MGM Resorts International (MGM)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	6,343,810	6,505,520	6,674,040	6,841,480	7,432,820	7,209,840	7,107,160	10,507,100	11,770,800	11,618,900	12,574,900	13,245,400	12,376,700	11,414,700	11,339,600	11,743,300	11,168,900	14,943,900	14,661,700	14,730,800
Total stockholders’ equity	US$ in thousands	3,811,170	3,965,720	4,416,170	4,839,660	4,831,530	4,841,690	5,733,570	5,065,340	6,070,640	6,829,950	6,180,180	6,306,830	6,504,730	6,861,100	7,374,790	8,173,910	7,727,260	6,060,550	6,520,480	6,786,200
Debt-to-capital ratio		0.62	0.62	0.60	0.59	0.61	0.60	0.55	0.67	0.66	0.63	0.67	0.68	0.66	0.62	0.61	0.59	0.59	0.71	0.69	0.68

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $6,343,810K ÷ ($6,343,810K + $3,811,170K)
= 0.62

The debt-to-capital ratio of MGM Resorts International has fluctuated over the past eight quarters, ranging from 0.59 to 0.70. It shows the proportion of the company's total debt in relation to its total capital, indicating the extent to which the company relies on debt financing.

The trend indicates some variation in the company's capital structure, with Q1 2022 recording the highest ratio at 0.70, suggesting a higher reliance on debt during that period. Conversely, Q2 2023 showed the lowest ratio at 0.60, signaling a relatively lower proportion of debt in the company's capital structure.

Overall, the debt-to-capital ratio for MGM Resorts International has remained within a moderate range, highlighting a balance between debt and equity financing strategies over the specified quarters. This ratio provides insights into the company's risk profile and financial leverage, guiding stakeholders in assessing its financial health and stability.