MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2023 FINANCIAL AND OPERATING RESULTS
- MGM Resorts International achieved record consolidated net revenue of $3.9 billion, a 21% increase compared to the prior year quarter.
- MGM China outperformed the Macau market with Adjusted Property EBITDAR and net revenues surpassing Q2 2019.
- Las Vegas Strip Resorts achieved solid results with year-over-year ADR and occupancy growth.
- The company repurchased approximately 15 million shares for $626 million during the quarter.
- MGM Resorts announced a long-term license agreement with Marriott International.
- None.
- MGM Resorts International achieved all-time record for consolidated net revenue
- MGM China outperformed
Macau market recovery with Adjusted Property EBITDAR and net revenues surpassing 2Q19 - Las Vegas Strip Resorts achieved solid results with ADR and occupancy growth year-over-year, bookings pace remains up for remainder of 2023
- Repurchased approximately 15 million shares for
during the quarter$626 million - Announced long-term license agreement with Marriott International to drive higher profitability from access to Marriott's extensive global database
"Beyond MGM's outstanding second quarter performance, we also cemented a long-term agreement with Marriott which will provide us with an expansive customer booking channel to further bolster our profitability. Also, BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts. "Looking forward to the rest of 2023 and beyond, we are encouraged by the pacing of both Formula 1 and the Super Bowl and the announced relocation of the A's, which will further solidify
"We expect to continue to pursue long-term growth opportunities by expanding our global online presence and digital capabilities and through our development efforts in
Second Quarter 2023 Financial Highlights:
Consolidated Results
- Consolidated net revenues of
.9 billion, an increase of$3 21% compared to the prior year quarter, due primarily to the removal of COVID-19 related entry restrictions inMacau ; - Operating income was
$371 million compared to .4 billion in the prior year quarter due to a$2 gain in the prior year quarter related to the sale of MGM Growth Properties LLC ("MGP") to VICI Properties Inc. ("VICI"), and an increase in rent expense related to the VICI and The Cosmopolitan leases, which commenced in April 2022 and May 2022, respectively, partially offset by the increase in net revenues discussed above and a decrease in amortization expense related to the MGM Grand Paradise gaming subconcession;$2.3 billion - Net income attributable to MGM Resorts was
$201 million in the current quarter compared to .8 billion in the prior year quarter. Net income attributable to MGM Resorts was impacted by the items affecting operating income above;$1 - Diluted income per share of
in the current quarter compared to$0.55 in the prior year quarter;$4.20 - Adjusted diluted earnings per share ("Adjusted EPS")(1) of
in the current quarter compared to$0.59 in the prior year quarter;$0.04 - Consolidated Adjusted EBITDAR(2) of
;$1.1 billion - Net cash flow provided by (used in) operating, investing, and financing activities for the six months ended June 30, 2023 was
, ($1.3 billion ), and ($59 million ), respectively; and$3.3 billion - Free Cash Flow(3) for the six months ended June 30, 2023 of
$887 million .
Las Vegas Strip Resorts
- Net revenues of
.1 billion in the current quarter, which was flat compared to the prior year quarter;$2 - Same-store net revenues (adjusted for acquisitions and dispositions) of
, which was flat compared to the prior year quarter;$1.8 billion - Adjusted Property EBITDAR(2) of
in the current quarter compared to$777 million in the prior year quarter, a decrease of$825 million 6% ; - Same-Store Adjusted Property EBITDAR(2) of
in the current quarter compared to$662 million in the prior year quarter, a decrease of$723 million 8% ; and - Adjusted Property EBITDAR margin(2) of
36.2% in the current quarter compared to38.6% in the prior year quarter, a decrease of 244 basis points primarily due to an increase in payroll related expense.
Regional Operations
- Net revenues of
$926 million in the current quarter compared to$960 million in the prior year quarter, a decrease of3% , due primarily to the disposition of Gold Strike Tunica in February 2023; - Same-store net revenues (adjusted for dispositions) of
$926 million in the current quarter compared to$904 million in the prior year quarter, an increase of2% ; - Adjusted Property EBITDAR of
in the current quarter compared to$294 million $340 million in the prior year quarter, a decrease of14% ; - Same-Store Adjusted Property EBITDAR of
in the current quarter compared to$294 million $315 million in the prior year quarter, a decrease of7% ; and - Adjusted Property EBITDAR margin of
31.7% in the current quarter compared to35.4% in the prior year quarter, a decrease of 369 basis points, due primarily to a decrease in casino revenues and an increase in payroll related expenses.
