MGM Resorts International Q2 2025 Earnings Call Transcript

Quartr
Provided by Quartr
July 30, 2025

Key Takeaways

  • Positive Sentiment: MGM reported record-high consolidated net revenues in 2Q 2025, driven by its diversified global portfolio across brick-and-mortar and digital segments.
  • Positive Sentiment: The BetMGM North America venture raised full-year 2025 guidance again, projecting a nearly $400 million EBITDA turnaround year-over-year and targeting $500 million of annual reported EBITDA.
  • Neutral Sentiment: Las Vegas operations saw an adjusted EBITDAR decline mainly at MGM Grand due to a disruptive room remodel and value-property midweek weakness, though luxury table and slot volumes hit quarterly records and group bookings are pacing up double-digits.
  • Positive Sentiment: MGM China achieved a record adjusted EBITDAR and sequential market-share gains every month in 2Q, ending June at 1.3 times its fair share and fully reopening 28 villas at MGM Macau.
  • Positive Sentiment: The active development pipeline remains strong, including MGM Osaka (sole Japanese licensee), a Dubai IR opening in 2028, and New York license applications, supported by ample liquidity and a solid balance sheet.
AI Generated. May Contain Errors.
Earnings Conference Call
MGM Resorts International Q2 2025
00:00 / 00:00

Transcript Sections

Skip to Participants
Operator

Good afternoon, and welcome to the MGM Resorts International Second Quarter twenty twenty five Earnings Conference Call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President Corey Sanders, Chief Operating Officer Jonathan Houthyard, Chief Financial Officer and Treasurer Mr. Gary Fritz, President of MGM Interactive Kenneth Feng, Executive Director and President of MGM China Holdings Mr. Hubert Wang, COO and President of MGM China Holdings and Howard Wang, Vice President and Investor Relations. Participants are in a listen only mode.

Operator

After the company's remarks, there will be a question and answer session. Please note this conference call is being recorded. Now, I would like to turn the call over to Mr. Howard Wang. Please go ahead.

Howard Wang
Howard Wang
VP - Investor Relations at MGM Resorts International

Thanks, Chuck. Welcome to the MGM Resorts International second quarter twenty twenty May. This call is being broadcast live on the Internet at investors.mgmresorts.com, and we have also furnished our press release on Form eight ks to the SEC. 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.

Howard Wang
Howard Wang
VP - Investor Relations at MGM Resorts International

Additional information concerning factors that could cause actual results to 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 or otherwise. During the call, we will also discuss non GAAP financial measures when talking about our performance. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded. I will now turn it over to Bill Hornblom.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Thank you, Howard. I want to start by focusing on a strength that often gets overlooked, which is the power of MGM's unmatched portfolio diversity. The benefits of having a global presence in both the brick and mortar and digital domains drove a record highest ever consolidated net revenue results this quarter. Our vision is to be the world's premier gaming entertainment company. Pursuing that vision is paying significant dividends as we generate revenues in multiple streams across the globe.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

You're seeing the power of our portfolio diversity strategy on full display this quarter. We've accelerated digital growth, combined with record setting results in China and in our regional properties, more than offset a choppy period in Las Vegas. We recognize that the substantial share buybacks completed in recent years must be coupled with an active growth pipeline to fully unlock the company's value. In 2Q, our diversity is proving to be the bridge uniting the benefits of a lower share count and growth. We are positioned to kick off of unleashed significant value with notable near term catalysts in BetMGM and Las Vegas and mid to long term catalysts in MDM Digital and our development projects, both domestic and international.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Our BetMGM North America venture reported their second quarter results yesterday, raising full year 2025 guidance for a second time since the previous earnings call, which implies an EBITDA turnaround of nearly 400,000,000 compared to last year. In iGaming, there was a solid growth in average monthly actives and key engagement metrics such as active player days, while sports betting continues to focus on the areas that drove first quarter profitability, more targeted player acquisition, tighter management of lower value players, and retention of more valuable active players, all of which are benefiting from site components enhancements, including performance, discoverability, and most importantly, speed. With more efficient marketing spend, incremental revenue flow through jumped to 66% year to date. This winning formula has given us greater conviction in our BetMGM North America's venture's ability to generate $500,000,000 of annual reported EBITDA in the coming years. Our Las Vegas resorts are also poised to drive results higher in the near term.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And I want to take this opportunity to emphasize that Las Vegas remains fundamentally solid. We saw a record 2Q table games volume and record slot volumes at our ultra luxury properties. This quarter's adjusted EBITDAR decline was in fact isolated from two specific factors. One, the MGM Grand accounted for over 80% of the decline, where results were impacted by a uniquely disruptive room remodel and severely abnormal hold and midweek weakness at two of our value oriented properties. On the groups and convention side, our bookings are pacing up double digits, thanks to a robust 2026 convention calendar that includes the return of ConAg. The Las Vegas Convention Center is spending $1,600,000,000 to renovate its legacy campus and expand the West Hall and remains on track to finish by the end of this year. We will also benefit from Greater Las Vegas convention attendance, particularly with our expansive luxury offerings. Las Vegas also recently celebrated the groundbreaking of the new $1,800,000,000 MLB stadium at the former site of Tropicana, which is expected to bring 400,000 new visitors annually to Las Vegas. This puts the NFL, the NHL and MLB home venues, which also host a significant number of other sports and entertainment events, all within one mile of each other.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

