Quarterly Report (10-q)

Date : 05/07/2019 @ 9:33PM
Source : Edgar (US Regulatory)
Stock : Mgm Resorts International (MGM)
Quote : 29.41  0.03 (0.10%) @ 12:59AM

Quarterly Report (10-q)

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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 March 31, 2019

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)

 

 

Delaware

88-0215232

(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)

 

 

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 filer

Accelerated 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: Yes     No    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):   Yes        No  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

MGM

New York Stock Exchange (NYSE)

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 May 3, 2019 

Common Stock, $.01 par value

 

537,201,282 shares

 

 

 

 


 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

 

FORM 10-Q

 

I N D E X

 

 

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

 

Consolidated Balance Sheets at March 31, 2019 and December 31, 2018

1

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2019 and March 31, 2018

2

 

 

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and March 31, 2018

3

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and March 31, 2018

4

 

 

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2019 and March 31, 2018

5

 

 

Condensed Notes to Consolidated Financial Statements

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

37

Item 4.

 

Controls and Procedures

37

 

PART II.

OTHER INFORMATION

38

Item 1.

 

Legal Proceedings

38

Item 1A.

 

Risk Factors

38

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 6.

 

Exhibits

39

 

SIGNATURES

40

 

 

 

 


 

Part I. F INANCIAL INFORMATION

 

Item 1.

Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

March 31,

 

 

December 31,

 

 

2019

 

 

2018

 

ASSETS

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

1,223,404

 

 

$

1,526,762

 

Accounts receivable, net

 

602,602

 

 

 

657,206

 

Inventories

 

111,302

 

 

 

110,831

 

Income tax receivable

 

18,536

 

 

 

28,431

 

Prepaid expenses and other

 

251,291

 

 

 

203,548

 

Total current assets

 

2,207,135

 

 

 

2,526,778

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

21,196,438

 

 

 

20,729,888

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

Investments in and advances to unconsolidated affiliates

 

730,996

 

 

 

732,867

 

Goodwill

 

2,001,646

 

 

 

1,821,392

 

Other intangible assets, net

 

4,046,756

 

 

 

3,944,463

 

Operating lease right-of-use assets, net

 

641,912

 

 

 

 

Other long-term assets, net

 

322,038

 

 

 

455,318

 

Total other assets

 

7,743,348

 

 

 

6,954,040

 

 

$

31,146,921

 

 

$

30,210,706

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

336,586

 

 

$

302,578

 

Construction payable

 

249,289

 

 

 

311,793

 

Current portion of long-term debt

 

2,548

 

 

 

43,411

 

Accrued interest on long-term debt

 

137,309

 

 

 

140,046

 

Other accrued liabilities

 

2,086,946

 

 

 

2,151,054

 

Total current liabilities

 

2,812,678

 

 

 

2,948,882

 

 

 

 

 

 

 

 

 

Deferred income taxes, net

 

1,566,931

 

 

 

1,342,538

 

Long-term debt, net

 

14,730,829

 

 

 

15,088,005

 

Operating lease liabilities

 

510,951

 

 

 

 

Other long-term obligations

 

208,329

 

 

 

259,240

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

99,338

 

 

 

102,250

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 537,156,480 and 527,479,528 shares

 

5,372

 

 

 

5,275

 

Capital in excess of par value

 

4,420,463

 

 

 

4,092,085

 

Retained earnings

 

2,384,977

 

 

 

2,423,479

 

Accumulated other comprehensive loss

 

(24,608

)

 

 

(8,556

)

Total MGM Resorts International stockholders' equity

 

6,786,204

 

 

 

6,512,283

 

Noncontrolling interests

 

4,431,661

 

 

 

3,957,508

 

Total stockholders' equity

 

11,217,865

 

 

 

10,469,791

 

 

$

31,146,921

 

 

$

30,210,706

 

 

 

 

 

 

 

 

 

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

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

Casino

 

$

1,626,346

 

 

$

1,394,316

 

Rooms

 

 

574,215

 

 

 

539,480

 

Food and beverage

 

 

520,221

 

 

 

455,411

 

Entertainment, retail and other

 

 

344,374

 

 

 

329,750

 

Reimbursed costs

 

 

111,755

 

 

 

103,280

 

 

 

 

3,176,911

 

 

 

2,822,237

 

Expenses

 

 

 

 

 

 

 

 

Casino

 

 

902,757

 

 

 

762,649

 

Rooms

 

 

203,994

 

 

 

189,058

 

Food and beverage

 

 

400,239

 

 

 

353,389

 

Entertainment, retail and other

 

 

243,630

 

 

 

226,834

 

Reimbursed costs

 

 

111,755

 

 

 

103,280

 

General and administrative

 

