MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS
- Record 2Q consolidated net revenues of
$4.3 billion - Record 2Q
MGM China Adjusted Property EBITDAR of$294 million ; increase of 40% year-over-year as market share remained in the mid-teens - 2Q net income attributable to
MGM Resorts of$187 million and 2Q consolidated Adjusted EBITDAR of$1.2 billion - International digital strategy progressed with announced acquisition of Tipico's
U.S. platform bringing sports betting product in house and strategic relationship with Playtech to become onlyU.S. operator to offer live casino content from the Las Vegas Strip
"
"We continued to deliver on our Free Cash Flow growth algorithm in the second quarter, driving strong financial returns thanks to a solid baseline of cash flow from our domestic resorts, the continued growth of our digital business, and the resumption of dividends from
Second Quarter 2024 Financial Highlights:
Consolidated Results
- Net cash flow provided by (used in) operating, investing, and financing activities for the six months ended
June 30, 2024 was$1.0 billion , ($385 million ), and ($1.1 billion ), respectively; - Free Cash Flow(1) for the six months ended
June 30, 2024 of$613 million ; - Consolidated net revenues of
$4.3 billion , an increase of 10% compared to the prior year quarter, due primarily to an increase in revenue atMGM China resulting from the continued ramp up 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
$187 million in the current quarter compared to$201 million in the prior year quarter; - Consolidated Adjusted EBITDAR(2) of
$1.2 billion in the current quarter; - Diluted earnings per share of
$0.60 in the current quarter compared to diluted earnings per share of$0.55 in the prior year quarter; and - Adjusted diluted earnings per share ("Adjusted EPS")(3) of
$0.86 in the current quarter compared to$0.59 in the prior year quarter.
- Net revenues of
$2 .2 billion in the current quarter compared to$2 .1 billion in the prior year quarter, an increase of 3%, due primarily to an increase in rooms revenue, driven by an increase in ADR, and an increase in catering and banquets revenue; and - Adjusted Property EBITDAR(2) of
$782 million in the current quarter compared to$777 million in the prior year quarter, an increase of 1%.
Regional Operations
- Net revenues of $927 million in the current quarter, which was flat compared to the prior year quarter; and
- Adjusted Property EBITDAR of $288 million in the current quarter compared to $294 million in the prior year quarter, a decrease of 2%.
- Net revenues of
$1 .0 billion in the current quarter compared to $741 million in the prior year quarter, an increase of 37%. The current quarter was positively affected by the continued ramp up of operations after the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023; and - Adjusted Property EBITDAR of $294 million in the current quarter compared to $209 million in the prior year quarter, an increase of 40%.
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 |
2024 |
|
2023 |
Diluted earnings per share |
$ 0.60 |
|
$ 0.55 |
Property transactions, net |
0.05 |
|
0.01 |
Non-operating items: |
|
|
|
Loss (gain) related to debt and equity investments |
0.07 |
|
(0.02) |
Foreign currency transaction loss (gain) |
(0.01) |
|
0.02 |
Change in the fair value of foreign currency contracts |
0.20 |
|
0.04 |
Loss on retirement of long-term debt |
0.01 |
|
— |
Income tax impact on net income adjustments(1) |
(0.06) |
|
(0.01) |
Adjusted EPS |
$ 0.86 |
|
$ 0.59 |
|
|
(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 current year quarter includes a non-cash income tax benefit of
The following table shows key gaming statistics for
Three Months Ended |
2024 |
|
2023 |
% Change |
|
(Dollars in millions) |
|
||
Casino revenue |
$ 485 |
|
$ 492 |
(2) % |
Table games drop |
$ 1,506 |
|
$ 1,498 |
1 % |
Table games win |
$ 364 |
|
$ 345 |
6 % |
Table games win % |
24.2 % |
|
23.1 % |
|
Slot handle |
$ 5,662 |
|
$ 5,947 |
(5) % |
Slot win |
$ 528 |
|
$ 551 |
(4) % |
Slot win % |
9.3 % |
|
9.3 % |
|
The following table shows key hotel statistics for
Three Months Ended |
2024 |
|
2023 |
% Change |
Room revenue (in millions) |
$ 767 |
|
$ 707 |
9 % |
Occupancy |
97 % |
|
96 % |
|
Average daily rate (ADR) |
$ 248 |
|
$ 234 |
6 % |
Revenue per available room (RevPAR)4 |
$ 240 |
|
$ 224 |
8 % |
Regional Operations
The following table shows key gaming statistics for Regional Operations:
Three Months Ended |
2024 |
|
2023 |
% Change |
|
(Dollars in millions) |
|
||
Casino revenue |
$ 684 |
|
$ 679 |
1 % |
Table games drop |
$ 953 |
|
$ 935 |
2 % |
Table games win |
$ 200 |
|
$ 205 |
(3) % |
Table games win % |
21.0 % |
|
22.0 % |
|
Slot handle |
$ 6,689 |
|
$ 6,771 |
(1) % |
Slot win |
$ 662 |
|
$ 649 |
2 % |
Slot win % |
9.9 % |
|
9.6 % |
|
The following table shows key gaming statistics for
Three Months Ended |
2024 |
|
2023 |
% Change |
|
(Dollars in millions) |
|
||
Casino revenue |
$ 891 |
|
$ 670 |
33 % |
Main floor table games drop |
$ 3,835 |
|
$ 2,872 |
33 % |
Main floor table games win |
$ 939 |
|
$ 626 |
50 % |
Main floor table games win % |
24.5 % |
|
21.8 % |
|
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 loss from unconsolidated affiliates:
Three Months Ended |
2024 |
|
2023 |
|
(In thousands) |
||
BetMGM |
$ (38,391) |
|
$ (22,499) |
Other |
4,207 |
|
6,310 |
|
$ (34,184) |
|
$ (16,189) |
During the second quarter of 2024, the Company repurchased approximately 10 million shares of its common stock for an aggregate amount of
Conference Call Details
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 8961591.
