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UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-10362
MGM Resorts International
(Exact name of registrant as specified in its charter)
Delaware88-0215232
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109
(Address of principal executive offices)
(702) 693-7120
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock (Par Value $0.01)MGMNew York Stock ExchangeNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 Class  
 Outstanding at November 1, 2021
Common Stock, $0.01 par value 
468,959,843 shares


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
FORM 10-Q
I N D E X
  Page
 
 
 
 
 
 



Part I. FINANCIAL INFORMATION
Item 1.         Financial Statements
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 September 30,
2021
December 31,
2020
ASSETS
Current assets  
Cash and cash equivalents$5,570,833 $5,101,637 
Accounts receivable, net532,298 316,502 
Inventories94,198 88,323 
Income tax receivable199,010 243,415 
Prepaid expenses and other273,982 200,782 
Total current assets6,670,321 5,950,659 
Property and equipment, net14,528,041 14,632,091 
Other assets
Investments in and advances to unconsolidated affiliates941,145 1,447,043 
Goodwill 3,484,966 2,091,278 
Other intangible assets, net3,669,107 3,643,748 
Operating lease right-of-use assets, net11,551,415 8,286,694 
Other long-term assets, net493,328 443,421 
Total other assets20,139,961 15,912,184 
$41,338,323 $36,494,934 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$273,447 $142,523 
Construction payable27,921 30,149 
Current portion of long-term debt1,000,000  
Accrued interest on long-term debt185,502 138,832 
Other accrued liabilities1,923,590 1,545,079 
Total current liabilities3,410,460 1,856,583 
Deferred income taxes, net2,389,277 2,153,016 
Long-term debt, net11,618,913 12,376,684 
Operating lease liabilities11,775,109 8,390,117 
Other long-term obligations362,823 472,084 
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests120,764 66,542 
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 469,728,258 and 494,317,865 shares
4,697 4,943 
Capital in excess of par value2,639,804 3,439,453 
Retained earnings4,210,726 3,091,007 
Accumulated other comprehensive loss(25,273)(30,677)
Total MGM Resorts International stockholders' equity6,829,954 6,504,726 
Noncontrolling interests4,831,023 4,675,182 
Total stockholders' equity11,660,977 11,179,908 
$41,338,323 $36,494,934 
The accompanying notes are an integral part of these consolidated financial statements.

1



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Revenues    
Casino$1,400,337 $690,218 $3,835,094 $1,907,893 
Rooms490,460 175,450 1,053,907 641,024 
Food and beverage416,478 126,317 876,556 552,797 
Entertainment, retail and other315,693 101,618 639,926 420,132 
Reimbursed costs84,571 32,317 217,765 146,700 
 2,707,539 1,125,920 6,623,248 3,668,546 
Expenses
Casino640,041 368,310 1,808,849 1,197,373 
Rooms160,864 107,361 402,364 321,221 
Food and beverage301,963 133,937 651,349 533,879 
Entertainment, retail and other204,742 87,592 385,293 342,878 
Reimbursed costs84,571 32,317 217,765 146,700 
General and administrative623,275 543,293 1,759,891 1,591,163 
Corporate expense112,114 70,437 287,021 356,823 
Preopening and start-up expenses 1,547 11 1,642 51 
Property transactions, net3,677 4,116 842 85,440 
Gain on REIT transactions, net   (1,491,945)
Gain on consolidation of CityCenter, net(1,562,329) (1,562,329) 
Depreciation and amortization279,403 294,363 853,579 911,859 
849,868 1,641,737 4,806,266 3,995,442 
Income from unconsolidated affiliates35,111 20,635 92,870 48,030 
Operating income (loss)1,892,782 (495,182)1,909,852 (278,866)
Non-operating income (expense)
Interest expense, net of amounts capitalized(200,049)(173,808)(598,116)(487,701)
Non-operating items from unconsolidated affiliates(23,421)(23,604)(67,473)(79,986)
Other, net(49,241)13,889 70,302 (102,054)
(272,711)(183,523)(595,287)(669,741)
Income (loss) before income taxes1,620,071 (678,705)1,314,565 (948,607)
Benefit (provision) for income taxes(282,135)76,734 (222,263)84,668 
Net income (loss)1,337,936 (601,971)1,092,302 (863,939)
Less: Net loss attributable to noncontrolling interests12,497 67,240 31,055 278,820 
Net income (loss) attributable to MGM Resorts International$1,350,433 $(534,731)$1,123,357 $(585,119)
Earnings (loss) per share
Basic$2.81 $(1.08)$2.19 $(1.10)
Diluted$2.77 $(1.08)$2.17 $(1.10)
Weighted average common shares outstanding
Basic478,405 493,517 487,509 494,126 
Diluted484,215 493,517 493,184 494,126 
The accompanying notes are an integral part of these consolidated financial statements.
2


