Good afternoon, and welcome to the MGM Resorts International fourth quarter and full-year 2021 earnings conference call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President, Corey Sanders, Chief Operating Officer, Jonathan Halkyard, Chief Financial Officer, Hubert Wang, President and Chief Operating Officer of MGM China, and Sarah Rogers, SVP of Corporate Finance. 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 conference is being recorded. Now, I would like to turn the call over to Sarah. Good afternoon, and welcome to the MGM Resorts International fourth quarter and full-year 2021 earnings call. This call is being broadcast live on the Internet at investors.mgmresorts.com. We have also furnished our press release on Form 8-K 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. 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 this 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 and investor presentation, which are available on our website. Finally, this presentation is being recorded. I will now turn it over to Bill Hornbuckle. Thank you, Sarah, and thank you all for joining us today. We had a very strong end to a great year, producing our highest consolidated adjusted EBITDA quarter ever in the history of the company. Our Las Vegas Strip resorts delivered yet another all-time quarterly EBITDA record, and our regionals delivered a fourth quarter EBITDA record. Our Strip and regional margins also remained very strong in the fourth quarter. These results are testament to a very talented team across the country, our sharpened focus on operational efficiency, and the proven resiliency of demand for the services and experiences that we provide at MGM Resorts despite the overhang of COVID. Our employees remain the cornerstone of our organization, and I am so appreciative of their dedication to our company and our guests. We could not have achieved these phenomenal results without our world-class team members. We know it has not been the easiest of journeys over the last couple of years, but I cannot say thank you enough and how grateful I am for everyone in the MGM family. Simply thank you. Our strong employee base and our leadership team also propelled us forward to advance our strategic plan and long-term vision to simply be the world's premier gaming and entertainment company. As a reminder, our strategic plan consists of the following four priorities. Investing in our people and planet, providing unique experiences for our guests by leveraging data-driven customer insights and digital capabilities, delivering operational excellence at every level, and allocating our capital responsibly to yield the highest return for our shareholders. I briefly touched on the great results we delivered in the fourth quarter, and Jonathan will go into more detail in his remarks. For now, I'd like to spend some time highlighting the significant milestones we achieved in 2021 to transform our company. First, we took steps to complete our goal of monetizing our real estate assets, meaningfully bolstering our domestic cash position. We have simplified our structure, bringing the operations of CityCenter fully under our control, selling MGP to VICI, a transaction that is expected to close in the coming months. We are also making strategic changes in our Las Vegas portfolio with the announced acquisition of the operations of The Cosmopolitan of Las Vegas and the sale of the operations of The Mirage. We believe these transactions will enhance and diversify our offerings in one of the most desirable and competitive destinations in the world. BetMGM, our joint venture with Entain, has established a strong brand and leadership position with the U.S. sports betting and iGaming space, finishing 2021 as the number one operator in iGaming and the number two player in overall sports in iGaming. I am incredibly pleased with BetMGM's excellent execution to date. We have substantial progress in Japan, where the city of Osaka chose us as their partner to build and operate a new world-class integrated resort. Doing so will allow us to continue to diversify geographically into what we believe will be one of the world's largest gaming markets in the world. We also returned meaningful cash to our shareholders. Finally, we bolstered our executive team last year with the addition of Jonathan Halkyard and Tilak Mandadi, who recently joined us from Disney. They both have already been vital to the execution of our long-term goals. We are pleased with all that we've accomplished in 2021, and we're even more excited how this sets us up for strong momentum into 2022. Starting with BetMGM, we remain confident in the team's ability to sustain and advance its leadership position in both new and existing states. As evidenced by this confidence, both owners anticipate collectively investing another $450 million in BetMGM this year. You heard from Adam and Gary on their recent call, and we'll hear more from the BetMGM team during their Investor Day in May. In terms of new expansion opportunities, we're working with our partners, ORIX, in the city of Osaka to submit an area development plan to the central government by April. We remain hopeful and confident in being awarded a license later this year to build an integrated resort in Japan. Stateside, we're encouraged by the continued progress being made in the commercial gaming license opportunity in New York, which could be awarded as early as this year. We believe MGM is extremely well-positioned given our existing operations in Empire City. Finally, as we think about organic growth in our business, we see an