MGM China
- Net revenues of
$741 million in the current quarter compared to$143 million in the prior year quarter, an increase of418% , and an increase of5% compared to the second quarter of 2019. The current quarter was positively affected by the removal of COVID-19 related travel and entry restrictions and an increase in visitation; - Adjusted Property EBITDAR of
in the current quarter compared to Adjusted Property EBITDAR loss of$209 million $52 million in the prior year quarter, and an increase of21% compared to the second quarter of 2019; and - Adjusted Property EBITDAR margin of
28.3% in the current quarter compared to24.5% in the second quarter of 2019.
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, | 2023 | 2022 | |
Diluted earnings per share | $ 0.55 | $ 4.20 | |
Property transactions, net | 0.01 | (0.05) | |
Gain on REIT transactions, net | — | (5.41) | |
Non-operating items: | |||
Loss (gain) related to debt and equity investments | (0.02) | 0.05 | |
Foreign currency transaction loss | 0.02 | 0.02 | |
Change in the fair value of foreign currency contracts | 0.04 | 0.05 | |
Income tax impact on net income adjustments(1) | (0.01) | 1.18 | |
Adjusted EPS | $ 0.59 | $ 0.04 |
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 prior year quarter also included a non-cash income tax charge of
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months Ended June 30, | 2023 | 2022 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 492 | $ 499 | (1) % | |
Table games drop | $ 1,498 | $ 1,429 | 5 % | |
Table games win | $ 345 | $ 330 | 5 % | |
Table games win % | 23.1 % | 23.1 % | ||
Slot handle | $ 5,947 | $ 5,344 | 11 % | |
Slot win | $ 551 | $ 498 | 11 % | |
Slot win % | 9.3 % | 9.3 % |
The following table shows key hotel statistics for Las Vegas Strip Resorts:
Three Months Ended June 30, | 2023 | 2022 | % Change | |
Room revenue (in millions) | $ 707 | $ 696 | 2 % | |
Occupancy | 96 % | 92 % | ||
Average daily rate (ADR) | $ 234 | $ 225 | 4 % | |
Revenue per available room (RevPAR)4 | $ 224 | $ 208 | 8 % |
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended June 30, | 2023 | 2022 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 679 | $ 734 | (7) % | |
Table games drop | $ 935 | $ 1,090 | (14) % | |
Table games win | $ 205 | $ 228 | (10) % | |
Table games win % | 22.0 % | 20.9 % | ||
Slot handle | $ 6,771 | $ 7,102 | (5) % | |
Slot win | $ 649 | $ 675 | (4) % | |
Slot win % | 9.6 % | 9.5 % |
MGM China
The following table shows key gaming statistics for MGM China:
Three Months Ended June 30, | 2023 | 2022 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 670 | $ 121 | 454 % | |
Main floor table games drop | $ 2,872 | $ 425 | 576 % | |
Main floor table games win | $ 626 | $ 105 | 495 % | |
Main floor table games win % | 21.8 % | 24.8 % |
Intercompany branding license fee expense was
Corporate Expense
Corporate expense, including share-based compensation for corporate employees, decreased to
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating loss from unconsolidated affiliates:
Three Months Ended June 30, | 2023 | 2022 | |
(In thousands) | |||
MGP BREIT Venture (through April 29, 2022) | $ — | $ 12,116 | |
BetMGM | (22,499) | (71,229) | |
Other | 6,310 | 3,530 | |
$ (16,189) | $ (55,583) |
MGM Resorts Share Repurchases
During the second quarter of 2023, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of
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 6449554.
A replay of the call will be available through August 9, 2023. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 9458902.
1."Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property transactions, net, gain on REIT 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 , and the change in the fair value of foreign currency contracts.
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 below, 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.
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, gain on REIT 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, gain on REIT transactions, net, 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, and rent expense related to the master lease with MGP that eliminated in consolidation.
"Same-Store Adjusted Property EBITDAR" is Adjusted Property EBITDAR further adjusted to exclude the Adjusted Property EBITDAR of acquired operating segments from the date of acquisition through the end of the reporting period and to exclude the Adjusted Property EBITDAR of disposed operating segments from the beginning of the reporting period through the date of disposition. Accordingly, for Las Vegas Strip Resorts, the Company has excluded the Adjusted Property EBITDAR of The Cosmopolitan for periods subsequent to its acquisition on May 17, 2022 and of The Mirage for the periods prior to its disposition on December 19, 2022, as applicable. For Regional Operations, the Company has excluded the Adjusted Property EBITDAR of Gold Strike Tunica for the periods prior to its disposition on February 15, 2023, as applicable.
