Gambling in the USA
MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2021 FINANCIAL AND OPERATING RESULTS
MGM Resorts International reported financial results for the quarter ended June 30, 2021.
“We delivered a strong second quarter, driven by robust demand and productivity efforts across our domestic portfolio. Our Las Vegas Strip and Regional Operations Adjusted Property EBITDAR margins reached all-time records and our Regional Operations also delivered an all-time quarterly record in Adjusted Property EBITDAR. Our U.S. sports betting and iGaming venture, BetMGM, continues to outperform as the number two operator nationwide,” said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. “We also recently announced several strategic transactions that furthered our goal of becoming a more streamlined, focused organization with stronger liquidity. We continued to advance that goal today with our announced agreement with VICI and MGM Growth Properties to monetize our MGP Operating Partnership units for $4.4 billion in cash. I’m grateful for the tremendous work that our MGM Resorts teams continue to put into positioning this Company for future growth and success.”
“Our robust liquidity position provides us with significant flexibility as our business continues to improve and stabilize. As such, we have returned capital to shareholders through share repurchases during the second quarter and expect to remain programmatic in our approach through the rest of the year,” said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. “As we navigate future uses of our capital, we will remain disciplined in maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to shareholders.”
Second Quarter 2021 Financial Highlights:
Consolidated Results
- Consolidated net revenues of $2.3 billion, an increase of 683% compared to the prior year quarter. While the current quarter benefited from the easing of operational and capacity restrictions and an increase in travel, the prior year quarter was negatively affected by temporary closures at our properties due to the COVID-19 pandemic;
- Consolidated operating income was $264 million compared to consolidated operating loss of $1.0 billion in the prior year quarter;
- Net income attributable to MGM Resorts of $105 million compared to net loss attributable to MGM Resorts of $857 million in the prior year quarter;
- Diluted earnings per share of $0.14 in the current quarter compared to diluted loss per share of $1.67 in the prior year quarter;
- Adjusted diluted earnings per share (“Adjusted EPS”)(1)Â was a loss per share of $0.13 in the current quarter compared to an Adjusted EPS loss per share of $1.52 in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2)Â of $617 million in the current quarter.
Financial Position   & Liquidity
- Cash and cash equivalents balance as of June 30, 2021 was $5.6 billion, which included $298 million at the MGP Operating Partnership and $331 million at MGM China;
- Total liquidity at June 30, 2021 was $9.9 billion, which included $1.6 billion at the MGP Operating Partnership and $1.8 billion at MGM China, which was comprised of cash and cash equivalents and capacity under the revolving credit facilities at the Company, MGP Operating Partnership and MGM China; and
- At June 30, 2021, principal amount of indebtedness was $12.7 billion, including $4.2 billion at the MGP Operating Partnership and $3.0 billion at MGM China.
Las Vegas Strip Resorts
- Net revenues of $1.0 billion, an increase of 566% compared to the prior year quarter and a decrease of 31% compared to the second quarter of 2019. While the current quarter benefited from the easing of operational and capacity restrictions and an increase in travel, the prior year quarter was negatively affected by temporary property closures;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues(3)Â of $1 billion, an increase of 613% compared to the prior year quarter and a decrease of 32% compared to the second quarter of 2019;
- Adjusted Property EBITDAR(2) Â of $397 million compared to a loss of $104 million in the prior year quarter, and a decrease of 5% compared to the second quarter of 2019;
- Adjusted Property EBITDAR margin(2)Â of 39.5% in the current quarter, an increase of 1,097 basis points compared to the second quarter of 2019 due primarily to realized benefits of the Company’s cost savings initiatives; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR(2)Â of $403 million compared to a loss of $112 million in the prior year quarter, and a decrease of 6% compared to the second quarter of 2019.
