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    MGM Resorts International (MGM)

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    Business Description

    MGM Resorts International is a global gaming and entertainment company that operates through various segments, including domestic and international casino properties, online gaming, and other hospitality services. The company's primary business involves operating casino properties that offer gaming, hotel accommodations, convention spaces, dining, entertainment, retail, and other resort amenities . MGM also has a significant presence in online gaming through its consolidated subsidiary LV Lion Holding Limited (LeoVegas) and its 50% owned venture, BetMGM, LLC .

    1. Las Vegas Strip Resorts - Operates casino properties on the Las Vegas Strip, offering gaming, hotel accommodations, food and beverage services, entertainment, retail, and other resort amenities.
    2. MGM China - Manages casino operations in Macau, focusing on gaming and hospitality services.
    3. Regional Operations - Includes casino properties outside of Las Vegas and Macau, providing gaming and hospitality services.
    4. Online Gaming - Engages in online gaming through BetMGM and LeoVegas, offering digital gaming and betting services.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    William J. HornbuckleChief Executive Officer and PresidentJuly 2020William J. Hornbuckle has served as the Chief Executive Officer and President of MGM Resorts International since July 2020. He was the Acting CEO and President from March 2020 to July 2020 .
    Corey I. SandersChief Operating OfficerDecember 2020Corey I. Sanders has served as the Chief Operating Officer of MGM Resorts International since December 2020. He was previously the CFO and Treasurer from March 2019 to January 2021 .
    Jonathan S. HalkyardChief Financial Officer and TreasurerJanuary 2021Jonathan S. Halkyard has served as the Chief Financial Officer and Treasurer of MGM Resorts International since January 2021. He was previously CEO of Extended Stay America, Inc. .
    John M. McManusChief Legal and Administrative OfficerSeptember 2022John M. McManus has served as the Chief Legal and Administrative Officer and Secretary at MGM since September 2022. He was previously the EVP, General Counsel, and Secretary from July 2010 to August 2022 .
    Gary M. FritzPresident, MGM Resorts International InteractiveOctober 2022Gary M. Fritz has served as President, MGM Resorts International Interactive since October 2022. He was previously the Managing Director of Digital Mergers & Acquisitions from November 2021 to October 2022 .

    Questions to Ask Management

    1. Given the increases in unit labor costs due to collective bargaining agreements, how confident are you in maintaining Las Vegas margins in the mid-30s, especially as non-gaming revenue grows and potentially offsets stability in the gaming business?

    2. With the reported decline in midweek slot revenue and a shift in convention mix impacting the core gaming customer, what strategies are you implementing to drive growth in the gaming segment and attract higher-margin customers?

    3. Considering the significant investments in BetMGM and other digital ventures, is there a point at which you would reconsider investing in the digital segment if it doesn't deliver the expected results and instead allocate more resources to your core business?

    4. Given your aggressive share repurchase program and the remaining excess cash, do you anticipate needing to increase leverage to finance future buybacks, and how would that impact your balance sheet and ability to invest in growth opportunities like the New York expansion?

    5. Noting some softness in the lower end of your regional markets and slight declines in unrated play, are there macroeconomic concerns you foresee that could further affect these segments, and how are you mitigating potential risks related to consumer spending patterns?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateMarch 2022 November 2023
    End Date/DurationCompleted Ongoing
    Total additional amount$2.0 billion $2.0 billion
    Remaining authorization amount$0 $946 million
    DetailsCompleted Active, part of strategy to enhance free cash flow per share

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$1,175 5.75% Senior Notes, 5.25% MGM China Senior Notes 5.75%, 5.25% 16.8% = (1,175 / 7,000) * 100
    2026$1,150 5.875% MGM China Senior Notes, 4.625% Senior Notes 5.875%, 4.625% 16.4% = (1,150 / 7,000) * 100
    2027$1,425 5.5% Senior Notes, 4.75% MGM China Senior Notes 5.5%, 4.75% 20.4% = (1,425 / 7,000) * 100
    2028$750 4.75% Senior Notes 4.75% 10.7% = (750 / 7,000) * 100
    2029$850 6.125% Senior Notes 6.125% 12.1% = (850 / 7,000) * 100
    2031$500 7.125% MGM China Senior Notes 7.125% 7.1% = (500 / 7,000) * 100
    2032$750 6.5% Senior Notes 6.5% 10.7% = (750 / 7,000) * 100
    2036$552 7% Debentures 7% 7.9% = (552 / 7,000) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Gaming companies and hospitality companies in the markets where MGM operates, neighboring markets, and other parts of the world, including non-gaming resort destinations such as Hawaii .
    • Casinos located elsewhere in or near Asia, including potential new entrants if additional concessions are granted by the Macau government .
    • Major gaming centers located in other areas of Asia and around the world, including Singapore, South Korea, Vietnam, Cambodia, the Philippines, Australia, and Las Vegas .
    • Major gaming and hospitality resorts with well-established and recognized brands .
    • Smaller hotel offerings and peer-to-peer inventory sources, which allow travelers to book short-term rentals of homes and apartments from owners .

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor