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What changed in MGM Resorts's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of MGM Resorts's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+343 added−344 removedSource: 10-K (2025-02-18) vs 10-K (2024-02-23)

Top changes in MGM Resorts's 2024 10-K

343 paragraphs added · 344 removed · 255 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

69 edited+35 added−32 removed54 unchanged
Biggest changeImportant factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market, and regulatory conditions and the following: • our substantial indebtedness and significant financial commitments, including our rent payments under our triple-net leases and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our development options and financial results and impact our ability to satisfy our obligations; • current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments, including the fixed components of our rent payments, and to make planned expenditures; • restrictions and limitations in the agreements governing our senior credit facility and other senior indebtedness could significantly affect our ability to operate our business, as well as significantly affect our liquidity; • the fact that we are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth, service our indebtedness and limit our ability to react to competitive and economic changes; • significant competition we face with respect to destination travel locations generally and with respect to our peers in the industries in which we compete; • the impact on our business of economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside; • the fact that we suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all; • all of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations; • financial, operational, regulatory or other potential challenges that may arise with respect to landlords under our master leases may adversely impair our operations; • the concentration of a significant number of our major gaming resorts on the Las Vegas Strip; • the fact that we extend credit to a large portion of our customers and we may not be able to collect such gaming receivables; • the occurrence of impairments to goodwill, indefinite-lived intangible assets or long-lived assets which could negatively affect future profits; • the susceptibility of leisure and business travel, especially travel by air, to global geopolitical events, such as terrorist attacks, other acts of violence, acts of war or hostility or outbreaks of infectious disease (including the COVID-19 pandemic); • the fact that co-investing in properties or businesses, including our investment in BetMGM, decreases our ability to manage risk; • the fact that future construction, development, or expansion projects will be subject to significant development and construction risks; • the fact that our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future; • the fact that a failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business; • the fact that a significant portion of our labor force is covered by collective bargaining agreements; • the sensitivity of our business to energy prices and a rise in energy prices could harm our operating results; • the failure of future efforts to expand through investments in other businesses and properties or through alliances or acquisitions, or to divest some of our properties and other assets; • the failure to maintain the integrity of our information and other systems and internal customer information could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits or other restrictions on our use or transfer of data; • reputational harm as a result of increased scrutiny related to our corporate social responsibility efforts; • we may not achieve our social impact and sustainability related goals or that our social impact and sustainability initiatives may not result in their intended or anticipated benefits; • extreme weather conditions or climate change may cause property damage or interrupt business; • water scarcity could negatively impact our operations; • the fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations could adversely affect our business; 10 • the risks associated with doing business outside of the United States and the impact of any potential violations of the Foreign Corrupt Practices Act or other similar anti-corruption laws; • increases in taxes and fees, including gaming taxes, in the jurisdictions in which we operate; • our ability to recognize our foreign tax credit deferred tax asset and the variability of the valuation allowance we may apply against such deferred tax asset; • changes to fiscal and tax policies; • risks related to pending claims that have been, or future claims that may be brought against us; • disruptions in the availability of our information and other systems (including our website and digital platform) or those of third parties on which we rely, through cyber-attacks or otherwise, which could adversely impact our ability to service our customers and affect our sales and the results of operations; • impact to our business, operations, and reputation from, and expenses and uncertainties associated with, a cybersecurity incident, including the Cybersecurity Issue that occurred in September 2023, and any related legal proceedings, other claims or investigations, and costs of remediation, restoration, or enhancement of information technology systems; • the availability of cybersecurity insurance proceeds; • restrictions on our ability to have any interest or involvement in gaming businesses in mainland China, Macau, Hong Kong and Taiwan, other than through MGM China; • the ability of the Macau government to (i) terminate MGM Grand Paradise’s concession under certain circumstances without compensating MGM Grand Paradise, (ii) from the eighth year of MGM Grand Paradise’s concession, redeem the concession by providing MGM Grand Paradise at least one year’s prior notice and subject to the payment of reasonable and fair damages or indemnity to MGM Grand Paradise, or (iii) refuse to grant MGM Grand Paradise an extension of the concession prior to its expiry; and • the potential for conflicts of interest to arise because certain of our directors and officers are also directors of MGM China.
Biggest changeImportant factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market, and regulatory conditions and the following: • our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations, development options, and financial results and impact our ability to satisfy our obligations; • current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments, including our rent payments, and to make planned expenditures; • restrictions and limitations in the agreements governing our senior credit facility and other senior indebtedness could significantly affect our ability to operate our business, as well as significantly affect our liquidity; • the fact that we are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth, service our indebtedness and limit our ability to react to competitive and economic changes; • significant competition we face with respect to destination travel locations generally and with respect to our peers in the industries in which we compete; • the impact on our business of economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside; • the fact that we suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all; • all of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations; • financial, operational, regulatory or other potential challenges that may arise with respect to landlords under our master leases may adversely impair our operations; • the concentration of a significant number of our major gaming resorts on the Las Vegas Strip; • the fact that we extend credit to a large portion of our customers and we may not be able to collect such gaming receivables; • the occurrence of impairments to goodwill, indefinite-lived intangible assets or long-lived assets which could negatively affect future profits; • the susceptibility of leisure and business travel, especially travel by air, to global geopolitical events, such as terrorist attacks, other acts of violence, acts of war or hostility or outbreaks of infectious disease; • the fact that co-investing in properties or businesses, including our investment in BetMGM North America Venture, decreases our ability to manage risk; 10 • the fact that future construction, development, or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs, and our ability to complete the projects; • the fact that our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future; • the fact that a failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business; • the fact that a significant portion of our labor force is covered by collective bargaining agreements; • the sensitivity of our business to energy prices and a rise in energy prices could harm our operating results; • the failure of future efforts to expand through investments in other businesses and properties or through alliances or acquisitions, or to divest some of our properties and other assets; • the fact that our operational efforts to expand our digital business in new geographic markets may not be successful; • the failure to maintain the integrity of our information and other systems and internal customer information could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits or other restrictions on our use or transfer of data; • reputational harm as a result of increased scrutiny related to our corporate social responsibility efforts; • we may not achieve our social impact and sustainability related goals or that our social impact and sustainability initiatives may not result in their intended or anticipated benefits; • extreme weather conditions or climate change may cause property damage or interrupt business; • water scarcity could negatively impact our operations; • the fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations could adversely affect our business; • the risks associated with doing business outside of the United States and the impact of any potential violations of the Foreign Corrupt Practices Act or other similar anti-corruption laws; • increases in taxes and fees, including gaming taxes, in the jurisdictions in which we operate; • our ability to recognize our foreign tax credit deferred tax asset and the variability of the valuation allowance we may apply against such deferred tax asset; • changes to fiscal and tax policies; • risks related to pending claims that have been, or future claims that may be brought against us; • disruptions in the availability of our information and other systems (including our website and digital platform) or those of third parties on which we rely, through cyber-attacks or otherwise, which could adversely impact our ability to service our customers and affect our sales and the results of operations; • impact to our business, operations, and reputation from, and expenses and uncertainties associated with, a cybersecurity incident, including the September 2023 cybersecurity issue, and any related legal proceedings, other claims or investigations, and costs of remediation, restoration, or enhancement of information technology systems; • the availability of cybersecurity insurance proceeds; • restrictions on our ability to have any interest or involvement in gaming businesses in mainland China, Macau, Hong Kong and Taiwan, other than through MGM China; • the ability of the Macau government to (i) terminate MGM Grand Paradise’s concession under certain circumstances without compensating MGM Grand Paradise, (ii) from the eighth year of MGM Grand Paradise’s concession, redeem the concession by providing MGM Grand Paradise at least one year’s prior notice and subject to the payment of reasonable and fair damages or indemnity to MGM Grand Paradise, or (iii) refuse to grant MGM Grand Paradise an extension of the concession prior to its expiry; and • the potential for conflicts of interest to arise because certain of our directors and officers are also directors of MGM China.
Risk Factors — Risks Related to our Business, Industry, and Market Conditions — We face significant competition with respect 2 to destination travel locations generally and with respect to our peers in the industries in which we compete, including increased competition through online sports betting and iGaming, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flows.” Our primary methods of successfully competing include: • Locating our properties in desirable leisure and business travel markets and operating at superior sites within those markets; • Constructing and maintaining high-quality resorts and facilities, including luxurious guestrooms, state-of-the-art convention facilities and premier dining, entertainment, retail and other amenities; • Recruiting, training and retaining well-qualified and motivated employees who provide superior customer service; • Providing unique, “must-see” entertainment attractions; • Investing in digital offerings and opportunities domestically and abroad; and • Developing distinctive and memorable marketing, promotional and customer loyalty programs.
Risk Factors — Risks Related to our Business, Industry, and Market Conditions — We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, including increased competition through online sports betting and iGaming, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flows.” Our primary methods of successfully competing include: • Locating our properties in desirable leisure and business travel markets and operating at superior sites within those markets; • Constructing and maintaining high-quality resorts and facilities, including luxurious guestrooms, state-of-the-art convention facilities and premier dining, entertainment, retail and other amenities; • Recruiting, training and retaining well-qualified and motivated employees who provide superior customer service; • Providing unique, “must-see” entertainment attractions; • Investing in digital offerings and opportunities domestically and abroad; and • Developing distinctive and memorable marketing, promotional and customer loyalty programs.
We believe that our principal intellectual property consists of trademarks for, among others, Aria, Vdara, Bellagio, The Cosmopolitan, Borgata, Mandalay Bay, MGM, MGM Grand, MGM Resorts International, Luxor, Excalibur, New York-New York, Park MGM, Beau Rivage, Empire City, and LeoVegas, all of which have been registered or allowed in various classes in the United States and foreign jurisdictions around the world, as applicable.
We believe that our principal intellectual property consists of trademarks for, among others, Aria, Vdara, Bellagio, The Cosmopolitan, Borgata, Mandalay Bay, MGM, MGM Grand, MGM Resorts International, Luxor, Excalibur, New York-New York, Park MGM, Beau Rivage, Empire City, LeoVegas, and BetMGM, all of which have been registered or allowed in various classes in the United States and foreign jurisdictions around the world, as applicable.
Because of the time differences between Macau and the United States, we also use our corporate website as a means of posting important information about MGM China. References in this document to our website address do not incorporate by reference the information contained on the websites into this Annual Report on Form 10-K.
Because of the time differences between Macau and the United States, we also use our corporate website as a means of posting important information about MGM China. References in this document to our website address do not incorporate by reference the information contained on the websites into this Annual Report on Form 10-K. 12
We consider these brand names to be important to our 8 business since they have the effect of developing brand identification. We believe that the name recognition, reputation and image that we have developed for our brands attract customers to our facilities. Once granted, our trademark registrations are of perpetual duration so long as they are used and periodically renewed.
We consider these brand names to be important to our business since they have the effect of developing brand identification. We believe that the name recognition, reputation and image that we have developed for our brands attract customers to our facilities. Once granted, our trademark registrations are of perpetual duration so long as they are used and periodically renewed.
The foregoing is not a complete list of all forward-looking statements we make. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent 9 uncertainties, risks, and changes in circumstances that are difficult to predict.
The foregoing is not a complete list of all forward-looking statements we make. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict.
Our gaming operations compete to a lesser extent with state-sponsored lotteries, off-track wagering, card parlors, iGaming and other forms of legalized gaming in the United States and internationally. For further discussion of the potential impact of competitive conditions on our business, see “Item 1A.
Our gaming operations compete to a lesser extent with state-sponsored lotteries, off-track wagering, card parlors, and other forms of legalized gaming in the United States and internationally. For further discussion of the potential impact of competitive conditions on our business, see “Item 1A.
Previously, he served as Chief Financial Officer and Treasurer from March 2019 to January 2021, as Chief Operating Officer from September 2010 through February 2019, as Chief Operating Officer for the Company’s Core Brand and Regional Properties from August 2009 to 11 September 2010, as Executive Vice President—Operations from August 2007 to August 2009, and as Executive Vice President and Chief Financial Officer for MGM Grand Resorts from April 2005 to August 2007.
Previously, he served as Chief Financial Officer and Treasurer from March 2019 to January 2021, as Chief Operating Officer from September 2010 through February 2019, as Chief Operating Officer for the Company’s Core Brand and Regional Properties from August 2009 to September 2010, as Executive Vice President—Operations from August 2007 to August 2009, and as Executive Vice President and Chief Financial Officer for MGM Grand Resorts from April 2005 to August 2007.
Further, in connection with our vision to transform Empire City in New York into a full-scale commercial gaming facility, we are actively working on our response to the request for application that was issued in January 2023 for three downstate commercial gaming licenses.
In connection with our vision to transform Empire City in New York into a full-scale commercial gaming facility, we are actively working on our response to the request for application that was issued in January 2023 for three downstate commercial gaming licenses.
Internationally, in the United Arab Emirates (“UAE”), we currently have a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai.
In the United Arab Emirates (“UAE”), we currently have a non-gaming management agreement with Wasl Hospitality to bring the Bellagio, Aria, and MGM Grand brands to Dubai.
Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the impact of macroeconomic trends on our business; our ability to execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan, a commercial gaming facility in New York, expectations regarding the potential opportunity for gaming expansion in Dubai, and investments we make in online sports betting and iGaming, the expansion of LeoVegas and the MGM digital brand; positioning BetMGM as a leader in sports betting and iGaming; amounts we will spend on capital expenditures and investments; our expectations with respect to future share repurchases and cash dividends on our common stock; dividends and distributions we will receive from MGM China; amounts projected to be realized as deferred tax assets; our ability to achieve our public social impact and sustainability goals; the impact to our business, operations and reputation from, and expenses and uncertainties associated with, the Cybersecurity Issue; the timing and outcome of the claims and class actions against the Company and of the investigations by state and federal regulators, related to the Company’s September 2023 cybersecurity issue, and the availability of cybersecurity insurance proceeds and the nature and scope of any claims, litigation or regulatory proceedings that may be brought against us.
Examples of forward-looking statements include, but are not limited to: statements we make regarding expectations regarding the impact of macroeconomic trends on our business; our ability to execute on ongoing and future strategic initiatives, including the development of an integrated resort in Japan, a commercial gaming facility in New York, expectations regarding the potential opportunity for gaming expansion in Dubai, and investments we make in online sports betting and iGaming, the expansion of LeoVegas and the MGM digital brand; positioning BetMGM North America Venture as a leader in sports betting and iGaming; amounts we will spend on capital expenditures and investments; our expectations with respect to future share repurchases and cash dividends on our common stock; dividends and distributions we will receive from MGM China; amounts projected to be realized as deferred tax assets; our ability to achieve our public social impact and sustainability goals; the impact to our business, operations and reputation from, and expenses and uncertainties associated with, the September 2023 cybersecurity issue; the timing and outcome of the claims and class actions against us and of the investigations by state and federal regulators, related to the September 2023 cybersecurity issue, and the availability of cybersecurity insurance proceeds and the nature and scope of any claims, litigation or regulatory proceedings that may be brought against us.
Any forward-looking statement made by us in this Form 10-K or our 2023 Annual Report to Stockholders speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.
Any forward-looking statement made by us in this Form 10-K or our 2024 Annual Report to Stockholders speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.
We have not identified any issues associated with our properties that could reasonably be expected to have an adverse effect on us or the results of our operations. For a discussion of potential risks to our business relating to regulatory matters, including due to the potential impact of legislative and regulatory changes, please see “Item 1A.
We have not identified any issues associated with our properties that could reasonably be expected to have a material adverse effect on us or the results of our operations. For a discussion of potential risks to our business relating to regulatory matters, including due to the potential impact of legislative and regulatory changes, please see “Item 1A.
Resort Operations General Most of our revenue is cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. We rely on the ability of our properties to generate operating cash flow to fund capital expenditures, provide excess cash flow for future development, acquisitions or investments, and repay debt financings.
General Most of our revenue is cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. We rely on the ability of our operations to generate operating cash flow to fund capital expenditures, provide excess cash flow for future development, acquisitions or investments, and repay debt financings.
Although visitation during 2021 and 2022 was significantly reduced by the novel 2019 coronavirus (“COVID-19”) pandemic, visitation during 2023 rebounded, and we expect the long-term future growth of the Asian gaming market to drive additional visitation at MGM Macau and MGM Cotai. Our current MGM China operations relate to MGM Macau and MGM Cotai, discussed further below.
Although visitation during 2022 was significantly reduced by the novel 2019 coronavirus (“COVID-19”) pandemic, visitation during 2023 and 2024 rebounded, and we expect the long-term future growth of the Asian gaming market to drive additional visitation at MGM Macau and MGM Cotai. Our current MGM China operations relate to MGM Macau and MGM Cotai, discussed further below.
Our Las Vegas casino resorts compete for customers with a large number of other hotel casinos in the Las Vegas area, including major hotel casinos on or near the Las Vegas Strip, major hotel casinos in the downtown area, which is about five miles from the center of the Las Vegas Strip, and several major hotel casinos elsewhere in the Las Vegas area.
Our Las Vegas casino properties compete for customers with a large number of other hotel casinos in the Las Vegas area, including major hotel casinos on or near the Las Vegas Strip, major hotel casinos in the downtown area, which is about five miles from the center of the Las Vegas Strip, and several major hotel casinos elsewhere in the Las Vegas area.
Throughout 2023, we continued our progress on key social impact and sustainability initiatives and disclosures, supporting our commitment to MGM Resorts’ Focused on What Matters platform and the UN Sustainable Development Goals. Our most recent Social Impact & Sustainability Report illustrated the Company’s progress towards our public goals.
Throughout 2024, we continued our progress on key social impact and sustainability initiatives and disclosures, supporting our commitment to MGM Resorts’ Focused on What Matters platform and the UN Sustainable Development Goals. Our most recent Social Impact & Sustainability Report illustrated the Company’s progress towards our public goals.
("Extended Stay") and its paired-share REIT, ESH Hospitality, Inc., from January 2018 through November 2019, as Chief Financial Officer of Extended Stay from January 2015 through December 2017, and as Chief Operating Officer of Extended Stay from September 2013 through January 2015. Prior to joining Extended Stay, Mr.
(“Extended Stay”) and its paired-share REIT, ESH Hospitality, Inc., from January 2018 through November 2019, as Chief Financial Officer of Extended Stay from January 2015 through December 2017, and as Chief Operating Officer of Extended Stay from September 2013 through January 2015. Prior to joining Extended Stay, Mr.
At the same time, we have continued to focus on key growth opportunities that align with our vision, particularly by investing in U.S. online sports betting and iGaming through BetMGM, acquiring LeoVegas to expand our global online presence, expanding our digital capabilities, and seeking to diversify our Asia operations with development efforts in Japan.
At the same time, we have continued to focus on key growth opportunities that align with our vision, particularly by investing in U.S. online sports betting and iGaming through BetMGM North America Venture, acquiring LeoVegas to expand our global online presence, expanding our digital capabilities, and seeking to diversify our Asia operations with development efforts in Japan.
Additionally, as a result of this white paper, MGM Resorts became the first gaming and Las Vegas-based company to endorse the CEO Water Mandate, a global coalition of major companies working to address global water challenges. 6 Throughout 2023, we refined our approach to water stewardship through the identification of five principles: Measurement, Efficiency, Quality, Culture and Citizenship.
Additionally, as a result of this white paper, MGM Resorts became the first gaming and Las Vegas-based company to endorse the CEO Water Mandate, a global coalition of major companies working to address global water challenges. Throughout 2024, we refined our approach to water stewardship through the identification of five principles: Measurement, Efficiency, Quality, Culture and Citizenship.
Risk Factors — Risks Related to Legal and Regulatory Matters and Changes in Public Policy.” Cautionary Statement Concerning Forward-Looking Statements This Form 10-K and our 2023 Annual Report to Stockholders contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Risk Factors — Risks Related to Legal and Regulatory Matters and Changes in Public Policy.” 9 Cautionary Statement Concerning Forward-Looking Statements This Form 10-K and our 2024 Annual Report to Stockholders contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
As of December 31, 2023, we operate 16 domestic casino properties and, through our 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), operate two casino properties in Macau.
As of December 31, 2024, we operate 16 domestic casino properties and, through our approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), operate two casino properties in Macau.
Las Vegas Strip Resorts consists of the following casino resorts: Aria (including Vdara) (upon its acquisition in September 2021), Bellagio, The Cosmopolitan of Las Vegas (“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).
Las Vegas Strip Resorts consists of the following casino resorts: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas (“The Cosmopolitan”) (upon its acquisition in May 2022), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas 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).
Fritz 50 President, MGM Resorts International Interactive Mr. Hornbuckle has served as Chief Executive Officer since July 2020 and as President since December 2012.
Fritz 51 President, MGM Resorts International Interactive Mr. Hornbuckle has served as Chief Executive Officer since July 2020 and as President since December 2012.
In response to declining conditions in the Colorado River Basin, in 2022, we developed a water white paper that set the Company’s ambition for water stewardship including a strategic framework and a global water policy to codify our commitment.
In response to declining conditions in the Colorado River Basin, in 2022, we developed a water white paper that established our ambition for water stewardship including a strategic framework and a global water policy to codify our commitment.
A comprehensive framework lays out five strategic pillars to guide our work: innovation; invest in people; build an inclusive culture; grow business and customer engagement and supplier diversity; and enhance marketplace leadership and community relations.
A comprehensive framework lays out five strategic pillars to guide our work: innovation; invest in people; build an inclusive culture; grow business and customer engagement; and enhance marketplace leadership and community relations, including through our supplier relationships.
To the extent that reports issued by securities analysts contain projections, forecasts or opinions, those reports are not our responsibility and are not endorsed by us. Information about our Executive Officers The following table sets forth, as of February 23, 2024, the name, age and position of each of our executive officers.
To the extent that reports issued by securities analysts contain projections, forecasts or opinions, those reports are not our responsibility and are not endorsed by us. 11 Information about our Executive Officers The following table sets forth, as of February 18, 2025, the name, age and position of each of our executive officers.
Executive officers are elected by and serve at the pleasure of the Board of Directors. Name Age Position William J. Hornbuckle 66 Chief Executive Officer and President Corey I. Sanders 60 Chief Operating Officer Jonathan S. Halkyard 59 Chief Financial Officer and Treasurer John M. McManus 56 Chief Legal and Administrative Officer and Secretary Gary M.
Executive officers are elected by and serve at the pleasure of the Board of Directors. Name Age Position William J. Hornbuckle 67 Chief Executive Officer and President Corey I. Sanders 61 Chief Operating Officer Jonathan S. Halkyard 60 Chief Financial Officer and Treasurer John M. McManus 57 Chief Legal and Administrative Officer and Secretary Gary M.
We instill philanthropic commitment and pride through our employee foundation. The MGM Resorts Foundation was established in 2002 to facilitate engagement opportunities that allow employees to contribute to charitable causes of their choice by providing two types of grants: (1) the Employee Emergency Grant, which benefits our employees, and (2) the Community Grant, which benefits local communities.
The MGM Resorts Foundation was established in 2002 to facilitate engagement opportunities that allow employees to contribute to charitable causes of their choice by providing two types of grants: (1) the Employee Emergency Grant, which benefits our employees, and (2) the Community Grant, which benefits local communities.
As of December 31, 2023, we have three reportable segments: Las Vegas Strip Resorts, Regional Operations, and MGM China, as generally described below. See Note 17 for detailed financial information about our reportable segments. Las Vegas Strip Resorts and Regional Operations Las Vegas Strip Resorts.
As of December 31, 2024, we have four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital, as generally described below. See Note 17 for detailed financial information about our reportable segments. Las Vegas Strip Resorts and Regional Operations Las Vegas Strip Resorts.
In 2023, we engaged external experts to assist with a more comprehensive assessment that focuses on both a topic’s impact on our Company, as well as our Company’s related impact on the world at large. We expect to publish findings from this new assessment in 2024.
In 2023, we engaged external experts to assist with a more comprehensive assessment that focuses on both a topic’s impact on our Company, as well as our Company’s related impact on the world at large. We published a summary of our findings from this assessment in early 2024.
With the UAE’s establishment of the General Commercial Gaming Regulatory Authority, tasked with creating a regulatory framework for commercial gaming in the UAE, we are encouraged by the potential opportunity for gaming expansion in Dubai.
With the UAE’s establishment of the General Commercial Gaming Regulatory Authority, tasked with creating a regulatory framework for commercial gaming in the UAE, we are encouraged by the potential opportunity for gaming expansion in Dubai. We are continuously exploring new geographies for future development, including Thailand.
In an effort to foster employee engagement in our philanthropic efforts, MGM Resorts established a Matching Gifts program in 2021, matching one-time employee donations to the Community Grant Fund. Employees and Labor Relations As of December 31, 2023, we had approximately 45,000 full-time and 18,000 part-time employees domestically.
In an effort to foster employee engagement in our philanthropic efforts, we established a Matching Gifts program in 2021, matching employee donations to their charities of choice. Employees and Labor Relations As of December 31, 2024, we had approximately 45,000 full-time and 18,000 part-time employees domestically.
We have continued to focus on our key growth opportunities of developing an integrated resort in Japan, investing in BetMGM, investing in international digital opportunities, and exploring a full-scale commercial gaming opportunity in 4 New York.
We continue to focus on our key growth opportunities, including developing an integrated resort in Japan, investing in BetMGM North America Venture, advancing international digital opportunities, and exploring a full-scale commercial gaming opportunity in New York.
We offer a variety of resources throughout our properties, with the MGM Rewards Desk acting as the central hub for our innovative responsible gaming program, GameSense. GameSense is an industry-leading, enterprise-wide program that aligns responsible gambling policies with enhanced guest service and education. It is designed to promote positive play experiences and help guests and employees make informed gaming decisions.
We also offer a variety of resources throughout our properties, with the MGM Rewards Desk acting as the central hub for our innovative responsible gaming program, GameSense. GameSense is an industry-leading, enterprise-wide program that aligns responsible gambling policies with enhanced guest service and education.
Overview MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, is a global gaming and entertainment company with domestic and international locations featuring best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, and sports betting and online gaming operations.
BUSINESS MGM Resorts International is referred to as the “Company,” “MGM Resorts,” or the “Registrant,” and together with its subsidiaries may also be referred to as “we,” “us” or “our.” MGM China Holdings Limited together with its subsidiaries is referred to as “MGM China.” Overview MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, is a global gaming and entertainment company with domestic and international locations featuring best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, as well as sports betting and online gaming operations.
Further, in its second full year of operation, the MGM Resorts Mega Solar Array (“Mega Array”) continued to play a key role in meeting the following climate goals: • 45% reduction in Scope 1 & 2 GHG emissions intensity (pounds of carbon dioxide equivalent per square foot; 2007 baseline) by 2025; • 50% reduction in absolute Scope 1 & 2 GHG emissions (metric tons of carbon dioxide equivalent; 2019 baseline) by 2030 (SBTi validated); • 30% reduction in absolute Scope 3 GHG emissions from purchased goods and services, fuel-and energy-related activities, waste generated in operations, and employee commuting by 2030 (SBTi validated); and • 100% renewable electricity purchased in U.S. and 80% purchased globally by 2030.
These renewable energy sources play a key role in meeting the following climate goals across our domestic and MGM China operations: • 50% reduction in Scope 1 & 2 GHG emissions intensity (pounds of carbon dioxide equivalent per square foot; 2007 baseline) by 2030; • 50% reduction in absolute Scope 1 & 2 GHG emissions (metric tons of carbon dioxide equivalent; 2019 baseline) by 2030 (SBTi validated); 6 • 30% reduction in absolute Scope 3 GHG emissions (metric tons of carbon dioxide equivalent; 2019 baseline) from purchased goods and services, fuel-and energy-related activities, waste generated in operations, and employee commuting by 2030 (SBTi validated); and • 100% renewable electricity purchased in U.S. and 80% purchased globally by 2030.
We offer tuition reimbursement, contribute toward student loan debt repayment, and have partnered with the Nevada System of Higher Education to enable employees to earn a degree online free of charge for all credit hours.
We continue to introduce new learning and development initiatives focused on a broad range of employee population segments. We offer tuition reimbursement, contribute toward student loan debt repayment, and have partnered with the Nevada System of Higher Education to enable employees to earn a degree online free of charge for all credit hours.
In order to achieve this goal, we are focused on addressing water issues at the local level across our operations and supply chain, such as in Southern Nevada where consumptive water use reduction is a critical priority.
In order to achieve this goal, we are focused on addressing water issues at the local level across our operations and supply chain, such as in Southern Nevada where consumptive water use reduction is a critical priority. We have engaged with stakeholders in each of our U.S. regions to develop action plans and enhance our basin-level water stewardship.
Over the past year we have focused on growing our talent pipeline, reinforcing our leadership expectations and company culture across all leadership positions and enhancing employee recognition and onboarding programs applicable across all levels.
Over the past year we have focused on growing our talent pipeline, reinforcing our leadership expectations and company culture across all leadership positions and enhancing employee recognition and onboarding programs applicable across all levels. Focused on Our Communities Our corporate and people strategies and a social impact and sustainability approach that centers on embracing humanity.
We also encounter competition from major gaming centers located in other areas of Asia and around the world including, but not limited to, Singapore, South Korea, Vietnam, Cambodia, the Philippines, Australia, and Las Vegas. 3 Marketing Our marketing efforts are conducted through various means, including our loyalty programs.
Our key competitors in Macau include five other gaming concessionaires. We also encounter competition from major gaming centers located in other areas of Asia and around the world including, but not limited to, Singapore, South Korea, Vietnam, Cambodia, the Philippines, Australia, and Las Vegas.
We are committed to a culture of continuous learning where employees, at all levels, are engaged in developing their knowledge, skills, and abilities and we support the long-term career aspirations of our employees through education and professional/personal development. We continue to introduce new learning and development initiatives focused on a broad range of employee population segments.
We are committed to a culture of continuous learning 7 where employees, at all levels, are engaged in developing their knowledge, skills, and abilities through a variety of modalities, including digitally, and we support the long-term career aspirations of our employees through education and professional/personal development and skills-based learning.
In addition to the Mega Array, we plan to bring additional renewable energy options to our domestic properties in the future. Water Stewardship We believe in the importance of responsible water usage throughout our operations and supply chain. Our goal is to enhance long-term water efficiency by optimizing water systems and implementing conservation measures.
We intend to continue to explore additional renewable energy opportunities to meet our renewable power and emissions goals. Water Stewardship We believe in the importance of responsible water usage throughout our operations and supply chain. Our goal is to enhance long-term water efficiency by optimizing water systems and implementing conservation measures.
In addition, we compete with gaming operations in surrounding jurisdictions and other leisure destinations in each region. MGM China The Macau gaming market has historically had three primary customer bases: VIP gaming operations, main floor gaming operations and slot machine operations. VIP gaming at MGM China is conducted through the use of special purpose nonnegotiable gaming chips.
In addition, we compete with gaming operations in surrounding jurisdictions and other leisure destinations in each region. MGM China The Macau gaming market has two primary customer bases: main floor gaming operations and slot machine operations.
In 2023, we released our second report aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”) and our first Consolidated Sustainability Factbook.
In 2024, we continued our reporting aligned with the recommendations of the Task Force on Climate-related Financial Disclosures and published our second Consolidated Social Impact & Sustainability Factbook.
As part of our DE&I strategy, we have committed to the following four long-range 2025 goals: (1) ensure that all employees have equal access to leadership opportunities, (2) spend at least 15% of our biddable procurement with diverse suppliers, (3) expand our Supplier Diversity Mentorship Program to achieve 150 graduates, and (4) train 100% of management employees on social impact and sustainability policies and goals.
As part of this strategy, we have committed to the following four long-range 2025 goals: (1) ensure that our employees have equal access to leadership opportunities, (2) advance positive impacts within purchases of goods and services by building capacity among local suppliers, (3) expand our Supplier Mentorship Program to achieve 150 graduates, and (4) train 100% of U.S. management employees on social impact and sustainability policies and goals.
We also have global online gaming operations through our consolidated subsidiary LV Lion Holding Limited (“LeoVegas”) and our unconsolidated 50% owned venture, BetMGM, LLC (“BetMGM”). We also have a 50% ownership interest in Osaka IR KK, an unconsolidated affiliate, which plans to develop an integrated resort in Osaka, Japan.
Additionally, through our 50% ownership interest in Osaka IR KK, an unconsolidated affiliate, we are developing an integrated resort in Osaka, Japan. We also have global online gaming operations primarily through our consolidated subsidiary LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”) and through our 50% ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate.
Our results of operations do not tend to be seasonal in nature as all of our casino properties typically operate 24 hours a day, every day of the year, with the exception of Empire City, which operates 20 hours a day, every day of the year, though a variety of factors may affect the results of any interim period, including the timing of major conventions, Far East 1 baccarat volumes, the timing of entertainment and sports events, the amount and timing of marketing and special events for our high-end gaming customers, and the level of play during major holidays, including New Year and Lunar New Year.
However, a variety of factors may affect the results of any interim period, including the timing of major conventions, Far East baccarat volumes, the timing of entertainment and sports events, the amount and timing of marketing and special events for our high-end gaming customers, and the level of play during major holidays, 1 including New Year and Lunar New Year.
In response to labor demands and agile staffing requirements, we have significantly streamlined our recruitment processes for faster sourcing and recruitment to meet business and operational needs. Growth and Development We invest significant resources to develop the talent needed, now and for the future, to be a premier employer of choice across the gaming, hospitality, and entertainment industries.
Growth and Development We invest significant resources to develop the talent needed, now and for the future, to be a premier employer of choice across the gaming, hospitality, and entertainment industries.
As our catalog of reports aligned to leading social impact and sustainability frameworks has grown, we have updated our website to present these disclosures and policies at mgmresorts.com/en/company/esg.html. The content on this website is for informational purposes only and such content is not incorporated by reference into this Annual Report on Form 10-K.
We expect to publish updated materials in 2025 detailing progress made in 2024. These reports, as well as other disclosures, assurance statements, and policies are available at mgmresorts.com/en/company/esg.html. The content on this website is for informational purposes only and such content is not incorporated by reference into this Annual Report on Form 10-K.
In addition, we had approximately 12,000 and 1,000 employees at MGM China and LeoVegas, respectively. We had collective bargaining agreements with unions covering approximately 37,000 of our employees as of December 31, 2023. Collective bargaining agreements covering multiple bargaining units at our Regional Operations and Las Vegas Strip Resorts are scheduled to expire in 2024.
In addition, we had approximately 13,000 and 2,000 employees at MGM China and LeoVegas, respectively. We had collective bargaining agreements with unions covering approximately 38,000 of our employees as of December 31, 2024.
These pillars were brought together under one Executive Committee-level leader who manages the MGM Resorts Social Impact and Sustainability Center of Excellence. Reporting directly to the Chief Executive Officer and President, this leader serves as liaison to the CSR&S Committee of the Board of Directors.
Reporting directly to the Chief Executive Officer and President, this leader serves as liaison to the CSR&S Committee of the Board of Directors.
All MGM Resorts employees receive training to reinforce the Company’s commitment and approach to responsible gaming. Human Capital We are focused on fostering a people-driven culture exemplified by how we lead and uphold the following core company values: Captivate Our Audience, Inspire Excellence, Champion Inclusion, and Win Together, to create an engaged and diverse workforce.
Human Capital We are focused on fostering a people-driven culture exemplified by how we lead and uphold the following core company values: Captivate Our Audience, Inspire Excellence, Champion Inclusion, and Win Together, to create an engaged workforce. Our long-term people strategy is designed to enhance talent attraction and development to support business objectives, guest experience, community engagement, and financial goals.
This leader also oversees the Human Resources function and is thus able to integrate social impact and sustainability considerations more deeply into the core culture of our organization through proactive management of our human and social capital initiatives. 5 Social Impact and Sustainability Reporting The Company’s Social Impact and Sustainability Task Force, which is composed of executives from across the Company, including representation from the Company’s Executive Committee, initiated an assessment that identified 15 priority topics, which have guided our social impact and sustainability reporting since 2020.
This leader also oversees the Human Resources function and is thus able to integrate social impact and sustainability considerations more deeply into the core culture of our organization through proactive management of our human and social capital initiatives.
Our strategies aim to reflect, sustain, and build on the best aspects of a community by creating good jobs, providing strong wages, teaching resilient skills, and implementing workforce development opportunities for diverse groups of people. We encourage active engagement in volunteerism and philanthropic opportunities, from serving local community needs to supporting global commitments.
We understand our responsibility to contribute to the social and economic progress of the communities in which we operate and are invested in growing and supporting such communities. Our strategies aim to reflect, sustain, and build on the best aspects of a community by creating good jobs, providing strong wages, teaching resilient skills, and implementing workforce development opportunities.
The channels include but are not limited to open forums and conversations with executives, employee engagement surveys with detailed action planning, and employee and business network groups.
Internally, we use multiple channels to facilitate communication and to continuously advance the core value to Champion Inclusion by cultivating a culture of respect. The channels include but are not limited to open forums and conversations with executives, employee engagement surveys with detailed action planning, and employee and business network groups, which are open to all employees.
This centralized collection of our key social impact and sustainability metrics including our corporate social impact and sustainability goals, metrics aligns with Global Reporting Initiative (“GRI”) standards, and metrics aligned with the Sustainability Accounting Standards Board (“SASB”) Hotels & Lodging and Casinos & Gaming sector standards. We expect to publish updated materials in 2024 detailing progress made in 2023.
The factbook, which reflects U.S. and Macau operations data, is a centralized collection of our key social impact and sustainability metrics including our corporate social impact and sustainability goals, metrics aligned with Global Reporting Initiative standards, and metrics aligned with the Sustainability Accounting Standards Board Hotels & Lodging and Casinos & Gaming sector standards.
Intellectual Property We use a variety of trade names, service marks, trademarks, patents and copyrights in our operations and believe that we have the rights necessary to conduct our continuing operations. The development of intellectual property is part of our overall business strategy, and we regard our intellectual property as an important element of our success.
As of December 31, 2024, none of the employees of MGM China or LeoVegas are part of a labor union and MGM China and LeoVegas are not party to any collective bargaining agreements. 8 Intellectual Property We use a variety of trade names, service marks, trademarks, patents and copyrights in our operations and believe that we have the rights necessary to conduct our continuing operations.