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income (loss)$1,337,936 $(601,971)$1,092,302 $(863,939)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment(11,956)538 (19,167)29,163 
Unrealized gain (loss) on cash flow hedges7,241 (448)24,629 (90,648)
Other comprehensive income (loss)(4,715)90 5,462 (61,485)
Comprehensive income (loss)1,333,221 (601,881)1,097,764 (925,424)
Less: Comprehensive loss attributable to noncontrolling interests13,111 66,810 24,903 306,236 
Comprehensive income (loss) attributable to MGM Resorts International$1,346,332 $(535,071)$1,122,667 $(619,188)
The accompanying notes are an integral part of these consolidated financial statements.
3


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended
September 30,
 20212020
Cash flows from operating activities  
Net income (loss)$1,092,302 $(863,939)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization853,579 911,859 
Amortization of debt discounts, premiums and issuance costs30,136 24,918 
Loss on early retirement of debt37 126,462 
Provision for credit losses5,815 76,228 
Stock-based compensation38,688 77,681 
Property transactions, net842 85,440 
Gain on REIT transaction, net (1,491,945)
Gain on consolidation of CityCenter, net(1,562,329) 
Noncash lease expense131,586 139,914 
Other investment gains(38,572) 
Loss (income) from unconsolidated affiliates(25,397)31,956 
Distributions from unconsolidated affiliates74,418 62,399 
Deferred income taxes153,464 49,633 
Change in operating assets and liabilities:
Accounts receivable(167,622)192,393 
Inventories5,310 5,692 
Income taxes receivable and payable, net44,406 (143,213)
Prepaid expenses and other(52,155)(44,895)
Accounts payable and accrued liabilities382,122 (450,378)
Other(79,925)(39,810)
Net cash provided by (used in) operating activities886,705 (1,249,605)
Cash flows from investing activities
Capital expenditures, net of construction payable(322,139)(177,571)
Dispositions of property and equipment10,191 433 
Proceeds from sale of investments in unconsolidated affiliates32,400  
Proceeds from sale of Aria and Vdara real estate assets3,888,431  
Acquisition of CityCenter, net of cash acquired(1,789,604) 
Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction 2,455,839 
Investments in unconsolidated affiliates(151,845)(71,110)
Distributions from unconsolidated affiliates9,245 63,578 
Other342 385 
Net cash provided by investing activities1,677,021 2,271,554 
Cash flows from financing activities  
Net repayments under bank credit facilities – maturities of 90 days or less(2,242,487)(1,071,180)
Issuance of long-term debt749,775 2,050,000 
Retirement of senior notes (846,815)
Debt issuance costs(11,358)(42,030)
Proceeds from issuance of bridge loan facility 1,304,625 
Issuance of MGM Growth Properties Class A shares, net792,851 524,704 
Dividends paid to common shareholders(3,638)(76,370)
Distributions to noncontrolling interest owners(239,514)(219,775)
Purchases of common stock(1,026,194)(353,720)
Other(112,862)(29,601)
Net cash provided by (used in) financing activities(2,093,427)1,239,838 
Effect of exchange rate on cash(1,103)2,481 
Cash and cash equivalents
Net increase for the period469,196 2,264,268 
Balance, beginning of period5,101,637 2,329,604 
Balance, end of period$5,570,833 $4,593,872 
4


Supplemental cash flow disclosures
Interest paid, net of amounts capitalized$508,056 $428,520 
Federal, state and foreign income taxes paid, net34,836 8,595 
Non-cash investing and financing activities
Investment in MGP BREIT Venture$ $802,000 
MGP BREIT Venture assumption of bridge loan facility 1,304,625 
The accompanying notes are an integral part of these consolidated financial statements.
5


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands)
(Unaudited)
 Common Stock      
Shares Par
Value
 Capital in Excess of
Par Value
 Retained
Earnings
 Accumulated
Other
Comprehensive
Loss
 Total
MGM Resorts
International
Stockholders'
Equity
 Non-
Controlling
Interests
 Total
Stockholders'
Equity
Balances, June 30, 2021486,530 $4,865 $3,335,015 $2,861,474 $(21,173)$6,180,181 $4,923,941 $11,104,122 
Net income (loss)— — — 1,350,433  1,350,433 (15,157)1,335,276 
Currency translation adjustment— — — — (6,686)(6,686)(5,270)(11,956)
Cash flow hedges— — — — 2,585 2,585 4,656 7,241 
Stock-based compensation— — 10,084 —  10,084 1,197 11,281 
Issuance of common stock pursuant to stock-based compensation awards408 4 (6,228)— — (6,224)— (6,224)
Cash distributions to noncontrolling interest owners— — — — — — (3,266)(3,266)
Dividends declared and paid to common shareholders ($0.0025 per share)
— — — (1,181)— (1,181)— (1,181)
MGP dividend payable to Class A shareholders— — — — — — (81,459)(81,459)
Repurchases of common stock (17,210)(172)(686,361)— — (686,533)— (686,533)
Adjustment of redeemable noncontrolling interest to redemption value— — (7,580)— — (7,580)— (7,580)
MGP Class A share issuances— — 40 — 1 41 230 271 
Other— — (5,166)— — (5,166)6,151 985 
Balances, September 30, 2021469,728 $4,697 $2,639,804 $4,210,726 $(25,273)$6,829,954 $4,831,023 $11,660,977 
 
