Work with MGM Vacation Planners to put together the right Las Vegas vacation for your friends and family. Disclosure: None. And these are businesses that when you look at what we paid to acquire them are sub-six times EBITDA multiples. Welcome aboard the Starship OPM for your nonstop, warp-speed flight to Uranus. MGM Resorts International (NYSE:MGM) has a market capitalization of $13.733 billion. Good afternoon, everybody. Do Not Sell My Personal Information (CA residents only). So, it's really both of those dynamics, which have caused that. And that's really important because it is all about growing long-term market share for profitable market share for our businesses here in Las Vegas. Looking forward, improved design and functionality of the BetMGM app launch of a single wallet and omnichannel growth will be tailwinds behind future growth of their business and its impact to MGM as we look to reach profitability during 2023. You know the new markets we've indicated we're opening up. The best way to plan your wedding in Las Vegas is to work with our Wedding Planners at each of our resorts. We plan to continue to buy back stock through our authorized program. Others might choose an intimate outdoor wedding like the Garden Wall at the MGM Signature Suites. Our utilities are largely bought through the -- our energy costs largely bought through the end of 2023. Lee was appointed in November by Gov. Las Vegas is more than gaming and pool parties. The liquidity is amazing. Now I'd like to talk about the integrated resource development opportunities we have. Thanks for taking my question. And so, there are -- we obviously have a deal with Marriott at the Cosmopolitan of Las Vegas. News, The L.A. Times, The New York Times, Ad Age, Business Insider, Mens Health, Buzzfeed, and Complex to name a few. We look to add on to it with live dealer. Elton John was here on a Tuesday night, he put 50,000 plus in Allegiant Stadium the south end of the strip is absolutely benefiting. We want to do more work, and we will continue to do -- they will not go backwards from this point. Privacy Policy - Interest-Based Advertising Thanks for taking my questions. So, there's nothing to indicate we're not extremely positive by that opportunity in the channel that brings us and the overall nature of it. And so, the opportunity that balance sheet presents for us, we think, is very compelling and very exciting as we think about the next couple of years. Terms of Use "In just over a year, F1 fans from around the globe will see how Las Vegas throws a party," Steve Zanella, MGMs chief commercial officer, said in a statement. And I think there's some room for enhancement in a couple of places, Las Vegas, and potentially a couple of regional properties despite the one-off opportunities and things that hit us. So, it was the first-ever Las Vegas race on the strip, that weekend happens to be one of the slowest historic weekends of the year for us ahead of Thanksgiving. Much like 19th century Impressionist painters who applied color to canvas with small, seemingly unrelated dashes of paint, we bring it all together in a way that, once one sees the whole picture, reveals a complete masterwork. Free cancellation. Staying with digital for a moment, we remain bullish on BetMGM, which continues to build on its success every quarter. During the quarter, our highest daily Warts Casino segment remained our best performing with the greatest increase in both rated days and theoretical win. With that, I'll turn this over to Jon and to discuss more details of the quarter. This brings our year-to-date loss to $186 million, and we remain comfortable with our guidance for a $225 million contribution for the year. The breach of the cash-for-surveys site dated back to November 2016 and exposed names, physical addresses, email addresses and passwords stored in plain text for older accounts along with weak MD5 hashes for newer ones. Sure. Please go ahead. There's about $400 million or so that's required in so-called working capital and our cages, etc. Yeah. But there's clearly an opportunity going forward. Our consolidated third-quarter net revenues were $3.4 billion, an increase of 26% compared to 2021 despite the 70% revenue decline at MGM China due to closures and other COVID-related limitations. There was a call out in the 10-Q for higher advertising costs. Our next question will come from Shaun Kelley with Bank of America. Macau is obviously an SAR, but it is obviously considered part of broader China in every way shape performance. But I don't know me, Hubert, if you want to talk any more sentiment and particularly, maybe talk about where you are with the lockdown. Should You Buy the 5 Highest-Paying Dividend Stocks in the S&P 500? Gotcha. We continue to stay alert and are actively monitoring our business and indications of a slowdown. We do expect corporate expense to remain elevated in the fourth quarter due mostly to transaction costs related to the Mirage sale. Atlantic City, we saw a little bit of a ramp -- that market is a tough market right now. Please go ahead. I think part of it is our Ontario/Detroit database, and we've had exposure to those customers for 20 years. Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News OK. That's great. Please go ahead. This important acquisition represents the first step of an aggressive expansion in international and online gaming for MGM. So, during your search, you may find details like: Official health standards. With this in mind, I guess, just kind of like high level, is the opco structure do you think still the most desirable strategy? If that didn't make sense. WebResorts World Las Vegas Debuts First-Ever Property-Wide Multimedia Experience VegasNews - January 20, 2022 Viva Las Vegas Rockabilly Weekend to Celebrate 25th Year, April 14-17 There seems to be -- I think you've highlighted a few times, but there seems to be a disconnect in your valuation. We are at a place -- we said they would come back to where they are. Options including, custom Wi-Fi and dedicated high speed wired internet, webcasting, session capture and full Hybrid Virtual Meeting services. The Motley Fool has a disclosure policy. Dan Politzer -- Wells Fargo Securities -- Analyst. And so, that -- all of that activity case would remain with that JV and that partnership. This material may not be published, broadcast, rewritten, or redistributed. Many properties have updated us about their enhanced health and safety measures. We have grown our labor in both the regional markets and in Las Vegas in the past quarter. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. A couple of things. With respect to Vegas and acknowledging a lot of moving parts with Cosmopolitan coming in city center being consolidated, start to sort this going out if we're going back to 2019. And finally, our capital allocation priorities are as follows. During the call, we will also discuss non-GAAP financial measures in talking about our performance. Learn more, Don't miss Jermell Charlo vs Tim Tszyu at Michelob ULTRA Arena! Good afternoon, and welcome to the MGM Resorts International third quarter 2022 earnings conference call. Great. Sounds good. This article is originally published atInsider Monkey. We've seen that number double in the last year between what happened in the third quarter of '21 versus the third quarter of '22 in terms of activity. Business is exceptionally strong right now in Las Vegas at MGM Resorts and we see the market remaining exceptionally hot. Please go ahead. It's actually Bill, David. Jon? And we also recently announced the addition of Gary Fritz as our president of interactive. Thank you both. Yeah. Your gorgeous host is Andromeda, the glitchiest, most sex-starved android since Wall-E. Before or after the show, venture into the all-senses overloaded dining experience in Superfrico at OPM. Sweden is the benchmark, about 35% of its business comes from there. Learn more, Don't miss Banda MS & Eden Muoz at Michelob ULTRA Arena on September 15, 2023! By doing that, I think, is meaningful to us. As per our database, 53 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of the third quarter which was 46 in the previous quarter. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorizes it. As we look at the convention segment, which has the longest lead time it gives us visibility into the future, our convention room mix is pacing at our goal of 19% with increased ADRs year over year. Please go ahead. Chad Beynon -- Macquarie Research -- Analyst. But when I look at the capital structure, the combination of it and its cost with what I think is our operating leverage in these other businesses with the demand dynamics we've described and the fact that really our regional cross-property efforts are just getting started to the Cosmopolitan integration is still very early in this whole event backdrop I just think it's a fantastic opportunity for value creation. We just really like where we are in Las Vegas. We will host a men's NCAA West Regional for Suite 16 in Elite 8 rounds at T-Mobile in March and Formula One, as you know, were selected the weekend of November 16 next year. The Macau government is in the process of reviewing each of the concessioners' proposals and we expect a decision to be made by year-end. And then with respect to the zero-COVID policy in China and kind of where things stand right now. WebNews Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Great. And so, it will take some investments. Our teams are here to assist in planning your next event from a small corporate meeting or family reunion to a large conference. We've seen some groups from Hong Kong. With this in mind, if we think about the sequential margin compression in Vegas, 2Q to 3Q, how much of this is a mix dynamic, so adding lower margin revenues as you called out? The 2023 Las Vegas Grand Prix is scheduled for the weekend of Nov. 16. And so, we feel really good about what's happened there. No, that's all right. Leo Vegas was an opportunity to open up rest of the world. Our next question will come from Chad Beynon with Macquarie. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the time the bank authorizes it. Our next question will come from Barry Jonas with Truist Securities. Those interested in purchasing one of the packages will have to wait. There's a real opportunity to go back and forth on that. I'm pleased to report another phenomenal quarter of financial results driven by our domestic business, with the Las Vegas Strip setting a new record for revenues and adjusted property EBITDAR. In addition, please check out our hedge fund investor letters Q3 2022page for more investor letters from hedge funds and other leading investors. Our outlook continues to be positive and we're flexing our operations to take full advantage of the demand we're experiencing in the marketplace. Please go ahead. So, these types of things could happen from time to time if the policy is still in place. WebFrom contactless check-in to increasing cleaning schedules of common areas in both public areas and back of the house to paying special attention to high-contact areas such as doorknobs and food contact surfaces to in-room covid testing, we are also pioneering a COVID-19 pilot testing protocol with some of the most cutting edge companies, so that if I guess, what are you seeing in that market for BetMGM in terms of how it's ramping versus the U.S. and how it might evolve from here? Southern Nevada's award-winning source for news, sports, politics, entertainment and opinion; locally owned and independent since 1950 In terms of your question on the bond rate for us, I think that we're looking at opex of about $1.5 million a day, in that range. What do you think is the normalized cash balance that you feel comfortable with, given the macro and some of your rent and capex obligations? And as the market stabilize, we expect to maintain 400 to 600 basis points of margin improvement versus 2019. Now Performing Nightly Wednesday - Sunday, Privacy Policy - Interest-Based Advertising, Do Not Sell My Personal Information (CA residents only), {{ searchTerms[searchableTerms.indexOf(textVal)] }}. Thank you, Andrew, and thank you all for joining us this afternoon. It's absolutely tracking in the right direction. You did mention that you still expect to achieve profitability in '23 at some point. QT is free and distributed twice monthly. If we should go into a more significant downturn Obviously, we've got the resources to sustain and ultimately enough resources to also be opportunistic. Don't miss UFC 285 on Saturday, March 4, 2023 at T-Mobile Arena! The rent is compelling. And my follow-up question was going to be about LeoVegas. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. So, I would say the main contributor to it has been the has been the strength in the hotel yielding. We've had intentions from groups from Singapore that wanted to come back. Time to Buy? And finally, we'll return cash to our shareholders. Got it. If you want to earn status via tier points, you'll earn as follows: Spend: Earn 4 Tier Credits per dollar of eligible spend; Slots and tables: Earn 8 Tier Credits per dollar of theoretical loss to the casino (THEO); You'll qualify for a tier beginning each Feb. Race day packages offered through MGM include options for access to the Bellagio Grandstands or the Package Grandstands, the company said. I'm optimistic about our path forward. Its really important that the world begins to know this history, and having this museum in the community will help with that knowledge., Exploring Night + Markets natural wine lineup inside Virgin Hotels Las Vegas, Southern Nevadas Avi Kwa Ame moves closer to formal national monument designation, Las Vegas Sun, 2022, All Rights Reserved, {"stories": [1670774460,1670774460,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800,1670752800]}, UNLV beats Washington State to improve to 10-0 for first time since 1990, Newly appointed justices dedication to service just one of manyattributes, Start the presidential primary calendar with multiple contests, including Nevada, School Boards policy changes covering superintendents contract near final approval, Sunday Sweats: Seven bets to add to your NFL Week 14 card, Heavy rain, wind, snow blows through California into Sierra, Light heavyweight title remains vacant after draw in UFC 282 in Las Vegas, Las Vegas Historic Westside makes plans for an African American Museum, Sharing wishes, in the spirit of the holidays, Current Las Vegas weather conditions and the forecast, Special envoy gives details of Griners homecoming, Biden aims to narrow trust gap with US-Africa leaders summit, US helicopter raid kills 2 Islamic State militants in Syria, Oil spill in rural Kansas creek shuts down Keystone pipeline, Facing COVID surge, China expanding hospitals, ICUs, Death toll in Jersey fire likely higher than 3 confirmed, Election nonprofit that drew GOP ire in 2020 renews grants, USCs Williams wins Heisman after leading Trojan turnaround, Portugal prepares for post-Ronaldo era after World Cup exit, Shreveport elects its first Republican mayor in 28 years, New national monument a win for allAmericans, Moving Southern Nevada forward for 30years, Take your pick: Fall date night at AREA15, Golden Knights Beat Philadelphia Flyers inOT. Our next question will come from Dan Politzer with Wells Fargo. The right look can lock up your events success even before the first guest arrives. It was kind of interesting to me last night. I know you talked a little bit about some of the factors with the regional margin being down with labor costs and things. I think we've maybe talked about this last quarter, but we've got a couple of questions. Thank you very much. We've also furnished our press release on Form 8-K to the SEC. Participate in at least two of the MGM Rewards Slot Series qualifying tournaments throughout the year and you'll be invited to compete in the complimentary MGM Rewards Slots Series Finale tournament on January 1315, 2023. And we think that those customer service scores and the retention associated with those customers are going to help us get there. We think we have real opportunity there. Through the first nine months of the year, BetMGM's revenue associated with operations have surpassed $1 billion, which puts them well on track to achieve their target of over $1.3 billion this year. We are keenly focused on margins. The race course will include a section of the Strip. Our balance sheet is in a position of strength as we have more than $6 billion in domestic liquidity with almost no net debt. Bill, Jonathan, I know you mentioned that, I guess, firstly, BetMGM is coming in better than the $1.3 billion revenue projection. Some of them are access deals. So, right now, we have reasons to be optimistic as we look ahead. I'll let Hubert chime in here in a moment. We try different things. WebA one-time owner of the renowned Metro-Goldwyn-Mayer movie studio (which today has no relationship to MGM Resorts International), he is widely credited as among the early pioneers of Las Vegas. WebOSHA's online newsletter provides the latest news about enforcement actions, rulemaking, outreach activities, compliance assistance, and training and educational resources. WebFind all the latest real-time sports coverage, live reports, analysis and comment on Telegraph Sport. Baron Funds, an investment management company, released its Baron Real Estate Fund third quarter 2022 investor letter. Stephen Grambling -- Morgan Stanley -- Analyst. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) is an entertainment company that operates casinos, hotels, and entertainment resorts. Tickets went on sale last week, with a minimum price of $500 for a standing-room-only option. It's tied to fine dining. So, the support, I think it's trying to give it. Learn more, Don't miss Da Nacional De La Banda with Pepe Aguilar, ngela Aguilar, Leonardo Aguilar, Marca MP, El Fantasma, Los Dos Carnales, La Arrolladora Banda El Limon, Banda Los Sebastianes, Luis Alfonso Partida El Yaki, Luis ngel El Flaco, Actuacin Especial: Luis R Conriquez at T-Mobile Arena on Jan. 27, 2023. You've got the lease liability on the balance sheet, and then you've got kind of the EBITDAR multiple discount. Getting that edge is important. But generally speaking, our ability to yield up is tied to luxury. In addition, please check the funds top five holdings to know its best picks in 2022. But we're not going to get ahead of ourselves right now. Great. We officially submitted our application for a new concession in September and we remain committed to supporting Macao's continued development as a world-class tourism and leisure destination. Thanks. Breaking News Today's News Sunday's Paper . We've been as high as 2021. Some of them have been very profitable, some of them not as. And, Shaun, maybe final, just some color. As we've opened up, remember, the whole essence behind MGM Rewards versus MLive as we've opened up for rewarding all spend, not just gaming spend. Learn more, Don't Miss Trevor Wallace live at The Mirage performing on January 6! GameSense is a registered trademark of British Columbia Lottery Corporation, used under license by MGM Resorts International. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Dow Jones Barron's And we have a real position in place with sports betting, we were fortunate enough to get Wayne Gretzky on board early. WebBorgata Hotel Casino & Spa. It's higher than '21 because '21, we cut back a little, but it's lower than we were spending in 2019. Hi, everyone. And that's at nearly three times the rate of the growth of our overall web bookings. Beyond the United States, MGM and our development partner, Orix, along with the city of Osaka, submitted our area development plan to the government of Japan in April, and we are optimistic that we received certification in the near future. [Operator instructions] As a reminder, in all fairness, please limit yourself to one question and one follow-up. No matter your size, MGM Resorts has a space to suit your event, meeting or trade show. Got it. Please go ahead. Thank you. Thanks, Bill, and thanks, Chad, for your question. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. ADRs in the mid-single digits. At its recent price of only $30 per share, we believe MGMs valuation is compelling at only 6 times 2023 estimated cash flow.. Dont miss the action! On the Las Vegas Strip, top-line demand was strong, with same-store net revenues increasing 18% and same-store adjusted property EBITDAR up 8%. Macau, despite all of its trials and tribulations, in the month of October, did $450 million GGR. So, we're targeting, as I mentioned in my comments, 19% market mix. And, Shaun, what I would add on the casino side, every weekend here is just a major weekend with events between Allegiant, the three major showrooms here, the arenas that demand, we don't really see slowing down. So, hopefully, we hear something -- obviously, we get this RFA request. So much so that weve gone to great lengths to find the best production and design gurus out there. But yes, I think as we get all smarter about this, we all build a customer base that begins to plateau at a reasonable level, you'll see everyone get including us, most notable more efficient at that. MGM Resorts International (NYSE:MGM) is not on our list of30 Most Popular Stocks Among Hedge Funds. And there are cases -- there were one case, single case in MGM Cotai, and we had to shut down the operation for three days, and we just reopened and quarantine yesterday and will reopen today. 10 stocks we like better thanMGM Resorts InternationalWhen our award-winning analyst team hasa stock tip, it can pay to listen. The underbanked represented 14% of U.S. households, or 18. MGM Resorts International plans to build a grandstand along the Strip for the Silver Las Vegas Grand Prix on Nov. 18, 2023. Thanks very much, Bill. Our third quarter corporate expense, including share-based compensation, was $117 million, which included $9 million of transaction costs related mostly to LeoVegas. The Motley Fool has no position in any of the stocks mentioned. It's just been, as we all know, so many curves in this road. And so, I think we're well positioned in both of those places to take advantage of that as well. Now as our convention mix returns, we're generally displacing less profitable but still important leisure business. "MGM Detroits comprehensive daily onsite employee COVID testing program played a critical role in our ability to execute the NBAs local market bubble program here in Detroit. In the past, we had a lot of convention room nights on weekends. We continue to see further opportunity with the Cosmopolitan as we look to integrate our reward system and improve physical connection to our sister properties. Please go ahead. I guess we have a lot of conversations. Make a reservation. 2 Stocks Down 19% to 51% to Buy Right Now, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. And what is kind of the target next year within the 19% group and obviously trying to pull out of FIT and some of the OTA channels, things like that? We just see that as a leading opportunity for us and a vehicle to do that. Contributions and Feedback . And so, we've got a whole team structured and focused on doing exactly that. Many MGM loyalists will find it more difficult to earn status with the MGM Rewards program. If youre ready to book your next meeting, convention or trade show with MGM Resorts International, use the link below to submit a request for proposal. $1.5 million would be considered our minimum cash. If you factor in the licensing fee and the initial expansion, we're looking at about a $2 billion to $2.2 billion investment, which given -- let's just say it takes till the end probably the spend on that is going to be between $24 million and $25 million. Of the players that play in both channels, we've seen a younger customer, in fact, almost 90% of the BetMGM omnichannel customers who visit Vegas are younger than 50 and over 50% are under the age of 35. Making the world smarter, happier, and richer. Invest better with The Motley Fool. But overall, I think over the long run, it's a positive. Do Not Sell My Personal Information (CA residents only), Focused on What Matters: Embracing Humanity and Protecting the Planet, Privacy Policy - Interest-Based Advertising, Do Not Sell My Personal Information (CA residents only), Best Corporate Event (Budget over $500,000). Of course you can get married in a chapel, but perhaps your inner princess craves being married in the castle to a king? I think you called out the $11 per share of cash on the balance sheet. New York State pointed the majority of the Gaming Facility Location Board members in October, and we anticipate the state to issue the casinos RFA by early January. CONTACT Mr Sent Alex IS A NICE MAN..Call (+234+2348112960763) or add him on WhatsApp (+2348112960763) I was thinking that illuminati is not real, But today with Mr sent Alex, I now believe that illuminati is real, when you come across wrong persons you will think that life is not real but when you are with the real one you will experience the goodness of your life, Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Thanks, Corey. Surprisingly well. MGM Resorts International (MGM 1.74%) Q3 2022 Earnings Call Nov 02, 2022, 5:00 p.m. Our 50% share of the losses in the third quarter narrowed to $24 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDA calculation. Finally, this presentation is being recorded. We'll begin to give you some metrics here going forward about where we've been and where we're at. Just taking another swing at Vegas margins. Thanks. For a package with a three-night stay at the Bellagio and a seat in the grandstand area, prices start at about $1,700, according to MGMs website. This is Jonathan. This Casino Stock Just Had Its Best Revenue Quarter in History. So, I think that just to give you an example, in Macau, recently, there have been in some cases. In Macau, adjusted property EBITDAR was a loss of $70 million in the third quarter of 2022 due to property closures and COVID-19-related policies limiting visitation to the market. There was some minor hold impacts in the third quarter, about 60 basis points. It's tied to average rates at places like Aria, Casapalca, and Bellagio. Our next question will come from John DeCree with CBRE. And so, we are just supplying close to 40% of our new customer base. It just depends on market and depends on who and what they are. Our investment in BetMGM and LeoVegas will allow us to continue to drive our omnichannel strategy, a key competitive advantage that over time allows us to generate incremental earnings between our brick-and-mortar and our online channels. And we've seen it not only in our luxury properties but also more recently in our other properties here in Las Vegas. And hopefully, we've signaled pretty clearly in the past. We'll open our hotel calendar tomorrow for those states and expect an exceptional demand based on our studies of other host cities. So, we took a relatively small amortization charge in the second quarter, and then we're taking the remainder in the third and the fourth quarter. And, Jonathan, maybe a housekeeping one. US, EU agree to intensify talks on green subsidies dispute Tue, Dec 6, 2022 at 7:59 am; Australias central bank raises key interest rate to 3.1% Tue, Dec 6, 2022 at 7:58 am; Justices spar in latest clash of free speech and And Jonathan, I know this has been an area where you've probably been expecting things to be at some point, maybe settle back into more normal behaviors, but it just still seems like it's really robust. Thank you, operator, and thank you all for your attendance and, obviously, your interest. Those who have a checking or savings account, but also use financial alternatives like check cashing services are considered underbanked. What is casino running at this year as a percentage of room nights? And moving forward, we will also continue to invest our capital in growth projects such as New York, in Japan, as well as strategic M&A. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. And we've done that intentionally. Steve Sisolak to serve on the Nevada Supreme Court. Jonathan, I know you mentioned the project for regional was kind of to remain 400 to 600 basis points north of 2019 for that segment. But we've got a sports betting product. Net revenues associated with BetMGM operations were $400 million this quarter, exhibiting an approximately 90% year-over-year growth from the third quarter last year, led by the continued strength in iGaming and new markets, as well as disciplined reinvestments within sports betting by the management team. Through our dual perspectives of efficiency and imagination, we create events of every size and scale. Join more than 330,000 subscribers who rely on QuickTakes for information about workplace safety and health. As you look forward to 2023, and we've got the big ones in 1Q, maybe Corey, are you seeing attendance or bookings per the big events get back closer to 2019 levels or when you start to see pacing, is it