0000789570FALSE00007895702024-07-312024-07-31

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 31, 2024
MGM Resorts International
(Exact name of Registrant as Specified in Its Charter)


Delaware001-1036288-0215232
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)

3600 Las Vegas Boulevard South, Las Vegas, Nevada  89109
(Address of principal executive offices – Zip Code)

Registrant’s Telephone Number, Including Area Code: (702) 693-7120
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class 
Trading
Symbol(s)
 Name of each exchange on which registered
Common Stock (Par Value $0.01) MGM New York Stock ExchangeNYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CRF § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CRF § 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 




ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

This current report on Form 8-K is being furnished to disclose the press release issued by the Registrant on July 31, 2024. The purpose of the press release, furnished as Exhibit 99.1, was to announce the Registrant’s results of operations for the quarter ended June 30, 2024. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits:
Exhibit
Number
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 MGM Resorts International
   
Date: July 31, 2024By:/s/ Todd Meinert
  Todd Meinert
  Title: Senior Vice President and Chief Accounting Officer
 
 

mgmlogo.jpg

Exhibit 99.1

MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS

•Record 2Q consolidated net revenues of $4.3 billion
•Record 2Q MGM China Adjusted Property EBITDAR of $294 million; increase of 40% year-over-year as market share remained in the mid-teens
•2Q net income attributable to MGM Resorts of $187 million and 2Q consolidated Adjusted EBITDAR of $1.2 billion
•International digital strategy progressed with announced acquisition of Tipico's U.S. platform bringing sports betting product in house and strategic relationship with Playtech to become only U.S. operator to offer live casino content from the Las Vegas Strip

 
Las Vegas, Nevada, July 31, 2024 – MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended June 30, 2024.

“MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China Adjusted Property EBITDAR and further growth in Las Vegas where our Marriott relationship continues to exceed expectations and our meetings and convention business continues to strengthen thanks to our recently completed remodel of Mandalay Bay,” said Bill Hornbuckle, CEO and President of MGM Resorts International. “We made significant progress with our international digital strategy by adding both an in-house sports product and live dealer capabilities to our online gaming offerings. We’re excited by the progress we’re making as a company against our strategic priorities and anticipate carrying our current momentum forward into the back half of the year.”

“We continued to deliver on our Free Cash Flow growth algorithm in the second quarter, driving strong financial returns thanks to a solid baseline of cash flow from our domestic resorts, the continued growth of our digital business, and the resumption of dividends from MGM China,” said Jonathan Halkyard, CFO and Treasurer of MGM Resorts International. “We remain committed to returning capital to our shareholders. In the second quarter, we returned more than $400 million through share repurchases, reducing overall shares by nearly 40% since the beginning of 2021.”

Second Quarter 2024 Financial Highlights:
Consolidated Results

•Net cash flow provided by (used in) operating, investing, and financing activities for the six months ended June 30, 2024 was $1.0 billion, ($385 million), and ($1.1 billion), respectively;
•Free Cash Flow(1) for the six months ended June 30, 2024 of $613 million;
•Consolidated net revenues of $4.3 billion, an increase of 10% compared to the prior year quarter, due primarily to an increase in revenue at MGM China resulting from the continued ramp up of operations after the removal of COVID-19 related entry restrictions in Macau in the first quarter of 2023;
•Net income attributable to MGM Resorts was $187 million in the current quarter compared to $201 million in the prior year quarter;
•Consolidated Adjusted EBITDAR(2) of $1.2 billion in the current quarter;
•Diluted earnings per share of $0.60 in the current quarter compared to diluted earnings per share of $0.55 in the prior year quarter; and
•Adjusted diluted earnings per share (“Adjusted EPS”)(3) of $0.86 in the current quarter compared to $0.59 in the prior year quarter.







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Las Vegas Strip Resorts

•Net revenues of $2.2 billion in the current quarter compared to $2.1 billion in the prior year quarter, an increase of 3%, due primarily to an increase in rooms revenue, driven by an increase in ADR, and an increase in catering and banquets revenue; and
•Adjusted Property EBITDAR(2) of $782 million in the current quarter compared to $777 million in the prior year quarter, an increase of 1%.

