quarter.
In October, we closed the MGM Springfield transaction for cash proceeds of $400 million.
Our transaction with VICI is on track to close in the first half of next year, subject to regulatory approval, at which point we will bring in an additional $4.4 billion in proceeds.
In September, we announced an agreement to acquire the operations of The Cosmopolitan of Las Vegas for $1.625 billion.
This represents a multiple of approximately eight times adjusted EBITDA, inclusive of expected operational synergies, and revenue growth opportunities that we have identified.
The transaction is expected to close in the first half of next year, subject to regulatory approvals.
As of September 30, our liquidity position, excluding MGM China and MGP, was $6.4 billion, or $9.6 billion when adjusted for the Springfield, VICI and The Cosmopolitan transactions.
So our approach to capital allocation is critical.
And our approach to capital allocation will be as follows.
First, we'll maintain a strong balance sheet with adequate liquidity.
Second, we will return cash to our shareholders.
And finally, when assessing potential growth opportunities, we'll invest where we have clear advantages, and will exercise discipline in measuring prospective returns for our shareholders.
But as you can all tell, we have a lot going on.

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qtrly consolidated net revenues of $2.7 billion, an increase of 140% compared to prior year quarter.
qtrly mgm china net revenues of $289 million, an increase of 517% compared to prior year quarter.

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