Financials MGM Resorts International

Equities

MGM

US5529531015

Casinos & Gaming

Market Closed - Nyse Other stock markets 04:00:02 2025-04-23 pm EDT			5-day change	1st Jan Change
30.77 ^USD	+1.62%		+3.88%	-11.20%

08:14am	Truist Cuts Price Target on MGM Resorts International to $45 From $50, Keeps Buy Rating	MT
Apr. 22	Barclays Adjusts Price Target on MGM Resorts International to $41 From $47, Maintains Overweight Rating	MT

Projected Income Statement: MGM Resorts International

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,162	9,680	13,127	16,164	17,241	17,200	17,549	18,027
Change	-	87.52%	35.61%	23.13%	6.66%	-0.23%	2.03%	2.72%
EBITDA ¹	-148.5	2,421	3,497	4,588	2,411	4,588	4,839	5,078
Change	-	1,730.39%	44.45%	31.2%	-47.46%	90.29%	5.47%	4.95%
EBIT ¹	-642.4	2,279	1,439	1,891	1,490	1,430	1,539	1,673
Change	-	454.7%	-36.83%	31.41%	-21.2%	-4.04%	7.58%	8.76%
Interest Paid ¹	-676.4	-799.6	-	-460.3	-443.2	-416.2	-425.3	-422.3
Earnings before Tax (EBT) ¹	-1,511	1,462	903.8	1,473	1,117	996.8	1,142	1,257
Change	-	196.71%	-38.17%	62.95%	-24.15%	-10.77%	14.52%	10.16%
Net income ¹	-1,033	1,254	1,473	1,142	746.6	668.2	743.5	837.1
Change	-	221.46%	17.44%	-22.46%	-34.64%	-10.49%	11.26%	12.6%
Announcement Date	2/10/21	2/9/22	2/8/23	2/13/24	2/12/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	2,253	289.8	1,126	1,494	1,648	2,268	2,708	3,057	2,854	3,265	3,416	3,592	3,873	3,942	3,973	4,376	4,383	4,327	4,183	4,347	4,290	4,296	4,251	4,354	4,360	4,387	4,339	4,433
Change	-	-87.14%	288.5%	32.65%	10.33%	37.64%	19.38%	12.9%	-6.63%	14.38%	4.63%	5.16%	7.82%	1.78%	0.79%	10.13%	0.18%	-1.28%	-3.33%	3.91%	-1.31%	0.14%	-1.04%	2.41%	0.15%	0.61%	-1.09%	2.16%
EBITDA ¹	295.1	-492.2	-48.78	97.35	217.9	616.8	765	821.4	670.4	919.7	949.8	957.3	1,106	1,142	1,146	1,194	1,235	1,196	1,136	528.5	1,145	1,166	1,148	1,163	1,220	1,239	1,229	1,235
Change	-	-266.78%	90.09%	299.58%	123.82%	183.07%	24.04%	7.37%	-18.38%	37.19%	3.27%	0.79%	15.56%	3.24%	0.3%	4.27%	3.38%	-3.11%	-5.06%	-53.48%	116.71%	1.85%	-1.56%	1.27%	4.88%	1.58%	-0.83%	0.51%
EBIT ¹	1,251	-1,035	-495.2	-363.6	-246.7	263.8	1,893	368.8	105.8	2,381	-1,046	-1.896	730.8	371.4	369.9	419.3	458.4	425.7	314.9	291.6	330.8	351	341.4	342.6	-	-	-	-
Change	-	-182.71%	52.13%	26.58%	32.15%	206.92%	617.62%	-80.51%	-71.32%	2,151.15%	-143.92%	99.82%	38,646.36%	-49.18%	-0.39%	13.36%	9.31%	-7.14%	-26.03%	-7.4%	13.47%	6.09%	-2.72%	0.34%	-	-	-	-
Charge d'intérêts ¹	-157.1	-156.8	-173.8	-188.7	-195.3	-202.8	-200	-201.5	-196.1	-136.6	-125.2	-	-130.3	-111.9	-111.2	-106.9	-110	-112.7	-111.9	-108.6	-103.8	-104	-104.6	-103.8	-103.1	-103.6	-100.8	-99.5
Earnings before Tax (EBT) ¹	936.8	-1,207	-678.7	-562.9	-430.6	125.1	1,620	147.2	-71.13	2,195	-1,186	-34.08	645.7	282.7	224.3	320.1	343.4	271.2	296.7	205.7	226.6	222.3	238.8	221.1	-	-	-	-
Change	-	-228.81%	43.76%	17.07%	23.49%	129.06%	1,194.71%	-90.91%	-148.31%	3,186.38%	-154.04%	97.13%	1,994.71%	-56.22%	-20.64%	42.69%	7.28%	-21.01%	9.4%	-30.68%	10.18%	-1.9%	7.4%	-7.42%	-	-	-	-
Net income ¹	806.9	-857.3	-534.7	-447.6	-331.8	104.8	1,350	131	-18.02	1,784	-576.8	284	466.8	200.8	161.1	313.5	217.5	187.1	184.6	157.4	153.4	170.1	163.1	151.7	-	-	-	-
Change	-	-206.24%	37.62%	16.29%	25.87%	131.57%	1,189.16%	-90.3%	-113.75%	10,001.96%	-132.33%	149.23%	64.37%	-56.99%	-19.76%	94.55%	-30.62%	-13.98%	-1.33%	-14.71%	-2.58%	10.88%	-4.07%	-7.03%	-	-	-	-
Announcement Date	4/30/20	7/30/20	10/29/20	2/10/21	4/28/21	8/4/21	11/3/21	2/9/22	5/2/22	8/3/22	11/2/22	2/8/23	5/1/23	8/2/23	11/8/23	2/13/24	5/1/24	7/31/24	10/30/24	2/12/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: MGM Resorts International

