Financials MGM Resorts International

Equities

MGM

US5529531015

Casinos & Gaming

Real-time Estimate Cboe BZX Other stock markets 19:34:28 12/05/2026 BST			5-day change	1st Jan Change
37.42 ^USD	+0.31%		-1.79%	+2.03%

04-30	Wells Fargo Adjusts MGM Resorts International Price Target to $33 From $30	MT
04-30	Macquarie Adjusts MGM Resorts International PT to $48 From $46	MT

Projected Income Statement: MGM Resorts International

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	9,680	13,127	16,164	17,241	17,538	17,704	17,966	18,448
Change	-	35.61%	23.13%	6.66%	1.72%	0.95%	1.48%	2.68%
EBITDA ¹	2,421	3,497	4,588	4,661	4,684	4,592	4,765	4,910
Change	-	44.45%	31.2%	1.58%	0.5%	-1.96%	3.76%	3.04%
EBIT ¹	2,279	1,439	1,891	1,490	1,002	1,303	1,415	1,620
Change	-	-36.83%	31.41%	-21.2%	-32.79%	30.05%	8.6%	14.47%
Interest Paid ¹	-799.6	-	-460.3	-443.2	-419	-406.4	-393.1	-403.9
Earnings before Tax (EBT) ¹	1,462	903.8	1,473	1,117	280.8	961.6	1,047	1,190
Change	-	-38.17%	62.95%	-24.15%	-74.86%	242.48%	8.85%	13.74%
Net income ¹	1,254	1,473	1,142	746.6	205.9	503.5	552.3	634.1
Change	-	17.44%	-22.46%	-34.64%	-72.43%	144.58%	9.68%	14.82%
Announcement Date	09/02/22	08/02/23	13/02/24	12/02/25	05/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	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	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	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	4,277	4,405	4,250	4,605	4,455	4,440	4,291	4,500	4,410	4,525	4,412	4,603	4,560
Change	-	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%	-1.6%	2.99%	-3.51%	8.35%	-3.27%	-0.33%	-3.35%	4.88%	-2%	2.6%	-2.5%	4.32%	-0.94%
EBITDA ¹	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	1,094	1,202	1,212	1,070	1,200	1,145	1,195	1,076	1,181	1,168	1,262	1,147	1,245	1,292
Change	-	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%	-3.73%	9.87%	0.87%	-11.67%	12.11%	-4.61%	4.4%	-9.96%	9.74%	-1.09%	8.01%	-9.07%	8.53%	3.74%
EBIT ¹	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	385.1	404.6	-112.9	325	301.2	361.5	259.6	357.6	265.3	-	-	-	-
Change	-	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%	32.07%	5.07%	-127.89%	388%	-7.31%	19.99%	-28.19%	37.77%	-25.81%	-	-	-	-
Charge d'intérêts ¹	-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	-107.3	-105.6	-102.3	-103.9	-	-102.8	-102.9	-101.4	-94.8	-95.4	-94.3	-93.95	-94.5
Earnings before Tax (EBT) ¹	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	266.8	133.8	-219.6	99.83	202.2	322.4	148.5	231	-	-	-	-	-
Change	-	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%	29.71%	-49.86%	-264.17%	145.46%	102.6%	59.41%	-53.95%	55.56%	-	-	-	-	-
Net income ¹	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	148.6	48.95	-285.3	293.6	125.1	196	63.5	142.1	-	-	-	-	-
Change	-	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%	-5.64%	-67.05%	-682.74%	202.93%	-57.38%	56.61%	-67.6%	123.75%	-	-	-	-	-
Announcement Date	04/08/21	03/11/21	09/02/22	02/05/22	03/08/22	02/11/22	08/02/23	01/05/23	02/08/23	08/11/23	13/02/24	01/05/24	31/07/24	30/10/24	12/02/25	30/04/25	30/07/25	29/10/25	05/02/26	29/04/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: MGM Resorts International

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	8,068	-	3,416	3,947	4,167	3,571	3,297	5,134
Change	-	-	-	15.54%	5.57%	-14.31%	-7.67%	55.72%
Announcement Date	09/02/22	08/02/23	13/02/24	12/02/25	05/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: MGM Resorts International

Fiscal Period: December	2021	2023	2024	2025	2026	2027	2028
CAPEX ¹	490.7	931.8	1,151	1,069	921.9	1,102	1,238
Change	-	-	23.48%	-7.1%	-13.75%	19.49%	12.41%
Free Cash Flow (FCF) ¹	882.7	1,759	1,212	1,460	1,531	1,613	1,939
Change	-	-	-31.1%	20.51%	4.81%	5.38%	20.21%
Announcement Date	09/02/22	13/02/24	12/02/25	05/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: MGM Resorts International

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	25.01%	26.64%	28.39%	27.03%	26.71%	25.94%	26.52%	26.61%
EBIT Margin (%)	23.54%	10.96%	11.7%	8.65%	5.71%	7.36%	7.88%	8.78%
EBT Margin (%)	15.1%	6.88%	9.11%	6.48%	1.6%	5.43%	5.83%	6.45%
Net margin (%)	12.96%	11.22%	7.07%	4.33%	1.17%	2.84%	3.07%	3.44%
FCF margin (%)	9.12%	-	10.88%	7.03%	8.33%	8.65%	8.98%	10.51%
FCF / Net Income (%)	70.37%	-	154%	162.33%	709.43%	304.01%	292.1%	305.8%
Profitability
ROA	-0.83%	-	2.17%	1.9%	2.2%	4.57%	5.01%	-
ROE	-5.14%	-	22.16%	23.51%	33.66%	21.85%	23.56%	26.91%
Financial Health
Leverage (Debt/EBITDA)	3.33x	-	0.74x	0.85x	0.89x	0.78x	0.69x	1.05x
Debt / Free cash flow	9.14x	-	1.94x	3.26x	2.85x	2.33x	2.04x	2.65x
Capital Intensity
CAPEX / Current Assets (%)	5.07%	-	5.76%	6.67%	6.1%	5.21%	6.13%	6.71%
CAPEX / EBITDA (%)	20.27%	-	20.31%	24.69%	22.82%	20.07%	23.12%	25.22%
CAPEX / FCF (%)	55.59%	-	52.98%	94.94%	73.19%	60.23%	68.29%	63.86%
Items per share
Cash flow per share ¹	2.818	-	7.503	7.615	9.122	8.161	10.05	10.31
Change	-	-	-	1.5%	19.79%	-10.54%	23.13%	2.64%
Dividend per Share ¹	0.01	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	13.38	-	13.27	10.27	9.406	11.32	13.42	17.32
Change	-	-	-	-22.62%	-8.42%	20.37%	18.49%	29.1%
EPS ¹	2.41	3.49	3.19	2.4	0.76	2.078	2.463	3.234
Change	-	44.81%	-8.6%	-24.76%	-68.33%	173.38%	18.53%	31.3%
Nbr of stocks (in thousands)	468,960	384,020	341,583	297,740	273,506	255,851	255,851	255,851
Announcement Date	09/02/22	08/02/23	13/02/24	12/02/25	05/02/26	-	-	-