Regional Operations

•Net revenues of $927 million in the current quarter, which was flat compared to the prior year quarter; and
•Adjusted Property EBITDAR of $288 million in the current quarter compared to $294 million in the prior year quarter, a decrease of 2%.

MGM China

•Net revenues of $1.0 billion in the current quarter compared to $741 million in the prior year quarter, an increase of 37%. The current quarter was positively affected by the continued ramp up of operations after the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023; and
•Adjusted Property EBITDAR of $294 million in the current quarter compared to $209 million in the prior year quarter, an increase of 40%.
Adjusted EPS
The following table reconciles diluted earnings per share (“EPS”) to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
Three Months Ended June 30,20242023
Diluted earnings per share$0.60 $0.55 
Property transactions, net0.05 0.01 
Non-operating items:
Loss (gain) related to debt and equity investments0.07 (0.02)
Foreign currency transaction loss (gain)(0.01)0.02 
Change in the fair value of foreign currency contracts0.20 0.04 
Loss on retirement of long-term debt0.01 — 
Income tax impact on net income adjustments(1)
(0.06)(0.01)
Adjusted EPS$0.86 $0.59 
 
(1)The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.
The current year quarter includes a non-cash income tax benefit of $25 million resulting from a decrease in the valuation allowance on Macau deferred tax assets.

Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months Ended June 30,20242023% Change
 (Dollars in millions)
Casino revenue$485 $492 (2)%
Table games drop$1,506 $1,498 1 %
Table games win$364 $345 6 %
Table games win %24.2 %23.1 %
Slot handle$5,662 $5,947 (5)%
Slot win$528 $551 (4)%
Slot win %9.3 %9.3 %





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The following table shows key hotel statistics for Las Vegas Strip Resorts:
 
 
Three Months Ended June 30,20242023% Change
Room revenue (in millions)
$767 $707 9 %
Occupancy97 %96 %
Average daily rate (ADR)$248 $234 6 %
Revenue per available room (RevPAR)4
$240 $224 8 %
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended June 30,20242023% Change
 (Dollars in millions)
Casino revenue$684 $679 1%
Table games drop$953 $935 2%
Table games win$200 $205 (3)%
Table games win %21.0 %22.0 %
Slot handle$6,689 $6,771 (1)%
Slot win$662 $649 2%
Slot win %9.9 %9.6 %
MGM China
The following table shows key gaming statistics for MGM China:
Three Months Ended June 30,20242023% Change
 (Dollars in millions)
Casino revenue$891 $670 33%
Main floor table games drop$3,835 $2,872 33%
Main floor table games win$939 $626 50%
Main floor table games win %24.5 %21.8 %
Intercompany branding license fee expense, which eliminates in consolidation, was $18 million in the current quarter and $13 million in the prior year quarter.

Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating loss from unconsolidated affiliates:
Three Months Ended June 30,20242023
 (In thousands)
BetMGM$(38,391)$(22,499)
Other4,207 6,310 
 $(34,184)$(16,189)

MGM Resorts Share Repurchases 
During the second quarter of 2024, the Company repurchased approximately 10 million shares of its common stock for an aggregate amount of $413 million, pursuant to its repurchase plan. The remaining availability under the November 2023 stock repurchase plan was approximately $1.3 billion as of June 30, 2024. All shares repurchased under the Company's repurchase plan have been retired.






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Conference Call Details 
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com.
 
The call will be accessible via the internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 8961591.
 
A replay of the call will be available through August 7, 2024. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 9128139.
1."Free Cash Flow" is net cash flow provided by operating activities less capital expenditures. Free Cash Flow for the three months ended June 30, 2024 is calculated as the difference in net cash flow provided by operating activities for the six months ended June 30, 2024 and the net cash flow provided by operating activities for the three months ended March 31, 2024 less the difference between the capital expenditures for the six months ended June 30, 2024 and the capital expenditures for the three months ended March 31, 2024.