A replay of the call will be available through
1."Free Cash Flow" is net cash flow provided by operating activities less capital expenditures. Free Cash Flow for the three months ended
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, change in the fair value of foreign currency contracts, and loss on retirement of long-term debt.
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
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
Investment Community
Senior Vice President of Corporate Finance
(702) 730-3942 or srogers@mgmresorts.com
Director of Investor Relations
(702) 693-8711 or achapman@mgmresorts.com
News Media
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 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Casino |
|
|
$ |
2,212,759 |
|
$ |
1,951,382 |
|
$ |
4,453,854 |
|
$ |
3,833,810 |
|
|
Rooms |
|
|
|
898,998 |
|
|
815,323 |
|
|
1,855,399 |
|
|
1,663,811 |
|
|
Food and beverage |
|
802,138 |
|
|
743,236 |
|
|
1,571,541 |
|
|
1,465,367 |
|||
|
Entertainment, retail and other |
|
401,605 |
|
|
420,711 |
|
|
805,996 |
|
|
830,289 |
|||
|
Reimbursed costs |
|
11,875 |
|
|
11,555 |
|
|
24,055 |
|
|
22,226 |
|||
|
|
|
|
|
|
4,327,375 |
|
|
3,942,207 |
|
|
8,710,845 |
|
|
7,815,503 |
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Casino |
|
|
|
1,221,755 |
|
|
1,025,745 |
|
|
2,493,599 |
|
|
2,016,635 |
|
|
Rooms |
|
|
|
277,849 |
|
|
250,300 |
|
|
552,257 |
|
|
490,414 |
|
|
Food and beverage |
|
571,430 |
|
|
537,824 |
|
|
1,129,510 |
|
|
1,049,416 |
|||
|
Entertainment, retail and other |
|
240,272 |
|
|
258,472 |
|
|
484,569 |
|
|
502,000 |
|||
|
Reimbursed costs |
|
11,875 |
|
|
11,555 |
|
|
24,055 |
|
|
22,226 |
|||
|
General and administrative |
|
1,210,968 |
|
|
1,144,390 |
|
|
2,405,650 |
|
|
2,279,930 |
|||
|
Corporate expense |
|
124,078 |
|
|
117,088 |
|
|
253,744 |
|
|
244,647 |
|||
|
Preopening and start-up expenses |
|
855 |
|
|
149 |
|
|
1,950 |
|
|
288 |
|||
|
Property transactions, net |
|
16,477 |
|
|
5,614 |
|
|
33,631 |
|
|
(390,462) |
|||
|
Depreciation and amortization |
|
191,976 |
|
|
203,503 |
|
|
388,538 |
|
|
407,004 |
|||
|
|
|
|
|
|
3,867,535 |
|
|
3,554,640 |
|
|
7,767,503 |
|
|
6,622,098 |
Loss from unconsolidated affiliates |
|
(34,184) |
|
|
(16,189) |
|
|
(59,308) |
|
|
(91,188) |
||||
Operating income |
|
|
425,656 |
|
|
371,378 |
|
|
884,034 |
|
|
1,102,217 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense, net of amounts capitalized |
|
(112,739) |
|
|
(111,945) |
|
|
(222,776) |
|
|
(242,245) |
|||
|
Non-operating items from unconsolidated affiliates |
|
1,762 |
|
|
(441) |
|
|
1,626 |
|
|
(1,625) |
|||
|
Other, net |
|
|
(43,431) |
|
|
23,693 |
|
|
(48,237) |
|
|
70,000 |
||
|
|
|
|
|
|
(154,408) |
|
|
(88,693) |
|
|
(269,387) |
|
|
(173,870) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
271,248 |
|
|
282,685 |
|
|
614,647 |
|
|
928,347 |
||||
|
Benefit (provision) for income taxes |
|
11,554 |
|
|
(39,141) |
|
|
(32,119) |
|
|
(204,920) |
|||
Net income |
|
|
|
282,802 |
|
|
243,544 |
|
|
582,528 |
|
|
723,427 |
||
|
Less: Net income attributable to noncontrolling interests |
|
(95,730) |
|
|
(42,748) |
|
|
(177,980) |
|
|
(55,824) |
|||
Net income attributable to |
$ |
187,072 |
|
$ |
200,796 |
|
$ |
404,548 |
