What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-11-08 compared with 2023-08-02 · 196 added, 129 removed, 733 unchanged (31% of the section changed)

3 unchanged sentences

(In thousands, except share data)

September 30,

2023 December 31,

34 unchanged sentences

Retained earnings 3,962,925 4,794,239

Accumulated other comprehensive income 30,057 33,499

Accumulated other comprehensive income (loss) ( 617 ) 33,499

Total MGM Resorts International stockholders’ equity 3,965,717 4,831,529

7 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

17 unchanged sentences

3,625,754 4,444,576 10,247,852 7,974,113

Loss from unconsolidated affiliates ( 16,189 ) ( 55,583 ) ( 91,188 ) ( 102,421 )

Operating income 371,378 2,381,451 1,102,217 2,487,239

Income (loss) from unconsolidated affiliates 22,507 ( 17,467 ) ( 68,681 ) ( 119,888 )

Operating income (loss) 369,936 ( 1,045,971 ) 1,472,153 1,441,268

Non-operating income (expense)

3 unchanged sentences

( 145,611 ) ( 140,483 ) ( 319,481 ) ( 503,392 )

Income before income taxes 282,685 2,195,464 928,347 2,124,330

Provision for income taxes ( 39,141 ) ( 572,839 ) ( 204,920 ) ( 536,498 )

Net income 243,544 1,622,625 723,427 1,587,832

Income (loss) before income taxes 224,325 ( 1,186,454 ) 1,152,672 937,876

Benefit (provision) for income taxes ( 12,440 ) 125,367 ( 217,360 ) ( 411,131 )

Net income (loss) 211,885 ( 1,061,087 ) 935,312 526,745

Net (income) loss attributable to noncontrolling interests ( 50,768 ) 484,257 ( 106,592 ) 662,346

Net Income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921

Earnings per share

Net income (loss) attributable to MGM Resorts International $ 161,117 $ ( 576,830 ) $ 828,720 $ 1,189,091

Earnings (loss) per share

Basic $ 0.46 $ ( 1.45 ) $ 2.30 $ 2.81

8 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

Net income $ 243,544 $ 1,622,625 $ 723,427 $ 1,587,832

Other comprehensive income (loss), net of tax:

Net income (loss) $ 211,885 $ ( 1,061,087 ) $ 935,312 $ 526,745

Other comprehensive loss, net of tax:

Foreign currency translation ( 30,386 ) ( 17,563 ) ( 36,475 ) ( 45,357 )

1 unchanged sentence

Other — — 871 —

Other comprehensive income (loss) ( 6,040 ) ( 8,167 ) ( 5,218 ) 9,898

Comprehensive income 237,504 1,614,458 718,209 1,597,730

Other comprehensive loss ( 30,386 ) ( 17,563 ) ( 35,604 ) ( 7,665 )

Comprehensive income (loss) 181,499 ( 1,078,650 ) 899,708 519,080

Comprehensive (income) loss attributable to noncontrolling interests ( 51,056 ) 484,932 ( 105,104 ) 649,713

Comprehensive income attributable to MGM Resorts International $ 194,045 $ 1,777,918 $ 664,161 $ 1,762,511

Comprehensive income (loss) attributable to MGM Resorts International $ 130,443 $ ( 593,718 ) $ 794,604 $ 1,168,793

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(In thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities

8 unchanged sentences

Noncash lease expense 388,571 303,044

Other investment losses (gains) ( 12,383 ) 7,974

Other investment losses 39,452 27,562

Loss from unconsolidated affiliates 69,868 142,136

37 unchanged sentences

Interest paid, net of amounts capitalized $ 301,173 $ 411,701

Federal, state and foreign income taxes paid (refunds received), net 216,873 ( 32,736 )

Federal, state and foreign income taxes paid 286,561 12,888

Non-cash investing and financing activities

5 unchanged sentences

(In thousands)

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity

Balances, April 1, 2023 367,241 $ 3,672 $ — $ 4,799,178 $ 36,808 $ 4,839,658 $ 382,445 $ 5,222,103

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss)

Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity

Balances, July 1, 2023 352,790 $ 3,528 $ — $ 4,382,588 $ 30,057 $ 4,416,173 $ 419,194 $ 4,835,367

Net income — — — 161,117 — 161,117 50,625 211,742

6 unchanged sentences

Other — — ( 474 ) — — ( 474 ) ( 362 ) ( 836 )

Balances, June 30, 2023 352,790 $ 3,528 $ — $ 4,382,588 $ 30,057 $ 4,416,173 $ 419,194 $ 4,835,367

Balances, September 30, 2023 340,915 $ 3,409 $ — $ 3,962,925 $ ( 617 ) $ 3,965,717 $ 463,063 $ 4,428,780

Balances, January 1, 2023 379,088 $ 3,791 $ — $ 4,794,239 $ 33,499 $ 4,831,529 $ 378,594 $ 5,210,123

8 unchanged sentences

Other — — ( 1,154 ) — 871 ( 283 ) ( 681 ) ( 964 )

Balances, June 30, 2023 352,790 $ 3,528 $ — $ 4,382,588 $ 30,057 $ 4,416,173 $ 419,194 $ 4,835,367

Balances, September 30, 2023 340,915 $ 3,409 $ — $ 3,962,925 $ ( 617 ) $ 3,965,717 $ 463,063 $ 4,428,780

The accompanying notes are an integral part of these consolidated financial statements.

