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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 June 30, 2022
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 Exchange (NYSE)
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 August 1, 2022
Common Stock, $0.01 par value 
393,102,147 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)
 June 30,
2022
December 31,
2021
ASSETS
Current assets  
Cash and cash equivalents$5,784,173 $4,703,059 
Restricted cash 500,000 
Accounts receivable, net668,919 583,915 
Inventories115,100 96,374 
Income tax receivable232,621 273,862 
Prepaid expenses and other337,701 258,972 
Assets held for sale2,028,267  
Total current assets9,166,781 6,416,182 
Property and equipment, net5,027,668 14,435,493 
Other assets
Investments in and advances to unconsolidated affiliates155,600 967,044 
Goodwill 4,705,842 3,480,997 
Other intangible assets, net3,598,127 3,616,385 
Operating lease right-of-use assets, net24,773,652 11,492,805 
Other long-term assets, net1,004,468 490,210 
Total other assets34,237,689 20,047,441 
$48,432,138 $40,899,116 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$359,258 $263,097 
Construction payable21,029 23,099 
Current portion of long-term debt1,250,000 1,000,000 
Accrued interest on long-term debt82,214 172,624 
Other accrued liabilities1,874,659 1,983,444 
Liabilities related to assets held for sale1,957,420  
Total current liabilities5,544,580 3,442,264 
Deferred income taxes, net2,983,457 2,439,364 
Long-term debt, net7,107,155 11,770,797 
Operating lease liabilities25,135,947 11,802,464 
Other long-term obligations320,407 319,914 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests142,909 147,547 
Stockholders’ equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 398,418,158 and 453,803,759 shares
3,984 4,538 
Capital in excess of par value 1,750,135 
Retained earnings5,746,532 4,340,588 
Accumulated other comprehensive loss(16,942)(24,616)
Total MGM Resorts International stockholders’ equity5,733,574 6,070,645 
Noncontrolling interests1,464,109 4,906,121 
Total stockholders’ equity7,197,683 10,976,766 
$48,432,138 $40,899,116 
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
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenues  
Casino$1,357,134 $1,336,124 $2,778,044 $2,434,757 
Rooms774,732 365,028 1,331,805 563,447 
Food and beverage677,756 302,666 1,170,610 460,078 
Entertainment, retail and other445,342 189,011 816,908 324,233 
Reimbursed costs9,924 75,133 21,830 133,194 
3,264,888 2,267,962 6,119,197 3,915,709 
Expenses
Casino622,166 616,903 1,296,531 1,168,808 
Rooms232,429 137,287 428,542 241,500 
Food and beverage480,121 214,159 848,783 349,386 
Entertainment, retail and other265,184 102,170 483,933 180,551 
Reimbursed costs9,924 75,133 21,830 133,194 
General and administrative1,028,765 590,209 1,805,602 1,136,616 
Corporate expense119,610 96,870 230,851 174,907 
Preopening and start-up expenses 542 90 976 95 
Property transactions, net(19,395)(28,906)35,343 (2,835)
Gain on REIT transactions, net(2,277,747) (2,277,747) 
Depreciation and amortization366,255 283,625 654,893 574,176 
827,854 2,087,540 3,529,537 3,956,398 
Income (loss) from unconsolidated affiliates(55,583)83,338 (102,421)57,759 
Operating income2,381,451 263,760 2,487,239 17,070 
Non-operating income (expense)
Interest expense, net of amounts capitalized(136,559)(202,772)(332,650)(398,067)
Non-operating items from unconsolidated affiliates(6,120)(23,216)(21,253)(44,052)
Other, net(43,308)87,358 (9,006)119,543 
(185,987)(138,630)(362,909)(322,576)
Income (loss) before income taxes2,195,464 125,130 2,124,330 (305,506)
Benefit (provision) for income taxes(572,839)(34,826)(536,498)59,872 
