What changed in this filing

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Item 1. Financial Statements

2025-04-30 compared with 2024-10-30 · 164 added, 217 removed, 449 unchanged (46% of the section changed)

3 unchanged sentences

(In thousands, except share data)

September 30,

2025 December 31,

11 unchanged sentences

Operating lease right-of-use assets, net 23,407,115 23,532,287

Deferred income taxes

47,745 39,591

Other long-term assets, net 861,859 858,980

Total other assets 31,958,465 32,008,411

$ 41,903,113 $ 42,231,627

2 unchanged sentences

Accounts and construction payable $ 380,842 $ 412,662

Current portion of long-term debt 675,000 —

Accrued interest on long-term debt 100,342 69,916

1 unchanged sentence

Total current liabilities 3,169,455 3,351,683

Deferred income taxes, net 2,792,523 2,860,997

Deferred income taxes 2,810,395 2,811,663

Long-term debt, net 6,414,628 6,362,098

1 unchanged sentence

Other long-term obligations 830,283 910,088

Total liabilities 38,281,691 38,511,671

Commitments and contingencies (Note 7)

5 unchanged sentences

Retained earnings 2,762,722 3,081,753

Accumulated other comprehensive income 191,575 143,896

Accumulated other comprehensive income (loss) 88,025 ( 61,216 )

Total MGM Resorts International stockholders' equity 2,853,544 3,023,481

7 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Casino $ 2,252,148 $ 2,241,095

2 unchanged sentences

Entertainment, retail and other 391,353 416,571

Reimbursed costs 11,877 11,556 35,932 33,782

4,277,082 4,383,470

3 unchanged sentences

Entertainment, retail and other 234,429 256,477

Reimbursed costs 11,877 11,556 35,932 33,782

General and administrative 1,164,898 1,194,682

4 unchanged sentences

3,879,129 3,899,968

Income (loss) from unconsolidated affiliates 7,989 22,507 ( 51,319 ) ( 68,681 )

Loss from unconsolidated affiliates ( 12,896 ) ( 25,124 )

Operating income 385,057 458,378

20 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Net income $ 226,731 $ 299,726

1 unchanged sentence

Foreign currency translation 148,308 ( 85,190 )

Other — — — 871

Other comprehensive income (loss) 156,968 ( 30,386 ) 50,700 ( 35,604 )

Comprehensive income 375,039 214,536

5 unchanged sentences

(In thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities

3 unchanged sentences

Amortization of debt discounts and issuance costs 6,820 7,020

Loss on early retirement of debt 2,013 —

Provision for credit losses 10,784 18,152

Stock-based compensation 28,653 26,780

Foreign currency transaction loss 28,303 26,302

Foreign currency transaction loss (gain) 100,923 ( 32,925 )

Property transactions, net 15,468 17,154

16 unchanged sentences

Investments in unconsolidated affiliates — ( 10,029 )

Proceeds from sale of operating resorts — 460,392

Acquisitions, net of cash acquired — ( 491 )

Proceeds from repayment of principal on note receivable — 152,518

Distributions from unconsolidated affiliates 522 595

2 unchanged sentences

Cash flows from financing activities

Net repayments under bank credit facilities - maturities of 90 days or less ( 19,061 ) ( 931,028 )

Issuance of long-term debt 2,100,000 —

Repayment of long-term debt ( 1,500,000 ) ( 1,285,600 )

Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 50,374 ( 76,702 )

Debt issuance costs — ( 9,608 )

4 unchanged sentences

Effect of exchange rate on cash, cash equivalents, and restricted cash 5,089 ( 17,600 )

Change in cash and cash equivalents classified as assets held for sale — 25,938

Cash, cash equivalents, and restricted cash

4 unchanged sentences

Interest paid, net of amounts capitalized $ 70,023 $ 48,362

Federal, state and foreign income taxes paid, net

225,280 286,561

Non-cash investing and financing activities

MGM Grand Paradise gaming concession intangible asset $ — $ 226,083

MGM Grand Paradise gaming concession payment obligation

Federal, state, and foreign income taxes paid (refunds received), net ( 156 ) 2,327

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

4 unchanged sentences

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

Balances, July 1, 2024 304,965 $ 3,050 $ — $ 3,172,243 $ 37,383 $ 3,212,676 $ 601,469 $ 3,814,145

Net income — — — 184,578 — 184,578 59,499 244,077

Currency translation adjustment — — — — 154,192 154,192 2,776 156,968

Stock-based compensation — — 11,443 — — 11,443 774 12,217

Issuance of common stock pursuant to stock-based compensation awards 270 3 ( 4,396 ) — — ( 4,393 ) — ( 4,393 )

Distributions to noncontrolling interest owners — — — — — — ( 84,424 ) ( 84,424 )

Repurchases of common stock ( 8,349 ) ( 84 ) ( 6,535 ) ( 319,208 ) — ( 325,827 ) — ( 325,827 )

Adjustment of redeemable noncontrolling interest to redemption value — — — ( 216 ) — ( 216 ) — ( 216 )

Other — — ( 512 ) — — ( 512 ) 9,506 8,994

Balances, September 30, 2024 296,886 $ 2,969 $ — $ 3,037,397 $ 191,575 $ 3,231,941 $ 589,600 $ 3,821,541

Balances, January 1, 2025 294,374 $ 2,944 $ — $ 3,081,753 $ ( 61,216 ) $ 3,023,481 $ 661,670 $ 3,685,151

7 unchanged sentences

Other — — ( 879 ) — — ( 879 ) 4,296 3,417

Balances, September 30, 2024 296,886 $ 2,969 $ — $ 3,037,397 $ 191,575 $ 3,231,941 $ 589,600 $ 3,821,541

Balances, March 31, 2025 279,651 $ 2,797 $ — $ 2,762,722 $ 88,025 $ 2,853,544 $ 732,792 $ 3,586,336

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

4 unchanged sentences

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

Currency translation adjustment — — — — ( 30,674 ) ( 30,674 ) 288 ( 30,386 )

Stock-based compensation — — 10,270 — — 10,270 794 11,064

Issuance of common stock pursuant to stock-based compensation awards 891 9 ( 9,762 ) ( 9,318 ) — ( 19,071 ) — ( 19,071 )

Distributions to noncontrolling interest owners — — — — — — ( 7,476 ) ( 7,476 )

Repurchases of common stock ( 12,766 ) ( 128 ) — ( 571,462 ) — ( 571,590 ) — ( 571,590 )

Adjustment of redeemable noncontrolling interest to redemption value — — ( 34 ) — — ( 34 ) — ( 34 )

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

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

Balances, January 1, 2024 326,550 $ 3,266 $ — $ 3,664,008 $ 143,896 $ 3,811,170 $ 522,975 $ 4,334,145

4 unchanged sentences

Distributions to noncontrolling interest owners — — — — — — ( 33,183 ) ( 33,183 )

Issuance of restricted stock units — — 1,701 — — 1,701 — 1,701

Repurchases of common stock ( 11,703 ) ( 117 ) ( 23,553 ) ( 487,812 ) — ( 511,482 ) — ( 511,482 )

1 unchanged sentence

Other — — ( 1,180 ) — — ( 1,180 ) ( 930 ) ( 2,110 )

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

Balances, March 31, 2024 314,915 $ 3,149 $ — $ 3,393,805 $ 59,810 $ 3,456,764 $ 570,513 $ 4,027,277

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 September 30, 2024, 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.

As of March 31, 2025, 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 (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including NoMad Las Vegas), and Excalibur.

The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and Beau Rivage in Biloxi, Mississippi.

4 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 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.

The Company also has a 50 % ownership interest in Osaka IR KK, an unconsolidated affiliate, which plans to develop an integrated resort in Osaka, Japan.