more driven by more events? Let me kick it off and I'll probably turn it over to both of my colleagues here. It's tied to the entertainment experiences that may be a Bruno Mars or something of that ilk. Hi. Are you seeing any difference in demand trends there? So, annualize that and think about that marketplace and its potential long term. If you're here for a bachelorette party or bachelor party, there are nighttime parties and shows like Thunder From Down Under at Excalibur and Fantasy at Luxor. Learn more, Don't miss MAN at T-Mobile Arena on September 17, 2023! But we're also seeing a lot of smaller groups and medium-sized groups come in and book also. In particular, we are seeing outsized strength in our luxury resorts where pricing remains robust. Hey, how's it going? You heard obviously the success in BetMGM. Thank you. ET. Ladies and gentlemen, this concludes our question-and-answer session. News Verstappen and Red Bull pick up their F1 drivers and constructors trophies at the 2022 FIA Prize Giving. And then with respect to New York, can you remind us, the scope of the all-in investment, the timing of the spend, and anticipated timeline to complete once you start once you get approval? And so, that's what that is. But what was -- how do you think about kind of the target of casino? Williams, the dynamic quarterback who was the catalyst for the Trojans turnaround season, won the Heisman on Saturday night to make USC the first school to take home college footballs most prestigious player of the year award eight times. How do you think about the elution here given you have the $4.4 billion of cash, $1 billion one-sixth of liquidity? We've increased our employee headcount by low double digits. Yes. I think we feel pretty good on where we are. Thanks, everyone. And ultimately, our growth pipeline with New York and Japan around the Horizon -- we love that -- both of those opportunities for obvious reasons. The bigger events that are still coming in, depending on the type of industry, you'll see attendance reach the levels that they were before, especially if they're more domestic they have an international component, maybe not. Yeah, yeah. It is mostly having to do with mix and to a minor extent, some addition of labor. Thanks. The casino room mix be in the high 20s to low 30%. Looking forward, we will add Massachusetts, Ohio, and Maryland to our online sports betting portfolio. Some might choose an iconic location like on a patio across from the Bellagio Fountains. I would like to turn the conference back over to Bill Hornbuckle for any closing remarks. This margin result is consistent with our prior commentary. We're seeing a lot of demand for that business, where we're seeing a lot of demand for that business in the year -- for the year also. Thursday morning, the company's website showed MGM was trying to "get back on track" due to an "unprecedented level of demand. Programming also remains an exceptional story which further solidifies Las Vegas as the nation's top sports destination. To make the world smarter, happier, and richer. Webtoday icon. Our last question will come from Ben Chaiken with Credit Suisse. Adjusted property EBITDAR margins were 33%, a decrease of approximately 450 basis points compared to the third quarter last year. And the third quarter, BetMGM launched in Kansas representing its 24th market to date and the eighth new market we have added since November of last year. And we're equally, if not more excited, ultimately for MGM Resorts for LeoVegas, and our push into rest of world with that vehicle leading the way. Its all that MGM Resorts has to offer, right in the palm of Properties adhering to corporate/organizational sanitization guidelines. I think most relevant is Jonathan's point about our balance sheet. The 2,000 room stylish casino-hotel, located at Renaissance Pointe, presents a destination designed to rival those once found only in cities such as New York City and Las Vegas. Baron Funds made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2022 investor letter: MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM. We love the operating environment it has, the system it has. I think the margin performance is, of course, a number of dynamics going into it, but one of the most important has been our ability to yield on the room demand here. In the past, I can recall, Jonathan, you're giving out some and land-based MGM and MGM Rewards players. The 2% to 3% versus open -- the cost of what's going on right now in the marketplace. Are we now at a more normal level there? Thanks. Also, New York and Japan represent future development growth opportunities for our company. Unique technology offerings that provide the right solutions to enhance the success of every event. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. 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