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	7,275	8,068	-	3,416	3,947	3,919	3,637	4,061
Change	-	10.9%	-	-	15.54%	-0.7%	-7.2%	11.66%
Announcement Date	2/10/21	2/9/22	2/8/23	2/13/24	2/12/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: MGM Resorts International

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	270.6	490.7	931.8	1,151	960.3	1,099	1,367
Change	-	81.35%	-	23.48%	-16.53%	14.48%	24.38%
Free Cash Flow (FCF) ¹	-1,764	882.7	1,759	1,212	1,040	1,206	1,328
Change	-	150.05%	-	-31.1%	-14.17%	15.91%	10.17%
Announcement Date	2/10/21	2/9/22	2/13/24	2/12/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: MGM Resorts International

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-2.88%	25.01%	26.64%	28.39%	13.98%	26.67%	27.57%	28.17%
EBIT Margin (%)	-12.45%	23.54%	10.96%	11.7%	8.65%	8.32%	8.77%	9.28%
EBT Margin (%)	-29.28%	15.1%	6.88%	9.11%	6.48%	5.8%	6.5%	6.98%
Net margin (%)	-20.01%	12.96%	11.22%	7.07%	4.33%	3.88%	4.24%	4.64%
FCF margin (%)	-34.16%	9.12%	-	10.88%	7.03%	6.05%	6.87%	7.37%
FCF / Net Income (%)	170.77%	70.37%	-	154%	162.33%	155.67%	162.18%	158.69%
Profitability
ROA	-2.94%	-0.83%	-	2.17%	1.9%	-	-	-
ROE	-14.51%	-5.14%	-	22.16%	23.51%	20.54%	23.81%	23.67%
Financial Health
Leverage (Debt/EBITDA)	-48.99x	3.33x	-	0.74x	1.64x	0.85x	0.75x	0.8x
Debt / Free cash flow	-4.13x	9.14x	-	1.94x	3.26x	3.77x	3.02x	3.06x
Capital Intensity
CAPEX / Current Assets (%)	5.24%	5.07%	-	5.76%	6.67%	5.58%	6.26%	7.59%
CAPEX / EBITDA (%)	-182.21%	20.27%	-	20.31%	47.73%	20.93%	22.72%	26.93%
CAPEX / FCF (%)	-15.34%	55.59%	-	52.98%	94.94%	92.32%	91.17%	102.94%
Items per share
Cash flow per share ¹	-3.021	2.818	-	7.503	7.615	6.797	7.856	9.127
Change	-	193.27%	-	-	1.5%	-10.74%	15.57%	16.18%
Dividend per Share ¹	0.1575	0.01	-	-	-	-	-	-
Change	-	-93.65%	-	-	-	-	-	-
Book Value Per Share ¹	13.16	13.38	-	13.27	10.27	12.28	14.73	18.04
Change	-	1.66%	-	-	-22.62%	19.57%	19.95%	22.47%
EPS ¹	-2.02	2.41	3.49	3.19	2.4	2.341	2.723	3.161
Change	-	219.31%	44.81%	-8.6%	-24.76%	-2.48%	16.34%	16.08%
Nbr of stocks (in thousands)	493,939	468,960	384,020	341,583	297,740	282,951	282,951	282,951
Announcement Date	2/10/21	2/9/22	2/8/23	2/13/24	2/12/25	-	-	-