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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 September 30, 2020

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)

 

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 (Par Value $0.01)

MGM

New York Stock Exchange (NYSE)

 

 

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.

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

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 October 30, 2020 

Common Stock, $0.01 par value

 

493,939,099 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 September 30, 2020 and December 31, 2019

1

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and September 30, 2019

2

 

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and September 30, 2019

3

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and September 30, 2019

4

 

 

Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2020 and September 30, 2019

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

44

Item 4.

 

Controls and Procedures

44

 

PART II.

OTHER INFORMATION

45

Item 1.

 

Legal Proceedings

45

Item 1A.

 

Risk Factors

45

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 6.

 

Exhibits

48

 

SIGNATURES

49

 

 

 


 

Part I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

September 30,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

4,593,872

 

 

$

2,329,604

 

Accounts receivable, net

 

328,413

 

 

 

612,717

 

Inventories

 

97,316

 

 

 

102,888

 

Income tax receivable

 

170,377

 

 

 

27,167

 

October 1 litigation insurance receivable

 

751,000

 

 

 

735,000

 

Prepaid expenses and other

 

245,303

 

 

 

200,317

 

Total current assets

 

6,186,281

 

 

 

4,007,693

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

14,792,378

 

 

 

18,285,955

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

Investments in and advances to unconsolidated affiliates

 

1,473,955

 

 

 

822,366

 

Goodwill

 

2,091,769

 

 

 

2,084,564

 

Other intangible assets, net

 

3,697,549

 

 

 

3,826,504

 

Operating lease right-of-use assets, net

 

8,330,530

 

 

 

4,392,481

 

Other long-term assets, net

 

432,313

 

 

 

456,793

 

Total other assets

 

16,026,116

 

 

 

11,582,708

 

 

$

37,004,775

 

 

$

33,876,356

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

150,445

 

 

$

235,437

 

Construction payable

 

28,827

 

 

 

74,734

 

Accrued interest on long-term debt

 

150,729

 

 

 

122,250

 

October 1 litigation liability

 

800,000

 

 

 

735,000

 

Other accrued liabilities

 

1,636,783

 

 

 

2,024,002

 

Total current liabilities

 

2,766,784

 

 

 

3,191,423

 

 

 

 

 

 

 

 

 

Deferred income taxes, net

 

2,164,231

 

 

 

2,106,506

 

Long-term debt, net

 

11,414,730

 

 

 

11,168,904

 

Operating lease liabilities

 

8,380,341

 

 

 

4,277,970

 

Other long-term obligations

 

518,057

 

 

 

363,588

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

57,970

 

 

 

105,046

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 493,306,751 and 503,147,632 shares

 

4,933

 

 

 

5,031

 

Capital in excess of par value

 

3,355,693

 

 

 

3,531,099

 

Retained earnings

 

3,539,848

 

 

 

4,201,337

 

Accumulated other comprehensive loss

 

(39,370

)

 

 

(10,202

)

Total MGM Resorts International stockholders' equity

 

6,861,104

 

 

 

7,727,265

 

Noncontrolling interests

 

4,841,558

 

 

 

4,935,654

 

Total stockholders' equity

 

11,702,662

 

 

 

12,662,919

 

 

$

37,004,775

 

 

$

33,876,356

 

 

 

 

 

 

 

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

$

690,218

 

 

$

1,663,049

 

 

$

1,907,893

 

 

$

4,887,707

 

Rooms

 

 

175,450

 

 

 

595,636

 

 

 

641,024

 

 

 

1,756,354

 

Food and beverage

 

 

126,317

 

 

 

560,200

 

 

 

552,797

 

 

 

1,624,973

 

Entertainment, retail and other

 

 

101,618

 

 

 

387,596

 

 

 

420,132

 

 

 

1,114,708

 

Reimbursed costs

 

 

32,317

 

 

 

107,901

 

 

 

146,700

 

 

 

330,794

 

 

 

 

1,125,920

 

 

 

3,314,382

 

 

 

3,668,546

 

 

 

9,714,536

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Casino

 

 

368,310

 

 

 

915,207

 

 

 

1,197,373

 

 

 

2,706,356

 

Rooms

 

 

107,361

 

 

 

211,292

 

 

 

321,221

 

 

 

623,929

 

Food and beverage

 

 

133,937

 

 

 

427,400

 

 

 

533,879

 

 

 

1,254,303

 

Entertainment, retail and other

 

 

87,592

 

 

 

274,850

 

 

 

342,878

 

 

 

788,463

 

Reimbursed costs

 

 

32,317

 

 

 

107,901

 

 

 

146,700

 

 

 

330,794

 

General and administrative

 

 

543,293

 

 

 

494,228

 

 

 

1,591,163

 

 

 

1,543,764

 

Corporate expense

 

 

70,437

 

 

 

108,545

 

 

 

356,823

 

 

 

346,042

 

Preopening and start-up expenses

 

 

11

 

 

 

925

 

 

 

51

 

 

 

5,091

 

Property transactions, net

 

 

4,116

 

 

 

249,858

 

 

 

85,440

 

 

 

264,424

 

Gain on REIT transactions, net

 

 

 

 

 

 

 

 

(1,491,945

)

 

 

 

Depreciation and amortization

 

 

294,363

 

 

 

322,009

 

 

 

911,859

 

 

 

973,211

 

 

 

 

1,641,737

 

 

 

3,112,215

 

 

 

3,995,442

 

 

 

8,836,377

 

Income from unconsolidated affiliates

 

 

20,635

 

 

 

36,214

 

 

 

48,030

 

 

 

101,967

 

Operating income (loss)

 

 

(495,182

)

 

 

238,381

 

 

 

(278,866

)

 

 

980,126

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

 

(173,808

)

 

 

(215,503

)

 

 

(487,701

)

 

 

(647,452

)

Non-operating items from unconsolidated affiliates

 

 

(23,604

)

 

 

(14,669

)

 

 

(79,986

)

 

 

(54,311

)

Other, net

 

 

13,889

 

 

 

(9,381

)

 

 

(102,054

)

 

 

(53,964

)

 

 

 

(183,523

)

 

 

(239,553

)

 

 

(669,741

)

 

 

(755,727

)

Income (loss) before income taxes

 

 

(678,705

)

 

 

(1,172

)

 

 

(948,607

)

 

 

224,399

 

Benefit (provision) for income taxes

 

 

76,734

 

 

 

7,276

 

 

 

84,668

 

 

 

(75,969

)

Net income (loss)

 

 

(601,971

)

 

 

6,104

 

 

 

(863,939

)

 

 

148,430

 

Less: Net (income) loss attributable to noncontrolling interests

 

 

67,240

 

 

 

(43,237

)

 

 

278,820

 

 

 

(110,861

)

Net income (loss) attributable to MGM Resorts International

 

$

(534,731

)

 

$

(37,133

)

 

$

(585,119

)

 

$

37,569

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.08

)

 

$

(0.08

)

 

$

(1.10

)

 

$

0.06

 

Diluted

 

$

(1.08

)

 

$

(0.08

)

 

$

(1.10

)

 

$

0.06

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

493,517

 

 

 

518,983

 

 

 

494,126

 

 

 

528,429

 

Diluted

 

 

493,517

 

 

 

518,983

 

 

 

494,126

 

 

 

531,873

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(601,971

)

 

$

6,104

 

 

$

(863,939

)

 

$

148,430

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

538

 

 

 

(18,602

)

 

 

29,163

 

 

 

(4,627

)

Unrealized loss on cash flow hedges

 

 

(448

)

 

 

(16,504

)

 

 

(90,648

)

 

 

(56,125

)

Other comprehensive income (loss)

 

 

90

 

 

 

(35,106

)

 

 

(61,485

)

 

 

(60,752

)

Comprehensive income (loss)

 

 

(601,881

)

 

 

(29,002

)

 

 

(925,424

)

 

 

87,678

 

Less: Comprehensive (income) loss attributable to noncontrolling interests

 

 

66,810

 

 

 

(28,911

)

 

 

306,236

 

 

 

(88,298

)

Comprehensive loss attributable to MGM Resorts International

 

$

(535,071

)

 

$

(57,913

)

 

$

(619,188

)

 

$

(620

)

 

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)

 

 

Nine Months Ended

 

 

September 30,

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income (loss)

$

(863,939

)

 

$

148,430

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

911,859

 

 

 

973,211

 

Amortization of debt discounts, premiums and issuance costs

 

24,918

 

 

 

29,539

 

Loss on early retirement of debt

 

126,462

 

 

 

55,932

 

Provision for doubtful accounts

 

76,228

 

 

 

30,456

 

Stock-based compensation

 

77,681

 

 

 

64,518

 

Property transactions, net

 

85,440

 

 

 

264,424

 

Gain on REIT transactions, net

 

(1,491,945

)

 

 

 

Noncash lease expense

 

139,914

 

 

 

47,753

 

Loss (income) from unconsolidated affiliates

 

31,956

 

 

 

(47,656

)

Distributions from unconsolidated affiliates

 

62,399

 

 

 

 

Deferred income taxes

 

49,633

 

 

 

52,785

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

192,393

 

 

 

(655,786

)

Inventories

 

5,692

 

 

 

7,734

 

Income taxes receivable and payable, net

 

(143,213

)

 

 

4,555

 

Prepaid expenses and other

 

