MGM Resorts International (NYSE:MGM) Q4 2018 Earnings Conference Call Transcript
Feb 13, 2019 • 05:00 pm ET
Good afternoon and welcome to the MGM Resorts International Fourth Quarter and Full Year 2018 Earnings Conference Call. Joining from the call from the company today are Jim Murren, Chairman and Chief Executive Officer; Dan D'Arrigo, Executive Vice President and Chief Financial Officer; Corey Sanders, Chief Operating Officer; and Grant Bowie, CEO and Executive Director of MGM China Holdings Limited. Participants are in a listen-only mode. After the company's remarks, there will be a question-and-answer session. In fairness to all participants, please limit yourself to one question and one follow-up. Please note, this event is being recorded.
I would now like to turn the conference over to Mr. Dan D'Arrigo. Sir, you may begin.
Well thank you Cole and good afternoon and welcome everyone to the MGM Resorts International fourth quarter and full year 2018 earnings call. This call is being broadcast live on the Internet at investors.mgmresorts.com and we have furnished our press release on Form 8-K to the SEC this afternoon as well. On this call, we will make forward-looking statements under the Safe Harbor Provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements.
Additional information concerning factors that could cause actual results to materially differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC. Except as required by law, we undertake no obligation to update these statements, as a result of new information, updates or otherwise. During the call, we will also discuss non-GAAP financial measures in talking about our performance. You can find the reconciliation to GAAP financial measures in our press release, which is also available on our website. Finally, this presentation is being recorded.
And with that I'll now turn it over to Jim.
James J. Murren
Well thank you Dan, and good afternoon everyone. We had a good fourth quarter and end to the year coming in above our guidance here in Las Vegas. On a consolidated basis, our fourth quarter revenues grew 18% year-over-year and our adjusted EBITDA grew 21%, excluding certain onetime benefits.
Here in Las Vegas, our strong fourth quarter was driven by selectively leveraging our casino database and healthy convention business that improved intra-quarter. We delivered revenue growth of 6% and RevPAR growth of over 8%. We grew EBITDA by 15%, or 8% if you exclude onetime benefits, despite holding at the low end of our table games range.
Our fourth quarter margins increased 220 basis points during the quarter or by 50 basis points after that same adjustment. This was the best fourth quarter in Las Vegas since 2007.
We have many of the premier assets across The United States and our regional properties performed well in the fourth quarter, with revenues up 18% and EBITDA up by 32%. We set fourth quarter revenue and EBITDA records at MGM Grand Detroit, MGM National Harbor, Beau
Rivage and Gold Strike Tunica.
Over in Macau, the overall gaming market grew by 9%. MGM China's revenues grew by