Group 1 - MGM is set to open a new project in Osaka, Japan in 2030, which is expected to significantly impact the global casino landscape by introducing mega-city-sized complexes [1] - Howard Jay Klein, with 30 years of experience in major casino operations, emphasizes the importance of management quality in investment decisions within the casino and entertainment sectors [1] - The House Edge, led by Klein, provides actionable research for investing in the casino, online betting, and entertainment industries, leveraging an extensive intelligence network across the US gambling sector [1]

Core Viewpoint - MGM Resorts International reported first-quarter 2025 results with earnings and revenues exceeding the Zacks Consensus Estimate, although both metrics declined compared to the prior-year quarter [1][2]. Financial Performance - Earnings per share (EPS) for MGM Resorts was 69 cents, surpassing the Zacks Consensus Estimate of 50 cents, but down from 74 cents in the prior-year quarter [3]. - Quarterly revenues reached $4.28 billion, slightly above the consensus mark by 0.1%, but represented a 2.4% decline year-over-year [3]. MGM China Performance - MGM China's net revenues fell by 2.7% year-over-year to $1.03 billion, primarily due to lower casino revenues, which decreased by 3% to $896 million [4][5]. Domestic Operations - Net revenues from Las Vegas Strip Resorts were $2.18 billion, down 3.5% year-over-year, attributed to lower non-gaming revenues, although casino revenues increased by 8% to $538 million [6]. - Regional operations reported net revenues of $900.4 million, a slight decrease from $909.5 million in the prior-year quarter, with adjusted property EBITDAR around $279 million [7]. Balance Sheet and Share Repurchase - At the end of Q1 2025, MGM Resorts had cash and cash equivalents of $2.27 billion, down from $2.42 billion at the end of 2024, while long-term debt increased to $6.41 billion [8]. - The company repurchased nearly 15 million shares for $494 million during the first quarter and announced a new $2 billion stock repurchase plan [9].

Core Insights - MGM China Holdings Limited reported sequential growth in adjusted EBITDA and market share for the first quarter of 2025, with net revenue reaching HK$8.0 billion, up 1% from the previous quarter and 139% of the same period in 2019 [5] - The average daily visitor arrival in Macau increased by 12% quarter-to-quarter to 109,585, recovering to 95% of the same period in 2019 [1] - The company received seven Forbes Travel Guide's Five-Star Awards, reinforcing its leading position in Macau's hospitality sector [3] Financial Performance - Adjusted EBITDA grew 11% quarter-to-quarter to HK$2.4 billion, representing 146% of the same period in 2019, with an improved adjusted EBITDA margin of 29.6% [5] - Daily gross gaming revenue (GGR) rose 3% quarter-to-quarter to MOP641 million, which is 76% of the same period in 2019 [2] - MGM China's overall GGR market share increased to 15.7% in the first quarter, up from 15.5% in the previous period [5] Market Dynamics - Mass GGR (including slot) recovered to approximately 110% of pre-COVID levels, while VIP GGR was estimated at 26% of the equivalent period [2] - Property visitation for the period was 177% of 2019 levels, with daily GGR at 128% of the first quarter 2019 [5] - The POLY MGM MUSEUM reached 500,000 visitors within three months of opening, showcasing the company's commitment to cultural tourism [4] Strategic Initiatives - The company announced an update to its dividend policy, intending to make semi-annual distributions not exceeding 50% of anticipated consolidated annual profits, increased from 35% previously [5] - MGM China aims to diversify Macau's tourism offerings and enhance customer experiences, contributing to Macau's development as a global tourist destination [5]

Core Viewpoint - MGM Resorts reported a revenue of $4.28 billion for the quarter ended March 2025, showing a year-over-year decline of 2.4% and an EPS of $0.69 compared to $0.74 a year ago, with a slight revenue surprise of +0.07% against estimates [1] Financial Performance - Total revenue from Las Vegas Strip Resorts was $2.18 billion, slightly below the average estimate of $2.19 billion, reflecting a year-over-year decline of 3.5% [4] - MGM China generated $1.03 billion in revenue, exceeding the estimated $978.78 million, but still down 2.7% year-over-year [4] - Total Regional Operations revenue was $900.42 million, slightly below the average estimate of $905.36 million, marking a year-over-year change of -1% [4] Adjusted Property EBITDA - Adjusted Property EBITDA for Total Las Vegas Strip Resorts was $811.16 million, surpassing the estimate of $764.75 million [4] - Adjusted Property EBITDA for Total Regional Operations was $279.04 million, compared to the average estimate of $269.25 million [4] - Adjusted Property EBITDA for MGM China was $285.57 million, exceeding the estimated $250.31 million [4] - Unconsolidated resorts/affiliates reported an Adjusted Property EBITDA of -$12.90 million, better than the estimate of -$16.24 million [4] - Management and other operations had an Adjusted Property EBITDA of $21.76 million, significantly higher than the average estimate of -$4.20 million [4] - Corporate Adjusted Property EBITDA was -$120.09 million, compared to the average estimate of -$113.80 million [4] - MGM Digital reported an Adjusted Property EBITDA of -$34.39 million, worse than the estimate of -$29.10 million [4] Stock Performance - MGM shares have returned +6.2% over the past month, contrasting with the Zacks S&P 500 composite's -0.2% change, although the stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

MGM Resorts (MGM) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.50 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 38%. A quarter ago, it was expected that this casino and resort operator would post earnings of $0.32 per share when it actually produced earnings of $0.45, delivering a surprise of 40.63%.Over the last four quarters, t ...

