F I R S T Q U A R T E R 2 0 2 4 E A R N I N G S M a y 1 , 2 0 2 4 1 M G M R E S O R T S I S A N I N T E R N A T I O N A L B R A N D ...

MGM Resorts (MGM) reported $4.38 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 13.2%. EPS of $0.74 for the same period compares to $0.44 a year ago.The reported revenue represents a surprise of +4.81% over the Zacks Consensus Estimate of $4.18 billion. With the consensus EPS estimate being $0.60, the EPS surprise was +23.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

MGM Resorts (MGM) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.60 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.33%. A quarter ago, it was expected that this casino and resort operator would post earnings of $0.67 per share when it actually produced earnings of $1.06, delivering a surprise of 58.21%.Over the last four quarters ...

Record-High Performance and Market Share HONG KONG, May 1, 2024 /PRNewswire/ -- MGM China Holdings Limited ("MGM China" or the "Company"; SEHK Stock Code: 2282) today announced the selected unaudited financial data of the Company and its subsidiaries (the "Group") for the three months ended March 31, 2024 (the "Period"). The Group is pleased to see a continuous recovery in Macau. Average daily visitor arrival for the Period reached 97,536 up 8%from the previous quarter, recovered to 85% of same period in 20 ...

Financial Performance - Consolidated net revenues increased by 13% to $4,383,470,000 for the three months ended March 31, 2024, compared to $3,873,296,000 in the prior year quarter, driven by a 71% increase at MGM China and a 4% increase at Las Vegas Strip Resorts[93]. - Operating income decreased by 37% to $458,378,000 for the three months ended March 31, 2024, compared to $730,839,000 in the prior year quarter, primarily due to a $398 million gain in the prior year related to the sale of Gold Strike Tunica[94]. - MGM China net revenues increased by 71% to $1,056,017,000 for the three months ended March 31, 2024, compared to $617,592,000 in the prior year quarter, mainly due to a 66% increase in casino revenues[104][105]. - Las Vegas Strip Resorts rooms revenue increased by 10% to $827,253,000 for the three months ended March 31, 2024, compared to $751,691,000 in the prior year quarter, attributed to an increase in average daily rate (ADR) due to the Super Bowl[98]. - Regional Operations net revenues decreased by 4% to $909,479,000 for the three months ended March 31, 2024, compared to $945,843,000 in the prior year quarter, primarily due to the disposition of Gold Strike Tunica[101]. - For the three months ended March 31, 2024, the company reported net income attributable to MGM Resorts International of $217.5 million, a decrease of 53.5% compared to $466.8 million in the same period of 2023[124]. - Adjusted EBITDAR for the three months ended March 31, 2024, was $1.23 billion, reflecting a significant decline from the previous year's $1.36 billion[124]. Revenue and Expenses - Cash provided by operating activities decreased to $549 million in Q1 2024 from $704 million in Q1 2023, primarily due to a decrease in working capital[129]. - Capital expenditures for the three months ended March 31, 2024, totaled $172 million, compared to $140 million in the same period of 2023[132][133]. - Corporate and other revenue increased to $162,945,000 for the three months ended March 31, 2024, compared to $133,709,000 in the prior year quarter, reflecting growth in LeoVegas and other corporate operations[106]. Tax and Debt Management - The effective income tax rate for the three months ended March 31, 2024, was 12.7%, down from 25.7% in the same period of 2023, mainly due to increased gaming profits in Macau[117]. - Cash used in financing activities was $629 million in Q1 2024, a significant reduction from $2.4 billion in Q1 2023[134]. - The company made net repayments of debt totaling $77 million during the three months ended March 31, 2024, compared to $1.8 billion in the same period of 2023[135][136]. - The company amended its senior secured credit facility to increase it to $2.3 billion and extended the maturity date to February 2029[141]. - In April 2024, the company issued $750 million in senior notes due 2032, using the proceeds to redeem $750 million in senior notes due 2025[141]. Assets and Cash Flow - As of March 31, 2024, current assets were $3.4 billion, down from $3.8 billion as of December 31, 2023[128]. - As of March 31, 2024, the company had cash and cash equivalents of $2.7 billion, with $622 million held by MGM China, and total indebtedness of $6.3 billion[140]. - Expected cash interest payments over the next twelve months are approximately $345 million to $355 million on a consolidated basis, which includes MGM China[142]. - The company is required to make annual cash rent payments of $1.8 billion over the next twelve months under triple-net lease agreements[143]. Future Plans and Investments - Planned capital expenditures for the remainder of 2024 are expected to be approximately $675 million to $725 million domestically, and $150 million to $200 million at MGM China[145]. - The company is exploring a commercial gaming facility in New York, with an estimated project cost of approximately $2 billion, including a $500 million license fee[146]. - The company expects to fund its share of the Osaka IR KK development project in Japan, estimated at 306 billion yen (approximately $2.0 billion), over the next five years[146]. Shareholder Returns and Dividends - MGM China's Board of Directors declared a special dividend of $51 million for 2023, with the company receiving approximately $29 million[147]. - The company has suspended regular dividend payments to stockholders and may not resume them in the foreseeable future[154]. Risks and Challenges - Significant competition in destination travel locations and the impact of economic conditions on business operations are noted as risks[154]. - The company faces substantial indebtedness and financial commitments, which could adversely affect development options and financial results[154]. - The cybersecurity issue from September 2023 has raised concerns regarding operational impacts and potential legal proceedings[156]. - Future construction and expansion projects are subject to significant development and construction risks, which could impact operational success[155]. - The company emphasizes the importance of maintaining the integrity of information systems to protect customer data and avoid reputational harm[155].

Page 1 of 12 • MGM China achieved record quarterly results with Adjusted Property EBITDAR up 78% year over year and resumed its dividend • Las Vegas strength continued in the first quarter with record 1Q net revenues • Marriott strategic licensing agreement successfully launched across 16 brands • MGM Resorts repurchased 12 million shares during the quarter resulting in total share count reduction of 36% since 2021 • Our Japan IR venture completed its credit facility, Japan's largest project financing in hi ...

"Our Culture and Enduring Legacy" LAS VEGAS, May 1, 2024 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced the publication of its 2023 Social Impact and Sustainability Report. The report details the Company's continuing and steadfast commitment to its Social Impact and Sustainability principles of embracing humanity and protecting the planet and building a legacy for generations to come. The report also highlights strategies, programs and performance foc ...

Wall Street analysts expect MGM Resorts (MGM) to post quarterly earnings of $0.60 per share in its upcoming report, which indicates a year-over-year increase of 36.4%. Revenues are expected to be $4.18 billion, up 8% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company reveals its earn ...

Dutch entry follows the UK as BetMGM's second international market utilizing LeoVegas' platform & technology LAS VEGAS, April 30, 2024 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") announced today it is launching BetMGM – its wholly owned iGaming and online sports betting brand offering an authentic Vegas experience – in the Netherlands. BetMGM is set to provide Dutch customers with exciting new product features, including large-scale jackpots, loyalty rewards, exclu ...

MGM Resorts International (MGM) is scheduled to report first-quarter 2024 results on May 1, 2024, after the closing bell.In the last reported quarter, the company’s earnings and revenues topped the Zacks Consensus Estimate by 58.2% and 6.9%, respectively.What Do the Estimates Say?The Zacks Consensus Estimate for first-quarter earnings per share is pegged at 60 cents, indicating an increase of 36.4% from 44 cents reported in the year-ago quarter.For revenues, the consensus mark is pegged at nearly $4.18 bill ...