Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MGM | ||
Entity Registrant Name | MGM Resorts International | ||
Entity Central Index Key | 0000789570 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 492,434,341 | ||
Entity Public Float | $ 14.4 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-10362 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 88-0215232 | ||
Entity Address, Address Line One | 3600 Las Vegas Boulevard South | ||
Entity Address, City or Town | Las Vegas | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89109 | ||
City Area Code | 702 | ||
Local Phone Number | 693-7120 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement for its 2019 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,329,604 | $ 1,526,762 |
Accounts receivable, net | 612,717 | 657,206 |
Inventories | 102,888 | 110,831 |
Income tax receivable | 27,167 | 28,431 |
October 1 litigation insurance receivable | 735,000 | 0 |
Prepaid expenses and other | 200,317 | 203,548 |
Total current assets | 4,007,693 | 2,526,778 |
Property and equipment, net | 18,285,955 | 20,729,888 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 822,366 | 732,867 |
Goodwill | 2,084,564 | 1,821,392 |
Other intangible assets, net | 3,826,504 | 3,944,463 |
Operating lease right-of-use assets, net | 4,392,481 | 0 |
Other long-term assets, net | 456,793 | 455,318 |
Total other assets | 11,582,708 | 6,954,040 |
Total assets | 33,876,356 | 30,210,706 |
Current liabilities | ||
Accounts payable | 235,437 | 302,578 |
Construction payable | 74,734 | 311,793 |
Current portion of long-term debt | 0 | 43,411 |
Accrued interest on long-term debt | 122,250 | 140,046 |
October 1 litigation liability | 735,000 | 0 |
Other accrued liabilities | 2,024,002 | 2,151,054 |
Total current liabilities | 3,191,423 | 2,948,882 |
Deferred income taxes, net | 2,106,506 | 1,342,538 |
Long-term debt, net | 11,168,904 | 15,088,005 |
Operating lease liabilities | 4,277,970 | 0 |
Other long-term obligations | 363,588 | 259,240 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests | 105,046 | 102,250 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 503,147,632 and 527,479,528 shares | 5,031 | 5,275 |
Capital in excess of par value | 3,531,099 | 4,092,085 |
Retained earnings | 4,201,337 | 2,423,479 |
Accumulated other comprehensive loss | (10,202) | (8,556) |
Total MGM Resorts International stockholders' equity | 7,727,265 | 6,512,283 |
Noncontrolling interests | 4,935,654 | 3,957,508 |
Total stockholders' equity | 12,662,919 | 10,469,791 |
Total liabilities and stockholders' equity | $ 33,876,356 | $ 30,210,706 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 1,000,000,000 | 1,000,000,000 |
Common stock, issued shares | 503,147,632 | 527,479,528 |
Common stock, outstanding shares | 503,147,632 | 527,479,528 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues | $ 12,899,672 | $ 11,763,096 | $ 10,797,479 |
Expenses | |||
General and administrative | 2,101,217 | 1,764,638 | 1,559,575 |
Corporate expense | 464,642 | 419,204 | 356,872 |
NV Energy exit expense | 0 | 0 | (40,629) |
Preopening and start-up expenses | 7,175 | 151,392 | 118,475 |
Property transactions, net | 275,802 | 9,147 | 50,279 |
Gain on Bellagio transaction | (2,677,996) | 0 | 0 |
Depreciation and amortization | 1,304,649 | 1,178,044 | 993,480 |
Total expenses | 9,078,978 | 10,441,300 | 9,231,174 |
Income from unconsolidated affiliates | 119,521 | 147,690 | 146,222 |
Operating income | 3,940,215 | 1,469,486 | 1,712,527 |
Non-operating income (expense) | |||
Interest expense, net of amounts capitalized | (847,932) | (769,513) | (668,745) |
Non-operating items from unconsolidated affiliates | (62,296) | (47,827) | (34,751) |
Other, net | (183,262) | (18,140) | (48,241) |
Total non-operating income (expense) | (1,093,490) | (835,480) | (751,737) |
Income before income taxes | 2,846,725 | 634,006 | 960,790 |
Benefit (provision) for income taxes | (632,345) | (50,112) | 1,127,394 |
Net income | 2,214,380 | 583,894 | 2,088,184 |
Less: Net income attributable to noncontrolling interests | (165,234) | (117,122) | (136,132) |
Net income attributable to MGM Resorts International | $ 2,049,146 | $ 466,772 | $ 1,952,052 |
Earnings per share | |||
Basic | $ 3.90 | $ 0.82 | $ 3.38 |
Diluted | $ 3.88 | $ 0.81 | $ 3.34 |
Weighted average common shares outstanding | |||
Basic | 524,173 | 544,253 | 572,253 |
Diluted | 527,645 | 549,536 | 578,795 |
Casino [Member] | |||
Revenues | |||
Revenues | $ 6,517,759 | $ 5,753,150 | $ 5,016,426 |
Expenses | |||
Expenses | 3,623,899 | 3,199,775 | 2,673,397 |
Rooms [Member] | |||
Revenues | |||
Revenues | 2,322,579 | 2,212,573 | 2,152,741 |
Expenses | |||
Expenses | 829,677 | 791,761 | 748,947 |
Food and Beverage [Member] | |||
Revenues | |||
Revenues | 2,145,247 | 1,959,021 | 1,871,969 |
Expenses | |||
Expenses | 1,661,626 | 1,501,868 | 1,414,611 |
Entertainment, Retail and Other [Member] | |||
Revenues | |||
Revenues | 1,477,200 | 1,412,860 | 1,354,301 |
Expenses | |||
