Some Highlights from MGM Resort's Q4 Earnings Conference Call
Below are some highlights MGM Resorts (NYSE: MGM) Q4 earnings conference call:
- Best EBITDA quarter and year in five years.
- myVEGAS social gaming app has also been a great success.
- #1 casino app in the iTunes App Store.
- myVEGAS has proven ability to convert its player to consumers of Las Vegas resorts.
- 80,000 myVEGAS players visited an MGM property in 2013.
- Las Vegas, MGM China, and CityCenter drove revenues that were up 10% year-over-year and EBITDA grew 21%.
- CityCenter reported $93 million and $316 million for the quarter and year respectively. Bests for both.
- Aria fourth quarter EBITDA was $77 million, up 42% year-over-year.
- Regional properties were negatively impacted by severe weather and other market pressures
- 2 percent revenue decline during the quarter.
- Excited about the opportunity for a downtown revitalization project in Springfield. Awaiting a decision and awarding of that license this year.
- Fourth quarter Strip REVPAR increased by 1% year-over-year, slightly better than guidance.
- Able to book more in the quarter for the quarter convention room nights which allowed MGM to drive room rates.
- Expects REVPAR to be up approx. 10% year-over-year.
- For the full year, we continue to expect to see our convention mix increase by about 100 basis points to approximately 15.5%, 16%.
- Which is beginning to approach prior peak levels.
- During the fourth quarter, MGM spent approximately $127 million in capital related to our domestic operations.
- Full year 2013 CapEx related to domestic operations was approximately $324 million, in line with guidance.
- Construction underway of 2nd resort in the world's largest gaming market, Cotai.
- Completed the deep piling and the majority of the conventional piling and site work.
- Began work on the basement substructure.
- MGM Cotai opens early 2016.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.