Regional Operations
- Net revenues of $856 million, an increase of 859% compared to the prior year quarter and a decrease of 6% compared to the second quarter of 2019. While the current quarter benefited from the easing of operational and capacity restrictions and an increase in travel, the prior year quarter was negatively affected by temporary property closures;
- Adjusted Property EBITDAR of $318 million compared to a loss of $112 million in the prior year quarter, and an increase of 22% compared to the second quarter of 2019; and
- Adjusted Property EBITDAR margin of 37% in the current quarter, an increase of 855 basis points compared to the second quarter of 2019 due primarily to realized benefits of the Company’s costs savings initiatives.
MGM China
- Net revenues of  $311 million, an increase of 836% compared to the prior year quarter and a decrease of 56% compared to the second quarter of 2019. The prior year quarter was more significantly impacted by travel and entry restrictions in Macau as well as other operational restrictions related to the pandemic than in the current quarter;
- VIP Table Games Hold Adjusted MGM China Net Revenues(3)Â of $317 million, an increase of 895% compared to the prior year quarter and a decrease of 57% compared to the second quarter of 2019;
- Adjusted Property EBITDAR of $9 million compared to a loss of $116 million in the prior year quarter, and a decrease of 95% compared to the second quarter of 2019; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR(2)Â of $13 million compared to a loss of $118 million in the prior year quarter, and a decrease of 93% compared to the second quarter of 2019.
Recent Developments
In August 2021, the Company entered into an agreement with VICI Properties, Inc. (“VICI”) and MGP whereby VICI will acquire MGP. Pursuant to the agreement, MGP Class A shareholders will receive 1.366x shares of newly issued VICI stock in exchange for each Class A share of MGP. The fixed exchange ratio represents an agreed upon price of $43 per share of MGP Class A share to the five-day volume weighted average price of VICI stock as of the close of business on July 30, 2021. A majority of the Company’s Operating Partnership units will be redeemed for $43 per unit, for cash consideration of approximately $4.4 billion, and the Company will retain an approximate $370 million ownership interest in the VICI operating partnership. As part of the transaction, the Company will enter into an amended and restated master lease with VICI. The new master lease will have an initial term of 25 years, with three ten-year renewals, and initial annual rent of $860 million, escalating at a rate of 2.0% per annum for the first 10 years and thereafter at the greater of 2.0% per annum or the consumer price index, subject to a 3.0% cap. The other terms are largely consistent with the existing master lease. The transaction is expected to close in the first half of 2022, subject to regulatory approvals and approval by VICI stockholders.
In June 2021, the Company entered into an agreement pursuant to which the Company will purchase the 50% ownership interest in CityCenter held by Infinity World Development Corp for cash consideration of $2.125 billion. The transaction is expected to close in the third quarter of 2021, subject to certain closing conditions. Upon close of the transaction, the Company will own 100% of CityCenter and, accordingly, will consolidate CityCenter in its financial statements. The Company also entered into an agreement pursuant to which a fund managed by Blackstone Group Inc. will acquire the real estate assets of Aria and Vdara from the Company for cash consideration of $3.89 billion and lease it back to a subsidiary of the Company pursuant to a lease agreement. The Aria and Vdara lease will have an initial term of 30 years and initial annual base cash rent of $215 million. The transaction is expected to close in the third quarter of 2021, subject to certain closing conditions, which include the requisite closing of the equity interest purchase of CityCenter, discussed above.
In May 2021, the Company entered into an agreement with MGP whereby MGP will acquire the real estate assets of MGM Springfield from the Company for $400 million of cash consideration. MGM Springfield will be added to the master lease between the Company and MGP. Following the closing of the transaction, the annual rent payment to MGP will increase by $30 million. The transaction is expected to close in the fourth quarter of 2021, upon receipt of interim regulatory approvals from the Massachusetts Gaming Commission and the satisfaction of other customary closing conditions.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings (loss) per share (“EPS”) to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
|
Three Months Ended June 30, |
2021 |
2020 |
||||||||
|
Diluted earnings (loss) per share |
$ |
0.14 |
$ |
(1.67) |
||||||
|
Property transactions, net |
(0.06) |
0.05 |
||||||||
|
October 1 litigation settlement |
— |
0.10 |
||||||||
|
Restructuring |
— |
0.04 |
||||||||
|
Non-operating items: |
||||||||||
|
Gain related to equity instrument |
(0.17) |
— |
||||||||
|
Change in fair value of MGP swaps |
0.01 |
— |
||||||||
|
Unconsolidated affiliate items: |
||||||||||
|
Gain related to sale of Harmon land |
(0.10) |
— |
||||||||
|
Income tax impact on net income adjustments (1) |
0.05 |
(0.04) |
||||||||
|
Adjusted diluted loss per share |
$ |
(0.13) |
$ |
(1.52) |
||||||
|
(1) |
The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. |
Las Vegas Strip Resorts
Casino revenue was $353 million for the second quarter of 2021 compared to $63 million in the prior year quarter, an increase of 461%, due primarily to the impact of COVID-19 in the prior year period.
