$14 B

MGM Mkt cap, 11-Oct-2018

$5.7 B

MGM Resorts Revenue Q2, 2018
MGM Resorts Net income (Q2, 2018)406.7 M
MGM Resorts EBIT (Q2, 2018)722.8 M
MGM Resorts Cash, 30-Jun-20181.3 B
MGM Resorts EV26.2 B

MGM Resorts Income Statement

Annual

usdFY, 2010FY, 2011FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

6.1b7.8b9.8b10.8b9.9b9.5b

Revenue growth, %

30%11%(8%)(5%)

General and administrative expense

1.6b

Operating expense total

9.2b

Depreciation and amortization

993.5m

EBIT

1.1b1.3b(156.2m)2.1b1.7b

EBIT margin, %

11%12%(2%)22%

Interest expense

1.1b1.1b857.3m817.1m797.6m694.8m

Pre tax profit

87.8m410.9m(1.0b)1.3b963.8m

Income tax expense

(778.6m)(403.3m)1.1b

Net Income

56.5m127.2m(1.0b)1.2b2.1b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

5.7b

General and administrative expense

342.8m319.2m327.5m347.5m328.2m333.7m340.5m308.5m321.4m372.0m388.8m354.5m417.9m856.3m

Operating expense total

2.2b2.2b2.2b2.2b2.1b2.1b2.0b1.9b1.9b1.8b2.3b2.2b2.5b5.0b

Depreciation and amortization

268.8m565.0m

EBIT

247.8m412.6m340.0m286.5m395.1m348.5m297.4m316.0m769.1m712.8m497.2m501.0m359.8m722.8m

EBIT margin, %

13%

Pre tax profit

15.5m188.1m121.2m60.6m156.3m122.7m78.2m112.5m523.0m516.3m315.4m315.7m180.9m345.1m

Income tax expense

56.3m3.8m45.0m(62.4m)(74.1m)85.4m61.7m

Net Income

23.6m191.6m173.7m50.4m212.6m126.5m94.7m91.2m514.5m561.3m253.0m241.6m266.3m406.7m

MGM Resorts Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

2.1b499.0m1.9b1.5b1.8b1.7b1.7b1.4b1.5b

Accounts Receivable

488.2m473.3m480.6m542.9m540.5m

Inventories

107.9m104.0m104.2m97.7m102.3m

Current Assets

2.7b3.0b2.4b2.2b2.4b

PP&E

14.1b14.4b15.4b18.4b19.6b

Goodwill

2.9b2.9b1.4b1.8b1.8b

Total Assets

26.1b26.7b25.2b28.2b29.2b

Accounts Payable

241.2m164.3m182.0m250.5m255.0m

Short-term debt

1.2b328.4m8.4m158.0m

Current Liabilities

2.2b3.4b2.2b2.3b3.1b

Long-term debt

13.4b12.9b12.4b13.0b12.8b

Total Debt

13.4b14.2b12.7b13.0b12.9b

Additional Paid-in Capital

4.2b4.2b5.7b5.7b5.4b

Retained Earnings

57.1m(107.9m)(555.6m)545.8m2.3b

Total Equity

7.9b7.6b7.8b10.0b11.6b

Debt to Equity Ratio

1.7 x1.9 x1.6 x1.3 x

Debt to Assets Ratio

0.5 x0.5 x0.5 x0.5 x

Financial Leverage

3.3 x3.5 x3.2 x2.8 x2.5 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

1.4b1.1b1.4b1.3b2.2b2.3b1.8b1.7b2.5b1.4b1.4b1.8b1.5b1.3b

Accounts Receivable

411.1m492.5m473.9m433.9m461.8m468.0m470.8m452.8m443.9m492.4m493.8m469.1m505.6m497.4m