Expenses | 1,051,400 | 999,979 | 954,125 |
Reimbursed Costs [Member] | |||
Revenues | |||
Revenues | 436,887 | 425,492 | 402,042 |
Expenses | |||
Expenses | $ 436,887 | $ 425,492 | $ 402,042 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income | $ 2,065,950 | $ 6,104 | $ 76,169 | $ 66,157 | $ 5,760 | $ 171,410 | $ 140,423 | $ 266,301 | $ 2,214,380 | $ 583,894 | $ 2,088,184 |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | 28,870 | (13,022) | (43,188) | ||||||||
Other comprehensive income (loss) related to cash flow hedges | (29,505) | 3,576 | 7,995 | ||||||||
Other comprehensive loss | (635) | (9,446) | (35,193) | ||||||||
Comprehensive income | 2,213,745 | 574,448 | 2,052,991 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (168,447) | (112,622) | (119,700) | ||||||||
Comprehensive income attributable to MGM Resorts International | $ 2,045,298 | $ 461,826 | $ 1,933,291 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 2,214,380 | $ 583,894 | $ 2,088,184 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,304,649 | 1,178,044 | 993,480 |
Amortization of debt discounts, premiums and issuance costs | 38,972 | 41,102 | 32,996 |
Loss on early retirement of debt | 198,151 | 3,619 | 45,696 |
Provision for doubtful accounts | 39,270 | 39,762 | 20,603 |
Stock-based compensation | 88,838 | 70,177 | 62,494 |
Property transactions, net | 275,802 | 9,147 | 50,279 |
Gain on Bellagio transaction | (2,677,996) | 0 | 0 |
Noncash lease expense | 71,784 | 0 | 0 |
Income from unconsolidated affiliates | (57,225) | (96,542) | (111,471) |
Distributions from unconsolidated affiliates | 299 | 11,563 | 13,050 |
Deferred income taxes | 595,046 | 46,720 | (1,259,406) |
Change in operating assets and liabilities: | |||
Accounts receivable | (726,610) | (149,554) | (17,972) |
Inventories | 6,522 | (7,860) | (4,656) |
Income taxes receivable and payable, net | 1,259 | 14,120 | (53,204) |
Prepaid expenses and other | 7,567 | (8,656) | (54,739) |
Accounts payable and accrued liabilities | 465,602 | 21,508 | 422,258 |
Other | (35,909) | (34,505) | (21,181) |
Net cash provided by operating activities | 1,810,401 | 1,722,539 | 2,206,411 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (739,006) | (1,486,843) | (1,864,082) |
Dispositions of property and equipment | 2,578 | 25,612 | 718 |
Proceeds from Bellagio transaction | 4,151,499 | 0 | 0 |
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 652,333 | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 163,616 | 0 |
Investments in and advances to unconsolidated affiliates | (81,877) | (56,295) | (16,727) |
Distributions from unconsolidated affiliates | 100,700 | 322,631 | 301,211 |
Other | (31,112) | (17,208) | (1,712) |
Net cash provided by (used in) investing activities | 3,519,434 | (2,083,021) | (1,580,592) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (3,634,049) | 1,242,259 | 15,001 |
Issuance of long-term debt | 3,250,000 | 1,000,000 | 350,000 |
Retirement of senior notes and senior debentures | (3,764,167) | (2,265) | (502,669) |
Debt issuance costs | (63,391) | (76,519) | (9,977) |
Issuance of MGM Growth Properties Class A shares, net | 1,250,006 | 0 | 387,548 |
Dividends paid to common shareholders | (271,288) | (260,592) | (252,014) |
Distributions to noncontrolling interest owners | (223,303) | (184,932) | (170,402) |
Purchases of common stock | (1,031,534) | (1,283,333) | (327,500) |
Other | (41,868) | (45,384) | (58,765) |
Net cash provided by (used in) financing activities | (4,529,594) | 389,234 | (568,778) |
Effect of exchange rate on cash | 2,601 | (1,985) | (3,627) |
Cash and cash equivalents | |||
Net increase for the period | 802,842 | 26,767 | 53,414 |
Balance, beginning of period | 1,526,762 | 1,499,995 | 1,446,581 |
Balance, end of period | 2,329,604 | 1,526,762 | 1,499,995 |
Supplemental cash flow disclosures | |||
Interest paid, net of amounts capitalized | 826,970 | 723,609 | 658,637 |
Federal, state and foreign income taxes paid (refunds received), net | 28,493 | (10,100) | 181,651 |
Non-cash investing and financing activities | |||
Note receivable related to sale of Circus Circus Las Vegas and adjacent land | 133,689 | 0 | 0 |
Investment in Bellagio BREIT Venture | 62,133 | 0 | 0 |
Increase in construction accounts payable | 0 | 0 | 204,466 |
Northfield [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | (1,034,534) | 0 |
Empire City [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | $ (535,681) | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Empire City [Member] | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Empire City Transaction [Member] | Park MGM [Member] | Northfield [Member] | MGM National Harbor [Member] | Common Stock [Member] | Common Stock [Member]Empire City [Member] | Common Stock [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Common Stock [Member]Empire City Transaction [Member] | Common Stock [Member]Park MGM [Member] | Common Stock [Member]Northfield [Member] | Common Stock [Member]MGM National Harbor [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Empire City [Member] | Capital in Excess of Par Value [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Capital in Excess of Par Value [Member]Empire City Transaction [Member] | Capital in Excess of Par Value [Member]Park MGM [Member] | Capital in Excess of Par Value [Member]Northfield [Member] | Capital in Excess of Par Value [Member]MGM National Harbor [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Empire City [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Retained Earnings (Accumulated Deficit) [Member]Empire City Transaction [Member] | Retained Earnings (Accumulated Deficit) [Member]Park MGM [Member] | Retained Earnings (Accumulated Deficit) [Member]Northfield [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM National Harbor [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Empire City [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Empire City Transaction [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Park MGM [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Northfield [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM National Harbor [Member] | Total MGM Resorts International Stockholder's Equity [Member] | Total MGM Resorts International Stockholder's Equity [Member]Empire City [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Total MGM Resorts International Stockholder's Equity [Member]Empire City Transaction [Member] | Total MGM Resorts International Stockholder's Equity [Member]Park MGM [Member] | Total MGM Resorts International Stockholder's Equity [Member]Northfield [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM National Harbor [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]Empire City [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Non-Controlling Interests [Member]Empire City Transaction [Member] | Non-Controlling Interests [Member]Park MGM [Member] | Non-Controlling Interests [Member]Northfield [Member] | Non-Controlling Interests [Member]MGM National Harbor [Member] |
Beginning Balance at Dec. 31, 2016 | $ 9,941,957 | $ 5,741 | $ 5,653,575 | $ 518,456 | $ 15,053 | $ 6,192,825 | $ 3,749,132 | ||||||||||||||||||||||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2016 | 574,124 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 2,080,372 | $ 0 | 0 | 1,952,052 | 0 | 1,952,052 | 128,320 | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (43,188) | 0 | 0 | 0 | (23,995) | (23,995) | (19,193) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) - cash flow hedges | 7,995 | 0 | 0 | 0 | 5,234 | 5,234 | 2,761 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 62,522 | 0 | 57,531 | 0 | 0 | 57,531 | 4,991 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (33,780) | $ 22 | (33,802) | 0 | 0 | (33,780) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,152 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (147,685) | $ (29,777) | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (147,685) | $ (29,777) | |||||||||||||||||||||||||||||||||||
Dividends paid to common shareholders | (252,014) | 0 | 0 | (252,014) | 0 | (252,014) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of performance share units | 9,743 | 0 | 9,648 | 0 | 0 | 9,648 | 95 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (327,500) | $ (100) | (327,400) | 0 | 0 | (327,500) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (10,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share issuance | 361,622 | 0 | 35,029 | 0 | 109 | 35,138 | 326,484 | ||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non- controlling interest to redemption value | (18,280) | $ 0 | (18,280) | 0 | 0 | (18,280) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition transaction | $ 6,886 | $ 0 | $ (12,486) | $ 0 | $ (11) | $ (12,497) | $ 19,383 | ||||||||||||||||||||||||||||||||||||||||||
Other | (7,749) | 0 | (6,106) | (1,195) | 0 | (7,301) | (448) | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2017 | 11,611,124 | $ 5,663 | 5,357,709 | 2,217,299 | (3,610) | 7,577,061 | 4,034,063 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2017 | 566,276 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 574,886 | $ 0 | 0 | 466,772 | 0 | 466,772 | 108,114 | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (13,022) | 0 | 0 | 0 | (7,422) | (7,422) | (5,600) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) - cash flow hedges | 3,576 | 0 | 0 | 0 | 2,476 | 2,476 | 1,100 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 70,196 | 0 | 65,072 | 0 | 0 | 65,072 | 5,124 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (32,202) | $ 23 | (32,225) | 0 | 0 | (32,202) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,280 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (147,321) | (31,732) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (147,321) | (31,732) | |||||||||||||||||||||||||||||||||||
Dividends paid to common shareholders | (260,592) | 0 | 0 | (260,592) | 0 | (260,592) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of performance share units | 3,716 | 0 | 3,609 | 0 | 0 | 3,609 | 107 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (1,283,333) | $ (411) | (1,282,922) | 0 | 0 | (1,283,333) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (41,076) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non- controlling interest to redemption value | (21,326) | $ 0 | (21,326) | 0 | 0 | (21,326) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Other | (4,179) | 0 | 2,168 | 0 | 0 | 2,168 | (6,347) | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2018 | 10,469,791 | $ 5,275 | 4,092,085 | 2,423,479 | (8,556) | 6,512,283 | 3,957,508 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2018 | 527,480 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 2,205,287 | $ 0 | 0 | 2,049,146 | 0 | 2,049,146 | 156,141 | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 28,870 | 0 | 0 | 0 | 16,125 | 16,125 | 12,745 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) - cash flow hedges | (29,505) | 0 | 0 | 0 | (19,973) | (19,973) | (9,532) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 88,838 | 0 | 83,897 | 0 | 0 | 83,897 | 4,941 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (25,965) | $ 20 | (25,985) | 0 | 0 | (25,965) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,150 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (181,816) | (53,489) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (181,816) | (53,489) | |||||||||||||||||||||||||||||||||||
Dividends paid to common shareholders | (271,288) | 0 | 0 | (271,288) | 0 | (271,288) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of performance share units | 1,546 | 0 | 1,546 | 0 | 0 | 1,546 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (1,031,534) | $ (358) | (1,031,176) | 0 | 0 | (1,031,534) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (35,854) | ||||||||||||||||||||||||||||||||||||||||||||||||
Share issuance | $ 1,201,558 | $ 0 | $ 150,464 | $ 0 | $ 1,512 | $ 151,976 | $ 1,049,582 | ||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non- controlling interest to redemption value | (2,714) | $ 0 | (2,714) | 0 | 0 | (2,714) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition transaction | $ 5,027 | $ 528 | $ (5,760) | $ 0 | $ 0 | $ 0 | $ (18,913) | $ (1,984) | $ 21,681 | $ 0 | $ 0 | $ 0 | $ 195 | $ 16 | $ (2) | $ (18,718) | $ (1,968) | $ 21,679 | $ 23,745 | $ 2,496 | $ (27,439) | ||||||||||||||||||||||||||||
Acquisition | $ 265,765 | $ 94 | $ 265,671 | $ 0 | $ 0 | $ 265,765 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition, shares | 9,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | (2,220) | 0 | (3,473) | 0 | 481 | (2,992) | 772 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 12,662,919 | $ 5,031 | $ 3,531,099 | $ 4,201,337 | $ (10,202) | $ 7,727,265 | $ 4,935,654 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2019 | 503,148 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends declared to common shareholders | $ 0.52 | $ 0.48 | $ 0.44 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 — ORGANIZATION Organization. MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. As of December 31, 2019, the Company owns and operates the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, and Excalibur. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas. The Company owns and operates along with local investors, MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland and MGM Springfield in Springfield, Massachusetts. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns and operates the Park, a dining and entertainment district located between New York-New York and Park MGM, Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip Resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi. MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. The Company owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. The Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is a wholly-owned subsidiary of MGP. The Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the fair value of a Class A share. The determination of settlement method is at the option of MGP’s independent conflicts committee; refer to discussion below as to the agreement entered into in February 2020 which allows the Company to receive cash of up to $1.4 billion in exchange for its Operating Partnership units, should the Company elect to have its units redeemed for a 24 month period following the closing of the MGP BREIT Venture Transaction (as defined below). The Company and MGP’s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 18. As of December 31, 2019, the Company owned 63.7% of the Operating Partnership units, and MGP held the remaining 36.3% ownership interest in the Operating Partnership. Pursuant to a master lease agreement between a subsidiary of the Company and a subsidiary of the Operating Partnership, the Company leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, and MGM Northfield Park. As discussed further below, pursuant to a lease agreement between a subsidiary of the Company and the venture with Blackstone Real Estate Income Trust, Inc. (“BREIT), the Company leases the real estate assets of Bellagio from the Bellagio BREIT Venture. In July 2018, MGP acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), a company that owned the real estate assets and operations of the Hard Rock Rocksino Northfield Park (“Northfield Acquisition”). In April 2019, the Company acquired the membership interests of Northfield from MGP and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, which was then added to the existing master lease between the Company and MGP. Refer to Note 4 and Note 18 for additional information. In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino ("Empire City"). Subsequently, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. Refer to Note 4 and Note 18 for additional information. In March 2019, the Company entered into an amendment to the existing master lease with respect to investments made by the Company related to improvements at Park MGM and NoMad Las Vegas. Refer to Note 18 for additional information on this transaction. On November 15, 2019, the Company formed a venture (the “Bellagio BREIT Venture”) with a subsidiary of BREIT, which acquired the Bellagio real estate assets from the Company and entered into a lease agreement to lease the real estate assets back to the Company. As consideration for the real estate assets, the Company received total consideration of $4.25 billion, which consisted of a 5% equity interest in the venture and cash of approximately $4.2 billion. The Company recorded a gain of $2.7 billion related to sale of the Bellagio real estate assets, recorded as “Gain on Bellagio transaction,” which primarily reflects the difference between the carrying value of the real estate assets sold and the consideration received. The Company also provides a shortfall guarantee of the principal amount of indebtedness of the debt of the Bellagio BREIT Venture’s $3.01 billion of debt (and any interest accrued and unpaid thereon). Refer to Note 11 and Note 12 for additional information relating to the lease and guarantee, respectively. In December 2019, the Company completed the sale of Circus Circus Las Vegas and adjacent land. See Note 16 for additional information related to this transaction. On February 14, 2020, the Company completed a series of transactions (collectively the “MGP BREIT Venture Transaction”) pursuant to which the real estate assets of MGM Grand Las Vegas and Mandalay Bay (including Mandalay Place) were contributed to a newly formed entity (“MGP BREIT Venture”), owned 50.1% by the Operating Partnership and 49.9% by a subsidiary of BREIT. In exchange for the contribution of the real estate assets, the Company received total consideration of $4.6 billion, which was comprised of $2.5 billion of cash, $1.3 billion of the Operating Partnership’s secured indebtedness assumed by MGP BREIT Venture, and the Operating Partnership’s 50.1% equity interest in the MGP BREIT Venture. In addition, the Operating Partnership issued approximately 3 million Operating Partnership units to the Company representing 5% of the equity value of MGP BREIT Venture. In connection with the transactions, the Company provided a shortfall guaranty of the principal amount of indebtedness of the MGP BREIT Venture (and any interest accrued and unpaid thereon). On the closing date, BREIT also purchased approximately 5 million MGP Class A shares for $150 million. In connection with the transactions, MGP BREIT Venture entered into a lease with the Company for the real estate assets of Mandalay Bay and MGM Grand Las Vegas. The lease provides for a term of thirty years with two ten-year five-year In connection with the MGP BREIT Venture Transaction, the existing master lease with MGP was modified to remove the Mandalay Bay property and the annual rent under the MGP master lease was reduced by $133 million. The real estate assets of Mandalay Bay and MGM Grand Las Vegas were classified as held and used in the consolidated balance sheets at December 31, 2019 as the held for sale criteria were not met as of the balance sheet date. Also, on January 14, 2020, the Company, the Operating Partnership, and MGP entered into an agreement for the Operating Partnership to waive its right to issue MGP Class A shares, in lieu of cash, to the Company in connection with the Company exercising its right to require the Operating Partnership to redeem Operating Partnership units that the Company holds, at a price per unit equal to a 3% discount to the applicable cash amount as calculated in accordance with the operating agreement. The waiver terminates on the earlier of 24 months following the closing of the MGP BREIT Venture Transaction and the Company receiving cash proceeds of $1.4 billion as consideration for the redemption of the Company’s Operating Partnership units The Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates the MGM Macau resort and casino and MGM Cotai, an integrated casino, hotel and entertainment resort