The following table shows key gaming statistics for Las Vegas Strip Resorts:
|
Three Months Ended June 30, |
2021 |
2020 |
||||
|
(Dollars in millions) |
||||||
|
Table Games Drop |
$ |
777 |
$ |
149 |
||
|
Table Games Win |
$ |
173 |
$ |
48 |
||
|
Table Games Win % |
22.3% |
32.5% |
||||
|
Slots Handle |
$ |
3,641 |
$ |
524 |
||
|
Slots Win |
$ |
351 |
$ |
49 |
||
|
Slots Win % |
9.6% |
9.3% |
||||
Rooms revenue was $299 million for the second quarter of 2021 compared to $26 million in the prior year quarter, an increase of 1,044% due primarily to an increase in REVPAR(4)Â as a result of increased occupancy at our properties due to the easing of capacity restrictions and increased travel in the current quarter.
The following table shows key hotel statistics for Las Vegas Strip Resorts:
|
Three Months Ended June 30, |
2021 |
2020 |
||||
|
Occupancy %(1) |
77% |
43% |
||||
|
Average Daily Rate (ADR) |
$ |
149 |
$ |
154 |
||
|
Revenue per Available Room (REVPAR)(1) |
$ |
115 |
$ |
66 |
||
|
(1) |
Rooms that were out of service during the three months ended June 30, 2020 due to the COVID-19 pandemic were excluded from the available room count when calculating hotel occupancy and REVPAR. |
Regional Operations
Casino revenue was $708 million compared to $77 million in the prior year quarter, an increase of 817% due primarily to the impact of COVID-19 in the prior year period.
The following table shows key gaming statistics for Regional Operations:
|
Three Months Ended June 30, |
2021 |
2020 |
||||
|
(Dollars in millions) |
||||||
|
Table Games Drop |
$ |
972 |
$ |
58 |
||
|
Table Games Win |
$ |
203 |
$ |
13 |
||
|
Table Games Win % |
20.9% |
21.9% |
||||
|
Slots Handle |
$ |
6,514 |
$ |
485 |
||
|
Slots Win |
$ |
622 |
$ |
48 |
||
|
Slots Win % |
9.6% |
10.0% |
||||
MGM China
Key second quarter results for MGM China include:
- Net revenues of  $311 million, an increase of 836% compared to the prior year quarter and a decrease of 56% compared to the second quarter of 2019;
- Main floor table games win of $252 million compared to $12 million, an increase of 2,093% compared to the prior year quarter;
- VIP table games win of $71 million compared to $12 million, an increase of 505% compared to the prior year quarter; and
- Adjusted Property EBITDAR of $9 million compared to a loss of $116 million in the prior year quarter. License fee expense was $5 million in the current quarter and $1 million in the prior year quarter.
