MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS
MGM Resorts International reported record third quarter 2024 consolidated net revenues of $4.2 billion, up 5% year-over-year. MGM China achieved record results with net revenues of $929 million, a 14% increase. Net income was $185 million with earnings per share of $0.61. The company repurchased over $300 million of shares in Q3, bringing year-to-date total to $1.3 billion and reducing shares outstanding by 40% since 2021. Las Vegas Strip operations showed revenue of $2.1 billion, up 1%, while Regional Operations revenue increased 3% to $952 million. BetMGM recorded nearly 20% year-over-year revenue growth and announced plans to pursue sports betting in Brazil with Grupo Globo.
MGM Resorts International ha riportato ricavi consolidati record per il terzo trimestre del 2024, pari a $4,2 miliardi, con un aumento del 5% rispetto all’anno precedente. MGM China ha ottenuto risultati record con ricavi netti di $929 milioni, un incremento del 14%. Il reddito netto è stato di $185 milioni, con utili per azione di $0,61. L'azienda ha riacquistato oltre $300 milioni di azioni nel terzo trimestre, portando il totale dall’inizio dell’anno a $1,3 miliardi e riducendo le azioni in circolazione del 40% dal 2021. Le operazioni nello Strip di Las Vegas hanno mostrato ricavi di $2,1 miliardi, in aumento dell'1%, mentre i ricavi delle operazioni regionali sono aumentati del 3%, raggiungendo $952 milioni. BetMGM ha registrato quasi un 20% di crescita dei ricavi anno su anno e ha annunciato piani per perseguire il settore delle scommesse sportive in Brasile con Grupo Globo.
MGM Resorts International reportó ingresos netos consolidados récord de $4.2 mil millones en el tercer trimestre de 2024, un aumento del 5% en comparación con el año anterior. MGM China logró resultados récord con ingresos netos de $929 millones, un aumento del 14%. La utilidad neta fue de $185 millones, con ganancias por acción de $0.61. La compañía recompró más de $300 millones en acciones en el tercer trimestre, llevando el total acumulado del año a $1.3 mil millones y reduciendo el número de acciones en circulación en un 40% desde 2021. Las operaciones en Las Vegas Strip mostraron ingresos de $2.1 mil millones, un aumento del 1%, mientras que los ingresos de las operaciones regionales aumentaron un 3% hasta $952 millones. BetMGM registró un crecimiento de ingresos de casi el 20% interanual y anunció planes para entrar en el mercado de apuestas deportivas en Brasil con Grupo Globo.
MGM 리조트 인터내셔널은 2024년 3분기 통합 순수익이 42억 달러로, 전년 대비 5% 증가했다고 보고했습니다. MGM 차이나는 순수익이 9억 2900만 달러로 14% 증가하며 기록적인 실적을 달성했습니다. 순이익은 1억 8500만 달러로 주당 수익은 0.61달러입니다. 회사는 3분기 동안 3억 달러 이상의 자사주를 매입하여 연초부터 총 13억 달러로 증가시켰으며, 2021년 이후 총 발행 주식 수를 40% 줄였습니다. 라스베가스 스트립 운영에서 수익은 21억 달러로 1% 증가했으며, 지역 운영의 수익은 3% 증가하여 9억 5200만 달러에 달했습니다. BetMGM은 전년 대비 거의 20%의 수익 성장을 기록했으며, Grupo Globo와 함께 브라질에서 스포츠 베팅을 추구할 계획을 발표했습니다.
MGM Resorts International a annoncé des revenus nets consolidés records de 4,2 milliards de dollars pour le troisième trimestre 2024, en hausse de 5 % par rapport à l'année précédente. MGM China a obtenu des résultats exceptionnels avec des revenus nets de 929 millions de dollars, soit une augmentation de 14 %. Le bénéfice net s'est élevé à 185 millions de dollars, avec un bénéfice par action de 0,61 dollar. La société a racheté pour plus de 300 millions de dollars d'actions au troisième trimestre, portant le total depuis le début de l'année à 1,3 milliard de dollars et réduisant le nombre d'actions en circulation de 40 % depuis 2021. Les opérations sur le Strip de Las Vegas ont affiché des revenus de 2,1 milliards de dollars, en hausse de 1 %, tandis que les revenus des opérations régionales ont augmenté de 3 % pour atteindre 952 millions de dollars. BetMGM a enregistré une croissance des revenus de presque 20 % par rapport à l'année précédente et a annoncé son intention de développer les paris sportifs au Brésil avec Grupo Globo.