opportunity to deepen loyalty and garner incremental revenue share by maximizing the full potential of our network of premium resort properties and entertainment venues across the U.S. We are addressing this opportunity through a fully coordinated company-wide effort, which leverages our strategic investments in advanced analytics, data, and technology. Our goal is to identify and efficiently acquire high-value gaming and non-gaming customers by optimizing our target marketing, improving on-property service, and improving new experiences for those guests throughout their visit. We view our loyalty program as an integral part of this effort to acquire, to engage, and to retain high-value customers. On February 1st, we announced the enhancement and the rebranding of our customer loyalty program from M life to MGM Rewards. Not only does the name better align with our business, but the updated program allows us to address key opportunities, including targeting high-value non-gaming customers in addition to high-volume gaming customers, incentivizing cross-property patronage and tier progression with more motivating benefits and further activating BetMGM's customers in our properties. In 2021, approximately 42% of our new database enrollments came from BetMGM. We envision that this rapidly growing group of omni-channel customers will be able to traverse seamlessly between our online and offline offerings over time, experiencing MGM Resorts benefits proportionate to their tier status. MGM Rewards is the first of several steps in our organic growth journey to attract and retain more high-value gaming, digital gaming, and non-gaming customers. Over the next several years, we'll be investing over $2 billion into our properties, creating customer-centric experiences and services, in addition to the needed technology platform and advanced analytics to better engage and service our guests and drive market share in our principal markets. Before I turn it over to Jonathan to discuss our fourth quarter and full-year results, I'd like to make some high-level comments on our current trends and the future outlook. As you all know, the emergence of Omicron variant in November led to rapid rise in COVID cases. Fortunately, this didn't put a damper on the year-end and plans we had and had a great December. However, January, which typically relies more heavily on group business in Las Vegas, saw significant headwinds, driven by groups mostly looking to postpone until later in the year. Cancellations, while elevated, were mostly concentrated in a very short- term, with limited impact beyond March. CES in January was the most visible event this year, with attendance down approximately 70%. Despite the tougher January, we're happy to see COVID cases again on the downswing across the broader U.S. Cancellations are declining and group lead volumes are normalizing. Forward hotel bookings have been stable over the past few weeks and are once again starting to outpace 2019 levels. I expect that given positive COVID trends in Nevada, we'll start to see meaningful loosening of COVID restrictions in the very, very near future, consistent with what we have seen in other states. Furthermore, our weekends have remained very strong. In fact, this past weekend, the city had the East-West Shrine Bowl, the NHL All-Star Game at T-Mobile Arena, the NFL Pro Bowl at Allegiant Stadium, Garth Brooks at Dolby Live at Park MGM, and a pay-per-view fight in the Michelob Ultra Arena at Mandalay. Our Strip hotels ran 91% on Friday and 98% on Saturday. This upcoming weekend, we expect a very strong Super Bowl turnout. As we look further out, for the first time ever, the GRAMMYs are coming to Las Vegas in April, and we're hosting this iconic event at the MGM Grand. Las Vegas is also serving as the host of the NFL Draft in a couple of months' time. These types of wins continue to demonstrate that the city, with MGM Resorts at its epicenter, remains a resilient and leading destination for exceptional entertainment, and now most notably, sports. Turning to our regional properties, we delivered an all-time record EBITDA year in 2021, with most of our properties leading in GGR share with their respective markets. Our regional success continues to be driven by our premium offerings as well as strength in our rated gaming spend levels, combined with our efforts to yield to our higher worth customers. We are reopening non-gaming amenities at a measured pace as demand and resources allow, and our teams remain focused on labor productivity, giving us confidence in our ability to sustain margins above 2019 levels longer- term. I will conclude with some comments on Macau. Despite the continued choppiness in the operating environment driven by various travel restrictions and structural shifts in the high end, MGM China reached an all-time record 14% in market share. The official launch of the Emerald Suites at MGM Cotai during the quarter enhanced our hospitality offering and is helping us also grow share. We believe MGM China remains well-positioned for the market's eventual rebound, given its strengths in premium mass. Importantly, recent constructive developments around the concession renewals reaffirm our confidence in the government's judicious and fair approach to the process. Macau is an important part of our future, and we will continue to work with the government to ultimately get our license renewed. We look forward to further promoting the long-term development of Macau's gaming industry and supporting the government's tourism and diversification goals for the region. As many of you know, this is Kathy Park's last earnings call with us. I cannot thank Kathy enough for all that she has done for the company and wish her all the very best. Although I will note today it's 69 degrees in Las Vegas and it's not so in Boston. Jonathan, with that, it's yours. 