The Company also owns LV Lion Holding Limited (together with its subsidiaries, “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 North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America.

The Company also has a 50 % ownership interest in Osaka IR KK, an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan.

Reportable segments.

The Company has three reportable segments:

Las Vegas Strip Resorts, Regional Operations and MGM China.

The Company has four reportable segments:

Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital.

See Note 10 for additional information about the Company’s segments.

2 unchanged sentences

As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S.

generally accepted accounting principles (“U.S.

GAAP”) have been condensed or omitted.

generally accepted accounting principles (“GAAP”) have been condensed or omitted.

These consolidated financial statements should be read in conjunction with the Company’s 2024 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

4 unchanged sentences

The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary.

Bellagio BREIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5 % ownership interest) and Osaka IR KK are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures.

Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5 % ownership interest) and Osaka IR KK are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures.

The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.

1 unchanged sentence

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

For entities in which the Company owns less than 100 % of the equity interest, the Company consolidates the

entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China.

For entities in which the Company owns less than 100 % of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China.

For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation.

If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810.

If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810.

For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.

15 unchanged sentences

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 $ 433 million and $ 435 million as of September 30, 2024 and December 31, 2023, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets.

The fair value of these investments was $ 420 million and $ 388 million as of March 31, 2025 and December 31, 2024, 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 months ended September 30, 2024, the Company recorded a net gain on its equity investments of $ 48 million.

For the nine months ended September 30, 2024, the Company recorded a net loss on its equity investments of $ 2 million.

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 months ended March 31, 2025 the Company recorded a net gain on its equity investments of $ 32 million.

For the three months ended March 31, 2024, the Company recorded a net loss on its equity investments of $ 24 million.

The Company uses derivatives that are not designated for hedge accounting.

1 unchanged sentence

The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”

As of September 30, 2024, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates.

As of September 30, 2024, the fair value of derivatives classified as assets were $ 27 million, with $ 12 million in current assets and $ 15 million in long-term assets, and liabilities of $ 21 million, with $ 19 million in current liabilities and $ 2 million in long-term liabilities.

As of December 31, 2023, the fair value of derivatives classified as assets were $ 10 million, with $ 1 million in current assets and $ 9 million in long-term assets, and liabilities of $ 17 million, with $ 8 million in current liabilities and $ 9 million in long-term liabilities.

For the three months ended September 30, 2024, the Company recorded a net gain on its derivatives of $ 87 million and for the nine months ended September 30, 2024, the Company recorded a net loss on its derivatives of $ 13 million.

As of March 31, 2025, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates.

As of March 31, 2025, the fair value of derivatives classified as assets were $ 2 million within long-term assets and liabilities of $ 60 million within current liabilities.

As of December 31, 2024, the fair value of derivatives classified as liabilities were $ 96 million, with $ 57 million in current liabilities and $ 39 million in long-term liabilities.

For the three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $ 40 million.

For the three months ended March 31, 2024, the Company recorded a net loss on its derivatives of $ 38 million.

Debt investments.

3 unchanged sentences

The following table presents information regarding the Company’s debt investments:

Fair value level September 30, 2024 December 31, 2023

Fair value level March 31, 2025 December 31, 2024

(In thousands)

6 unchanged sentences

government securities Level 1 10,420 19,075

agency securities Level 2 — 9,804

Corporate bonds Level 2 180,324 171,117

8 unchanged sentences

Restricted cash.

MGM China’s pledged cash of $ 87 million for each of September 30, 2024 and December 31, 2023, securing the bank guarantees discussed in Note 8 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, 2024 and December 31, 2023.

MGM China’s pledged cash of $ 87 million for each of March 31, 2025 and December 31, 2024 , securing the bank guarantees discussed in Note 7 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 March 31, 2025 and December 31, 2024 .

Accounts receivable.

As of September 30, 2024 and December 31, 2023, the loss reserve on accounts receivable was $ 145 million and $ 130 million, respectively.

Note receivable.