Financial Data and Key Metrics Changes - The company reported a strong quarter with notable financial results, including a $200 million EBITDA enhancement plan in motion, with expectations to implement over $150 million in 2025 [10][23] - BetMGM reported a 34% increase in net revenue from operations and an EBITDA of $22 million, representing an improvement of over $150 million from the prior year [14][20] - The company repurchased nearly 15 million shares for about $494 million in the first quarter, with an additional 8 million shares repurchased in the second quarter to date for $215 million [24] Business Line Data and Key Metrics Changes - MGM China maintained a mid-teen market share, ending the quarter at 15.7%, with a dividend payout policy increased to 50% of distributable profits [13][20] - The regional properties experienced a modest decline in revenue due to inclement weather, but ended the quarter strong with record slot wins in March [12][19] - MGM Digital made progress with the launch in Brazil, showing early traction with healthy retention rates [14][21] Market Data and Key Metrics Changes - Las Vegas operations showed resilience with record hotel occupancy and strong demand, particularly from the Marriott partnership, which booked over 440,000 room nights in April [11][29] - Airline capacity at Harry Reid Airport remains at record levels, with domestic flight capacity up 2% from April to June [11] - Macau's market share remained stable, with strong operational efficiency and a focus on maximizing asset utilization [19][78] Company Strategy and Development Direction - The company is focused on leveraging its luxury offerings and regional operations to drive growth, with significant investments in digital businesses and future projects in Japan and New York [25][16] - The partnership with Marriott is expected to enhance customer acquisition and drive omnichannel opportunities, particularly with BetMGM [9][29] - The company is committed to continuous improvement and cost management, with a focus on enhancing EBITDA through revenue actions and cost savings [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of Las Vegas and the company's ability to adapt to varying economic conditions [10][25] - The operating environment is expected to remain stable, with key metrics in line with expectations, and April projected to be a record month for hotel operations [12][28] - The company remains optimistic about future growth opportunities, particularly in Japan and the digital space, while maintaining a solid balance sheet [16][25] Other Important Information - The company has a strong liquidity position, with a new revolving credit facility providing $3 billion of liquidity [20] - The company is actively managing labor costs and has seen a reduction in full-time employees across regions [37][38] - The company is focused on maximizing marketing efficiency and customer engagement through digital channels [67] Q&A Session Summary Question: Can you unpack the April performance in Las Vegas regarding major KPIs? - Management noted that April is shaping up to be a record month, with strong hotel occupancy and group performance, aided by the Marriott partnership [28][29] Question: How is the company compensating for the soft inbound from Canada? - Management indicated that the higher-end business is not significantly impacted, with strong performance from Marriott blocks and casino operations [32][34] Question: Are payroll and labor increases related to the $150 million cost management initiative? - Management confirmed that the labor cost management efforts are ongoing and reflected in the current payroll increases [37] Question: What is the status of the Japan project and its budget? - The equity commitment for the Japan project is approximately $428 billion yen, with contributions expected over the next four years [55] Question: How does the company view share repurchases in light of increasing CapEx? - Management indicated a potential decrease in share repurchases as CapEx ramps up, but remains open to leveraging for strategic opportunities [72][73] Question: What is the impact of tariffs on the development pipeline? - Management stated that the impact of tariffs on the development pipeline is expected to be minimal, with most purchases already completed [82] Question: How is the company managing the impact of tariffs on operational costs? - Management noted that they have alternatives for consumables subject to tariffs and do not foresee significant impacts on development ambitions [82] Question: What are the next steps for the Dubai hotel project? - Management is awaiting decisions from local authorities regarding gaming opportunities while progressing with the hotel construction [88]

Financial Data and Key Metrics Changes - The company reported a strong quarter with notable financial results, including a $22 million EBITDA from BetMGM, representing an improvement of over $150 million from the prior year period [13][21] - The company ended the quarter with a $200 million EBITDA enhancement plan in motion, expecting to implement more than $150 million in 2025 [9][23] - Segment adjusted EBITDAR was down $17 million, influenced by $37 million in business interruption proceeds during the quarter [19] Business Line Data and Key Metrics Changes - BetMGM reported a 34% increase in net revenue from operations, with iGaming net revenues growing by 27% and online sports net revenues increasing by 68% [13][21] - MGM China maintained a mid-teen market share at 15.7%, with margins holding at 28% due to strong operational efficiency [12][20] - The regional properties experienced a modest decline in revenue due to inclement weather, but ended the quarter strong with record slot wins in March [11][20] Market Data and Key Metrics Changes - Las Vegas operations showed resilience with record hotel occupancy and strong demand, particularly from the Marriott partnership, which booked over 440,000 room nights in April [30][31] - Domestic flight capacity to Las Vegas increased by 2% from April to June, with 