The resulting Golden Triangle will be surrounded by MGM properties. And importantly, the Dome Stadium will bring meaningful game and entertainment inventory during the summer midweek periods, which will increase the value of our rooms during that period. Our exclusive Marriott relationship also continues to drive performance with a higher quality customer. We remain on budget to book 900,000 room nights through the strategic channel and saw 2Q room nights increase 31% this quarter versus last year. Marriott customers consistently spend about $150 per room night more than all other customers.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And year to date, we averaged over 20 nights booked year. This week, we averaged over 20,000 room nights booked this year per week. The pace has accelerated in July, and we had our best Marriott bookings week ever just two weeks ago. Our international presence brings us another near term driver as we look to continue the momentum at MGM China, which absolutely shined in the second quarter with record adjusted EBITDAR and market share of 16.6%, representing the highest sequential gain amongst all concessionaires. What's even more impressive was that our share increased every month of the quarter, ending June at 1.3 times our fair share of the market.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

We now have all 28 villas at MGM Macau available as of this month, while MGM Cotai has begun converting standard rooms into 63 new suites by '26, all of which will help us further uphold our complementary position of the properties. And MGM Macau is a leading player in the Peninsula and Cotai as preferred destination for premium mass players. We are also benefiting from the continued momentum of our domestic regional operations. Their stability is highly valued during times of volatility, and we achieved our best second quarter results in both net revenue and slot win. Three of our regional properties reported record high ever net revenues, and we saw strong performance across the gaming, hotel and food and beverage segments.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Customers have responded positively to our focused capital improvements, and New Jersey is a great example. A few years ago, we upgraded the former water club into what is now the MGM Tower of Bogota, which since May has been complemented by an elevated Asian gaming and overall VIP experience, including a new bar and restaurant. The new 25,000 square foot gaming space includes 51 tables, gaming salons and a high limit area. The customer response to thoughtful targeted capital spending has been encouraging, driving double digit GGR growth and outperforming the market by a wide margin since its debut. Beyond our numerous near term catalysts, we have mid and long term drivers that are making meaningful progress with each passing quarter, one of which is MGM Digital, our consolidated international digital business that does not include the BetMGM North America venture.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

The segment showed solid improvement, notably a near breakeven performance when excluding our investment in Brazil. Our BetMGM Brazil venture partner, Grupo Global, continues to provide us with beneficial flexibility in terms of marketing and investment, and our launch is making great strides as we are seeing all key measures increasing, including strengthening player fundamentals. And our bullish long term view of the Brazilian market remains unchanged. Stateside, towards the end of the second quarter, we launched MGM's live studio from the gaming floor at the MGM Grand. Content from our live dealer studio, which is currently available in seven countries, is provided internally to our international operations and is also monetized to other online operators.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Earlier this month, we launched our own sportsbook product in the second market made possible by our acquisition of TIBCO's U. S. Technology platform as the integration into our in house tech stack continues as planned. On the development front in Japan, the first pylon was poured early this month. When MGM Osaka opens in 02/1930, we will be the sole licensee and operator, which is notable in a country where robust tourism, an appetite for gaming, population of over 120,000,000 people.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Considering these factors and how similar metrics drive other Asian destination gaming markets, we believe MGM Saka has the potential to generate multibillions of dollars annually for MGM. Progress in Dubai has also started to gather steam, with an expected opening date of the 2028. And in New York, we submitted our application in June and are hopeful to be awarded one of the three gaming licenses that will be issued in December. Few companies can take on any of these projects on an individual basis, but our unmatched scope, scale and international experience allow us to manage all of these simultaneously while maintaining ample liquidity and a solid balance sheet. Reporting record highest ever consolidated net revenues is not possible without the tremendous contribution from some of our all of our employees across all business segments.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And it's worth highlighting that we have had another record gold NPS score in the second quarter despite the ongoing room remodel disruptions at the MGM Grand. As you can see, it's an incredibly exciting time here at Resorts. And I will now hand this over to Jonathan to provide some additional color on our performance. Jonathan?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Thanks very much, Bill. I'd like to also express my appreciation to all of our employees for their hard work and commitment to excellence. Whether on the front lines delivering exceptional service or behind the scenes innovating new solutions, their collective contributions continue to raise the bar every quarter. We're very fortunate here at MGM to have a diverse portfolio of assets that constitute such a deep growth pipeline. The BetMGM North America venture continued its momentum into the second quarter with revenue from operations up 36%, resulting in second quarter EBITDA of $86,000,000 iGaming grew 29% in the second quarter despite no new state launches, driven by strong player acquisition at attractive payback economics and healthy engagement activity.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Sports betting top line grew 56% in the quarter, benefiting from the repositioning toward the premium mass customer, as well as targeted marketing and refined player segmentation efforts. Omnichannel efforts also continue to gain momentum. Our March Madness activations fueled a record number of Nevada first time depositors, while the single app single wallet feature helped drive 30% growth in Nevada monthly actives. And as mentioned on yesterday's call from VetMGM, 2025 guidance was raised to at least 2,700,000,000 of net revenue and at least $150,000,000 of EBITDA. I'm also happy to announce that BetMGM reporting will be aligned with MGM reporting beginning in the upcoming third quarter, thus no longer reporting one month in arrears going forward.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

We can queue the applause on the call. Here in Las Vegas, the market remains fundamentally sound. During the second quarter and now into July, performance on the weekends has been solid as we've been operating near capacity in our hotels across the spectrum. Our luxury offerings in Vegas maintained rate integrity with slot and table volume increasing about 4% and several properties reporting second quarter records for net revenue. The year over year adjusted EBITDAR decline in Las Vegas of $72,000,000 was primarily confined to the MGM Grand and to a much lesser degree midweek performance at the Luxor and Excalibur.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

