MGM Resorts International (MGM) J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum summary

Strategic priorities and digital growth

• Digital business is the top priority, with BetMGM expected to reach $2.5 billion and expansion into Brazil imminent.

• Focus remains on Las Vegas, leveraging strong assets and targeting younger, higher-spending customers.

• Regional properties and Macau continue to perform well, with stable market share in Macau.

• Development projects in New York and Japan are advancing, with Japan construction set to begin in April.

• Operational efficiencies target $200 million, with $150 million expected this year through fee increases, labor efficiencies, and automation.

Las Vegas market and property investments

• Strong demand in Las Vegas across all segments, with group business particularly robust in Q1.

• Major renovation at MGM Grand underway, repurposing furniture and upgrading infrastructure to attract group and leisure customers.

• Systematic room renovations since 2020 have reduced average room age, supporting ADR and group business growth.

• Renovations have minimal disruption to group activities, with a $65 million revenue impact at MGM Grand offset by efficiency gains.

• Non-gaming attractions and sports events, including the Sphere and potential Oakland A's stadium, are boosting visitation and yield.

Digital business and product innovation

• BetMGM's EBITDA guidance assumes $250 million incremental, driven by product improvements and reduced marketing spend.

• Launch of Nevada single wallet enhances omni-channel experience and customer retention.

• Live betting and single game parlays are growing, with margin expansion targeted at 11-13%.

• iGaming expansion is expected in states with tax needs, with Maryland, New York, and Illinois as likely candidates.

• International digital growth focuses on Brazil, leveraging Globo partnership and new proprietary platform for market entry.