Same-Store Adjusted Property EBITDAR 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 meaningful period-to-period comparisons of the results of the Company's operations for operating segments that were consolidated for the full period presented to assist users of the financial statements in reviewing operating performance over time. Same-Store Adjusted Property EBITDAR should not be viewed as a measure of overall operating performance, considered in isolation, or as an alternative to the Company's reportable segment GAAP measure or net income, 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 is provided for the limited purposes discussed herein. In addition, Same-Store Adjusted Property EBITDAR 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, and such differences may be material. A reconciliation of the Company's reportable segment Adjusted Property EBITDAR GAAP measure to Same-Store Adjusted Property EBITDAR is included in the financial schedules in this release.
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 resorts, 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. "Free Cash Flow" is net cash flow provided by operating activities less capital expenditures. Free Cash Flow for the three months ended June 30, 2023 is calculated as the difference in net cash flow provided by operating activities for the six months ended June 30, 2023 and the net cash flow provided by operating activities for the three months ended March 31, 2023 less the difference between the capital expenditures for the six months ended June 30, 2023 and the capital expenditures for the three months ended March 31, 2023.
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.
4. RevPAR is hotel revenue per available room.
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
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 future sports and entertainment events in
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
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenues: | |||||||||||||||
Casino | $ | 1,951,382 | $ | 1,357,134 | $ | 3,833,810 | $ | 2,778,044 | |||||||
Rooms | 815,323 | 774,732 | 1,663,811 | 1,331,805 | |||||||||||
Food and beverage | 743,236 | 677,756 | 1,465,367 | 1,170,610 | |||||||||||
Entertainment, retail and other | 420,711 | 445,342 | 830,289 | 816,908 | |||||||||||
Reimbursed costs | 11,555 | 9,924 | 22,226 | 21,830 | |||||||||||
3,942,207 | 3,264,888 | 7,815,503 | 6,119,197 | ||||||||||||
Expenses: | |||||||||||||||
Casino | 1,025,745 | 622,166 | 2,016,635 | 1,296,531 | |||||||||||
Rooms | 250,300 | 232,429 | 490,414 | 428,542 | |||||||||||
Food and beverage | 537,824 | 480,121 | 1,049,416 | 848,783 | |||||||||||
Entertainment, retail and other | 258,472 | 265,184 | 502,000 | 483,933 | |||||||||||
Reimbursed costs | 11,555 | 9,924 | 22,226 | 21,830 | |||||||||||
General and administrative | 1,144,390 | 1,028,765 | 2,279,930 | 1,805,602 | |||||||||||
Corporate expense | 117,088 | 119,610 | 244,647 | 230,851 | |||||||||||
Preopening and start-up expenses | 149 | 542 | 288 | 976 | |||||||||||
Property transactions, net | 5,614 | (19,395) | (390,462) | 35,343 | |||||||||||
Gain on REIT transactions, net | - | (2,277,747) | - | (2,277,747) | |||||||||||
Depreciation and amortization | 203,503 | 366,255 | 407,004 | 654,893 | |||||||||||
3,554,640 | 827,854 | 6,622,098 | 3,529,537 | ||||||||||||
Loss from unconsolidated affiliates | (16,189) | (55,583) | (91,188) | (102,421) | |||||||||||
Operating income | 371,378 | 2,381,451 | 1,102,217 | 2,487,239 | |||||||||||
Non-operating income (expense): | |||||||||||||||
Interest expense, net of amounts capitalized | (111,945) | (136,559) | (242,245) | (332,650) | |||||||||||
Non-operating items from unconsolidated affiliates | (441) | (6,120) | (1,625) | (21,253) | |||||||||||
Other, net | 23,693 | (43,308) | 70,000 | (9,006) | |||||||||||
(88,693) | (185,987) | (173,870) | (362,909) | ||||||||||||
Income before income taxes | 282,685 | 2,195,464 | 928,347 | 2,124,330 | |||||||||||
Provision for income taxes | (39,141) | (572,839) | (204,920) | (536,498) | |||||||||||
Net income | 243,544 | 1,622,625 | 723,427 | 1,587,832 | |||||||||||
Less: Net (Income) loss attributable to noncontrolling interests | (42,748) | 161,312 | (55,824) | 178,089 | |||||||||||
