MGM Resorts said consolidated net revenues for the three months ended June 30, 2024 rose 10% from the prior year, citing a 37% increase at MGM China and a 3% increase at Las Vegas Strip Resorts. Net revenues at Regional Operations were flat.

10-QQuarterly reportFiled Jul 31, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

MGM Resorts said consolidated net revenues for the three months ended June 30, 2024 rose 10% from the prior year, citing a 37% increase at MGM China and a 3% increase at Las Vegas Strip Resorts. Net revenues at Regional Operations were flat.
The company said consolidated operating income for the 6 months fell 20%, mainly due to the $399 million gain recorded in property transactions, net in the prior year related to the sale of the Gold Strike Tunica operations. It cited the rise in net revenues as partially offsetting the decline. Consolidated net revenues for the same period rose 11%.
The company said cash provided by operating activities for the 6 months was $1.0 billion, down from $1.3 billion in the prior year period. It said investing activities used $385 million and financing activities used $1.1 billion. Financing activities included repurchases of common stock totaling $915 million.
The company said it had cash and cash equivalents of $2.4 billion as of June 30, 2024, of which $668 million was held by MGM China, and principal amount of debt of $6.3 billion, including $3.1 billion related to MGM China.

Key figures

Quarter ended June 30, 2024

Revenue: $4.3B
Operating income: $426M
Net income: $187M
EPS: $0.60

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

MGM Resorts Consolidated Net Revenues Rise in Q2

MGM Resorts said consolidated net revenues for the three months ended June 30, 2024 rose 10% from the prior year, citing a 37% increase at MGM China and a 3% increase at Las Vegas Strip Resorts. Net revenues at Regional Operations were flat.

Source · Based on the MD&A text of the filing

First-Half Operating Income Falls 20% on Gold Strike Tunica Sale Gain

The company said consolidated operating income for the 6 months fell 20%, mainly due to the $399 million gain recorded in property transactions, net in the prior year related to the sale of the Gold Strike Tunica operations. It cited the rise in net revenues as partially offsetting the decline. Consolidated net revenues for the same period rose 11%.

Source · Based on the MD&A text of the filing

First-Half Operating, Investing and Financing Cash Flows

The company said cash provided by operating activities for the 6 months was $1.0 billion, down from $1.3 billion in the prior year period. It said investing activities used $385 million and financing activities used $1.1 billion. Financing activities included repurchases of common stock totaling $915 million.

Source · Based on the MD&A text of the filing

Cash and Debt Balances as of June 30, 2024

The company said it had cash and cash equivalents of $2.4 billion as of June 30, 2024, of which $668 million was held by MGM China, and principal amount of debt of $6.3 billion, including $3.1 billion related to MGM China.

Source · Based on the MD&A text of the filing

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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