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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'll also discuss non-GAAP financial measures in talking about our performance.
Over the past few months, we've had the honor and the privilege of welcoming back guests back to our properties at a remarkable pace, both in Las Vegas and our regional markets.
It's been rewarding to see our guests taking in all the world-class gaming and entertainment experiences that only MGM Resorts can provide, and it's been equally gratifying to witness the tremendous effort of our employees delivering these experiences.
We have an amazing team of people here at MGM Resorts, the best in the business.
I can't say enough how critically important they have been, will continue to be to our success as we carry out our vision to be the world's premier gaming and entertainment company.
In fact, investing in our people and our planet is the foundation upon which we've built our strategic plan for the company's long-term vision.
Our strategic plan consists of the following four priorities: investing in our people and our planet, providing unique experiences for our guests by leveraging data-driven customer insights and digital capabilities, delivering operational excellence at every level, and allocating our capital responsibly to drive the highest returns for our shareholders.
In driving our vision, we have long discussed our goals of simplifying our corporate structure and monetizing our real estate premium valuations to become asset light.
We've been busy on this front.
And over the past 90 days, we've meaningfully advanced this strategy.
In May, we announced an agreement to sell and lease back MGM Springfield, underlying real estate to MGM Growth Properties.
We followed that news in July with an agreement to purchase Infinity World's 50% interest in CityCenter and then to subsequently sell and lease back the underlying real estate to Blackstone at an unprecedented cap rate for gaming asset.
And we're very excited to become the full owners of Aria and Vdara operations soon.
He's been a great partner for many years, and we wish him the very best in the future.
And finally, as you know, we have spent significant time and effort working on the best solutions for our stated goal of de-consolidating MGP.
This is a great win for MGM and MGP, and we're excited by our new long-term partnership with VICI.
Again, I'm incredibly proud of our finance, operating and legal teams, who have been accomplishing an astonishing amount in a short order to get these transactions across the finish line.
Combining these transactions grant us greater financial flexibility by the means of $11.6 billion in domestic liquidity and importantly, they allow us to intensify our focus on maximizing growth in our core business and pursuing opportunities that align to our long-term vision.
In terms of such opportunities, we remain committed to our sports betting and iGaming joint venture, BetMGM, which continues to impress.
Having expanded its net revenues and its leadership position in the second quarter, BetMGM is the No.
2 operator in the space nationwide, and in the second quarter, it commended 24% share of its live markets.
BetMGM remains a clear leader in iGaming, having reached a 30% market share in the second quarter, and we also continue to see the benefits of customer acquisition cross pollinization between MGM and BetMGM.
In the second quarter, 15% of BetMGM's new players came from MGM and 31% of MGM M life sign-ups came from BetMGM.
We'll strategically invest in our digital capabilities and customer growth strategies, driving innovation and a deeper customer loyalty throughout technology led customer-centric experiences, products and services.
These efforts will be led by Tilak Mandadi, who we recently hired as our chief strategy, innovation and technology officer.
Tilak is a visionary, a results-driven leader who has spent several decades of experience at both Disney and American Express, where he led similar initiatives.
Tilak will also be leading our relationship with BetMGM joining its board of directors.
He's another fantastic addition to our senior leadership team and complementary to the deep bench we've now built with recent additions of Jonathan as CFO, and Jyoti Chopra as our chief people, inclusion and sustainability officer.
I have no doubt that will be invaluable to the company's future.
We'll also increase our diversification into Asia through the footprint expansion in Macau and the integrated resort opportunity in Japan.
As a matter of fact, we officially submitted our RFP as a sole bidder for the Osaka license a couple of weeks ago, which starts the clock on a three-month review process.
We and our local partners, ORIX, remain excited by the opportunity, which we expect will yield very attractive returns.
We look forward to Osaka reviewing our proposal, and hopefully, I'm confident, we'll ultimately be named Osaka's designee operator early this fall.
And lastly, we continue to study key regional markets of significance, including commercial gaming license at Empire City in New York.
We reported a great second quarter at our domestic properties, driven by pent-up consumer demand and high domestic casino spend, as well as our ability to yield our business and maintain our cost discipline efforts.
In fact, we delivered all-time record margins in both Las Vegas and regional segments, as well as all-time record EBITDA quarters at our regional properties.
Further, 11 of our 17 domestic properties had all-time record quarters and slot gross win.
And that momentum continued into July with another record month that exceeded June.
I can't tell you enough under these circumstances how pleased and proud I am of our entire team.
