MGM Resorts International (MGM)

Debt-to-equity 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-equity ratio		1.66	1.64	1.51	1.41	1.54	1.49	1.24	2.07	1.94	1.70	2.03	2.10	1.90	1.66	1.54	1.44	1.45	2.47	2.25	2.17

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 been fluctuating over the past eight quarters. In Q1 2022, the ratio was unusually high at 2.32, indicating that the company had a higher level of debt relative to shareholder equity. This could suggest a higher financial risk and potential instability.

Subsequently, the ratio decreased to 1.46 in Q2 2022, indicating a more favorable balance between debt and equity. However, in Q3 2022 and Q4 2022, the ratio increased to 1.77 and 1.82, respectively, suggesting a return to a higher debt level compared to equity.

Moving into 2023, the debt-to-equity ratio continued to fluctuate. While showing improvement in Q1 2023 with a ratio of 1.42, it increased in Q2 2023 to 1.52. In Q3 and Q4 of 2023, the ratio remained relatively stable at 1.64 and 1.67, respectively.

Overall, MGM Resorts International's debt-to-equity ratio has shown variability, indicating changes in the company's capital structure and financial leverage over the past eight quarters. Investors and stakeholders should closely monitor these fluctuations to assess the company's financial health and risk profile.