Latest news with #MGMRewards
Yahoo
14-05-2025
- Business
- Yahoo
MGM Q1 Earnings Call: Digital Turnaround and International Expansion Take Center Stage
Hospitality and casino entertainment company MGM Resorts (NYSE:MGM) met Wall Street's revenue expectations in Q1 CY2025, but sales fell by 2.4% year on year to $4.28 billion. Its non-GAAP profit of $0.69 per share was 51.5% above analysts' consensus estimates. Is now the time to buy MGM? Find out in our full research report (it's free). Revenue: $4.28 billion vs analyst estimates of $4.27 billion (2.4% year-on-year decline, in line) Adjusted EPS: $0.69 vs analyst estimates of $0.46 (51.5% beat) Adjusted EBITDA: $637.1 million vs analyst estimates of $1.14 billion (14.9% margin, 44.2% miss) Operating Margin: 9%, down from 10.5% in the same quarter last year Free Cash Flow Margin: 7.5%, down from 8.6% in the same quarter last year Market Capitalization: $9.5 billion MGM Resorts' first quarter results were shaped by progress in its digital business and continued emphasis on loyalty programs and strategic partnerships. CEO Bill Hornbuckle attributed the company's performance to the rapid turnaround at BetMGM, robust engagement from its MGM Rewards program—which surpassed 50 million members—and strong contributions from the Marriott partnership in driving hotel occupancy. Management also pointed to record March results in key metrics, particularly on the Las Vegas Strip, and highlighted the ability of certain segments to generate adjusted EBITDA margins at or above 30%. Looking ahead, management emphasized ongoing investments in international projects and digital expansion. Hornbuckle noted, 'Our digital businesses in the US and beyond are growing and turning profitable,' and described the company as well positioned for future growth with a pipeline that includes new developments in Japan and potential opportunities in New York. CFO Jonathan Halkyard reinforced the focus on operational agility and disciplined capital allocation, indicating that while share repurchases have been aggressive, capital will be reserved for large-scale projects moving forward. Management's remarks highlighted several operational levers and strategic initiatives that shaped the quarter's financial performance. The company noted that digital segment gains, loyalty program expansion, and new partnerships were key contributors, while cost discipline and international investments continue to play central roles. Digital turnaround at BetMGM: The BetMGM business reported a 34% increase in net revenue and positive EBITDA, reversing prior losses. Management credited a more targeted approach to customer acquisition and improved engagement in both iGaming and online sports. Loyalty program growth: MGM Rewards reached 50 million members, up over 50% since 2020. Hornbuckle called this database growth unmatched among mature gaming peers and tied it directly to omnichannel opportunities, particularly in leveraging the Marriott partnership. Marriott channel drives occupancy: The Marriott partnership delivered over 440,000 room nights through April, with management describing these guests as highly accretive and supportive of record first quarter slot win. Group customers now also earn Marriott Bonvoy points, further boosting appeal for conventions. International expansion momentum: The company made progress in Japan by finalizing contractor agreements and breaking ground in Osaka, with management remaining confident in the project's high-teens percentage return potential. In Macau, MGM China maintained a mid-teens market share and increased its dividend payout policy. Cost discipline and digital efficiency: The company reduced full-time equivalent employees across regions, aided by increased use of digital customer interactions for services like concierge and call centers. Management indicated that such digital interfaces handle a significant portion of initial traffic for these services, helping contain labor costs, with AI adoption noted as an emerging element. MGM Resorts' forward outlook centers on digital profitability, international project execution, and the ability to drive operating efficiency amid shifting macroeconomic conditions. Digital business scaling: Management expects continued profitability improvements from BetMGM and international digital operations, with Brazil seen as an early bright spot and further product launches planned. International projects ramping up: The Osaka integrated resort in Japan and potential New York casino license are expected to require significant capital outlays, with management aiming for high return on investment. The company has hedged most of its equity commitment to Japan to limit currency risk. Operational cost control focus: Ongoing use of digital tools and process automation is expected to help manage labor expenses