The MGM Grand represented $60,000,000 of the difference, with the vast majority due to impacts from the room remodel and hold. When you exclude the impact of the MGM Grand property on our results, Las Vegas adjusted EBITDAR decreased about 2% in the second quarter. The lower midweek visitation in our more value oriented properties has continued in July, though we're taking advantage of this dynamic by pulling forward the MGM Grand Room Remodel timeline. Based on this accelerated timeline, we now expect the remodel to be completed by the October, which will allow us to capitalize on these refresh rooms in November in time for F1's return to Las Vegas and for the holiday season. When you also consider, we've seen positive bookings in three of the last four weeks and solid bookings of groups and conventions that are in place for later in the year, we're optimistic about restoring a growth trajectory in Las Vegas during the fourth quarter that will carry on into 2026.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

In Macau, adjusted EBITDAR rose by 3%, resulting in a record quarter as visitation player counts and premium player counts rose at both properties. The focus on premium players is a simple strategy but difficult to execute, Yet our team continues to capitalize on all opportunities. In July, we soft opened the Alpha Club at MGM Macau, an ultra high end offering that opened with 20 tables. We continue to fine tune the offering and add amenities with an official opening schedule ahead of the October Golden Week. The regional properties had a particularly solid performance in the second quarter with record 2Q net revenue and a 7% increase in adjusted EBITDAR.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

MGM Digital, our consolidated international digital business that does not include the BetMGM North America venture, grew its top line by 14% as the BetMGM brand extension has been driving improved results in existing markets, including The UK, Netherlands and Sweden. Marketing and bonus optimization combined with OpEx management have been strong drivers of our cost management efforts. The brands we're investing in are beginning to achieve meaningful scale, and BetMGM brands are achieving all time highs as they grow. Our full year 2025 adjusted EBITDA expectations remain consistent with last year at MGM Digital. We're on track to achieve over $150,000,000 in EBITDA enhancements in 2025, the majority in Las Vegas, with continued focus on automation and other initiatives in response to customer preferences.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

We've identified other opportunities to keep us on track as we champion a continuous improvement mindset across the business. During the quarter, we repurchased 8,000,000 shares for $217,000,000 all of which took place in April. The pace of our repurchases has slowed as we focus our capital deployment on our development projects. Our share count is nearly 45% lower than it was when we began this buying program, and we've received board approval for the ability to repurchase another $2,000,000,000 of shares. Finally, we continue to see meaningful value in the current share price.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

When you strip out the value of MGM China at market and assign a consensus value to the BetMGM North America venture, which we still view as a very conservative given the current trajectory, you end up with an implied multiple of 3.4 times trailing twelve months adjusted EBITDA, to say nothing of the value of MGM Digital, the business that's capable of $1,000,000,000 in run rate top line with double digit EBITDA margins. Said differently, there's an active accelerating growth pipeline that when paired with a nearly halved share count, together will unlock meaningful value that's not reflected in our current valuation. I'll turn it back to Bill.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Thanks, Jonathan. Before we get to questions, operator, I'd like to take maybe a step back and refocus more holistically on what we're up to in the strategy. For us, it's to win the greatest share of the world's growing gaming market. MGM Resorts is the only global operator with the ability to converge gaming and hospitality with entertainment and sports, whether physical or digital, and deliver accelerated diversified growth at scale. We're uniquely positioned to develop synergies across all of those businesses.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Our operational focus and calculated investments are paying off. Everywhere we operate, we're winning particularly in premium and luxury. In Macau, we have been and continue to be and earn more than our fair share, and that continues in the month of July. In digital, we've turned the corner on both the product and cash generation fronts with huge upside to capture. And in Las Vegas, with the advent of the A's Stadium, we're seated in the middle of the Golden Triangle, ensuring MGM is uniquely advantaged by major events, especially sports.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And internationally, we have the sole licensee in Japan with 120,000,000 plus people with a proven propensity to game. The point is we have the size and scale to see meaningful gaming opportunities anywhere in the world. And we look at the and as we look into the future, we remain very excited about that. Obviously, there's been a great deal of talk and focus on Las Vegas. And again, I want to look and take a step back and think of this holistically.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Over the last thirty years, the CAGR in Las Vegas and GGR has been close to 5%. We host many of the world's largest events and conventions in this city that is not readily, if ever, duplicatable. This fall alone, you'll see Canelo Crawford fight in Allegiant Stadium, one of the biggest fights Las Vegas has seen in the last ten years. In September, Paul McCartney will be, excuse me, in October. And the F1 in November, with presales better than they've ever been, will be hosted here again in our community.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Long term college football championships come our way in January '7 and to the final four in 2028. Las Vegas is as solid as ever, and MGM couldn't be better positioned to benefit by all of it. With that, operator, let's go to the questions.

Operator

Thank you. We will now begin the question and answer session. As a reminder, in all fairness, please limit yourself to one question and one follow-up. Our first question will come from Barry Jonas with Truist. Please go ahead.

Barry Jonas
Barry Jonas
Managing Director at Truist Securities

Hi, guys.

Barry Jonas
Barry Jonas
Managing Director at Truist Securities

Wanted to start with the MGM Grand. Is $65,000,000 still the right number to think about impact for the disruption? If it is, how much of that has been hit so far in Q1, Q2? Thank you.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Sure, Barry. Yes, that is still a good number. The only difference is now we'll be experiencing it really through just the nine months of this year as opposed to the full year. And just on the second part of that question, I would say through the first six months by our accounting, it's been about $40,000,000 and so we would expect that full remaining amount through the conclusion of the project in October.

