Mgm Resorts SEC Filings

MGM Resorts International reported Q3 2025 results with net revenue of $4.25 billion, up 2% year over year, but posted an operating loss of $113 million driven by a $256 million goodwill impairment tied to Empire City and $93 million in write‑downs within property transactions. Net loss attributable to MGM was $285 million (loss per share $1.05) versus earnings of $0.61 a year ago.

MGM China grew revenue 17% and MGM Digital rose 23%, offset by a 7% decline at Las Vegas Strip Resorts. Operating cash flow for the nine months was strong at $1.87 billion, supporting $711 million of share repurchases (about 22 million shares). Cash and cash equivalents were $2.13 billion and long‑term debt, net, was $6.16 billion, with the $2.3 billion revolver undrawn.

Strategically, MGM agreed in October 2025 to sell the operations of MGM Northfield Park for $546 million in cash, with an expected $53 million reduction in annual cash rent upon closing, subject to regulatory approvals. Shares outstanding were 273,506,440 as of October 27, 2025.

MGM Resorts International entered a secured credit agreement for a JPY45.2 billion term loan facility, with an option to increase up to JPY67.8 billion. The facility bears interest at TIBOR plus 1.75% until the covenant certificate for the quarter ending March 31, 2026 is submitted, and thereafter at a grid of 1.50%–2.25% based on a rent adjusted total net leverage ratio. Final maturity is in October 2030, with a springing maturity to February 9, 2029 if the Company’s existing secured revolver is not extended or refinanced as specified.

The loan is guaranteed by wholly-owned material domestic restricted subsidiaries and, subject to gaming approvals, is secured by a pledge of equity in certain domestic operating properties. The agreement includes customary covenants and events of default, as well as a financial covenant that may limit additional debt. MGM also issued a press release on October 29, 2025 announcing results for the quarter ended September 30, 2025.

Reporting person: Corey Ian Sanders, Chief Operating Officer, filed a Form 4 reporting equity activity in MGM Resorts International (MGM). The form discloses a grant of 55,278 restricted stock units (RSUs) on 10/06/2025 that vest in three equal annual installments beginning on the first anniversary and convert to common shares when vested. The filing also shows acquisition of 12,165 common shares on 10/07/2025 (code M) at no cash price and a sale of 4,787 common shares on 10/07/2025 at $33.12 per share. Following these transactions, Mr. Sanders directly beneficially owns 58,398 common shares and indirectly owns 281,530 shares through a CIS Trust, for a combined reported holding of 339,928 shares.

MGM Resorts International (MGM) reported insider transactions by Todd Meinert, SVP & Chief Accounting Officer. The filing shows grants and vesting of restricted stock units (RSUs) and a small open-market sale. On 10/06/2025 Mr. Meinert was granted 5,639 RSUs that vest annually in three equal installments beginning on the first anniversary; each RSU converts to one share on vesting. On 10/07/2025 there was a deemed issuance of 1,379 shares (code M) and a sale of 336 shares at $33.12, leaving 25,369 shares beneficially owned after the reported transactions. The RSU grants carry a $0 purchase price and standard multi-year vesting, aligning executive compensation with long-term equity performance.

John McManus, Chief Legal Administrative Officer and Secretary of MGM Resorts International (MGM), reported option and restricted stock unit activity. He was granted 33,167 RSUs on 10/06/2025 that vest in three equal annual installments beginning on 10/06/2026. On 10/07/2025, 7,299 RSUs were recorded as vested/exercisable and 7,299 shares were acquired at $0 per share. The filing also shows a sale of 2,873 shares at $33.12, leaving him with 65,685 shares beneficially owned.

Insider transactions by William Hornbuckle, CEO and President of MGM Resorts International (MGM) show a mix of equity awards and a small sale. On 10/06/2025 he was granted 147,406 restricted stock units (RSUs) under the 2022 Omnibus Incentive Plan, each representing one share and vesting in three equal annual installments beginning on the first anniversary. On 10/07/2025 he received or converted 32,441 shares and separately sold 12,766 shares at $33.12 per share. After these reported transactions, his direct beneficial ownership in common stock is shown as 596,298 shares, with an additional 172,781 shares held indirectly in trust.

Insider transactions reported by the Chief Financial Officer of MGM Resorts International (MGM). The filing shows a grant of 46,065 restricted stock units (RSUs) on 10/06/2025 that vest in three equal annual installments beginning one year after grant. An additional 8,921 RSUs were acquired on 10/07/2025. The reporting record also shows a sale of 3,511 shares at $33.12, leaving the reporting person with 114,490 shares of common stock beneficially owned after the transactions. RSUs convert to one share each upon vesting; the newly reported RSUs increase potential future ownership.

Insider transactions by Gary M. Fritz at MGM Resorts International (MGM): the filing shows two related dates of activity in early October 2025. On 10/06/2025 Mr. Fritz was granted 66,333 restricted stock units (RSUs) under the 2022 Omnibus Incentive Plan; each RSU converts to one share on vesting and the RSUs vest in three equal annual installments beginning on the first anniversary of the grant. On 10/07/2025 there are two reported non-derivative actions: a zero-price acquisition of 12,165 shares (transaction code M) and a disposition of 4,858 shares at $33.12 (transaction code F). After these reported transactions Mr. Fritz beneficially owned 121,635 common shares and held 66,333 RSUs (plus 12,165 RSUs reflected post-transaction) as direct ownership.

Insider transactions by Corey I. Sanders, MGM Resorts (MGM). The Chief Operating Officer had multiple equity events on 10/03/2025 and 10/04/2025, including the vesting of performance share units (PSUs) and restricted stock units (RSUs), and open-market disposals. A total of 30,310 and 22,419 shares were issued on vesting from two PSU tranches, and 12,252 and 8,843 RSUs vested and converted to shares. Several disposals occurred at $33.93 per share, reducing direct holdings. After these reported transactions, the reporting person directly held 54,500 shares and indirectly held 281,530 shares through a CIS Trust. The PSU payouts were calculated against a $41.83 target price and one tranche used three-year relative TSR versus the S&P 500.