14 of the 25 largest metro markets increasing capacity [10] - The company noted that the Las Vegas Strip resorts remained solid despite previous periods benefiting from the Super Bowl [10][11] Company Strategy and Development Direction - The company is focused on leveraging its luxury offerings and maintaining operational agility to navigate varying economic conditions [9][10] - MGM is well-positioned for future growth with ongoing projects in Japan and potential opportunities in New York [15][26] - The company is committed to enhancing its digital business, with significant investments in BetMGM and MGM Digital, which is expected to generate substantial revenue [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of Las Vegas and the company's ability to adapt to economic cycles [11][112] - The operating environment remains favorable, with key metrics in line with expectations and a strong events calendar driving demand [10][11] - Management highlighted the importance of the Marriott partnership and the positive impact on occupancy and revenue [19][31] Other Important Information - MGM China increased its dividend payout policy to 50% of distributable profits, up from 35% [20] - The company repurchased nearly 15 million shares for about $494 million in the first quarter, with board approval for an additional $2 billion in share repurchases [25][26] - The company is actively managing labor costs and has seen a reduction in full-time employees across regions [41][43] Q&A Session Summary Question: Can you unpack the April performance in Las Vegas regarding major KPIs? - Management noted that April is shaping up to be a record month for hotel occupancy and group performance, with strong demand from the Marriott partnership [30][31] Question: How is the company compensating for the soft inbound from Canada? - The higher-end segment remains unaffected, with strong performance from Marriott blocks and casino business compensating for the leisure type business decline [36][37] Question: Are payroll and labor increases related to the $150 million cost management initiative? - Management confirmed that the labor cost management efforts are ongoing, contributing to the observed growth in FTEs [41][43] Question: What is the current status of the Japan project and its budget? - The equity commitment for the Japan project has increased to ¥428 billion, with expected contributions of $600 million to $700 million per year over the next four years [60][61] Question: How does the company view share repurchases in light of increasing CapEx? - Management indicated that while share repurchases may slow down, they are open to allowing leverage to increase to fund upcoming opportunities [77][78] Question: What is the impact of tariffs on the development pipeline? - Management stated that the impact of tariffs on the development pipeline is minimal, with most purchases already completed for the year [86][88]

Financial Data and Key Metrics Changes - The company reported a strong quarter with notable financial results, including a $200 million EBITDA enhancement plan in motion, with expectations to implement over $150 million in 2025 [10][24] - BetMGM showed a significant turnaround with a 34% increase in net revenue and an EBITDA of $22 million, representing an improvement of over $150 million from the prior year [14][21] - The company ended the quarter with a solid balance sheet and ample liquidity, having repurchased nearly 15 million shares for about $494 million in the first quarter [24][25] Business Line Data and Key Metrics Changes - MGM China maintained a mid-teen market share at 15.7%, with new villas and suites being added to support premium gaming demand [13] - The regional properties experienced a modest decline in revenue due to inclement weather, but ended strong with record slot wins in March [12][20] - MGM Digital made progress with the launch in Brazil, showing early traction with healthy retention rates [15][22] Market Data and Key Metrics Changes - Las Vegas operations remained steady, with favorable room supply dynamics and record airline capacity scheduled at Harry Reid Airport [11] - April was projected to be a record hotel month for Las Vegas Strip operations, with strong demand evidenced by hotel occupancy and rates [12][30] - The company noted a 3% increase in revenue per occupied room when excluding the Super Bowl impact [96][97] Company Strategy and Development Direction - The company is focused on leveraging its luxury offerings and strategic partnerships, particularly with Marriott, to drive growth and customer engagement [9][10] - MGM is well-positioned for future opportunities, including projects in Japan and potential developments in New York [16][60] - The company is committed to continuous improvement and cost management, with a focus on enhancing EBITDA through operational efficiencies [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the Las Vegas market and the company's ability to adapt to economic conditions [10][25] - The outlook for the digital business remains positive, with expectations for continued growth and profitability [17][22] - Management highlighted the importance of maintaining a strong cash flow generation to capitalize on market opportunities [24][110] Other Important Information - The company increased its dividend payout policy for MGM China to 50% of distributable profits, up from 35% [21] - A charitable donation of $9 million was made during the quarter for a City of Las Vegas initiative, slightly elevating corporate expenses [23] Q&A Session Summary Question: Can you unpack the April performance in Las Vegas regarding major KPIs? - Management noted that April is shaping up to be a record month, with strong hotel occupancy and group performance, aided by the Marriott partnership [30][31] Question: How is the higher-end business performing amid soft inbound from Canada? - The higher-end segment remains unaffected, with strong performance driven by Marriott blocks and casino business [35][36] Question: Are payroll and labor increases related to