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, a 13% sequential improvement over our third quarter results. Our net income attributable to MGM Resorts was $131 million, and our adjusted EBITDA 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 EBITDA 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 CityCenter, were 26% above the fourth quarter of 2019 at $1.8 billion. Adjusted property EBITDA for the Strip was $699 million, 84% above the fourth quarter of 2019. Hold had a positive $8.5 million impact on our EBITDA this quarter in Las Vegas. Hold-adjusted Strip EBITDA was $690 million. Our Strip margins were 39% in the fourth quarter, a 1,200 basis point improvement over the fourth quarter of 2019 and equal to our margins in the third quarter of 2021. We continued 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%. 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%. While we had occupancy drop last month, January was our highest booking month since March 2021, and it was better than any single month in 2019. These are rooms that were booked in January for the future. Yep, 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 EBITDA of $309 million, which was 36% above 2019 levels. Combined with our Las Vegas results, our domestic businesses delivered over $1 billion of EBITDA 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 theoretical 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 has evolved over time. Our Las Vegas and regional EBITDA margins have remained very strong throughout the last year. 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. 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 in 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 19, during which they announced having delivered net revenue from operations of $850 million in 2021, growing nearly 5x 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 EBITDA calculation. This brings our share of BetMGM's losses to $211 million for the full-year 2021. 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 EBITDA 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. As a result, we expect that our net corporate expense for the first quarter will run lower than in the fourth quarter. Now fortunately, 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's 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 17x multiple on its 2019 adjusted EBITDA less rent. 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 VICI, The Cosmopolitan in 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. 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. Then before I turn it back over to Bill, I'd just like to address my final comments to our organic growth 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. 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. 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'll enhance our ability to provide a more compelling, personalized experience and offers for our guests. As a result, we believe we'll 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. Thanks, Jonathan. Jonathan, by the way, just celebrated his first year's anniversary. I wonder what he's been doing. When I first spoke with all of you as the CEO approximately two years ago, I expressed my desire to be focused, disciplined and transparent in how we ran this company. I believe these virtues have served us well over the last couple of years, and I believe they will continue to serve us well into the future as we look to drive long-term shareholder value. I'd like to close by thanking again all of our employees for their service, for their commitment, and their dedication to this company. Together, we've accomplished a lot in the past year, and I'm excited about what we can further do and accomplish this year and beyond. With that, Chad, I'll turn it back to you for questions. Thank you, sir. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. As a reminder, in all fairness, please limit yourself to one question and one follow-up. The first question will come from Joe Greff with JP Morgan. Please go ahead. Hello, everybody. Congratulations on the results. Thanks. Going into tonight, I wanted to ask you know, as you are going into first quarter, what sort of hotel pricing elasticity you're experiencing, particularly on the weekends. You've addressed that. So I just wanted to clarify. I think, Jonathan, you had a comment, and I didn't capture all of what you said with regard to the revamped MGM Rewards loyalty program. You said 80% of the gaming revenues come from the current loyalty program, the nongaming, it's only 40%. I guess, just to kind of understand if you got to parity, what would that revenue opportunity be? And would that incremental revenue be at margins that would be accretive to the current blend of strip EBITDA margins? Sure. You know, I was really intending to draw the distinction between the level of tracked revenue that we have through our gaming revenue as compared to nongaming revenue. It's that difference between the 80% and the 40% here in Las Vegas. It's meant to illustrate the opportunity that we have to create a closer relationship with those guests of ours who generate nongaming revenue for us across our hotel, restaurants, and entertainment venues. This is a massive business for MGM Resorts. It's a huge opportunity for us to grow