3 unchanged sentences

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Loss Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity

Balances, April 1, 2022 430,562 $ 4,306 $ 761,559 $ 4,321,482 $ ( 22,007 ) $ 5,065,340 $ 4,814,284 $ 9,879,624

Net income (loss) — — — 1,783,937 — 1,783,937 ( 163,596 ) 1,620,341

Balances, July 1, 2022 398,418 $ 3,984 $ — $ 5,746,532 $ ( 16,942 ) $ 5,733,574 $ 1,464,109 $ 7,197,683

Net loss — — — ( 576,830 ) — ( 576,830 ) ( 486,445 ) ( 1,063,275 )

Currency translation adjustment — — — — ( 16,888 ) ( 16,888 ) ( 675 ) ( 17,563 )

Cash flow hedges — — — — 690 690 971 1,661

Stock-based compensation — — 6,751 — — 6,751 664 7,415

5 unchanged sentences

Adjustment of redeemable noncontrolling interest to redemption value — — 8,043 — — 8,043 — 8,043

Deconsolidation of MGP — — — — 11,084 11,084 ( 3,184,710 ) ( 3,173,626 )

Other — — ( 25 ) — — ( 25 ) 7,325 7,300

Balances, June 30, 2022 398,418 $ 3,984 $ — $ 5,746,532 $ ( 16,942 ) $ 5,733,574 $ 1,464,109 $ 7,197,683

Balances, September 30, 2022 388,761 $ 3,888 $ — $ 4,871,632 $ ( 33,830 ) $ 4,841,690 $ 982,993 $ 5,824,683

Balances, January 1, 2022 453,804 $ 4,538 $ 1,750,135 $ 4,340,588 $ ( 24,616 ) $ 6,070,645 $ 4,906,121 $ 10,976,766

12 unchanged sentences

Other — — 191 — — 191 6,193 6,384

Balances, June 30, 2022 398,418 $ 3,984 $ — $ 5,746,532 $ ( 16,942 ) $ 5,733,574 $ 1,464,109 $ 7,197,683

Balances, September 30, 2022 388,761 $ 3,888 $ — $ 4,871,632 $ ( 33,830 ) $ 4,841,690 $ 982,993 $ 5,824,683

The accompanying notes are an integral part of these consolidated financial statements.

4 unchanged sentences

MGM Resorts International, a Delaware corporation (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations.

As of June 30, 2023, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada:

As of September 30, 2023, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada:

Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas ( “ The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay, Luxor, New York-New York, Park MGM, and Excalibur.

5 unchanged sentences

MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions.

The Company also owns LeoVegas AB (“LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta.

The Company also owns LV Lion Holding Limited (“LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta.

Additionally, the Company and its venture partner, Entain plc, each have a 50 % ownership interest in BetMGM, LLC (“BetMGM”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America.

In April 2023, the Japanese government officially certified the Area Development Plan previously submitted by the city/prefecture of Osaka and the Company’s 50 % owned unconsolidated venture.

In April 2023, the Japanese government officially certified the Area Development Plan (“ADP”) for the development of an integrated resort in Osaka, which was previously submitted by the city/prefecture of Osaka and the Company’s 50 % owned unconsolidated venture (“Osaka IR KK”), and, in September 2023, Osaka IR KK signed an agreement with Osaka to implement the ADP.

MGM Grand Paradise gaming concession.

8 unchanged sentences

On January 8, 2023, Macau lifted the majority of its COVID-19 pandemic travel and quarantine restrictions with the exception of overseas visitors travelling from outside of mainland China, Hong Kong and Taiwan being required to present a negative nucleic acid test or rapid antigen test result, and on February 6, 2023 all remaining COVID-19 travel restrictions were removed.

As of June 30, 2023, all of the Company’s properties were open and not subject to any COVID-19 related operating restrictions.

As of September 30, 2023, all of the Company’s properties were open and not subject to any COVID-19 related operating restrictions.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

13 unchanged sentences

Bellagio BREIT Venture is a VIE of which the Company is not the primary beneficiary and, accordingly, the Company does not consolidate the venture.

The Company’s maximum exposure to loss in Bellagio BREIT Venture is equal to the carrying value of its investment of $ 55 million as of June 30, 2023, assuming no future capital funding requirements, plus the exposure to loss resulting from the Company’s guarantee of the debt of Bellagio BREIT Venture, which guarantee is immaterial as of June 30, 2023, as further discussed in Note 9.

The Company’s maximum exposure to loss in Bellagio BREIT Venture is equal to the carrying value of its investment of $ 55 million as of September 30, 2023, assuming no future capital funding requirements, plus the exposure to loss resulting from the Company’s guarantee of the debt of Bellagio BREIT Venture, which guarantee is immaterial as of September 30, 2023, as further discussed in Note 9.

For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100 % of the equity.

14 unchanged sentences

• Level 1 and Level 2 inputs for its debt investments;

• Level 1, Level 2, and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed in acquisitions.

Equity investments.

Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 that have a readily determinable fair value.

The fair value of these investments was $ 466 million and $ 461 million as of June 30, 2023 and December 31, 2022, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets.

The fair value of these investments was $ 409 million and $ 461 million as of September 30, 2023 and December 31, 2022, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets.