Barry Jonas
Barry Jonas
Managing Director at Truist Securities

Got it. Got it. That's really helpful. Bill, it sounds like you somewhat addressed this, but clearly we've heard concerns about pricing and value impacting Vegas and MGM. Maybe just spend a minute kind of address that a little bit more in detail, please.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Yes. Look, think if you think about our luxury products and our offerings, you'd see ADR up in Bellagio Court helped me 4% for the quarter or something like that. And so you would see $250,000 play and above across the first six months of the year, up 25%. You'd see slot revenue up for the year, particularly at the premium levels. And so when it comes to that, I don't think that's real issue.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

I think when it gets to our value oriented properties, properties that focus on all that's going on in the global economyUS economy, there is impact. But given the scale and scope of what we do and how we offer it, it's while real, and we particularly experienced it in the summer, we are excited by fourth quarter and particularly what happens into 2026.

Barry Jonas
Barry Jonas
Managing Director at Truist Securities

Great. Thank you very much.

Operator

The next question will come from David Katz with Jefferies. Please go ahead.

David Katz
David Katz
Managing Director at Jefferies

Hi, afternoon everybody. Thanks for taking my question. I wanted to just go back to digital and appreciate the update that we had just a few days ago in your opening remarks about it. But I would love to get just another layer of insight into sort of how much cross benefit there is. And I think in the past you've given us digital sign ups for the loyalty program, etcetera. How is all of that evolving given the strength?

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

Sure.

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

Well, I think one of the things that Bill touched on certainly is the progress we're seeing in Nevada. It's probably one of the big highlights of the omnichannel advantages that we're seeing, where we've seen about 30% growth in Nevada monthly actives and 4x increase in the number of Nevada actives who continue to play with BetMGM once they go home. So the power of our Vegas funnel, if you will, and turning that into real customers for BetMGM is really a hallmark part of the omnichannel program. We also are aggressively investing and activating players during tentpole events here in Las Vegas. Jonathan alluded to what we did during March Madness as an example.

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

And then on the content side, we're also seeing the ability to leverage things like our MGM Live Studio and being able to begin to provision exclusive and proprietary content for players out of that as another advantage of what we uniquely can do as an omnichannel operator.

David Katz
David Katz
Managing Director at Jefferies

Understood. And if I can, in another direction, in the past, you've made some comments around the arrangement you have with Bonvoy and its benefits. Any update there we could talk about sharing?

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

No. Look, think, David, the update is it's despite all that's going on, it's on track and we'll go over 900,000 room nights this year. And so the quarterly performance has been great. I think I mentioned in my opening comments a couple of weeks ago, we had an all time week at twenty five thousand bookings in a week. Those customers continue to spend more than the average, almost $150 RevPAR.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And so all is positive. They've jumped into the convention space with us in a meaningful way now. And while we have 13 GSOs, global sales office representatives, they have 1,300 literally. And so we're very positive and bullish on where it brings us down the road. And about 30% to 40% of those customers are redeemers.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

So they basically are here with a free room, for lack of a better word, and they're retiring with their points. And so it just presents us with a great leisure customer.

David Katz
David Katz
Managing Director at Jefferies

Understood. It's never free. Thanks very much.

Operator

The next question will come from Brandt Montour with Barclays. Please go ahead.

Brandt Montour
Brandt Montour
Director - Equity Research at Barclays

Great. Thanks for the question. I do want to ask again about Vegas. The visitation numbers for the strip came out today as I'm sure you saw and they were quite bad for June and it seems like you know leisure heavy summer fit customer it seems like you're gaining share from Bonvoy and some of the other things you're doing. But maybe Bill, if you could just take a step back and talk about The Strip as a whole and talk about what you're seeing maybe near term in fit customer in the sort of the next four to twelve weeks booking trends And what gives you confidence that when convention and group comes back and the sort of summer heat, you know, abates that that customer will come back in the fall?

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Well, I think, you know, referencing my earlier comments, history gives us confidence. I think though what we have seen, we saw starting in May about a nine week decline in bookings. And now over the last month, those bookings have increased. And so for the last four weeks in a row, we've seen an increase three of the last four weeks in a row, we've seen an increase in bookings. And so that gives us confidence as we think about August, September and into October, remembering that the booking cycle here is short.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

I mean 50% of our bookings come within thirty odd days. And so it's pretty, particularly in the summer, reactionary. I think July will replicate June in a meaningful way. But we have between programming conventions and just again, back to the Bomb Boy program and our Marriott relationship, we have great confidence in fourth quarter and beyond.

Corey Sanders
COO at MGM Resorts International

And what I would add,

Corey Sanders
COO at MGM Resorts International

June and July this year, we had some pretty big groups cycle out of the city. And we know that they will be back in the future years. You also have the convention center under construction. A few of our competitors had some of their space under construction. So, think it was just a unique summer when it comes to the convention business on that we haven't seen in the past.

Brandt Montour
Brandt Montour
Director - Equity Research at Barclays

Okay. Thanks for that. And then maybe for Jonathan, $150,000,000 cost savings and synergy savings targets this year. What do you what can you tell us about what you realized in the second quarter, what you realized in the first half and sort of how to think about the second half?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Yeah. The first half total is about $80,000,000 so it's about similar for the first half and the second half of the year. And these are coming from a lot of different areas. They include some of the benefit that we've gotten from digital check-in, from our AI driven chatbot has helped. Of course, we made some moves in some other revenue areas as well.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

So, we're doing more in our quick service restaurants with ordering using barcodes and the rest. So, it's really probably 70 or 80 different initiatives which have come together to drive this improvement work.