share within those customers' spend areas. You know, we'll be detailing as we go through the year with the launch and the success of the MGM Rewards program, which rewards these guests for that spend, and then allows us, of course, to customize offers to them. Great. My follow-up question is related to New York. Assuming you're able to build a full-scale, you know, at Empire City, what do you currently envision for that property? What would be the CapEx? How much disruption would there be as you're expanding and renovating that property? You know, Joe, great question. It'll take some time. Obviously, we need to understand what the tax is going to be, what the licensing fee is going to be. You know, it will determine a great deal. Presuming we're fortunate enough to win a license and ultimately go forward, you know, if we do it, I would say the way it was done in National Harbor, where you have an opportunity to create great jobs, a great environment, a great property, because the tax ultimately and the fee is reasonable enough to allow us to do that, you know, you're looking at a spend somewhere in the $1.2 billion-$1.3 billion, phase I, give or take. You know, we have 97 acres there. We go back and forth, what kind of things we might want to put there. We could see quickly in the existing environment 200 tables. You know, we currently have 5,500 slots, which is massive. We'd reduce that to a certain degree, and then we'd build it out over time. Clearly a need for a structured garage. There's a much broader vision to be had longer term. I think... Look, the opportunity, location, all of the things that would be meaningful to us in terms of a network and ultimately omni-channel back here, both with BetMGM and ultimately Las Vegas as a cornerstone to that discussion, could be very meaningful for the company. We've got to be given the opportunity to spend capital to make it work. It really hinges on that discussion almost more than anything else. That's a starting point, I think, a good way to think about it. Great. Thank you. The next question will be from Shaun Kelley with Bank of America. Please go ahead. Hi, good afternoon, everyone. I wanted to maybe touch on CapEx a little bit. Obviously, I think there were some numbers given in the presentation about sort of your targets for 2022. Jonathan, that looks a little bit above. I think historically maybe thought closer to, you know, $400 million-$500 million for the core domestic portfolio on a maintenance basis. Could you help us elaborate on some of the spending in 2022? Then, I think there was also a $2 billion number mentioned over maybe the next couple of years. Maybe help us think about some of the project, you know, like the project focus going forward. Sure. Two reasons for the elevated number against that maintenance target or history that you described. One would be some deferred maintenance that the company experienced during 2020 when the properties were closed and many of our employees were furloughed. The company didn't spend much CapEx at all during 2020. So some of it is making up for that. We also are taking on, in a deliberate way, some hotel remodels in our system. We talked about, of course, Luxor and Bellagio last year. This year will be the Beau Rivage, New York-New York, and beginning on some of the rooms at the MGM Grand. So those are all pretty meaningful investments, and we think in every case are gonna drive nice returns and improvements in guest experience. The $2 billion number that you mentioned, that's really looking out to the next several years. I would put it largely in three categories. The first is a continued program of room renovations across the system that we've now kind of laid out for the next seven or eight years. The second is technology investments led by Tilak and his team, most of which are gonna be directly experienced by our guests. The third are growth capital investments within our core portfolio that you know we'll expect will drive a very nice return for shareholders. Those are the main buckets of that $2 billion number. Great. Thanks. Maybe just as my follow-up, you gave some color on, I think, the margin build, and I think margin sustainability remains the, you know, 10,000-dollar question across the space. Could you just help us drill down a little bit as you look into a very stable quarter-over-quarter? I think you mentioned negative mix as some of maybe the, you know, kind of entertainment and food and beverage amenities come back in 2022. What are you seeing on the labor front specifically? You know, I think you do have some union relationships that might actually help protect you a little bit from some broader inflation. Maybe just help us walk through a few of the pressures, you know, you think you'll be, you know, up against and what maybe some of the offsets are in 2022. Okay. On the labor side, we're experienced, generally labor inflation of 3%-4% on an annual basis. It is, you know, it is meaningful, but it's sustainable for us. We were also compared to back to 2019, we were down 22% in FTEs in the fourth quarter. That's a little bit better than the third quarter, where we were down 25%. We believe with the learnings that we've put in place, the actions that we took on the operating model a couple of years ago, that ultimately will stabilize at a level of FTEs, 15% below 2019 levels. That's some of the build that I talked about with bringing employees back. That has an offset, which is, you know, there are some things for sale that we don't have open right now that we'll be able to open when we bring employees back. The