The following table shows key gaming statistics for MGM China:
|
Three Months Ended June 30, |
2021 |
2020 |
||||
|
(Dollars in millions) |
||||||
|
VIP Table Games Turnover |
$ |
2,590 |
$ |
450 |
||
|
VIP Table Games Win |
$ |
71 |
$ |
12 |
||
|
VIP Table Games Win % |
2.7% |
2.6% |
||||
|
Main Floor Table Games Drop |
$ |
1,258 |
$ |
66 |
||
|
Main floor Table Games Win |
$ |
252 |
$ |
12 |
||
|
Main Floor Table Games Win % |
20.1% |
17.5% |
||||
Corporate Expense
Corporate expense, including share-based compensation for corporate employees, decreased to $97 million in the second quarter of 2021, from $143 million in the prior year quarter. The current quarter included $6 million in transaction costs, while the prior year quarter included $49 million in October 1 litigation settlement expense, $5 million in restructuring costs, and $9 million in corporate initiative costs.
Unconsolidated Affiliates
The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
|
Three Months Ended June 30, |
2021 |
2020 |
||||||
|
(In thousands) |
||||||||
|
CityCenter |
$ |
90,212 |
$ |
(39,113) |
||||
|
MGP BREIT Venture |
38,954 |
38,861 |
||||||
|
BetMGM |
(45,979) |
(5,241) |
||||||
|
Other |
151 |
(2,860) |
||||||
|
$ |
83,338 |
$ |
(8,353) |
|||||
On June 8, 2021, CityCenter Holdings, LLC (“CityCenter”) closed the sale of its Harmon land for $80 million on which it recorded a $30 million gain. MGM Resorts recorded a $50 million gain, which included $15 million representing its 50% share of the gain recorded by CityCenter and $35 million representing the reversal of certain basis differences.
For the three months ended June 30, 2021, CityCenter’s net income was $79 million and Adjusted EBITDA(5) was $120 million compared to net loss of  $112 million and Adjusted EBITDA loss of $37 million in the prior year quarter. While the current quarter benefited from the easing of operational and capacity restrictions and an increase in travel, the prior year quarter was negatively affected by temporary property closures.
MGM Growth Properties
During the second quarter of 2021, the Company made rent payments to MGM Growth Properties Operating Partnership LP (“MGP Operating Partnership”) in the amount of $211 million and received distributions of $55 million from the MGP Operating Partnership. In June 2021, the Board of Directors of MGM Growth Properties LLC (“MGP”) approved a quarterly dividend of $0.5150 per Class A share which represents a dividend of $2.06 per share on an annualized basis totaling $81 million, which was paid on July 15, 2021 to holders of record on June 30, 2021. The Company concurrently received a $57 million distribution attributable to its ownership of MGP Operating Partnership units.
MGM Resorts Dividend and Share Repurchases
On August 4, 2021, the Company’s Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable on September 15, 2021 to holders of record on September 10, 2021.
During the second quarter of 2021, the Company repurchased approximately 5.6 million shares of its common stock at an average price of $39.48 per share for an aggregate amount of $220 million, pursuant to the February 2020 $3.0 billion stock repurchase plan. The remaining availability under the February 2020 $3.0 billion stock repurchase program was $2.7 billion as of June 30, 2021. All shares repurchased under the Company’s program have been retired.
G2E Las Vegas 2025 is set to host the first-ever US Dealer Championship, and TCSJOHNHUXLEY is delighted to announce its sponsorship of this landmark event. The championship, which celebrates the skill and professionalism of casino dealers, will take place at The Venetian Expo from October 7-9, 2025.
The G2E Dealer Championship will bring together the nation’s top casino dealers to compete for the title of “Best Dealer.” Contestants will be judged on their technical precision, game knowledge, and ability to provide a superior player experience.
As a proud sponsor TCSJOHNHUXLEY will be supplying all the Roulette tables for the competition, ensuring the highest standard of equipment for the championship. This not only highlights the company’s commitment to the dealers but also provides the perfect platform to showcase its renowned manufacturing expertise. TCSJOHNHUXLEY’s world-class Roulette tables are testament to the precision engineering and superior craftsmanship that has set the industry standard for decades.
Phil Lee, TCSJOHNHUXLEY Chief Financial Officer & Managing Director Americas comments, “We are delighted to be a part of the first G2E Dealer Championship, an event that truly celebrates the invaluable role of casino dealers. Dealers are the heart of the live gaming experience, and we are committed to supporting their success. Our outstanding Roulette tables will provide the perfect platform for these talented professionals to showcase their artistry and skill.”
