0001564590-20-020518.txt : 20200501 0001564590-20-020518.hdr.sgml : 20200501 20200501163230 ACCESSION NUMBER: 0001564590-20-020518 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200501 DATE AS OF CHANGE: 20200501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MGM Resorts International CENTRAL INDEX KEY: 0000789570 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 880215232 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10362 FILM NUMBER: 20841309 BUSINESS ADDRESS: STREET 1: 3600 LAS VEGAS BLVD S CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 702-693-7120 MAIL ADDRESS: STREET 1: 3600 LAS VEGAS BLVD S. CITY: LAS VEGAS STATE: NV ZIP: 89109 FORMER COMPANY: FORMER CONFORMED NAME: MGM MIRAGE DATE OF NAME CHANGE: 20000823 FORMER COMPANY: FORMER CONFORMED NAME: MGM GRAND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GRAND NAME CO DATE OF NAME CHANGE: 19870713 10-Q 1 mgm-10q_20200331.htm 10-Q mgm-10q_20200331.htm
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UNITED STATES

SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from            to            

Commission File No. 001-10362

 

MGM Resorts International

(Exact name of registrant as specified in its charter)

 

 

Delaware

88-0215232

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109

(Address of principal executive offices)

(702) 693-7120

(Registrant’s telephone number, including area code)

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock (Par Value $0.01)

MGM

New York Stock Exchange (NYSE)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

Non-accelerated filer

  

Smaller reporting company

 

Emerging growth company

  

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 Class 

 

 Outstanding at April 29, 2020 

Common Stock, $0.01 par value

 

493,217,676 shares

 

 

 

 


 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

 

FORM 10-Q

 

I N D E X

 

 

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

 

Consolidated Balance Sheets at March 31, 2020 and December 31, 2019

1

 

 

Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and March 31, 2019

2

 

 

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and March 31, 2019

3

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and March 31, 2019

4

 

 

Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2020 and March 31, 2019

5

 

 

Condensed Notes to Consolidated Financial Statements

7

Item 2.

 

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

22

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

 

Controls and Procedures

38

 

PART II.

OTHER INFORMATION

39

Item 1.

 

Legal Proceedings

39

Item 1A.

 

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 6.

 

Exhibits

43

 

SIGNATURES

45

 

 

 

 


 

Part I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

March 31,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

6,016,417

 

 

$

2,329,604

 

Accounts receivable, net

 

454,826

 

 

 

612,717

 

Inventories

 

106,327

 

 

 

102,888

 

Income tax receivable

 

44,459

 

 

 

27,167

 

October 1 litigation insurance receivable

 

735,000

 

 

 

735,000

 

Prepaid expenses and other

 

240,900

 

 

 

200,317

 

Total current assets

 

7,597,929

 

 

 

4,007,693

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

15,172,959

 

 

 

18,285,955

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

Investments in and advances to unconsolidated affiliates

 

1,596,170

 

 

 

822,366

 

Goodwill

 

2,091,595

 

 

 

2,084,564

 

Other intangible assets, net

 

3,795,850

 

 

 

3,826,504

 

Operating lease right-of-use assets, net

 

8,425,653

 

 

 

4,392,481

 

Other long-term assets, net

 

438,749

 

 

 

456,793

 

Total other assets

 

16,348,017

 

 

 

11,582,708

 

 

$

39,118,905

 

 

$

33,876,356

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

$

202,735

 

 

$

235,437

 

Construction payable

 

40,961

 

 

 

74,734

 

Accrued interest on long-term debt

 

108,694

 

 

 

122,250

 

October 1 litigation liability

 

735,000

 

 

 

735,000

 

Other accrued liabilities

 

1,538,857

 

 

 

2,024,002

 

Total current liabilities

 

2,626,247

 

 

 

3,191,423

 

 

 

 

 

 

 

 

 

Deferred income taxes, net

 

2,388,072

 

 

 

2,106,506

 

Long-term debt, net

 

11,743,348

 

 

 

11,168,904

 

Operating lease liabilities

 

8,374,987

 

 

 

4,277,970

 

Other long-term obligations

 

564,608

 

 

 

363,588

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

89,642

 

 

 

105,046

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 493,154,946 and 503,147,632 shares

 

4,932

 

 

 

5,031

 

Capital in excess of par value

 

3,274,454

 

 

 

3,531,099

 

Retained earnings

 

4,934,302

 

 

 

4,201,337

 

Accumulated other comprehensive loss

 

(39,774

)

 

 

(10,202

)

Total MGM Resorts International stockholders' equity

 