In February 2023, the secured note receivable related to the sale of Circus Circus Las Vegas and the adjacent land was repaid, prior to maturity, for $ 170 million, which approximated its carrying value on the date of repayment.

As of March 31, 2025 and December 31, 2024, the loss reserve on accounts receivable was $ 134 million and $ 135 million, respectively.

Accounts payable.

As of September 30, 2024 and December 31, 2023, the Company had accrued $ 90 million and $ 84 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

As of March 31, 2025 and December 31, 2024, the Company had accrued $ 84 million and $ 109 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 $ 215,710 $ 211,606 $ 215,005 $ 201,973 $ 825,236 $ 766,226

Balance at September 30 171,502 185,615 213,330 204,333 795,489 847,572

Balance at March 31 177,017 190,631 205,276 194,946 813,917 781,973

Increase / (decrease) $ ( 38,693 ) $ ( 20,975 ) $ ( 9,729 ) $ ( 7,027 ) $ ( 11,319 ) $ 15,747

The January 1, 2023 balances exclude liabilities related to assets held for sale related to Gold Strike Tunica.

Revenue by source.

The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 11.

The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) within Note 10.

Refer to Note 6 for information regarding leases under which the Company is a lessee.

1 unchanged sentence

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 nine months ended September 30, 2024, lease revenues from third-party tenants include $ 21 million and $ 62 million recorded within food and beverage revenue, respectively and $ 28 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, 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 months ended

March 31, 2025, lease revenues from third-party tenants include $ 18 million recorded within food and beverage revenue, and $ 28 million recorded within entertainment, retail, and other revenue.

For the three months ended March 31, 2024, lease revenues from third-party tenants include $ 20 million recorded within food and beverage revenue and $ 28 million recorded within entertainment, retail, and other revenue.

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

Redeemable noncontrolling interest.

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 retained earnings, to the extent available, with any residual amount applied against capital in excess of par value.

During the nine months ended September 30, 2023, the Company purchased $ 138 million of interests from its redeemable noncontrolling interest parties.

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 $ 146 million, which was allocated to $ 126 million of goodwill and $ 40 million of amortizable intangible assets.

Gold Strike Tunica.

On February 15, 2023, the Company completed the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, LLC, a subsidiary of Cherokee Nation Business, for cash consideration of $ 450 million, or $ 474 million, net of purchase price adjustments and transaction costs.

At closing, the master lease between the Company and VICI was amended to remove Gold Strike Tunica and to reflect a $ 40 million reduction in annual cash rent.

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.

NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $ 414 million and $ 241 million as of September 30, 2024 and December 31, 2023, respectively.

The Company’s share of losses of BetMGM in excess of its equity method investment balance is $ 44 million and $ 5 million as of September 30, 2024 and December 31, 2023, respectively.

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

Investments in and advances to unconsolidated affiliates were $ 394 million and $ 381 million as of March 31, 2025 and December 31, 2024, respectively.

The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $ 103 million and $ 89 million as of March 31, 2025 and December 31, 2024, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(In thousands)

Income (loss) from unconsolidated affiliates $ 7,989 $ 22,507 $ ( 51,319 ) $ ( 68,681 )

Loss from unconsolidated affiliates $ ( 12,896 ) $ ( 25,124 )

Non-operating items from unconsolidated affiliates 262 ( 136 )

$ ( 12,634 ) $ ( 25,260 )

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

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(In thousands)

BetMGM $ 3,211 $ 12,629 $ ( 67,781 ) $ ( 91,743 )

BetMGM North America Venture

$ ( 15,201 ) $ ( 32,601 )

Other 2,305 7,477

2 unchanged sentences

Long-term debt consisted of the following:

September 30,

2025 December 31,

2 unchanged sentences

5.25 % MGM China senior notes, due 2025

6.75 % senior notes, due 2025

5.75 % senior notes, due 2025

500,000 500,000

1 unchanged sentence

750,000 750,000

5.875 % MGM China senior notes, due 2026

750,000 750,000

4.625 % senior notes, due 2026

7 unchanged sentences

6.125 % senior notes, due 2029

850,000 850,000

7.125 % MGM China senior notes, due 2031

500,000 500,000

6.5 % senior notes, due 2032

750,000 750,000

7 % debentures, due 2036

3 unchanged sentences

$ 6,414,628 $ 6,362,098

Current portion

( 675,000 ) —

$ 6,234,275 $ 6,343,810

MGM China’s 5.25 % senior notes due within one year of the September 30, 2024 balance sheet was classified as long-term as MGM China has both the intent and ability to refinance the notes on a long-term basis under its revolving credit facilities.

MGM China’s senior notes due within one year of the applicable balance sheet date were classified as long-term as MGM China had both the intent and ability to refinance the notes on a long-term basis.

Senior secured credit facility.

In February 2024, the Company amended its senior secured credit facility to increase the facility to $ 2.3 billion and extend the maturity date to February 2029.

At September 30, 2024, no amounts were drawn.

In February 2024, the Company amended its revolving facility to increase the facility to $ 2.3 billion and extend the maturity date to February 2029.

At March 31, 2025, 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 September 30, 2024.

The Company was in compliance with its credit facility covenants at March 31, 2025.

MGM China first revolving credit facility.

At September 30, 2024, the MGM China first revolving credit facility consisted of a HK$ 9.75 billion (approximately $ 1.3 billion) unsecured revolving credit facility, which matures in May 2026, and had a weighted average interest rate of 6.82 %.

The MGM China first revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio.

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 September 30, 2024.

At March 31, 2025, the MGM China first revolving credit facility consisted of a HK$ 9.75 billion (approximately $ 1.3 billion) unsecured revolving credit facility, which was to mature in May 2026, and had a weighted average interest rate of 5.47 %.

The MGM China first revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio.

MGM China was in compliance with its MGM China first revolving credit facility covenants at March 31, 2025.

MGM China second revolving credit facility.

At September 30, 2024, the MGM China second revolving credit facility consisted of a HK$ 5.85 billion (approximately $ 753 million) unsecured revolving credit facility.

The option to increase the amount of the facility was further exercised in May 2024, increasing the facility by HK$ 1.26 billion (approximately $ 161 million) to its full capacity of HK$ 5.85 billion.

At September 30, 2024, no amounts were drawn on the MGM China second revolving credit facility.

The MGM China second revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio.

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 September 30, 2024.

Senior notes.

In September 2024, the Company issued $ 850 million in aggregate principal amount of 6.125 % notes due 2029.

The Company used the net proceeds from the offering to fund the early redemption of its $ 675 million in aggregate principal amount of 5.75 % notes due 2025 at a redemption price of 100.607 % in October 2024, with the remainder primarily used for general corporate purposes.

In April 2024, the Company issued $ 750 million in aggregate principal amount of 6.5 % notes due 2032.

The Company used the net proceeds from the offering to fund the early redemption of its $ 750 million in aggregate principal amount of 6.75 % notes due 2025 in May 2024.

In March 2023, the Company repaid its $ 1.25 billion 6 % notes due 2023 upon maturity.

MGM China senior notes.

In June 2024, MGM China issued $ 500 million in aggregate principal amount of 7.125 % notes due 2031.

In May 2024, MGM China repaid its $ 750 million in aggregate principal amount of 5.375 % notes due 2024.

LeoVegas senior notes.

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

At March 31, 2025, the MGM China second revolving credit facility consisted of a HK$ 5.85 billion (approximately $ 752 million) unsecured revolving credit facility, which was to mature in May 2026.

At March 31, 2025, no amounts were drawn on the MGM China second revolving credit facility.

The MGM China second revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio.

MGM China was in compliance with its MGM China second revolving credit facility covenants at March 31, 2025.

MGM China revolving credit facility.