Brandt Montour
Brandt Montour
Director - Equity Research at Barclays

Great, thanks everyone.

Operator

The next question will come from John DeCree with CBRE. Please go ahead.

John Decree
John Decree
Director - Equity Research at CBRE Group

Hi, all. Thanks for taking my questions. Maybe one to shift gears on Macau, another solid quarter for, MGM China. So maybe the first question is kind of high level on the market. We've seen gaming revenue accelerate in May and really in June.

John Decree
John Decree
Director - Equity Research at CBRE Group

So curious if you have opinions on what's driving that acceleration market wide, if it's some economic improvements, if it's just the event schedule and calendar and how sustainable might this GGR acceleration be for the market?

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Kenny or Hubert, don't you grab that?

Kenneth Feng
Kenneth Feng
Executive Director & President at MGM China Holdings Limited

Yes. I think this is Kenny. I think that we are happy to see a growing market driven by premier mass. Macau is not only an event driven like customers become coming for concerts, but we are seeing more and more customers come for like a refreshing experiences and the quality products and the services. So, if we come to like a MGM China, we continue to see a very strong trend in July.

Kenneth Feng
Kenneth Feng
Executive Director & President at MGM China Holdings Limited

Our performance is pretty robust. We see like our strong volumes across nearly all business segments and solid market share and margin. In general, I would see like in the entire market, I think us like we are seeing we are expecting a promising summer.

John Decree
John Decree
Director - Equity Research at CBRE Group

Got it. That's helpful. I appreciate the color. Maybe big picture, maybe Jonathan for you. Can you update us on the dividend policy at MGM China?

John Decree
John Decree
Director - Equity Research at CBRE Group

Certainly, GGR EBITDA ramping and it sounds like MGM China is continuing to gain a little bit of share. It's a great performance. How are you thinking about maybe the balance sheet in MGM China and dividend policy as it relates to MGM?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

I was with you until the last as it relates to MGM. I'll make a comment on the dividend policy at MGM China and then I'll invite Hubert or Kenny to speak to the balance sheet there. The board just approved, it was in March or May, a dividend policy of 50 percent of distributable net income. That's, of course, very important to MGM Resorts as such a large shareholder and that dividend income approaches 150,000,000 to $200,000,000 a year. It's a substantial source of cash flow for the company and I think an appropriate level for MGM China.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Hubert and Kenny, do you want to, I guess, address the general question around the balance sheet?

Hubert Wang
Hubert Wang
President & COO at MGM China Holdings Limited

Yes. In terms of dividend, earlier this year we have changed our dividend policy to a regular dividend of up to 50% payout plus special dividend, if any. So I think the Board will review our cash flow position from time to time and make appropriate decisions taking into account potential development projects in the pipeline. So that's what I have for the answer.

John Decree
John Decree
Director - Equity Research at CBRE Group

That's great. Thank you, guys.

Operator

The next question will come from Shaun Kelley with Bank of America. Please go ahead.

Shaun Kelley
Shaun Kelley
Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities at Bank of America Merrill Lynch

Hi, good afternoon everyone and thank you for taking my questions. Maybe a high level one for whoever wants to take it. Curious on MGM's view on the big beautiful bill, just the impact here on sort of the gambling community as it relates to kind of what's going on here. Obviously, the tax deduction limitation is impactful. In particular, we think about it impacting, I think VIP players and some of the professional players may kind of bounce around a variety of properties.

Shaun Kelley
Shaun Kelley
Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities at Bank of America Merrill Lynch

So just how do you think about it? And to the extent you're able maybe you can talk about some of the political angles MGM is working to maybe make any changes there?

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Hey, Sean, let me start off and then I'll turn it over to Jonathan to talk about the tax impacts on the deductions, etcetera. So last week, we had an opportunity to meet with the House Committee Chair here on appropriations. Myself, Tom Reeg, at Craig. Craig at Billings met with him. And we were focused specifically on the 90% issue of losses.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

He has a willing and he subsequently had a hearing here to go over the big beautiful bill with the community. He brought that up as something that he's going to help us work on as well with Congressman Dina Titus to get that corrected because we don't think that's a fair deal. The way it lays out, you could win $1,000 lose $1,000 and still end up paying a 10% tax on 10% of losses. And so 10% in terms of losses. So we're very focused on that as a starting point.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

I think some of the other things, raising up the slot win from 1,200 to 2,000 is helpful. And so some of it was productive. And then on the greater picture, John, why don't you speak to the 1,200?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Yeah. Just a couple of other items that we, of course, have been watching. The one, no tax on tips, no tax on overtime. We believe that's basically neutral to the company and won't really have any impact on our cost structure. The bonus depreciation, however, is quite a large deal for us.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Know, we're a company, of course, that invests a lot in our properties to the MGM Grand renovation is the latest example and this is one of the reasons why we've updated our tax forecast from a liability of approximately $100,000,000 this year to actually a positive refund of $100,000,000 in 2025. So it's a pretty meaningful change, not only because of this, but in large part because of this bill, this law.

Shaun Kelley
Shaun Kelley
Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities at Bank of America Merrill Lynch

That's great. And then, Jonathan, as my follow-up, maybe you could just walk us through kind of where we sit on the buyback strategy. Obviously, you indicated in the prepared remarks, most of the buyback was done in April and the pace has slowed a lot. Still a very large authorization and the shares remain valued. But there's also this obviously very big growth pipeline, New York's coming up, Japan checks are being written.

