Resorts*international
Resorts*international ->->->-> https://blltly.com/2tDzkE
Our Privacy Policy has changed.© Copyright 2023 Diamond Resorts Holdings, LLC. All rights reserved. Unauthorized duplication is a violation of applicable state, federal and international laws. This is neither an offer to sell nor a solicitation to buy to residents in jurisdictions in which registration requirements have not been fulfilled, and your eligibility and the resorts available for purchase will depend upon the state of residency of the purchaser.
For over 30 years, American Resorts International & ARI's Holiday Network have provided tens of thousands of families a great value and a great vacation! At The Holiday Network by ARI, our members have access to thousands of beautiful resorts throughout the world! Plus, our dedicated member services team is on hand to provide their insight to deliver our members the best possible destination, custom designed to suit you and your families needs!
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company acquired the operations of Empire City Casino in New York in 2019, and in 2018, opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The over 82,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us at www.mgmresorts.com.
That year, Mary Carter Paint made another acquisition that would have a more significant impact on its future: Bahamas Developers Ltd. To this new interest in properties the company soon added property on the resort of Paradise Island. In December 1967, Mary Carter Paint completed construction of the Paradise Island Hotel and Villas, which would be operated by the Loews Corporation until 1981, and also opened the Paradise Island Casino. Clearly, this property development sideline soon became the company's main focus, and, accordingly, in May 1968, Mary Carter Paint sold its paint division to Delafield Industries for just over $10 million. As part of the purchase price, Delafield gained the right to the Mary Carter name. Thus, on June 24, 1968, what had been the Mary Carter Paint Company became Resorts International, Inc., a corporation engaged in developing property, as well as owning and operating casinos and resorts.
Good afternoon, and welcome to the MGM Resorts International fourth quarter and full year 2022 earnings call. This call is being broadcast live on the internet at investors.mgmresorts.com. We've 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.
Thank you, Andrew, and thank you all for joining us today. I'm proud to announce that MGM Resorts International drove record fourth quarter adjusted property EBITDAR for Las Vegas and regional resorts. What's more, our full year Las Vegas Strip adjusted property EBITDAR increased by more than 80% year over year. These outstanding results are evidence of our focus on optimizing growth in our business and operations, as well as our strategic vision of becoming the world's premier gaming entertainment company.
1, our number of nine Las Vegas Strip and eight regional domestic properties in the U.S. that catered to all market segments and produced consistently strong profitability; two, our two integrated resorts in Macau, the pre-pandemic generated EBITDAR of over $700 million and are just now beginning to see a very real return to profitability; three, our digital strategy with 50% ownership of BetMGM, one of the leading U.S. digital sports betting and gaming operators. BetMGM is the leader in what is financially the most important segment in the nation, iGaming, and is making overall progress toward its profitability; and our ownership of LeoVegas, which we're using to grow our digital business internationally and extend both MGM's brand and content reach; and ultimately, our balance sheet, allowing significant flexibility to invest in areas with the highest return on capital including New York, Japan, further expanding our digital footprint via LeoVegas and other substantive international opportunities we're pursuing in that space, as well as funding and continued share repurchases.
The LVCVA expects domestic flight growth capacity to reach 120% of 2019 in the first quarter of 2023, and internationally recover further with 80% of 2019 available seats. Harry Reid Airport hosted a record $52.6 million passengers in 2022. Outside of our domestic business, we also see tremendous opportunities for growth, starting with China, fully stated Macau is back. As you well know, COVID restrictions impacted our Macau operations in 2022, causing an operational loss that negatively impacted our overall results.
Unfortunately, I'm still waiting for the response from the government, but we are being patient and believe we will hear so soon. MGM Resorts has presented a compelling offer with our partner, Orix, to develop an integrated resort, which will develop international tourism and growth to that region. We're extremely excited for the ROI opportunity in a market in which we may be the sole operator for some time in the future. Each of the projects I just mentioned are expected to generate returns well above our current free cash flow yield.
Next week, we expect to close on the sale of the Gold Strike in Tunica, which will be in $350 million in net proceeds after tax. Next, we'll prioritize capital investment to deliver the highest return for our shareholders. Our acquisition of The Cosmopolitan of Las Vegas expanded our reach into the high end of the Las Vegas market. Our acquisition of LeoVegas, jump-started our international iGaming strategy.
Our new president of interactive, Gary Fritz and his team are evaluating a number of opportunities in this area, and our shareholders should expect that we'll be deploying more capital to grow the MGM brand internationally in iGaming and in digital content development. And finally, we're going to return capital to shareholders. During 2022, we repurchased 76 million shares for $2.8 billion. Since the beginning of 2021 through yesterday, we've repurchased $124 million for a total of $4.7 billion and have reduced our share count to 375 million shares.
So the question we get all the time remains kind of that ownership interest in upping the stake in maybe one of those areas that you discussed, BetMGM being the big one. And obviously, we know there's a partner there, but if you could give us your latest thoughts around the strategic value there and how you fold that in with your comments around maybe a more organic or stand-alone international online expansion.
Bigger picture, I think it was pretty clear as to where you target growth investments, digital international, but the last 24 months or so, you've moved a lot of chairs and upgraded the asset base in Las Vegas and opportunistically, I think, divested Gold Strike. Curious if you could give us some comments on how you feel about the domestic portfolio today, both regionally and in Las Vegas, and if there's potential opportunities you'd consider, more on the M&A side? And we kind of know plans in New York and if other big markets were to open. But on the M&A front, either buy or sell, anything that you'd think about doing or might make sense.
And the Far East play during the fourth quarter, it was up about at least a third over the fourth quarter of 2021 and constituted pretty much all of the growth in our international play during the fourth quarter. So very encouraging.
You think about both brick-and-mortar digital. I would say, without any disparaging comments to our competitors, that we think about the balance of regional location, domestic location, Las Vegas, international, digital, we are the most well balanced and prepared for growth. We have no net debt. We have -- we're sitting at about $5.3 billion of cash liquidity.
Our company's founder, Chris Finke, worked in timeshare resorts since 2003. In 2015, he started Resort Rentals International with a vision to help vacation resorts and individual owners rent their available properties. We are a growing team of vacation resort professionals with experience in vacation condominiums and timeshare resorts.
Discover a global collection of one-of-a-kind luxury hotels, resorts and residences, each inspired by our A Sense of Place® philosophy to reflect the local culture and spirit of a destination. The result: travel experiences that are authentic, original, and deeply personal. 781b155fdc