A number of collective bargaining agreements for smaller bargaining units in both Las Vegas and regional resorts are also expiring in 2024. Negotiations for successor contracts will be scheduled with our employees’ collective bargaining representatives as contract expiration dates approach and will continue throughout 2024.
Additionally, we expect certain collective bargaining agreements to expire in 2025, including our collective bargaining agreement with the International Brotherhood of Teamsters covering valet operations at nine of our Las Vegas Strip Resorts. Negotiations for successor contracts will be scheduled with our employees’ collective bargaining representatives as contract expiration dates approach and will continue throughout 2025.
In addition, we have implemented several improvement and cost cutting initiatives comprised of labor, sourcing, and revenue programs that have further improved our operating model and have positioned us as a stronger company.
In addition, we have and will continue to refine several improvement and cost cutting initiatives focused on labor, sourcing, and revenue generation. These efforts strengthen our operating model and position us as a more resilient company.
In Japan, Osaka IR KK signed an agreement with Osaka Prefecture and Osaka City in September 2023 to implement an Area Development Plan (“ADP”) for the development of an integrated resort in Osaka, Japan. As it relates to BetMGM, we believe that BetMGM is well-positioned as a long-term leader in online sports betting and iGaming.
In Japan, Osaka IR KK signed an agreement with Osaka Prefecture and Osaka City in September 2023 to implement its government-certified Area Development Plan (“ADP”) for the development of an integrated resort in Osaka, Japan. Preliminary construction began on the site of the future resort in 2024.
Health, Safety, and Wellness Our approach to employee health and wellness is holistic and multi-dimensional, focusing on the four pillars of the World of Wellbeing (WOW): physical, emotional, financial and community. It is our priority to provide equitable benefit offerings that support the needs of a diverse workforce.
Responsibility is driven and led by our Chief People, Inclusion and Sustainability Officer, who reports directly to the Chief Executive Officer and President. Health, Safety, and Wellness Our approach to employee health and wellness is holistic and multi-dimensional, focusing on the four pillars of the MGM Resorts World of Wellbeing (WOW): physical, emotional, financial and community.
We continue to maximize the benefits of our operating model by driving optimization of our Centers of Excellence and enabling best in class operations through adjustments within corporate and property business units.
Additionally, we leverage our management expertise and the strong recognition of our brands through strategic partnerships and international expansion opportunities. We continue to enhance the efficiency of our operating model by optimizing our Centers of Excellence and achieving best-in-class operating performance through adjustments within corporate and business units.
We regularly evaluate targeted opportunities that provide an attractive return on investment in domestic and international markets, including the ownership, management and operation of gaming and non-gaming facilities and accessing new markets for iGaming and online sports betting. We also leverage our management expertise and well-recognized brands through strategic partnerships and international expansion opportunities.
We regularly evaluate targeted opportunities in both domestic and international markets that provide attractive returns on investment. These include: Owning, managing, and operating gaming and non-gaming facilities, as well as 4 expanding into new markets for iGaming and online sports betting.
For over a decade, we have had a dedicated board committee focused on Corporate Social Responsibility and Sustainability (“CSR&S”). In 2019, we bolstered governance of these areas by uniting our key pillars of Diversity, Equity and Inclusion, Philanthropy and Community Engagement and Environmental Sustainability.
For over a decade, we have had a dedicated board committee focused on Corporate Social Responsibility and Sustainability (“CSR&S”). In 2019, we appointed one Executive Committee-level leader to manage the MGM Resorts Social Impact and Sustainability Center of Excellence.
The strategic plan was developed with the intent to regularly revisit, measure, and reevaluate for emerging opportunities. In allocating resources, our financial strategy is focused on maintaining and enhancing our existing properties, strategic growth opportunities via mergers and acquisitions and development, debt repayment and shareholder returns.
In allocating resources, our financial strategy is focused on maintaining and enhancing existing properties, pursuing strategic growth through mergers, acquisitions and development, repaying debt and maximizing shareholder returns. We believe there are sound investment opportunities in new initiatives and at existing properties that will deliver profitable returns.
This includes agreements with the Local Joint Executive Board of Las Vegas for The Signature and Vdara, which are scheduled to expire May 31, 2024.
The collective bargaining agreement between The Cosmopolitan of Las Vegas and the Local Joint Executive Board of Las Vegas covering approximately 3,000 employees is scheduled to expire on May 31, 2025.
Corporate and Other We have additional business activities including LeoVegas, our investments in unconsolidated affiliates, including BetMGM, and certain other corporate and management operations. Customers and Competition Our properties operate in highly competitive environments.
Revenues are derived from its online gaming product offerings, which include iGaming, digital slots and table games, as well as live dealer and online sports betting. Corporate and Other We have additional business activities including our investments in unconsolidated affiliates and certain other corporate and management operations.
In addition, we continued our water-related disclosures by participating in the 2023 CDP Water Security questionnaire and achieved a score of “A-”, meeting the criteria for the top level (Leadership). Responsible Gaming MGM Resorts has woven responsible gaming and gambling education into the fabric of our world-class gaming experiences and premier guest service.
Responsible Gaming We have woven responsible gaming and gambling education into the fabric of our world-class gaming experiences and premier guest service. We train our employees to reinforce our commitment and approach to responsible gaming.
Removed
BUSINESS MGM Resorts International is referred to as the “Company,” “MGM Resorts,” or the “Registrant,” and together with its subsidiaries may also be referred to as “we,” “us” or “our.” MGM China Holdings Limited together with its subsidiaries is referred to as “MGM China.” Except where the context indicates otherwise, “MGP” refers to MGM Growth Properties LLC together with its consolidated subsidiaries.
Added
Our results of operations do not tend to be seasonal in nature as our digital operations and all of our casino properties typically operate 24 hours a day, every day of the year, with the exception of Empire City, which operates 20 hours a day, every day of the year.
Removed
The nonnegotiable chips allow us to track the amount of wagering conducted to determine VIP gaming play. VIP commissions are based on a percentage of rolling chip turnover and are recorded as a reduction of casino revenue. Main floor players do not receive commissions.
Added
MGM Digital MGM Digital is our online gaming portfolio which is primarily comprised of LeoVegas, which is headquartered in Sweden and Malta and operates internationally, primarily in Europe, as well as our other consolidated subsidiaries that offer interactive gaming.
Removed
We have focused our business on main floor gaming operations and, accordingly, VIP gaming operations were not a significant source of revenue in 2022 and 2023 and we do not expect VIP gaming operations will be a significant source of revenue in future years.
Added
Our investments in unconsolidated affiliates are primarily comprised of our ventures, such as BetMGM North America Venture and Osaka IR KK. 2 Customers and Competition We operate in highly competitive environments.
Removed
In December 2021, we suspended operations with our primary gaming promoters indefinitely. Prior to December 2021, we had externally sourced VIP gaming play through external gaming promoters who assisted VIP players with their travel and entertainment arrangements. Gaming promoters purchased special purpose nonnegotiable gaming chips and, in turn, they sold these chips to their players.
Added
MGM Digital Our digital customers are located within the geolocation of the jurisdictions in which we are licensed to operate. By operating in licensed markets, which are subject to costs in the form of gaming taxes, we benefit from higher barriers to entry, which changes the competitive picture and provides value to companies such as ours.
Removed
Gaming promoters were compensated through payment of revenue-sharing arrangements based on a percentage of the gross table games win and through payment of a percentage of rolling chip turnover. They also received an allowance based on a percentage of the table games turnover they generated, which could be applied to hotel rooms, food and beverage and other discretionary customer-related expenses.
Added
Our primary competitors are 3 other international online gaming companies. We also face competition from integrated resorts as well as other providers of entertainment. Marketing Our marketing strategy is deeply rooted in personalized engagement powered by advanced analytics to create experiences that resonate with our current and desired guests.
Removed
Gaming promoter commissions were recorded as a reduction of casino revenue. Our key competitors in Macau include five other gaming concessionaires.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeRisks Related to Our Substantial Financial Commitments • Our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide on the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations and financial results and impact our ability to satisfy our obligations. • Current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments or make planned expenditures. • The agreements governing our senior credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity, and therefore could adversely affect our results of operations. • We are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth initiatives, service our indebtedness and limit our ability to react to competitive and economic changes. 12 Risks Related to Our Business, Industry, and Market Conditions • We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, including increased competition through online sports betting and iGaming, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flows. • Our business is affected by economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside. • We have suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all. • All of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations. • Because a significant number of our major gaming resorts are concentrated on the Las Vegas Strip, we are subject to greater risks than a gaming company that is more geographically diversified. • We extend credit to a large portion of our customers and we may not be able to collect gaming receivables. • We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets which could negatively affect our future profits. • Leisure and business travel, especially travel by air, are particularly susceptible to global geopolitical events, such as terrorist attacks, other acts of violence or acts of war or hostility or the outbreak of infectious diseases. • Co-investing in properties or businesses, including our investment in BetMGM, decreases our ability to manage risk. • Any of our future construction, development or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs and our ability to complete the projects. • Our insurance coverage may not be adequate to cover all possible losses that our properties could suffer.
Biggest changeRisks Related to Our Business, Industry, and Market Conditions • We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, including increased competition through online sports betting and iGaming, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flows. • Our business is affected by economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside. • We have suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all. • All of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations. • Because a significant number of our major gaming resorts are concentrated on the Las Vegas Strip, we are subject to greater risks than a gaming company that is more geographically diversified. • We extend credit to a large portion of our customers and we may not be able to collect gaming receivables. • We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets which could negatively affect our future profits. • Leisure and business travel, especially travel by air, are particularly susceptible to global geopolitical events, such as terrorist attacks, other acts of violence or acts of war or hostility or the outbreak of infectious diseases. • Co-investing in properties or businesses, including our investment in BetMGM North America Venture, decreases our ability to manage risk. • Any of our future construction, development or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs and our ability to complete the projects. • Our insurance coverage may not be adequate to cover all possible losses that our properties could suffer.
Risks Related to Our Macau Operations • We have agreed not to have any interest or involvement in gaming businesses in China, Macau, Hong Kong and Taiwan, other than through MGM China. • The Macau government can (i) terminate MGM Grand Paradise’s concession under certain circumstances without compensating MGM Grand Paradise, (ii) from the eighth year of MGM Grand Paradise’s concession, redeem the 13 concession by providing MGM Grand Paradise at least one year’s prior notice and subject to the payment of reasonable and fair damages or indemnity to MGM Grand Paradise , or (iii) refuse to grant MGM Grand Paradise an extension of the concession prior to its expiry. • We are subject to risks associated with doing business outside of the United States. • Conflicts of interest may arise because certain of our directors and officers are also directors of MGM China, the holding company for MGM Grand Paradise which owns and operates MGM Macau and MGM Cotai.
Risks Related to Our Macau Operations • We have agreed not to have any interest or involvement in gaming businesses in China, Macau, Hong Kong and Taiwan, other than through MGM China. • The Macau government can (i) terminate MGM Grand Paradise’s concession under certain circumstances without compensating MGM Grand Paradise, (ii) from the eighth year of MGM Grand Paradise’s concession, redeem the concession by providing MGM Grand Paradise at least one year’s prior notice and subject to the payment of reasonable and fair damages or indemnity to MGM Grand Paradise , or (iii) refuse to grant MGM Grand Paradise an extension of the concession prior to its expiry. • We are subject to risks associated with doing business outside of the United States. • Conflicts of interest may arise because certain of our directors and officers are also directors of MGM China, the holding company for MGM Grand Paradise which owns and operates MGM Macau and MGM Cotai.
While our business as a whole is not substantially dependent on any one trademark or combination of several of our trademarks or other intellectual property, we seek to establish and maintain our proprietary rights in our business operations through the use of trade secrets, trademarks, domain names, copyright, and by seeking and enforcing legal protections under contract law and other laws and regulations related to the foregoing .
While our business as a whole is not 21 substantially dependent on any one trademark or combination of several of our trademarks or other intellectual property, we seek to establish and maintain our proprietary rights in our business operations through the use of trade secrets, trademarks, domain names, copyright, and by seeking and enforcing legal protections under contract law and other laws and regulations related to the foregoing .
The terms of each guarantee provide that, after the lenders have exhausted certain remedies to collect on the obligations under the underlying indebtedness, we would then be responsible for any shortfall between the value of the collateral and the debt obligation, which amount may be material, and we may not have sufficient cash on hand to fund any such obligation to the extent it is triggered in the future.
The terms of each guarantee provide that, after the lenders have exhausted certain remedies to collect on the 14 obligations under the underlying indebtedness, we would then be responsible for any shortfall between the value of the collateral and the debt obligation, which amount may be material, and we may not have sufficient cash on hand to fund any such obligation to the extent it is triggered in the future.
Covenants governing our senior secured credit facility and certain of our debt securities restrict, among other things, our ability to: • pay dividends or distributions, repurchase equity, prepay certain debt or make certain investments; • incur additional debt; • incur liens on assets; • sell assets or consolidate with another company or sell all or substantially all of our assets; • enter into transactions with affiliates; • allow certain subsidiaries to transfer assets or enter into certain agreements; and • enter into sale and lease-back transactions.
Covenants governing our senior secured credit facility and certain of our debt securities restrict, among other things, our ability to: 15 • pay dividends or distributions, repurchase equity, prepay certain debt or make certain investments; • incur additional debt; • incur liens on assets; • sell assets or consolidate with another company or sell all or substantially all of our assets; • enter into transactions with affiliates; • allow certain subsidiaries to transfer assets or enter into certain agreements; and • enter into sale and lease-back transactions.
Also, wage and/or benefit increases resulting from new labor agreements may be significant and could also have an adverse impact on our results of operations. To the extent that our non-union employees seek union representation or elect union representation, we would have exposure to risks associated with representation proceedings, labor negotiations and/or economic impacts of newly negotiated labor 21 agreements.
Also, wage and/or benefit increases resulting from new labor agreements may be significant and could also have an adverse impact on our results of operations. To the extent that our non-union employees seek union representation or elect union representation, we would have exposure to risks associated with representation proceedings, labor negotiations and/or economic impacts of newly negotiated labor agreements.
While we maintain cybersecurity insurance to assist in the cost of recovery from a significant cyber event, such coverage may not be sufficient to cover any losses resulting from such incidents. A cybersecurity incident also could require that we expend significant additional resources on remediation, restoration, and enhancement of our information technology and other systems.
While we maintain cybersecurity insurance to assist in the cost of recovery from a significant cyber event, such coverage may not be sufficient to cover any losses resulting from such incidents. A cybersecurity incident also could 24 require that we expend significant additional resources on remediation, restoration, and enhancement of our information technology and other systems.
We evaluate our foreign tax credit deferred tax asset for recoverability and record a valuation allowance to the extent we determine it is not more likely than not such asset will be recovered. This evaluation is based upon all available evidence, including assumptions concerning future U.S. operating 25 profits and foreign source income.
We evaluate our foreign tax credit deferred tax asset for recoverability and record a valuation allowance to the extent we determine it is not more likely than not such asset will be recovered. This evaluation is based upon all available evidence, including assumptions concerning future U.S. operating profits and foreign source income.
To the extent MGM Grand Paradise gaming customers are from other jurisdictions, MGM Grand Paradise may not have access to a forum in which it will be able to collect all of its gaming receivables because, among other reasons, courts of many jurisdictions do not enforce gaming debts and MGM Grand Paradise may encounter forums that will refuse to enforce such debts.
To the extent MGM Grand Paradise gaming customers are from other jurisdictions, MGM Grand Paradise may not have access to a forum in which it will be able to collect all of its gaming receivables 19 because, among other reasons, courts of many jurisdictions do not enforce gaming debts and MGM Grand Paradise may encounter forums that will refuse to enforce such debts.
In addition, while Borgata has no current intention to withdraw from these plans, a withdrawal in the future could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal.
In addition, while Borgata has no current intention to withdraw from these plans, a withdrawal in the future could result in the incurrence of a contingent liability 22 that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal.
Uncollectible receivables from high-end customers could have a significant impact on our results of operations. While gaming debts evidenced by markers and judgments on gaming debts are enforceable under the current laws of 18 Nevada, and Nevada judgments on gaming debts are enforceable in all states under the Full Faith and Credit Clause of the U.S.
Uncollectible receivables from high-end customers could have a significant impact on our results of operations. While gaming debts evidenced by markers and judgments on gaming debts are enforceable under the current laws of Nevada, and Nevada judgments on gaming debts are enforceable in all states under the Full Faith and Credit Clause of the U.S.
We also cannot assure you that if the concession is redeemed by the Macau government, the compensation paid to MGM Grand Paradise will be adequate to compensate for the loss of future revenues. We are subject to risks associated with doing business outside of the United States .
We also cannot assure you that if the concession is 28 redeemed by the Macau government, the compensation paid to MGM Grand Paradise will be adequate to compensate for the loss of future revenues. We are subject to risks associated with doing business outside of the United States .
Any slowdown in economic growth or changes to China’s current restrictions on currency conversion or movements, including market impacts resulting from China’s anti-corruption campaign and related tightening of liquidity provided by non-bank lending entities and cross-border currency monitoring (including increased restrictions on Union Pay withdrawals and other ATM limits on the withdrawal of patacas and facial recognition technology on ATM machines in Macau to strictly enforce the “know your customer” regulations for mainland Chinese bank cardholders), could disrupt the number of visitors from mainland China and/or the amounts they are willing to spend at our properties.
Any slowdown in economic growth or changes to China’s current restrictions on currency conversion or movements, including market impacts resulting from China’s anti-corruption campaign and related tightening of liquidity provided by non-bank lending entities and cross-border currency monitoring (including increased restrictions on Union Pay withdrawals and other ATM limits on the withdrawal of cash and facial recognition technology on ATM machines in Macau to strictly enforce the “know your customer” regulations for mainland Chinese bank cardholders), could disrupt the number of visitors from mainland China and/or the amounts they are willing to spend at our properties.
Such extreme weather conditions may interrupt our operations or the operations of critical suppliers, damage our properties, and 23 reduce the number of customers who visit our facilities in such areas. In addition, our operations or the operations of critical suppliers could be adversely impacted by a drought or other cause of water stress or shortage.
Such extreme weather conditions may interrupt our operations or the operations of critical suppliers, damage our properties, and reduce the number of customers who visit our facilities in such areas. In addition, our operations or the operations of critical suppliers could be adversely impacted by a drought or other cause of water stress or shortage.
Adverse macroeconomic conditions, including inflation, economic contraction, economic uncertainty or the perception by our customers of weak or weakening economic conditions may cause a decline in demand for hotels, casino resorts, trade shows and conventions, and for the type of luxury amenities we offer.
Adverse macroeconomic conditions, including inflation, economic contraction, economic uncertainty, geopolitical uncertainty, or the perception by our customers of weak or weakening economic conditions may cause a decline in demand for hotels, casino resorts, trade shows and conventions, and for the type of luxury amenities we offer.
The loss of the concession would require us to cease conducting gaming operations in Macau, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. 26 In addition, the concession contract expires on December 31, 2032.
The loss of the concession would require us to cease conducting gaming operations in Macau, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, the concession contract expires on December 31, 2032.
If transportation facilities to and from Macau are inadequate to meet the demands of an increased volume of customers visiting Macau, the desirability of Macau as a travel destination, as well as the results of operations at our developments in Macau, could be negatively impacted.