Net income attributable to MGM Resorts International | $ | 200,796 | $ | 1,783,937 | $ | 667,603 | $ | 1,765,921 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.56 | $ | 4.24 | $ | 1.82 | $ | 4.06 | |||||||
Diluted | $ | 0.55 | $ | 4.20 | $ | 1.80 | $ | 4.02 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 361,050 | 417,393 | 367,535 | 430,084 | |||||||||||
Diluted | 365,339 | 421,303 | 371,685 | 434,336 |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands, except share data) | ||||||||||
(Unaudited) | ||||||||||
June 30, | December 31, | |||||||||
2023 | 2022 | |||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 3,843,366 | $ | 5,911,893 | ||||||
Accounts receivable, net | 703,971 | 852,149 | ||||||||
Inventories | 130,889 | 126,065 | ||||||||
Income tax receivable | 129,497 | 73,016 | ||||||||
Prepaid expenses and other | 809,272 | 583,132 | ||||||||
Assets held for sale | - | 608,437 | ||||||||
Total current assets | 5,616,995 | 8,154,692 | ||||||||
Property and equipment, net | 5,233,400 | 5,223,928 | ||||||||
Other assets: | ||||||||||
Investments in and advances to unconsolidated affiliates | 156,993 | 173,039 | ||||||||
Goodwill | 5,029,189 | 5,029,312 | ||||||||
Other intangible assets, net | 1,734,012 | 1,551,252 | ||||||||
Operating lease right-of-use assets, net | 24,276,784 | 24,530,929 | ||||||||
Other long-term assets, net | 858,456 | 1,029,054 | ||||||||
Total other assets | 32,055,434 | 32,313,586 | ||||||||
$ | 42,905,829 | $ | 45,692,206 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts and construction payable | $ | 358,807 | $ | 369,817 | ||||||
Current portion of long-term debt | 35,200 | 1,286,473 | ||||||||
Accrued interest on long-term debt | 60,225 | 83,451 | ||||||||
Other accrued liabilities | 2,295,172 | 2,236,323 | ||||||||
Liabilities related to assets held for sale | - | 539,828 | ||||||||
Total current liabilities | 2,749,404 | 4,515,892 | ||||||||
Deferred income taxes, net | 3,006,583 | 2,969,443 | ||||||||
Long-term debt, net | 6,674,044 | 7,432,817 | ||||||||
Operating lease liabilities | 25,136,719 | 25,149,299 | ||||||||
Other long-term obligations | 493,996 | 256,282 | ||||||||
Redeemable noncontrolling interests | 9,716 | 158,350 | ||||||||
Stockholders' equity: | ||||||||||
Common stock, | ||||||||||
issued and outstanding 352,789,905 and 379,087,524 shares | 3,528 | 3,791 | ||||||||
Capital in excess of par value | - | - | ||||||||
Retained earnings | 4,382,588 | 4,794,239 | ||||||||
Accumulated other comprehensive income | 30,057 | 33,499 | ||||||||
Total MGM Resorts International stockholders' equity | 4,416,173 | 4,831,529 | ||||||||
Noncontrolling interests | 419,194 | 378,594 | ||||||||
Total stockholders' equity | 4,835,367 | 5,210,123 | ||||||||
$ | 42,905,829 | $ | 45,692,206 |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||||
SUPPLEMENTAL DATA - NET REVENUES | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Las Vegas Strip Resorts | $ | 2,146,650 | $ | 2,137,176 | $ | 4,322,802 | $ | 3,800,068 | ||||||||||
Regional Operations | 926,100 | 959,669 | 1,871,943 | 1,850,498 | ||||||||||||||
MGM China | 740,955 | 143,012 | 1,358,547 | 411,387 | ||||||||||||||
Management and other operations | 128,502 | 25,031 | 262,211 | 57,244 | ||||||||||||||
$ | 3,942,207 | $ | 3,264,888 | $ | 7,815,503 | $ | 6,119,197 | |||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||||
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Las Vegas Strip Resorts | $ | 776,529 | $ | 825,267 | $ | 1,612,338 | $ | 1,418,901 | ||||||||||
Regional Operations | 293,767 | 339,850 | 606,942 | 653,129 | ||||||||||||||
MGM China | 209,389 | (52,091) | 378,337 | (77,747) | ||||||||||||||
Unconsolidated affiliates (1) | (18,884) | (70,409) | (96,578) | (158,893) | ||||||||||||||
Management and other operations | 2,218 | 1,188 | 2,747 | (2,413) | ||||||||||||||
Stock compensation | (11,230) | (15,379) | (35,120) | (38,723) | ||||||||||||||
Corporate (2) | (109,682) | (108,692) | (220,296) | (204,116) | ||||||||||||||
$ | 1,142,107 | $ | 2,248,370 | |||||||||||||||
(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, 2023 includes amounts related to MGM China of | ||||||||||||||||||