final thing I guess add in terms of the margin structure is there's really two sources of these 1,200 basis points, 1,000 basis points margin increases that we've had. One is the cost reductions, the improvements in efficiency that we've done, the $450 million of cost savings. The second is a mix of customers oriented more towards casino over the past six months, which has been accretive to margins. We believe that as that returns to a more normalized mix of business, that will have a dilutive effect on margins, but overall will improve EBITDA for the company. Thank you very much. Thanks. The next question will be from David Katz from Jefferies. Please go ahead. Afternoon, everyone. Thanks for taking my questions. I wanted to follow up on that just a little bit because, you know, we often engage in discussions, you know, that compare your Vegas margins, you know, with other operators, et cetera. You know, fairly, it's different for a number of reasons. You know, what I'd love to do is just get a sense for, you know, what the inherent pressures are. You know, Jonathan, you talked about some of the labor issues and some of the other costs that are, you know, moving because of the current circumstance. You know, does the size of your operating platform, you know, where does it help? Where does it weigh on your ultimate landing spot for margins the next couple of years? This is Bill, David. In the context of higher end, higher volume business, while there's a ton of cash to be made, potentially with high-end gaming customers, they come with, you know, some margin. They come with G5s and other things that tie to that activity case. We have more than all in that category, and so that drives proportionally. When you think about entertainment and you think about Bruno Mars and you think about Lady Gaga, they're taking large chunks of the revenue out of the building right away. You know, our entertainment platforms that scale tend to add to margin differentiators from some of the others. Then just generally speaking, particularly when we think about reinvestment, you think about the matching, you think about what we're doing here as a percentage of our overall business here being Bellagio, excuse me. You know, luxury comes with some, you know, additional expense and additional service. Can we sustain 1,200 basis point margin increase? No, but we've said before that we're looking at 400, 500 or 600 basis points as a real place, and we believe that to be the case going forward. You know, once again, COVID and Omicron during January has clouded this discussion. As we come out of it, those 22% FTE reductions are very real. Those positions are gone. It will be, to us, from where we were and where we started, very accretive. David, what I would add, this is Corey. Like-type properties, you know, Bellagio versus Wynn or New York-New York versus a legacy property of a competitor, our margins are equal, if not better. Understood. As my follow-up, I may date myself a little bit. But I recall the NBA All-Star Game, you know, being in Las Vegas a number of years ago. Oh. You know, the outcomes, you know, not being particularly great. You know, the sporting events that you're hosting these days, you know, seemingly, you know, are great. You know, is it that you're better at managing those? Is it just that, you know, there's some relationship that's improved there? You know, why are these great? I recall that one being particularly not great. Look, you know, remembering that event because we hosted part of it. I was down in Mandalay at the time. You know, a lot of Southern California showed up with that crowd. It was an awkward time, as I recall. No, it was not a stoic event for the community or for the properties. It just wasn't. You know, if you look at the Raiders, though, as a simple example, you remember what happened there. Half of their seat licenses went to people out of town. The folks in town are now selling those seats, by the way, to other visitors. The Raiders have talked about 68%, these are their numbers, not ours, of those seats on a game day are to out-of-towners. Big pickup in millennials. You know, between the activity case around the Golden Knights, around the Raiders, around a lot of the college activity that travels with a big-time fan base, we have gotten our head around it. I think we, the community, not just our company, are doing a much better job around it. Like anything, we learned a lot from what to do and what not to do during that event. We have become, without a doubt, we're talking about NCAA regional finals. We're talking about the Final Four someday. We got the Super Bowl here in 2024. Arguably, we've become America's, if not part of the world's, most popular sports destination because it just isn't a three-hour game, it's a three-day event. you know, we're enjoying that, obviously, particularly with the South End Strip and Allegiant, starting with T-Mobile onto Allegiant, all of that is all us. We are sandwiched right in the middle of some really exciting stuff. No doubt. Congrats on the quarter, and thank you. Thank you. The next question will come from Carlo Santarelli with Deutsche Bank. Please go ahead. Hey, guys. Thank you very much for taking my question. Jonathan, you touched on this a little bit as you talked about kind of the transition into more entertainment. Bill, obviously, you just referenced it as well, but entertainment and F&B and some of those other non-gaming revenues that come back. When you look out towards the back half of this year, obviously, you guys will be facing, you know, some historic, you