 

525,112

 

 

 

417,890

 

Corporate expense

 

 

129,436

 

 

 

99,509

 

Preopening and start-up expenses

 

 

3,287

 

 

 

66,917

 

Property transactions, net

 

 

8,776

 

 

 

5,898

 

Depreciation and amortization

 

 

316,414

 

 

 

268,822

 

 

 

 

2,845,400

 

 

 

2,494,246

 

Income from unconsolidated affiliates

 

 

38,749

 

 

 

31,766

 

Operating income

 

 

370,260

 

 

 

359,757

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

 

(216,120

)

 

 

(167,909

)

Non-operating items from unconsolidated affiliates

 

 

(18,165

)

 

 

(9,010

)

Other, net

 

 

1,693

 

 

 

(1,916

)

 

 

 

(232,592

)

 

 

(178,835

)

Income before income taxes

 

 

137,668

 

 

 

180,922

 

Benefit (provision) for income taxes

 

 

(71,511

)

 

 

85,379

 

Net income

 

 

66,157

 

 

 

266,301

 

Less: Net income attributable to noncontrolling interests

 

 

(34,860

)

 

 

(42,857

)

Net income attributable to MGM Resorts International

 

$

31,297

 

 

$

223,444

 

Net income per share of common stock attributable to MGM Resorts International

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

 

$

0.39

 

Diluted

 

$

0.05

 

 

$

0.38

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

534,219

 

 

 

564,832

 

Diluted

 

 

537,506

 

 

 

571,970

 

 

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

 

 

 

March 31,

 

 

 

2019

 

 

2018

 

Net income

 

$

66,157

 

 

$

266,301

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(12,405

)

 

 

(24,152

)

Unrealized gain (loss) on cash flow hedges

 

 

(13,323

)

 

 

13,856

 

Other comprehensive loss

 

 

(25,728

)

 

 

(10,296

)

Comprehensive income

 

 

40,429

 

 

 

256,005

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

(24,644

)

 

 

(36,431

)

Comprehensive income attributable to MGM Resorts International

 

$

15,785

 

 

$

219,574

 

 

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)

 

 

Three Months Ended

 

 

March 31,

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income

$

66,157

 

 

$

266,301

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

316,414

 

 

 

268,822

 

Amortization of debt discounts, premiums and issuance costs

 

9,373

 

 

 

9,634

 

Loss on retirement of long-term debt

 

 

 

 

1,019

 

Provision for doubtful accounts

 

8,378

 

 

 

9,141

 

Stock-based compensation

 

32,136

 

 

 

16,110

 

Property transactions, net

 

8,776

 

 

 

5,898

 

Income from unconsolidated affiliates

 

(20,584

)

 

 

(19,435

)

Distributions from unconsolidated affiliates

 

 

 

 

4,550

 

Deferred income taxes

 

67,827

 

 

 

(89,746

)

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

48,961

 

 

 

27,388

 

Inventories

 

423

 

 

 

(5,114

)

Income taxes receivable and payable, net

 

9,897

 

 

 

900

 

Prepaid expenses and other

 

(40,450

)

 

 

(24,990

)

Accounts payable and accrued liabilities

 

(97,269

)

 

 

113,717

 

Other

 

(10,257

)

 

 

(6,531

)

Net cash provided by operating activities

 

399,782

 

 

 

577,664

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital expenditures, net of construction payable

 

(183,252

)

 

 

(418,624

)

Dispositions of property and equipment

 

341

 

 

 

225

 

Acquisition of Empire City Casino, net of cash acquired

 

(535,681

)

 

 

 

Investments in unconsolidated affiliates

 

(9,558

)

 

 

(2,503

)

Distributions from unconsolidated affiliates

 

31,850

 

 

 

 

Other

 

(30,511

)

 

 

(11,475

)

Net cash used in investing activities

 

(726,811

)

 

 

(432,377

)

Cash flows from financing activities

 

 

 

 

 

 

 

Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less

 

(289,767

)

 

 

380,035

 

Issuance of long-term debt

 

750,000

 

 

 

 

Retirement of senior notes and senior debentures

 

(850,000

)

 

 

(2,265

)

Debt issuance costs

 

(10,111

)

 

 

(4,544

)

Issuance of MGM Growth Properties common stock in public offering

 

571,838

 

 

 

 

MGM Growth Properties Class A share issuance costs

 

(23,447

)

 

 

 

Dividends paid to common shareholders

 

(69,799

)

 

 

(67,999

)

Distributions to noncontrolling interest owners

 

(46,539

)

 

 

(47,380

)

Purchases of common stock

 

 

 

 

(362,400

)

Other

 

(7,324

)

 

 

(12,497

)