The G2E Dealer Championship will take place at Booth #5225, located in The Strip at G2E.
The sponsorship underscores TCSJOHNHUXLEY’s unwavering commitment to the live gaming sector and the professionals who drive its success. The company invites all attendees to witness the championship and visit its stand at Booth #4439 during the expo to see its full range of innovative solutions.
Gambling in the USA
Kindbridge Research Institute Launches “Stigma Stand Down” for Military Mental Health
Kindbridge Research Institute (KRI), a national leader in behavioral addiction research, announced the launch of Stigma Stand Down (SSD), a Colorado statewide initiative dedicated to confronting stigma, breaking down barriers, and fostering resilience among active-duty service members, veterans, and their families impacted by mental health and gambling-related challenges.
Inspired by military “safety stand-downs,” SSD addresses the hidden burdens carried by those who serve, where stigma often prevents seeking help for mental health issues, including gambling disorder – a condition up to 3.5 times more prevalent in military populations than civilians. With over 60,000 active-duty, guard, and reserve personnel in Colorado, as well as the rapid growth of legalized sports betting since 2018, SSD arrives at a critical time to normalize conversations around mental health, PTSD, depression, substance use, and gambling-related harms.
“Stigma is a silent enemy that leaves our service members and veterans isolated, harming their families, units, and mission readiness. Stigma Stand Down is our frontline response: dismantling shame and delivering free, confidential, evidence-based care designed for military realities. We thank our partners for standing with us and call on more allies to help transform lives and build stronger communities,” said Mark Lucia, Director of Programming at Kindbridge Research Institute.
Key elements of Stigma Stand Down include:
• Education and Resources: Practical, no-jargon webinars, videos, and courses on gambling disorder, mental health, financial literacy, and stigma reduction, accessible via a dedicated, mobile-friendly website for leaders, families, and providers.
• Free Mental Health Support: Through a partnership with Kindbridge Behavioral Health – a specialized national telehealth provider for gaming, gambling, and mental health issues – military members and their families can access free, confidential virtual therapy sessions.
• Statewide Outreach: Multimedia campaigns, on-base distributions, geographically targeted ads, and veteran-led stories to reach rural and underserved areas, fostering a culture where seeking help is seen as strength.
• Self-Assessment Tools: An anonymous Gambling Self-Check (BBGS) screener providing immediate, personalized feedback to encourage early intervention.
SSD builds on insights from KRI’s 50×4 Vets initiative and partnerships with organizations including the University of Nevada Las Vegas, University of New Mexico, Cactus Advertising Agency, and Kindbridge Behavioral Health. This program was made possible through grants provided by the Colorado Division of Gaming and FanDuel.
Gambling in the USA
GAMING INDUSTRY’S TOP CEOs BILL HORNBUCKLE, PETER JACKSON & JASON ROBINS TO KEYNOTE G2E 2025
Main Stage Also Features Tribal Innovation Discussion Oct. 6;Â Global Gaming Women to Present Mental Health Dialogue Oct. 8
The Global Gaming Expo, presented by the American Gaming Association (AGA) and organized by RX, announces its highly anticipated main stage programming for G2E 2025. Over three days, G2E will feature conversations with some of the most influential voices in gaming and offer diverse perspectives on the future of the industry. G2E 2025 takes place Oct. 6-9 at The Venetian Expo in Las Vegas and marks the event’s 25th year.
“We are honored to welcome a distinguished lineup of key industry leaders to the G2E main stage,” said AGA President and CEO Bill Miller. “As we mark 25 years of G2E, we’re proud to continue to be a catalyst for gaming’s growth, and our programming reflects the ideas and leadership shaping the industry’s future.”
Progress or Pressure: How Tribes Can Harness Innovation on Their Terms
Monday, Oct. 6 at 4 p.m. Doors open at 3:30 p.m.
