William J. Hornbuckle
Chief Executive Officer and President at MGM Resorts International
Thanks, Jonathan, and good afternoon, everyone. I'm happy to say that MGM is in a great position today due to the strategic choices we've made over the past decade. These choices have transformed MGM Resorts, giving us a strong financial foundation and unmatched growth opportunities. Our globally recognized brands, prime locations, development opportunities and evolving digital platforms enable us to reach more customers in more markets than any other company in our sector.
We operate in a large scale with 18 global casino properties, over 75,000 employees worldwide and a total addressable market exceeding 150 billion, including both our physical resorts and online markets.
As we continue to expand internationally to drive long-term value to our shareholders, we remain bullish on our leading position in Las Vegas in the short term. First, Vegas has consistently grown over the past 30 years plus with the Strip's gross gaming revenues reaching all-time records in about half of those years, even in the face of various macroeconomic conditions. As Jonathan noted, as we saw record ADR in the third quarter, which is a testament to the strength of this market. We're reinforcing our goal of being the industry leader in groups and meetings and have invested, as you know, over $100 million in the now complete Mandalay Bay Convention Center, which saw record catering and banquet results in 2024.
MGM's omnichannel advantage is now more than meaningful opportunity with the launch in the third quarter of single app single, wallet here in Nevada. Our relationship with Marriott continues to exceed our expectations. Bonvoy gifts are driving higher spend to our properties. And we also announced last week plans to rebrand our Delano Tower Manley Bay to a W Resort, which has significant brand recognition. Over the past decade, Las Vegas has become a major player in the sporting world, while we're already home to many major sports leagues in America, the city continues to build on its impressive track record. A great example was the USC LSU game in September that saw a sold out Allegiant Stadium and demonstrates the growth potential beyond global events like the Super Bowl.
We're looking ahead to the relocation of MLB's -- as hosting the NCAA's Men's Final 4 in a few years and are hopeful and are working towards an NBA expansion team. These events will continue to draw more visitors to Las Vegas and our prime Strip footprint positions us to capture greater wallet share, driving the organic growth, we are confident Las Vegas will continue to deliver for many years to come. In the regions, we continue to experience stable results across the portfolio, supported by a rational promotional environment and a stable economic backdrop. Looking ahead, we expect our regional properties to remain reliable sources of free cash flow with almost all of our properties being market leaders located in affluent areas and operating with relatively low capital requirements.
In Macau, we had yet another record quarter of growth driven by robust mass market volumes, our exceptional Golden Week performance, which just concluded with volumes up 20% compared to 2019 underscores the region's post-pandemic recovery and the resilience of the general economy and positive momentum still in Macau. Our team continues to perform at a high level, and we remain confident in our long-term ability to sustain market share in the mid-teens. We're also investing in several capital improvements across our properties aimed at protecting our premium mass market position and driving organic visitation. These initiatives include the renovation of Macau's villas and conversion of base rooms and Cotai into suites, increasing our suite count by 25%.
Additionally, we are excited around the upcoming launch of our new show, MGM 2049 scheduled to open by the year-end. It's produced and directed by Johnny Moe the creator of the 2008 Beijing Olympics opening ceremony. And in connection with our government commitments, we're also excited by the new poly museum in MGM Macau to further expand on our cultural nongaming offerings and to drive visitation. In digital, same as in our land-based business, we're also always focused on continuing to enhance the customer experience. This quarter, BetMGM launched a single account, single wallet feature in Nevada for football, and the results were immediate and profound leading to a doubling of first-time depositors here in the state.
We also further integrated Angstorm, enhancing our Parley product offerings and through the first 8 weeks of the season, we saw a 200 basis point increase in percent of bets coming from both traditional parlay and same game parlays. As we move to the football season, we are closely monitoring this increasingly encouraging metrics as first-time deposits, retention and reactivation to ensure sustained growth and engagement. Internationally in the third quarter, we entered into a strategic venture with the Grupo Global, Latin America's largest media group based in Brazil. This venture is meaningful as it allows us to leverage MGM's legal Vegas technology and gain access to 70 million people, providing invaluable insights into Brazil's consumer market. This aligns with our broader strategy to expand our digital footprint globally and tap into emerging markets. We aim to launch in January of '25 pending licensing approval.
In terms of development, we are making significant progress in Osaka, aiming to complete ground preparation starting main construction in the middle of next year. In New York, we continue to advance our zoning requirements and plan to submit our RFA sometime as well in the middle of late next year. Beyond these accomplishments, we are actively pursuing other global growth opportunities, including the UAE and Thailand. These initiatives will fuel future growth and diversify our geographic reach and our earnings sources. Our momentum is backed by a solid balance sheet, characterized by low debt and significant liquidity ready for strategic deployment with a strong pipeline of initiatives spanning short, medium and long term, we are well positioned to sustain growth and drive future success all while returning cash to shareholders.
Of course, none of these ambitions can be made possible without the commitment and dedication of our people to improving service consistently and delivering operational excellence 24 hours a day, 7 days week. I'm always mindful of their efforts and always grateful for their loyalty to MGM Resorts and our guests.
With that, operator, we'll now take questions.