Gains and losses are recorded in “Other, net” in the statements of operations.

For the three and six months ended June 30, 2023, the Company recorded a net gain on its equity investments of $ 6 million and $ 5 million, respectively.

For the three and six months ended June 30, 2022, the Company recorded a net loss on its equity investments of $ 23 million and $ 8 million, respectively.

For the three and nine months ended September 30, 2023, the Company recorded a net loss on its equity investments of $ 57 million and $ 52 million, respectively.

For the three and nine months ended September 30, 2022, the Company recorded a net loss on its equity investments of $ 20 million and $ 28 million, respectively.

Debt investments.

1 unchanged sentence

Gains and losses are recorded in “Other, net” in the statements of operations.

Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.

Debt securities are considered cash

equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.

The following tables present information regarding the Company’s debt investments:

Fair value level June 30, 2023 December 31, 2022

Fair value level September 30, 2023 December 31, 2022

(In thousands)

Cash and cash equivalents:

Money market funds Level 1 $ 2,195 $ 12,009

Commercial paper and certificates of deposit Level 2 — 5,992

Money market funds

$ 174,585 $ 12,009

Commercial paper

Cash and cash equivalents

174,585 18,001

Short-term investments:

3 unchanged sentences

Corporate bonds Level 2 392,585 213,875

Asset-backed securities

Short-term investments

462,881 284,706

Total debt investments

$ 637,466 $ 302,707

Cash and cash equivalents.

Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of purchase.

The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).

Restricted cash.

MGM China’s pledged cash of $ 87 million and $ 124 million as of June 30, 2023 and December 31, 2022, respectively, securing the bank guarantees discussed in Note 9 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of June 30, 2023 and December 31, 2022.

MGM China’s pledged cash of $ 87 million and $ 124 million as of September 30, 2023 and December 31, 2022, respectively, securing the bank guarantees discussed in Note 9 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of September 30, 2023 and December 31, 2022.

Accounts receivable.

As of June 30, 2023 and December 31, 2022, the loss reserve on accounts receivable was $ 129 million and $ 113 million, respectively.

As of September 30, 2023 and December 31, 2022, the loss reserve on accounts receivable was $ 131 million and $ 113 million, respectively.

Note receivable.

2 unchanged sentences

Accounts payable.

As of June 30, 2023 and December 31, 2022, the Company had accrued $ 60 million and $ 80 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

As of September 30, 2023 and December 31, 2022, the Company had accrued $ 56 million and $ 80 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

Revenue recognition.

9 unchanged sentences

Balance at January 1 $ 185,669 $ 176,219 $ 183,602 $ 144,465 $ 816,376 $ 640,001

Balance at June 30 196,446 165,564 194,570 160,752 806,072 704,404

Balance at September 30 185,615 156,560 204,333 175,716 847,572 747,505

Increase / (decrease) $ ( 54 ) $ ( 19,659 ) $ 20,731 $ 31,251 $ 31,196 $ 107,504

19 unchanged sentences

Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service .

For the three and six months ended June 30, 2023, lease revenues from third-party tenants include $ 19 million and $ 37 million recorded within food and beverage revenue, respectively, and $ 29 million and $ 59 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

For the three and six months ended June 30, 2022, lease revenues from third-party tenants include $ 19 million and $ 33 million recorded within food and beverage revenue, respectively, and $ 29 million and $ 55 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

For the three and nine months ended September 30, 2023, lease revenues from third-party tenants include $ 20 million and $ 57 million recorded within food and beverage revenue, respectively, and $ 27 million and $ 86 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

For the three and nine months ended September 30, 2022, lease revenues from third-party tenants include $ 19 million and $ 52 million recorded within food and beverage revenue, respectively, and $ 30 million and $ 85 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Redeemable noncontrolling interest.

Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement).

Such distributions are accrued each quarter and are paid 90 days after the end of each fiscal year.

The noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula.

The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control.

The interests were initially accounted for at fair value.

Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period.

The Company records any changes caused by such an adjustment in capital in excess of par value.

Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests.

During the six months ended June 30, 2023 and 2022, MGM National Harbor purchased $ 138 million and $ 21 million of interests from the noncontrolling interest parties, respectively.

Noncontrolling interests with redemption features, such as put rights, that are not exclusively in the Company’s control, are considered redeemable noncontrolling interests.

Redeemable noncontrolling interests are presented outside of stockholders’ equity within the mezzanine section of the accompanying consolidated balance sheets.

The interests are initially accounted for at fair value and subsequently adjusted to the greater of the redemption value and carrying value (initial fair value adjusted for attributed net income (loss) and distributions, as applicable).

The Company records such adjustments to capital in excess of par value.

During the nine months ended September 30, 2023 and 2022, the Company purchased $ 138 million and $ 21 million

of interests from its redeemable noncontrolling interest parties, respectively.

Share repurchases.

2 unchanged sentences

NOTE 3 — ACQUISITIONS AND DIVESTITURES

Push Gaming acquisition.

On August 31, 2023, LeoVegas acquired 86 % of digital gaming developer, Push Gaming Holding Limited (“Push Gaming”) for total consideration of $ 145 million, which was preliminarily allocated to $ 126 million of goodwill and $ 40 million of amortizable intangible assets.

LeoVegas acquisition.

4 unchanged sentences

The remaining outstanding shares, with a fair value of approximately $ 11 million based upon the tender price, were settled by the Company in cash in connection with squeeze-out proceedings during the second quarter of 2023.

