Chief Financial Officer at MGM Resorts International
Thanks a lot, Bill. I'd like to join Bill in deep gratitude for our entire team here at MGM. Your heroic efforts have allowed us to deliver another quarter of outstanding results and I look forward to working with you to continue this success in 2022.
Now let's discuss our fourth quarter results in a bit more detail. Our consolidated fourth quarter net revenues were $3.1 billion, 13% sequential improvement over our third quarter results. Our net income attributable to MGM Resorts was $131 million and our adjusted EBITDAR improved sequentially to $821 million led once again by our domestic operations. 16 of our 17 domestic properties achieved either all-time or fourth quarter EBITDAR records, and 14 achieved, either all-time or fourth quarter margin records.
This performance reflects strong broad-based demand across all segments even into the latter part of the quarter, which is typically our seasonal low period. We also demonstrated our ability to improve our operations while maintaining cost discipline against a backdrop of workforce and supply chain challenges.
Our fourth quarter Las Vegas Strip net revenues which now fully include City Center were 26% above the fourth quarter of 2019 at $1.8 billion. Adjusted property EBITDAR for the Strip was $699 million, 84% above the fourth quarter of 2019. Hold had a positive $8.5 million impact on our EBITDAR this quarter in Las Vegas. So Hold Adjusted Strip EBITDAR was $690 million. Our Strip margins were 39% in the fourth quarter, a 1200 basis point improvement over the fourth quarter of 2019 and equal to our margins in the third quarter of 2021.
We continue to drive healthy casino performance in the fourth quarter with Strip Slot Handle and Table Games drop, increasing 31% and 17% above the fourth quarter of 2019 respectively. Now that's when including Aria and excluding Circus Circus Las Vegas in both periods.
Our fourth quarter casino revenues grew 66% over the fourth quarter 2019, or 40% when including Aria and excluding Circus in both periods. Notably, for the first time since the pandemic began, our rated 65 and over age demographic in Las Vegas reached its pre-pandemic levels in terms of room nights in the fourth quarter.
Our Strip hotel occupancy was 86% in the fourth quarter, improving sequentially from 82% in the third quarter. This was driven by strong weekdays anchored by our best convention quarter since the pandemic began, and even stronger weekends. Our ADRs in the fourth quarter were 19% above that of fourth quarter 2019% or 7% above on a same-store basis.
Now Bill discussed the current operating dynamics, which have been challenging, and also why we continue to be optimistic about our business beyond the first quarter. To help provide a sense of the magnitude of the impact presently, we just finished January with Las Vegas Strip occupancy at 66%, but we expect the rest of the first quarter to improve with February occupancy running in the mid-70s and March in the mid-80s. February and March ADRs are pacing near 2019 levels fueled by weekend ADRs up over 20%. And while we had occupancy drop last month, January was our highest booking month since March of 2021 and it was better than any single month in 2019. These are rooms that were booked in January for the future. Yeah, we all feel pretty good about the outlook here in Las Vegas.
Our fourth quarter regional net revenues were $900 million and flat versus the fourth quarter of 2019. We delivered adjusted property EBITDAR of $309 million, which was 36% above 2019 levels. Combined with our Las Vegas results, our domestic businesses delivered over $1 billion of EBITDAR in the quarter. Our fourth quarter regional margins grew 900 basis points over the fourth quarter of 2019 to 34%. Recall that our third quarter margins grew by a similar 886 basis points over the third quarter of 2019. Our regional casino business remains strong despite the typical seasonality in the business during the fourth quarter. Our slots and table games volumes improved by 7% and 5% respectively over the fourth quarter in 2019, and our net theo per day for our rated customers increased 34% over the same quarter in 2019, led by our high-value $400 segment.
I'd like to make some comments about our cost structure and how it is evolved over time. Our Las Vegas and regional EBITDAR margins have remained very strong throughout the last year, and while they benefited from pent up consumer demand and elevated casino spend, they also evidenced the great work that our teams have put into maximizing the effectiveness of our operating model and rethinking how we run our business. This ranges from labor productivity to optimizing F&B offerings to strategic player reinvestment and as we continue to staff, our teams to more sustainable levels and our non-gaming revenues increasingly become larger contributors to our overall business, we expect our domestic margins to stabilize still well above 2019 levels.