We have righted the ship, and we're going full steam ahead.
In Las Vegas, our weekend volumes are back to normal, driven by leisure and domestic casino customers with ADRs now surpassing 2019 levels.
The weekday while improving continued to lag the weekends in the second quarter due to lower level of group business.
That being said, June kicked off a series of citywide events coming to town such as World Of Concrete and Surfaces, and we anticipate a return of groups here in the third and fourth quarter.
Feedback from meeting participants have been very positive.
Our lead volumes in the year for the year, production is now close to normal levels, which we expect will help midweek occupancy uplift in the back half of the year.
We continue to believe that full convention business recovery will be post '21 event, solidifying itself in the second half of 2022, and we remain pleased with how our '22 and '23 group calendar is shaping up, as well as contract commitments for the future.
In July, we relaunched entertainment with a great line of events that was met with overwhelming demand and now with Allegiant Stadium hosting large-scale entertainment, we can now drive more meaningful compression, especially at the mid to south end of the strip.
Consider the entertainment programming a few weekends ago, we had Garth Brooks at Allegiant Stadium, we had a McGregor fight at T-Mobile and Bruno Mars at Park MGM, selling over 98,000 tickets within our properties distance situated to capture significant amount of this foot traffic.
While our conviction in the long-term viability of our business remains stronger than ever, the recent rising number of COVID cases and the subsequent actions taken by the CDC and local regulators and our reinstituted mask mandates here in Las Vegas of note is a reminder that the pandemic is not completely behind us.
In Las Vegas, we continue to facilitate vaccinations among our employee base and have partnered with the Governor's Office to host multiple vaccination clinics including one at T-Mobile Arena, another on the strip at The Park, and we're using the full weight of our business and resources as part of this effort, including significant incentive offers to both guests and employees, who get vaccinated or bring friends and family to get vaccinated.
We've also invested in ongoing educational employee campaigns, as well as providing easy access to all three vaccines on pop-up clinics at all of our properties.
In July, we implemented a mandatory COVID testing program for all of our Las Vegas employees, who have not proven proof of vaccination.
We've taken the virus very seriously, and as always, the health and safety of our guests and employees is our top priority.
At this time, it's too early to speak to any meaningful impact to our business, but we are monitoring the situation closely.
And we'll continue to proactively work safely to accommodate guests and our properties.
July, as I mentioned before, was the best month this year and by far in terms of operating performance, we ultimately feel great about our long-term positioning in Las Vegas.
The last few months have inevitably proven that the city remains resilient to a top destination for both business and specifically for tourism.
Our regional properties that I mentioned earlier, delivered their best quarter to-date yet in terms of EBITDA.
We are encouraged by the stability of demand we saw at our properties as restrictions further eased into July, and I'm also pleased that our focus on cost and productivity across labor, player reinvestment and other streamline initiatives remain a key priority for our regional teams.
And finally, on Macau, in the second quarter, we delivered sequential improvements over the first, amid a choppy GGR environment that remains well below pre-pandemic levels.
Despite this, MGM China, given our strength in premium mass, continued to outperform our former position in the marketplace.
We believe the rate of Macau's recovery will continue to hinge on broader sentiment as we pace the vaccinations rollout throughout the regions, which will ultimately lead to sustainable easing of travel restrictions.
With the Guangdong outbreak quickly contained, July was off to a better start when we saw visitation and business volumes striking a pickup again.
And while the region had felt some additional speed bumps in recent days, with the government's expeditions efforts to contain the outbreak and border restrictions easing over time, we expect gradual growth demand for travel to Macau throughout the end of the second half of the year.
We remain committed to elevating our footprint in Macau and will soon be increasing our upscale suite inventory.
We have finalized the construction and fitting in the South Tower suites and MGM Cotai and are pleased with the final product, which we believe will be well received by our premier mass clients.
We are now in soft opening in order to make final adjustments to our product and to achieve a level of service that meets our high-quality of standards.
We expect to officially open it later this month, and further, we completed the gaming space refresh in MGM Macau and are now looking at remodeling our villas.
At both properties, we're enhancing our F&B options focused on the gaming floors, and over time, we have the ability to build out another hotel tower at MGM Cotai, along with meaningful entertainment assets to diversify our offerings.
I am confident in Macau's longer-term growth prospects and firmly believe our investment in premium product positions us well for a broader recovery.
With that, I'll turn this over to Jonathan to discuss our second quarter in more detail.
Let's first discuss our second-quarter results.
Our consolidated second quarter net revenues were $2.3 billion, significantly better sequentially over our first-quarter results.