8,173,914

 

 

 

7,727,265

 

Noncontrolling interests

 

5,158,087

 

 

 

4,935,654

 

Total stockholders' equity

 

13,332,001

 

 

 

12,662,919

 

 

$

39,118,905

 

 

$

33,876,356

 

 

 

 

 

 

 

 

 

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

 

 

 

1


 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

Casino

 

$

1,054,026

 

 

$

1,626,346

 

Rooms

 

 

433,951

 

 

 

574,215

 

Food and beverage

 

 

396,709

 

 

 

520,221

 

Entertainment, retail and other

 

 

269,945

 

 

 

344,374

 

Reimbursed costs

 

 

98,186

 

 

 

111,755

 

 

 

 

2,252,817

 

 

 

3,176,911

 

Expenses

 

 

 

 

 

 

 

 

Casino

 

 

628,670

 

 

 

902,757

 

Rooms

 

 

172,609

 

 

 

203,994

 

Food and beverage

 

 

339,636

 

 

 

400,239

 

Entertainment, retail and other

 

 

199,063

 

 

 

243,630

 

Reimbursed costs

 

 

98,186

 

 

 

111,755

 

General and administrative

 

 

574,306

 

 

 

525,112

 

Corporate expense

 

 

143,808

 

 

 

129,436

 

Preopening and start-up expenses

 

 

122

 

 

 

3,287

 

Property transactions, net

 

 

54,975

 

 

 

8,776

 

Gain on REIT transactions, net

 

 

(1,491,945

)

 

 

 

Depreciation and amortization

 

 

318,290

 

 

 

316,414

 

 

 

 

1,037,720

 

 

 

2,845,400

 

Income from unconsolidated affiliates

 

 

35,748

 

 

 

38,749

 

Operating income

 

 

1,250,845

 

 

 

370,260

 

Non-operating income (expense)

 

 

 

 

 

 

 

 

Interest expense, net of amounts capitalized

 

 

(157,137

)

 

 

(216,120

)

Non-operating items from unconsolidated affiliates

 

 

(32,621

)

 

 

(18,165

)

Other, net

 

 

(124,264

)

 

 

1,693

 

 

 

 

(314,022

)

 

 

(232,592

)

Income before income taxes

 

 

936,823

 

 

 

137,668

 

Provision for income taxes

 

 

(262,304

)

 

 

(71,511

)

Net income

 

 

674,519

 

 

 

66,157

 

Less: Net (income) loss attributable to noncontrolling interests

 

 

132,350

 

 

 

(34,860

)

Net income attributable to MGM Resorts International

 

$

806,869

 

 

$

31,297

 

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

 

 

 

 

 

 

 

 

Basic

 

$

1.64

 

 

$

0.05

 

Diluted

 

$

1.64

 

 

$

0.05

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

495,415

 

 

 

534,219

 

Diluted

 

 

496,984

 

 

 

537,506

 

 

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

 

 

2


 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

674,519

 

 

$

66,157

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

28,336

 

 

 

(12,405

)

Unrealized loss on cash flow hedges

 

 

(83,086

)

 

 

(13,323

)

Other comprehensive loss

 

 

(54,750

)

 

 

(25,728

)

Comprehensive income

 

 

619,769

 

 

 

40,429

 

Less: Comprehensive (income) loss attributable to noncontrolling interests

 

 

157,352

 

 

 

(24,644

)

Comprehensive income attributable to MGM Resorts International

 

$

777,121

 

 

$

15,785

 

 

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

 

 

3


 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

 

March 31,

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income

$

674,519

 

 

$

66,157

 

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

 

 

 

 

 

 

 

Depreciation and amortization

 

318,290

 

 

 

316,414

 

Amortization of debt discounts, premiums and issuance costs

 

7,935

 

 

 

9,373

 

Loss on early retirement of debt

 

126,743

 

 

 

 

Provision for doubtful accounts

 

21,980

 

 

 

8,378

 

Stock-based compensation

 

36,898

 

 

 

32,136

 

Property transactions, net

 

54,975

 

 

 

8,776

 

Gain on REIT transactions, net

 

(1,491,945

)

 

 

 

Noncash lease expense

 

51,096

 

 

 

14,990

 

Income from unconsolidated affiliates

 

(3,127

)

 

 

(20,584

)

Distributions from unconsolidated affiliates

 

13,886

 

 

 

 

Deferred income taxes

 

277,221

 

 

 

67,827

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

136,225

 

 

 

48,961

 

Inventories

 

(3,322

)

 

 

423

 

Income taxes receivable and payable, net

 

