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MGM MGM Resorts International

MGM Resorts International is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its 'Focused on What Matters: Embracing Humanity and Protecting the Planet' initiative, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®.

Company profile

Ticker
MGM
Exchange
CEO
James Murren
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
MGM GRAND INC, MGM MIRAGE
SEC CIK
IRS number
880215232

MGM stock data

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Calendar

3 May 21
4 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 6.17B 6.17B 6.17B 6.17B 6.17B 6.17B
Cash burn (monthly) (positive/no burn) (positive/no burn) 143.55M 239.91M 29.2M 96.48M
Cash used (since last report) n/a n/a 594.04M 992.84M 120.85M 399.25M
Cash remaining n/a n/a 5.58B 5.18B 6.05B 5.77B
Runway (months of cash) n/a n/a 38.9 21.6 207.2 59.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 21 William Hornbuckle Common Stock $.01 Par Value ND Sell Dispose S Yes Yes 43.067 50,000 2.15M 57,884
30 Jun 21 Meister Keith A. Deferred Stock Units Common Stock $.01 Par Value ND Grant Aquire A No No 42.65 76.202 3.25K 27,127.016
30 Jun 21 Salem Paul J Deferred Stock Units Common Stock $.01 Par Value ND Grant Aquire A No No 42.65 1,787.808 76.25K 52,253.148

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

73.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 632 569 +11.1%
Opened positions 125 135 -7.4%
Closed positions 62 79 -21.5%
Increased positions 212 146 +45.2%
Reduced positions 194 201 -3.5%
13F shares
Current Prev Q Change
Total value 13.24B 11.24B +17.8%
Total shares 358.7M 376.52M -4.7%
Total puts 15.66M 16.22M -3.4%
Total calls 22.49M 18.15M +23.9%
Total put/call ratio 0.7 0.9 -22.1%
Largest owners
Shares Value Change
IAC IAC InterActiveCorp. 59.03M $1.85B 0.0%
Vanguard 42.12M $1.6B -2.9%
BLK Blackrock 28.66M $1.09B +1.0%
STT State Street 16.53M $628.12M -2.1%
Corvex Management 15.67M $595.45M -30.5%
Harris Associates L P 13.9M $528.13M -10.1%
Orbis Allan Gray 13.88M $527.17M -2.6%
SRS Investment Management 10.59M $402.38M +242.6%
TROW T. Rowe Price 9.9M $376.13M -57.1%
Geode Capital Management 7.21M $273.33M -2.5%
Largest transactions
Shares Bought/sold Change
TROW T. Rowe Price 9.9M -13.2M -57.1%
SRS Investment Management 10.59M +7.5M +242.6%
Corvex Management 15.67M -6.86M -30.5%
Fred Alger Management 5.2M +5.2M NEW
Norges Bank 0 -5.09M EXIT
Maverick Capital 1.72M -3.3M -65.7%
MS Morgan Stanley 3.76M -3.01M -44.5%
Steadfast Capital Management 2.99M -2.66M -47.0%
BAC Bank Of America 2.58M -2.37M -47.9%
Senvest Management 2.35M +1.96M +490.0%

Financial report summary

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Management Discussion
  • The temporary closure of our properties due to COVID-19 in the current and comparative period impacted our financial results. Dates of temporary closure are shown below:
  • Consolidated net revenues decreased 27% for the three months ended March 31, 2021 compared to the prior year quarter due primarily to the impact of COVID-19. While the prior year period was negatively affected by property closures for a portion of the quarter at our Las Vegas Strip Resorts and Regional Operations, the current year quarter was negatively affected by midweek property and hotel closures, lower business volume and travel activity, and ongoing operational restrictions due to the pandemic, primarily at our Las Vegas Strip Resorts. At MGM China, the prior year quarter was negatively affected by property closures and was more significantly impacted by travel restrictions to Macau than in the current quarter. These factors resulted in a 52% decrease in net revenues at our Las Vegas Strip Resorts, a 2% decrease in net revenues at our Regional Operations, and a 9% increase in net revenues at MGM China.
  • Consolidated operating loss was $247 million for the three months ended March 31, 2021 compared to consolidated operating income of $1.3 billion in the prior year quarter, due primarily to the prior year quarter including a $1.5 billion gain related to the MGM Grand Las Vegas and Mandalay Bay real estate transaction, the impact of COVID-19 which caused a decrease in net revenues, discussed above, partially offset by a $28 million decrease in general and administrative expense, a $28 million decrease in depreciation and amortization, a $29 million decrease in property transactions, net, and a $66 million decrease in corporate expense. General and administrative expense decreased in the current quarter compared to the prior quarter due primarily to aggressive cost reduction efforts to reduce expenses at our domestic properties, which primarily related to decreases in payroll expense, utilities, and advertising expense, which was partially offset by a full quarter of rent expense for the Mandalay Bay and MGM Grand Las Vegas lease. Corporate expense decreased to $78 million in the first quarter of 2021 from $144 million in the prior year quarter due primarily to a decrease in payroll costs. Corporate expense in the prior year quarter included $44 million in CEO transition expense and $4 million in corporate initiatives costs. Included in the CEO transition expense is $20 million of stock compensation expense, of which approximately $13 million related to the modification and accelerated vesting of outstanding stock compensation awards. Property transactions, net in the prior year quarter included a $38 million other-than-temporary impairment charge on an equity method investment. Depreciation and amortization decreased compared to the prior year quarter due primarily to the sale of the MGM Grand Las Vegas and Mandalay Bay real estate assets in February 2020.
Content analysis
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