Indian Gaming Association (IGA) Chairman Ernie Stevens Jr. will open the main stage by underscoring the central contributions of tribal operators to the U.S. gaming landscape and the challenges and opportunities that lie ahead.
Bringing together leading tribal voices, the program will explore how tribes embrace innovation on their own terms—balancing growth with sovereignty and long-term success. Panelists will address how emerging technologies, evolving business models, and the rise of illegal, unregulated markets are reshaping the competitive environment. The dialogue will highlight both the opportunities to harness new tools for sustainable growth and the pressures of protecting the industry’s integrity in a rapidly changing landscape.
Moderated by IGA’s Executive Director Jason Giles, the conversation will feature:
- Rodney Butler, Chairman, Mashantucket Pequot Tribal Nation
- James Siva, Chairman, California Nations Indian Gaming Association
Additional participants may be announced in the coming days.
Inside the C-Suite: Gaming’s Future in Focus on Stage
Tuesday, Oct. 7 at 8:45 a.m. Doors open at 8:15 a.m.
AGA President and CEO Bill Miller will open G2E 2025’s keynote session, welcoming global gaming professionals and underscoring the strength and momentum of legal gaming upon the opening of the industry’s biggest gathering of the year.
Following Miller’s remarks, Hope King, founder of Macro Talk, on-air contributor to Yahoo Finance, and events host and moderator for Axios, will lead an impactful series of one-on-one conversations with top global gaming CEOs. Discussions will address key trends and challenges shaping the industry—including investor expectations, domestic and international expansion, and intensifying competition in regulated and unregulated markets. Featuring:
- Bill Hornbuckle – CEO & President, MGM Resorts International
- Peter Jackson – CEO, Flutter Entertainment
- Jason Robins – CEO, DraftKings
The session will conclude at 10 a.m., immediately followed by the opening of the expo floor.
Breaking the Stigma: An Honest Dialogue on Mental Health
Wednesday, Oct. 8 at 9 a.m. Doors open at 8:45 a.m.
Multi-sport athlete and mental health advocate Kendall Toole will share her personal journey in a conversation moderated by Global Gaming Women (GGW) Sip & Social Chair Meghan Speranzo. Presented by GGW, the session will foster an open dialogue on mental health, designed to reframe how attendees think about wellness and inspire stronger voices across the gaming industry and beyond. This conversation will be open to all badge holders. Ahead of the discussion, GGW will host their Sip & Social event from 8 a.m. – 8:45 a.m. in the same room. For more information on this separate networking event, visit globalgamingwomen.org/event-6325670.
Presented by the AGA and organized by RX, G2E’s full education lineup features more than 100 sessions. G2E 2025 runs from October 6-9 (Education: October 6-9 | Expo Hall: October 7-9) at The Venetian Expo in Las Vegas.
Since 2001, G2E has served as the premier global event for the legal, regulated gaming industry, fostering innovation and driving growth across casinos, hospitality, technology, iGaming, sports betting, and more. The event will welcome over 25,000 industry professionals from more than 120 countries, regions, and territories, and nearly 400 exhibitors showcasing the latest global gaming technologies.
For more information, visit globalgamingexpo.com.
-
eSports7 days agoGlobal Esports Federation confirms program for Los Angeles 2026 Global Esports Games
-
Latest News7 days agoEstrelaBet to offer Opta-powered stats markets and premium live football streaming in extensive partnership with Stats Perform
-
Gambling in the USA6 days agoGAMING INDUSTRY’S TOP CEOs BILL HORNBUCKLE, PETER JACKSON & JASON ROBINS TO KEYNOTE G2E 2025
-
Latest News6 days agoGenius Sports Expands its Long-term Partnership with Hard Rock Bet Sportsbook
-
Canada6 days agoSave the Date: BCLC’s New Horizons in Safer Gambling Conference Returns November 2026
-
Canada6 days agoThunderkick commits to growth in Ontario with Betty partnership
-
Latest News6 days agoAviatrix partners with TQJ and joins the Bet do MilhĂŁo portfolio
-
Latest News6 days agoBede Gaming awarded NASPL Associate Membership