MGM Resorts said consolidated net revenues rose 13% from the prior-year Q1 2024, reflecting increases at MGM China 71% and Las Vegas Strip Resorts 4% and a decrease at Regional Operations 4%. It said operating income fell 37%, citing mainly the prior-year gain of $398 million on the sale of the Gold Strike Tunica operations.

1. 01

   MGM Resorts said consolidated net revenues rose 13% from the prior-year Q1 2024, reflecting increases at MGM China 71% and Las Vegas Strip Resorts 4% and a decrease at Regional Operations 4%. It said operating income fell 37%, citing mainly the prior-year gain of $398 million on the sale of the Gold Strike Tunica operations.

2. 02

   The company said Adjusted Property EBITDAR for Q1 2024 declined at Las Vegas Strip Resorts 1% (margin 36.7%, versus 38.4% a year earlier), declined at Regional Operations 12% (30.1%, versus 33.1% a year earlier), and rose at MGM China 78% (28.5%, versus 27.4% a year earlier).

3. 03

   The company said operating cash flow for Q1 2024 was $549 million (versus $704 million a year earlier). Investing activities used $108 million (versus $212 million provided a year earlier), and financing activities used $629 million (versus $2.4 billion a year earlier).

4. 04

   MGM Resorts said it paid $507 million for share repurchases in Q1 2024, which completed the February 2023 $2.0 billion stock repurchase plan. The remaining availability under the November 2023 $2.0 billion plan was $1.7 billion as of March 31, and net debt repayments were $77 million.

Key figures

Quarter ended March 31, 2024

Revenue

$4.4B

Operating income

$458M

Net income

$217M

EPS

$0.67

Operating cash flow

$549M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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