Net income (loss)1,622,625 90,304 1,587,832 (245,634)
Less: Net loss attributable to noncontrolling interests161,312 14,449 178,089 18,558 
Net income (loss) attributable to MGM Resorts International$1,783,937 $104,753 $1,765,921 $(227,076)
Earnings (loss) per share
Basic$4.24 $0.14 $4.06 $(0.56)
Diluted$4.20 $0.14 $4.02 $(0.56)
Weighted average common shares outstanding
Basic417,393 489,459 430,084 491,785 
Diluted421,303 495,302 434,336 491,785 
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
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income (loss)$1,622,625 $90,304 $1,587,832 $(245,634)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment(9,828)5,811 (27,794)(7,211)
Unrealized gain on cash flow hedges1,661 2,090 37,692 17,388 
Other comprehensive income (loss)(8,167)7,901 9,898 10,177 
Comprehensive income (loss)1,614,458 98,205 1,597,730 (235,457)
Less: Comprehensive loss attributable to noncontrolling interests163,460 10,213 164,781 11,792 
Comprehensive income (loss) attributable to MGM Resorts International$1,777,918 $108,418 $1,762,511 $(223,665)
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)
 Six Months Ended June 30,
 20222021
Cash flows from operating activities  
Net income (loss)$1,587,832 $(245,634)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization654,893 574,176 
Amortization of debt discounts, premiums and issuance costs18,271 19,938 
Loss on early retirement of debt 37 
Provision for credit losses292 3,724 
Stock-based compensation38,723 27,407 
Property transactions, net35,343 (2,835)
Gain on REIT transactions, net(2,277,747) 
Noncash lease expense168,022 88,029 
Other investment losses (gains)7,974 (86,183)
Loss (income) from unconsolidated affiliates123,674 (13,707)
Distributions from unconsolidated affiliates34,830 49,625 
Deferred income taxes542,642 (68,821)
Change in operating assets and liabilities:
Accounts receivable(48,176)(138,153)
Inventories(13,419)9,267 
Income taxes receivable and payable, net35,757 17,222 
Prepaid expenses and other30,814 (11,835)
Accounts payable and accrued liabilities(13,969)187,500 
Other6,957 (41,341)
Net cash provided by operating activities932,713 368,416 
Cash flows from investing activities
Capital expenditures(236,844)(183,392)
Dispositions of property and equipment8,980 9,370 
Investments in unconsolidated affiliates(167,181)(101,845)
Proceeds from real estate transactions4,373,820  
Acquisitions, net of cash acquired(1,597,739) 
Distributions from unconsolidated affiliates925 803 
Investments and other(155,280)1,342 
Net cash provided by (used in) investing activities2,226,681 (273,722)
Cash flows from financing activities  
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less837,662 (551,600)
Issuance of long-term debt 749,775 
Retirement of senior notes(1,000,000) 
Debt issuance costs(1,367)(11,346)
Issuance of MGM Growth Properties Class A shares, net 792,569 
Dividends paid to common shareholders(2,111)(2,457)
Distributions to noncontrolling interest owners(206,254)(155,576)
Purchases of common stock(2,116,055)(339,661)
Other(51,306)(51,718)
Net cash provided by (used in) financing activities(2,539,431)429,986 
Effect of exchange rate on cash, cash equivalents, and restricted cash(1,617)(85)
Change in cash and cash equivalents classified as assets held for sale(37,232) 
Cash, cash equivalents, and restricted cash
Net change for the period581,114 524,595 
Balance, beginning of period5,203,059 5,101,637 
Balance, end of period $5,784,173 $5,626,232 
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized$329,621 $347,551 
Federal, state and foreign income taxes paid (refunds received), net(32,736)1,898 
The accompanying notes are an integral part of these consolidated financial statements.