The acquisition provides the Company an opportunity to create a scaled global online gaming business.

The acquisition provided the Company an opportunity to create a scaled global online gaming business.

The Company recognized 100 % of the assets, liabilities, and noncontrolling interests of LeoVegas at fair value at the date of the acquisition.

18 unchanged sentences

Noncontrolling interests ( 2,861 )

The operating results for LeoVegas are included in the consolidated statements of operations from the date of acquisition.

LeoVegas’s net revenue for the period from September 7, 2022 through September 30, 2022 was $ 31 million and operating loss and net loss were $ 3 million and $ 4 million, respectively.

The Cosmopolitan acquisition.

On May 17, 2022, the Company acquired 100 % of the equity interests in the entities that own the operations of The Cosmopolitan for cash consideration of $ 1.625 billion plus working capital adjustments for a total purchase price of approximately $ 1.7 billion.

On May 17, 2022, the Company acquired 100 % of the equity interests in the entities that own the operations of The Cosmopolitan for cash consideration of $ 1.625 billion plus working capital

adjustments for a total purchase price of approximately $ 1.7 billion.

The acquisition expands the Company’s customer base and provides a greater depth of choices and experiences for guests in Las Vegas.

4 unchanged sentences

The intangible assets include trademarks, which is an indefinite-lived intangible asset, and customer lists, which is amortized over its estimated useful life of seven years .

Goodwill, which is deductible for

tax purposes, is primarily attributable to the profitability of The Cosmopolitan in excess of identifiable assets as well as expected synergies.

Goodwill, which is deductible for tax purposes, is primarily attributable to the profitability of The Cosmopolitan in excess of identifiable assets as well as expected synergies.

All of the goodwill was assigned to the Las Vegas Strip Resorts segment.

11 unchanged sentences

Other long-term liabilities ( 1,570 )

The operating results for The Cosmopolitan are included in the consolidated statements of operations from the date of acquisition.

The Cosmopolitan’s net revenue for the period from May 17, 2022 through September 30, 2022 was $ 465 million and operating income and net income were each $ 57 million.

Unaudited pro forma information - The Cosmopolitan acquisition .

1 unchanged sentence

The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of the indicated date.

Pro forma results of operations for the LeoVegas acquisition have not been included because it is not material to the consolidated results of operations.

Pro forma results of operations for the LeoVegas and Push Gaming acquisitions have not been included because they are not material to the consolidated results of operations.

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(In thousands)

9 unchanged sentences

Additionally, the Company had leased the real estate assets of The Mirage, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, MGM Northfield Park, and MGM Springfield from MGP OP.

The Company also leased, and continues to lease, the real estate assets of Mandalay Bay and MGM Grand Las Vegas from subsidiaries of a venture that was 50.1 % owned by a subsidiary of MGP OP at the time of the transaction (such venture, the “MGP BREIT Venture”).

The Company also leased, and continues to lease,

the real estate assets of Mandalay Bay and MGM Grand Las Vegas from subsidiaries of a venture that was 50.1 % owned by a subsidiary of MGP OP at the time of the transaction (such venture, the “MGP BREIT Venture”).

On April 29, 2022, VICI Properties Inc.

33 unchanged sentences

The Company recognized a $ 399 million gain recorded within “Property transactions, net.” The gain reflects the net cash consideration less the net carrying value of the assets and liabilities derecognized of $ 75 million.

The operations of Gold Strike Tunica are not classified as discontinued operations because the Company concluded that the sale is not a strategic shift that has a major effect on the Company’s operations or its financial results and it does not represent a major geographic segment or product line.

not represent a major geographic segment or product line.

The major classes of assets and liabilities derecognized are as follows:

17 unchanged sentences

Investments in and advances to unconsolidated affiliates consisted of the following:

September 30,

2023 December 31,

3 unchanged sentences

$ 231,998 $ 173,039

The Company’s share of losses of BetMGM in excess of its equity method investment balance is $ 21 million as of June 30, 2023.

The Company recorded its share of loss from unconsolidated affiliates as follows:

The Company’s share of losses of BetMGM in excess of its equity method investment balance is $ 7 million as of September 30, 2023.

The Company recorded its share of income (loss) from unconsolidated affiliates as follows:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

(In thousands)

Loss from unconsolidated affiliates $ ( 16,189 ) $ ( 55,583 ) $ ( 91,188 ) $ ( 102,421 )

Income (loss) from unconsolidated affiliates $ 22,507 $ ( 17,467 ) $ ( 68,681 ) $ ( 119,888 )

Non-operating items from unconsolidated affiliates 438 ( 995 ) ( 1,187 ) ( 22,248 )

$ 22,945 $ ( 18,462 ) $ ( 69,868 ) $ ( 142,136 )

The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates:

The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

6 unchanged sentences

MGP BREIT Venture distributions.

For the three and six months ended June 30, 2022, MGP OP received $ 8 million and $ 32 million in distributions from MGP BREIT Venture, respectively.

During the nine months ended September 30, 2022, MGP OP received $ 32 million in distributions from MGP BREIT Venture.

BetMGM contributions.

For the three and six months ended June 30, 2023, the Company contributed $ 25 million and $ 50 million to BetMGM, respectively.