On April 15, 2025, MGM China entered into a HK$ 23.4 billion senior unsecured revolving credit facility.

The MGM China revolving credit facility matures in April 2030 and bears interest at a fluctuating rate per annum based on the Hong Kong Interbank Offer Rate plus 1.625 % to 2.75 %, as determined by MGM China’s leverage ratio.

The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio.

In April 2025, MGM China repaid in full the amounts

outstanding under its MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility and the total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full.

Fair value of long-term debt.

The estimated fair value of the Company’s long-term debt was $ 6.9 billion and $ 6.3 billion at September 30, 2024 and December 31, 2023, respectively.

The estimated fair value of the Company’s long-term debt was $ 6.4 billion and $ 6.3 billion at March 31, 2025 and December 31, 2024, respectively.

NOTE 5 — INCOME TAXES

For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income.

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 17.7 % and 9.3 % for the three and nine months ended September 30, 2024, respectively, compared to 5.5 % and 18.9 % for the three and nine months ended September 30, 2023, respectively.

On January 29, 2024, MGM Grand Paradise was granted an extension of its exemption from the Macau 12 % complementary tax on gaming profits for the period of January 1, 2023 through December 31, 2027.

For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income.

The income 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 15.0 % and 12.7 % for the three months ended March 31, 2025 and March 31, 2024, respectively.

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

4 unchanged sentences

Other information.

Components of lease costs and other information related to the Company’s leases are:

Components of lease costs and other information related to the Company’s leases were:

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(In thousands)

5 unchanged sentences

Total finance lease costs $ 22,489 $ 21,780

(1) Operating lease cost includes $ 83 million for each of the three months ended September 30, 2024 and 2023 and $ 248 million for each of the nine months ended September 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party.

September 30,

(1) Operating lease cost includes $ 83 million for each of the three months ended March 31, 2025 and 2024 related to the Bellagio lease, which is held with a related party.

2025 December 31,

22 unchanged sentences

Finance leases 6 6

(1) As of September 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $ 3.4 billion and $ 3.5 billion related to the Bellagio lease, respectively.

(2) As of September 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease.

As of September 30, 2024, operating lease liabilities – current included $ 2 million related to the Bellagio lease.

Nine Months Ended

September 30,

(1) As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $ 3.4 billion related to the Bellagio lease.

(2) As of March 31, 2025 and December 31, 2024, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease.

As of March 31, 2025 and December 31, 2024, operating lease liabilities – current included $ 5 million and $ 3 million related to the Bellagio lease, respectively.

Three Months Ended

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

10 unchanged sentences

Year ending December 31, (In thousands)

2024 (excluding the nine months ended September 30, 2024) $ 459,142 $ 25,229

2025 (excluding the three months ended March 31, 2025) $ 1,403,211 $ 68,910

2026 1,891,709 81,702

15 unchanged sentences

In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S.

federal and state courts.

and Canadian courts.

These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief.

In addition, the Company is the subject of investigations by state and federal regulators, which also could result in monetary fines and other relief.

The Company reached a settlement for $ 45 million to resolve the purported U.S.

civil class action litigation related to the 2023 cybersecurity issue and a 2019 cybersecurity issue, which was paid by insurance carriers into a settlement fund in February 2025.

In addition, the Company continues to be subject to investigations by state regulators, which also could result in monetary fines and other relief.

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.

1 unchanged sentence

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 .

Commitments and guarantees.

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 $ 125 million as of September 30, 2024 ) 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 $ 125 million as of March 31, 2025 ) 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 September 30, 2024 , MOP 700 million of the bank guarantees (approximately $ 87 million as of September 30, 2024 ) were secured by pledged cash.

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.

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

As of March 31, 2025 , MOP 700 million of the bank guarantees (approximately $ 87 million as of March 31, 2025 ) were secured by pledged cash.

Bellagio REIT shortfall guarantee.

The Company provides a shortfall guarantee of the $ 3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029.

The terms of the shortfall guarantee 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.