(17,295

)

 

 

9,897

 

Prepaid expenses and other

 

(40,111

)

 

 

(40,450

)

Accounts payable and accrued liabilities

 

(577,936

)

 

 

(109,932

)

Other

 

(8,969

)

 

 

(12,584

)

Net cash provided by (used in) operating activities

 

(422,937

)

 

 

399,782

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital expenditures, net of construction payable

 

(73,110

)

 

 

(183,252

)

Dispositions of property and equipment

 

175

 

 

 

341

 

Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction

 

2,455,839

 

 

 

 

Acquisition of Empire City Casino, net of cash acquired

 

 

 

 

(535,681

)

Investments in unconsolidated affiliates

 

(20,649

)

 

 

(9,558

)

Distributions from unconsolidated affiliates

 

426

 

 

 

31,850

 

Other

 

 

 

 

(30,511

)

Net cash provided by (used in) investing activities

 

2,362,681

 

 

 

(726,811

)

Cash flows from financing activities

 

 

 

 

 

 

 

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

 

1,289,434

 

 

 

(289,767

)

Issuance of long-term debt

 

 

 

 

750,000

 

Retirement of senior notes and senior debentures

 

(846,724

)

 

 

(850,000

)

Debt issuance costs

 

(9,339

)

 

 

(10,111

)

Proceeds from issuance of bridge loan facility

 

1,304,625

 

 

 

 

Issuance of MGM Growth Properties Class A shares, net

 

524,616

 

 

 

548,391

 

Dividends paid to common shareholders

 

(73,904

)

 

 

(69,799

)

Distributions to noncontrolling interest owners

 

(72,653

)

 

 

(46,539

)

Purchases of common stock

 

(353,720

)

 

 

 

Other

 

(17,582

)

 

 

(7,324

)

Net cash provided by financing activities

 

1,744,753

 

 

 

24,851

 

Effect of exchange rate on cash

 

2,316

 

 

 

(1,180

)

Cash and cash equivalents

 

 

 

 

 

 

 

Net increase (decrease) for the period

 

3,686,813

 

 

 

(303,358

)

Balance, beginning of period

 

2,329,604

 

 

 

1,526,762

 

Balance, end of period

$

6,016,417

 

 

$

1,223,404

 

Supplemental cash flow disclosures

 

 

 

 

 

 

 

Interest paid, net of amounts capitalized

$

162,002

 

 

$

209,347

 

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

 

2,439

 

 

 

(6,429

)

Non-cash investing and financing activities

 

 

 

 

 

 

 

Empire City Transaction assets acquired

$

 

 

$

625,000

 

Investment in MGP BREIT Venture

 

802,000

 

 

 

 

MGP BREIT Venture assumption of bridge loan facility

 

1,304,625

 

 

 

 

 

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

 

4


 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

 

(In thousands)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

MGM Resorts

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Capital in

 

 

Earnings

 

 

Other

 

 

International

 

 

Non-

 

 

Total

 

 

 

 

 

 

 

Par

 

 

Excess of

 

 

(Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

Controlling

 

 

Stockholders'

 

 

 

Shares

 

 

Value

 

 

Par Value

 

 

Deficit)

 

 

Income (Loss)

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances, January 1, 2020

 

 

503,148

 

 

$

5,031

 

 

$

3,531,099

 

 

$

4,201,337

 

 

$

(10,202

)

 

$

7,727,265

 

 

$

4,935,654

 

 

$

12,662,919

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

806,869

 

 

 

 

 

 

806,869

 

 

 

(134,218

)

 

 

672,651

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,807

 

 

 

15,807

 

 

 

12,529

 

 

 

28,336

 

Other comprehensive income - cash flow

   hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,555

)

 

 

(45,555

)

 

 

(37,531

)

 

 

(83,086

)

Stock-based compensation

 

 

 

 

 

 

 

 

35,626

 

 

 

 

 

 

 

 

 

35,626

 

 

 

1,272

 

 

 

36,898

 

Issuance of common stock pursuant to

   stock-based compensation awards

 

 

868

 

 

 

10

 

 

 

(6,436

)

 

 

 

 

 

 

 

 

(6,426

)

 

 

 

 

 

(6,426

)

Cash distributions to noncontrolling

   interest owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,962

)

 

 

(7,962

)

Dividends declared to common shareholders ($0.15 per share)

 

 

 

 

 

 

 

 

 

 

 

(73,904

)

 

 

 

 

 

(73,904

)

 

 

 

 

 

(73,904

)

MGP dividend payable to Class A

   shareholders