and support margin stabilization, even as inflation and tariffs present near-term headwinds. Brandt Montour (Barclays): Asked how Las Vegas demand trends are evolving in April and about the impact of lower Canadian inbound travel. Management replied that overall demand remains strong due to group and event bookings, and Marriott partnership offsets softer Canadian leisure travel. Carlo Santarelli (Deutsche Bank): Questioned whether lower payroll growth reflects cost savings initiatives. Management confirmed ongoing efforts to manage labor costs, including headcount reductions and increased digital interactions with customers. David Katz (Jefferies): Sought clarity on cost variability for the Japan project given material price risks. Management noted contingencies are built into budgets and emphasized scope certainty before construction begins. Shaun Kelley (Bank of America): Asked about investment cadence in Brazil's digital launch and future capital allocation as large projects ramp up. Management stated that marketing spend in Brazil is concentrated in the first half of the year and future share repurchases will be balanced against project funding needs. Chad Beynon (Macquarie): Probed sensitivity of non-gaming revenue trends and the potential impact of tariffs on future capital projects. Management said non-gaming trends are stable, and tariffs are not expected to materially impact near-term development plans. In coming quarters, the StockStory team will be watching (1) the continued profitability and user growth of BetMGM and the broader digital portfolio, (2) progress on the Osaka project's construction milestones and Japan's regulatory environment, and (3) evidence that the Marriott partnership and loyalty expansion sustain higher occupancy and slot metrics. Execution against these markers will be crucial as capital commitments rise and competitive dynamics shift. MGM Resorts currently trades at a forward P/E ratio of 15.6×. Is the company at an inflection point that warrants a buy or sell? The answer lies in our free research report. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 176% over the last five years. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.
Yahoo
01-05-2025
- Entertainment
- Yahoo
Coco Gauff Reacts to In-Game Accident at Madrid Open
Tennis star Coco Gauff faced a minor accident at the Madrid Open alongside her doubles partner Robin Montgomery. On Tuesday, the duo faced off against Viktoria Azarenka and Ashlyn Krueger in the women's doubles quarterfinals. Advertisement However, amid the intense showdown between the two pairs, the 21-year-old Georgia native found herself on the wrong end of a momentary mishap during the first set. With Azarenka and Krueger leading 5-3, Montgomery accidentally hit Gauff in the head as she served. Despite the minor incident, Gauff assured everyone she was fine with a lighthearted reaction, saying, 'I'm good,' and continued playing with a smile. Gauff even hugged her partner before continuing with the game, a gesture that signaled there were no hard feelings and that she's in good spirits. Interestingly, the unexpected incident sparked laughter when the tennis star took to social media and expressed her genuine take on the matter. Advertisement 'Lolll thank God for my braids taking the most of the blow. lol,' she wrote, playfully joking about her lucky choice of hairstyle that day. This reminded her fans of her resilience and good humor, even in the face of on-court surprises. At the height of the Madrid Open, participants like Coco Gauff experienced a setback after the majority of the cities in Spain and Portugal experienced massive blackouts due to a nationwide power outage. In her Instagram Stories, the US Open champion shared her experience of momentarily being left in the dark. Coco Gauff (USA) wipes her eye while leaving the court after her match against Magna Linette on 24th March 2025© Geoff Burke-Imagn Images 'There's literally no power,' she wrote in her post, adding, 'I'm literally in the locker room right now, I'm about to take a shower, there's just one tiny emergency light right here, but I'm about to take a shower. I'll let you all know how it goes.' Advertisement Remaining positive about the situation, Gauff got creative and didn't let the small issue affect her mood. She shared a lighthearted post, showcasing her cozy, candle-lit evening. Related: Naomi Osaka's Outfit After MGM Rewards Slam Turns Heads
The Sun
21-04-2025
- Sport
- The Sun
Lindblad wins maiden LPGA title in California