(44,895

)

 

 

(23,105

)

Accounts payable and accrued liabilities

 

(450,378

)

 

 

436,494

 

Other

 

(39,810

)

 

 

(33,176

)

Net cash provided by (used in) operating activities

 

(1,249,605

)

 

 

1,356,108

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital expenditures, net of construction payable

 

(177,571

)

 

 

(482,786

)

Dispositions of property and equipment

 

433

 

 

 

1,936

 

Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction

 

2,455,839

 

 

 

 

Acquisition of Empire City Casino, net of cash acquired

 

 

 

 

(535,681

)

Investments in unconsolidated affiliates

 

(71,110

)

 

 

(81,271

)

Distributions from unconsolidated affiliates

 

63,578

 

 

 

99,661

 

Other

 

385

 

 

 

(31,112

)

Net cash provided by (used in) investing activities

 

2,271,554

 

 

 

(1,029,253

)

Cash flows from financing activities

 

 

 

 

 

 

 

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

 

(1,071,180

)

 

 

(1,711,007

)

Issuance of long-term debt

 

2,050,000

 

 

 

3,250,000

 

Retirement of senior notes

 

(846,815

)

 

 

(1,759,978

)

Debt issuance costs

 

(42,030

)

 

 

(63,391

)

Proceeds from issuance of bridge loan facility

 

1,304,625

 

 

 

 

Issuance of MGM Growth Properties Class A shares, net

 

524,704

 

 

 

699,362

 

Dividends paid to common shareholders

 

(76,370

)

 

 

(205,163

)

Distributions to noncontrolling interest owners

 

(219,775

)

 

 

(172,239

)

Purchases of common stock

 

(353,720

)

 

 

(638,815

)

Other

 

(29,601

)

 

 

(18,655

)

Net cash provided by (used in) financing activities

 

1,239,838

 

 

 

(619,886

)

Effect of exchange rate on cash

 

2,481

 

 

 

(162

)

Cash and cash equivalents

 

 

 

 

 

 

 

Net increase (decrease) for the period

 

2,264,268

 

 

 

(293,193

)

Balance, beginning of period

 

2,329,604

 

 

 

1,526,762

 

Balance, end of period

$

4,593,872

 

 

$

1,233,569

 

Supplemental cash flow disclosures

 

 

 

 

 

 

 

Interest paid, net of amounts capitalized

$

428,520

 

 

$

597,785

 

Federal, state and foreign income taxes paid, net of refunds

 

8,595

 

 

 

18,222

 

Non-cash investing and financing activities

 

 

 

 

 

 

 

Investment in MGP BREIT Venture

$

802,000

 

 

$

 

MGP BREIT Venture assumption of bridge loan facility

 

1,304,625

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

MGM Resorts

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

 

 

 

 

Other

 

 

International

 

 

Non-

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Controlling

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances, June 30, 2020

 

 

493,281

 

 

$

4,933

 

 

$

3,333,074

 

 

$

4,075,812

 

 

$

(39,030

)

 

$

7,374,789

 

 

$

4,973,993

 

 

$

12,348,782

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(534,731

)

 

 

 

 

 

(534,731

)

 

 

(69,423

)

 

 

(604,154

)

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

424

 

 

 

424

 

 

 

114

 

 

 

538

 

Cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(764

)

 

 

(764

)

 

 

316

 

 

 

(448

)

Stock-based compensation

 

 

 

 

 

 

 

 

19,739

 

 

 

 

 

 

 

 

 

19,739

 

 

 

2,209

 

 

 

21,948

 

Issuance of common stock pursuant to

   stock-based compensation awards

 

 

26

 

 

 

 

 

 

(129

)

 

 

 

 

 

 

 

 

(129

)

 

 

 

 

 

(129

)

Cash distributions to noncontrolling

   interest owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,044

)

 

 

(1,044

)

Dividends declared and paid to common

    shareholders ($0.0025 per share)

 

 

 

 

 

 

 

 

 

 

 

(1,233

)

 

 

 

 

 

(1,233

)

 

 

 

 

 

(1,233

)

MGP dividend payable to Class A

   shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,085

)

 

 

(64,085

)

Adjustment of redeemable noncontrolling

   interest to redemption value

 

 

 

 

 

 

 

 

3,009

 

 

 

 

 

 

 

 

 

3,009

 

 

 

 

 

 

3,009

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(522

)

 

 

(522

)

Balances, September 30, 2020

 

 

493,307

 

 

$

4,933

 

 

$

3,355,693

 

 

$

3,539,848

 

 

$

(39,370

)

 

$

6,861,104

 

 

$

4,841,558

 

 

$

11,702,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, January 1, 2020

 

 

503,148

 

 

$

5,031