know, second half gaming comparisons. As you think about that transition and some of the margin degradation, do you feel like the comment you made earlier about, you know, over time it will be more EBITDA but at a lower margin, could that hold true in the second half, or do you think that will take time to build on the non-gaming side? I'll kick this off and turn it to John. A couple broad thoughts. You know, clearly, even in the fourth quarter and third quarter last year, convention business did not return to normal. Corporate business did not return to normal. We have huge margin, particularly in catering and banquets in that business. We had no appreciable international play to speak of, almost nothing with the exception of we had some Europe play, but Asia was a non-event and just general tourism that comes internationally. I still believe there's a segment of the business. I had dinner with a gentleman last night, hadn't been here in two years, wealthy guy, loves Las Vegas, just was afraid to come back. I think there's a segment of the market that has real disposable to spend that we have not yet seen to return. For those three broader reasons, I remain optimistic. You know, we've set a pretty high bar. I get the general question. Yeah, I would just add that it's important to note that in the third and fourth quarter, we're still running seven-10 points lower than normal in occupancy. This business we're talking about, this gentleman Bill mentioned, the group business, this is additive largely to the current mix of business that we've had. That's another reason why we believe that, you know, we can continue to grow the earnings of the business, although the mix will be different as these customers come back. What I would add, Carlo, the strength of the casino segment, we don't see it slowing down, including the fact that international should start returning here beginning end of first quarter, second, hopefully second quarter. Look, the business we would displace is probably the lower end leisure package business with that additional business. Right. That makes sense. Thank you. That's great. I know you guys obviously just talked about January being, you know, a tremendous booking month. As you think about where we sit today with the group outlook and maybe some of the stuff that was choppy in the first quarter, I'm presuming a good chunk of that may be shifted in the back half or is sitting there, you know, waiting for first quarter of next year. Anything you guys could provide about the group pacing for, you know, second half of this year and 2023? I'd make a broad comment, and Corey follows this much closer. Look, we probably lost about 150,000 room nights this quarter in that space. Most of them tried to rebook or have rebooked. When I say try, remember, we've been at this two years in terms of COVID. When I look at next October, there's not a lot of space left at the inn in some respects. My general view is we will come a long way back by fourth quarter, and we'll really begin to normalize by end of 2023, I think is the real way to think about this. By the end, the back half of 2023, we'll be back to full normal. We've got, you know, some things are accretive to us, our cancellation fees that end up on the bottom line that are high margin, you know, 100% margin to that. If we can turn around and refill it with leisure, that's helpful. You know, leisure demand picks back up, particularly in the second quarter. I think there's some real upside to all of that. Super. Thank you guys. The next question will be from Chad Beynon with Macquarie. Please go ahead. Hi, good afternoon. Thanks for taking my question. I wanted to ask about Macau and just take your temperature in terms of what the market is thinking about maybe timing of a recovery or at least some green shoots, you know, given that we've seen some Chinese New Year numbers and it's certainly a fluid situation. Related to that, could you just kind of opine on the changes with junkets and VIP rooms, how you're positioned to transition this business and keep it in-house? Thanks. Yeah. Let me maybe try. I know Hubert's on the call with us, and he stayed up late, so let me give him his moment of opportunity here. Hubert, if you could help us. Yeah. So thanks, Chad, for the question. In terms of timing of the recovery, I think that generally speaking, you know, we have seen the recovery in play in the past year. If you look at 2021, you know, the number was higher than 2020. Overall speaking, you know, the it's driven by the obviously by the mass segments. You mentioned Chinese New Year. Actually, we're pretty satisfied with the Chinese New Year performance, particularly on the mass side. Take MGM, for example, I think that we have reached 85% of the pre-pandemic level in terms of mass volume if we measure that by table drop. So that's encouraging. Overall speaking, in China, you know, which is, you know, basically vast majority of our customers, where they come from, their COVID prevention policy is very different from the ones that you see in U.S. They call it dynamic zero-COVID. As soon as there is a case popping up somewhere in China, there are strict travel restrictions in place for that area. Now in China, it's getting more and more precise. They can really do a precise travel restriction target to certain areas. The impact into Macau is that these areas travelers won't be allowed to come to Macau or they have to go through quarantine. In the past year, we have seen that happening almost every quarter, as close as to the markets like Shenzhen or even Zhuhai, and sometimes in northern areas. I still believe that these things will happen in 2022, this year. Coupled with that is also the NAT test. If there are cases, you know, in China, typically these regions will require 24-hour test results to be presented when they enter Macau. It's an inconvenience to these travelers. In terms of broad recovery, we really need to look at all these travel policies, restrictions, when they're gonna be, you know, eventually lifted. I think that ties to overall the national policy and also the vaccination rate. I'm pretty confident that 2022 will be a better year than 2021, driven again by mass, particularly the high end of the mass. Touching upon the last point that you asked about the conversion between what's happening in the junket world. By now, I think that all the junket operators in the traditional sense have basically ceased operation in Macau. The players or the agents working for the previous junket operators are trying to find place, you know, to settle down. It's still quite dynamic in the marketplace as far as the conversion of the former junket players to in-house players, and to some extent, to premium mass players as well. What we are working on is, first of all, focusing on mass. I think that's where the future resides. Second is to capture as much conversion from junket to in-house to mass as possible. On that note, I think that we're also looking at, you know, reallocating the resources, particularly the table units, to support the mass growth eventually. We are going to reallocate more tables from VIP to mass in the coming quarters. Chad, does that answer your question? Yes. Thank you very much, Hubert. Really appreciate it. Thank you. The next question will be from Dan Politzer with Wells Fargo. Please go ahead. Hey, good afternoon, everyone, and thanks for taking my questions. So, I want to hit on the capital allocation share buyback. You guys have been pretty active there. I think buying back $700 million or so the past couple quarters and, you know, $370, I think you said, for the first quarter. I mean, is that, is this kind of $700 million level a reasonable expectation to have on a go-forward basis given, you know, you're, I think, have maybe $900 million left? Or how should we think about this going forward, as you look to return capital to shareholders? Well- You know, we do like to be consistent. At the same time, we are able to take advantage of opportunities of softness in the shares, and that was one of the things we were able to do during the fourth quarter. Particularly in December as I recall, we were able to be aggressive, and we thought that was the right thing to do given our view of the value of the company. I would suggest that the fourth quarter was certainly the highest quarter I think we've had in several years, but it was merited by the value that was in the shares. Going forward, we'll be programmatic about this, and we continue to think it's a good use of capital. I wouldn't commit though to any specific dollar amount simply because it is driven in part by the trading value of the stock. Got it. Could you just remind us when you'll be a full cash taxpayer? We'll be a full cash taxpayer in 2025. Got it. Thanks so much. All right. Thanks, Dan. The next question will be from Thomas Allen from Morgan Stanley. Please go ahead. Hey, thank you. You guys have had success integrating M life with BetMGM in the past. Can you just elaborate on, you know, the new BetMGM rewards program? You know, what's changed there, and what you see as a big opportunity? Thank you. Thomas, thanks for the question. I think the key as it relates to BetMGM is just further integration. Frankly, it's a little clunky. It needs to be fully integrated where it's a smooth transition and transaction for a customer to take gaming activity on BetMGM, get recognized, get rewarded, and get onto their phone in some way, shape, or form an opportunity to take advantage of something on a brick-and-mortar property. It's a transition. It's a two-step process that we want to see go away. The more broad change, though, with MGM Rewards is recognizing retail spend and making it more robust, recognizing people for that. You know, we do collectively as an industry and as a business, I think particularly as a company, an amazing job individualized with personalized guest service, recognizing high end. We're trying to extend that down the tier, if you will, to the next big tranche of people in the millions at this point, who I think once properly recognized and understood the value of all of the things we have to offer, whether it's Las Vegas or some of our regional destinations, we're gonna be. I think we're gonna be highly rewarded for it. The lead format of MGM Rewards in terms of BetMGM is really more about the technology platform and getting the linkage pure and simple. The rewards program itself is about driving non-retail play or spend. Very clear. Thank you. Just following up on an earlier question about mix. I remember in 2019, you had about 21% group mix. Can you kind of talk about, you know, the split between FIT, casino and group today? Like, what do you think kind of the long term will look like? Thank you. Corey? Sure. Thomas, thanks. Yeah, the group mix, we've never given a. You know, on the convention side, we're about 13% in the fourth quarter, and that's not bad considering everything. Look, in general, I think we'd like our convention mix back to where it was in 2019/2020 with to see our casino increase, and we're seeing some pretty good percentage increases by about 9%-10%. That'd be great. We'd also like to see