Inventories

98.3m101.6m102.5m99.3m103.3m106.9m100.5m97.6m97.8m97.4m100.5m103.1m107.3m109.1m

Current Assets

2.3b2.0b2.2b2.0b3.0b3.3b2.6b2.4b3.2b2.2b2.2b2.5b2.4b2.1b

PP&E

14.0b14.0b14.1b14.3b14.6b14.8b15.0b15.7b16.1b17.9b18.6b18.9b19.7b19.9b

Goodwill

2.9b2.9b2.9b2.9b2.9b2.9b2.9b1.4b1.4b1.8b1.8b1.8b1.8b1.8b

Total Assets

25.7b25.4b25.6b25.4b26.8b27.1b26.7b25.5b26.5b27.7b28.3b28.5b29.3b29.0b

Accounts Payable

202.8m220.5m253.5m266.7m187.3m174.2m168.7m183.8m161.4m232.5m204.8m206.1m253.4m268.1m

Short-term debt

317.2m1.2b1.2b875.0m1.2b242.9m328.4m539.6m

Current Liabilities

2.2b2.2b2.6b3.4b1.9b2.8b2.0b2.1b1.9b2.1b2.1b2.7b3.6b3.1b

Long-term debt

13.0b12.9b12.6b11.7b14.6b12.5b12.8b12.7b12.4b12.8b12.7b13.5b

Total Debt

13.0b12.9b12.9b12.9b15.8b13.4b14.1b12.9b12.7b12.8b13.3b13.5b

Additional Paid-in Capital

4.2b4.2b4.2b4.2b4.2b5.6b5.7b5.7b5.5b5.7b5.7b5.7b5.0b4.4b

Retained Earnings

95.4m165.3m270.8m234.4m61.9m159.4m225.8m(488.8m)(14.5m)521.1m689.5m836.8m2.4b2.4b

Total Equity

7.8b7.8b7.9b7.9b7.7b9.2b9.2b7.9b9.5b9.9b10.1b10.2b11.4b10.8b

Financial Leverage

3.3 x3.2 x3.2 x3.2 x3.5 x3 x2.9 x3.2 x2.8 x2.8 x2.8 x2.8 x2.6 x2.7 x

MGM Resorts Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

56.5m127.2m(1.0b)1.2b2.1b

Depreciation and Amortization

993.5m

Accounts Receivable

(59.8m)(32.4m)(62.7m)(33.2m)(18.4m)

Inventories

(336.0k)3.2m(2.6m)10.8m(4.7m)

Accounts Payable

419.5m

Cash From Operating Activities

1.3b1.1b1.0b1.5b2.2b

Cash From Investing Activities

(560.1m)(1.5b)(795.1m)(2.3b)(1.6b)

Dividends Paid

(252.0m)

Cash From Financing Activities

(489.7m)308.1m(257.9m)519.4m(568.8m)

Interest Paid

840.3m776.8m776.5m661.2m658.6m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

15.6m191.6m365.3m414.7m212.6m339.1m433.8m91.2m605.7m1.2b253.0m494.6m266.3m406.7m

Depreciation and Amortization

641.8m207.7m410.7m613.1m206.4m415.0m619.7m199.8m406.7m616.5m249.8m494.5m268.8m565.0m

Accounts Receivable

15.3m(14.2m)(10.0m)21.7m(6.3m)(30.1m)(45.3m)22.7m37.4m24.7m36.2m63.2m27.4m26.2m

Inventories

9.2m6.3m5.4m8.5m731.0k(2.9m)1.1m6.6m6.4m11.1m(2.8m)(5.5m)(5.1m)(6.9m)

Accounts Payable

113.7m116.1m

Cash From Operating Activities

1.1b290.8m803.6m1.0b175.6m447.3m737.8m224.6m613.6m1.0b405.4m939.1m577.7m1.1b

Cash From Investing Activities

(371.4m)(214.1m)(402.2m)(591.1m)116.8m(176.9m)(402.1m)(430.0m)(432.2m)(1.6b)(465.9m)(592.8m)(432.4m)(679.4m)

Dividends Paid

(68.0m)(133.3m)

Cash From Financing Activities

(891.9m)(764.7m)(839.5m)(919.1m)189.2m353.9m(238.0m)201.0m652.6m317.7m10.5m(32.9m)(117.0m)(638.2m)

Interest Paid

645.6m200.2m392.0m595.8m213.4m398.8m624.3m195.0m348.1m551.3m212.1m342.0m168.4m324.8m

MGM Resorts Ratios

USDY, 2018

EV/EBIT

36.2 x

EV/CFO

24 x

Financial Leverage

2.7 x
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