Financial Data and Key Metrics Changes - The company reported record highest ever consolidated net revenue results in Q2 2025, driven by a diverse portfolio and global presence [6][18] - BetMGM North America raised full year 2025 guidance for the second time, implying an EBITDA turnaround of nearly $400 million compared to last year [7][20] - Adjusted EBITDAR decline in Las Vegas was primarily due to the MGM Grand, which accounted for over 80% of the decline, with a total impact of $60 million [10][22] Business Line Data and Key Metrics Changes - BetMGM North America saw revenue from operations up 36% in Q2, with EBITDA of $86 million and iGaming growing 29% [19] - Las Vegas resorts reported record table games and slot volumes, with adjusted EBITDAR decline isolated to specific properties [9][21] - MGM Digital grew its top line by 14%, with expectations of over $150 million in EBITDA enhancements in 2025 [25] Market Data and Key Metrics Changes - MGM China achieved record adjusted EBITDAR and market share of 16.6%, with share increasing every month of the quarter [13] - Regional properties reported record high net revenues and strong performance across gaming, hotel, and food and beverage segments [14] - The Las Vegas Convention Center is undergoing a $1.6 billion renovation, expected to enhance convention attendance [11] Company Strategy and Development Direction - The company aims to be the world's premier gaming entertainment company, leveraging its unmatched portfolio diversity to drive growth [6][28] - MGM is positioned to capitalize on significant near-term catalysts in BetMGM and Las Vegas, as well as mid to long-term catalysts in digital and development projects [7][18] - The company is focused on premium and luxury offerings, particularly in Macau and Las Vegas, to capture market share [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about restoring growth in Las Vegas during Q4 2025, supported by positive bookings and upcoming events [22][32] - The company remains confident in its ability to attract premium customers despite challenges in the value-oriented segment [92] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities in various markets [18][72] Other Important Information - The company repurchased 8 million shares for $217 million in April, with board approval for an additional $2 billion in share repurchases [26] - MGM's exclusive relationship with Marriott is driving performance, with a significant increase in room nights booked [12][45] - The company is actively pursuing development projects in Japan and New York, with expectations of substantial revenue generation [17][18] Q&A Session Summary Question: Impact of MGM Grand disruption - The estimated impact remains at $65 million, with about $40 million experienced in the first half of the year [35][36] Question: Pricing and value concerns in Vegas - Luxury products have seen an increase in average daily rate (ADR), while value-oriented properties are facing challenges [38][39] Question: Digital business cross-benefits - There has been a 30% growth in Nevada monthly actives, showcasing the effectiveness of the omnichannel strategy [41][43] Question: Update on MGM China dividend policy - The board approved a dividend policy of 50% of distributable net income, providing substantial cash flow for the company [61][62] Question: Share buyback strategy - The company is cautious about share repurchases due to its development pipeline but remains within leverage targets [72][73] Question: Visitation decline in Las Vegas - International visitation has been an issue, but the company is confident in attracting premium customers [90][91]