MGM Growth Properties LLC (NYSE:MGP) Q4 2019 Earnings Conference Call - Final Transcript

Feb 14, 2020 • 12:30 pm ET


MGM Growth Properties LLC (NYSE:MGP) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to the MGM Growth Properties' Fourth Quarter and Full Year 2019 Earnings Conference Call. Joining the call from the company today are James Stewart, Chief Executive Officer; and Andy Chien, Chief Financial Officer. Participants are in listen-only mode. After the company's remarks, there will be a question-and-answer session. Please note this event is being recorded.

Now, I would like to turn the call over to Mr. Andy Chien.

Andy Chien

Thank you. Good morning and welcome to the MGM Growth Properties' fourth quarter and full year 2019 earnings call. This call is being broadcast live on the Internet at and we have furnished our press release on Form 8-K to the SEC this morning.

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 projected in the forward-looking 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. 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 the press release, which is also available on our website.

Finally, please note, this presentation is being recorded. I will now turn it over to James.

James Stewart

Thank you, Andy. I'd like to welcome everyone to MGP's fourth quarter and full year 2019 conference call. As I'm sure you are all aware, our Chairman and the Chairman and CEO of MGM Resorts. Mr. Jim Murren, announced that he would step down from his positions at MGM Resorts prior to the expiration of his contract.

I'd like to say on a personal level, I've known Jim for over 20 years and have the utmost respect for the man and what he has accomplished in his career. When he arrived at MGM in 1998, the company had 1.5 properties and a market cap of $800 million. Think about that compared to today. MGM consisted of the MGM Grand and 50% of New York-New York. Since then, Jim has definitely guided the company through the gaming expansion in Las Vegas and across the country, the acquisition of Mirage Resorts and the acquisition to Mandalay Resort Group. He then successfully weathered the great financial crisis to bring the company to its current state as a world-renowned gaming, entertainment and hospitality juggernaut. It has been a remarkable business story. And throughout his career, Jim has always been a man of the highest integrity, intelligence, compassion and resolve. Jim is both a great friend and a great leader at MGM, MGP in the industry, and he will be missed. However, I'm sure he will not be a stranger as he moves on to the next phase of his legacy.

Now, I'll turn to the potential impact of this development on MGP. As discussed on MGM's earnings call, their goal is to deconsolidate MGP, which we see