some shift in transient, which we've been able to see during this period, and probably taking away a little bit from the leisure package. That would be our end goal. Perfect. Thank you. The next question is from John DeCree with CBRE. Please go ahead. Hi, everyone. Thanks for taking my question. Bill, a follow-up to Thomas' question on BetMGM and the rewards program. Obviously a significant number of rewards customers acquired through BetMGM this year. I'm curious if you're seeing any meaningful cross-sell to your bricks and mortar operation yet, or it sounded like maybe with the rewards program revamp, that might be, you know, more on the come. Just curious if you have any anecdotes or data that you could share with us so far. Look, a little bit more on the comps, particularly here in Las Vegas because of the distance and the destination. Having said that, you know, remember the best omni-channel example we have is Michigan. We have seen a lot of cross-play, and what has been proven, and this shouldn't be a surprise, but it's proven out to be the case, is a omni-channel customer literally is worth 2-2.5 times a regular customer. They do take advantage of online brick-and-mortar and some of the opportunities that it presents back and forth. You know, we've obviously have database shares. We go after customers. It's not a pure link with BetMGM and what was M life, where you know, some of this is just direct mail motivated on that database. Over time, that's exactly where we'll get to. I think you'll see a whole lot. The essence of it is we're just getting going, and I think there's real opportunity here of note. Thanks, Bill. That's good clarity. If I could ask one more on the promotional and marketing environment. There's obviously a lot of spend going on as it relates to sports betting and digital gaming, but you know, curious if that's had any impact on the marketing environment or promotional environment at your regional or Las Vegas operations. There was a little bit of a demand dip because of Omicron, you know, curious if you've seen any changes in behavior as it relates to that. Look, Corey can answer this, but I'll tell you on the BetMGM side, God, I hope it doesn't transition over. It's an overly aggressive market. We all know it. I think we've been one of the more disciplined. I mean, you heard the number. We lost about $52 million or $54 million in cash in the fourth quarter in BetMGM. I know what we spend versus the competitive set. It's about, they outspend us about two-one, yet we maintain the market share that we have. I think it's compelling. The team does a really good job with that, but it has not, nor will it impact its way into regionals and go ahead, Corey. Yeah. With regards to the properties, especially in the regionals, when we shut down, that was one of our saving opportunities, was to readjust that, investment into those customers. We've been able to maintain that. The slowdown you may have seen in some of the markets in January, especially on the East Coast, would have been related to Omicron and the weather. Great. Thanks, everyone. Congratulations on Thanks. Thank you. Our last question for today will come from Stephen Grambling with Goldman Sachs. Please go ahead. Hey, thanks for sneaking me in. Two follow-up questions, actually. First, on BetMGM, could you just maybe disclose how many monthly active users are on the app to end the year? No, well, it's well over 1 million in the database at this point, but I'd rather keep that close for now. I think, as you probably know, they're having an investor day in May, and I think at that time the team will be sharing more detail. Awesome. Thanks. I had to sneak it in. The second one's another modeling follow-up. Any way you can share what your same property margins were in Vegas and in the regions in 2019 so we can kinda compare and contrast on an apples-to-apples basis? Yeah, those margins were in the high 20s, around 28% or so on a like-for-like basis in 2019. Awesome. That's it for me. Thanks so much. Ladies, ladies and gentlemen, this concludes our question and answer session. I would like to turn the conference back over to Bill Hornbuckle for any closing remarks. Thank you, Chad. Again, I'll be quick. I know it's late back east particularly. Look, obviously for us it's been a tremendous year. We couldn't be more excited. I can't again thank our team enough. I think we've done a very good job by shareholders. We've returned a substantive amount of the company, over 10% back to them. We've got an amazing fortress balance sheet that presents all kinds of opportunities for diversification, whether it's Japan, New York, or ultimately into digital, both domestically and beyond. You probably know we're stretching BetMGM into Canada in April. We're excited by its growth and other possibilities that may present themselves. We're excited to get refocused now on returning some of our properties and some of our growth programs and our remodel programs back to where we'd like them to be and beyond. We're just getting rolling, because if you think about 2020 with sports, obviously we had COVID. We're just getting rolling with that activity pace at full steam. I'm excited by the balance of this year there. Because of COVID, the entertainment programming will be robust here. Many tours did not go out, and they decided to stay in Las Vegas and do residencies, and it'll be accretive to us throughout the course of this year. Appreciate your involvement, appreciate your time and your interest in the company. Thank you all. Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.