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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, 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 October 31, 2022
Common Stock, $0.01 par value 
384,020,296 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,
2022
December 31,
2021
ASSETS
Current assets  
Cash and cash equivalents$5,295,434 $4,703,059 
Restricted cash 500,000 
Accounts receivable, net709,562 583,915 
Inventories113,323 96,374 
Income tax receivable233,496 273,862 
Prepaid expenses and other406,579 258,972 
Assets held for sale2,024,788  
Total current assets8,783,182 6,416,182 
Property and equipment, net5,089,296 14,435,493 
Other assets
Investments in and advances to unconsolidated affiliates185,758 967,044 
Goodwill 4,945,188 3,480,997 
Other intangible assets, net2,806,163 3,616,385 
Operating lease right-of-use assets, net24,655,971 11,492,805 
Other long-term assets, net864,664 490,210 
Total other assets33,457,744 20,047,441 
$47,330,222 $40,899,116 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$403,756 $263,097 
Construction payable20,556 23,099 
Current portion of long-term debt1,351,422 1,000,000 
Accrued interest on long-term debt118,186 172,624 
Other accrued liabilities2,047,544 1,983,444 
Liabilities related to assets held for sale1,954,040  
Total current liabilities5,895,504 3,442,264 
Deferred income taxes, net2,847,302 2,439,364 
Long-term debt, net7,209,837 11,770,797 
Operating lease liabilities25,144,876 11,802,464 
Other long-term obligations270,966 319,914 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests137,054 147,547 
Stockholders’ equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 388,760,930 and 453,803,759 shares
3,888 4,538 
Capital in excess of par value 1,750,135 
Retained earnings4,871,632 4,340,588 
Accumulated other comprehensive loss(33,830)(24,616)
Total MGM Resorts International stockholders’ equity4,841,690 6,070,645 
Noncontrolling interests982,993 4,906,121 
Total stockholders’ equity5,824,683 10,976,766 
$47,330,222 $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
September 30,
Nine Months Ended
September 30,
 2022202120222021
Revenues  
Casino$1,407,367 $1,400,337 $4,185,411 $3,835,094 
Rooms827,397 490,460 2,159,202 1,053,907 
Food and beverage722,982 416,478 1,893,592 876,556 
Entertainment, retail and other447,637 315,693 1,264,545 639,926 
Reimbursed costs10,689 84,571 32,519 217,765 
3,416,072 2,707,539 9,535,269 6,623,248 
Expenses
Casino653,601 640,041 1,950,132 1,808,849 
Rooms256,128 160,864 684,670 402,364 
Food and beverage528,966 301,963 1,377,749 651,349 
Entertainment, retail and other271,177 204,742 755,110 385,293 
Reimbursed costs10,689 84,571 32,519 217,765 
General and administrative1,212,474 623,275 3,018,076 1,759,891 
Corporate expense117,264 112,114 348,115 287,021 
Preopening and start-up expenses 396 1,547 1,372 1,642 
Property transactions, net(11,639)3,677 23,704 842 
Gain on REIT transactions, net  (2,277,747) 
Gain on consolidation of CityCenter, net (1,562,329) (1,562,329)
Depreciation and amortization1,405,520 279,403 2,060,413 853,579 
4,444,576 849,868 7,974,113 4,806,266 
Income (loss) from unconsolidated affiliates(17,467)35,111 (119,888)92,870 
Operating income (loss)(1,045,971)1,892,782 1,441,268 1,909,852 
Non-operating income (expense)
Interest expense, net of amounts capitalized(125,172)(200,049)(457,822)(598,116)
Non-operating items from unconsolidated affiliates(995)(23,421)(22,248)(67,473)
Other, net(14,316)(49,241)(23,322)70,302 
(140,483)(272,711)(503,392)(595,287)
Income (loss) before income taxes(1,186,454)1,620,071 937,876 1,314,565 
Benefit (provision) for income taxes125,367 (282,135)(411,131)(222,263)
Net income (loss)(1,061,087)1,337,936 526,745 1,092,302 
Less: Net loss attributable to noncontrolling interests484,257 12,497 662,346 31,055 
Net income (loss) attributable to MGM Resorts International$(576,830)$1,350,433 $1,189,091 $1,123,357 
Earnings (loss) per share
Basic$(1.45)$2.81 $2.81 $2.19 
Diluted$(1.45)$2.77 $2.79 $2.17 
Weighted average common shares outstanding
Basic393,295 478,405 417,686 487,509 
Diluted393,295 484,215 421,770 493,184 
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,
 2022202120222021
Net income (loss)$(1,061,087)$1,337,936 $526,745 $1,092,302 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment(17,563)(11,956)(45,357)(19,167)
Unrealized gain on cash flow hedges 7,241 37,692 24,629 
Other comprehensive income (loss)(17,563)(4,715)(7,665)5,462 
Comprehensive income (loss)(1,078,650)1,333,221 519,080 1,097,764 
Less: Comprehensive loss attributable to noncontrolling interests484,932 13,111 649,713 24,903 
Comprehensive income (loss) attributable to MGM Resorts International$(593,718)$1,346,332 $1,168,793 $1,122,667 