If transportation facilities to and 18 from Macau are inadequate to meet the demands of an increased volume of customers visiting Macau, the desirability of Macau as a travel destination, as well as the results of operations at our developments in Macau, could be negatively impacted.
Finally, we were awarded a concession to develop an integrated casino resort in Japan in a consortium with ORIX and other local investors, subject to our receipt of a casino license to 19 operate the same.
Finally, we were awarded a concession to develop an integrated casino resort in Japan in a consortium with ORIX and other local investors, subject to our receipt of a casino license to operate the same.
Any of our future construction, development or expansion projects, such as our proposed integrated resort in Japan and the potential for full-scale commercial gaming at Empire City, will be subject to a number of risks, including: • lack of sufficient, or delays in the availability of, financing; • changes to plans and specifications; • engineering problems, including defective plans and specifications; • shortages of, and price increases in, energy, materials and skilled and unskilled labor; • pricing inflation, including wage inflation, in key supply markets; • delays in obtaining or inability to obtain necessary permits, licenses and approvals; • changes in laws and regulations, or in the interpretation and enforcement of laws and regulations, applicable to gaming, leisure, residential, real estate development or construction projects; • labor disputes or work stoppages; • availability of qualified contractors and subcontractors; • disputes with and defaults by contractors and subcontractors; • personal injuries to workers and other persons; • environmental, health and safety issues, including site accidents and the spread of viruses; • weather interferences or delays; • fires, typhoons and other natural disasters; • geological, construction, excavation, regulatory and equipment problems; and • other unanticipated circumstances or cost increases.
Any of our future construction, development or expansion 20 projects, such as our proposed integrated resort in Japan and the potential for full-scale commercial gaming at Empire City, will be subject to a number of risks, including: • lack of sufficient, or delays in the availability of, financing; • changes to plans and specifications; • engineering problems, including defective plans and specifications; • shortages of, and price increases in, energy, materials and skilled and unskilled labor; • pricing inflation, including wage inflation; • delays in obtaining or inability to obtain necessary permits, licenses and approvals; • changes in laws and regulations, or in the interpretation and enforcement of laws and regulations, applicable to gaming, leisure, residential, real estate development or construction projects; • labor disputes or work stoppages; • availability of qualified contractors and subcontractors; • disputes with and defaults by contractors and subcontractors; • personal injuries to workers and other persons; • environmental, health and safety issues, including site accidents and the spread of viruses; • weather interferences or delays; • fires, typhoons and other natural disasters; • geological, construction, excavation, regulatory and equipment problems; and • other unanticipated circumstances or cost increases.
These laws and regulations include, but are not limited to, restrictions and conditions concerning alcoholic beverages, environmental matters, smoking, employees, currency transactions, taxation, zoning and 24 building codes, and marketing and advertising.
These laws and regulations include, but are not limited to, restrictions and conditions concerning alcoholic beverages, environmental matters, smoking, employees, currency transactions, taxation, zoning and building codes, and marketing and advertising.
In particular, the risks associated with the operation of MGM China or any future operations in which we may engage in any other foreign territories, include: • changes in laws and policies that govern operations of companies in Macau or other foreign jurisdictions; • changes in non-United States government programs; • changes in laws or regulations restricting the ability of our non U.S. subsidiaries to make distributions or declare dividends; • possible failure by our employees or agents to comply with anti-bribery laws such as the United States Foreign Corrupt Practices Act and similar anti-bribery laws in other jurisdictions; • general economic conditions and policies in China, including restrictions on travel and currency movements; • difficulty in establishing, staffing and managing non-United States operations; • different labor regulations; • changes in environmental, health and safety laws; • outbreaks of diseases or epidemics, including the COVID-19 pandemic; • potentially negative consequences from changes in or interpretations of tax laws; • political instability and actual or anticipated military and political conflicts; • economic instability and inflation, recession or interest rate fluctuations; and • uncertainties regarding judicial systems and procedures.
In particular, the risks associated with our existing international operations or any future operations in which we may engage in any other foreign territories, include: • changes in laws and policies that govern operations of companies in Macau or other foreign jurisdictions; • changes in non-United States government programs; • changes in laws or regulations restricting the ability of our non U.S. subsidiaries to make distributions or declare dividends; • possible failure by our employees or agents to comply with anti-bribery laws such as the United States Foreign Corrupt Practices Act and similar anti-bribery laws in other jurisdictions; • general economic conditions and policies in China, including restrictions on travel and currency movements; • difficulty in establishing, staffing and managing non-United States operations; • different labor regulations; • changes in environmental, health and safety laws; • outbreaks of diseases or epidemics, including the COVID-19 pandemic; • potentially negative consequences from changes in or interpretations of tax laws; • political instability and actual or anticipated military and political conflicts; • economic instability and inflation, recession or interest rate fluctuations; and • uncertainties regarding judicial systems and procedures.
We have also seen significant expansion across the United States in legalized forms of iGaming and online sports betting and expect additional jurisdictions will likely legalize iGaming and online sports betting in the future.
We have also seen significant expansion across the United States and internationally in legalized forms of iGaming and online sports betting and expect additional jurisdictions will likely legalize iGaming and online sports betting in the future.
As such, our gaming regulators can require us to disassociate ourselves from suppliers or business partners found unsuitable by the regulators or, alternatively, cease operations in that jurisdiction.
As such, our gaming regulators can require us to disassociate ourselves from suppliers or business 25 partners found unsuitable by the regulators or, alternatively, cease operations in that jurisdiction.
For example, while we have a policy of entering into agreements with (or imposing other restrictions on) our employees, independent contracts, and business partners addressing confidentiality, intellectual property assignment, and non-competition and non-solicitation issues, such agreements may not provide adequate protection or may be breached, or our proprietary information may otherwise become available to or be independently developed by our competitors.
For example, while we have a policy of entering into agreements with (or imposing other restrictions on) our employees, independent contractors, and business partners addressing confidentiality, intellectual property assignment, and non-competition and non-solicitation issues, such agreements may not provide adequate protection or may be breached, or our proprietary information may otherwise become available to or be independently developed by our competitors.
For example, we share control of BetMGM with our venture partner, Entain plc (“Entain”), with all major operating, investing and financial activities requiring the consent of both members. Disagreements between us and Entain could arise in the future, including with respect to the amount and timing of capital contributions.
For example, we share control of BetMGM North America Venture with our venture partner, Entain plc (“Entain”), with all major operating, investing and financial activities requiring the consent of both members. Disagreements between us and Entain could arise in the future, including with respect to the amount and timing of capital contributions.
Other jurisdictions including Canada and China have also amended or 22 adopted new privacy laws and/or requirements which often include similar requirements and obligations. There may be risks and uncertainties associated with these and other privacy laws and regulations including their interpretation and implementation, as well as the potential extraterritorial effect of certain privacy laws and regulations.
Other jurisdictions including Canada, Brazil, and China have also amended or adopted new privacy laws and/or requirements which often include similar requirements and obligations. There may be risks and uncertainties associated with these and other privacy laws and regulations including their interpretation and implementation, as well as the potential extraterritorial effect of certain privacy laws and regulations.
Risks Related to Our Substantial Financial Commitments Our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations and financial results and impact our ability to satisfy our obligations .
Risks Related to Our Substantial Financial Commitments Our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide of the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations, development options, and financial results and impact our ability to satisfy our obligations .
In addition, we have a significant amount of indebtedness maturing in 2025, and thereafter. Our ability to fund or timely refinance and replace our indebtedness will depend upon the economic and credit market conditions discussed above.
In addition, we have a significant amount of indebtedness maturing in 2026, and thereafter. Our ability to fund or timely refinance and replace our indebtedness will depend upon the economic and credit market conditions discussed above.
If we and Entain are unable to support the future funding of BetMGM, then BetMGM may not have the resources to execute on the development or implementation of its strategies, including funding efforts to increase its market share, which could result in us not receiving the anticipated benefits from our investment.
If we and Entain are unable to support the future funding of BetMGM North America Venture, then BetMGM North America Venture may not have the resources to execute on the development or implementation of its strategies, including funding efforts to increase its market share, which could result in us not receiving the anticipated benefits from our investment.
In addition, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future. • Any failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business. • A significant portion of our labor force is covered by collective bargaining agreements. • Our business is particularly sensitive to energy prices and a rise in energy prices could harm our operating results. • We may seek to expand through investments in other businesses and properties or through alliances or acquisitions, and we may also seek to divest some of our properties and other assets, any of which may be unsuccessful. • The failure to maintain the integrity of our information and other systems or customer information can result in damage to our reputation, subject us to fines, payment of damages, lawsuits and restrictions on our use of data, and have a material adverse effect on our business, financial condition, and results of operations. • We are subject to risks related to corporate social responsibility and reputation. • We are subject to risks and costs related to climate change. • Water scarcity could negatively impact our operations.
In addition, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future. • Any failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business. • A significant portion of our labor force is covered by collective bargaining agreements. • Our business is particularly sensitive to energy prices and a rise in energy prices could harm our operating results. • We may seek to expand through investments in other businesses and properties or through alliances or acquisitions, and we may also seek to divest some of our properties and other assets, any of which may be unsuccessful. 13 • Our operational efforts to expand our digital business in new geographic markets may not be successful. • The failure to maintain the integrity of our information and other systems or customer information can result in damage to our reputation, subject us to fines, payment of damages, lawsuits and restrictions on our use of data, and have a material adverse effect on our business, financial condition, and results of operations. • We are subject to risks related to corporate social responsibility and reputation. • We are subject to risks and costs related to climate change. • Water scarcity could negatively impact our operations.
Changes in federal, state, and local legislation and regulation based on concerns about climate change could result in increased regulatory costs, which may include capital expenditures on our existing properties to ensure compliance with any new or updated regulations, which may potentially adversely affect our operations.
Similar federal, state, local, and international legislation and regulation based on concerns about climate change could result in increased regulatory costs, which may include capital expenditures on our existing properties to ensure compliance with any new or updated regulations, which may potentially adversely affect our operations.
Co-investing in properties or businesses, including our investment in BetMGM, decreases our ability to manage risk . In addition to acquiring or developing hotels and resorts or acquiring companies that complement our business directly, we have from time to time invested, and expect to continue to invest, in properties or businesses as a co-investor.
Co-investing in properties or businesses, including our investment in BetMGM North America Venture, decreases our ability to manage risk . In addition to acquiring or developing hotels and resorts or acquiring companies that complement our business directly, we have from time to time invested, and expect to continue to invest, in properties or businesses as a co-investor.
Under the terms of MGM Grand Paradise’s concession, MGM Grand Paradise is required to implement certain investments in gaming and non-gaming projects, for which the non-gaming commitment is subject to increase if market-wide Macau annual gross gaming revenue reaches a specified level, as further discussed in Note 12 to the accompanying consolidated financial statements.
Under the terms of MGM Grand Paradise’s concession, MGM Grand Paradise is required to implement certain investments in gaming and non-gaming projects, for which the non-gaming commitment is subject to increase if market-wide Macau annual gross gaming revenue reaches a specified level, as further discussed in Note 12.
We cannot assure you that we will continue to be able to obtain the types and limits of insurance coverage required by these leases and, to the extent such required insurance coverage cannot be obtained at commercially reasonable cost or at all, then we would need to obtain amendments to the leases or face a default by the applicable tenant under the lease, which could have material adverse effect on our business. 20 We renew our insurance policies on an annual basis.
We cannot assure you that we will continue to be able to obtain the types and limits of insurance coverage required by these leases and, to the extent such required insurance coverage cannot be obtained at commercially reasonable cost or at all, then we would need to obtain amendments to the leases or face a default by the applicable tenant under the lease, which could have material adverse effect on our business.
By way of example, in September 2023, we experienced a cybersecurity issue affecting certain of our systems, in which criminal actors obtained certain personal information of some of our customers (the “Cybersecurity Issue”).
By way of example, in September 2023, we experienced a cybersecurity issue affecting certain of our systems, in which criminal actors may have accessed certain personal information of some of our customers (the “Cybersecurity Issue”).
Similarly, development projects, including any potential future development of an integrated resort in Japan, strategic initiatives, including positioning BetMGM as a leader in online 14 sports betting and iGaming, investments in the growth of our international digital gaming business, and acquisitions could require significant capital commitments, the incurrence of additional debt, guarantees of third-party debt or the incurrence of contingent liabilities, any or all of which could have an adverse effect on our business, financial condition, results of operations and cash flows.
Similarly, development projects, including the development of an integrated resort in Japan, the redevelopment of Empire City, strategic initiatives, including positioning BetMGM North America Venture as a leader in online sports betting and iGaming, investments in the growth of our international digital gaming business, and acquisitions could require significant capital commitments, the incurrence of additional debt, guarantees of third-party debt or the incurrence of contingent liabilities, any or all of which could have an adverse effect on our business, financial condition, results of operations and cash flows.
As of December 31, 2023, we had approximately $6.4 billion of principal amount of indebtedness outstanding on a consolidated basis, including $3.1 billion of outstanding indebtedness of MGM China.
As of December 31, 2024, we had approximately $6.4 billion of principal amount of indebtedness outstanding on a consolidated basis, including $3.0 billion of outstanding indebtedness of MGM China.
There can be no assurance, however, that MGM Grand Paradise will have sufficient cash on hand to fund these obligations, including any increased investment amounts to the extent they are triggered in the future, or that it would be able to obtain financing to fund these obligations on satisfactory terms or at all.
There can be no assurance, however, that MGM Grand Paradise will have sufficient cash on hand to fund these obligations, including the increased investment amounts, or that it would be able to obtain financing to fund these obligations on satisfactory terms or at all.
Under various federal, state and local environmental laws and regulations, an owner or operator of real property may be held liable for the costs of removal or remediation of certain hazardous or toxic substances or wastes located on its property, regardless of whether or not the present owner or operator knows of, or is responsible for, the presence of such substances or wastes.
Under various federal, state and local environmental laws and regulations, an owner or operator of real property may be held liable for the costs of removal or remediation of certain hazardous or toxic substances or wastes located on its property, regardless of whether or not the present owner or operator knows of, or is responsible for, the presence of such substances or wastes. 26 Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted.
As a result, competition for the mass market segment amongst Macau operators has substantially increased and we expect it to continue to grow and if we are unable to maintain and further develop our mass market business and replace revenue previously obtained through 16 use of gaming promoters, our business, financial condition, results of operations and cash flows could be adversely affected.
As a result, competition for the mass market segment amongst Macau operators has substantially increased and we expect it to continue to grow and if we are unable to maintain and further develop our mass market business, our business, financial condition, results of operations and cash flows could be adversely affected.
Risks Related to Our Business, Industry, and Market Conditions We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, including increased competition through online sports betting and iGaming, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flows .
Any of the above factors could have a material adverse effect on our business, financial condition, results of operations and cash flows. 16 Risks Related to Our Business, Industry, and Market Conditions We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, including increased competition through online sports betting and iGaming, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flows .
Our business faces increasing scrutiny related to environmental, social and governance factors and risk of damage to our reputation and the value of our brands if we fail to act responsibly in several areas including diversity and inclusion, community engagement and philanthropy, environmental sustainability, plastic pollution, climate change, responsible gaming, supply chain management, workplace conduct, human rights, and many others, some of which may be unforeseen.
Our business faces increasing scrutiny related to environmental, social and governance factors and risk of damage to our reputation and the value of our brands because of sentiment regarding issues including diversity and inclusion, community engagement and philanthropy, environmental sustainability, plastic pollution, climate change, responsible gaming, supply chain management, workplace conduct, human rights, and many others, some of which may be unforeseen.
A recession, economic slowdown or any other significant economic condition, including continued or increased inflationary pressures, affecting consumers, corporations, or the supply chain, generally is likely to cause a reduction in visitation to our properties, which would adversely affect our operating results. In addition, adverse market conditions may impact the labor market and cause disruptions to the global supply chain.
A recession, economic slowdown or any other significant economic condition, including continued or increased inflationary pressures, affecting consumers, corporations, or the supply chain, generally is likely to cause a reduction in visitation to our properties, which would adversely affect our operating results.
Historically, a significant portion of our revenue was derived from operations outside the United States, which exposes us to complex foreign and U.S. regulations inherent in doing cross-border business and in each of the countries in which we transact business.
We generate revenue from operations outside the United States, which exposes us to complex foreign and U.S. regulations inherent in doing cross-border business and in each of the countries in which we transact business.
Extreme weather conditions, potentially exacerbated by climate change, may cause property damage or interrupt business, which could harm our business and results of operations.
We are subject to risks and costs related to climate change. Extreme weather conditions, potentially exacerbated by climate change, may cause property damage or interrupt business, which could harm our business and results of operations.
A significant portion of our labor force is covered by collective bargaining agreements. Work stoppages and other labor problems could negatively affect our business and results of operations. As of December 31, 2023, approximately 37,000 of our employees are covered by collective bargaining agreements.
A significant portion of our labor force is covered by collective bargaining agreements. Work stoppages and other labor problems could negatively affect our business and results of operations. As of December 31, 2024, approximately 38,000 of our employees are covered by collective bargaining agreements, some of which will expire in 2025.
In addition, new privacy requirements went into effect in 2023 in Colorado, Connecticut, Utah, and Virginia. Outside the United States, the European Union has adopted a data protection regulation known as the General Data Protection Regulation that provides data subjects with significant privacy-related rights and imposes operational and compliance requirements on organizations with significant penalties for non-compliance.
Outside the United States, the European Union has adopted a data protection regulation known as the General Data Protection Regulation that provides data subjects with significant privacy-related rights and imposes operational and compliance requirements on organizations with significant penalties for non-compliance.
Our systems and data, including those we maintain with our third-party service providers, have been subject to cybersecurity breaches of varying degrees of severity in the past and are expected to be subject to cybersecurity breaches in the future.
The rapid evolution and increased adoption of artificial intelligence technologies amplifies these concerns. Our systems and data, including those we maintain with our third-party service providers, have been subject to cybersecurity breaches of varying degrees of severity in the past and are expected to be subject to cybersecurity breaches in the future.
If BetMGM is unable to sustain or grow interest in its offerings it may not be able to gain the scale necessary to successfully compete in the growing market and, as a result, we may not receive the anticipated benefits from our investment.
If our digital businesses are unable to sustain or grow interest in their offerings they may not be able to gain the scale necessary to successfully compete in the growing market and, as a result, we may not receive the anticipated benefits from our investments.
We participate in the domestic iGaming and online sports betting market through our venture, BetMGM, which faces significant competition from other industry participants as well as the broader gaming and entertainment industries.
We participate in the iGaming and online sports betting market through our MGM Digital segment and through our venture, BetMGM North America Venture, both of which face significant competition from other industry participants as well as the broader gaming and entertainment industries.
We compete with a large number of casino properties for a limited number of employees and we anticipate that such competition, which significantly increased following the easing of COVID-19 restrictions in early 2023, will continue in Macau.
Furthermore, our operations in Macau may be impacted by competition for limited labor resources and our ability to retain and hire employees. We compete with a large number of casino properties for a limited number of employees and we anticipate that such competition, which significantly increased following the easing of COVID-19 restrictions in early 2023, will continue in Macau.
Accordingly, we receive cash from royalties, dividends and distributions that are derived from the earnings and cash flow generated by our subsidiaries.
We conduct most of our business operations through our direct and indirect subsidiaries. Accordingly, we receive cash from royalties, dividends and distributions that are derived from the earnings and cash flow generated by our subsidiaries.
