MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Rhea-AI Summary

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.

Positive

• 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

Negative

• 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

Financial Analyst

MGM delivered a strong Q3 2024 with record consolidated net revenues of $4.2 billion, up 5% year-over-year. Key highlights include:

• 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 by 40% since 2021

The company's strong balance sheet and free cash flow of $944 million YTD positions it well for future growth opportunities in Japan, New York and digital gaming. BetMGM's 20% revenue growth and expansion into Brazil show promising digital momentum.

Gaming Industry Analyst

The operational metrics reveal important trends: Las Vegas gaming revenue declined 13%, with table games win dropping 19%, though this was offset by non-gaming growth. Room metrics improved with 94% occupancy and $243 ADR. MGM China's recovery continues to impress with main floor table games win up 21%. The $52 million in cybersecurity insurance proceeds helped boost regional and Strip EBITDAR. The strategic focus on digital expansion through BetMGM and international opportunities, combined with capital return to shareholders, demonstrates management's balanced approach to growth and shareholder value.

• 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 in cash to MGM Resorts in total this year
• Repurchased over $300 million of shares in 3Q and approximately $1.3 billion year-to-date, reducing overall shares outstanding by 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 

LAS VEGAS, Oct. 30, 2024 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2024.

"We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy," said Bill Hornbuckle, CEO and President of MGM Resorts International. "MGM Resorts is well positioned for long-term growth driven by the positive inflection to come in our digital investments alongside the enviable integrated resorts pipeline of development that we have in Japan as well as opportunities in New York and beyond."

"During the quarter, we returned over $300 million to shareholders through share repurchases, bringing our year-to-date total to approximately $1.3 billion," said Jonathan Halkyard, CFO and Treasurer of MGM Resorts International. "Since 2021, we have consistently demonstrated our commitment to returning cash to shareholders, reducing overall shares outstanding by 40%. Our balance sheet, characterized by low net debt and significant liquidity, positions us exceptionally well for strategic investments and sustained growth."

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 $1.7 billion, ($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 of 5% 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 in Macau 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 in the current quarter;
• Diluted earnings per share of $0.61 in the current quarter compared to diluted earnings per share of $0.46 in the prior year quarter; and
• Adjusted diluted earnings per share ("Adjusted EPS")⁽³⁾ of $0.54 in the current quarter compared to $0.64 in the prior year quarter.

Las Vegas Strip Resorts

• Net revenues of $2.1 billion in the current quarter, an increase of 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 in the current quarter compared to $714 million in the prior year quarter, an increase of 2%. The current quarter included approximately $37 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.

Regional Operations

• Net revenues of $952 million in the current quarter, compared to $925 million in the prior year quarter, an increase of 3%, 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 of 2%. The current quarter included approximately $15 million of business interruption insurance proceeds related to the September 2023 cybersecurity issue.

MGM China

• Net revenues of $929 million in the current quarter compared to $813 million in the prior year quarter, an increase of 14%. 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 of 5%.

 

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 $16 million in the current quarter and $14 million in the prior year quarter.

 

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 $326 million, pursuant to its repurchase plan. The remaining availability under the November 2023 stock repurchase plan was approximately $946 million as of September 30, 2024. All shares repurchased under the Company's repurchase plan have been retired.

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 Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

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 Japan and Brazil, obtaining a commercial gaming license in New York, expansion of LeoVegas and the MGM digital brand, positioning BetMGM as a leader in sports betting and iGaming (including through our new single account wallet); expectations regarding the performance of MGM China and continued payment of the MGM China dividend; and the Company's ability to return capital to shareholders (including the timing and amount of any share repurchases); and the impact of cybersecurity incidents, including the Company's September 2023 cybersecurity issue. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include: the effects of economic conditions and market conditions in the markets in which the Company operates and competition with online gaming and sports betting operators and destination travel locations throughout the United States and the world; the design, timing and costs of expansion projects; risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; disruptions in the availability of the Company's information and other systems or those of third parties on which the Company rely, through cyber-attacks, such as the Company's September 2023 cybersecurity issue, or otherwise, which could adversely impact the Company's ability to service its customers and affect its sales and the results of operations; impact to the Company's business, operations and reputation from, and expenses and uncertainties associated with a cybersecurity incident, including the Company's September 2023 cybersecurity issue and any related legal proceedings, other claims or investigations and costs of remediation, restoration, or enhancement of information technology systems; the timing and outcome of the claims and class actions against the Company and of the investigations by state and federal regulators, related to the Company's September 2023 cybersecurity issue; the availability of cybersecurity insurance proceeds; and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

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, $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

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited)
						Three Months Ended							Nine Months Ended
						September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
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 $17 million, global development of $3 million, and transaction costs of $3 million. Nine months ended September 30, 2024 includes amounts related to MGM China of $41 million, global development of $7 million, and transaction costs of $7 million. Three months ended September 30, 2023 includes amounts related to MGM China of $9 million, global development of $15 million, and transaction costs of $1 million. Nine months ended September 30, 2023 includes amounts related to MGM China of $24 million, global development of $27 million, and transaction costs of $3 million.

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR (In thousands) (Unaudited)
						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 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands) (Unaudited)
								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

FAQ

What was MGM's revenue in Q3 2024?

MGM Resorts (NYSE: MGM) reported record consolidated net revenues of $4.2 billion in Q3 2024, representing a 5% increase from the previous year.

How much did MGM spend on share repurchases in Q3 2024?

MGM Resorts (NYSE: MGM) repurchased approximately $326 million worth of shares in Q3 2024, with year-to-date repurchases totaling $1.3 billion.

What was MGM's earnings per share in Q3 2024?

MGM Resorts (NYSE: MGM) reported diluted earnings per share of $0.61 in Q3 2024, compared to $0.46 in the same quarter last year.

How did MGM China perform in Q3 2024?

MGM China achieved record Q3 results with net revenues of $929 million, a 14% increase from $813 million in the previous year.