Sweden's Ingrid Lindblad bagged her maiden LPGA Tour title with a gutsy victory on Sunday at the JM Eagle LA Championship presented by Plastpro. Making only her third start as an LPGA Tour member, Lindblad carded a closing four-under-par 68 at El Caballero Country Club for a 21-under-par 267 total. The 25-year-old finished one stroke ahead of fellow rookie Akie Iwai of Japan, who bogeyed her last hole for a final round 69. American Lauren Coughlin, who co-led with Lindblad and Iwai after 54 holes, signed off with a 70 to share third place on 19-under-par with Germany's Esther Henseleit (64) and Japan's Miyu Yamashita (66). Playing a group ahead of Iwai, Lindblad recorded six birdies against two birdies in the final round, parring her last seven holes. She enjoyed a lucky break on the par-four 13th when her pulled drive struck a tree and bounced back onto the fairway. Iwai nailed a long eagle putt at the par-five 16th hole to draw level on 21-under-par, but the 22-year-old overshot the green from the rough at the par-four 18th and failed to save par from 10 feet. Lindblad became the second rookie to win on the 2025 LPGA Tour, following Rio Takeda who won the Blue Bay LPGA in China. The Swede is the third Rolex First-Time Winner this season, joining Takeda and American Yealimi Noh. 'I feel like I was just out there trying to take one hole at a time. I was telling myself, just keep hitting good golf shots. Felt like I could have made a couple more birdies on the back nine, but nothing really wanted to drop. Just staying in the moment and show no emotion, but sometimes it's hard to show no emotion,' said Lindblad, who shot a nine-under-par 63 on Friday to tie the tournament low round. Lindblad is the second-consecutive Swedish winner on the LPGA Tour, following Madelene Sagstrom who won last week's T-Mobile Match Play presented by MGM Rewards. She joins Annika Sorenstam as a winner at El Caballero, where her legendary compatriot won the Office Depot Championship in 2003 and 2004. 'What she [Sorenstam] has done out on Tour was incredible. I didn't know until Monday or Tuesday that she had won here. Following in her footsteps is pretty big,' said Lindblad. Lindblad had a highly-decorated amateur career with Louisiana State University and was No. 1 in the World Amateur Golf Ranking from mid-2023 until she joined the paid ranks last June. She competed on the Epson Tour over the second half of 2024, chalking up five top-10 finishes including her first professional victory at the Tuscaloosa Toyota Classic, finishing sixth on the Race for the Card rankings to earn LPGA Tour status for the 2025 season. Defending champion Hannah Green of Australia, winner of the last two editions at Wilshire Country Club, closed with a 67 to tie for ninth on 16-under-par. World No. 1 Nelly Korda tied for 16th on 14-under-par as the American gears up for her title defence at the 2025 season's first Major, The Chevron Championship, which starts on Thursday at The Club at Carlton Woods in Woodlands, Texas. – LPGA
USA Today
19-03-2025
- Sport
- USA Today
LPGA announces another change to its Pace of Play Policy, making it even tougher
LPGA announces another change to its Pace of Play Policy, making it even tougher The LPGA has announced an additional change to its Pace of Play policy for the 2025 season. Beginning next week at the Ford Championship, the tour will add a season-long tracking element for holes timed. Players who have 40 or more holes timed during the rest of the 2025 schedule (with the exception of the T-Mobile Match Play presented by MGM Rewards, U.S. Women's Open, Dow Championship and AIG Women's Open) will receive a fine. This also will go into effect on the Epson Tour beginning on April 25 at the IOA Championship. On that tour, players who have 20 or more holes timed for the remainder of the season will also receive a fine. 'Looking at the data, we concluded that if a player had 40 or more holes timed over the season, that player contributed to a slower pace of play,' said LPGA Player President Vicki Goetze-Ackerman in a release. 'We believe that this addition to the policy, along with penalty strokes being issued for plus times of +6 or greater, will increase the number of players who heed the initial warnings, leading to fewer players out of position and therefore timings.' In February, the tour released a new Pace of Play Policy that introduced a one-shot penalty. The current policy dished out fines for those who were 1 to 10 seconds over the allotted time and a two-stroke penalty for those who were more than 11 seconds over. The new policy gives a fine for those who are 1-5 seconds over, a one-stroke penalty for those 6 – 15 seconds over and a two-stroke penalty for more than 16 seconds. In addition, players who tee off first on par 3s and reachable par 4s will continue to get an additional 10 seconds. The new policy, however, eliminates the additional 10 seconds that was given to players who are first to play from par 4 and par 5 tees. The new policy was revealed at the first player meeting of the season in February at the Founders Cup. World No. 1 Nelly Korda's reaction to the news: Finally.