While we carry business interruption insurance and general liability insurance, this insurance may not be adequate to cover all losses in any such event. Furthermore, our leases covering the MGM Grand Las Vegas & Mandalay Bay, Bellagio, Aria & Vdara, and The Cosmopolitan all require us to maintain specified insurance coverage.
While we carry business interruption insurance and general liability insurance, this insurance may not be adequate to cover all losses in any such event. Furthermore, our triple net leases require us to maintain specified insurance coverage.
These developments have had, and any future policy developments that may be implemented may have, the effect of reducing the number of visitors to Macau from mainland China, which could adversely impact tourism and the gaming industry in Macau. 17 Furthermore, our operations in Macau may be impacted by competition for limited labor resources and our ability to retain and hire employees.
These developments have had, and any future policy developments that may be implemented may have, the effect of reducing the number of visitors to Macau from mainland China, which could adversely impact tourism and the gaming industry in Macau.
These risks, individually or in the aggregate, could have an adverse effect on our business, financial condition, results of operations and cash flows. We are also exposed to a variety of market risks, including the effects of changes in foreign currency exchange rates.
These risks, individually or in the aggregate, could have an adverse effect on our business, financial condition, results of operations and cash flows. We are also exposed to a variety of market risks, including foreign currency exchange rate fluctuations, particularly with respect to the Japanese yen, Hong Kong dollar, and Euro, as a result of our international operations.
As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to our assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.
As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to our assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change. 27 We face risks related to pending claims that have been , or future claims that may be , brought against us .
We face risks related to pending claims that have been , or future claims that may be , brought against us . Claims have been brought against us and our subsidiaries in various legal proceedings, and additional legal and tax claims arise from time to time.
Claims have been brought against us and our subsidiaries in various legal proceedings, and additional legal and tax claims arise from time to time.
These regulations could impose stricter standards on operations and reporting which could be costly and difficult to implement. In addition, effective since January 1, 2019, smoking in casinos in Macau, including MGM Macau and MGM Cotai, is only permitted inside specially ventilated smoking rooms, rather than outside smoking areas or VIP areas.
In addition, effective since January 1, 2019, smoking in casinos in Macau, including MGM Macau and MGM Cotai, is only permitted inside specially ventilated smoking rooms, rather than outside smoking areas or VIP areas.
Any harm to our reputation could further impact employee engagement and retention and the willingness of customers and our partners to do business with us, which could have a material adverse effect on our business, results of operations and cash flows. We are subject to risks and costs related to climate change.
Any harm to our reputation, or negative incidents involving us, our workforce, and others with whom we do business, could further impact employee engagement and retention, the willingness of customers and our partners to do business with us, or result in government investigations or litigation, any of which could have a material adverse effect on our business, results of operations and cash flows.
(“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. 15 As a result of the foregoing rent and capital expenditure obligations, our ability to fund our operations, raise capital, make acquisitions, make investments, service our debt and otherwise respond to competitive and economic changes may be adversely affected.
As a result of the foregoing rent and capital expenditure obligations, our ability to fund our operations, raise capital, make acquisitions, make investments, service our debt and otherwise respond to competitive and economic changes may be adversely affected.
In addition, any potential policy changes which may affect cross-border travel, similar to the previous travel restrictions during the COVID-19 pandemic, could have an adverse impact on visitation from mainland China. It is unclear whether these and other measures will continue to be in effect, become more restrictive, or be readopted in the future.
In addition, any potential policy changes which may affect cross-border travel, similar to the previous travel restrictions during the COVID-19 pandemic, could have an adverse impact on visitation from mainland China.
Under the terms of MGM Grand Paradise’s concession, MGM Grand Paradise is required to implement certain investments in gaming and non-gaming projects, f or which the non-gaming commitment is subject to increase if market-wide Macau annual gross gaming revenue reaches a specified level, as further discussed in Note 12 to the accompanying consolidated financial statements.
Under the terms of MGM Grand Paradise’s concession, MGM Grand Paradise is required to implement certain investments in gaming and non-gaming projects , as further discussed in Note 12 to the accompanying consolidated financial statements.
If we are unable to hire and retain sufficient employees to operate our properties or procure necessary supplies, our business, results of operations and reputation could be negatively impacted. Finally, we are a parent company with limited business operations of our own. We conduct most of our business operations through our direct and indirect subsidiaries.
In addition, adverse market conditions may impact the labor market and cause disruptions to the global supply chain. If we are unable to hire and retain sufficient employees to operate our properties or procure necessary supplies, our business, results of operations and reputation could be negatively impacted. Finally, we are a parent company with limited business operations of our own.
There can be no assurance, however, that we will be able to complete dispositions on commercially reasonable terms or at all.
There can be no assurance, however, that we will be able to complete dispositions on commercially reasonable terms or at all. Our operational efforts to expand our digital business in new geographic markets may not be successful.
In addition to competition with other hotels, resorts and casinos, we compete with destination travel locations outside of the markets in which we operate. Our failure to compete successfully in our various markets and to continue to attract customers could adversely affect our business, financial condition, results of operations and cash flows.
Our failure to compete successfully in our various markets and to continue to attract customers could adversely affect our business, financial condition, results of operations and cash flows. 17 Our business is affected by economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside .
The development of intellectual property is part of our overall business strategy, and we regard our intellectual property to be an important element of our success.
Any failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business . The development of intellectual property is part of our overall business strategy, and we regard our intellectual property to be an important element of our success.
Our business is affected by economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside . Our business is particularly sensitive to reductions in discretionary consumer spending and corporate spending on conventions, trade shows and business development.
Our business is particularly sensitive to reductions in discretionary consumer spending and corporate spending on conventions, trade shows and business development.
The cost of coverage may become so high that we may need to further reduce our policy limits, further increase our deductibles or self-insured retentions, or agree to certain exclusions from our coverage. Any failure to protect our intellectual property could have a negative impact on the value of our brand names and adversely affect our business .
We renew our insurance policies on an annual basis. The cost of coverage may become so high that we may need to further reduce our policy limits, further increase our deductibles or self-insured retentions, or agree to certain exclusions from our coverage.
Acquisitions and investments in businesses, properties or assets, by us or together with third parties, are subject to risks that could affect our business, including risks related to: • spending cash and incurring debt; • assuming contingent liabilities; • unanticipated issues in integrating information, communications and other systems; • unanticipated incompatibility of purchasing, logistics, marketing and administration methods; • retaining key employees; and • consolidating corporate and administrative infrastructures.
Acquisitions and investments in businesses, properties or assets, by us or together with third parties, are subject to risks that could affect our business, including risks related to: • spending cash and incurring debt; • assumption of the liabilities and exposure to unforeseen or undisclosed liabilities of acquired businesses and exposure to litigation or regulatory, tax or other sanctions, civil or criminal penalties or other negative consequences such as license revocation or reputational damage; • unanticipated issues in integrating information, communications and other systems; • conforming standards, controls, procedures, and accounting and other policies, business cultures and compensation structures; • inheriting internal control deficiencies; • challenges in keeping existing customers and obtaining new customers; • exposure to new or unfamiliar geographies and/or regulatory regimes; • challenges in managing the increased scope, geographic diversity and complexity of our operations; • unanticipated incompatibility of purchasing, logistics, marketing and administration methods; • retaining key employees; and • consolidating corporate and administrative infrastructures.
Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted. There has been increasing focus from international, national, and state regulators on reporting and reducing GHG emissions and other climate change-related topics, such as climate-related disclosure rules proposed by the SEC.
There has been increasing focus from international, national, and state regulators on reporting and reducing GHG emissions and other climate change-related topics. These regulations could impose stricter standards on operations and reporting which could be costly and difficult to implement.
If we do not have sufficient cash on hand, we may need to raise capital, including incurring additional indebtedness, in order to satisfy our obligation. There can be no assurance that any financing will be available to us, or, if available, will be on terms that are satisfactory to us.
There can be no assurance that any financing will be available to us, or, if available, will be on terms that are satisfactory to us.
Removed
Any of the above factors could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Added
Risks Related to Our Substantial Financial Commitments • Our substantial indebtedness and significant financial commitments, including our rent payments and guarantees we provide on the indebtedness of the landlords of Bellagio, Mandalay Bay, and MGM Grand Las Vegas could adversely affect our operations, development options, and financial results and impact our ability to satisfy our obligations. • Current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments or make planned expenditures. • The agreements governing our senior credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity, and therefore could adversely affect our results of operations. • We are required to pay a significant portion of our cash flows as rent, which could adversely affect our ability to fund our operations and growth initiatives, service our indebtedness and limit our ability to react to competitive and economic changes.
Removed
If the United States dollar strengthens in relation to the currencies of other countries, our United States dollar reported income from sources where revenue is denominated in the currencies of other such countries will decrease.
Added
We also provide for guarantees (i) in the amount of 12.65 billion yen (approximately $80 million as of December 31, 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 (ii) 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.
Added
The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. If we do not have sufficient cash on hand to satisfy any obligations with respect to any of these guarantees or our other financial commitments, we may need to raise capital, including incurring additional indebtedness, in order to satisfy our obligation.
Added
(“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.
Added
Further, our digital businesses may be unable to respond quickly or adequately to changes in the industry brought on by new regulations, products or technologies, the availability of other technology platforms and marketing channels, or the introduction of new features and functionality or new marketing or promotional efforts by competitors.
Added
Such competitors may also spend more money and time on developing and testing products and services, undertake more extensive marketing campaigns, adopt more aggressive pricing or promotional policies or otherwise develop more commercially successful products or services than ours.
Added
In addition to competition with other hotels, resorts and casinos, we compete with destination travel locations outside of the markets in which we operate.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe CISO holds various professional certifications, including the Certified Information Security Manager certification from the Information Systems Audit and Control Association and the Certified Information Systems 28 Security Professional from International Information System Security Certification Consortium. The CISO holds a Bachelor’s Degree in Computer Information Systems and a Master’s Degree in Organizational Security Management.
Biggest changeThe CISO holds various professional certifications, including Certified Information Security Manager certification from the 30 Information Systems Audit and Control Association and Certified Incident Handler from the International Council of E-Commerce Consultants. The CISO holds a Bachelor of Science Degree in Cyber Security & Information Assurance. Our CISO reports directly to our Chief Legal and Administrative Officer and Secretary.
This framework also sets forth parameters for the escalation and reporting of cybersecurity risks and incidents to broader groups at the Company, and the CISO reports information about significant cybersecurity risks and incidents to the Audit Committee on a regular basis and more frequently if warranted under the circumstances. 29
This framework also sets forth parameters for the escalation and reporting of cybersecurity risks and incidents to broader groups at the Company, and the CISO reports information about significant cybersecurity risks and incidents to the Audit Committee on a regular basis and more frequently if warranted under the circumstances. 31
The Audit Committee receives quarterly reports from the CISO on the Company’s cybersecurity risks and enterprise cybersecurity program. The Audit Committee also receives prompt information and periodic updates by the CISO regarding material cybersecurity incidents that meet reporting thresholds.
The Audit Committee receives regular reports from the CISO on the Company’s cybersecurity risks and enterprise cybersecurity program. The Audit Committee also receives prompt information and periodic updates by the CISO regarding material cybersecurity incidents that meet reporting thresholds.
Our CISO reports directly to our Chief Legal and Administrative Officer and Secretary. The CISO closely monitors our cybersecurity program, including our strategy and cybersecurity policies and practices, against the cybersecurity threat landscape. As described above, our cybersecurity incident response plan provides a framework for a multidisciplinary team to prevent, detect, mitigate, and remediate cybersecurity-related risks and incidents.
The CISO closely monitors our cybersecurity program, including our strategy and cybersecurity policies and practices, against the cybersecurity threat landscape. As described above, our cybersecurity incident response plan provides a framework for a multidisciplinary team to prevent, detect, mitigate, and remediate cybersecurity-related risks and incidents.
Our CISO has 23 years of expertise in cybersecurity, information security risk management, incident management and response and privacy and has held various roles in information technology and information security throughout their career.
Our CISO has over 20 years of expertise in technology, cybersecurity, information security risk management, incident management and response and privacy and has held various roles in information security throughout his career.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeName and Location Number of Guestrooms and Suites Approximate Casino Square Footage (1) Slots (2) Gaming Tables (3) Las Vegas Strip Resorts: Aria (4) 5,497 145,000 1,282 139 Bellagio 3,933 155,000 1,277 153 The Cosmopolitan 3,032 112,000 1,213 110 MGM Grand Las Vegas (5) 6,731 144,000 1,293 114 Mandalay Bay (6) 4,750 155,000 973 68 Luxor 4,397 104,000 792 44 Excalibur 3,981 93,000 883 32 New York-New York 2,024 81,000 935 54 Park MGM (7) 2,898 66,000 750 64 Subtotal 37,243 1,055,000 9,398 778 Regional Operations: MGM Grand Detroit (Detroit, Michigan) (8) 400 147,000 2,479 139 Beau Rivage (Biloxi, Mississippi) 1,733 88,000 1,301 79 Borgata (Atlantic City, New Jersey) 2,727 218,000 2,508 161 MGM National Harbor (Prince George's County, Maryland) (9) 308 159,000 2,265 162 MGM Springfield (Springfield, Massachusetts) (10) 240 106,000 1,535 48 MGM Northfield Park (Northfield, Ohio) — 78,000 1,592 — Empire City (Yonkers, New York) — 138,000 4,423 — Subtotal 5,408 934,000 16,103 589 MGM China: MGM Macau – 55.95% owned (Macau S.A.R.) 585 251,000 950 351 MGM Cotai – 55.95% owned (Macau S.A.R.) 1,418 264,000 901 399 Subtotal 2,003 515,000 1,851 750 Grand total 44,654 2,504,000 27,352 2,117 (1) Casino square footage is approximate and includes the gaming floor, race and sports, high limit areas and casino specific walkways, and excludes casino cage and other non-gaming space within the casino area, such as lounges.
Biggest changeName and Location Number of Guestrooms and Suites Approximate Casino Square Footage (1) Slots (2) Gaming Tables (3) Las Vegas Strip Resorts: Aria (4) 5,497 145,000 1,274 129 Bellagio 3,933 154,000 1,262 153 The Cosmopolitan 3,032 112,000 1,150 107 MGM Grand Las Vegas (5) 6,731 144,000 1,236 106 Mandalay Bay (6) 4,750 155,000 942 68 Luxor 4,397 104,000 785 43 Excalibur 3,981 93,000 923 32 New York-New York 2,024 84,000 968 52 Park MGM (7) 2,898 66,000 767 61 Subtotal 37,243 1,057,000 9,307 751 Regional Operations: MGM Grand Detroit (Detroit, Michigan) (8) 400 151,000 2,405 113 Beau Rivage (Biloxi, Mississippi) 1,733 88,000 1,209 78 Borgata (Atlantic City, New Jersey) 2,727 220,000 2,362 118 MGM National Harbor (Prince George’s County, Maryland) (9) 308 159,000 2,293 161 MGM Springfield (Springfield, Massachusetts) (10) 240 106,000 1,528 47 MGM Northfield Park (Northfield, Ohio) — 78,000 1,594 — Empire City (Yonkers, New York) — 138,000 4,448 — Subtotal 5,408 940,000 15,839 517 MGM China: MGM Macau – (Macau S.A.R.) 585 251,000 961 340 MGM Cotai – (Macau S.A.R.) 1,418 264,000 972 410 Subtotal 2,003 515,000 1,933 750 Grand total 44,654 2,512,000 27,079 2,018 (1) Casino square footage is approximate and includes the gaming floor, race and sports, high limit areas and casino specific walkways, and excludes casino cage and other non-gaming space within the casino area, such as lounges.
(5) Includes 1,728 rooms at The Signature at MGM Grand Las Vegas. (6) Includes 1,117 rooms at the Delano and 424 rooms at the Four Seasons Hotel. (7) Includes 293 rooms at NoMad Las Vegas. (8) Our local investors have an ownership interest of approximately 3% of MGM Grand Detroit.
(5) Includes 1,728 rooms at The Signature at MGM Grand Las Vegas. (6) Includes 1,117 rooms at W Las Vegas and 424 rooms at the Four Seasons Hotel. (7) Includes 293 rooms at NoMad Las Vegas. (8) Our local investors have an ownership interest of approximately 3% of MGM Grand Detroit.
(9) Our local investors have a non-voting economic interest in MGM National Harbor. (10) Our local investor has a non-voting economic interest in MGM Springfield. 30
(9) Our local investors have a non-voting economic interest in MGM National Harbor. (10) Our local investor has a non-voting economic interest in MGM Springfield. 32
ITEM 2. PROPERTIES We have provided certain information below about our properties as of December 31, 2023.
ITEM 2. PROPERTIES We have provided certain information below about our properties as of December 31, 2024.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe following performance graph shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, nor shall this information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into a filing. 12/18 12/19 12/20 12/21 12/22 12/23 MGM Resorts International 100.00 139.70 133.46 190.13 142.09 189.34 Dow Jones US Total Return 100.00 131.15 157.90 199.74 160.99 203.70 S&P 500 100.00 131.49 155.68 200.37 164.08 207.21 Dow Jones US Gambling 100.00 147.56 132.30 115.34 86.00 112.08 The stock price performance included in this graph is not necessarily indicative of future stock price performance. 33 ITEM 6.
Biggest changeThe following performance graph shall not be deemed to be “ filed” for purposes of Section 18 of the Exchange Act, nor shall this information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into a filing. 12/19 12/20 12/21 12/22 12/23 12/24 MGM Resorts International 100.00 95.53 136.10 101.71 135.53 105.11 Dow Jones US Total Return 100.00 120.40 152.31 122.76 155.32 193.29 S&P 500 100.00 118.40 152.39 124.79 157.59 197.02 Dow Jones US Gambling 100.00 89.66 78.17 58.28 75.96 75.79 The stock price performance included in this graph is not necessarily indicative of future stock price performance. 35 ITEM 6.
On February 8, 2023, we announced that the Board of Directors has determined to suspend the ongoing dividends in light of our current preferred method of returning value to shareholders through our share repurchase plan.
On February 8, 2023, we announced that the Board of Directors had determined to suspend the ongoing dividends in light of our current preferred method of returning value to shareholders through our share repurchase plan.
Dividend Policy We implemented a dividend program in February 2017 pursuant to which it has paid regular quarterly dividends. In the second quarter of 2020, we reduced our annual dividend to $0.01 per share in light of the impact of the COVID-19 pandemic on our operations at that time. We maintained an annual dividend of $0.01 per share throughout 2022.
Dividend Policy We implemented a dividend program in February 2017 pursuant to which we had paid regular quarterly dividends. In the second quarter of 2020, we reduced our annual dividend to $0.01 per share in light of the impact of the COVID-19 pandemic on our operations at that time. We maintained an annual dividend of $0.01 per share throughout 2022.
All shares we repurchased during the quarter ended December 31, 2023 were purchased pursuant to our publicly announced stock repurchase plans and have been retired. 32 PERFORMANCE GRAPH The graph below matches our cumulative 5-year total shareholder return on common stock with the cumulative total returns of the Dow Jones US Total Return index, the S&P 500 index and the Dow Jones US Gambling index.