the $150 million cost management initiative? - Yes, the company has managed to control labor expenses, reflecting ongoing efforts to manage costs [40][41] Question: What is the status of the Japan project and its cost variability? - The project is fully designed, and while there may be some variability in input costs, the scope is not expected to change [46][47] Question: How does the company view share repurchases in light of upcoming capital expenditures? - The company may reduce the pace of share repurchases to reserve capital for investments in Japan and New York, but remains open to letting leverage increase slightly [77][78] Question: What insights can be shared regarding Macau's performance post-tariff implementation? - There have been no material impacts observed, and the business remains stable with strong bookings [81][82] Question: How might higher tariffs affect domestic development pipelines? - The impact on the development pipeline is expected to be limited, with most purchases already made for the year [86] Question: What are the next steps for the Dubai hotel project? - The project is on track for completion in Q3 2027, with ongoing discussions about potential gaming opportunities [90][91]

Sports betting and gaming entertainment company in 29 North American jurisdictions MGM Resorts International INVESTOR PRESENTATION 04.30.2025 OUR MISSION: TO BE THE WORLD'S PREMIER GAMING & ENTERTAINMENT COMPANY Operator of 18 properties in the United States and Macau Development underway with an integrated resort in Japan and resort in Dubai MGM Digital Online sports betting and iGaming operator in 11 jurisdictions in Europe, Canada, and South America1 1. Includes all active jurisdictions Brick and Mortar ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents MGM Resorts International's unaudited consolidated financial statements, including balance sheets, operations, cash flows, and condensed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $2,270,563 | $2,415,532 | | Total current assets | $4,139,074 | $4,363,599 | | Total assets | $41,903,113 | $42,231,627 | | Total current liabilities | $3,169,455 | $3,351,683 | | Long-term debt, net | $6,414,628 | $6,362,098 | | Total liabilities | $38,281,691 | $38,511,671 | | Total stockholders' equity | $3,586,336 | $3,685,151 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Revenues | $4,277,082 | $4,383,470 | | Operating income | $385,057 | $458,378 | | Income before income taxes | $266,784 | $343,399 | | Net income | $226,731 | $299,726 | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | | Basic earnings per share | $0.52 | $0.68 | | Diluted earnings per share | $0.51 | $0.67 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net income | $226,731 | $299,726 | | Foreign currency translation | $148,308 | $(85,190) | | Comprehensive income | $375,039 | $214,536 | | Comprehensive income attributable to MGM Resorts International | $297,795 | $133,390 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $547,079 | $549,271 | | Net cash used in investing activities | $(227,040) | $(108,410) | | Net cash used in financing activities | $(470,219) | $(628,970) | | Net change in cash, cash equivalents, and restricted cash | $(145,091) | $(205,709) | | Balance, end of period | $2,357,973 | $2,809,187 | | Capital expenditures | $(228,041) | $(172,080) | | Repurchases of common stock | $(489,280) | $(506,571) | [Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) | Metric | Balances, January 1, 2025 (in thousands) | Balances, March 31, 2025 (in thousands) | | :--- | :--- | :--- | | Total MGM Resorts International Stockholders' Equity | $3,023,481 | $2,853,544 | | Total Stockholders' Equity | $3,685,151 | $3,586,336 | | Net income attributable to MGM Resorts International | $148,554 | N/A | | Currency translation adjustment | $149,241 | N/A | | Repurchases of common stock | $(494,205) | N/A | [Condensed Notes to Consolidated Financial Statements](index=9&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) [NOTE 1 — ORGANIZATION](index=9&type=section&id=NOTE%201%20%E2%80%94%20ORGANIZATION) - MGM Resorts International is a global gaming and entertainment company with domestic and international locations, including integrated casino, hotel, and entertainment resorts in Las Vegas, Detroit, Maryland, Massachusetts, New Jersey, New York, Ohio, and Mississippi[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company holds an approximate **56% controlling interest** in MGM China, which operates MGM Macau and MGM Cotai[25](index=25&type=chunk) - The Company owns LeoVegas for global online gaming operations and has a **50% ownership interest** in BetMGM, LLC for online sports betting and gaming in North America, as well as a **50% interest** in Osaka IR KK for an integrated resort development in Japan[26](index=26&type=chunk) - The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital[27](index=27&type=chunk) [NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES](index=9&type=section&id=NOTE%202%20%E2%80%94%20BASIS%20OF%20PRESENTATION%20AND%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - The unaudited consolidated financial statements include normal recurring adjustments and should be read in conjunction with the Company's 2024 annual consolidated financial statements[29](index=29&type=chunk) - The Company consolidates entities where it is the primary beneficiary of a variable interest entity (VIE) or has a controlling financial interest, and accounts for entities with significant influence (e.g., BetMGM North America Venture) under the equity method[30](index=30&type=chunk)[31](index=31&type=chunk) | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Equity investments fair value | $420 | $388 | | Net gain/(loss) on equity investments (3 months) | $32 gain | $24 loss | | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Net gain/(loss) on derivatives | $40 gain | $38 loss | | Liability Type | Balance at January 1 (in thousands) | Balance at March 31 (in thousands) | Increase / (decrease) (in