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, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Net income attributable to MGM Resorts International | $ | 200,796 | $ | 1,783,937 | $ | 667,603 | $ | 1,765,921 | ||||||||||
Plus: Net income (loss) attributable to noncontrolling interests | 42,748 | (161,312) | 55,824 | (178,089) | ||||||||||||||
Net income | 243,544 | 1,622,625 | 723,427 | 1,587,832 | ||||||||||||||
Provision for income taxes | 39,141 | 572,839 | 204,920 | 536,498 | ||||||||||||||
Income before income taxes | 282,685 | 2,195,464 | 928,347 | 2,124,330 | ||||||||||||||
Non-operating (income) expense: | ||||||||||||||||||
Interest expense, net of amounts capitalized | 111,945 | 136,559 | 242,245 | 332,650 | ||||||||||||||
Other, net | (23,252) | 49,428 | (68,375) | 30,259 | ||||||||||||||
88,693 | 185,987 | 173,870 | 362,909 | |||||||||||||||
Operating income | 371,378 | 2,381,451 | 1,102,217 | 2,487,239 | ||||||||||||||
Preopening and start-up expenses | 149 | 542 | 288 | 976 | ||||||||||||||
Property transactions, net | 5,614 | (19,395) | (390,462) | 35,343 | ||||||||||||||
Depreciation and amortization | 203,503 | 366,255 | 407,004 | 654,893 | ||||||||||||||
Gain on REIT transactions, net | - | (2,277,747) | - | (2,277,747) | ||||||||||||||
Triple net operating lease and ground lease rent expense | 564,158 | 483,454 | 1,134,713 | 745,906 | ||||||||||||||
Income from unconsolidated affiliates related to real estate ventures | (2,695) | (14,826) | (5,390) | (56,472) | ||||||||||||||
Adjusted EBITDAR | $ | 1,142,107 | $ | 2,248,370 | ||||||||||||||
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, | June 30, | ||||||||||||||||
2023 | 2023 | ||||||||||||||||
Net cash provided by operating activities | $ | 576,706 | $ | 1,280,759 | |||||||||||||
Less: Capital expenditures | (253,477) | (393,297) | |||||||||||||||
Free Cash Flow | $ | 323,229 | $ | 887,462 | |||||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||||||||
RECONCILIATIONS OF | |||||||||||||||||
REVENUES AND | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Las Vegas Strip Resorts net revenues | $ | 2,146,650 | $ | 2,137,176 | $ | 4,322,802 | $ | 3,800,068 | |||||||||
Acquisitions (1) | (300,998) | (150,761) | (609,166) | (150,761) | |||||||||||||
Dispositions (2) | - | (148,754) | - | (276,551) | |||||||||||||
Las Vegas Strip Resorts same-store net revenues | $ | 1,845,652 | $ | 1,837,661 | $ | 3,713,636 | $ | 3,372,756 | |||||||||
Las Vegas Strip Resorts Adjusted Property EBITDAR | $ | 776,529 | $ | 825,267 | $ | 1,612,338 | $ | 1,418,901 | |||||||||
Acquisitions (1) | (114,949) | (59,097) | (244,803) | (59,097) | |||||||||||||
Dispositions (2) | - | (43,378) | - | (76,270) | |||||||||||||
Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR | $ | 661,580 | $ | 722,792 | $ | 1,367,535 | $ | 1,283,534 | |||||||||
(1) Excludes the net revenues and Adjusted Property EBITDAR of The Cosmopolitan. | |||||||||||||||||
(2) Excludes the net revenues and Adjusted Property EBITDAR of The Mirage. | |||||||||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||||||||
RECONCILIATIONS OF REGIONAL OPERATIONS NET REVENUES TO REGIONAL OPERATIONS SAME-STORE NET REVENUES | |||||||||||||||||
AND REGIONAL OPERATIONS ADJUSTED PROPERTY EBITDAR TO REGIONAL OPERATIONS SAME-STORE ADJUSTED PROPERTY EBITDAR | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Regional Operations net revenues | $ | 926,100 | $ | 959,669 | $ | 1,871,943 | $ | 1,850,498 | |||||||||
Dispositions (1) | - | (55,691) | (26,967) | (113,764) | |||||||||||||
Regional Operations same-store net revenues | $ | 926,100 | $ | 903,978 | $ | 1,844,976 | $ | 1,736,734 | |||||||||
Regional Operations Adjusted Property EBITDAR | $ | 293,767 | $ | 339,850 | $ | 606,942 | $ | 653,129 | |||||||||
Dispositions (1) | - | (24,425) | (11,073) | (53,036) | |||||||||||||
Regional Operations Same-Store Adjusted Property EBITDAR | $ | 293,767 | $ | 315,425 | $ | 595,869 | $ | 600,093 | |||||||||
(1) Excludes the net revenues and Adjusted Property EBITDAR of Gold Strike Tunica. |
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SOURCE MGM Resorts International
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