All shares we repurchased during the quarter ended December 31, 2024 were purchased pursuant to our publicly announced stock repurchase plans and have been retired. 34 PERFORMANCE GRAPH The graph below matches our cumulative 5-year total shareholder return on common stock with the cumulative total returns of the Dow Jones US Total Return index, the S&P 500 index and the Dow Jones US Gambling index.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends as required by the SEC) from December 31, 2018 to December 31, 2023. The return shown on the graph is not necessarily indicative of future performance.
The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends as required by the SEC) from December 31, 2019 to December 31, 2024. The return shown on the graph is not necessarily indicative of future performance.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Information Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “MGM.” There were approximately 2,926 record holders of our common stock as of February 21, 2024.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Common Stock Information Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “MGM.” There were approximately 2,701 record holders of our common stock as of February 13, 2025.
Figures presented under “Dollar Value of Shares that May Yet be Purchased Under the Program” indicate the total amount of authorized capacity remaining in accordance with the terms of the applicable share repurchase plan.
Figures presented under “Dollar Value of Shares that May Yet be Purchased Under the Program” indicate the total amount of authorized capacity remaining in accordance with the terms of the applicable share repurchase plan. The amount authorized under the November 2023 $2.0 billion stock repurchase plan excludes the cost of commissions.
Purchases of Equity Securities by the Issuer The following table provides information about share repurchases of our common stock during the quarter ended December 31, 2023: Period Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of a Publicly Announced Program Dollar Value of Shares that May Yet be Purchased Under the Program (1) (In thousands) October 1, 2023 — October 31, 2023 — $ — — $ 806,163 November 1, 2023 — November 30, 2023 6,644,150 $ 39.86 6,644,150 $ 2,541,291 December 1, 2023 — December 31, 2023 8,781,145 $ 42.68 8,781,145 $ 2,166,464 (1) In accordance with applicable disclosure requirements, the “Average Price Paid per Share” figures presented above are calculated on an execution date (trade date) basis and exclude commissions and other expenses, such as excise taxes.
Purchases of Equity Securities by the Issuer The following table provides information about share repurchases of our common stock during the quarter ended December 31, 2024: Period Total Number of Shares Purchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of a Publicly Announced Program Dollar Value of Shares that May Yet be Purchased Under the Program (1) (In thousands) October 1, 2024 — October 31, 2024 — $ — — $ 946,039 November 1, 2024 — November 30, 2024 — $ — — $ 946,039 December 1, 2024 — December 31, 2024 3,712,075 $ 35.07 3,712,075 $ 815,841 (1) In accordance with applicable disclosure requirements, the “Average Price Paid per Share” figures presented above are calculated on an execution date (trade date) basis and exclude commissions and other expenses, such as excise taxes.
In February 2023, we announced that the Board of Directors had authorized a $2.0 billion stock repurchase plan, and, in November 2023, we announced that the Board of Directors had authorized a $2.0 billion stock repurchase plan. Under the stock repurchase plans, we may repurchase shares from time to time in the open market or in privately negotiated agreements.
The amount authorized for the plan excludes other expenses, such as excise taxes. In November 2023, we announced that the Board of Directors had authorized a $2.0 billion stock repurchase plan. Under the stock repurchase plan, we may repurchase shares from time to time in the open market or in privately negotiated agreements.
Removed
The amount authorized under the February 2023 $2.0 billion stock repurchase plan includes the cost of commissions, while the amount authorized under the November 2023 $2.0 billion stock repurchase plan excludes the cost of commissions. The amount authorized for both plans excludes other expenses, such as excise taxes.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeItem 6. Reserved 34 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 51 Item 8. Financial Statements and Supplementary Data 52 Consolidated Financial Statements 56 Notes to Consolidated Financial Statements 61
Biggest changeItem 6. Reserved 36 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 51 Item 8. Financial Statements and Supplementary Data 53 Consolidated Financial Statements 57 Notes to Consolidated Financial Statements 62

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

89 edited+20 added−54 removed49 unchanged
Biggest changeThe following table shows key gaming statistics for MGM China: Year Ended December 31, 2023 2022 2021 (Dollars in millions) Main floor table games drop $ 12,115 $ 2,512 $ 4,509 Main floor table games win $ 2,736 $ 572 $ 966 Main floor table games win % 22.6 % 22.8 % 21.4 % MGM China casino revenues increased 391% in 2023 compared to 2022 due to the current year being positively affected by the removal of COVID-19 related travel and entry restrictions in Macau and an increase in authorized tables in 2023.
Biggest changeThe following table shows key gaming statistics for our Regional Operations: Year Ended December 31, 2024 2023 2022 (Dollars in millions) Table games drop $ 3,909 $ 3,886 $ 4,469 Table games win $ 807 $ 814 $ 933 Table games win % 20.6 % 21.0 % 20.9 % Slot handle $ 26,894 $ 26,850 $ 28,226 Slot win $ 2,659 $ 2,586 $ 2,692 Slot win % 9.9 % 9.6 % 9.5 % MGM China MGM China net revenues increased 28% in 2024 compared to 2023 due primarily to an increase in casino revenues discussed below. 40 The following table shows key gaming statistics for MGM China: Year Ended December 31, 2024 2023 2022 (Dollars in millions) Main floor table games drop $ 14,681 $ 12,115 $ 2,512 Main floor table games win $ 3,666 $ 2,736 $ 572 Main floor table games win % 25.0 % 22.6 % 22.8 % MGM China casino revenues increased 25% in 2024 compared to 2023 due to the current year being positively affected by a full year of recovery of operations after the removal of COVID-19 related travel and entry restrictions in the first quarter of 2023 as well as an increase in main floor table games win percentage.
See Note 4 and Note 11 for discussion of the transaction and lease, respectively. 34 • In June 2022, the Macau government enacted a new gaming law that provides for material changes to the legal form of gaming concessions in Macau, including discontinuing and prohibiting gaming subconcessions subsequent to their expiration, and also includes material changes to the rights and obligations provided for under the new gaming concessions that were awarded in the public tender that concluded in December 2022, such as limiting the term of concessions to a maximum of 10 years.
See Note 4 and Note 11 for discussion of the transaction and lease, respectively. • In June 2022, the Macau government enacted a new gaming law that provides for material changes to the legal form of gaming concessions in Macau, including discontinuing and prohibiting gaming subconcessions subsequent to their expiration, and also includes material changes to the rights and obligations provided for under the new gaming concessions that were awarded in the public tender that concluded in December 2022, such as limiting the term of concessions to a maximum of 10 years.
The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income and cash flows. Refer to Note 10 in the accompanying consolidated financial statements for further discussion relating to income taxes. 50
The amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income and cash flows. Refer to Note 10 in the accompanying consolidated financial statements for further discussion relating to income taxes.
We review indefinite-lived intangible assets at least annually and between annual test dates in certain circumstances. We perform our annual impairment test for indefinite-lived intangible assets in the fourth quarter of each fiscal year. Indefinite-lived intangible assets consist primarily of license rights and trademarks.
We review goodwill and indefinite-lived intangible assets at least annually and between annual test dates in certain circumstances. We perform our annual impairment test for indefinite-lived intangible assets in the fourth quarter of each fiscal year. Indefinite-lived intangible assets consist primarily of license rights and trademarks.
While the quantitative impairment analysis performed in 2023 resulted in the fair value of Empire City exceeding its carrying value by a substantial margin based upon the assumptions as of the date of the analysis, any of these assumptions could change materially as a result of new or additional information and, if they do, could result in an impairment of up to the full amount of the reporting unit’s goodwill of $256 million.
While the quantitative impairment analysis performed in 2024 resulted in the fair value of Empire City exceeding its carrying value by a substantial margin based upon the assumptions as of the date of the analysis, any of these assumptions could change materially as a result of new or additional information and, if they do, could result in an impairment of up to the full amount of the reporting unit’s goodwill of $256 million.
At December 31, 2023, a 100 basis-point change in the loss reserve as a percentage of casino receivables would change income before income taxes by $6 million. Fixed Asset Capitalization Property and equipment are stated at cost.
At December 31, 2024, a 100 basis-point change in the loss reserve as a percentage of casino receivables would change income before income taxes by $6 million. Fixed Asset Capitalization Property and equipment are stated at cost.
In addition, the obligations of each subsidiary guarantor under its guarantee is limited so as not to constitute a fraudulent conveyance under applicable law, which may eliminate the subsidiary guarantor’s obligations or reduce such obligations to an amount that effectively makes the subsidiary guarantee lack value. 44 The summarized financial information of us and our guarantor subsidiaries, on a combined basis, is presented below.
In addition, the obligations of each subsidiary guarantor under its guarantee are limited so as not to constitute a fraudulent conveyance under applicable law, which may eliminate the subsidiary guarantor’s obligations or reduce such obligations to an amount that effectively makes the subsidiary guarantee lack value. 45 The summarized financial information of us and our guarantor subsidiaries, on a combined basis, is presented below.
In connection with its formation, we provided BetMGM with exclusive access to all of our domestic land based and online sports betting, major tournament poker, and online gaming operations, and Entain provided BetMGM with exclusive access to its technology in the United States. • On September 28, 2021, we announced that we and ORIX were selected by Osaka as the region’s integrated resort partner.
In connection with its formation, we provided BetMGM North America Venture with exclusive access to all of our domestic land based and online sports betting, major tournament poker, and online gaming operations, and Entain provided BetMGM North America Venture with exclusive access to its technology in the United States. • On September 28, 2021, we announced that we and ORIX were selected by Osaka as the region’s integrated resort partner.
Additionally, we entered into a lease agreement for the real estate assets of The Cosmopolitan.
Additionally, we entered into 36 a lease agreement for the real estate assets of The Cosmopolitan.
Borrowings and Repayments of Long-term Debt In 2023, we had net repayments of debt of $2.4 billion, which consisted of the repayment of $1.25 billion of aggregate principal amount of our 6% senior notes due 2023 upon maturity, aggregate net repayments of $1.1 billion on MGM China’s revolving credit facilities, and the early repayment of LeoVegas’s senior notes due 2023 of $36 million.
In 2023, we had net repayments of debt of $2.4 billion, which consisted of the repayment of $1.25 billion of aggregate principal amount of our 6% senior notes due 2023 upon maturity, aggregate net repayments of $1.1 billion on MGM China’s revolving credit facilities, and the early repayment of LeoVegas’s senior notes due 2023 of $36 million.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management’s discussion and analysis of financial condition and results of operations includes discussion as of and for the year ended December 31, 2023 compared to December 31, 2022.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management’s discussion and analysis of financial condition and results of operations includes discussion as of and for the year ended December 31, 2024 compared to December 31, 2023.
Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and tax payments or refunds . Cash provided by operating activities was $2.7 billion in 2023 compared to $1.8 billion in 2022.
Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant interest payments, and tax payments or refunds . Cash provided by operating activities was $2.4 billion in 2024 compared to $2.7 billion in 2023.
However, by their nature, judgments are subject to an inherent degree of uncertainty and therefore actual results can differ from our estimates. Loss Reserve for Casino Receivables Marker play represents a significant portion of the table games volume at certain of our Las Vegas resorts.
However, by their nature, judgments are subject to an inherent degree of uncertainty and therefore actual results can differ from our estimates. Loss Reserve for Casino Receivables Marker play represents a significant portion of the table games volume.
Our results are also affected by significant recent developments in our business, which principally consist of transactions we have executed in furtherance of our businesses strategy and the recovery from the COVID-19 pandemic, including the removal of COVID-19 travel restrictions in Macau and mainland China, as described in further detail below.
Our results are also affected by significant recent developments in our business, which principally consist of transactions we have executed in furtherance of our businesses strategy and the recovery from the COVID-19 pandemic, including the removal of COVID-19 travel restrictions in Macau and mainland China.
Principal Debt Arrangements See Note 9 to the accompanying consolidated financial statements for information regarding our debt agreements as of December 31, 2023. Critical Accounting Policies and Estimates Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements.
Principal Debt Arrangements See Note 9 to the accompanying consolidated financial statements for information regarding our debt agreements. 48 Critical Accounting Policies and Estimates Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements.
See Note 2 and Note 7 to the accompanying consolidated financial statements for further discussion of goodwill and other intangible assets. Income Taxes We are subject to income taxes in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material.
See Note 2 and Note 7 to the accompanying consolidated financial statements for further discussion of goodwill and other intangible assets. 50 Income Taxes We are subject to income taxes in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions.
Capital expenditures related to regular investments in our existing properties can also vary depending on timing of larger remodel projects related to our public spaces and hotel rooms . Cash used in investing activities was $714 million in 2023 compared to cash provided by investing activities of $2.1 billion in 2022 .
Capital expenditures related to regular investments in our existing properties can also vary depending on timing of larger remodel projects related to our public spaces and hotel rooms . Cash used in investing activities was $1.3 billion in 2024 compared to $714 million in 2023 .
Overview Our primary business is the operation of casino properties, which offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. We lease the real estate assets of our domestic properties pursuant to triple-net lease agreements.
Overview Our primary business is the operation of casino properties, which offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities, as well as the operation of digital gaming through our online platforms. We lease the real estate assets of our domestic properties pursuant to triple net lease agreements.
In 2023, we made payments of $932 million in capital expenditures, as further discussed below, contributed $161 million to unconsolidated affiliates, which primarily consisted of contributions of $109 million to Osaka IR KK and $50 million to BetMGM, paid $122 million to acquire Push Gaming, net of cash acquired, and made $125 45 million in net short-term investments in debt securities, which were partially offset by proceeds of $447 million related to the sale of the operations of Gold Strike Tunica and proceeds of $153 million related to the principal portion of the Circus Circus Las Vegas note receivable that was repaid .
In comparison, in 2023, we made payments of $932 million in capital expenditures, as further discussed below, contributed $161 million to unconsolidated affiliates, paid $122 million to acquire Push Gaming, 46 net of cash acquired, and made $125 million in net short-term investments in debt securities, which were partially offset by proceeds of $447 million related to the sale of the operations of Gold Strike Tunica and proceeds of $153 million related to the principal portion of the Circus Circus Las Vegas note receivable that was repaid.
In 2023 , we had net repayments of debt of $2.4 billion, as further discussed below, paid $2.3 billion for repurchases of our common stock, and distributed $177 million to noncontrolling interest owners .
In comparison, in the prior year period, we had net repayments of debt of $2.4 billion, as further discussed below, paid $2.3 billion for repurchases of our common stock, and distributed $177 million to noncontrolling interest owners.
Overview of strategic business developments • In July 2018, we and Entain formed BetMGM.
Overview of strategic business developments • In July 2018, we and Entain formed BetMGM North America Venture.
If our pursuit of a commercial gaming facility in New York is successful, we expect the project cost to be approximately $2 billion, reflecting an estimated $1.5 billion of improvements and a $500 million license fee, with the timing of costs dependent upon progress of the project and selection process.
If our pursuit of a commercial gaming facility in New York is successful, we expect the project cost to be approximately $2 billion, inclusive of a $500 million license fee, with the amount and timing of costs dependent upon the progress and scope of the project and selection process.
As of December 31, 2023, we had cash and cash equivalents of $2.9 billion, of which MGM China held $542 million, and we had $6.4 billion in principal amount of indebtedness, including $3.1 billion related to MGM China.
As of December 31, 2024, we had cash and cash equivalents of $2.4 billion, of which MGM China held $684 million, and we had $6.4 billion in principal amount of indebtedness, including $3.0 billion related to MGM China.
We are also required as of December 31, 2023 to make annual contractual cash rent payments of $1.8 billion over the next twelve months under triple-net lease agreements, which triple-net leases are also subject to annual escalators and also require us to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance, in addition to the annual cash rent.
We are also required as of December 31, 2024 to make annual contractual cash rent payments of $1.8 billion over the next twelve months under triple net lease agreements, which triple net leases are also subject to annual escalators and also require us to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance (with each lease obligating us to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent.
For our 2023 annual impairment tests, we either utilized the option to perform a qualitative (“step zero”) analysis for certain of our indefinite-lived intangibles and concluded it was more likely than not that the fair values of such intangibles exceeded their carrying values by a substantial margin or we elected to perform a quantitative analysis and the fair value of such intangibles exceeded their carrying value by a substantial margin.
For our 2024 annual impairment tests, we either utilized the option to perform a qualitative (“step zero”) analysis and concluded it was more likely than not that fair value exceeded carrying value or we elected to perform a quantitative analysis and fair value exceeded carrying value by a substantial margin.
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, gain on REIT 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 gain on consolidation of CityCenter, net, gain related to CityCenter’s sale of Harmon land recorded within income from unconsolidated affiliates, corporate expense and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminated in consolidation.
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 gain on REIT transactions, net as well as corporate expense and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminated in consolidation.
If future operating results of our reporting units do not meet current expectations it could cause carrying values of our reporting units to exceed their fair values in future periods, potentially resulting in a goodwill impairment charge.
If future operating results do not meet current expectations it could cause carrying values to exceed their fair values in future periods, potentially resulting in an impairment charge.
There are several estimates inherent in evaluating these assets for impairment. In particular, future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates.
Management makes significant judgments and estimates as part of these analyses. There are several estimates inherent in evaluating these assets for impairment. In particular, future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates.
Discussion of our financial condition and results of operations as of and for the year ended December 31, 2022 compared to December 31, 2021 can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023.
Discussion of our financial condition and results of operations as of and for the year ended December 31, 2023 compared to December 31, 2022 can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024 , with the exception of our MGM Digital segment, for which discussion as of and for the year ended December 31, 2023 compared to December 31, 2022 has been included below .
In the event that any subsidiary is no longer a guarantor of our credit facility or any of our future capital markets indebtedness, that subsidiary will be released and relieved of its obligations to guarantee our existing senior notes.
Our foreign subsidiaries, including MGM China and its subsidiaries, are also not guarantors of our principal debt arrangements. In the event that any subsidiary is no longer a guarantor of our credit facility or any of our future capital markets indebtedness, that subsidiary will be released and relieved of its obligations to guarantee our existing senior notes.
The Cybersecurity Issue, together with the incident response efforts discussed above, resulted in some disruptions to our business operations primarily during the third quarter of 2023 and we also incurred expenses for technology consulting services, legal fees and other third-party advisors in connection with this issue during the second half of 2023, which were not material to our 2023 results.
The Cybersecurity Issue, together with the incident response efforts, resulted in some disruptions to our business operations and we also incurred expenses for technology consulting services, legal fees and other third-party advisors in connection with this issue, which were not material to our 2023 results. We have cybersecurity insurance from which we began to receive proceeds in 2024.
Our expected cash interest payments, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates as of December 31, 2023, for 2024, 2025, and 2026 are approximately $185 million, $140 million, and $95 million, respectively, excluding MGM China, and approximately $360 million, $280 million, and $170 million, respectively, on a consolidated basis, which includes MGM China.
Our expected cash interest payments, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of December 31, 2024, for 2025, 2026, and 2027 are approximately $200 million, $200 million, and $165 million, respectively, excluding MGM China, and approximately $375 million, $310 million, and $215 million, respectively, on a consolidated basis, which includes MGM China.
Adjusted EBITDAR information is a non-GAAP measure that is a valuation metric, should not be used as an operating metric, and is presented solely as a supplemental disclosure to reported GAAP measures because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a principal basis for the valuation of gaming companies.