Balances, December 31, 2020494,318 $4,943 $3,439,453 $3,091,007 $(30,677)$6,504,726 $4,675,182 $11,179,908 
Net income (loss)— — — 1,123,357 — 1,123,357 (38,364)1,084,993 
Currency translation adjustment— — — — (10,806)(10,806)(8,361)(19,167)
Cash flow hedges— — — — 10,116 10,116 14,513 24,629 
Stock-based compensation— — 35,271 — — 35,271 3,417 38,688 
Issuance of common stock pursuant to stock-based compensation awards1,352 13 (17,895)— — (17,882)— (17,882)
Cash distributions to noncontrolling interest owners— — — — — — (166,236)(166,236)
Dividends declared and paid to common shareholders ($0.0075 per share)
— — — (3,638)— (3,638)— (3,638)
MGP dividend payable to Class A shareholders— — — — — — (81,459)(81,459)
Repurchases of common stock (25,942)(259)(1,025,935)— — (1,026,194)— (1,026,194)
Adjustment of redeemable noncontrolling interest to redemption value— — (54,019)— — (54,019)— (54,019)
MGP Class A share issuances— — 99,934 — 3,240 103,174 656,361 759,535 
Redemption of Operating Partnership units— — 171,332 — 5,327 176,659 (227,487)(50,828)
Other— — (8,337)— (2,473)(10,810)3,457 (7,353)
Balances, September 30, 2021469,728 $4,697 $2,639,804 $4,210,726 $(25,273)$6,829,954 $4,831,023 $11,660,977 

The accompanying notes are an integral part of these consolidated financial statements.
6


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands)
(Unaudited)
 Common Stock 
 Shares Par
Value
 Capital in
Excess of
Par Value
 Retained
Earnings
 Accumulated
Other
Comprehensive
Loss
 Total
MGM Resorts
International
Stockholders'
Equity
 Non-
Controlling
Interests
 Total
Stockholders'
Equity
Balances, June 30, 2020493,281 $4,933 $3,333,074 $4,075,812 $(39,030)$7,374,789 $4,973,993 $12,348,782 
Net loss— (534,731)(534,731)(69,423)(604,154)
Currency translation adjustment— 424424114538
Cash flow hedges— (764)(764)316(448)
Stock-based compensation— 19,73919,7392,20921,948
Issuance of common stock pursuant to stock-based compensation awards26 (129)(129)(129)
Cash distributions to noncontrolling interest owners— (1,044)(1,044)
Dividends declared and paid to common shareholders ($0.0025 per share)
— (1,233)(1,233)(1,233)
MGP dividend payable to Class A shareholders— (64,085)(64,085)
Adjustment of redeemable noncontrolling interest to redemption value— 3,0093,0093,009
Other— (522)(522)
Balances, September 30, 2020493,307 $4,933 $3,355,693 $3,539,848 $(39,370)$6,861,104 $4,841,558 $11,702,662 
 
Balances, December 31, 2019503,148 $5,031 $3,531,099 $4,201,337 $(10,202)$7,727,265 $4,935,654 $12,662,919 
Net loss— — — (585,119)— (585,119)(282,974)(868,093)
Currency translation adjustment— — — — 16,353 16,353 12,810 29,163 
Cash flow hedges— — — — (50,422)(50,422)(40,226)(90,648)
Stock-based compensation— — 73,062 — — 73,062 4,619 77,681 
Issuance of common stock pursuant to stock-based compensation awards1,020 11 (7,140)— — (7,129)— (7,129)
Cash distributions to noncontrolling interest owners— — — — — — (155,081)(155,081)
Dividends declared and paid to common shareholders ($0.1550 per share)
— — — (76,370)— (76,370)— (76,370)
MGP dividend payable to Class A shareholders— — — — — — (64,085)(64,085)
Issuance of restricted stock units— — 2,142 — — 2,142 —