The company said consolidated net revenues for the 3 months ended September 30, 2024 rose 5% from the prior-year period, while consolidated operating income fell 15%. The company cited higher payroll-related expenses, gaming taxes and promotional expenses as factors behind the operating income decline.

1. 01

   The company said consolidated net revenues for the 3 months ended September 30, 2024 rose 5% from the prior-year period, while consolidated operating income fell 15%. The company cited higher payroll-related expenses, gaming taxes and promotional expenses as factors behind the operating income decline.

2. 02

   MGM China net revenues rose 14% for 3 months and 38% for 9 months, the company said. Casino revenue increased 12% and 35%, respectively. The company cited the recovery of operations following the removal of COVID-19-related travel and entry restrictions, along with a higher main floor table games win percentage, as factors.

3. 03

   The company said cash provided by operating activities was $1.7 billion for the 9 months ended September 30, 2024, down from $2.0 billion in the prior-year period. Cash used in investing activities was $879 million over the same period, including capital expenditures of $747 million.

4. 04

   The company said it recorded net borrowings of $581 million over the 9 months, which it said resulted from debt issuances of $850 million at 6.125% being partially offset by debt repayments of $750 million at 6.75% and other items. It paid $1.2 billion for share repurchases. The remaining capacity under its November 2023 $2.0 billion program was $946 million as of September 30.

Key figures

Quarter ended September 30, 2024

Revenue

$4.2B

Operating income

$315M

Net income

$185M

EPS

$0.61

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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