The guarantee is accounted for under ASC 460 at fair value;

such value is immaterial.

MGM/Osaka IR KK guarantees.

The Company provides for guarantees (1) in the amount of 12.65 billion yen (approximately $ 88 million as of September 30, 2024 ) for 50 % of Osaka IR KK’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan 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.

Osaka IR KK guarantees.

The Company provides for guarantees (1) in the amount of 12.65 billion yen (approximately $ 84 million as of March 31, 2025 ) for 50 % of Osaka IR KK’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan 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.

1 unchanged sentence

such value is immaterial.

Additionally, the Company’s ownership interest in Osaka IR KK, which had a carrying value of $ 302 million as of September 30, 2024 , is pledged as collateral for Osaka IR KK’s obligations under its credit agreement.

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, of which approximately 271 billion yen (approximately $ 1.9 billion as of September 30, 2024 ) remains to be funded as of September 30, 2024.

The amount and timing of funding is subject to change based upon inflation, the progress and scope of the development, and other factors, which may increase the funding.

During the three and nine months ended September 30, 2024, the Company funded 22.2 billion yen (approximately $ 138 million) and 25.2 billion yen (approximately $ 157 million), respectively, of the committed amount to Osaka IR KK.

During the three and nine months ended September 30, 2023, the Company funded 10.3 billion yen (approximately $ 69 million) of the committed amount to Osaka IR KK.

Additionally, the Company’s ownership interest in Osaka IR KK, which had a carrying value of $ 285 million as of March 31, 2025 , is pledged as collateral for Osaka IR KK’s obligations under its credit agreement.

Osaka IR KK funding commitment.

The Company has commitments to fund Osaka IR KK of 428 billion yen, of which an estimated amount of approximately 392 billion yen (approximately $ 2.6 billion as of March 31, 2025 ) remains to be funded as of March 31, 2025 .

During the three months ended March 31, 2024 , the Company funded 1.4 billion yen (approximately $ 9 million) of the committed amount to Osaka IR KK.

The amount and timing of funding is expected to change as a result of project progress, inflation, and other factors.

Other guarantees.

1 unchanged sentence

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

At September 30, 2024, $ 28 million in letters of credit were outstanding under the Company’s senior credit facility.

At March 31, 2025, $ 25 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.

4 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(In thousands)

1 unchanged sentence

Adjustment related to redeemable noncontrolling interests ( 41 ) 133

Net income attributable to common stockholders – basic and diluted $ 184,362 $ 161,083 $ 589,140 $ 830,096

Net income available to common stockholders – basic and diluted $ 148,513 $ 217,609

Weighted-average common shares outstanding – basic 287,125 320,488

Potential dilution from stock-based awards

2,980 4,045 3,164 4,115

Weighted-average common and common equivalent shares – diluted 289,096 323,757

1 unchanged sentence

MGM Resorts International stock repurchases.

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.

In February 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan, in November 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan, and in April 2025, 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.

Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.

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 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.

During the three months ended September 30, 2024, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $ 326 million.

During the nine months ended September 30, 2024, the Company repurchased approximately 30 million shares of its common stock for an aggregate amount of $ 1.3 billion.

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 March 31, 2024, the Company repurchased approximately 12 million shares of its common stock for an aggregate amount of $ 511 million.

In connection with these repurchases, the February 2023 stock repurchase plan was completed.

Repurchased shares were retired.

The remaining availability under the November 2023 $ 2.0 billion stock repurchase plan was $ 946 million as of September 30, 2024.

During the three months ended March 31, 2025, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $ 494 million.

Repurchased shares were retired.

The remaining availability under the November 2023 $ 2.0 billion stock repurchase plan was $ 337 million as of March 31, 2025.

Subsequent to March 31, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $ 215 million, excluding excise tax.

Repurchased shares were retired.

NOTE 10 — SEGMENT INFORMATION

The Company’s management views each of its casino properties as an operating segment.

Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.