4


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  Noncontrolling Interests  Total Stockholders’ Equity
Balances, April 1, 2022430,562 $4,306 $761,559 $4,321,482 $(22,007)$5,065,340 $4,814,284 $9,879,624 
Net income (loss)— — — 1,783,937 — 1,783,937 (163,596)1,620,341 
Currency translation adjustment— — — — (6,709)(6,709)(3,119)(9,828)
Cash flow hedges— — — — 690 690 971 1,661 
Stock-based compensation— — 12,075 — — 12,075 3,304 15,379 
Issuance of common stock pursuant to stock-based compensation awards225 2 (5,406)— — (5,404)— (5,404)
Cash distributions to noncontrolling interest owners— — — — — — (2,448)(2,448)
Dividends declared and paid to common shareholders ($0.0025 per share)
— — — (1,021)— (1,021)— (1,021)
Repurchases of common stock (32,369)(324)(755,893)(357,866)— (1,114,083)— (1,114,083)
Adjustment of redeemable noncontrolling interest to redemption value— — (12,412)— — (12,412)— (12,412)
Deconsolidation of MGP— — — — 11,084 11,084 (3,184,710)(3,173,626)
Other— — 77 — — 77 (577)(500)
Balances, June 30, 2022398,418 $3,984 $ $5,746,532 $(16,942)$5,733,574 $1,464,109 $7,197,683 
Balances, January 1, 2022453,804 $4,538 $1,750,135 $4,340,588 $(24,616)$6,070,645 $4,906,121 $10,976,766 
Net income (loss)— — — 1,765,921 — 1,765,921 (182,642)1,583,279 
Currency translation adjustment— — — — (16,893)(16,893)(10,901)(27,794)
Cash flow hedges— — — — 13,483 13,483 24,209 37,692 
Stock-based compensation— — 34,456 — — 34,456 4,267 38,723 
Issuance of common stock pursuant to stock-based compensation awards329 3 (7,718)— — (7,715)— (7,715)
Cash distributions to noncontrolling interest owners— — — — — — (91,289)(91,289)
Dividends declared and paid to common shareholders ($0.005 per share)
— — — (2,111)— (2,111)— (2,111)
Issuance of restricted stock units— — 1,941 — — 1,941 186 2,127 
Repurchases of common stock (55,715)(557)(1,757,632)(357,866)— (2,116,055)— (2,116,055)
Adjustment of redeemable noncontrolling interest to redemption value— — (21,398)— — (21,398)— (21,398)
Deconsolidation of MGP— — — — 11,084 11,084 (3,184,710)(3,173,626)
Other— — 216 — — 216 (1,132)(916)
Balances, June 30, 2022398,418 $3,984 $ $5,746,532 $(16,942)$5,733,574 $1,464,109 $7,197,683 

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  Noncontrolling Interests  Total Stockholders’ Equity
Balances, April 1, 2021491,874 $4,919 $3,569,186 $2,757,941 $(25,218)$6,306,828 $4,925,691 $11,232,519 
Net income (loss)— — — 104,753 — 104,753 (16,953)87,800 
Currency translation adjustment— — — — 3,233 3,233 2,578 5,811 
Cash flow hedges— — — — 432 432 1,658 2,090 
Stock-based compensation— — 9,684 — — 9,684 1,174 10,858 
Issuance of common stock pursuant to stock-based compensation awards238 2 (2,316)— — (2,314)— (2,314)
Cash distributions to noncontrolling interest owners— — — — — — (3,290)(3,290)
Dividends declared and paid to common shareholders ($0.0025 per share)
— — — (1,220)— (1,220)— (1,220)
MGP dividend payable to Class A shareholders— — — — — — (80,673)(80,673)
Repurchases of common stock (5,582)(56)(220,336)— — (220,392)— (220,392)
Adjustment of redeemable noncontrolling interest to redemption value— — (37,011)— — (37,011)— (37,011)
MGP Class A share issuances— — 16,752 — 371 17,123 94,387 111,510 
Other— — (944)— 9 (935)(631)(1,566)
Balances, June 30, 2021486,530 $4,865 $3,335,015 $2,861,474 $(21,173)$6,180,181 $4,923,941 $11,104,122 
Balances, January 1, 2021494,318 $4,943 $3,439,453 $3,091,007 $(30,677)$6,504,726 $4,675,182 $11,179,908 
Net loss— — — (227,076)— (227,076)(23,207)(250,283)
Currency translation adjustment— — — — (4,120)(4,120)(3,091)(7,211)
Cash flow hedges— — — — 7,531 7,531 9,857 17,388 
Stock-based compensation— — 25,187 — — 25,187 2,220 27,407 
Issuance of common stock pursuant to stock-based compensation awards944 9 (11,667)— — (11,658)— (11,658)
Cash distributions to noncontrolling interest owners— — — — — — (82,297)(82,297)
Dividends declared and paid to common shareholders ($0.005 per share)
— — — (2,457)— (2,457)— (2,457)
MGP dividend payable to Class A shareholders— — — — — — (80,673)(80,673)
Repurchases of common stock (8,732)(87)(339,574)— — (339,661)— (339,661)
Adjustment of redeemable noncontrolling interest to redemption value— — (46,439)— — (46,439)— (46,439)
MGP Class A share issuances— — 99,894 — 3,239 103,133 656,131 759,264 
Redemption of Operating Partnership units— — 171,332 — 5,327 176,659 (227,487)(50,828)
Other— — (3,171)