MGM Resorts Q2 2024 10-Q Filed

TL;DR

MGM Q2 2024 10-Q is in - financials look steady, check for segment performance.

AI Summary

MGM Resorts International filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segment information are presented, reflecting the company's ongoing operations in the hospitality and gaming industry.

Why It Matters

This filing provides investors with the latest financial results and operational details for MGM Resorts, crucial for understanding the company's performance and future outlook in the competitive gaming and hospitality sector.

Risk Assessment

Risk Level: medium — Quarterly reports can reveal shifts in financial health or operational challenges that impact stock value.

Key Players & Entities

• MGM Resorts International (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock (Par Value $0.01) MGM New York Stock Exchange ( NYSE )

Filing Documents

• mgm-20240630.htm (10-Q) — 1400KB
• exhibit1011-q22024.htm (EX-10.1(1)) — 18KB
• exhibit1012-q22024.htm (EX-10.1(2)) — 19KB
• exhibit1013-q22024.htm (EX-10.1(3)) — 19KB
• exhibit22-q22024.htm (EX-22) — 58KB
• exhibit311-q22024.htm (EX-31.1) — 8KB
• exhibit312-q22024.htm (EX-31.2) — 8KB
• exhibit321-q22024.htm (EX-32.1) — 4KB
• exhibit322-q22024.htm (EX-32.2) — 5KB
• exhibit1011signatures.jpg (GRAPHIC) — 38KB
• exhibit1012signatures.jpg (GRAPHIC) — 39KB
• exhibit1013signatures.jpg (GRAPHIC) — 31KB
• 0000789570-24-000022.txt ( ) — 7612KB
• mgm-20240630.xsd (EX-101.SCH) — 49KB
• mgm-20240630_cal.xml (EX-101.CAL) — 90KB
• mgm-20240630_def.xml (EX-101.DEF) — 268KB
• mgm-20240630_lab.xml (EX-101.LAB) — 653KB
• mgm-20240630_pre.xml (EX-101.PRE) — 434KB
• mgm-20240630_htm.xml (XML) — 1045KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and June 30, 2023 2 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and June 30, 2023 3 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and June 30, 2023 4 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and June 30, 2023 5 Condensed Notes to Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other Information 35 Item 6. Exhibits 36

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 2,414,195 $ 2,927,833 Accounts receivable, net 1,016,898 929,135 Inventories 147,863 141,678 Income tax receivable 207,601 141,444 Prepaid expenses and other 622,579 770,503 Total current assets 4,409,136 4,910,593 Property and equipment, net 5,715,638 5,449,544 Other assets Investments in and advances to unconsolidated affiliates 237,821 240,803 Goodwill 5,153,446 5,165,694 Other intangible assets, net 1,658,403 1,724,582 Operating lease right-of-use assets, net 23,785,252 24,027,465 Other long-term assets, net 855,765 849,867 Total other assets 31,690,687 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 debt 57,506 60,173 Other accrued liabilities 2,540,743 2,604,177 Total current liabilities 3,000,173 3,126,068 Deferred income taxes, net 2,797,378 2,860,997 Long-term debt, net 6,292,676 6,343,810 Operating lease liabilities 25,110,920 25,127,464 Other long-term obligations 768,001 542,708 Commitments and contingencies (Note 8) Redeemable noncontrolling interests 32,168 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 earnings 3,172,243 3,664,008 Accumulated other comprehensive income 37,383 143,896 Total MGM Resorts International stockholders' equity 3,212,676 3,811,170 Noncontrolling interests 601,469 522,975 Total stockholders' equity 3,814,145 4,334,145 $ 41,815,461 $ 42,368,548 The accompanying notes are an integral part of these consolidated financial statements. 1 MGM RESORTS INTERNATIONAL AND SUBS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1 — ORGANIZATION Organization. MGM Resorts International, a Delaware corporation (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the "Company") is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations. As of June 30, 2024, the Company's domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas ( " The Cosmopolitan"), MGM Grand Las Vegas (including The Signature), Mandalay Bay, Luxor, New York-New York, Park MGM, and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George's County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple-net lease agreements. The Company has an approximate 56 % controlling interest in MGM China Holdings Limited (together with its subsidiaries, "MGM China"), which owns MGM Grand Paradise, S.A. ("MGM Grand Paradise"). MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions. The Company also owns LV Lion Holding Limited ("LeoVegas"), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company and its venture pa

View Full Filing

View this 10-Q filing on SEC EDGAR