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MGM Resorts International is a global gaming and entertainment company that operates through various segments, including domestic and international casino properties, online gaming, and other hospitality services. The company's primary business involves operating casino properties that offer gaming, hotel accommodations, convention spaces, dining, entertainment, retail, and other resort amenities . MGM also has a significant presence in online gaming through its consolidated subsidiary LV Lion Holding Limited (LeoVegas) and its 50% owned venture, BetMGM, LLC .
- Las Vegas Strip Resorts - Operates casino properties on the Las Vegas Strip, offering gaming, hotel accommodations, food and beverage services, entertainment, retail, and other resort amenities.
- MGM China - Manages casino operations in Macau, focusing on gaming and hospitality services.
- Regional Operations - Includes casino properties outside of Las Vegas and Macau, providing gaming and hospitality services.
- Online Gaming - Engages in online gaming through BetMGM and LeoVegas, offering digital gaming and betting services.
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Given the increases in unit labor costs due to collective bargaining agreements, how confident are you in maintaining Las Vegas margins in the mid-30s, especially as non-gaming revenue grows and potentially offsets stability in the gaming business?
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With the reported decline in midweek slot revenue and a shift in convention mix impacting the core gaming customer, what strategies are you implementing to drive growth in the gaming segment and attract higher-margin customers?
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Considering the significant investments in BetMGM and other digital ventures, is there a point at which you would reconsider investing in the digital segment if it doesn't deliver the expected results and instead allocate more resources to your core business?
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Given your aggressive share repurchase program and the remaining excess cash, do you anticipate needing to increase leverage to finance future buybacks, and how would that impact your balance sheet and ability to invest in growth opportunities like the New York expansion?
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Noting some softness in the lower end of your regional markets and slight declines in unrated play, are there macroeconomic concerns you foresee that could further affect these segments, and how are you mitigating potential risks related to consumer spending patterns?
Competitors mentioned in the company's latest 10K filing.
- Gaming companies and hospitality companies in the markets where MGM operates, neighboring markets, and other parts of the world, including non-gaming resort destinations such as Hawaii .
- Casinos located elsewhere in or near Asia, including potential new entrants if additional concessions are granted by the Macau government .
- Major gaming centers located in other areas of Asia and around the world, including Singapore, South Korea, Vietnam, Cambodia, the Philippines, Australia, and Las Vegas .
- Major gaming and hospitality resorts with well-established and recognized brands .
- Smaller hotel offerings and peer-to-peer inventory sources, which allow travelers to book short-term rentals of homes and apartments from owners .