MGM Resorts International (MGM)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	6,343,810	7,432,820	11,770,800	12,376,700	11,168,900
Total stockholders’ equity	US$ in thousands	3,811,170	4,831,530	6,070,640	6,504,730	7,727,260
Debt-to-equity ratio		1.66	1.54	1.94	1.90	1.45

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $6,343,810K ÷ $3,811,170K
= 1.66

The debt-to-equity ratio of MGM Resorts International has shown fluctuation over the past five years. The ratio was at its lowest in 2019 at 1.45, indicating a lower level of debt relative to equity. However, in subsequent years, the ratio increased, reaching its peak in 2021 at 2.12, suggesting a higher proportion of debt in the capital structure compared to equity.

In 2023, the ratio decreased slightly to 1.67, indicating a reduction in the company's reliance on debt financing relative to equity. Although the ratio has varied, it suggests that MGM Resorts International has utilized a mix of debt and equity financing strategies over the years to fund its operations and investments. Further analysis and consideration of industry benchmarks would provide additional insights into the company's financial leverage position.