thousands) | | :--- | :--- | :--- | :--- | | Outstanding Chip Liability | $215,710 | $177,017 | $(38,693) | | Loyalty Program | $215,005 | $205,276 | $(9,729) | | Customer Advances and Other | $825,236 | $813,917 | $(11,319) | [NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES](index=12&type=section&id=NOTE%203%20%E2%80%94%20INVESTMENTS%20IN%20AND%20ADVANCES%20TO%20UNCONSOLIDATED%20AFFILIATES) | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Investments in and advances to unconsolidated affiliates | $394 | $381 | | Affiliate | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | BetMGM North America Venture | $(15,201) | $(32,601) | | Other | $2,305 | $7,477 | | **Total Loss from unconsolidated affiliates** | **$(12,896)** | **$(25,124)** | - The Company's share of losses of BetMGM North America Venture in excess of its equity method investment balance was **$103 million** as of March 31, 2025, compared to **$89 million** as of December 31, 2024[46](index=46&type=chunk) [NOTE 4 — LONG-TERM DEBT](index=13&type=section&id=NOTE%204%20%E2%80%94%20LONG-TERM%20DEBT) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Long-term debt, net | $6,414,628 | $6,362,098 | | MGM China first revolving credit facility | $527,033 | $477,567 | - In February 2024, the Company amended its revolving facility to increase it to **$2.3 billion** and extend the maturity date to February 2029, with no amounts drawn at March 31, 2025[49](index=49&type=chunk) - On April 15, 2025, MGM China entered into a new **HK$23.4 billion** (approximately **$3 billion**) senior unsecured revolving credit facility, maturing in April 2030, which replaced its previous first and second revolving credit facilities[54](index=54&type=chunk)[55](index=55&type=chunk) | Metric | March 31, 2025 (in billions) | December 31, 2024 (in billions) | | :--- | :--- | :--- | | Estimated fair value of long-term debt | $6.4 | $6.3 | [NOTE 5 — INCOME TAXES](index=14&type=section&id=NOTE%205%20%E2%80%94%20INCOME%20TAXES) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Effective income tax rate | 15.0% | 12.7% | - The effective income tax rate was favorably impacted by Macau gaming profits, which are exempt from complementary tax[56](index=56&type=chunk) [NOTE 6 — LEASES](index=14&type=section&id=NOTE%206%20%E2%80%94%20LEASES) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Operating lease cost | $574,157 | $574,943 | | Finance lease interest expense | $4,318 | $8,884 | | Finance lease amortization expense | $18,171 | $12,896 | | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Operating lease ROU assets, net | $23,407,115 | $23,532,287 | | Total operating lease liabilities | $25,157,119 | $25,174,160 | | Total finance lease liabilities | $300,431 | $317,447 | | Weighted average remaining operating lease term | 24 years | 24 years | | Weighted average operating lease discount rate | 7% | 7% | [NOTE 7 — COMMITMENTS AND CONTINGENCIES](index=16&type=section&id=NOTE%207%20%E2%80%94%20COMMITMENTS%20AND%20CONTINGENCIES) - The Company settled U.S. civil class action litigation related to the 2019 and 2023 cybersecurity issues for **$45 million**, which was paid by insurance carriers in February 2025[66](index=66&type=chunk) - MGM China has bank guarantees of **MOP 1 billion** (approximately **$125 million**) to the Macau government, with **MOP 700 million** (approximately **$87 million**) secured by pledged cash[68](index=68&type=chunk) - The Company has an estimated remaining funding commitment of approximately **392 billion yen** (approximately **$2.6 billion**) to Osaka IR KK for the development of an integrated resort in Osaka, Japan, as of March 31, 2025[71](index=71&type=chunk) - The Company provides guarantees for Osaka IR KK's obligations to Osaka totaling **12.65 billion yen** (approximately **$84 million**) and an uncapped amount for construction completion[70](index=70&type=chunk) [NOTE 8 — EARNINGS PER SHARE](index=17&type=section&id=NOTE%208%20%E2%80%94%20EARNINGS%20PER%20SHARE) | Metric | Three Months Ended March 31, 2025 (in thousands, except per share data) | Three Months Ended March 31, 2024 (in thousands, except per share data) | | :--- | :--- | :--- | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | | Basic EPS | $0.52 | $0.68 | | Diluted EPS | $0.51 | $0.67 | | Weighted-average common shares outstanding – basic | 287,125 | 320,488 | | Weighted-average common and common equivalent shares – diluted | 289,096 | 323,757 | [NOTE 9 — STOCKHOLDERS' EQUITY](index=17&type=section&id=NOTE%209%20%E2%80%94%20STOCKHOLDERS'%20EQUITY) - The Board of Directors authorized a new **$2.0 billion** stock repurchase plan in April 2025[75](index=75&type=chunk) - During the three months ended March 31, 2025, the Company repurchased approximately **15 million shares** of common stock for an aggregate amount of **$494 million**[77](index=77&type=chunk) - The remaining availability under the November 2023 **$2.0 billion** stock repurchase plan was **$337 million** as of March 31, 2025[77](index=77&type=chunk) - Subsequent to March 31, 2025, the Company repurchased approximately **8 million shares** for an aggregate amount of **$215 million**[78](index=78&type=chunk) [NOTE 10 — SEGMENT INFORMATION](index=18&type=section&id=NOTE%2010%20%E2%80%94%20SEGMENT%20INFORMATION) - The Company's four reportable segments are Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital[79](index=79&type=chunk) - MGM Digital was added as a reportable segment in the fourth quarter of 2024 to reflect the Company's strategic focus on interactive gaming[79](index=79&type=chunk) - Segment Adjusted EBITDAR is the Company's reportable segment GAAP measure, used as the primary profit measure for its segments[84](index=84&type=chunk) | Segment | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Las Vegas Strip Resorts Net Revenue | $2,176,120 | $2,255,029 | | Regional Operations Net Revenue | $900,419 | $909,479 | | MGM China Net Revenue | $1,027,472 | $1,056,017 | | MGM Digital Net Revenue | $128,058 | $127,608 | | **Total Reportable Segment Net Revenues** | **$4,232,069** | **$4,348,133** | | Segment | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Las Vegas Strip Resorts Adjusted EBITDAR | $811,160 | $827,788 | | Regional Operations Adjusted EBITDAR | $279,042 | $274,102 | | MGM China Adjusted EBITDAR | $285,565 | $301,186 | | MGM Digital Adjusted EBITDAR | $(34,393) | $(18,790) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial performance, detailing revenue and operating income changes, segment trends, liquidity, capital, and future commitments [Summary Operating Results](index=24&type=section&id=Summary%20Operating%20Results) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net revenues | $4,277,082 | $4,383,470 | | Operating income | $385,057 | $458,378 | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | - Consolidated net revenues decreased **2%** for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to decreases in Las Vegas Strip Resorts (**3%**), MGM China (**3%**), and Regional Operations (**1%**)[90](index=90&type=chunk) - Consolidated operating income decreased **16%** for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to the decrease in revenue[91](index=91&type=chunk) [Net Revenues by Segment](index=25&type=section&id=Net%20Revenues%20by%20Segment) | Segment | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Las Vegas Strip Resorts | $2,176,120 | $2,255,029 | | Regional Operations | $900,419 | $909,479 | | MGM China | $1,027,472 | $1,056,017 | | MGM Digital | $128,058 | $127,608 | | Corporate and other | $45,013 | $35,337 | | **Total Net Revenues** | **$4,277,082** | **$4,383,470** | [Las Vegas Strip Resorts](index=25&type=section&id=Las%20Vegas%20Strip%20Resorts) - Las Vegas Strip Resorts net revenues decreased **3%** for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to decreases in rooms and entertainment, retail and other revenue, partially offset by an increase in casino revenue[94](index=94&type=chunk) - Casino revenue increased **8%** due to an increase in slot handle and table games win percentage[95](index=95&type=chunk) - Rooms revenue decreased **9%** primarily due to a decrease in Average Daily Rate (ADR) as a result of the Super Bowl being hosted in Las Vegas in the prior year quarter[96](index=96&type=chunk) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Table games drop (in millions) | $1,511 | $1,537 | | Table games win % | 26.7% | 25.2% | | Slot handle (in millions) | $5,682 | $5,417 | | Slot win % | 9.6% | 9.4% | | Occupancy | 94% | 93% | | Average daily rate (ADR) | $257 | $277 | | Revenue per available room (RevPAR) | $242 | $258 | [Regional Operations](index=26&type=section&id=Regional%20Operations) - Regional Operations net revenues decreased **1%** for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to a **2%** decrease in casino revenue[98](index=98&type=chunk) - The decrease in casino revenue was primarily due to a decrease in slot handle and table games drop[98](index=98&type=chunk) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Table games drop (in millions) | $947 | $962 | | Table games win % | 20.7% | 21.0% | | Slot handle (in millions) | $6,567 | $6,612 | | Slot win % | 9.9% | 9.7% | [MGM China](index=26&type=section&id=MGM%20China) - MGM China net revenues decreased **3%** for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to a decrease in casino revenue[100](index=100&type=chunk) - Casino revenues decreased **3%** primarily due to a decrease in main floor table games drop[101](index=101&type=chunk) | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Main floor table games drop | $3,627 | $3,822 | | Main floor table games win % | 25.2% | 24.9% | [MGM Digital](index=27&type=section&id=MGM%20Digital) - MGM Digital's revenue was flat compared to the prior year quarter[102](index=102&type=chunk) [Corporate and other](index=27&type=section&id=Corporate%20and%20other) - Corporate and other revenue includes other corporate operations and management services[103](index=103&type=chunk) [Segment Adjusted EBITDAR and Consolidated Adjusted EBITDA](index=27&type=section&id=Segment%20Adjusted%20EBITDAR%20and%20Consolidated%20Adjusted%20EBITDA) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Consolidated Adjusted EBITDA | $637,054 | $673,189 | [Las Vegas Strip Resorts](index=27&type=section&id=Las%20Vegas%20Strip%20Resorts_EBITDAR) - Las Vegas Strip Resorts Segment Adjusted EBITDAR decreased **2%** for the three months ended March 31, 2025, compared to the prior year quarter[106](index=106&type=chunk) - Segment Adjusted EBITDAR margin was **37.3%** for the three months ended March 31, 2025, compared to **36.7%** in the prior year quarter, primarily due to the receipt of **$37 million** of business interruption insurance proceeds related to the September 2023 cybersecurity issue[106](index=106&type=chunk) [Regional Operations](index=27&type=section&id=Regional%20Operations_EBITDAR) - Regional Operations Segment Adjusted EBITDAR increased **2%** for the three months ended March 31, 2025, compared to the prior year quarter[107](index=107&type=chunk) - Segment Adjusted EBITDAR margin was **31.0%** for the three months ended March 31, 2025, compared to **30.1%** in the prior year quarter, primarily due to the receipt of **$12 million** of business interruption insurance proceeds related to the September 2023 cybersecurity issue[107](index=107&type=chunk) [MGM China](index=28&type=section&id=MGM%20China_EBITDAR) - MGM China Segment Adjusted EBITDAR decreased **5%** for the three months ended March 31, 2025, compared to the prior year quarter[108](index=108&type=chunk) - Segment Adjusted EBITDAR margin was **27.8%** for the three months ended March 31, 2025, compared to **28.5%** in the prior year quarter, primarily due to the decrease in casino revenue and an increase in payroll related expenses[108](index=108&type=chunk) [MGM Digital](index=28&type=section&id=MGM%20Digital_EBITDAR) - MGM Digital Segment Adjusted EBITDAR loss was **$34 million** for the three months ended March 31, 2025, compared to **$19 million** in the prior year quarter, primarily due to an increase in payroll