MGM
#Mirage held exceptionally well.
Bellagio was a benefactor of that hold.
And I would say, MGM Grand was not a benefactor of hold in the quarter, if I was to look at the highs and lows in the quarter.
That's right.
I think we said in the appendix of the deck $16 million.
Right.
And we held a couple of basis points just higher than the high end of the range at 25.2%.
EBITDA.
Yes.
1-6.
Sure.
So when we were on the road with the MGP road show, we ---+ last year, we tackled this question.
We said that it was our best guess at that time, that the most appropriate time to discuss the transaction between MGM and MGP would have been after you have a couple of quarters of operations, so that both companies can properly underwrite what the right valuation would be.
And I think that's exactly the timetable that we're on today.
National Harbor has done everything and a bit more than we had hoped it to do when we built it last year.
The trajectory is exactly what we would have hoped to see.
The upside is very apparent to us in terms of its cash flow potential and the real estate value of the asset is unquestionably pristine.
And so I would expect that we would hold to that timetable that we discussed on the road show and start having robust discussions this year, as early as the third quarter.
Yes.
So I think that, as an MGP shareholder, I like the scarcity value and I like my position.
But we do believe that MGP would benefit from and would be definitely benefiting from more liquidity.
And that is absolutely a goal of MGP, is to increase its public float, and it will do so because <UNK> Stewart, who I'm looking at, and Andy, are aggressive young men, and they're out on the prowl and they will be acquiring assets, and I'm sure they'll be acquiring assets that MGM Resorts has nothing to do with.
And they'll be raising equity to do that.
I also believe that even in a transaction with MGM Resorts, it's something that MGM Resorts should look at and allow for us to return cash to our shareholders rather than take back OP units just as a matter of course.
And so I think that between the ROFO assets, which we can always tailor in terms of our consideration, in terms of OP units or cash, and third-party transactions, the public float of MGP will go up pretty profoundly over the next several years without MGM Resorts having to or wanting to do a secondary just for a secondary's sake.
And so I think that the objectives of the investors that would like to see more public float at MGP will be achieved through what I believe to be very substantial growth in that company and growth that will be done with the balance sheet rigor that Andy and <UNK> have promised.
So <UNK>, for '17, we feel that ---+ and remember we're coming off a record year in '16, that we'll be at least as good as we were in '16.
Our goal is to be a touch better than that.
So we finished up '16 at 19% mix.
Our goal is to be 19%, kind of 19.5% kind of a range for '17 that we're on pace for right now.
And that would be our '18 goal, also.
Correct.
Yes, <UNK>, there was some, about $3 million, but that's relatively small within the bigger scheme of things.
Well, I think the bottom line is, as far as we're concerned, we are working on the renewal every day.
And I think that's what's really important.
And the most important component in the renewal process for us is getting Cotai opened successfully, demonstrating our commitment to the marketplace and continuing to develop all those things we're looking at.
From everything we're hearing, all the gaming concessionaires are obviously very focused on meeting the expectations of the government.
But at the same time, I don't see that there is much of an incentive from the government to move too quickly on the other side of that agenda.
But I think that there is no indications that we're seeing or heard that suggests that there will be significant changes to existing conditions.
However, we all need to work on every day and we just commit ourselves to delivering on the expectations that have been set for us.
Good, and thank you, <UNK>.
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