Our net income attributable to MGM Resorts was $105 million, and our second-quarter adjusted EBITDAR improved sequentially to $607 million -- $617 million, once again, heavily driven by our domestic operations.
Our Las Vegas strip net revenues in the second quarter were $1 billion, 31% below the second quarter of 2019 and 28% below, excluding Circus Circus Las Vegas, which was sold at the end of 2019.
Despite the lower top line, we delivered far superior EBITDAR results.
Our second-quarter adjusted property EBITDAR was $397 million, which is 5% below the second quarter of 2019 and just 1% lower, excluding Circus.
Hold had a $6 million negative impact to our EBITDAR this quarter, so Hold-adjusted strip EBITDAR in Las Vegas was $403 million.
Our strip margins improved almost 1,100 basis points to an all-time record of 39.5%.
And this does not include the results of CityCenter, which generated $120 million of EBITDAR at a 46% margin.
As Bill mentioned in his remarks, our margin improvement was driven by a combination of strong leisure and casino demand, continued cost control and the operating leverage inherent in our business.
Naturally, with limited convention business and entertainment, we are driving more visitation from customers that we know.
And our second-quarter casino room mix was 9 points above pre-COVID levels.
Furthermore, our second-quarter casino revenues were 15% above 2019 levels and contributed to 35% of our overall net revenues in the second quarter.
This compares to roughly 22% in all of 2019.
We're seeing particular strength in the slot customer.
Our second-quarter slot handle was 23% greater than that of the second quarter of 2019 on an apples-to-apples basis, excluding Circus Circus.
And for the first time since being impacted by COVID, we are now attracting the older 65-plus demographic to our strip properties at levels commensurate with what we were seeing pre-pandemic.
Our second-quarter occupancy was 77%, an improvement from 46% in the first quarter with weekends and weekdays at 94% and 70%, respectively.
June occupancy was 83%, with weekends and weekdays at 96% and 79%, respectively.
July occupancy was 86%.
As pent-up demand -- as pent-up leisure demand stabilizes longer term, we believe this will be offset by ramping group business, and I echo Bill's comments that we're very pleased with the current trajectory of that segment's rebound.
I'll close on Las Vegas with some thoughts on margins.
Longer term, we believe that the 40% margins we achieved this past quarter will stabilize a bit lower as casino spend and overall business mix normalizes, and also as we ramp up staffing to more sustainable levels in order to serve our guests more fully.
However, I know that we have further upside in overall profit dollars as our top line continues to rebound with group business and entertainment.
I'm also confident that our focus on operational excellence and cost efficiency efforts will allow us to achieve strip margins well above 2019 levels long term.
Now, on to our regional operations.
Our second-quarter regional net revenues of $856 million were aided by the continuing easing of statewide restrictions, and we're just 6% below that of the second quarter in 2019.
We delivered adjusted property EBITDAR well over 2019 levels, 22% to be exact, to $318 million.
Much like in Las Vegas, we're driving success in casino, with second-quarter casino revenues outpacing 2019 levels by 8%, primarily due to slots and our higher-end customer base.
Our 50 to 64 age demographic, of which I'm a proud member, is now at 2019 levels, and we're attracting more of the 65-plus age demographic.
Our second-quarter regional margin of 37% was also an all-time record, growing 855 basis points over the second quarter of 2019 and sequentially by 316 basis points over the first quarter.
Our regional margin growth is a continued testament to all the great work that our teams have put into maximizing the effectiveness of our operating model and rethinking how we run our business.
This ranges from marketing reinvestment to procurement, from energy utilization to labor management.
And the breadth of our efforts gives me confidence that we will deliver on the $450 million of cost savings domestically, which we previously identified.
Our margins of the regions will likely normalize a bit lower from second-quarter levels longer-term as casino spend adjusts over time and as we reintroduce F&B and entertainment, especially in our destination markets.
We also expect to rightsize labor in the near term, which has certainly had a favorable impact on our margins, but it's also become a bottleneck in certain segments of our operations, negatively impacting our EBITDAR.
Still, similar to Las Vegas, I know that we can achieve regional margins well above 2019 levels longer term.
Our joint venture BetMGM is clearly the No.
iGaming and has solidified its No.
2 position nationwide in U.S. sports betting and iGaming.
Net revenues associated with BetMGM operations grew 19% sequentially from the first quarter to $194 million in the second quarter.
This was driven by growth in both iGaming and online sports betting verticals as a result of increased customer acquisition and strong retention that yielded more first-time deposits and actives.