For the three and six months ended June 30, 2022, the Company contributed $ 25 million and $ 150 million to BetMGM, respectively.

During the nine months ended September 30, 2023, the Company contributed $ 50 million to BetMGM.

During the three and nine months ended September 30, 2022, the Company contributed $ 50 million and $ 200 million to BetMGM, respectively.

NOTE 5 — GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets consisted of the following:

September 30,

2023 December 31,

19 unchanged sentences

Total other intangible assets, net $ 1,733,379 $ 1,551,252

A summary of changes in the Company’s goodwill is as follows:

Balance at January 1 Acquisitions/Divestitures Reclassifications Currency exchange Balance at September 30

(In thousands)

Las Vegas Strip Resorts $ 2,707,009 $ — $ — $ — $ 2,707,009

Regional Operations 660,940 — — — 660,940

MGM China 1,350,878 — — ( 5,011 ) 1,345,867

Corporate and other 310,485 125,612 — ( 7,075 ) 429,022

$ 5,029,312 $ 125,612 $ — $ ( 12,086 ) $ 5,142,838

Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31

(In thousands)

Las Vegas Strip Resorts $ 1,427,790 $ 1,279,219 $ — $ — $ 2,707,009

Regional Operations 701,463 — ( 40,523 ) — 660,940

MGM China 1,351,744 — — ( 866 ) 1,350,878

Corporate and other — 288,367 — 22,118 310,485

$ 3,480,997 $ 1,567,586 $ ( 40,523 ) $ 21,252 $ 5,029,312

Refer to Note 3 for discussion on acquisitions, divestitures, and assets held for sale (reclassifications).

MGM Grand Paradise gaming subconcession and concession.

Pursuant to the gaming concession contract that MGM Grand Paradise entered into with the Macau government, which commenced January 1, 2023, MGM Grand Paradise

is required, among other things, to pay a fixed annual premium and an annual variable premium based on the number of gaming tables and machines for the term of the gaming concession.

Pursuant to the gaming concession contract that MGM Grand Paradise entered into with the Macau government, which commenced January 1, 2023, MGM Grand Paradise is required, among other things, to pay a fixed annual premium and an annual variable premium based on the number of gaming tables and machines for the term of the gaming concession.

Additionally, in connection with the expiration of the MGM Grand Paradise gaming subconcession on December 31, 2022, the casino areas of MGM Cotai and MGM Macau reverted, free of charge and without any encumbrances, to the Macau government, which became the legal owner of the reverted gaming assets.

2 unchanged sentences

The initial value of the intangible asset and liability were measured as the present value of these payments based upon the approved number of gaming tables and slot machines, estimates of the Macau average price index, and square meters of the reverted casino areas, each as of January 1, 2023.

The current portion of $ 7 million and noncurrent portion of $ 212 million of the remaining liability was recorded within “Other accrued liabilities” and “Other long-term liabilities,” respectively, in the consolidated balance sheets as of June 30, 2023.

The current portion of $ 7 million and noncurrent portion of $ 213 million of the remaining liability was recorded within “Other accrued liabilities” and “Other long-term liabilities,” respectively, in the consolidated balance sheets as of September 30, 2023.

The gaming concession intangible asset is being amortized on a straight-line basis over the ten-year term of the gaming concession contract.

2 unchanged sentences

Long-term debt consisted of the following:

September 30,

2023 December 31,

4 unchanged sentences

LeoVegas senior notes, due 2023

35,248 36,580

5.375 % MGM China senior notes, due 2024

22 unchanged sentences

$ 6,505,517 $ 7,432,817

MGM China's senior notes due within one year of the June 30, 2023 balance sheet were classified as long-term as MGM China has both the intent and ability to refinance the current maturities on a long-term basis.

MGM China's senior notes due within one year of the September 30, 2023 balance sheet were classified as long-term as MGM China has both the intent and ability to refinance the current maturities on a long-term basis.

Senior secured credit facility.

At June 30, 2023, the Company’s senior secured credit facility consisted of a $ 1.675 billion revolving credit facility, of which no amounts were drawn.

At September 30, 2023, the Company’s senior secured credit facility consisted of a $ 1.675 billion revolving credit facility, of which no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants.

The Company was in compliance with its credit facility covenants at June 30, 2023.

The Company was in compliance with its credit facility covenants at September 30, 2023.

MGM China first revolving credit facility.

At June 30, 2023, the MGM China first revolving credit facility consisted of a HK$ 9.75 billion (approximately $ 1.2 billion) unsecured revolving credit facility and the weighted average interest rate was 7.83 %.

At September 30, 2023, the MGM China first revolving credit facility consisted of a HK$ 9.75 billion (approximately $ 1.2 billion) unsecured revolving credit facility and the weighted average interest rate was 8.66 %.

In June 2023, MGM China amended its first revolving credit agreement, which extended the maturity date to May 2026.

1 unchanged sentence

In connection with the June 2023 amendment, the financial covenants under the MGM China first revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025.

MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at June 30, 2023.

MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at September 30, 2023.

MGM China second revolving credit facility.

At June 30, 2023, the MGM China second revolving credit facility consisted of a HK$ 3.12 billion (approximately $ 398 million) unsecured revolving credit facility with an option to increase the amount of the facility up to HK$ 5.85 billion (approximately $ 747 million), subject to certain conditions.

At June 30, 2023, no amounts were drawn on the MGM China second revolving credit facility.

