William Hornbuckle
Chief Executive Officer and President at MGM Resorts International
Thanks, Jonathan, and good afternoon and good evening, everybody. I am the color commentary that Jonathan spoke to in his opening comment. And what I want to do and what I hope to do in the future on these is go through some top-line thoughts as we think about the business and reiterate things that I think are important, obviously in what happened in the quarter, but more importantly, from a go-forward perspective.
Obviously, when we use the word record first quarter, and if you look at and think about recent reporting, we're pretty excited and pretty pleased with that. It speaks to our diversity of our business and our four key pillars, Las Vegas, our regional properties, Macau, and we believe ultimately, our digital business. We're obviously very excited and pleased by what's happened in China. Our EBITDAR is up almost 80% and it's 140% over 2019 levels, so it speaks to that market, and I think what we've been able to accomplish.
In Las Vegas, our strength continues, particularly at the high end, we make roughly 75% to 80% of our Adjusted Property EBITDAR. The idea of a luxury campus and being focused on the epicenter of activity here has paid off and we feel will continue to. And Marriott is off to a great start. We've booked approximately 75% over our expectations. And to date, we've booked over 140,000 room nights. And the most surprising thing to date has been the Group business. The activity case in that segment was a little unexpected. They do know a lot of folks that we didn't know and we're quite pleased by that.
And again, as I always start these, a kudos to our team, our net promoter scores have never been higher. We're holding these scores on margins that have delivered. You saw the margin this past quarter at 37% for Las Vegas. And so, we're very excited by that. And I want to thank the team who was doing more with less and doing it better than they've ever done it. So, thank you. As it relates to capital allocation, you've heard Jonathan talk about the credit facility. That's about $3.6 billion in Japan. That represents the largest public -- private financing in Japan's history. And we've also been able to hedge about 60% of that project against what obviously has been a massively over-inflated yen in our favor over the last couple of years. And so, we're well into that positioning at 60% of that project hedged for the future.
And obviously, we continue to leverage the balance sheet. You heard Jonathan say we've bought back 37% of the Company and we'll continue to do so where we see value. If I think about Las Vegas first, again, another strong quarter, principally driven by the high end. Although we did see some signs of fatigue at the lower end of the market, overall ADR was up 7% in the first quarter and are expecting to hold that range into the second with increased occupancies looking at the second quarter and through the balance of the year.
We're excited by the opening of connectivity between ourselves and Cosmopolitan. We finished the bridge that ties out Cosmopolitan, Vdara, and Bellagio. And next quarter, I'll talk to you more extensively about plans to do a similar thing in the front of Bellagio that will tie out the front end of the strip to the Cosmopolitan and creating what we truly hope is a luxury campus.
The other thing that's obviously beginning to materialize, we saw the closure of the Tropicana and the advent of the A's stadium is coming. And if you just take a moment and think about the positioning of us and all of these stadium/arenas between T-Mobile, Allegiant, and the new A's stadium within a mile and really at the epicenter of our resorts, we have over 1 million seats a month that are accessible to some sport or entertainment activity and programming.
We had suggested in prior calls that our Convention business was returning and it is and it has, most notably from tech. Our Group forecast is up 6.5% for 2023 and our year-to-date production is up 29% for all future dates. And I will tell you that Mandalay Bay in April just had one of its most successful months in its history. And so, we're excited and pleased by the team and the work that they've done down there.
Despite all of this, we've continued to maintain the margins. And I want to remind something on the wage. Obviously, the wage impact this year was almost 11% in Las Vegas or actually across the Company if I think about some of the individualized properties, but particularly across Las Vegas. Come June 1, that begins to cycle. And overall, if you recall what we did, we did a 5.5-year deal with just over a 5% CAGR. And so those percentages now will begin starting in June, at least as an increase, begin to fall.
And then if you think about Las Vegas, maybe my final comment, Tropicana has closed. Obviously, the Mirage is pending in what may or may not happen there, but we don't see any new inventory for a considerable period of time. And obviously, we think that accretes favorably to us and ultimately our current players.
You heard Jonathan's comments on the regions and I think you've heard from many others, the quarter started slow. There was bad weather, particularly in the North and the Northeast. Detroit was particularly impacted by weather, by strike, and still a hangover from the cyber, but each month has gotten progressively better. And in March, we returned with 47% market share. And so we are pleased by where that business is going directionally as well as the balance of our marginals. And Corey promised all of us a 30% margin and we hit it. And so, given the wage increases, I'm pleased with that team and excited by that as well.