These results are especially impressive during the quarter with arguably minimal exogenous catalysts, no major state launches, a seasonally low sports calendar and a further reopening of brick-and-mortar casinos.
Our share of BetMGM's losses in the second quarter amounted to $46 million, which is reported as a part of unconsolidated affiliates line of our adjusted EBITDA calculation.
We remain excited about BetMGM's strong positioning in this fast-growing marketplace and both partners remain committed to its long-term success.
Finally, in Macau, marketwide GGR sequentially improved 7% in the second quarter, but still remained depressed at only 35% of second-quarter 2019 levels.
Nevertheless, as Bill mentioned earlier, MGM China outperformed the market, with its GGR having recovered to 43% of pre-pandemic levels.
MGM China's second-quarter net revenues were $311 million, up slightly from the first quarter.
Adjusted property EBITDAR of $9 million also improved quarter over quarter from $5 million in the first quarter.
Hold adjusted EBITDAR was $13 million on 2.75% VIP win in second quarter compared to 3.29% in the first quarter.
Mass Hold was also lower sequentially.
Our second-quarter corporate expense, excluding share-based compensation, was $90 million, which included $6.5 million in transaction costs.
We expect that our quarterly net corporate expense will run a bit higher going forward as we ramp our investments in IT, our digital offerings and our IR efforts in Japan.
In the near term, we also expect to incur incremental costs related to our recently announced transactions.
We were active share repurchasers in the second quarter, having repurchased 5.6 million shares for $220 million.
We believe our shares are attractively valued and we've purchased an additional 6.8 million shares for $263 million in the third quarter through today, bringing us to $615 million of share repurchases year to-date.
Bill talked about our recent milestones in simplifying our story and becoming asset light.
We sold MGM Springfield's underlying real estate to MGP for $400 million at a 13.3 times rent multiple or a 7.5% cap rate.
We also transacted on CityCenter, effectuating a high watermark on the sale of real estate assets at an 18.1 times rent multiple or a 5.5% cap rate and acquiring ownership of 100% of the operations of ARIA and Vdara at an implied multiple of 8.9 times based on CityCenter's 2019 adjusted EBITDA from resort operations of $425 million.
CityCenter's second-quarter results demonstrate the premium quality of the property, the excellence of its management team and its cash flow generating potential with adjusted EBITDA of $120 million, 13% above the second quarter of 2019 and with margins of 46%.
And finally, we announced today the transaction with VICI, whereby we will receive $43 per unit or approximately $4.4 billion in cash for a majority of our MGP OP units.
As part of the agreement, we'll hold an approximately 1% stake in the newly combined company valued at nearly $400 million.
We will enter into an amended and restated master lease with VICI, with initial year's rent at $860 million.
The transaction values MGP at an implied 17.5 times pro rata EBITDA multiple for a 5.8% cap rate.
So it's been a busy and a productive quarter.
We expect to close on CityCenter by the end of the third quarter and Springfield by the end of the year, and our transaction with VICI will likely take us into the first half of next year to close, and all of these transactions are subject to regulatory approvals.
The end result is a cleaner, more focused company, a streamlined reporting structure and a stronger deployable cash position to maximize shareholder value and advance our vision to be the world's premier gaming entertainment company.
As of June 30, our liquidity position, excluding MGM China and MGP, was 6.5 billion and 11.6 billion adjusted for the aforementioned announcements.
On last quarter's call, I highlighted our approach to capital allocation, and it is certainly worth reiterating today.
First, we'll maintain a strong balance sheet with adequate liquidity.
Second, we'll return cash to shareholders, which we have done convincingly thus far this year.
We will continue to take a disciplined and programmatic approach to shareholder -- share repurchases for the balance of the year.
And third, when assessing potential growth opportunities, we'll invest where we have clear advantages.
And will exercise discipline in measuring prospective returns for our shareholders.
As we evaluate uses of our shareholders' capital over time, these priorities will act as a blueprint for our decision-making process.
We're very pleased, obviously, with all we've accomplished thus far this year.
Our strategic actions, together with the improving domestic backdrop, continued focus on operational excellence, and strong conviction in Macau's recovery, positions us very well for the future.
There's a lot to be excited about when we think about our path on delivering our long-term vision.
We remain focused, disciplined and ultimately transparent.

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qtrly mgm china net revenues of $311 million, an increase of 836% compared to prior year quarter.
qtrly consolidated net revenues of $2.3 billion, an increase of 683% compared to prior year quarter.

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