related expenses and costs from expansion into new markets[109](index=109&type=chunk) [Loss from Unconsolidated Affiliates](index=28&type=section&id=Loss%20from%20Unconsolidated%20Affiliates) | Affiliate | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | BetMGM North America Venture | $(15,201) | $(32,601) | | Other | $2,305 | $7,477 | | **Total Loss from Unconsolidated Affiliates** | **$(12,896)** | **$(25,124)** | [Non-operating Results](index=28&type=section&id=Non-operating%20Results) [Interest expense](index=28&type=section&id=Interest%20expense) | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Gross interest expense | $108 | $111 | [Other, net](index=28&type=section&id=Other,%20net) | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Other, net expense | $11 | $5 | - Other, net expense for Q1 2025 was primarily comprised of a foreign currency transaction loss of **$101 million**, partially offset by a net gain related to derivatives of **$40 million** and a gain related to debt and equity investments of **$35 million**[112](index=112&type=chunk) - Other, net expense for Q1 2024 was primarily comprised of a net loss related to derivatives of **$38 million** and a loss related to debt and equity investments of **$21 million**, partially offset by a foreign currency transaction gain of **$33 million**[112](index=112&type=chunk) [Income taxes](index=28&type=section&id=Income%20taxes_MD%26A) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Effective income tax rate | 15.0% | 12.7% | - The effective rate was favorably impacted primarily by Macau gaming profits which are exempt from complementary tax[113](index=113&type=chunk) [Reportable Segment GAAP measure](index=28&type=section&id=Reportable%20Segment%20GAAP%20measure) - Segment Adjusted EBITDAR is defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, loss from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense[114](index=114&type=chunk) - Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for domestic properties, ground subleases, and land concessions at MGM China[114](index=114&type=chunk) [Non-GAAP measures](index=29&type=section&id=Non-GAAP%20measures) - Consolidated Adjusted EBITDA is a non-GAAP measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net[116](index=116&type=chunk) - This measure is used by management and is widely used by analysts, lenders, financial institutions, and investors as a measure of operating performance in the gaming industry[117](index=117&type=chunk) - Consolidated Adjusted EBITDA has limitations as an analytical tool and should not be construed as an alternative or substitute to any measure determined in accordance with generally accepted accounting principles[117](index=117&type=chunk) | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--- | :--- | :--- | | Net income attributable to MGM Resorts International | $148,554 | $217,476 | | Operating income | $385,057 | $458,378 | | Depreciation and amortization | $236,444 | $196,562 | | **Consolidated Adjusted EBITDA** | **$637,054** | **$673,189** | [Guarantor Financial Information](index=30&type=section&id=Guarantor%20Financial%20Information) - All registered principal debt arrangements are guaranteed by wholly owned material domestic subsidiaries, excluding MGM Grand Detroit, MGM National Harbor, MGM Springfield, BetMGM, LeoVegas, and foreign subsidiaries like MGM China[120](index=120&type=chunk) | Balance Sheet Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Current assets | $2,718,779 | $3,045,925 | | Intercompany debt due from non-guarantor subsidiaries | $2,788,979 | $2,733,770 | | Other long-term assets | $28,560,922 | $28,683,234 | | Other current liabilities | $2,073,049 | $2,247,371 | | Intercompany debt due to non-guarantor subsidiaries | $2,199,282 | $2,199,408 | | Other long-term liabilities | $28,579,840 | $28,651,188 | | Income Statement Metric | Three Months Ended March 31, 2025 (in thousands) | | :--- | :--- | | Net revenues | $2,665,170 | | Operating income | $187,983 | | Net income attributable to MGM Resorts International | $229,568 | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, the Company had cash and cash equivalents of **$2.3 billion**, with **$815 million** held by MGM China, and **$6.5 billion** in principal amount of indebtedness, including **$3.0 billion** related to MGM China[136](index=136&type=chunk) [Cash Flows](index=31&type=section&id=Cash%20Flows) | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | | :--- | :--- | :--- | | Cash provided by operating activities | $547 | $549 | | Cash used in investing activities | $227 | $108 | | Cash used in financing activities | $470 | $629 | [Capital Expenditures](index=31&type=section&id=Capital%20Expenditures) | Period | Total Capital Expenditures (in millions) | MGM China Portion (in millions) | | :--- | :--- | :--- | | Three Months Ended March 31, 2025 | $228 | $60 | | Three Months Ended March 31, 2024 | $172 | $15 | - Capital expenditures primarily related to room remodels and information technology[128](index=128&type=chunk)[129](index=129&type=chunk) [Borrowings and Repayments of Long-term Debt](index=32&type=section&id=Borrowings%20and%20Repayments%20of%20Long-term%20Debt) | Period | Net Borrowings (Repayments) of Debt (in millions) | | :--- | :--- | | Three Months Ended March 31, 2025 | $50 (net borrowings) | | Three Months Ended March 31, 2024 | $77 (net repayments) | - Net borrowings in Q1 2025 were on MGM China's first revolving credit facility, while net repayments in Q1 2024 were also on MGM China's first revolving credit facility, funded with cash on hand[132](index=132&type=chunk) [Share Repurchases](index=32&type=section&id=Share%20Repurchases_Liquidity) | Period | Amount Paid for Repurchases (in millions) | | :--- | :--- | | Three Months Ended March 31, 2025 | $489 | | Three Months Ended March 31, 2024 | $507 | - The remaining availability under the November 2023 **$2.0 billion** stock repurchase plan was **$337 million** as of March 31, 2025[133](index=133&type=chunk) - In April 2025, the Board of Directors authorized