Shaun Kelley
Shaun Kelley
Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities at Bank of America Merrill Lynch

So you just help us balance that out. Is there a leverage kind of target or ceiling that you're managing What are kind of the puts and takes around being able to be a little bit more active in the stock for the balance of the year?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

We entered the year 2025 with a more cautious stance towards share repurchases because of the development pipeline that we're fortunate to have. But then we saw a real dislocation in the price during the first quarter and we were compelled just by the value to be aggressive. As you probably recall, I think we did about 700,000,000 or so in the first quarter. That continued into April. So we were more aggressive than I well, we did more than I expected we would coming into the year, but that was purely because of the price.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

We don't have a in terms of leverage, we're well within our leverage targets of about 4.5 times lease adjusted debt to EBITDA. I think this company, even with our development pipeline, we still have the ability to repurchase shares, which is why we saw the increase in the authorization. I just look at a quarter like this, dollars $750,000,000 in consolidated adjusted EBITDA to roughly $250,000,000 in CapEx, dollars 100,000,000 in interest expense or thereabouts. This is $400,000,000 in a quarter roughly of cash flow that we can use for share repurchases or development CapEx, so well over $1,000,000,000 annually and even against the development projects that we have, that still leaves room to return some capital to shareholders. But for the time being, are in a more cautious stance and it's primarily because of that development pipeline.

Shaun Kelley
Shaun Kelley
Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities at Bank of America Merrill Lynch

Thank you very much.

Operator

The next question will come from Chad Beynon with Macquarie. Please go ahead.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

Afternoon. Thanks for taking my question. Great updates this week from Adam and Gary on the JV, BetMGM side. So I wanted to ask about the digital business. I know you guys have talked about investing, particularly in the first half of this year, good growth on the revenue side.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

You just broadly talk about where we are with the investment side of this, whether it's Brazil or other markets and how you kind of see the setup for the back half of the year and getting to that inflection point in 2026? Thanks.

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

Yeah, sure. Thanks for the question. It's Gary. Yeah, so I think Jonathan said in the prepared remarks, and I'd underscore it, that in the absence of the investments we're making in Brazil, we're basically beginning to achieve breakeven in the rest of the MGM Digital portfolio. The bulk of the growth in that portfolio, we are seeing growth in sort of our core LeoVegas business, but the bulk of the growth is coming from the BetMGM branded business internationally, which we've invested over the course of the past year and a half quite heavily in.

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

So we are definitely seeing returns from that and don't see anything between now and the end of the year that would suggest that those trends would be interrupted and we would continue to operate with that level of profitability. So really the investment is concentrated in Brazil, And we really took flight with respect to our investments in Brazil in Q2. We got the product in good shape in Q1. Q2 we turned on the marketing with a reasonable level of aggression. And we're very happy about what we're seeing.

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

Player values are strong down there. We see nothing to give us any concern about the TAM and the long term health in the market in Brazil. And our relationship with Globo couldn't be better, And that relationship affords us a tremendous amount of operating flexibility that our competitors do not have. We can have access to inventory very quickly. We can make decisions about changing marketing mix very quickly because of our relationship with Globo.

Gary Fritz
Gary Fritz
President of MGM Resorts International Interactive at MGM Resorts International

So that dig will continue through the end of the year, but we'll reiterate again, this year in 'twenty five, total performance on the bottom line in MGM Digital should mimic what it looked like last year. And we'll move into 'twenty six optimistically.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

Great. Thank you. And then going back to Macau, margins in the back half of '24 were around that 25% range. And I think, in the past couple of calls, we've talked about being grounded around that 25% margin range. First half of this year, you're almost at 28%, obviously driven by higher market share and good premium mass.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

But can you talk about if maybe we should be thinking about a slightly higher margin? Or maybe asked differently, if you're able to hold market share above that 15% range we had been thinking about before, could the margins be higher than what we had spoken about? Thanks.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Kenny, you? Would you want to grab that? I might have a talker. Go ahead.

Kenneth Feng
Kenneth Feng
Executive Director & President at MGM China Holdings Limited

Yes. I think like this is Kenny. I think like we are pretty we feel pretty confident that we can continue to maintain such market share, which we have guided for the past few years as around mid teens and while maintaining EBITDA margin in mid-20s to high 20s. So we will I think that based on our even our current performance, as just indicated in our July performance, we see very solid market share and the margin in such range.

Hubert Wang
Hubert Wang
President & COO at MGM China Holdings Limited

Yes, I agree. I think that this is Hubert. I think that our focus on premium mass is not going to change our strategy remain consistent. And we have product to support our strategy in the near future. And I think that lends to itself that we expect our margin to be stable at high 28% range.

Kenneth Feng
Kenneth Feng
Executive Director & President at MGM China Holdings Limited

To the Yeah. Competition, like people right now we are talking in this market place like competition is nothing new in Macau. And we are focusing on we are competing on spending our customers and focusing on continuously to refresh our products and the services. We just want to make sure every investment we are making are effective and to reflect what the latest what the customers want, the trend, the latest trends. So we are really seeing like a sustainable market share and the margin as we said.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

Thank you very much.

Operator

The next question will come from Dan Politzer with JPMorgan. Please go ahead.

