MGM Resorts International MGM
Q3 2010 Earnings Call Transcript

Transcript Call Date 11/03/2010

Operator: Good morning, and welcome to the MGM Resorts International Third Quarter Conference Call.

Joining the call from the Company today are Jim Murren, Chairman and Chief Executive Officer; Bobby Baldwin, Chief Design and Construction Officer of MGM Resorts International, and President and CEO of CityCenter; Dan D'Arrigo, Executive Vice President, Chief Financial Officer and Treasurer. Participants are in a listen-only mode. After the Company remarks, there will be a question-and-answer session.

Now, I would like to turn the call over to Mr. Dan D'Arrigo.

Daniel J. D'arrigo - EVP, CFO and Treasurer: Thank you, Conchetta and good morning, everyone. Welcome to our third quarter earnings call. This call this morning is being broadcast live on the Internet at our website, and a replay of the call will be made available on that website.

This morning we also furnished our press release on Form 8-K to the SEC and is available on the SEC website as well. Before getting started, just a quick review of our safe harbor disclosures; information we present on this call may contain forward-looking statements as defined by the SEC. Such forward-looking statements are protected by the safe harbor amendments of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from estimates. Listeners should also refer to our disclosures about risks and uncertainties made in our filings with the SEC.

With that, I'd now like to turn it over to Mr. Jim Murren.

James J. Murren - Chairman and CEO, MGM MIRAGE: Well, thank you, Dan, and good morning, everyone. As you know we have preannounced that we'd like to spend some time today talking about what we see happening in our markets and just to reflect upon some of the accomplishments this year and what we see on a going forward basis.

We had an ambitious goal at the beginning of the year. We set out to increase liquidity extend out maturity schedules so that we’d have plenty of cash available to handle all of our obligations over the next several year. I am very proud to say that we have executed on all those goals this year, certainly in October, which I’ll speak to in a minute.

October we raised about $1 billion between the equity and the unsecured debt market and that allowed us to pay down the non-extended portion of our credit facility and that means that we’ve addressed all of our debt maturities until 2013. So with that I am very happy to say, take a little breadth here Dan that we don’t expect to be in the capital markets at all for the rest of the year.

Also in the quarter, in the third quarter we made some key management changes, which I believe make us more cohesive and more forward thinking operation. Corey Sanders was promoted to Chief Operating Officer of the Company. He has been working with Bill Hornbuckle, our CMO and all the leadership of all the resorts to implement a very coordinated effort to drive many of our operational and our marketing initiatives. The results of those initiatives I believe you are starting to see right now and in particular in 2011.

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