Free Cash Flow is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this liquidity measure is useful in evaluating the ability of the Company's operations to generate cash for uses other than capital expenditures, and is used for decision-making purposes related to investments and returning cash to shareholders through share repurchases. Free Cash Flow should not be construed as an alternative to net cash provided by operating activities as a measure of liquidity. The Company's definition of Free Cash Flow is limited in that it does not represent residual cash flows for discretionary expenditures due to the fact that it does not deduct payments for debt service or other obligations and does not reflect the total movement of cash as detailed in the Company's consolidated statements of cash flows. In addition, Free Cash Flow may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP measures of other companies. A reconciliation of GAAP net cash provided by operating activities to Free Cash Flow is included in the financial schedules in this release.
 
2."Adjusted EBITDAR" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, rent expense related to triple-net operating leases and ground leases, and income from unconsolidated affiliates related to investments in real estate ventures. 
 
"Adjusted Property EBITDAR" is the Company's reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, rent expense related to triple-net operating leases and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment.








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Adjusted EBITDAR information is a non-GAAP measure that is a valuation metric, should not be used as an operating metric, and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is widely used by analysts, lenders, financial institutions, and investors as a principal basis for the valuation of gaming companies. Management believes that while items excluded from Adjusted EBITDAR may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends. Also, management believes excluded items may not relate specifically to current trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's properties, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. In addition, management excludes rent expense related to triple-net operating leases and ground leases. Management believes excluding rent expense related to triple-net operating leases and ground leases provides useful information to analysts, lenders, financial institutions, and investors when valuing the Company, as well as comparing the Company's results to other gaming companies, without regard to differences in capital structure and leasing arrangements since the operations of other gaming companies may or may not include triple-net operating leases or ground leases. However, as discussed herein, Adjusted EBITDAR should not be viewed as a measure of overall operating performance, an indicator of the Company's performance, considered in isolation, or construed as an alternative to operating income or net income, or as an alternative to cash flows from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with generally accepted accounting principles, because this measure is not presented on a GAAP basis and excludes certain expenses, including the rent expense related to triple-net operating leases and ground leases, and is provided for the limited purposes discussed herein. In addition, other companies in the gaming and hospitality industries that report Adjusted EBITDAR may calculate Adjusted EBITDAR in a different manner and such differences may be material. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes, real estate triple-net lease and ground lease payments, and debt principal repayments, which are not reflected in Adjusted EBITDAR. A reconciliation of GAAP net income to Adjusted EBITDAR is included in the financial schedules in this release.

3. "Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, net gain/loss related to equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 for which there is a readily determinable fair value and net gain/loss related to the Company's investments in debt securities, foreign currency transaction gain/loss, change in the fair value of foreign currency contracts, and loss on retirement of long-term debt.
 
Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing period-to-period comparisons of the results of the Company's continuing operations to assist investors in reviewing the Company's operating performance over time. Management believes that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating the Company's earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, management believes certain excluded items, and items further discussed in footnote 2 above, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of the Company's performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted EPS" included in this release.

4. RevPAR is hotel revenue per available room.
 
*     *      *
 





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About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and 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 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The 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, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

Cautionary Statement Concerning Forward-Looking Statements

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to: the Company's expectations regarding any benefits expected to be received from the Company's recent transactions, including the long-term license agreement with Marriott International; future results of the Company (including the Company's ability to maintain a strong balance sheet), and its unconsolidated affiliates, including BetMGM; expectations regarding the impact of macroeconomic trends on the Company's business; expectations regarding the Company's booking pace, liquidity position and the size and timing of future investments; the Company's ability to execute on its strategic plans, including the development of an integrated resort in Japan, obtaining a commercial gaming license in New York, expansion of LeoVegas and the MGM digital brand, positioning BetMGM as a leader in sports betting and iGaming; expectations regarding the performance of MGM China and continued payment of the MGM China dividend; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases); and the impact of cybersecurity incidents, including the Company's September 2023 cybersecurity issue. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company operates and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion projects; risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company rely, through cyber-attacks, such as the Company's September 2023 cybersecurity issue, or otherwise, which could adversely impact the Company's ability to service its customers and affect its sales and the results of operations; impact to the Company's business, operations and reputation from, and expenses and uncertainties associated with a cybersecurity incident, including the Company's September 2023 cybersecurity issue and any related legal proceedings, other claims or investigations and costs of remediation, restoration, or enhancement of information technology systems; the timing and outcome of the claims and class actions against the Company and of the investigations by state and federal regulators, related to the Company's September 2023 cybersecurity issue; the availability of cybersecurity insurance proceeds; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.














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MGM RESORTS CONTACTS: 
Investment Community 
SARAH ROGERS
Senior Vice President of Corporate Finance
(702) 730-3942 or srogers@mgmresorts.com
ANDREW CHAPMAN 
Director of Investor Relations 
(702) 693-8711 or achapman@mgmresorts.com
 
News Media 
BRIAN AHERN 
Director of Communications 
media@mgmresorts.com 






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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 
Three Months Ended
Six Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Revenues
Casino$2,212,759 $1,951,382 $4,453,854 $3,833,810 
Rooms898,998 815,323 1,855,399 1,663,811 
Food and beverage802,138 743,236 1,571,541 1,465,367 
Entertainment, retail and other401,605 420,711 805,996 830,289 
Reimbursed costs11,875 11,555 24,055 22,226 
4,327,375 3,942,207 8,710,845 7,815,503 
Expenses
Casino1,221,755 1,025,745 2,493,599 2,016,635 
Rooms277,849 250,300 552,257 490,414 
Food and beverage571,430 537,824 1,129,510 1,049,416 
Entertainment, retail and other240,272 258,472 484,569 502,000 
Reimbursed costs11,875 11,555 24,055 22,226 
General and administrative1,210,968 1,144,390 2,405,650 2,279,930 
Corporate expense124,078 117,088 253,744 244,647 
Preopening and start-up expenses 855 149 1,950 288 
Property transactions, net16,477 5,614 33,631 (390,462)
Depreciation and amortization191,976 203,503 388,538 407,004 
3,867,535 3,554,640 7,767,503 6,622,098 
Loss from unconsolidated affiliates(34,184)(16,189)(59,308)(91,188)
Operating income425,656 371,378 884,034 1,102,217 
Non-operating income (expense)
Interest expense, net of amounts capitalized(112,739)(111,945)(222,776)(242,245)
Non-operating items from unconsolidated affiliates1,762 (441)1,626 (1,625)
Other, net(43,431)23,693 (48,237)70,000 
(154,408)(88,693)(269,387)(173,870)
Income before income taxes271,248 282,685 614,647 928,347 
Benefit (provision) for income taxes11,554 (39,141)(32,119)(204,920)
Net income282,802 243,544 582,528 723,427 
Less: Net income attributable to noncontrolling interests(95,730)(42,748)(177,980)(55,824)
Net income attributable to MGM Resorts International
$187,072 $200,796 $404,548 $667,603 
Earnings per share
Basic$0.60 $0.56 $1.28 $1.82 
Diluted$0.60 $0.55 $1.27 $1.80 
Weighted average common shares outstanding
Basic311,179 361,050 315,837 367,535 
Diluted314,420 365,339 319,092 371,685 
 

 















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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 
 June 30, 2024December 31, 2023
ASSETS
Current assets  
Cash and cash equivalents$2,414,195 $2,927,833 
Accounts receivable, net1,016,898 929,135 
Inventories147,863 141,678 
Income tax receivable207,601 141,444 
Prepaid expenses and other622,579 770,503 
Total current assets4,409,136 4,910,593 
Property and equipment, net5,715,638 5,449,544 
Other assets
Investments in and advances to unconsolidated affiliates237,821 240,803 
Goodwill 5,153,446 5,165,694 
Other intangible assets, net1,658,403 1,724,582 
Operating lease right-of-use assets, net23,785,252 24,027,465 
Other long-term assets, net855,765 849,867 
Total other assets31,690,687 32,008,411 
 $41,815,461 $42,368,548 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities  
Accounts and construction payable$401,924 $461,718 
Accrued interest on long-term debt57,506 60,173 
Other accrued liabilities2,540,743 2,604,177 
Total current liabilities3,000,173 3,126,068 
Deferred income taxes, net2,797,378 2,860,997 
Long-term debt, net6,292,676 6,343,810 
Operating lease liabilities25,110,920 25,127,464 
Other long-term obligations768,001 542,708 
Redeemable noncontrolling interests32,168 33,356 
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 304,964,825 and 326,550,141 shares
3,050 3,266 
Capital in excess of par value— — 
Retained earnings3,172,243 3,664,008 
Accumulated other comprehensive income37,383 143,896 
Total MGM Resorts International stockholders' equity3,212,676 3,811,170 
Noncontrolling interests601,469 522,975 
Total stockholders' equity3,814,145 4,334,145 
$41,815,461 $42,368,548 
 