The Company has aggregated its operating segments into the following reportable segments:

Las Vegas Strip Resorts, Regional Operations and MGM China.

The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.

The Company’s interactive gaming operations are reported within the MGM Digital reportable segment.

During the fourth quarter of 2024, the Company added MGM Digital as a reportable segment to reflect the Company’s strategic focus on interactive gaming.

The corresponding items of segment information for MGM Digital, which were previously included within “Corporate and other”, as applicable, were recast for prior periods.

Las Vegas Strip Resorts.

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

Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).

Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).

Regional Operations.

2 unchanged sentences

Beau Rivage in Biloxi, Mississippi;

Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023);

Borgata in Atlantic City, New Jersey;

4 unchanged sentences

MGM China consists of MGM Macau and MGM Cotai.

The Company’s operations related to LeoVegas, investments in unconsolidated affiliates, and certain other corporate operations and management services have not been identified as separate reportable segments;

MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

The Company’s operations related to investments in unconsolidated affiliates, and certain other corporate operations and management services have not been identified as separate reportable segments;

therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results.

Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments.

Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, rent expense related to triple-net operating leases and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment.

The following tables present the Company’s segment information:

Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments.

Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, loss from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment.

Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(In thousands)

Net revenue (In thousands)

Las Vegas Strip Resorts

8 unchanged sentences

Food and beverage 109,081 107,753

Entertainment, retail and other, and reimbursed costs 54,841 53,173 158,329 161,106

Entertainment, retail and other 52,638 50,825

900,419 909,479

4 unchanged sentences

1,027,472 1,056,017

Casino 128,058 127,608

Reportable segment net revenues 4,232,069 4,348,133

2 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

Expenses (In thousands)

Las Vegas Strip Resorts

Payroll related $ 661,746 $ 643,583

Cost of sales 127,757 135,188

Gaming taxes 59,210 57,944

Other segment items (1)

516,247 590,526

1,364,960 1,427,241

Regional Operations

Payroll related 228,947 227,238

Cost of sales 37,214 39,344

Gaming taxes 184,714 185,996

Other segment items (1)

170,502 182,799

621,377 635,377

Payroll related 145,208 133,166

Cost of sales 27,500 22,350

Gaming taxes 448,776 478,319

Other segment items (1)

120,423 120,996

741,907 754,831

Payroll related 29,537 20,369

Marketing costs 57,793 59,034

Gaming taxes 30,625 28,814

Other segment items (2)

44,496 38,181

$ 162,451 $ 146,398

(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.

(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.

Three Months Ended

(In thousands)

Adjusted Property EBITDAR

Segment Adjusted EBITDAR

Las Vegas Strip Resorts $ 811,160 $ 827,788

1 unchanged sentence

MGM China 285,565 301,186

Reportable segment Adjusted Property EBITDAR 1,268,378 1,233,460 4,035,984 3,831,077

MGM Digital ( 34,393 ) ( 18,790 )

1,341,374 1,384,286

Other operating income (expense)

3 unchanged sentences

Depreciation and amortization ( 236,444 ) ( 196,562 )

Triple-net operating lease and ground lease rent expense ( 564,436 ) ( 564,154 ) ( 1,692,961 ) ( 1,698,867 )

Income from unconsolidated affiliates related to real estate ventures 2,701 2,698 8,069 8,088

Triple net lease rent expense ( 564,475 ) ( 564,339 )

Loss from unconsolidated affiliates ( 12,896 ) ( 25,124 )

Operating income 385,057 458,378

9 unchanged sentences

Net income attributable to MGM Resorts International $ 148,554 $ 217,476

Three Months Ended

Capital expenditures:

(In thousands)

Las Vegas Strip Resorts $ 105,238 $ 102,985

Regional Operations 22,617 19,832

MGM China 59,736 15,384

MGM Digital 18,437 11,769

Reportable segment capital expenditures 206,028 149,970

Corporate and other 22,013 22,110

$ 228,041 $ 172,080

Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.

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