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US – MGM enjoys its best ever quarter on the Las Vegas Strip

By - 4 November 2022

MGM Resorts generated record Las Vegas Strip Resorts revenue and Adjusted Property EBITDAR for the quarter ended September 30, 2022 with revenues of $3.4bn compared to $2.7bn in the prior year quarter, an increase of 26 per cent.

Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International, said: “We’re proud to report the best quarter in our Las Vegas Strip history, both on a revenue and Adjusted Property EBITDAR basis, driven by the continued appeal of our entertainment and meetings offerings. We achieved several key milestones during the quarter, including closing on the acquisition of LeoVegas and submitting our tender for a new gaming concession to the Macau SAR government. Our outlook remains promising, with continued progress in our operations with BetMGM and development initiatives in New York and Japan as well as strong bookings into 2023 in our domestic operations. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.”

“We continue to see great value in our Company’s shares and repurchased approximately 10 million
shares for an aggregate amount of $307m in the quarter,” said Jonathan Halkyard, Chief Financial
Officer and Treasurer of MGM Resorts International. “We remain disciplined in our approach to capital
deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while also
pursuing growth opportunities with the greatest return to shareholders.”

The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas and Aria and Vdara upon their acquisition in May 2022 and September 2021, respectively. Additionally, results improved over the prior year quarter due to increased business volume and travel activity primarily at the Las Vegas Strip Resorts.

The company’s regional markets generated net revenues of $974m in the current quarter compared to $925m in the prior year quarter, an increase of five per cent due to an increase in business volume.

In Macau, Caesars generated revenues of $87m in the current quarter compared to $289 million in the prior year quarter, a decrease of 70 per cent. The current quarter was negatively affected by COVID-19 related property closures and was more significantly impacted by travel and entry restrictions in Macau
compared to the prior year quarter.

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