Macau, as you all know, for us in particular, but I think for the market is simply booming. We continue to maintain, I think, an ex -- an outsized portion of share, we're at 17% for the quarter. Obviously, record EBITDAR. We paid our first dividend since 2019. We heard this week about visa reforms and I think some of the regions are opening up without needing visas at all. And so I think that accretes all to visitation and obviously in all of our favors. And if we recall, the market is probably back at about an 80% rate. So, we still see some uptick and some growth there.
For us, in particular, we're excited by some of the enhancements. We're adding new Villas at MGM Macau and Suites in Cotai because we are under-suited in that market. We have a new show that was announced. Johnny Moe, the producer of the 2008 Beijing Olympics is producing a show for us, which we're very excited about. And we have a world-class museum currently under construction at MGM Macau, which will begin to satisfy and speak to some of the cultural things that we promised the City and Macau in general that we'd do. And so overall, couldn't be more pleased with the team and the job.
And I will make this comment. Margins there, if you'll see are 29% for the quarter. So, despite the hyperbole about all of the promotional activity, particularly aimed at us, at 29%, I just query that and I challenge that, and frankly, if we had retail to the extent of someone like two of our competitors, we'd be in the low-to-mid-30%s. And so, I'm excited by what the team continues to do there and obviously, we expect and see, and as we've seen again in April, that to continue.
Moving over, digitally, there are some challenges, obviously, in North America, we are focused with BetMGM on our product and Angstrom integration and we are working hard at that. We've launched single account, single wallet everywhere but Nevada and you will see that come to fruition between now and football season. And Angstrom has now begun to give us additional parlay offerings in in-play betting for Baseball and NBA, and we hope to bring that to fruition again with football this fall. So, lot of work to do there. We recognize the product efficiency, but I like the roadmap. I like the team. I like the focus, and I like where we're going.
Outside of the US, LeoVegas, particularly now in Sweden has seen a return. There was a whole relicensing procedure there that cost everyone including us, and that was their primary market. So, LeoVegas is on the rebound. BetMGM UK, which we spoke about last quarter, is doing exceptionally well. We've established a real presence there. And again, something we're excited by. And then yesterday, saw the first soft launch of BetMGM in the Netherlands. And so, the BetMGM brand will begin to extend itself throughout LeoVegas' network and beyond.
Overall, our digital strategy remains the same. At some point, we want to be self-sustaining with all site features, including producing our own games and our own product. Some of the initial work by Push, we've mentioned before, is doing exceptionally well, and we're excited by that.
You'll see live dealer up and operating between now and the end of summer here in Las Vegas. Very excited to understand that and the value that that could ultimately bring our digital business. And the idea that we could do live dealing from Las Vegas and put it out into several global markets, I think is going to be interesting and fascinating for the business and a good brand builder of note. And we are also looking at two LeoVegas business, LatAm in South America and some additional Eastern Europe, are countries for exposure and for expansion.
On the development pipeline, we've talked about this, but now that we have financing in place, we put our consortium in place, excited to be going forward with real construction and we hope to be in the ground sometime next spring, summer, driving pylons with a -- we still have an eye on a 2030 opening and nothing is to dissuade that at this point. So, we're excited by it. We're excited by the design, the development, and the fact that we've gotten this next most important phase behind us. And so, we're pushing forward aggressively.
You heard Jonathan talk about, we had UAE, we have an eye on Abu Dhabi in Dubai as that unfolds. And so to the extent something becomes meaningful, obviously, we'll keep you all posted. I will say we're somewhat disappointed with the process in New York, but we have been --we've been there since I think 2015 or '16. We will remain patient and we will remain focused. And the good news here for us is, we like our chances, the City of Yonkers has full support behind us. And so, we think that's meaningful as we come ultimately into the process that will entail. It sounds like next spring, if you will.
And then like many others, we have an eye on Texas and Thailand. Time to tell what happens both in those two markets. Obviously, it's a government process that's ongoing in both places. But we are there and we are just trying to understand those opportunities for what they may ultimately bring to the Company.
In conclusion, you've heard me use this word in the past, and I think probably more than any other quarter, it came through in this quarter, the word diversification of our products and diversification of our business. Obviously, Macau did a great deal of lift this quarter. Las Vegas held its own. The regionals are recovering. And the digital business has been fully funded and we're looking forward to what it can do ultimately down the road.
So, with all of that, I will turn this open to questions.