Consolidated Adjusted EBITDA information is a non-GAAP measure that is presented solely as a supplemental disclosure to reported GAAP measures because it is among the measures used by management to evaluate our operating performance, and because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry and as a principal basis for the valuation of gaming companies.
We maintain strict controls over the issuance of markers by assessing patrons’ credit worthiness prior to issuing credit and we aggressively pursue collection from our customers who fail to pay their marker balances timely.
We maintain strict controls over the issuance of markers by assessing patrons’ credit worthiness prior to issuing credit and we aggressively pursue collection from our customers who fail to pay their marker balances timely. These collection efforts include the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies, and civil litigation.
See Note 9 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt and other sources and uses of cash. 41 Other, net Other income, net was $43 million in 2023 compared to $83 million in 2022.
The decrease from 2023 is due primarily to a decrease in weighted average outstanding debt. See Note 9 to the accompanying consolidated financial statements for discussion on long-term debt and see “Liquidity and Capital Resources” for discussion on issuances and repayments of long-term debt. Other, net Other income, net was $71 million in 2024 compared to $43 million in 2023.
Las Vegas Strip Resorts casino revenue increased 1% in 2023 compared to 2022 primarily due to a full year of operating results from The Cosmopolitan, increases in volume partially due to the inaugural F1 race, and an increase in table games win percentage, partially offset by an increase in incentives and the disposition of The Mirage. 37 The following table shows key gaming statistics for our Las Vegas Strip Resorts: Year Ended December 31, 2023 2022 2021 (Dollars in millions) Table games drop $ 6,215 $ 5,804 $ 3,597 Table games win $ 1,636 $ 1,391 $ 885 Table games win % 26.3 % 24.0 % 24.6 % Slot handle $ 23,920 $ 22,812 $ 15,089 Slot win $ 2,224 $ 2,127 $ 1,417 Slot win % 9.3 % 9.3 % 9.4 % Las Vegas Strip Resorts rooms revenue increased 11% in 2023 compared to 2022 due primarily to a full year of operating results from The Cosmopolitan and an increase in RevPAR, partially due to the inaugural F1 race, partially offset by the disposition of The Mirage.
Las Vegas Strip Resorts casino revenue decreased 8% in 2024 compared to 2023 due primarily to a decrease in table games drop and win percentage. 39 The following table shows key gaming statistics for our Las Vegas Strip Resorts: Year Ended December 31, 2024 2023 2022 (Dollars in millions) Table games drop $ 6,028 $ 6,215 $ 5,804 Table games win $ 1,472 $ 1,636 $ 1,391 Table games win % 24.4 % 26.3 % 24.0 % Slot handle $ 23,840 $ 23,920 $ 22,812 Slot win $ 2,240 $ 2,224 $ 2,127 Slot win % 9.4 % 9.3 % 9.3 % Las Vegas Strip Resorts rooms revenue increased 4% in 2024 compared to 2023 due primarily to an increase in RevPAR.
During the year ended December 31, 2023, Macau visitor arrivals increased 395% compared to 2022 according to statistics published by the Statistics and Census Service of the Macau Government, as 2022 was more negatively affected by travel and entry restrictions in Macau than in 2023.
During the year ended December 31, 2024, Macau visitor arrivals increased 24% compared to 2023 according to statistics published by the Statistics and Census Service of the Macau Government, as 2024 was positively affected by the continued recovery after the removal of COVID-19 related travel and entry restrictions.
Cash taxes paid increased in 2023 compared to 2022 due to utilization of our remaining overall domestic loss in 2023 prior to fully sheltering 50% of domestic taxable income as well as the payment of taxes in 2023 related to the disposition of The Mirage.
Cash paid for income taxes decreased in 2024 compared to 2023 primarily due to the payment of income taxes in 2023 related to the disposition of The Mirage and Gold Strike Tunica, partially offset by the utilization of our remaining overall domestic loss in 2023 prior to fully sheltering 50% of domestic taxable income.
Impairment of Long-lived Assets, Goodwill and Indefinite-lived Intangible Assets We evaluate our property and equipment and other long-lived assets for impairment based on our classification as held for sale or to be held and used.
Whenever events or circumstances occur which change the estimated useful life of an asset, we account for the change prospectively. 49 Impairment of Long-lived Assets, Goodwill, and Indefinite-lived Intangible Assets We evaluate our property and equipment and other long-lived assets for impairment based on our classification as held for sale or to be held and used.
Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on such "more-likely-than-not" realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the scheduled reversal of deferred tax liabilities, the duration of statutory carryforward periods, and tax planning strategies.
This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the scheduled reversal of deferred tax liabilities, the duration of statutory carryforward periods, and tax planning strategies. We reassess the realization of deferred tax assets each reporting period.
Capital Expenditures In 2023, we made capital expenditures of $932 million, of which $45 million related to MGM China and is inclusive of capital expenditures relating to the gaming concession investment .
In 2023, we made capital expenditures of $932 million, of which $45 million related to MGM China and is inclusive of capital expenditures related to the gaming concession investment. Capital expenditures primarily related to land, information technology, room and restaurant remodels, convention center remodels, and gaming equipment. Financing activities.
We determine the estimated useful lives based on our experience with similar assets, engineering studies, and our estimate of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, we account for the change prospectively.
We determine the estimated useful lives based on our experience with similar assets, engineering studies, and our estimate of the usage of the asset.
The remaining availability under the February 2023 $2.0 billion stock repurchase plan was $183 million and the remaining availability under the November 2023 $2.0 billion stock repurchase plan was $2.0 billion as of December 31, 2023. In 2022, we repurchased and retired $2.8 billion of our common stock pursuant to our stock repurchase plans.
In connection with those repurchases, the February 2023 $2.0 billion stock repurchase plan was completed. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $826 million as of December 31, 2024. In 2023, we paid $2.3 billion relating to repurchases of our common stock pursuant to our stock repurchase plans.
Markers are not legally enforceable instruments in some foreign countries, but the United States assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers at our domestic properties who are not residents of the United States.
We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers at our domestic properties who are not residents of the United States.
The increase from the prior year was due primarily to the increase in Adjusted Property EBITDAR at our Las Vegas Strip Resorts and MGM China discussed within the Results of Operations section above and a decrease in cash paid for interest, partially offset by an increase in triple-net lease rent payments and cash paid for taxes, net. Investing activities.
The decrease from the prior year was due primarily to changes in working capital primarily related to payroll liabilities, gaming taxes, and payables, partially offset by the increase in Segment Adjusted EBITDAR at MGM China discussed within the Results of Operations section above and a decrease in cash paid for interest and income taxes. Investing activities.
Adjusted Property EBITDAR is our reportable segment generally accepted accounting principles (“GAAP”) measure, which we utilize as the primary profit measure for our reportable segments. See Note 17 to the accompanying consolidated financial statements and “Reportable Segment GAAP measure” below for additional information. Adjusted EBITDAR is a non-GAAP measure, discussed within “Non-GAAP measures” below.
See Note 17 to the accompanying consolidated financial statements and “Reportable Segment GAAP measure” below for additional information. Consolidated Adjusted EBITDA is a non-GAAP measure, discussed within “Non-GAAP measures” below.
Other, net in 2023 was primarily comprised of interest and dividend income of $164 million and foreign currency transaction loss of $106 million. Other, net in 2022 was primarily comprised of interest and dividend income of $96 million and foreign currency transaction loss of $19 million.
Other, net in 2023 was primarily comprised of interest and dividend income of $164 million and foreign currency transaction loss of $106 million primarily related to USD denominated debt held by a foreign subsidiary.
Income taxes The following table summarizes information related to our income taxes: Year Ended December 31, 2023 2022 2021 (In thousands) Income before income taxes $ 1,472,763 $ 903,799 $ 1,461,804 Provision for income taxes (157,839) (697,068) (253,415) Effective income tax rate 10.7 % 77.1 % 17.3 % Federal, state and foreign income taxes paid, net of refunds $ 344,397 $ 22,955 $ 43,018 Our effective rate for 2023 was favorably impacted primarily by a decrease in the valuation allowance on foreign tax credit carryforwards resulting from a projected increase in foreign source income and favorably impacted by an increase in Macau income offset by expiring net operating losses from prior years subject to valuation allowances.
Income taxes The following table summarizes information related to our income taxes: Year Ended December 31, 2024 2023 2022 (In thousands) Income before income taxes $ 1,117,065 $ 1,472,763 $ 903,799 Provision for income taxes (52,457) (157,839) (697,068) Effective income tax rate 4.7 % 10.7 % 77.1 % Federal, state and foreign income taxes paid, net of refunds $ 266,996 $ 344,397 $ 22,955 Our effective rate for 2024 was favorably impacted primarily by an increase in Macau gaming profits which are exempt from complementary tax and a decrease in the valuation allowance for Macau deferred tax assets.
On April 14, 2023, we announced that the Japanese government officially certified the ADP, and, in September 2023, Osaka IR KK signed an agreement with Osaka to implement the ADP. • On April 29, 2022, VICI acquired MGM Growth Properties LLC (“MGP”) in a stock-for-stock transaction (such transaction, the “VICI Transaction”).
On April 14, 2023, we announced that the Japanese government officially certified the ADP, and, in September 2023, Osaka IR KK signed an agreement with Osaka to implement the ADP.
Results of Operations Summary Operating Results The following table summarizes our operating results: Year Ended December 31, 2023 2022 2021 (In thousands) Net revenues $ 16,164,249 $ 13,127,485 $ 9,680,140 Operating income 1,891,497 1,439,372 2,278,699 Net income 1,314,924 206,731 1,208,389 Net income attributable to MGM Resorts International 1,142,180 1,473,093 1,254,370 36 Consolidated net revenues increased 23% in 2023 compared to 2022 due primarily to MGM China increasing 368% and our Las Vegas Strip Resorts increasing 5%, partially offset by Regional Operations decreasing 4%, compared to 2022, as discussed below.
Results of Operations Summary Operating Results The following table summarizes our consolidated operating results: Year Ended December 31, 2024 2023 2022 (In thousands) Net revenues $ 17,240,545 $ 16,164,249 $ 13,127,485 Operating income 1,490,456 1,891,497 1,439,372 Net income 1,064,608 1,314,924 206,731 Net income attributable to MGM Resorts International 746,558 1,142,180 1,473,093 Consolidated net revenues increased 7% in 2024 compared to 2023 due primarily to MGM China increasing 28%, MGM Digital increasing 28%, and our Regional Operations increasing 1%, each as compared to 2023 and as discussed below.
A reconciliation of GAAP net income to Adjusted EBITDAR is included herein. 43 The following table presents a reconciliation of net income (loss) attributable to MGM Resorts International to Adjusted EBITDAR: Year Ended December 31, 2023 2022 2021 (In thousands) Net income attributable to MGM Resorts International $ 1,142,180 $ 1,473,093 $ 1,254,370 Plus: Net income (loss) attributable to noncontrolling interests 172,744 (1,266,362) (45,981) Net income 1,314,924 206,731 1,208,389 Provision for income taxes 157,839 697,068 253,415 Income before income taxes 1,472,763 903,799 1,461,804 Non-operating (income) expense Interest expense, net of amounts capitalized 460,293 594,954 799,593 Non-operating items from unconsolidated affiliates 1,032 23,457 83,243 Other, net (42,591) (82,838) (65,941) 418,734 535,573 816,895 Operating income 1,891,497 1,439,372 2,278,699 Preopening and start-up expenses 415 1,876 5,094 Property transactions, net (370,513) (1,036,997) (67,736) Depreciation and amortization 814,128 3,482,050 1,150,610 Gain on REIT transactions, net — (2,277,747) — Gain on consolidation of CityCenter, net — — (1,562,329) Triple-net operating lease and ground lease rent expense 2,263,649 1,950,566 833,158 Gain related to sale of Harmon land - unconsolidated affiliate — — (49,755) Income from unconsolidated affiliates related to real estate ventures (10,821) (61,866) (166,658) Adjusted EBITDAR $ 4,588,355 Guarantor Financial Information As of December 31, 2023, all of our principal debt arrangements are guaranteed by each of our wholly owned material domestic subsidiaries that guarantee our senior credit facility.
A reconciliation of GAAP net income to Consolidated Adjusted EBITDA is included herein. 44 The following table presents a reconciliation of net income attributable to MGM Resorts International to Consolidated Adjusted EBITDA: Year Ended December 31, 2024 2023 2022 (In thousands) Net income attributable to MGM Resorts International $ 746,558 $ 1,142,180 $ 1,473,093 Plus: Net income (loss) attributable to noncontrolling interests 318,050 172,744 (1,266,362) Net income 1,064,608 1,314,924 206,731 Provision for income taxes 52,457 157,839 697,068 Income before income taxes 1,117,065 1,472,763 903,799 Non-operating (income) expense Interest expense, net of amounts capitalized 443,230 460,293 594,954 Non-operating items from unconsolidated affiliates 734 1,032 23,457 Other, net (70,573) (42,591) (82,838) 373,391 418,734 535,573 Operating income 1,490,456 1,891,497 1,439,372 Preopening and start-up expenses 7,972 415 1,876 Property transactions, net 81,316 (370,513) (1,036,997) Depreciation and amortization 831,097 814,128 3,482,050 Gain on REIT transactions, net — — (2,277,747) Consolidated Adjusted EBITDA $ 2,410,841 $ 2,335,527 $ 1,608,554 Guarantor Financial Information As of December 31, 2024, all of our principal debt arrangements are guaranteed by each of our wholly owned material domestic subsidiaries that guarantee our senior credit facility.
Regional Operations Regional Operations net revenues decreased 4% in 2023 compared to 2022 due primarily to the disposition of Gold Strike Tunica in February 2023. Regional Operations casino revenue decreased 7% in 2023 compared to 2022 due primarily to the disposition of Gold Strike Tunica.
Regional Operations Regional Operations net revenues increased 1% in 2024 compared to 2023 due primarily to the increase in casino revenues, partially offset by the disposition of Gold Strike Tunica in February 2023.
December 31, 2023 Balance Sheet (In thousands) Current assets $ 3,783,644 Intercompany debt due from non-guarantor subsidiaries 2,516,281 Other long-term assets 28,518,540 Current liabilities 2,235,733 Intercompany debt due to non-guarantor subsidiaries 2,199,888 Other long-term liabilities 28,236,137 Year Ended December 31, 2023 Income Statement (In thousands) Net revenues $ 10,783,241 Operating income 1,324,609 Intercompany interest income 61,844 Intercompany interest expense (61,844) Income before income taxes 1,332,010 Net income 1,161,172 Net income attributable to MGM Resorts International 1,161,172 Liquidity and Capital Resources Cash Flows – Summary Our cash flows consisted of the following: Year Ended December 31, 2023 2022 2021 (In thousands) Net cash provided by operating activities $ 2,690,777 $ 1,756,462 $ 1,373,423 Net cash provided by (used in) investing activities (714,175) 2,118,181 1,543,645 Net cash used in financing activities (5,004,631) (3,024,302) (2,814,095) Cash Flows Operating activities.
December 31, 2024 Balance Sheet (In thousands) Current assets $ 3,045,925 Intercompany debt due from non-guarantor subsidiaries 2,733,770 Other long-term assets 28,683,234 Other current liabilities 2,247,371 Intercompany debt due to non-guarantor subsidiaries 2,199,408 Other long-term liabilities 28,651,188 Year Ended December 31, 2024 Income Statement (In thousands) Net revenues $ 10,825,067 Operating income 733,665 Intercompany interest income 277,516 Intercompany interest expense (246,001) Income before income taxes 501,374 Net income 427,878 Net income attributable to MGM Resorts International 396,364 Liquidity and Capital Resources Cash Flows – Summary Our cash flows consisted of the following: Year Ended December 31, 2024 2023 2022 (In thousands) Net cash provided by operating activities $ 2,362,495 $ 2,690,777 $ 1,756,462 Net cash provided by (used in) investing activities (1,283,163) (714,175) 2,118,181 Net cash used in financing activities (1,564,281) (5,004,631) (3,024,302) Cash Flows Operating activities.
Key Performance Indicators Key performance indicators related to gaming and hotel revenue are: • Gaming revenue indicators: table games drop and slots handle (volume indicators); “win” or “hold” percentage, which is not fully controllable by us.
Key Performance Indicators Key performance indicators related to gaming and hotel revenue are: • Gaming revenue indicators: table games drop, which is the total amount of cash and net markers issued and deposited into the drop box, and slot handle, which is the gross amount wagered in slot machines, (volume 37 indicators); “win” or “hold” percentage, which is not fully controllable by us.
We maintain a loss reserve for casino accounts at all of our operating casino properties. Expected credit losses, an operating expense, increases the loss reserve. We regularly evaluate the loss reserve for casino accounts, which involves judgments and assumptions about realizability, current and expected future economic conditions in various geographies, and business conditions.
We regularly evaluate our reserve for credit losses for casino receivables, which involves judgments and assumptions about realizability including the age of the account, the customer’s current and expected future financial condition, collection history, current and expected future economic conditions in various geographies, and business conditions.
Dividends, Distributions to Noncontrolling Interest Owners and Share Repurchases In 2023, we paid $2.3 billion relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 13 for further information on the stock repurchases. In connection with those repurchases, the March 2022 $2.0 billion stock repurchase plan was completed.
The net repayments of debt were funded with cash on hand. Share Repurchases and Distributions to Noncontrolling Interest Owners In 2024, we paid $1.4 billion relating to repurchases of our common stock pursuant to our stock repurchase plans. See Note 13 for further information on the stock repurchases.
Our normal table games hold percentage at our Las Vegas Strip Resorts is in the range of 25.0% to 35.0% of table games drop for baccarat and 19.0% to 23.0% for non-baccarat; and • Hotel revenue indicators (for Las Vegas Strip Resorts): hotel occupancy (a volume indicator); average daily rate (“ADR,” a price indicator); and revenue per available room (“RevPAR,” a summary measure of hotel results, combining ADR and occupancy rate).
“Win” or “hold” percentages represent the net amount of gaming wins and losses in relation to table games drop or slot handle; and • Hotel revenue indicators (for Las Vegas Strip Resorts) – hotel occupancy (a volume indicator); average daily rate (“ADR,” a price indicator); and revenue per available room (“RevPAR,” a summary measure of hotel results, combining ADR and occupancy rate).
Our principal debt arrangements are not guaranteed by MGM Grand Detroit, MGM National Harbor, Blue Tarp reDevelopment, LLC (the entity that operates MGM Springfield), and each of their respective subsidiaries. Our foreign subsidiaries, including LeoVegas, MGM China, and each of their respective subsidiaries, are also not guarantors of our principal debt arrangements.
Our principal debt arrangements are not guaranteed by MGM Grand Detroit, LLC, MGM National Harbor, LLC, Blue Tarp reDevelopment, LLC (d/b/a MGM Springfield), MGM Sports & Interactive Gaming, LLC (the entity that holds our 50% interest in BetMGM North America Venture), MGM CEE Holdco, LLC (the entity that holds our consolidated digital gaming subsidiaries, including LeoVegas), and each of their respective subsidiaries.
We believe that while items excluded from Adjusted EBITDAR may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends. Also, we believe excluded items may not relate specifically to current trends or be indicative of future results.
We believe that while items excluded from Consolidated Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented.
Additionally, we have cash commitments to fund Osaka IR KK relating to the development of an integrated resort in Osaka, Japan for our proportionate share of the unfinanced portion of Osaka IR KK’s development project.