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,
 20222021
Cash flows from operating activities  
Net income$526,745 $1,092,302 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,060,413 853,579 
Amortization of debt discounts, premiums and issuance costs25,404 30,136 
Loss on early retirement of debt 37 
Provision for credit losses6,827 5,815 
Stock-based compensation46,138 38,688 
Property transactions, net23,704 842 
Gain on REIT transactions, net(2,277,747) 
Gain on consolidation of CityCenter, net (1,562,329)
Noncash lease expense303,044 131,586 
Other investment losses (gains)27,562 (38,572)
Loss (income) from unconsolidated affiliates142,136 (25,397)
Distributions from unconsolidated affiliates36,131 74,418 
Deferred income taxes371,840 153,464 
Change in operating assets and liabilities:
Accounts receivable(66,556)(167,622)
Inventories(12,388)5,310 
Income taxes receivable and payable, net35,873 44,406 
Prepaid expenses and other(25,403)(52,155)
Accounts payable and accrued liabilities92,200 382,122 
Other17,351 (79,925)
Net cash provided by operating activities1,333,274 886,705 
Cash flows from investing activities
Capital expenditures(456,570)(322,139)
Dispositions of property and equipment9,748 10,191 
Investments in unconsolidated affiliates(226,317)(151,845)
Proceeds from real estate transactions4,373,820 3,888,431 
Acquisitions, net of cash acquired(1,889,548)(1,789,604)
Distributions from unconsolidated affiliates9,864 9,245 
Investments and other(238,361)32,742 
Net cash provided by investing activities1,582,636 1,677,021 
Cash flows from financing activities  
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less937,050 (2,242,487)
Issuance of long-term debt 749,775 
Retirement of senior notes(1,000,000) 
Debt issuance costs(1,367)(11,358)
Issuance of MGM Growth Properties Class A shares, net 792,851 
Dividends paid to common shareholders(3,091)(3,638)
Distributions to noncontrolling interest owners(207,792)(239,514)
Repurchases of common stock(2,423,009)(1,026,194)
Other(82,355)(112,862)
Net cash used in financing activities(2,780,564)(2,093,427)
Effect of exchange rate on cash, cash equivalents, and restricted cash(3,315)(1,103)
Change in cash and cash equivalents classified as assets held for sale(39,656) 
Cash, cash equivalents, and restricted cash
Net change for the period92,375 469,196 
Balance, beginning of period5,203,059 5,101,637 
Balance, end of period $5,295,434 $5,570,833 
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized$411,701 $508,056 
Federal, state and foreign income taxes paid12,888 34,836 
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, July 1, 2022398,418 $3,984 $ $5,746,532 $(16,942)$5,733,574 $1,464,109 $7,197,683 
Net loss— — — (576,830)— (576,830)(486,445)(1,063,275)
Currency translation adjustment— — — — (16,888)(16,888)(675)(17,563)
Stock-based compensation— — 6,751 — — 6,751 664 7,415 
Issuance of common stock pursuant to stock-based compensation awards346 4 (5,005)— — (5,001)— (5,001)
Cash distributions to noncontrolling interest owners— — — — — — (1,985)(1,985)
Dividends declared and paid to common shareholders ($0.0025 per share)
— — — (980)— (980)— (980)
Repurchases of common stock (10,003)(100)(9,764)(297,090)— (306,954)— (306,954)
Adjustment of redeemable noncontrolling interest to redemption value— — 8,043 — — 8,043 — 8,043 
Other— — (25)— — (25)7,325 7,300 
Balances, September 30, 2022388,761 $3,888 $ $4,871,632 $(33,830)$4,841,690 $982,993 $5,824,683 
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)— — — 1,189,091 — 1,189,091 (669,087)520,004 
Currency translation adjustment— — — — (33,781)(33,781)(11,576)(45,357)
Cash flow hedges— — — — 13,483 13,483 24,209 37,692 
Stock-based compensation— — 41,207 — — 41,207 4,931 46,138 
Issuance of common stock pursuant to stock-based compensation awards675 7 (12,723)— — (12,716)— (12,716)
Cash distributions to noncontrolling interest owners— — — — — — (93,274)(93,274)
Dividends declared and paid to common shareholders ($0.0075 per share)
— — — (3,091)— (3,091)— (3,091)
Issuance of restricted stock units— — 1,941 — — 1,941 186 2,127 
Repurchases of common stock (65,718)(657)(1,767,396)(654,956)— (2,423,009)— (2,423,009)
Adjustment of redeemable noncontrolling interest to redemption value— — (13,355)— — (13,355)— (13,355)
Deconsolidation of MGP— — — — 11,084 11,084 (3,184,710)(3,173,626)
Other— — 191 — — 191 6,193 6,384 
Balances, September 30, 2022388,761 $3,888 $ $4,871,632 $(33,830)$4,841,690 $982,993 $5,824,683 

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, July 1, 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, January 1, 2021494,318 $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