At September 30, 2023, the MGM China second revolving credit facility consisted of a HK$ 3.325 billion (approximately $ 425 million) unsecured revolving credit facility with an option to increase the amount of the facility up to HK$ 5.85 billion (approximately $ 747 million), subject to certain conditions.

The option to increase the amount of the facility was partially exercised in August 2023, increasing the facility by HK$ 205 million (approximately $ 26 million), and in October 2023, increasing the facility by HK$ 1.17 billion

(approximately $ 149 million) to HK$ 4.495 billion (approximately $ 574 million).

At September 30, 2023, no amounts were drawn on the MGM China second revolving credit facility.

In June 2023, MGM China amended its second revolving credit agreement, which extended the maturity date to May 2026, increased the amount to which MGM China may upsize the facility, and removed the requirement for the MGM China first revolving credit facility to be fully drawn prior to utilizing the MGM China second revolving credit facility.

1 unchanged sentence

In connection with the June 2023 amendment, the financial covenants under the MGM China second revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025.

MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at June 30, 2023.

MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at September 30, 2023.

Senior notes.

1 unchanged sentence

In March 2022, the Company repaid its $ 1.0 billion 7.75 % notes due 2022 upon maturity.

LeoVegas senior notes.

In August 2023, LeoVegas repaid its outstanding senior unsecured notes totaling $ 36 million.

Fair value of long-term debt.

The estimated fair value of the Company’s long-term debt was $ 6.5 billion and $ 8.4 billion at June 30, 2023 and December 31, 2022, respectively.

The estimated fair value of the Company’s long-term debt was $ 6.2 billion and $ 8.4 billion at September 30, 2023 and December 31, 2022, respectively.

NOTE 7 — INCOME TAXES

1 unchanged sentence

The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.

The Company’s effective income tax rate was 13.8 % and 22.1 % for the three and six months ended June 30, 2023, respectively, compared to 26.1 % and 25.3 % for the three and six months ended June 30, 2022, respectively.

The Company’s effective income tax rate was 5.5 % and 18.9 % for the three and nine months ended September 30, 2023, respectively, compared to a benefit of 10.6 % on loss before income taxes and a provision of 43.8 % on income before income taxes for the three and nine months ended September 30, 2022, respectively.

Through the year ended December 31, 2022, MGM Grand Paradise was granted an extension of its exemption from the Macau 12 % complementary tax on gaming profits.

In March 2023, the Company applied for an extension of the exemption on gaming profits, which is currently under review.

The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences.

5 unchanged sentences

The Company leases the real estate assets of its domestic properties pursuant to triple-net lease agreements, which are classified as operating leases.

The triple-net structure of the leases requires the Company to

pay substantially all costs associated with each property, including real estate taxes, insurance, utilities and routine maintenance (with each lease obligating the Company to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent.

The triple-net structure of the leases requires the Company to pay substantially all costs associated with each property, including real estate taxes, insurance, utilities and routine maintenance (with each lease obligating the Company to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent.

Each of the leases also requires the Company to comply with certain financial covenants, which, if not met, would require the Company to maintain cash security or provide one or more letters of credit in favor of the landlord in an amount equal to 6 months or 1 year of rent, as applicable to the circumstances, under the VICI lease, 1 year of rent under the Mandalay Bay and MGM Grand Las Vegas lease, the Aria and Vdara lease, and The Cosmopolitan lease, and 2 years of rent under the Bellagio lease.

The Company was in compliance with its applicable covenants under its leases as of June 30, 2023.

The Company was in compliance with its applicable covenants under its leases as of September 30, 2023.

Bellagio lease .

The Company leases the real estate assets of Bellagio from Bellagio BREIT Venture.

The Bellagio lease commenced November 15, 2019 and has an initial term of 30 years with two 10 -year renewal periods, exercisable at the Company’s option, with a fixed 2 % rent escalator for the first 10 years and, thereafter, an escalator equal to the greater of 2 % and the CPI increase during the prior year, subject to a cap of 3 % during the 11th through 20th years and 4 % thereafter.

The Bellagio lease commenced November 15, 2019 and has an initial term of 30 years with two 10 -year renewal periods, exercisable at

the Company’s option, with a fixed 2 % rent escalator for the first 10 years and, thereafter, an escalator equal to the greater of 2 % and the CPI increase during the prior year, subject to a cap of 3 % during the 11th through 20th years and 4 % thereafter.

Annual cash rent payments for the fourth lease year that commenced on December 1, 2022 increased to $ 260 million as a result of the 2 % fixed annual escalator.

6 unchanged sentences

The Aria and Vdara lease commenced September 28, 2021 and has an initial term of 30 years with three 10 -year renewal periods, exercisable at the Company’s option, with a fixed 2 % rent escalator for the first 15 years, and thereafter, an escalator equal to the greater of 2 % and the CPI increase during the prior year, subject to a cap of 3 %.

Annual cash rent payments for the second lease year that commenced on October 1, 2022 increased to $ 219 million as a result of the 2 % fixed annual escalator.

Annual cash rent payments for the third lease year that commenced on October 1, 2023 increased to $ 224 million as a result of the 2 % fixed annual escalator.

The VICI lease and ground subleases.

19 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

6 unchanged sentences

Total finance lease costs $ 19,514 $ 20,443 $ 58,874 $ 62,797

(1) Operating lease cost includes $ 83 million for each of the three months ended June 30, 2023 and 2022 and $ 166 million for each of the six months ended June 30, 2023 and 2022 related to the Bellagio lease, which is held with a related party.

(1) Operating lease cost includes $ 83 million for each of the three months ended September 30, 2023 and 2022 and $ 248 million for each of the nine months ended September 30, 2023 and 2022 related to the Bellagio lease, which is held with a related party.

September 30,

2023 December 31,

22 unchanged sentences

Finance leases 6 5

(1) As of June 30, 2023 and December 31, 2022, operating lease right-of-use assets, net included $ 3.5 billion related to the Bellagio lease.

(2) As of June 30, 2023 and December 31, 2022, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease.

Six Months Ended

(1) As of September 30, 2023 and December 31, 2022, operating lease right-of-use assets, net included $ 3.5 billion related to the Bellagio lease.

(2) As of September 30, 2023 and December 31, 2022, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease.

Nine Months Ended

September 30,

Cash paid for amounts included in the measurement of lease liabilities (In thousands)

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Year ending December 31, (In thousands)

2023 (excluding the six months ended June 30, 2023) $ 899,947 $ 42,714

2023 (excluding the nine months ended September 30, 2023) $ 454,089 $ 23,892

2024 1,829,983 8,882

9 unchanged sentences

NOTE 9 — COMMITMENTS AND CONTINGENCIES

The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business.

Cybersecurity litigation.

In September 2023, through unauthorized access to certain of its U.S.

systems, third-party criminal actors obtained, for some of the Company’s customers, personal information (including name, contact information (such as phone number, email address and postal address), gender, date of birth and driver’s license numbers).

For a limited number of customers, Social Security numbers and passport numbers were also obtained by the criminal actors.

The Company has been and continues to notify individuals impacted by this issue in accordance with federal and state law.

In connection with this cybersecurity issue, the Company became subject to consumer class actions, to which it will respond in due course.

However, the Company cannot predict the timing or outcome of any of these potential matters, or whether the Company may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions.

While the Company believes it is reasonably possible that it may incur losses associated with the above-described proceedings, it is not possible to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the preliminary stage of these proceedings.

The Company has incurred, and expects to continue to incur, certain expenses related to the cybersecurity issue, including expenses to respond to, remediate, and investigate this matter.

The full scope of the costs and related impacts of this issue, including the extent to which all of the costs will be offset by cybersecurity insurance, has not been determined.

Other litigation.

The Company is a party to various other legal proceedings, most of which relate to routine matters incidental to its business.

Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows .

Other guarantees.

The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions .

The Company’s senior credit facility limits the amount of letters of credit that can be issued to $ 1.35 billion.

At June 30, 2023, $ 29 million in letters of credit were outstanding under the Company’s senior credit facility.

The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.

MGM China bank guarantees.

In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $ 124 million as of June 30, 2023 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession.

In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $ 124 million as of September 30, 2023 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is

noncompliance with the concession.

The guarantees expire 180 days after the end of the concession term.

As of December 31, 2022, MOP 1 billion (approximately $ 124 million as of December 31, 2022) of the bank guarantees were secured by pledged cash and, in connection with a release of MOP 300 million of such pledged cash during the six months ended June 30, 2023, MOP 700 million of the bank guarantees (approximately $ 87 million as of June 30, 2023) were secured by pledged cash as of June 30, 2023.

As of December 31, 2022, MOP 1 billion (approximately $ 124 million as of December 31, 2022) of the bank guarantees were secured by pledged cash and, in connection with a release of MOP 300 million of such pledged cash during the nine months ended September 30, 2023, MOP 700 million of the bank guarantees (approximately $ 87 million as of September 30, 2023) were secured by pledged cash as of September 30, 2023.

Shortfall guarantees.

The Company provides shortfall guarantees of the $ 3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, the landlord of Bellagio, which matures in 2029 and of the $ 3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlords of Mandalay Bay and MGM Grand Las Vegas, which matures in 2032 and has an anticipated repayment date

of March 2030.

The terms of the shortfall guarantees provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation.

1 unchanged sentence

such value is immaterial.

MGM/Osaka IR KK guarantees.

The Company provides for guarantees to the government of Osaka (1) in the amount of 12.65 billion yen (approximately $ 85 million as of September 30, 2023) for 50 % of Osaka IR KK’s obligations to Osaka under various agreements related to the development of an integrated resort in Osaka, Japan by Osaka IR KK and (2) of an uncapped amount to provide funding to Osaka IR KK, if necessary, for the completion of the construction and full opening of the integrated resort.

The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled.

The guarantees are accounted for under ASC 460 at fair value;

such value is immaterial.

MGM/Osaka IR KK funding commitment.

The Company has commitments to fund Osaka IR KK for its proportionate share of the unfinanced portion of Osaka IR KK’s development project, for which the total development cost is currently committed to be 1.27 trillion yen (approximately $ 8.5 billion as of September 30, 2023).

The amount and timing of funding may vary based upon the progress and scope of the development, the availability and amount of financing to be obtained by Osaka IR KK, and the timing and amount of noncontrolling interest participation.

Other guarantees.

The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions .

The Company’s senior credit facility limits the amount of letters of credit that can be issued to $ 1.35 billion.