a new **$2.0 billion** stock repurchase plan[133](index=133&type=chunk) [Other Factors Affecting Liquidity and Anticipated Uses of Cash](index=32&type=section&id=Other%20Factors%20Affecting%20Liquidity%20and%20Anticipated%20Uses%20of%20Cash) - MGM China entered into a new **HK$23.4 billion** senior unsecured revolving credit facility in April 2025, maturing in April 2030, replacing previous facilities[137](index=137&type=chunk) - Expected cash interest payments over the next twelve months are approximately **$360 million to $380 million** on a consolidated basis[138](index=138&type=chunk) - Annual cash rent payments of **$1.8 billion** are required over the next twelve months under triple net lease agreements, subject to annual escalators and other costs[139](index=139&type=chunk) - Planned capital expenditures for the remainder of 2025 are approximately **$870 million to $970 million** consolidated, including **$175 million to $225 million** for MGM China[140](index=140&type=chunk) - The Company is exploring potential development opportunities, including expanding global online gaming and pursuing a commercial gaming facility in New York (estimated project cost of approximately **$2 billion**)[141](index=141&type=chunk) - An estimated **392 billion yen** (approximately **$2.6 billion**) remains to be funded for the Osaka IR KK integrated resort development over the next four years[141](index=141&type=chunk) - MGM China recommended a final dividend for 2024, with the Company expecting to receive approximately **$69 million** in June 2025 if approved[142](index=142&type=chunk) [Critical Accounting Policies and Estimates](index=33&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - There have been no significant changes in critical accounting policies and estimates since the fiscal year ended December 31, 2024[143](index=143&type=chunk) [Market Risk](index=33&type=section&id=Market%20Risk_MD%26A) - The Company is subject to interest rate risk associated with its variable rate long-term debt, which represented approximately **8%** of total borrowings as of March 31, 2025[145](index=145&type=chunk)[146](index=146&type=chunk) | Debt Type | Total (in millions) | Fair Value March 31, 2025 (in millions) | Average Interest Rate | | :--- | :--- | :--- | :--- | | Fixed-rate | $5,926 | $5,850 | 5.6% | | Variable rate | $527 | $527 | 5.5% | [Cautionary Statement Concerning Forward-Looking Statements](index=34&type=section&id=Cautionary%20Statement%20Concerning%20Forward-Looking%20Statements) - The report contains forward-looking statements that are subject to inherent uncertainties, risks, and changes in circumstances that could cause actual results to differ materially from those contemplated[147](index=147&type=chunk)[148](index=148&type=chunk) - Important factors that could cause actual results to differ include substantial indebtedness, economic and market conditions, significant competition, cybersecurity incidents, and risks associated with future construction, development, or expansion projects[148](index=148&type=chunk)[149](index=149&type=chunk)[155](index=155&type=chunk) - The Company undertakes no obligation to publicly update any forward-looking statement, except as may be required by law[150](index=150&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Incorporates market risk disclosures from MD&A, specifically addressing interest rate risk - The information regarding market risk is incorporated by reference from the 'Market Risk' section within Part I, Item 2 of this Form 10-Q[152](index=152&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls were effective as of March 31, 2025, with no material changes in internal control - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[153](index=153&type=chunk) - There were no changes in internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting during the quarter ended March 31, 2025[154](index=154&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 7 for detailed discussion of legal proceedings, including cybersecurity litigation - Legal proceedings are discussed in Note 7 – Commitments and Contingencies in the accompanying consolidated financial statements[156](index=156&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to risk factors previously disclosed in the Company's 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Company's 2024 Annual Report on Form 10-K[157](index=157&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details Q1 2025 common stock repurchases and a new **$2.0 billion** repurchase plan authorized in April 2025 | Period | Total Number of Shares Purchased | Average Price Paid per Share | Dollar Value of Shares that May Yet be Purchased Under the Program (in thousands) | | :--- | :--- | :--- | :--- | | January 1, 2025 — January 31, 2025 | 5,998,189 | $33.40 | $615,524 | | February 1, 2025 — February 28, 2025 | 2,750,644 | $35.07 | $519,058 | | March 1, 2025 — March 31, 2025 | 6,204,770 | $31.71 | $322,304 | - All shares repurchased during the quarter ended March 31, 2025, were purchased pursuant to publicly announced stock repurchase plans and have been retired[159](index=159&type=chunk) - In April 2025, the Board of Directors authorized a new **$2.0 billion** stock repurchase plan[159](index=159&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) Confirms no directors or officers adopted, terminated, or modified trading arrangements in Q1 2025 - None of the Company's directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[160](index=160&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including subsidiary guarantors, CEO/CFO certifications, and Inline XBRL documents - Exhibits include Subsidiary Guarantors, Certifications of Chief Executive Officer and Chief Financial Officer, and various Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents)[162](index=162&type=chunk) SIGNATURES - The report was signed on April 30, 2025, by William J. Hornbuckle, Chief Executive Officer and President, and Jonathan S. Halkyard, Chief Financial Officer and Treasurer[165](index=165&type=chunk)