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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Las Vegas Strip Resorts$2,205,462 $2,146,650 $4,460,491 $4,322,802 
Regional Operations927,138 926,100 1,836,617 1,871,943 
MGM China1,018,191 740,955 2,074,208 1,358,547 
Management and other operations176,584 128,502 339,529 262,211 
$4,327,375 $3,942,207 $8,710,845 $7,815,503 
 
   
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA – ADJUSTED PROPERTY EBITDAR AND ADJUSTED EBITDAR
(In thousands)
(Unaudited)
 
Three Months Ended
Six Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Las Vegas Strip Resorts$782,289 $776,529 $1,610,077 $1,612,338 
Regional Operations288,378 293,767 562,480 606,942 
MGM China293,863 209,389 595,049 378,337 
Unconsolidated affiliates(1)
(36,850)(18,884)(64,676)(96,578)
Management and other operations(3,394)2,218 (6,239)2,747 
Stock compensation(12,539)(11,230)(39,298)(35,120)
Corporate(2)
(115,264)(109,682)(226,083)(220,296)
 $1,196,483 $2,431,310 
 
(1) Represents the Company's share of operating income (loss) excluding investments in real estate ventures, adjusted for the effect of certain basis differences.
(2)Three months ended June 30, 2024 includes amounts related to MGM China of $12 million, global development of $2 million, and transaction costs of $2 million. Six months ended June 30, 2024 includes amounts related to MGM China of $24 million, global development of $4 million, and transaction costs of $4 million. Three months ended June 30, 2023 includes amounts related to MGM China of $7 million and global development of $6 million. Six months ended June 30, 2023 includes amounts related to MGM China of $15 million, global development of $13 million, and transaction costs of $2 million.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR
(In thousands)
(Unaudited)
 
Three Months Ended
Six Months Ended
 June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income attributable to MGM Resorts International
$187,072 $200,796 $404,548 $667,603 
Plus: Net income attributable to noncontrolling interests
95,730 42,748 177,980 55,824 
Net income
282,802 243,544 582,528 723,427 
(Benefit) provision for income taxes
(11,554)39,141 32,119 204,920 
Income before income taxes
271,248 282,685 614,647 928,347 
Non-operating (income) expense:
Interest expense, net of amounts capitalized112,739 111,945 222,776 242,245 
Other, net41,669 (23,252)46,611 (68,375)
154,408 88,693 269,387 173,870 
Operating income
425,656 371,378 884,034 1,102,217 
  Preopening and start-up expenses855 149 1,950 288 
  Property transactions, net16,477 5,614 33,631 (390,462)
  Depreciation and amortization191,976 203,503 388,538 407,004 
  Triple-net operating lease and ground lease rent expense564,186 564,158 1,128,525 1,134,713 
  Income from unconsolidated affiliates related to real estate ventures(2,667)(2,695)(5,368)(5,390)
Adjusted EBITDAR$1,196,483 $2,431,310 
 











Page 10 of 11

 
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
 
Three Months Ended
Six Months Ended
 June 30, 2024June 30, 2024
Net cash provided by operating activities$474,238 $1,023,509 
Less: Capital expenditures(238,242)(410,322)
Free Cash Flow$235,996 $613,187 
 









Page 11 of 11
v3.24.2
Cover
Jul. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 31, 2024
Entity Registrant Name MGM Resorts International
Entity Incorporation, State or Country Code DE
Entity File Number 001-10362
Entity Tax Identification Number 88-0215232
Entity Address, Address Line One 3600 Las Vegas Boulevard South
Entity Address, City or Town Las Vegas
Entity Address, State or Province NV
Entity Address, Postal Zip Code 89109
City Area Code 702
Local Phone Number 693-7120
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock (Par Value $0.01)
Trading Symbol MGM
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000789570
Amendment Flag false
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