Additionally, we have cash commitments to fund Osaka IR KK relating to the development of an integrated resort in Osaka, Japan for our proportionate share of the unfinanced portion of Osaka IR KK’s development project, of which the estimated remaining amount of approximately 271 billion yen (approximately $1.7 billion as of December 31, 2024 ) is anticipated to be funded over the next five years .
No amounts were drawn on our revolving credit facility or MGM China’s second revolving credit facility, and as of December 31, 2023, there was $371 million outstanding under MGM China’s first revolving credit facility.
No amounts were drawn on our revolving credit facility or MGM China’s second revolving credit facility, and as of December 31, 2024, there was $478 million outstanding under MGM China’s first revolving credit facility. In February 2024, we amended our senior secured credit facility to increase the facility to $2.3 billion and extend the maturity date to February 2029.
Consolidated operating income increased 31% in 2023 compared to 2022.
Consolidated operating income decreased 21% in 2024 compared to 2023.
Income (loss) from Unconsolidated Affiliates The following table summarizes information related to our share of operating income (loss) from unconsolidated affiliates: Year Ended December 31, 2023 2022 2021 (In thousands) CityCenter Holdings, LLC (“CityCenter”) (through September 26, 2021) $ — $ — $ 128,127 MGP BREIT Venture (through April 29, 2022) — 51,051 155,817 BetMGM (90,894) (234,464) (211,182) Other 28,790 23,200 12,061 $ (62,104) $ (160,213) $ 84,823 In April 2022, we completed the VICI Transaction pursuant to which the assets and liabilities of MGP were derecognized, which included MGP OP’s investment in the venture that was 50.1% owned by a subsidiary of MGP OP at the time of the transaction (such venture, the “MGP BREIT Venture”).
Income (loss) from Unconsolidated Affiliates The following table summarizes information related to our share of operating loss from unconsolidated affiliates: Year Ended December 31, 2024 2023 2022 (In thousands) MGP BREIT Venture (through April 29, 2022) $ — $ — $ 51,051 BetMGM North America Venture (110,079) (90,894) (234,464) Other 19,426 28,790 23,200 $ (90,653) $ (62,104) $ (160,213) In connection with the VICI Transaction in April 2022, we deconsolidated MGP, and accordingly derecognized the assets and liabilities of MGP, which included MGP OP’s investment in the venture that was 50.1% owned by a subsidiary of MGP OP at the time of the transaction (such venture, the “MGP BREIT Venture”). 42 Non-operating Results Interest expense The following table summarizes information related to interest expense, net: Year Ended December 31, 2024 2023 2022 (In thousands) Total interest incurred $ 445,660 $ 463,175 $ 595,692 Interest capitalized (2,430) (2,882) (738) $ 443,230 $ 460,293 $ 594,954 Gross interest expense was $446 million in 2024 compared to $463 million in 2023.
Cybersecurity Issue In September 2023, we identified a cybersecurity issue involving unauthorized access to certain of our U.S. systems by criminal actors. Upon discovery of the Cybersecurity Issue, we shut down certain systems to mitigate risk to customer information, which resulted in operational disruptions at our domestic properties during the third quarter of 2023.
Cybersecurity Issue In September 2023, we identified a cybersecurity issue involving unauthorized access to certain of our U.S. systems by criminal actors.
Because individual customer account balances can be significant, the loss reserve and credit losses can change significantly between periods, as information about a certain customer becomes known or as changes in economic conditions occur.
The following table shows key statistics related to our casino receivables: December 31, 2024 2023 (In thousands) Casino receivables $ 603,307 $ 567,766 Loss reserve for casino accounts receivable 121,282 112,905 Loss reserve as a percentage of casino accounts receivable 20 % 20 % Because individual customer account balances can be significant, the loss reserve and credit losses can change significantly between periods, as information about a certain customer becomes known or as changes in economic conditions occur.
Visitation Statistics The Las Vegas Strip segment results of operations are heavily impacted by visitor volume and trends. During the year ended December 31, 2023, Las Vegas visitor volume increased 5% compared to 2022 according to information published by the Las Vegas Convention and Visitors Authority.
Visitation Statistics The Las Vegas Strip segment results of operations are heavily impacted by visitor volume and trends.
Net Revenues by Segment The following table presents a detail by segment of net revenues: Year Ended December 31, 2023 2022 2021 (In thousands) Las Vegas Strip Resorts Casino $ 2,127,612 $ 2,104,096 $ 1,549,419 Rooms 3,027,668 2,729,715 1,402,712 Food and beverage 2,289,812 2,125,738 1,015,366 Entertainment, retail and other 1,354,054 1,438,823 769,688 8,799,146 8,398,372 4,737,185 Regional Operations Casino 2,712,205 2,901,072 2,721,515 Rooms 296,100 284,213 220,828 Food and beverage 440,002 429,188 307,750 Entertainment, retail and other, and reimbursed costs 222,002 201,412 142,270 3,670,309 3,815,885 3,392,363 MGM China Casino 2,787,837 567,573 1,057,962 Rooms 177,158 43,216 66,498 Food and beverage 161,669 49,312 68,489 Entertainment, retail and other 26,945 13,492 17,812 3,153,609 673,593 1,210,761 Reportable segment net revenues 15,623,064 12,887,850 9,340,309 Corporate and other 541,185 239,635 339,831 $ 16,164,249 $ 13,127,485 $ 9,680,140 Las Vegas Strip Resorts Las Vegas Strip Resorts net revenues for 2023 increased 5% compared to 2022 due primarily to a full year of net revenues related to The Cosmopolitan and an increase in non-gaming revenues as discussed below, partially offset by the disposition of The Mirage.
The decrease was due primarily to the $399 million gain in the prior year period related to the sale of the operations of Gold Strike Tunica recorded in property transactions, net, an increase in payroll related expenses, gaming taxes, and promotional expense, partially offset by the increase in net revenues discussed above. 38 Net Revenues by Segment The following table presents a detail by segment of net revenues: Year Ended December 31, 2024 2023 2022 (In thousands) Las Vegas Strip Resorts Casino $ 1,960,146 $ 2,127,612 $ 2,104,096 Rooms 3,159,497 3,027,668 2,729,715 Food and beverage 2,356,718 2,289,812 2,125,738 Entertainment, retail and other 1,339,752 1,354,054 1,438,823 8,816,113 8,799,146 8,398,372 Regional Operations Casino 2,737,778 2,712,205 2,901,072 Rooms 304,322 296,100 284,213 Food and beverage 456,129 440,002 429,188 Entertainment, retail and other 222,093 222,002 201,412 3,720,322 3,670,309 3,815,885 MGM China Casino 3,496,697 2,787,837 567,573 Rooms 217,798 177,158 43,216 Food and beverage 265,883 161,669 49,312 Entertainment, retail and other 42,006 26,945 13,492 4,022,384 3,153,609 673,593 MGM Digital Casino 552,012 432,146 133,435 Reportable segment net revenues 17,110,831 16,055,210 13,021,285 Corporate and other 129,714 109,039 106,200 $ 17,240,545 $ 16,164,249 $ 13,127,485 Las Vegas Strip Resorts Las Vegas Strip Resorts net revenues for 2024 were flat compared to 2023 due primarily to an increase in rooms revenue and food and beverage revenue in the current year period, offset by a decrease in casino revenue, each discussed below.
Year Ended December 31, 2023 2022 2021 (In thousands) Regional Operations net revenues $ 3,670,309 $ 3,815,885 $ 3,392,363 Dispositions (1) (26,967) (224,397) (228,901) Regional Operations same-store net revenues $ 3,643,342 $ 3,591,488 $ 3,163,462 Regional Operations Adjusted Property EBITDAR $ 1,133,196 $ 1,294,630 $ 1,217,814 Dispositions (1) (11,073) (98,224) (114,948) Regional Operations Same-Store Adjusted Property EBITDAR $ 1,122,123 $ 1,196,406 $ 1,102,866 (1) Excludes the net revenues and Adjusted Property EBITDAR of Gold Strike Tunica. 40 Operating Results – Details of Certain Charges Property transactions, net consisted of the following: Year Ended December 31, 2023 2022 2021 (In thousands) Gain on sale of the operations of Gold Strike Tunica $ (398,787) $ — $ — Gain on sale of the operations of The Mirage — (1,066,784) — Other property transactions, net 28,274 29,787 (67,736) $ (370,513) $ (1,036,997) $ (67,736) See Note 16 to the accompanying consolidated financial statements for discussion of property transactions, net.
Operating Results – Details of Certain Charges Property transactions, net consisted of the following: Year Ended December 31, 2024 2023 2022 (In thousands) Gain on sale of the operations of Gold Strike Tunica $ — $ (398,787) $ — Gain on sale of the operations of The Mirage — — (1,066,784) Other property transactions, net 81,316 28,274 29,787 $ 81,316 $ (370,513) $ (1,036,997) See Note 16 to the accompanying consolidated financial statements for discussion of property transactions, net.
The following table shows key hotel statistics for our Las Vegas Strip Resorts: Year Ended December 31, 2023 2022 2021 Occupancy (1) 93 % 89 % 74 % Average daily rate (ADR) $ 256 $ 229 $ 173 Revenue per available room (RevPAR) (1) $ 237 $ 203 $ 128 (1) Rooms that were out of service, including full and midweek closures, during the year ended December 31, 2021 due to the COVID-19 pandemic were excluded from the available room count when calculating hotel occupancy and RevPAR.
The following table shows key hotel statistics for our Las Vegas Strip Resorts: Year Ended December 31, 2024 2023 2022 Occupancy 94 % 93 % 89 % Average daily rate (ADR) $ 260 $ 256 $ 229 Revenue per available room (RevPAR) $ 245 $ 237 $ 203 Las Vegas Strip Resorts food and beverage revenue increased 3% in 2024 compared to 2023 due primarily to an increase in catering and banquet revenue.
Repurchased shares were retired. In connection with those repurchases, the Company completed its February 2023 $2.0 billion stock repurchase plan. For additional information related to our long-term obligations, refer to the maturities of long-term debt table in Note 9 and the lease liability maturity table in Note 11.
For additional information related to our long-term obligations, refer to the maturities of long-term debt table in Note 9, the lease liability maturity table in Note 11, and the discussion regarding commitments and contingencies in Note 12.
We recognize deferred tax assets and liabilities related to net operating losses, tax credit carryforwards and temporary differences with future tax consequences. We reduce the carrying amount of deferred tax assets by a valuation allowance if it is more likely than not such assets will not be realized.
We reduce the carrying amount of deferred tax assets by a valuation allowance if it is more likely than not such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on such "more-likely-than-not" realization threshold.
Regional Operations food and beverage revenue increased 3% in 2023 compared to 2022 due primarily to an increase in restaurant covers, partially offset by the disposition of Gold Strike Tunica. Regional Operations entertainment, retail and other, and reimbursed costs revenue increased 10% in 2023 compared to 2022.
Regional Operations casino revenue increased 1% in 2024 compared to 2023 due primarily to an increase in slot win percentage and the strike at MGM Grand Detroit in the prior year, partially offset by the disposition of Gold Strike Tunica in February 2023.
Corporate and other Corporate and other revenue in 2023 and 2022 includes revenues from LeoVegas, other corporate operations, and management services. The increase from 2023 compared to 2022 is due primarily to the acquisition of LeoVegas in September 2022. Adjusted Property EBITDAR and Adjusted EBITDAR The following table presents Adjusted Property EBITDAR and Adjusted EBITDAR.
MGM Digital net revenues increased 224% in 2023 compared to 2022 due primarily to a full year of operations of LeoVegas reflected for 2023 while 2022 included results of operations of LeoVegas from the date of acquisition of September 7, 2022 through December 31, 2022. Corporate and other Corporate and other revenue includes other corporate operations and management services.
Refer to Note 12 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees. We also expect to continue to repurchase shares pursuant to our share repurchase plans. Subsequent to December 31, 2023, we repurchased approximately 7 million shares of our common stock for an aggregate amount of $320 million, 47 excluding excise tax .
We expect our funding amount will increase due to inflation and other factors, which increase is subject to ongoing negotiations with contractors and other stakeholders. Refer to Note 12 to the accompanying consolidated financial statements for further discussion regarding our commitments and guarantees. We also expect to continue to repurchase shares pursuant to our share repurchase plans.
In comparison, in the prior year period, we had net borrowings of debt of $78 million, as further discussed below, distributed $211 million to noncontrolling interest owners, and repurchased $2.8 billion of our common stock.
Cash used in financing activities was $1.6 billion in 2024 compared to $5.0 billion in 2023. In 2024 , we had net borrowings of debt of $29 million, as further discussed below, paid $1.4 billion for repurchases of our common stock, and distributed $189 million to noncontrolling interest owners .
“Adjusted EBITDAR” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, gain on REIT transactions, net, gain on consolidation of CityCenter, net, rent expense related to triple-net operating leases and ground leases, gain related to CityCenter’s sale of Harmon land recorded within income from unconsolidated affiliates, and income from unconsolidated affiliates related to investments in real estate ventures.
Non-GAAP Measures “Consolidated Adjusted EBITDA” is earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, and gain on REIT transactions, net.
The Las Vegas market has experienced the expansion of convention center, sporting, music, and entertainment events in the current year, which have positively impacted business and leisure travel. The MGM China segment results of operations also are heavily impacted by visitor volume and trends.
The MGM China segment results of operations also are heavily impacted by visitor volume and trends.
Las Vegas Strip Resorts Adjusted Property EBITDAR margin decreased to 36.3% in 2023 compared to 37.4% in 2022 due primarily to payroll-related expenses. 39 Regional Operations Regional Operations Adjusted Property EBITDAR decreased 12% compared to 2022. Regional Operations Adjusted Property EBITDAR margin decreased to 30.9% in 2023 compared to 33.9% in 2022.
See Note 11 for discussion of our leases. Las Vegas Strip Resorts Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased 3% compared to 2023. Las Vegas Strip Resorts Segment Adjusted EBITDAR margin decreased to 35.2% in 2024 compared to 36.3% in 2023 due primarily to an increase in payroll-related expenses.
In addition, other companies in the gaming and hospitality industries that report Adjusted EBITDAR may calculate Adjusted EBITDAR in a different manner and such differences may be material. We have significant uses of cash flows, including capital expenditures, interest payments, taxes, real estate triple-net lease and ground lease payments, and debt principal repayments, which are not reflected in Adjusted EBITDAR.
In addition, other companies in the gaming and hospitality industries that report Consolidated Adjusted EBITDA may calculate Consolidated Adjusted EBITDA in a different manner and such differences may be material.
We have planned capital expenditures in 2024 of approximately $830 million to $860 million domestically, which is inclusive of the capital expenditures required under the triple-net lease agreements, each of which requires us to spend a specified percentage of net revenues at the respective domestic properties, and an estimate of approximately $200 million to $250 million at MGM China, which is inclusive of the estimated amount of the gaming concession investment for 2024 that relates to capital projects.
See Note 11 for discussion of our leases and lease obligations. We have planned capital expenditures in 2025 of approximately $1.1 billion to $1.2 billion on a consolidated basis, of which approximately $225 million to $275 million relates to MGM China and is inclusive of the estimated amount of the gaming concession investment that relates to capital projects.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe following table provides additional information about our gross long-term debt: Debt maturing in Fair Value December 31, 2023 2024 2025 2026 2027 2028 Thereafter Total (In millions except interest rates) Fixed-rate $ 750 $ 1,925 $ 1,150 $ 1,425 $ 750 $ 1 $ 6,001 $ 5,884 Average interest rate 5.4 % 6.0 % 5.4 % 5.1 % 4.8 % 7.0 % 5.4 % Variable rate $ — $ — $ 371 $ — $ — $ — $ 371 $ 371 Average interest rate N/A N/A 8.6 % N/A N/A N/A 8.6 % Foreign currency risk.
Biggest changeThe following table provides additional information about our gross long-term debt subject to changes in interest rates: Debt maturing in Fair Value December 31, 2024 2025 2026 2027 2028 2029 Thereafter Total (In millions except interest rates) Fixed-rate $ 500 $ 1,150 $ 1,425 $ 750 $ 850 $ 1,250 $ 5,925 $ 5,839 Average interest rate 5.3 % 5.4 % 5.1 % 4.8 % 6.1 % 6.8 % 5.6 % Variable rate $ — $ 478 $ — $ — $ — $ — $ 478 $ 478 Average interest rate N/A 7.6 % N/A N/A N/A N/A 7.6 % Foreign currency risk.
Our worldwide operations are conducted in multiple foreign currencies, but we report our financial results in U.S. dollars. We manage the foreign currency risk through normal operating activities and, when deemed appropriate, through the use of derivative instruments. We do not enter into derivative instruments for trading or speculative purposes.
Our worldwide operations are conducted in multiple foreign currencies, but we report our financial results in U.S. dollars. We manage the foreign currency risk through normal operating activities and, when 51 deemed appropriate, through the use of derivative instruments. We do not enter into derivative instruments for trading or speculative purposes.
As fixed-rate debt matures, however, and if additional debt is acquired to fund the debt repayment, future earnings and cash flow may be affected by changes in interest rates. This effect would be realized in the periods subsequent to the periods when the debt matures. As of December 31, 2023, variable rate borrowings represented approximately 6% of our total borrowings.
As fixed-rate debt matures, however, and if additional debt is acquired to fund the debt repayment, future earnings and cash flow may be affected by changes in interest rates. This effect would be realized in the periods subsequent to the periods when the debt matures. As of December 31, 2024, variable rate borrowings represented approximately 7% of our total borrowings.
As of December 31, 2023, a 1% adverse change in the exchange rate would result in a foreign currency transaction loss of $22 million. We hold forward foreign exchange contracts to hedge certain portions of forecasted cash flows denominated in foreign currencies.
As of December 31, 2024 , a 10% adverse change in the exchange rate would result in a foreign currency transaction loss of $220 million. We hold forward foreign exchange contracts to hedge certain portions of forecasted cash flows denominated in Japanese yen.
As of December 31, 2023 , a 1% adverse change in the exchange rate would result in a foreign currency transaction loss of $28 million. We have U.S. dollar denominated intercompany debt that is held with foreign subsidiaries, which may cause foreign currency transaction losses that do not eliminate in consolidation.
As of December 31, 2024 , a 1% adverse change in the exchange rate would result in a foreign currency transaction loss of $25 million. We have intercompany debt that is denominated in currencies other than the subsidiaries’ functional currency, which may cause foreign currency transaction losses that do not eliminate in consolidation.
As of December 31, 2023 , the notional amount of forward contracts was $528 million with a fair value of negative $7 million and a 10% adverse change in the exchange rate would result in a foreign currency transaction loss of approximately $53 million. Equity price risk.
As of December 31, 2024 , the notional amount of forward contracts was $1.3 billion and a 10% adverse change in the exchange rate would result in a foreign currency transaction loss of approximately $127 million. Equity price risk. We have investments in equity securities of publicly traded companies that are subject to equity price volatility.
We have investments in equity securities of publicly traded companies that are subject to equity price volatility. As of December 31, 2023 , a 10% adverse change in the quoted market prices would result in an impact to earnings of $44 million. 51
As of December 31, 2024 , a 10% adverse change in the quoted market prices would result in an impact to earnings of $39 million. 52

Other MGM 10-K year-over-year comparisons