MGM Resorts International hat für das dritte Quartal 2024 konsolidierte Nettoumsätze von 4,2 Milliarden US-Dollar gemeldet, was einem Anstieg von 5 % im Vergleich zum Vorjahr entspricht. MGM China erzielte rekordverdächtige Ergebnisse mit Nettoumsätzen von 929 Millionen US-Dollar, was einem Anstieg von 14 % entspricht. Der Nettogewinn betrug 185 Millionen US-Dollar, bei einem Gewinn je Aktie von 0,61 US-Dollar. Das Unternehmen hat im dritten Quartal über 300 Millionen US-Dollar an eigenen Aktien zurückgekauft, was den Gesamtbetrag in diesem Jahr auf 1,3 Milliarden US-Dollar bringt und die ausstehenden Aktien seit 2021 um 40 % reduziert. Die Geschäfte am Las Vegas Strip erzielten Einnahmen von 2,1 Milliarden US-Dollar, ein Anstieg von 1 %, während die Einnahmen der regionalen Betriebe um 3 % auf 952 Millionen US-Dollar stiegen. BetMGM verzeichnete ein Umsatzwachstum von fast 20 % im Jahresvergleich und gab bekannt, dass es die Sportwetten in Brasilien mit Grupo Globo anstrebt.
- Record Q3 consolidated net revenues of $4.2 billion, up 5% YoY
- MGM China net revenues increased 14% to $929 million
- Net income grew to $185 million from $161 million YoY
- Las Vegas Strip RevPAR increased 6% to $229
- Generated $944 million in Free Cash Flow for first nine months
- Received $52 million in business interruption insurance proceeds
- Las Vegas Strip casino revenue declined 13% to $476 million
- Table games win percentage decreased from 27.2% to 23.7%
- Adjusted EPS declined to $0.54 from $0.64 YoY
- BetMGM operating income decreased to $3.2 million from $12.6 million YoY
Insights
MGM delivered a strong Q3 2024 with record consolidated net revenues of
- Net income of
$185 million and Adjusted EBITDAR of$1.1 billion - MGM China showed impressive growth with revenues up
14% to$929 million - Las Vegas Strip revenues increased
1% to$2.1 billion with improved ADR and occupancy - Aggressive share buybacks of
$326 million in Q3, reducing shares outstanding by40% since 2021
The company's strong balance sheet and free cash flow of
The operational metrics reveal important trends: Las Vegas gaming revenue declined
- Record 3Q consolidated net revenues
- Record results at MGM China with record 3Q net revenue and record 3Q Adjusted Property EBITDAR
- MGM China declared a special dividend in August 2024, resulting in approximately
$200 million - Repurchased over
$300 million $1.3 billion 40% since 2021 - Accelerating growth at BetMGM with record 3Q net revenues increasing nearly
20% year-over-year, more than doubling the revenue growth achieved in 2Q - Advanced international digital strategy by announcing a venture with Grupo Globo to pursue a sports betting and iGaming license in
Brazil , aiming to launch the BetMGM brand
"We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In
"During the quarter, we returned over
Third Quarter 2024 Financial Highlights:
Consolidated Results
- Net cash flow provided by (used in) operating, investing, and financing activities for the nine months ended September 30, 2024 was
$1 $879 million ), and ($774 million ), respectively; - Free Cash Flow(1) for the nine months ended September 30, 2024 of
$944 million - Consolidated net revenues of
$4.2 billion , an increase of5% compared to the prior year quarter, due primarily to an increase in revenue at MGM China resulting from the recovery of operations after the removal of COVID-19 related entry restrictions inMacau in the first quarter of 2023; - Net income attributable to MGM Resorts was
$185 million in the current quarter compared to$161 million in the prior year quarter; - Consolidated Adjusted EBITDAR(2) of
$1.1 billion - Diluted earnings per share of
$0.61 $0.46 - Adjusted diluted earnings per share ("Adjusted EPS")(3) of
$0.54 $0.64
Las Vegas Strip Resorts
- Net revenues of
$2 1% compared to the prior year quarter due primarily to an increase in non-gaming revenue, partially offset by a decrease in casino revenue; and - Adjusted Property EBITDAR(2) of
$731 million $714 million 2% . The current quarter included approximately$37 million
Regional Operations
- Net revenues of
$952 million in the current quarter, compared to$925 million in the prior year quarter, an increase of3% , due primarily to an increase in casino revenue; and - Adjusted Property EBITDAR of
$300 million in the current quarter compared to$293 million in the prior year quarter, an increase of2% . The current quarter included approximately$15 million
MGM China
- Net revenues of
$929 million in the current quarter compared to$813 million in the prior year quarter, an increase of14% . The current quarter was positively affected by the recovery of operations after the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023; and - Adjusted Property EBITDAR of
$237 million in the current quarter compared to$226 million in the prior year quarter, an increase of5% .
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 September 30, | 2024 | 2023 | |
Diluted earnings per share | $ 0.61 | $ 0.46 | |
Property transactions, net | 0.08 | 0.03 | |
Non-operating items: | |||
Loss (gain) related to debt and equity investments | (0.18) | 0.15 | |
Foreign currency transaction loss | 0.23 | 0.02 | |
Change in the fair value of foreign currency contracts | (0.29) | 0.03 | |
Income tax impact on net income adjustments(1) | 0.09 | (0.05) | |
Adjusted EPS | $ 0.54 | $ 0.64 |
(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. |
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
Three Months Ended September 30, | 2024 | 2023 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 476 | $ 546 | (13) % | |
Table games drop | $ 1,386 | $ 1,491 | (7) % | |
Table games win | $ 328 | $ 405 | (19) % | |
Table games win % | 23.7 % | 27.2 % | ||
Slot handle | $ 5,920 | $ 5,698 | 4 % | |
Slot win | $ 554 | $ 531 | 4 % | |
Slot win % | 9.3 % | 9.3 % | ||
The following table shows key hotel statistics for Las Vegas Strip Resorts:
Three Months Ended September 30, | 2024 | 2023 | % Change | |
Room revenue (in millions) | $ 743 | $ 695 | 7 % | |
Occupancy | 94 % | 92 % | ||
Average daily rate (ADR) | $ 243 | $ 236 | 3 % | |
Revenue per available room (RevPAR)4 | $ 229 | $ 216 | 6 % |
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended September 30, | 2024 | 2023 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 693 | $ 679 | 2 % | |
Table games drop | $ 1,023 | $ 1,026 | 0 % | |
Table games win | $ 209 | $ 209 | 0 % | |
Table games win % | 20.5 % | 20.4 % | ||
Slot handle | $ 6,952 | $ 6,732 | 3 % | |
Slot win | $ 693 | $ 652 | 6 % | |
Slot win % | 10.0 % | 9.7 % | ||
MGM China
The following table shows key gaming statistics for MGM China:
Three Months Ended September 30, | 2024 | 2023 | % Change | |
(Dollars in millions) | ||||
Casino revenue | $ 800 | $ 714 | 12 % | |
Main floor table games drop | $ 3,443 | $ 3,303 | 4 % | |
Main floor table games win | $ 858 | $ 709 | 21 % | |
Main floor table games win % | 24.9 % | 21.5 % | ||
Intercompany branding license fee expense, which eliminates in consolidation, was
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating income from unconsolidated affiliates:
Three Months Ended September 30, | 2024 | 2023 | |
(In thousands) | |||
BetMGM | $ 3,211 | $ 12,629 | |
Other | 4,778 | 9,878 | |
$ 7,989 | $ 22,507 | ||
MGM Resorts Share Repurchases
During the third quarter of 2024, the Company repurchased approximately 8 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 4954336.
A replay of the call will be available through November 6, 2024. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 1436929.
1."Free Cash Flow" is net cash flow provided by operating activities less capital expenditures.
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.
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, 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, 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.
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 properties, 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. "Adjusted EPS" is diluted earnings or loss per share adjusted to exclude property 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 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 above, 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.
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
Cautionary Statement Concerning Forward-Looking Statements
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 the impact of macroeconomic trends on the Company's business; expectations regarding the Company's booking pace, liquidity position and the size and timing of future investments; the Company's ability to execute on its strategic plans, including development ventures 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 | Nine Months Ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues: | |||||||||||||||
Casino | $ | 2,121,049 | $ | 2,050,584 | $ | 6,574,903 | $ | 5,884,394 | |||||||
Rooms | 883,564 | 827,091 | 2,738,963 | 2,490,902 | |||||||||||
Food and beverage | 755,322 | 698,261 | 2,326,863 | 2,163,628 | |||||||||||
Entertainment, retail and other | 411,326 | 385,691 | 1,217,322 | 1,215,980 | |||||||||||
Reimbursed costs | 11,877 | 11,556 | 35,932 | 33,782 | |||||||||||
4,183,138 | 3,973,183 | 12,893,983 | 11,788,686 | ||||||||||||
Expenses: | |||||||||||||||
Casino | 1,205,286 | 1,056,487 | 3,698,885 | 3,073,122 | |||||||||||
Rooms | 286,658 | 260,905 | 838,915 | 751,319 | |||||||||||
Food and beverage | 563,521 | 530,145 | 1,693,031 | 1,579,561 | |||||||||||
Entertainment, retail and other | 247,817 | 238,403 | 732,386 | 740,403 | |||||||||||
Reimbursed costs | 11,877 | 11,556 | 35,932 | 33,782 | |||||||||||
General and administrative | 1,176,726 | 1,192,298 | 3,582,376 | 3,472,228 | |||||||||||
Corporate expense | 125,043 | 121,838 | 378,787 | 366,485 | |||||||||||
Preopening and start-up expenses | 519 | 68 | 2,469 | 356 | |||||||||||
Property transactions, net | 25,493 | 12,227 | 59,124 | (378,235) | |||||||||||
Depreciation and amortization | 233,330 | 201,827 | 621,868 | 608,831 | |||||||||||
3,876,270 | 3,625,754 | 11,643,773 | 10,247,852 | ||||||||||||
Income (loss) from unconsolidated affiliates | 7,989 | 22,507 | (51,319) | (68,681) | |||||||||||
Operating income | 314,857 | 369,936 | 1,198,891 | 1,472,153 | |||||||||||
Non-operating income (expense): | |||||||||||||||
Interest expense, net of amounts capitalized | (111,873) | (111,170) | (334,649) | (353,415) | |||||||||||
Non-operating items from unconsolidated affiliates | 417 | 438 | 2,043 | (1,187) | |||||||||||
Other, net | 93,333 | (34,879) | 45,096 | 35,121 | |||||||||||
(18,123) | (145,611) | (287,510) | (319,481) | ||||||||||||
Income before income taxes | 296,734 | 224,325 | 911,381 | 1,152,672 | |||||||||||
Provision for income taxes | (52,570) | (12,440) | (84,689) | (217,360) | |||||||||||
Net income | 244,164 | 211,885 | 826,692 | 935,312 | |||||||||||
Less: Net income attributable to noncontrolling interests | (59,586) | (50,768) | (237,566) | (106,592) | |||||||||||
Net income attributable to MGM Resorts International | $ | 184,578 | $ | 161,117 | $ | 589,126 | $ | 828,720 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.61 | $ | 0.46 | $ | 1.90 | $ | 2.30 | |||||||
Diluted | $ | 0.61 | $ | 0.46 | $ | 1.88 | $ | 2.28 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 300,499 | 347,345 | 310,688 | 360,732 | |||||||||||
Diluted | 303,479 | 351,390 | 313,852 | 364,847 | |||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands, except share data) | ||||||||||
(Unaudited) | ||||||||||
September 30, | December 31, | |||||||||
2024 | 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 | ||||||||
Redeemable noncontrolling interests | 33,343 | 33,356 | ||||||||
Stockholders' equity: | ||||||||||
Common stock, | ||||||||||
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 | |||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
Las Vegas Strip Resorts | $ | 2,132,213 | $ | 2,105,839 | $ | 6,592,704 | $ | 6,428,641 | ||||||||
Regional Operations | 952,148 | 924,957 | 2,788,765 | 2,796,900 | ||||||||||||
MGM China | 929,456 | 812,525 | 3,003,664 | 2,171,072 | ||||||||||||
Management and other operations | 169,321 | 129,862 | 508,850 | 392,073 | ||||||||||||
$ | 4,183,138 | $ | 3,973,183 | $ | 12,893,983 | $ | 11,788,686 | |||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Las Vegas Strip Resorts | $ | 731,037 | $ | 714,086 | $ | 2,341,114 | $ | 2,326,424 | ||||||||
Regional Operations | 299,985 | 293,257 | 862,465 | 900,199 | ||||||||||||
MGM China | 237,356 | 226,117 | 832,405 | 604,454 | ||||||||||||
Unconsolidated affiliates (1) | 5,288 | 19,809 | (59,388) | (76,769) | ||||||||||||
Management and other operations | (9,019) | 18,251 | (15,258) | 20,998 | ||||||||||||
Stock compensation | (12,388) | (11,125) | (51,686) | (46,245) | ||||||||||||
Corporate (2) | (116,325) | (114,881) | (342,408) | (335,177) | ||||||||||||
$ | 1,135,934 | $ | 3,567,244 | |||||||||||||
(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 September 30, 2024 includes amounts related to MGM China of | ||||||||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income attributable to MGM Resorts International | $ | 184,578 | $ | 161,117 | $ | 589,126 | $ | 828,720 | ||||||||
Plus: Net income attributable to noncontrolling interests | 59,586 | 50,768 | 237,566 | 106,592 | ||||||||||||
Net income | 244,164 | 211,885 | 826,692 | 935,312 | ||||||||||||
Provision for income taxes | 52,570 | 12,440 | 84,689 | 217,360 | ||||||||||||
Income before income taxes | 296,734 | 224,325 | 911,381 | 1,152,672 | ||||||||||||
Non-operating (income) expense: | ||||||||||||||||
Interest expense, net of amounts capitalized | 111,873 | 111,170 | 334,649 | 353,415 | ||||||||||||
Other, net | (93,750) | 34,441 | (47,139) | (33,934) | ||||||||||||
18,123 | 145,611 | 287,510 | 319,481 | |||||||||||||
Operating income | 314,857 | 369,936 | 1,198,891 | 1,472,153 | ||||||||||||
Preopening and start-up expenses | 519 | 68 | 2,469 | 356 | ||||||||||||
Property transactions, net | 25,493 | 12,227 | 59,124 | (378,235) | ||||||||||||
Depreciation and amortization | 233,330 | 201,827 | 621,868 | 608,831 | ||||||||||||
Triple net operating lease and ground lease rent expense | 564,436 | 564,154 | 1,692,961 | 1,698,867 | ||||||||||||
Income from unconsolidated affiliates related to real estate ventures | (2,701) | (2,698) | (8,069) | (8,088) | ||||||||||||
Adjusted EBITDAR | $ | 1,135,934 | $ | 3,567,244 | ||||||||||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2024 | ||||||||||
Net cash provided by operating activities | $ | 1,690,940 | ||||||||
Less: Capital expenditures | (746,572) | |||||||||
Free Cash Flow | $ | 944,368 | ||||||||
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SOURCE MGM Resorts International
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