Moving to BetMGM, we're currently live in 21 markets, having launched into both New York and Louisiana in January as well as Puerto Rico today. The team remains busy, that's probably the understatement of the call, with expectations to go live in Illinois next month, as well as Canada later this year. Adam and Gary from BetMGM provided a business update back on January 19th, during which they announced having delivered net revenue from operations of $850 million in 2021, growing nearly five times over 2020. We expect the momentum to continue into 2022 with BetMGM expecting to deliver net revenue from operations of over $1.3 billion. Our 50% share of BetMGM's losses in the fourth quarter amounted to $57 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDAR calculation. This brings our share of BetMGM losses to $211 million for the full-year '21 -- 2021. And as Bill alluded to earlier, we continue to believe that BetMGM is one of the most attractive growth opportunities for our company and one that will generate meaningful returns on our investment.
Finally in Macau, overall market wide gross gaming revenues in the fourth quarter grew 2% sequentially from the third quarter. MGM China's net revenue grew 9% sequentially to $315 million and adjusted property EBITDAR slightly declined sequentially to $5 million, partially driven by VIP Hold and higher bad debt. Travel restrictions are still the greatest bottlenecks to a more meaningful recovery in the region, but we remain encouraged by the clear signs of demand for our offerings. In fact, for the recently ended Chinese New Year holiday period, total visitor counts to our properties were up 30% over the prior year, with our mass segment showing healthy year-over-year growth and recovery.
Fourth quarter corporate expense, excluding share-based compensation was $117 million which included about $8 million of transaction costs. We incurred some additional expenses related to our loyalty program relaunch and true-ups for performance-related compensation. And as a result, we expect that our net corporate expense in the fourth quarter will run lower -- for the first quarter, will run lower than in the fourth quarter.
Unfortunately, one of the most important topics facing our company today is the allocation of our capital, and we believe that among the most productive uses of that capital is returning it to our shareholders. At current trading levels, we believe there is tremendous value in the shares and we've acted on that conviction. In the fourth quarter, we repurchased approximately 17 million shares for $727 million and so far this quarter, we've repurchased roughly 8.5 million shares for $370 million. Since we started the program last March, not even one year ago, we have repurchased over 52 million shares for just over $2.1 billion. That's over 10.5% of our market cap.
These repurchases have been funded in part by a series of transformational transactions announced over the last year, transactions that improve our portfolio, simplify our structure, bolster our liquidity position, and advance our vision to be the world's premier gaming entertainment company. This year, we are working to bring these deals across the finish line. Our transaction with VICI remains on track to close in the second quarter subject to regulatory approvals. We also expect to close our acquisition of the operations of The Cosmopolitan of Las Vegas in the second quarter subject to regulatory approvals.
In December, we announced our agreement to sell the operations of The Mirage to Hard Rock for $1.075 billion, representing a 17 times multiple on its 2019 adjusted EBITDAR less rent, and we expect this transaction to close in the second half of the year. We remain highly liquid. As of December 31st, our cash position excluding MGM China and MGP was $4.8 billion or $7.4 billion when adjusted for the VG, the Cosmopolitan of Las Vegas, and The Mirage transactions as well as the retirement of our $1 billion senior notes coming due next month.
Our approach to capital allocation continues to be as follows, first, we'll maintain a strong balance sheet with adequate liquidity. Second, we'll return cash to our shareholders. And then finally, when assessing potential growth opportunities, we'll invest where we have clear advantages and we'll exercise prudence in measuring prospective returns for our shareholders.
And then, before I turn it over -- back over to Bill, I'd just like to address my final comments to our organic growth brand -- plan. Starting with our new MGM Rewards loyalty program, today in Las Vegas, we attribute over 80% of our gaming revenue to specific customers enrolled in MGM Rewards enabling the delivery of personalized service and relevant offers. But when it comes to hotel dining and entertainment spending that percentage that is attributable to specific customers is less than 40%. For MGM these non-gaming revenues amount to approximately $5 billion per year in Las Vegas alone. And I think we'd all agree that MGM has the best most diverse hotel dining and entertainment experiences in Las Vegas. This is a huge opportunity for us. Expanding the ways our customers earn rewards, simplifying the benefits that they receive in return provides compelling reasons for guests to share their journeys with us. As our understanding grows, it will enhance our ability to provide a more compelling personalized experience and offers for our guests. As a result, we believe will drive deeper loyalty and grow our customer base over time, delivering financial gain for our shareholders.
With that, I'll turn it back to Bill for his closing remarks.