Daniel Politzer
Daniel Politzer
Executive Director, Equity Research - Gaming and Lodging at JP Morgan

Hey, good afternoon, everyone. Thanks for taking my questions. First, I want to go back to the strip. Bill, Jonathan, Corey, whoever wants to take it, you guys have all been doing this a very long time. Strip visitation, it's been declining pretty much all year.

Daniel Politzer
Daniel Politzer
Executive Director, Equity Research - Gaming and Lodging at JP Morgan

And to your credit, you've managed through this impressively, especially given the disruption in MGM Grand. I guess, is there anything you can kind of pinpoint in what's driving this decline in visitation? Is it international inbound? Is different it type of customer, less fly in? And then to what extent do you have levers to kind of adapt further in this environment where it seems like visitation continues to be under pressure?

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

I'll start. Look, I think international visitation has been an issue, not only for Las Vegas, but a lot of destinations. But particularly earlier in the year with Canada, we host a lot of hockey games by way of example and we saw visitation down. And I think it's I don't think I know, it's still down. We've seen some of our carriers, I think inbound air seats is down 6% now.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

By the way, mostly driven by Spirit with the challenges with their engines. I think Southern California this summer has laid quiet more than it historically has. And so I think that's a consideration that we all need to think about going forward as it relates to value oriented customers and how to attract them and what to do. We do feel solid about our ability to attract premium customers. And again, looking at the higher end of our spectrum in luxury with Cosmo, ARIA and Bellagio of note, we continue to drive above occupancy and yield from those customers.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

But we do need to keep an eye on value. We've followed the headlines as I think many have in terms of the value equation, the value stories and what is being said about Las Vegas. And we do need to enhance upon that. Las Vegas is still an amazing value. Some of the rates out there this next midweek are comparable to things I've seen twenty years ago.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And so to say Las Vegas is not a value, which I know has taken some headline, is just not a complete reality. And so but we all need to focus on that. We all need to change the narrative and continue to keep it positive. And obviously, as it relates to our particular offerings, Luxor, Excalibur, potentially New York and somewhat MGM, keeping a focus on that for us as we think about winter season and ultimately next summer is going to be really important.

Corey Sanders
COO at MGM Resorts International

And I think our main levers, our casino database continues to be extremely strong, especially on the regional side and what we're doing with BetMGM. The Marriott relationship obviously is an advantage in this timeframe. And then the other area that I think we look a lot at is business travel. And when it's not there, the airlines cut back. As I think you'll see in the fourth quarter, they're going to start adding into the city again, which I think will be to the benefit of the city.

Daniel Politzer
Daniel Politzer
Executive Director, Equity Research - Gaming and Lodging at JP Morgan

Got it. That's helpful. And then just in terms of the third quarter, there's a lot of moving pieces there and obviously kind of the backdrop you guys just kind of addressed. But if I think about the $25,000,000 from MGM Grand disruption and then you're lapping a $37,000,000 impact from insurance, it's just kind of any orders of magnitude through which to think about the third quarter in Las Vegas and kind of before that bounce back in the fourth quarter?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

I think what we're seeing certainly in July and looking into August is pretty similar to what we experienced in June in terms of the localization of some of the impacts, so midweek during for the value oriented properties and then the MGM Grand impact, which we've talked about. And I'm glad that you called out the insurance, the cyber insurance proceeds we realized in the third quarter of last year of $37,000,000 And then, of course, we'll continue these EBITDA enhancement activities, which I mentioned, which came up earlier, we continue to see the benefit of that through the third quarter. So, it's going to be kind of a similar situation and some of it we're taking on intentionally so we can position the company really well for the fourth quarter, particularly with respect to the MGM Grand.

Daniel Politzer
Daniel Politzer
Executive Director, Equity Research - Gaming and Lodging at JP Morgan

Got it. Thanks so much.

Operator

The next question will come from Steve Wieczynski with Stifel. Please go ahead.

Steven Wieczynski
Steven Wieczynski
Managing Director at Stifel Financial Corp

Hey guys, good afternoon. So Bill, whoever wants to take this, I want to go back and ask another question on that VEGAS FIT cohort. And Bill, you obviously mentioned a couple of times here that FIT cohort has shown some stability recently. Just I guess my question here, was just wondering if you guys have done anything to kind of stimulate that FIT improvement. We've seen some of your peers out there doing some pretty aggressive promotional work, cutting resort fees and stuff like that.

Steven Wieczynski
Steven Wieczynski
Managing Director at Stifel Financial Corp

Just wondering where you guys stand. And that kind of leads me to my second question, which is, Jonathan, maybe how you're thinking about the flow through in Vegas over the next couple of quarters given the shift in the customer mix that's coming into that market? Thanks, guys.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

So let me start with the FIT. Look, I think based on some of our group activity that will pick up later part of the quarter, I think, again, with Marriott at play, we don't see we're aggressive and we're priced accordingly and we continue to follow, I can assure you, what the market is doing. But we also want to make sure we're market leaders in many respects. And so we continue to drive in buildings like the one we're all sitting in Bellagio price, and we think that's important. I think occupancy is down three or four points for the quarter.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

I think you might see the same in the next quarter, but not at the expense of ADR and certainly not at the expense of some of the programs we put in play over the years when you talk about resort fees, parking fees, etcetera. And so we're not panicked and nor will our programs indicate that. I do think we need to get the value creation right at the other end of the spectrum with Excalibur and Luxor. It is a highly competitive market and remains that. But at the end of the day, while they are generating cash flow and they make us money, it's not the whole ballgame.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And so we will look at those independently a little bit differently. And we will lean into as we have for the better part of the summer, our casino database. One of the reasons our slot win is up is because of our casino database. I mean, we continue to drive into that and it's been fruitful for us.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

On the flow through question, I think a generally safe assumption is that we can bring 50% of the revenue increase to the bottom line if we're talking about Las Vegas and strive as we might if we do have revenue declines. Again, it depends on where it's coming from, but general rule of thumb is that we can fade 50% of that through cost management, but maybe 50% of it would hit the bottom line.

Steven Wieczynski
Steven Wieczynski
Managing Director at Stifel Financial Corp

Okay, got you. Thanks, Bill. Thanks, Jonathan. Appreciate it.

Operator

And the next question will come from Stephen Grambling with Morgan Stanley. Please go ahead.

Stephen Grambling
Stephen Grambling
MD & Senior Equity Research Analyst at Morgan Stanley

Thanks. I saw on the deck that the overall CapEx moved a little bit lower for the year, which was maybe surprising in the context of some of benefits from the big beautiful bill. I guess what's driving the reduction? And remind us of the timing of some of the major projects that are on the horizon. And I know it's still early, but could the accelerated depreciation change your approach to ROI investments as we look out to 2026?

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Yeah, the reduction was really a function of just as we get into the year and look at what we're spending and the ongoing refinement of the capital plan that occurs during the course of the year, we looked at that and said it's unlikely that we're going to be actually spending the amount that we had put out there. There are no notable projects that we've stopped or decided not to do. This always happens. Sometimes it's a little bit of an increase. Most often it's a reduction. So we wanted to make that clear.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Then Go ahead.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

Well, was just going get into some of the major projects. Really the only significant project, the likes of say an MGM Grand renovation, would be the renovation of the ARIA rooms, which presently we're looking to begin in the late second, kind of 2026.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And then Steven, one of the things that slowed down this year is we have done an Opera Cloud migration, our front end hotel system into the cloud. Given the challenges up and down the street in the community, we want to be cautious. So, we took a relook at that. It cost us a couple of months in time. But we just launched Park last week seamlessly.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

It was up and down in twelve hours. And now we're going to head to the cosmopolitan and the rest of the Strip. And so that had some capital tied to it that we simply delayed because we wanted to make sure we got it right. I'm feeling great. The team did a great job with it and so I'm excited about moving forward finally with that idea.

Jonathan Halkyard
Jonathan Halkyard
CFO at MGM Resorts International

And while just while we're talking about capitals, consult my list of projects which I won't spend time going through, but when I look at the number of exciting projects that we have coming online in the late third quarter and early fourth quarter, it's pretty dramatic. There's not a property here in Las Vegas and a few in the regional markets that don't have some really exciting projects coming online.

Stephen Grambling
Stephen Grambling
MD & Senior Equity Research Analyst at Morgan Stanley

That's helpful. Thanks. Maybe one unrelated follow-up. Looking at Vegas, I think it was this quarter last year that you called out Formula One kind of proactively. Anything that you're seeing at this point looking out to Formula One relative to last year? Thank you.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Yes. I feel much better about it. This is Bill. Pricing was taken in a whole new ballgame, a whole new consideration. And so we think and believe, and I think ticket sales, both ours as well as Formula One's, would indicate we got it right.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

I think they've sold over 65% of the tickets to date or some number like that. We're in that zone. And so we feel good about it generally, as well as obviously what we do internally with rooms and particularly the fountain club that we put up here at Bellagio is a massively unique experience. The race this year is going to have two events versus just the F1 cars, which will be more content. They're going do some other special things with us around the fountain, which I think will be exciting for not only Bellagio and MGM, but Las Vegas in terms of eyeballs and camera time.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

And so we're pretty excited by what's happened and where it's all going.

Corey Sanders
COO at MGM Resorts International

We just had a million dollar sale at the company club yesterday.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

That's great.

Stephen Grambling
Stephen Grambling
MD & Senior Equity Research Analyst at Morgan Stanley

Got it. I'll take that as a call to action. Thank you.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Yes, we like it. We like it.

Operator

Ladies and gentlemen, this concludes our question and answer session. I would like to turn the conference back over to Mr. Bill Hornbuckle for any closing remarks. Please go ahead.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

Well, again, thank you all for joining us today. I know it's getting late. Just as a reference, I'll be in New York at the Bank of America Conference in September. So I hope to see many of you there. Otherwise, we look forward to discussing our 3Q results with you all in a few months.

William Hornbuckle
William Hornbuckle
CEO & President at MGM Resorts International

So have a great end of the summer, and thank you all for your attendance today.

Operator

This concludes our conference call. Thank you for your participation. You may now disconnect.

Executives
Analysts
    • Barry Jonas
      Managing Director at Truist Securities
    • David Katz
      Managing Director at Jefferies
    • Brandt Montour
      Director - Equity Research at Barclays
    • Corey Sanders
      COO at MGM Resorts International
    • John Decree
      Director - Equity Research at CBRE Group
    • Kenneth Feng
      Executive Director & President at MGM China Holdings Limited
    • Hubert Wang
      President & COO at MGM China Holdings Limited
    • Shaun Kelley
      Senior Research Analyst & MD - Gaming, Lodging & Leisure Equities at Bank of America Merrill Lynch
    • Chad Beynon
      Managing Director, Analyst at Macquarie Group
    • Daniel Politzer
      Executive Director, Equity Research - Gaming and Lodging at JP Morgan
    • Steven Wieczynski
      Managing Director at Stifel Financial Corp
    • Stephen Grambling
      MD & Senior Equity Research Analyst at Morgan Stanley
Powered by Quartr