MGM Resorts International Files 10-Q for Q1 2024

TL;DR

<b>MGM Resorts International filed its Q1 2024 10-Q, detailing financial performance and position.</b>

AI Summary

MGM Resorts International (MGM) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. MGM Resorts International reported financial results for the first quarter ended March 31, 2024. The filing includes detailed financial statements and disclosures for the period. Key financial data such as revenue, net income, and EPS are presented for the quarter. Balance sheet information, including assets, liabilities, and equity as of March 31, 2024, is provided. The report covers various business segments including Casino, Food & Beverage, and Entertainment & Retail.

Why It Matters

For investors and stakeholders tracking MGM Resorts International, this filing contains several important signals. This 10-Q provides investors with the latest financial performance data for MGM Resorts, crucial for understanding the company's operational health and strategic direction in the current quarter. The detailed segment reporting and balance sheet information offer insights into revenue drivers and the company's financial stability, aiding investment decisions.

Risk Assessment

Risk Level: — MGM Resorts International shows moderate risk based on this filing. The company operates in the highly cyclical and competitive hospitality and gaming industry, which is subject to economic downturns, changing consumer preferences, and intense competition, as detailed in the risk factors section of SEC filings.

Analyst Insight

Investors should review the detailed segment performance and balance sheet changes in this 10-Q to assess MGM Resorts' financial health and future growth prospects.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-05-01 — Filing Date (10-Q filing)

Key Players & Entities

• MGM Resorts International (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period for the 10-Q
• 2024-05-01 (date) — Filing date of the 10-Q
• LAS VEGAS (location) — City of the company's business and mailing address
• NV (location) — State of the company's business and mailing address

FAQ

Risk Factors

• Industry Cyclicality and Competition [high — market]: The company operates in the highly cyclical and competitive hospitality and gaming industry, subject to economic downturns, changing consumer preferences, and intense competition.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive overview of a company's financial performance. (This filing provides the latest quarterly financial data for MGM Resorts International.)

Key Financial Figures

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

Filing Documents

• mgm-20240331.htm (10-Q) — 1027KB
• exhibit102-q12024.htm (EX-10.2) — 195KB
• exhibit103-q12024.htm (EX-10.3) — 59KB
• exhibit22-q12024.htm (EX-22) — 58KB
• exhibit311-q12024.htm (EX-31.1) — 8KB
• exhibit312-q12024.htm (EX-31.2) — 8KB
• exhibit321-q12024.htm (EX-32.1) — 4KB
• exhibit322-q12024.htm (EX-32.2) — 5KB
• 0000789570-24-000014.txt (&nbsp;) — 6562KB
• mgm-20240331.xsd (EX-101.SCH) — 48KB
• mgm-20240331_cal.xml (EX-101.CAL) — 85KB
• mgm-20240331_def.xml (EX-101.DEF) — 256KB
• mgm-20240331_lab.xml (EX-101.LAB) — 622KB
• mgm-20240331_pre.xml (EX-101.PRE) — 414KB
• mgm-20240331_htm.xml (XML) — 770KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 2 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and March 31, 2023 3 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 4 Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and March 31, 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34

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) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 2,722,292 $ 2,927,833 Accounts receivable, net 924,060 929,135 Inventories 147,357 141,678 Income tax receivable 91,880 141,444 Prepaid expenses and other 688,223 770,503 Total current assets 4,573,812 4,910,593 Property and equipment, net 5,630,014 5,449,544 Other assets Investments in and advances to unconsolidated affiliates 246,167 240,803 Goodwill 5,152,826 5,165,694 Other intangible assets, net 1,686,245 1,724,582 Operating lease right-of-use assets, net 23,901,023 24,027,465 Other long-term assets, net 888,966 849,867 Total other assets 31,875,227 32,008,411 $ 42,079,053 $ 42,368,548 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts and construction payable $ 448,158 $ 461,718 Accrued interest on long-term debt 114,828 60,173 Other accrued liabilities 2,471,000 2,604,177 Total current liabilities 3,033,986 3,126,068 Deferred income taxes, net 2,849,583 2,860,997 Long-term debt, net 6,269,763 6,343,810 Operating lease liabilities 25,115,883 25,127,464 Other long-term obligations 750,280 542,708 Commitments and contingencies (Note 8) Redeemable noncontrolling interests 32,281 33,356 Stockholders' equity Common stock, $ 0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 314,915,054 and 326,550,141 shares 3,149 3,266 Capital in excess of par value — — Retained earnings 3,393,805 3,664,008 Accumulated other comprehensive income 59,810 143,896 Total MGM Resorts International stockholders' equity 3,456,764 3,811,170 Noncontrolling interests 570,513 522,975 Total stockholders' equity 4,027,277 4,334,145 $ 42,079,053 $ 42,368,548 The accompanying notes are an integral part of these consolidated financial statements. 1 MGM RESORTS INTERNATIONAL AND SUBSI

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 March 31, 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 p