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MGM Resorts International: Q1FY24 Overview

23 Jun, 2024
Written by
Elizaveta Latinskaya
Elizaveta Latinskaya
Reviewed by
Aigerim Ercik
Aigerim Ercik
MGM Resorts International: Q1FY24 Overview

MGM Resorts International, a prominent S&P 500 gaming and entertainment company, stands out as a global leader in the leisure and hospitality industry. Founded in 1986 by Kirk Kerkorian and incorporated in Delaware, MGM Resorts has significantly expanded its portfolio, now encompassing 31 leisure and gaming destinations. This impressive collection includes hotels and casinos, convention facilities, theatrical entertainment, restaurants, nightclubs, and shopping venues both domestically and internationally.

Diverse Portfolio and Global Presence

The company’s flagship property, the MGM Grand in Las Vegas, is one of the largest hotel and casino complexes in the world, epitomizing the grandeur and extravagance associated with the MGM brand. In addition to its Las Vegas properties, MGM Resorts operates numerous iconic destinations such as Bellagio, Mandalay Bay, and The Mirage, which are synonymous with luxury and world-class service.

MGM Resorts is also dedicated to corporate social responsibility and sustainability. The company has implemented comprehensive environmental programs focused on reducing carbon emissions, conserving water, and minimizing waste across its properties. Furthermore, MGM Resorts actively engages in philanthropic efforts, supporting a wide range of community initiatives and charitable organizations.

Innovation remains at the core of MGM Resorts’ strategy, with continuous investments in cutting-edge technology and entertainment experiences. The company has embraced digital transformation, offering an enhanced guest experience through its mobile app and digital platforms. Additionally, MGM Resorts is pioneering in the realm of integrated resort developments, blending gaming, hospitality, and entertainment to create unique and immersive environments for its guests.

With a commitment to excellence and a vision for future growth, MGM Resorts International continues to redefine the standards of luxury and entertainment, solidifying its position as a leader in the global hospitality industry.

Financial Performance and Market Position

Q1FY24 Highlights

  • Consolidated net revenues: $4,383.470 million
  • Operating income: $458.378 million 
  • Net income attributable to MGM Resorts: $217.476 million
  • Consolidated Adjusted EBITDAR: $1,234.827 million
  • Diluted earnings per share: $0.67
  • Free cash flow: $377.191 million

MGM Resorts International trades on the New York Stock Exchange under the ticker symbol MGM. As of March 31, 2024, the company had 314,915,054 shares outstanding, with a trading range in Q1FY24 from $41.25 to $47.55. The stock opened at $44.29 on January 2, 2024, and closed at $47.21 on March 28, 2024. Despite suspending dividend payments on February 8, 2023, MGM has maintained shareholder value through an active share buyback program, repurchasing 12 million shares worth $511 million in Q1FY24.

As of March 31, 2024, MGM Resorts reported total current assets of $4,573.81 million, surpassing total current liabilities of $3,033.99 million by $1,539.83 million, indicating a strong liquidity position. However, total equity decreased to $4,027.28 million, a 7.08% drop from December 31, 2023, and a 22.88% decline from March 31, 2023. Despite this decrease, the company’s robust asset base and consistent revenue growth underpin its financial stability.

Conclusion

MGM Resorts International continues to solidify its position as a leader in the gaming and entertainment industry. With a diverse portfolio, strategic global expansion, and a commitment to enhancing shareholder value, MGM Resorts is well-positioned for sustained growth and success in the dynamic leisure and hospitality market. The company leverages cutting-edge technology and innovative experiences to attract a broad customer base, while its focus on sustainability and corporate social responsibility further strengthens its reputation. By continuously adapting to market trends and consumer preferences, MGM Resorts demonstrates resilience and forward-thinking in a competitive landscape, ensuring long-term profitability and industry leadership.

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