MGM Resorts Files Q3 2024 10-Q

TL;DR

MGM Q3 2024 10-Q is in. Check financials.

AI Summary

MGM Resorts International filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and segment performance are presented, reflecting the company's ongoing business activities in the hospitality and gaming sector.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for MGM Resorts, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — As a publicly traded company in the volatile hospitality and gaming industry, MGM Resorts faces inherent market and operational risks detailed in its SEC filings.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial performance is detailed.)
• 2024-09-30 — As of Date (Financial position as of the end of the quarter.)

Key Players & Entities

• MGM Resorts International (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-30 (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-20240930.htm (10-Q) — 1412KB
• exhibit101-q32024.htm (EX-10.1) — 121KB
• exhibit102-q32024.htm (EX-10.2) — 406KB
• exhibit103-q32024.htm (EX-10.3) — 26KB
• exhibit22-q32024.htm (EX-22) — 59KB
• exhibit311-q32024.htm (EX-31.1) — 8KB
• exhibit312-q32024.htm (EX-31.2) — 8KB
• exhibit321-q32024.htm (EX-32.1) — 4KB
• exhibit322-q32024.htm (EX-32.2) — 5KB
• 0000789570-24-000029.txt ( ) — 8127KB
• mgm-20240930.xsd (EX-101.SCH) — 50KB
• mgm-20240930_cal.xml (EX-101.CAL) — 92KB
• mgm-20240930_def.xml (EX-101.DEF) — 267KB
• mgm-20240930_lab.xml (EX-101.LAB) — 659KB
• mgm-20240930_pre.xml (EX-101.PRE) — 435KB
• mgm-20240930_htm.xml (XML) — 1060KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 2 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 3 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 30, 2023 4 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and September 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) September 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 2,950,592 $ 2,927,833 Accounts receivable, net 964,741 929,135 Inventories 144,843 141,678 Income tax receivable 212,578 141,444 Prepaid expenses and other 559,699 770,503 Total current assets 4,832,453 4,910,593 Property and equipment, net 5,950,035 5,449,544 Other assets Investments in and advances to unconsolidated affiliates 414,161 240,803 Goodwill 5,175,752 5,165,694 Other intangible assets, net 1,776,503 1,724,582 Operating lease right-of-use assets, net 23,658,647 24,027,465 Other long-term assets, net 933,402 849,867 Total other assets 31,958,465 32,008,411 $ 42,740,953 $ 42,368,548 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts and construction payable $ 391,836 $ 461,718 Current portion of long-term debt 675,000 — Accrued interest on long-term debt 112,403 60,173 Other accrued liabilities 2,707,519 2,604,177 Total current liabilities 3,886,758 3,126,068 Deferred income taxes, net 2,792,523 2,860,997 Long-term debt, net 6,234,275 6,343,810 Operating lease liabilities 25,092,217 25,127,464 Other long-term obligations 880,296 542,708 Commitments and contingencies (Note 8) Redeemable noncontrolling interests 33,343 33,356 Stockholders' equity Common stock, $ 0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 296,886,350 and 326,550,141 shares 2,969 3,266 Capital in excess of par value — — Retained earnings 3,037,397 3,664,008 Accumulated other comprehensive income 191,575 143,896 Total MGM Resorts International stockholders' equity 3,231,941 3,811,170 Noncontrolling interests 589,600 522,975 Total stockholders' equity 3,821,541 4,334,145 $ 42,740,953 $ 42,368,548 The accompanying notes are an integral part of these consolidated financial st

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 September 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 ventu

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View this 10-Q filing on SEC EDGAR