Net cash provided by (used in) financing activities

 

24,851

 

 

 

(117,050

)

Effect of exchange rate on cash

 

(1,180

)

 

 

(2,830

)

Cash and cash equivalents

 

 

 

 

 

 

 

Net increase (decrease) for the period

 

(303,358

)

 

 

25,407

 

Balance, beginning of period

 

1,526,762

 

 

 

1,499,995

 

Balance, end of period

$

1,223,404

 

 

$

1,525,402

 

Supplemental cash flow disclosures

 

 

 

 

 

 

 

Interest paid, net of amounts capitalized

$

209,347

 

 

$

168,404

 

Federal, state and foreign income taxes paid (received), net of refunds

 

(6,429

)

 

 

2,935

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

MGM   Resorts

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

Earnings

 

 

Other

 

 

International

 

 

Non-

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

(Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Controlling

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Deficit)

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances, January 1, 2019

 

 

527,480

 

 

$

5,275

 

 

$

4,092,085

 

 

$

2,423,479

 

 

$

(8,556

)

 

$

6,512,283

 

 

$

3,957,508

 

 

$

10,469,791

 

Net income

 

 

 

 

 

 

 

 

 

 

 

31,297

 

 

 

 

 

 

31,297

 

 

 

32,635

 

 

 

63,932

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,906

)

 

 

(6,906

)

 

 

(5,499

)

 

 

(12,405

)

Other comprehensive income - cash flow

   hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,606

)

 

 

(8,606

)

 

 

(4,717

)

 

 

(13,323

)

Stock-based compensation

 

 

 

 

 

 

 

 

30,950

 

 

 

 

 

 

 

 

 

30,950

 

 

 

1,186

 

 

 

32,136

 

Issuance of common stock pursuant to

   stock-based compensation awards

 

 

305

 

 

 

3

 

 

 

(4,278

)

 

 

 

 

 

 

 

 

(4,275

)

 

 

 

 

 

(4,275

)

Cash distributions to noncontrolling

   interest owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,133

)

 

 

(5,133

)

Dividends paid to common shareholders ($0.13 per share)

 

 

 

 

 

 

 

 

 

 

 

(69,799

)

 

 

 

 

 

(69,799

)

 

 

 

 

 

(69,799

)

MGP dividend payable to Class A

   shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,064

)

 

 

(42,064

)

Issuance of performance share units

 

 

 

 

 

 

 

 

1,546

 

 

 

 

 

 

 

 

 

1,546

 

 

 

 

 

 

1,546

 

Adjustment of redeemable non-controlling

   interest to redemption value

 

 

 

 

 

 

 

 

(3,825

)

 

 

 

 

 

 

 

 

(3,825

)

 

 

 

 

 

(3,825

)

Empire City Acquisition

 

 

9,371

 

 

 

94

 

 

 

265,671

 

 

 

 

 

 

 

 

 

265,765

 

 

 

 

 

 

265,765

 

Empire City MGP transaction

 

 

 

 

 

 

 

 

(18,913

)

 

 

 

 

 

195

 

 

 

(18,718

)

 

 

23,745

 

 

 

5,027

 

MGP Class A share issuance

 

 

 

 

 

 

 

 

57,196

 

 

 

 

 

 

(774

)

 

 

56,422

 

 

 

472,421

 

 

 

528,843

 

Park MGM Transaction

 

 

 

 

 

 

 

 

(1,984

)

 

 

 

 

 

16

 

 

 

(1,968

)

 

 

2,496

 

 

 

528

 

Other

 

 

 

 

 

 

 

 

2,015

 

 

 

 

 

 

23

 

 

 

2,038

 

 

 

(917

)

 

 

1,121

 

Balances, March 31, 2019

 

 

537,156

 

 

$

5,372

 

 

$

4,420,463

 

 

$

2,384,977

 

 

$

(24,608

)

 

$

6,786,204

 

 

$

4,431,661

 

 

$

11,217,865

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

MGM   Resorts

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

Earnings

 

 

Other

 

 

International

 

 

Non-

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

(Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Controlling

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Deficit)

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances, January 1, 2018

 

 

566,276

 

 

$

5,663

 

 

$

5,357,709

 

 

$

2,217,299

 

 

$

(3,610

)

 

$

7,577,061

 

 

$

4,034,063

 

 

$

11,611,124

 

Net income

 

 

 

 

 

 

 

 

 

 

 

223,444

 

 

 

 

 

 

223,444

 

 

 

40,740

 

 

 

264,184

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,368

)

 

 

(13,368

)

 

 

(10,784

)

 

 

(24,152

)

Other comprehensive loss - cash flow

   hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,498

 

 

 

9,498

 

 

 

4,358

 

 

 

13,856