MGM Resorts International Files 2023 Annual Report on Form 10-K

TL;DR

<b>MGM Resorts International has filed its 2023 10-K, detailing financial performance and operational segments.</b>

AI Summary

MGM Resorts International (MGM) filed a Annual Report (10-K) with the SEC on February 23, 2024. MGM Resorts International filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and operations for the year. Key financial data and operational segments are detailed within the report. The report includes historical financial information for previous fiscal years. Information regarding common stock, additional paid-in capital, and retained earnings is provided.

Why It Matters

For investors and stakeholders tracking MGM Resorts International, this filing contains several important signals. This 10-K filing provides a comprehensive overview of MGM Resorts' financial health and strategic positioning for investors and analysts. Understanding the detailed segment performance and financial metrics is crucial for assessing the company's growth trajectory and potential risks.

Risk Assessment

Risk Level: — MGM Resorts International shows moderate risk based on this filing. The company's operations are subject to various risks inherent in the hospitality and gaming industry, including economic downturns and regulatory changes, as detailed in the 10-K.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to assess MGM Resorts' future performance and valuation.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-23 — Filing Date (Date the report was filed)
• 130 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• MGM Resorts International (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end date
• 2024-02-23 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• NV (jurisdiction) — State of business address

FAQ

Industry Context

MGM Resorts International operates within the highly competitive hospitality and gaming industry, characterized by significant capital investment and regulatory oversight.

Regulatory Implications

The gaming industry is subject to extensive regulation by state and local authorities, impacting licensing, operations, and revenue streams.

What Investors Should Do

1. Analyze the detailed financial statements and segment revenues for the fiscal year 2023.
2. Review the risk factors section for potential challenges and uncertainties facing the company.
3. Compare key financial metrics with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value MGM New York Stock Exchange (

Filing Documents

• mgm-20231231.htm (10-K) — 2875KB
• exhibit10117-q42023.htm (EX-10.1(17)) — 20KB
• exhibit10118-q42023.htm (EX-10.1(18)) — 21KB
• exhibit1039-q42023.htm (EX-10.3(9)) — 24KB
• exhibit191-q42023.htm (EX-19.1) — 60KB
• exhibit192-q42023.htm (EX-19.2) — 34KB
• exhibit193-q42023.htm (EX-19.3) — 40KB
• exhibit21-q42023.htm (EX-21) — 93KB
• exhibit22-q42023.htm (EX-22) — 58KB
• exhibit231-q42023.htm (EX-23.1) — 2KB
• exhibit311-q42023.htm (EX-31.1) — 8KB
• exhibit312-q42023.htm (EX-31.2) — 8KB
• exhibit321-q42023.htm (EX-32.1) — 4KB
• exhibit322-q42023.htm (EX-32.2) — 5KB
• exhibit97-q42023.htm (EX-97) — 21KB
• exhibit991-q42023.htm (EX-99.1) — 83KB
• capture1a.jpg (GRAPHIC) — 12KB
• capture2a.jpg (GRAPHIC) — 22KB
• capturea.jpg (GRAPHIC) — 22KB
• mgm-20231231_g1.jpg (GRAPHIC) — 54KB
• 0000789570-24-000005.txt (&nbsp;) — 16548KB
• mgm-20231231.xsd (EX-101.SCH) — 115KB
• mgm-20231231_cal.xml (EX-101.CAL) — 185KB
• mgm-20231231_def.xml (EX-101.DEF) — 630KB
• mgm-20231231_lab.xml (EX-101.LAB) — 1362KB
• mgm-20231231_pre.xml (EX-101.PRE) — 906KB
• mgm-20231231_htm.xml (XML) — 2569KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32

Reserved

Item 6. Reserved 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 51

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 52 Consolidated Financial Statements 56

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 61

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 97

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 98

Executive Compensation

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 98

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 98 PART IV

Exhibits, Financial Statements Schedules

Item 15. Exhibits, Financial Statements Schedules 99

Form 10-K Summary

Item 16. Form 10-K Summary 104

Signatures

Signatures 105 PART I

BUSINESS

ITEM 1. BUSINESS MGM Resorts International is referred to as the "Company," "MGM Resorts," or the "Registrant," and together with its subsidiaries may also be referred to as "we," "us" or "our." MGM China Holdings Limited together with its subsidiaries is referred to as "MGM China." Except where the context indicates otherwise, "MGP" refers to MGM Growth Properties LLC together with its consolidated subsidiaries. Overview MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, is a global gaming and entertainment company with domestic and international locations featuring best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, and sports betting and online gaming operations. We believe we operate several of the finest casino properties in the world and we continually reinvest in our properties to maintain our competitive advantage. We make significant investments in our properties through newly remodeled hotel rooms, restaurants, entertainment and nightlife offerings, as well as other new features and amenities. We believe we operate the highest quality resorts in each of the markets in which we operate. Ensuring our properties are the premier resorts in their respective markets requires capital investments to maintain the best possible experiences for our guests. We also believe that through our online gaming operations, we can create a scaled global online gaming business. As of December 31, 2023, we operate 16 domestic casino properties and, through our 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, "MGM China"), which owns MGM Grand Paradise, S.A. ("MGM Grand Paradise"), operate two casino properties in Macau. We also have global online gaming operations through our consolidated

View Full Filing

View this 10-K filing on SEC EDGAR