|
$ |
667,603 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
$ |
0.60 |
|
$ |
0.56 |
|
$ |
1.28 |
|
$ |
1.82 |
|
|
Diluted |
|
|
$ |
0.60 |
|
$ |
0.55 |
|
$ |
1.27 |
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
|
311,179 |
|
|
361,050 |
|
|
315,837 |
|
|
367,535 |
|
|
Diluted |
|
|
|
314,420 |
|
|
365,339 |
|
|
319,092 |
|
|
371,685 |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
||||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||||
(In thousands, except share data) |
||||||||||
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
2024 |
|
2023 |
||
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
||||||||||
Current assets: |
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
$ |
2,414,195 |
|
$ |
2,927,833 |
||||
|
Accounts receivable, net |
|
|
1,016,898 |
|
|
929,135 |
|||
|
Inventories |
|
|
|
147,863 |
|
|
141,678 |
||
|
Income tax receivable |
|
|
207,601 |
|
|
141,444 |
|||
|
Prepaid expenses and other |
|
622,579 |
|
|
770,503 |
||||
|
|
Total current assets |
|
|
4,409,136 |
|
|
4,910,593 |
||
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
5,715,638 |
|
|
5,449,544 |
||||
|
|
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|||
|
Investments in and advances to unconsolidated affiliates |
|
237,821 |
|
|
240,803 |
||||
|
Goodwill |
|
|
|
5,153,446 |
|
|
5,165,694 |
||
|
Other intangible assets, net |
|
1,658,403 |
|
|
1,724,582 |
||||
|
Operating lease right-of-use assets, net |
|
23,785,252 |
|
|
24,027,465 |
||||
|
Other long-term assets, net |
|
855,765 |
|
|
849,867 |
||||
|
|
Total other assets |
|
|
31,690,687 |
|
|
32,008,411 |
||
|
|
|
|
|
|
$ |
41,815,461 |
|
$ |
42,368,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|||
|
Accounts and construction payable |
$ |
401,924 |
|
$ |
461,718 |
||||
|
Accrued interest on long-term debt |
|
57,506 |
|
|
60,173 |
||||
|
Other accrued liabilities |
|
|
2,540,743 |
|
|
2,604,177 |
|||
|
|
Total current liabilities |
|
|
3,000,173 |
|
|
3,126,068 |
||
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes, net |
|
|
2,797,378 |
|
|
2,860,997 |
||||
Long-term debt, net |
|
|
6,292,676 |
|
|
6,343,810 |
||||
Operating lease liabilities |
|
|
25,110,920 |
|
|
25,127,464 |
||||
Other long-term obligations |
|
|
768,001 |
|
|
542,708 |
||||
Redeemable noncontrolling interests |
|
32,168 |
|
|
33,356 |
|||||
Stockholders' equity: |
|
|
|
|
|
|
||||
|
Common stock, |
|
|
|
|
|
||||
|
issued and outstanding 304,964,825 and 326,550,141 shares |
|
3,050 |
|
|
3,266 |
||||
|
Capital in excess of par value |
|
- |
|
|
- |
||||
|
Retained earnings |
|
|
3,172,243 |
|
|
3,664,008 |
|||
|
Accumulated other comprehensive income |
|
37,383 |
|
|
143,896 |
||||
|
|
|
|
3,212,676 |
|
|
3,811,170 |
|||
|
Noncontrolling interests |
|
|
601,469 |
|
|
522,975 |
|||
|
|
Total stockholders' equity |
|
3,814,145 |
|
|
4,334,145 |
|||
|
|
|
|
|
|
$ |
41,815,461 |
|
$ |
42,368,548 |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
|
||||||||||||||||
SUPPLEMENTAL DATA - NET REVENUES |
|
||||||||||||||||
(In thousands) |
|
||||||||||||||||
(Unaudited) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
|
|
|
|
|
$ |
2,205,462 |
|
$ |
2,146,650 |
|
$ |
4,460,491 |
|
$ |
4,322,802 |
|
|
Regional Operations |