At September 30, 2023, $ 29 million in letters of credit were outstanding under the Company’s senior credit facility.

The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.

NOTE 10 — EARNINGS PER SHARE

2 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

(In thousands)

Net income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921

Net income (loss) attributable to MGM Resorts International $ 161,117 $ ( 576,830 ) $ 828,720 $ 1,189,091

Adjustment related to redeemable noncontrolling interests ( 34 ) 8,043 1,376 ( 13,355 )

Net income attributable to common stockholders – basic and diluted $ 200,910 $ 1,771,525 $ 669,013 $ 1,744,524

Net income (loss) attributable to common stockholders – basic and diluted $ 161,083 $ ( 568,787 ) $ 830,096 $ 1,175,736

Weighted-average common shares outstanding – basic 347,345 393,295 360,732 417,686

4 unchanged sentences

MGM Resorts International stock repurchases.

In March 2022, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan, and, in February 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan.

In March 2022, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan, in February 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan and, in November 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan.

Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements.

1 unchanged sentence

The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the three months ended June 30, 2022, the Company repurchased approximately 32 million shares of its common stock for an aggregate amount of $ 1.1 billion.

During the six months ended June 30, 2022, the Company repurchased approximately 56 million shares of its common stock for an aggregate amount of $ 2.1 billion, which included the February 2022 repurchase of 4.5 million shares for an aggregate amount of $ 202.5 million from funds managed by Corvex Management LP, a related party.

During the three months ended September 30, 2022, the Company repurchased approximately 10 million shares of its common stock for an aggregate amount of $ 307 million.

During the nine months ended September 30, 2022, the Company repurchased approximately 66 million shares of its common stock for an aggregate amount of $ 2.4 billion, which included the February 2022 repurchase of 4.5 million shares for an aggregate amount of $ 202.5 million from funds managed by Corvex Management LP, a related party.

Repurchased shares were retired.

During the three months ended June 30, 2023, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $ 626 million.

During the six months ended June 30, 2023, the Company repurchased approximately 27 million shares of its common stock for an aggregate amount of $ 1.1 billion.

During the three months ended September 30, 2023, the Company repurchased approximately 13 million shares of its common stock for an aggregate amount of $ 572 million.

During the nine months ended September 30, 2023, the Company repurchased approximately 39 million shares of its common stock for an aggregate amount of $ 1.7 billion.

In connection with these repurchases, the March 2022 stock repurchase plan was completed.

Repurchased shares were retired.

The remaining availability under the February 2023 $ 2.0 billion stock repurchase plan was $ 1.4 billion as of June 30, 2023.

Subsequent to the quarter ended June 30, 2023, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of $ 88 million, excluding excise tax.

Repurchased shares were retired.

The remaining availability under the February 2023 $ 2.0 billion stock repurchase plan was $ 806 million as of September 30, 2023.

Accumulated other comprehensive income.

2 unchanged sentences

(In thousands)

Balances, April 1, 2023 $ 36,873 $ ( 65 ) $ 36,808

Balances, July 1, 2023 $ 30,122 $ ( 65 ) $ 30,057

Other comprehensive loss, net of tax ( 30,386 ) — ( 30,386 )

Other comprehensive income attributable to noncontrolling interest ( 288 ) — ( 288 )

Balances, June 30, 2023 $ 30,122 $ ( 65 ) $ 30,057

Balances, September 30, 2023 $ ( 552 ) $ ( 65 ) $ ( 617 )

Balances, January 1, 2023 $ 34,435 $ ( 936 ) $ 33,499

3 unchanged sentences

Other comprehensive loss attributable to noncontrolling interest 1,488 — 1,488

Balances, June 30, 2023 $ 30,122 $ ( 65 ) $ 30,057

Balances, September 30, 2023 $ ( 552 ) $ ( 65 ) $ ( 617 )

NOTE 12 — SEGMENT INFORMATION

5 unchanged sentences

Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada:

Aria (including Vdara), Bellagio, The Cosmopolitan (upon its acquisition in May 2022), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage (until its disposition in December 2022), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).

December 2022), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).

Regional Operations.

15 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

21 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

13 unchanged sentences

Income from unconsolidated affiliates related to real estate ventures 2,698 2,690 8,088 59,162

Operating income 371,378 2,381,451 1,102,217 2,487,239

Operating income (loss) 369,936 ( 1,045,971 ) 1,472,153 1,441,268

Non-operating income (expense)

3 unchanged sentences

( 145,611 ) ( 140,483 ) ( 319,481 ) ( 503,392 )

Income before income taxes 282,685 2,195,464 928,347 2,124,330

Provision for income taxes ( 39,141 ) ( 572,839 ) ( 204,920 ) ( 536,498 )

Net income 243,544 1,622,625 723,427 1,587,832

Income (loss) before income taxes 224,325 ( 1,186,454 ) 1,152,672 937,876

Benefit (provision) for income taxes ( 12,440 ) 125,367 ( 217,360 ) ( 411,131 )

Net income (loss) 211,885 ( 1,061,087 ) 935,312 526,745

Net (income) loss attributable to noncontrolling interests ( 50,768 ) 484,257 ( 106,592 ) 662,346

Net income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921

Net income (loss) attributable to MGM Resorts International $ 161,117 $ ( 576,830 ) $ 828,720 $ 1,189,091

NOTE 13 — RELATED PARTY TRANSACTIONS

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements