MGMMGM Resorts
MGM Resorts International is referred to as the “Company,” “MGM Resorts,” or the “Registrant,” and together with its subsidiaries may also be referred to as “we,” “us” or “our.” 10-K, Item 1
- Headquarters
- Las Vegas, NV
- CEO
- William Hornbuckle
- Next results
- around Feb 3, 2027
2 paragraphs in Risk Factors of the 10-K filed Feb 11, 2026 with nothing like them in the 10-K filed Feb 18, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Further, our systems are not fully redundant and our disaster recovery planning cannot account for all possible scenarios that we may encounter.
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any new or updated regulations, which may potentially adversely affect our operations. There can be no assurance that the potential impacts of climate change and severe weather will not have a material adverse effect on our properties, results of operations, cash flows or business.
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New in the latest 10-Q
17 paragraphs in the 10-Q filed Oct 28, 2026 with nothing like them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss) Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity
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Issuance of common stock pursuant to stock-based compensation awards 31 — (481) — — (481) — (481)
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Adjustment of redeemable noncontrolling interest to redemption value — — (392) 15 — (377) — (377)
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Issuance of common stock pursuant to stock-based compensation awards 105 1 (941) — — (940) — (940)
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Adjustment of redeemable noncontrolling interest to redemption value — — (392) 5 — (387) — (387)
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During the three and nine months ended September 30, 2025, the Company recorded a goodwill impairment charge of $ 256 million relating to the Empire City reporting unit within the Regional Operations reportable segment. The value of the Empire City reporting unit had been dependent upon the Company obtaining a commercial gaming license and the timing thereof, as well as other assumptions related to constructing and operating a commercial gaming facility. In the third quarter of 2025, the competitive and economic assumptions underpinning the Company’s return expectations on its investment in a commercial gaming facility changed, which led the Company to determine it would withdraw its application for a commercial gaming license for Empire City. Accordingly, the Company performed an interim impairment test and, as a result of the decrease in forecasted cash flows, the carrying value of Empire City exceeded its fair value. As such, the Company recorded an impairment of the full amount of the Empire City reporting unit’s goodwill.
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Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.”
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Property transactions, net for the nine months ended September 30, 2026 included a $ 253 million gain related to the MGM Northfield Park sale, as discussed in Note 4, and a $ 51 million gain related to the partial termination of the VICI lease, as discussed in Note 7.
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Property transactions, net for the three and nine months ended September 30, 2025 included $ 93 million of write-downs and impairments related to the Company determining it would withdraw its application for a commercial gaming license for Empire City, which primarily consist of an impairment of $ 52 million relating to Empire City’s existing gaming license.
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BetMGM North America Venture. In the three and nine months ended September 30, 2026, the Company received $ 25 million in distributions from BetMGM North America Venture.
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MGM Springfield agreement. In March 2026, the Company entered into an agreement to sell the operations of MGM Springfield to private equity funds managed by Clairvest Group Inc. for $ 443 million, subject to certain purchase price adjustments. The agreement provides for several termination rights if certain events do not occur, or do not occur within a specified period of time, as well as various other regulatory, governmental, and third party consents, agreements, and approvals, among other conditions, many of which are outside of the Company’s control.
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Adjustment related to redeemable noncontrolling interests (959) (377) (8,535) (387)
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Net income (loss) available to common stockholders – basic and diluted $ (18,067) $ (285,632) $ 391,926 $ (88,137)
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Weighted-average common shares outstanding – basic 251,964 272,517 254,105 277,610
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Weighted-average common and common equivalent shares – diluted 251,964 272,517 257,442 277,610
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In March 2026, we entered into an agreement to sell the operations of MGM Springfield to private equity funds managed by Clairvest Group Inc. for $443 million, subject to certain purchase price adjustments. The agreement provides for several termination rights if certain events do not occur, or do not occur within a specified period of time, as well as various other regulatory, governmental, and third party consents, agreements, and approvals, among other conditions, many of which are outside of our control.
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In September 2026, MGM Digital ceased operations in Brazil pending resolution to a government order temporarily banning fixed-odds betting and online casino games.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 28, 2026 against Item 1A of the 10-K filed Feb 11, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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A description of certain factors that may affect our future results and risk factors is set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those factors previously disclosed in our 2025 Annual Report on Form 10-K.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Work on MGM in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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