|
|
|
|
|
927,138 |
|
|
926,100 |
|
|
1,836,617 |
|
|
1,871,943 |
|
|
|
|
|
|
|
|
|
1,018,191 |
|
|
740,955 |
|
|
2,074,208 |
|
|
1,358,547 |
|
Management and other operations |
|
|
|
|
176,584 |
|
|
128,502 |
|
|
339,529 |
|
|
262,211 |
|
||
|
|
|
|
|
|
$ |
4,327,375 |
|
$ |
3,942,207 |
|
$ |
8,710,845 |
|
$ |
7,815,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
|
||||||||||||||||
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR |
|
||||||||||||||||
(In thousands) |
|
||||||||||||||||
(Unaudited) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
|
|
|
|
|
$ |
782,289 |
|
$ |
776,529 |
|
$ |
1,610,077 |
|
$ |
1,612,338 |
|
|
Regional Operations |
|
|
|
|
|
288,378 |
|
|
293,767 |
|
|
562,480 |
|
|
606,942 |
|
|
|
|
|
|
|
|
|
293,863 |
|
|
209,389 |
|
|
595,049 |
|
|
378,337 |
|
Unconsolidated affiliates (1) |
|
|
|
|
|
(36,850) |
|
|
(18,884) |
|
|
(64,676) |
|
|
(96,578) |
|
|
Management and other operations |
|
|
|
|
(3,394) |
|
|
2,218 |
|
|
(6,239) |
|
|
2,747 |
|
||
Stock compensation |
|
|
|
|
|
(12,539) |
|
|
(11,230) |
|
|
(39,298) |
|
|
(35,120) |
|
|
Corporate (2) |
|
|
|
|
|
|
(115,264) |
|
|
(109,682) |
|
|
(226,083) |
|
|
(220,296) |
|
|
|
|
|
|
|
$ |
1,196,483 |
|
|
|
|
$ |
2,431,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
||||
Net income attributable to |
|
$ |
187,072 |
|
$ |
200,796 |
|
$ |
404,548 |
|
$ |
667,603 |
|
||||
Plus: Net income attributable to noncontrolling interests |
|
|
95,730 |
|
|
42,748 |
|
|
177,980 |
|
|
55,824 |
|
||||
Net income |
|
|
|
|
|
|
282,802 |
|
|
243,544 |
|
|
582,528 |
|
|
723,427 |
|
(Benefit) provision for income taxes |
|
|
|
|
(11,554) |
|
|
39,141 |
|
|
32,119 |
|
|
204,920 |
|
||
Income before income taxes |
|
|
|
|
|
271,248 |
|
|
282,685 |
|
|
614,647 |
|
|
928,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest expense, net of amounts capitalized |
|
|
|
112,739 |
|
|
111,945 |
|
|
222,776 |
|
|
242,245 |
|
|||
Other, net |
|
|
|
|
|
|
41,669 |
|
|
(23,252) |
|
|
46,611 |
|
|
(68,375) |
|
|
|
|
|
|
|
|
154,408 |
|
|
88,693 |
|
|
269,387 |
|
|
173,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
425,656 |
|
|
371,378 |
|
|
884,034 |
|
|
1,102,217 |
|
Preopening and start-up expenses |
|
|
|
|
855 |
|
|
149 |
|
|
1,950 |
|
|
288 |
|
||
Property transactions, net |
|
|
|
|
|
16,477 |
|
|
5,614 |
|
|
33,631 |
|
|
(390,462) |
|
|
Depreciation and amortization |
|
|
|
|
191,976 |
|
|
203,503 |
|
|
388,538 |
|
|
407,004 |
|
||
Triple net operating lease and ground lease rent expense |
|
|
564,186 |
|
|
564,158 |
|
|
1,128,525 |
|
|
1,134,713 |
|
||||
Income from unconsolidated affiliates related to real estate ventures |
|
(2,667) |
|
|
(2,695) |
|
|
(5,368) |
|
|
(5,390) |
|
|||||
Adjusted EBITDAR |
|
|
|
|
|
$ |
1,196,483 |
|
|
|
|
$ |
2,431,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
2024 |
|
2024 |
|
|
|
|
|
|
||
Net cash provided by operating activities |
|
|
|
$ |
474,238 |
|
$ |
1,023,509 |
|
|
|
|
|
|
|
Less: Capital expenditures |
|
|
|
|
|
(238,242) |
|
|
(410,322) |
|
|
|
|
|
|
Free Cash Flow |
|
|
|
|
$ |
235,996 |
|
$ |
613,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/mgm-resorts-international-reports-second-quarter-2024-financial-and-operating-results-302210196.html
SOURCE