Q: What is MGM Resorts International (MGM) Q3 2024 Earnings Call Transcript Summary?

Here are the specific viewpoints from the earnings call:

**Bullish Points:**

1. MGM Resorts posted record third-quarter consolidated net revenues and record third-quarter revenue and adjusted property EBITDAR at MGM China.

2. Record ADRs in Las Vegas and record occupancy at regional resorts.

3. MGM has nearly doubled its EBITDAR in Las Vegas since 2019 and has grown regional EBITDAR by almost 20% over that time period.

4. MGM China achieved a record-breaking third-quarter with net revenues increasing 14% year over year and adjusted property EBITDAR rising 5%, resulting in a 26% margin.

5. BetMGM achieved profitability again, record iGaming results, and a 70% increase in first-time depositors while stabilizing market share.

6. Generated $1.7 billion of cash from operations with free cash flow of about $944 million.

7. Plans to build upon a strong foundation with organic growth from resort operations and significant value generation from online operations.

8. Las Vegas has become a major player in the sporting world, with events like the Super Bowl and potential NBA expansion team.

9. Robust mass market volumes and exceptional Golden Week performance in Macau.

10. Strategic venture with Grupo Globo in Brazil to leverage MGM's technology and gain access to 70 million people.

**Bearish Points:**

1. Las Vegas numbers were a little bit soft on the table game volume side.

2. Table game drop was down year over year significantly due to high-end baccarat business.

3. Hold percentage was down 15% from the year before, resulting in an $80 million miss in baccarat revenue.

4. Contra revenues promotions in the gaming segment were high, around 46% of gaming revenue.

5. Collections expense in Las Vegas was up $20 million year over year.

6. Operational issue in Atlantic City in July and a worker's comp accrual resulted in about $15 million in costs.

7. Loss of market share in Macau for the second quarter in a row.

8. July was significantly impacted by extreme heat and road closures, affecting overall performance.

9. Renovation of MGM Grand Hotel's standard rooms will impact results, despite efforts to migrate demand to other properties.

10. Expected $60 million to $70 million impact in February due to the absence of the Super Bowl compared to the previous year.

For more information about MGM Resorts International's earnings call, you can read the relevant news: MGM Resorts International (MGM) Q3 2024 Earnings Call Transcript