located on the Cotai Strip in Macau, as well as the related gaming subconcession and land concessions. In early 2020, the rapid spread of a respiratory illness caused by a novel coronavirus (Covid-19) identified as originating in Wuhan, Hubei Province, China led to certain actions taken by the Chinese government and other countries to attempt to mitigate the spread of the virus. Among the actions taken were the implementation of travel restrictions, such as the temporary suspension of China’s visa scheme that permits mainland Chinese to travel to Macau, the temporary suspension of all ferry service from Hong Kong to Macau, the suspension of casino operations in Macau for a 15-day period that commenced on February 5, 2020, and restrictions placed on inbound travel from mainland China to the U.S. Although operations at MGM Macau and MGM Cotai resumed on February 20, 2020, there are currently limits on the number of gaming tables allowed to operate and restrictions on the number of seats available at each table, and the temporary suspension of the visa scheme and ferry service to Macau remains in place . Due to the reduced travel to the Company's Macau properties as a result of these measures, the Company expects a decline in the operating results of its MGM China operating segments. Additionally, to the extent that the virus impacts the willingness or ability of customers to travel to the Company’s properties in the United States (due to travel restrictions, or otherwise), the Company’s domestic results of operations could also be negatively impacted . The Company is continuing to evaluate the nature and extent of the impacts to its business, which could have a material effect on its consolidated operating results for the first quarter of 2020 and potentially thereafter. Given the uncertain nature of these circumstances, the related impact on results of operations, cash flows and financial condition cannot be reasonably estimated at this time. The Company owns 50% of and manages CityCenter Holdings, LLC (“CityCenter”), located between Bellagio and Park MGM. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, an integrated casino, hotel and entertainment resort; and Vdara, a luxury condominium-hotel. See Note 6 and Note 18 for additional information related to CityCenter. The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 17 for additional information about the Company’s segments. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate, such as CityCenter. All intercompany balances and transactions are eliminated in consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2019, on a consolidated basis MGP had total assets of $11.9 billion, primarily related to its real estate investments, and total liabilities of $5.0 billion, primarily related to its indebtedness. Management has determined that Bellagio BREIT Venture is a VIE because the equity holders as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is not the primary beneficiary of Bellagio BREIT Venture and, accordingly, does not consolidate Bellagio BREIT Venture, because the Company does not have power to direct the activities that could potentially be significant to Bellagio BREIT Venture; BREIT, as the managing member, has such power. The Company has recorded its 5% ownership interest in Bellagio BREIT Venture as an investment in unconsolidated affiliates in the Company’s consolidated financial statements, for which such amount was $61 million as of December 31, 2019. The Company’s maximum exposure to loss as a result of its involvement with Bellagio BREIT Venture is equal to the carrying value of its investment, assuming no future capital funding requirements, plus the exposure to loss resulting from the Company’s guarantee of the debt of Bellagio BREIT Venture, as further discussed in Note 12. Reclassifications . Certain reclassifications have been made to conform the prior period presentation . Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield and Empire City acquisition. See Note 4; • Level 2 and Level 3 inputs when assessing the fair value of the note receivable relating to the Circus Circus Las Vegas and adjacent land sale. See Note 16. Cash and cash equivalents. Cash and cash equivalents include investments and interest-bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as “Accounts payable” or “Construction payable” as applicable. Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2019 and 2018, approximately 57% and 62%, respectively, of the Company’s gross casino accounts receivable were owed by customers from foreign countries, primarily within Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2019, no significant concentrations of credit risk existed for which an allowance had not already been recorded. Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2019, and 2018, the Company had accrued $14 million and $47 million, respectively for property and equipment within “Accounts payable”. Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 15 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. Refer to Note 16 for discussion on the impairment loss recorded on Circus Circus Las Vegas and adjacent land in 2019 . Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete, or development activity is suspended for more than a brief period. Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2019, 2018 and 2017. Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized equal to the difference. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. Revenue recognition. The Company’s revenue from contracts with customers consists of casino wagers transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions. The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. Commissions and incentives provided to gaming customers were $2.5 billion, $2.3 billion and $2.1 billion for the years ended December 31, 2019, 2018 and 2017, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue. The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents. The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2019 2018 2019 2018 2019 2018 (in thousands) Balance at January 1 $ 323,811 $ 597,753 $ 113,293 $ 91,119 $ 667,285 $ 539,626 Balance at December 31 314,570 323,811 126,966 113,293 481,095 667,285 Increase / (decrease) $ (9,241 ) $ (273,942 ) $ 13,673 $ 22,174 $ (186,190 ) $ 127,659 Reimbursed cost. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 17. Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. For leases with terms greater than twelve months, the right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also includes any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company typically uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. The Company is a lessor under certain of its lease arrangements. Advertising. The Company expenses advertising costs as they are incurred. Advertising expense, which is generally included in general and administrative expenses, was $257 million, $305 million and $223 million for 2019, 2018 and 2017, respectively. Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. 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.” See Note 16 for a detailed discussion of these amounts. Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year. Beginning on December 31, 2019, the noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. Income per share of common stock. The table below reconciles basic and diluted income per share of common stock. Diluted net income attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2019 2018 2017 Numerator: (In thousands) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Adjustment related to redeemable noncontrolling interests (2,713 ) (21,326 ) (18,363 ) Net income available to common stockholders - basic 2,046,433 445,446 1,933,689 Potentially dilutive effect due to MGP and MGM China stock compensation plans (194 ) (206 ) (268 ) Net income attributable to common stockholders - diluted $ 2,046,239 $ 445,240 $ 1,933,421 Denominator: Weighted-average common shares outstanding basic 524,173 544,253 572,253 Potential dilution from share-based awards 3,472 5,283 6,542 Weighted-average common and common equivalent shares - diluted 527,645 549,536 578,795 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,617 2,668 2,601 Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Gains or losses from foreign currency remeasurements are recorded to other non-operating income (expense). Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income (loss) are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges will be reclassified to interest expense as interest payments are made on the corresponding variable-rate debt. Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line lease expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019. Prior to the adoption of ASC 842 on January 1, 2019, the MGP master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The MGP master lease and its related accounting eliminates in consolidation . In June 2016, the FASB issued ASC 326 “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASC 326”), which replaces the existing incurred loss model with a current expected credit loss (CECL) model that requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees, and other financial instruments. The Company will adopt ASC 326 on January 1, 2020 and does not expect ASC 326 to have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”), which simplifies the accounting for income taxes and includes removal of certain exceptions to the general principles of ASC 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. ASU 2019-12 is effective for the Company beginning on January 1, 2021. Early adoption is permitted. The Company is currently assessing the impact ASU 2019-12 will have on its consolidated financial statements and footnote disclosures. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable, Net | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: December 31, 2019 2018 (In thousands) Casino $ 394,163 $ 419,127 Hotel 164,079 154,707 Other 149,036 174,147 707,278 747,981 Less: Allowance for doubtful accounts (94,561 ) (90,775 ) $ 612,717 $ 657,206 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 4 — ACQUISITION Empire City On January 29, 2019, the Company acquired the real property and operations associated with Empire City for total consideration of approximately $865 million, plus customary working capital and other adjustments. The fair value of consideration paid included the issuance of approximately $266 million of the Company’s common stock, the incurrence of a new bridge facility, and the remaining balance in cash. If Empire City is awarded a license for live table games on or prior to December 31, 2022 and the Company accepts such license by December 31, 2024, the Company will pay additional consideration of $50 million. The acquisition expands the Company’s presence in the northeast region and greater New York City market. Subsequent to the Company’s acquisition, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP . See Note 18 for additional information. The Company recognized 100% of the assets and liabilities of Empire City at fair value on the date of acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The Company estimated fair value using both level 2 inputs, which are observable inputs for similar assets, and level 3 inputs, which are unobservable inputs. During the second quarter of 2019, the Company received updated information regarding facts and circumstances in existence as of the acquisition date that impacted the forecasted revenues and expenses utilized in the preliminary purchase price valuation. As a result, the Company recorded a measurement period adjustment that included a $76 million decrease to the racing and gaming license, a $17 million decrease to other intangible assets and a $20 million decrease to deferred income taxes, with the offset to goodwill . The following table sets forth the purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Property and equipment $ 645,733 Cash and cash equivalents 63,197 Racing and gaming license 52,000 Other intangible assets 34,000 Goodwill 256,133 Other assets 24,420 Deferred income taxes (125,149 ) Other liabilities (85,690 ) $ 864,644 The Company recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. The gaming license is an indefinite-lived intangible asset and the customer lists and trade name acquired, both of which comprise other intangible assets above, are amortized over their estimated useful lives of approximately four and five years, respectively. The goodwill is primarily attributable to the potential for a conversion to a full-scale gaming facility . For the period from January 29, 2019 through December 31, 2019, Empire City’s net revenue was $193 million, operating income was $12 million and net income was $36 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations. Northfield On July 6, 2018, MGP completed its acquisition of 100% of the membership interests of Northfield for a purchase price of approximately $1.1 billion (“Northfield Acquisition”). MGP funded the acquisition through a $200 million draw on the Operating Partnership’s term loan A and a $655 million draw under the Operating Partnership’s revolving credit facility, with the remainder of the purchase price paid with cash on hand. The acquisition expanded MGP’s real estate assets and diversified MGP’s geographic reach. MGP recognized 100% of the assets and liabilities of Northfield at fair value at the date of the acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The Company estimated fair value using both level 2 inputs, which are observable inputs for similar assets, and level 3 inputs, which are unobservable inputs. The following table sets forth the purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Property and equipment $ 792,807 Cash and cash equivalents 35,831 Racing and gaming license 228,000 Customer list 25,000 Goodwill 17,915 Other assets 9,598 Other liabilities (38,786 ) $ 1,070,365 MGP recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. The goodwill was primarily attributed to the synergies expected to arise after the acquisition. In April 2019, the Company subsequently acquired the membership interests of Northfield from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 18 for additional information. For the period from July 6, 2018 through December 31, 2018, Northfield’s net revenue was $133 million, operating income and net income were both $33 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: December 31, 2019 2018 (In thousands) Land $ 5,348,223 $ 6,923,769 Buildings, building improvements and land improvements 15,291,801 16,437,695 Furniture, fixtures and equipment 5,924,439 6,064,330 Construction in progress 209,890 321,944 26,774,353 29,747,738 Less: Accumulated depreciation (8,581,835 ) (9,017,850 ) Finance lease ROU assets, net 93,437 — $ 18,285,955 $ 20,729,888 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2019 2018 (In thousands) CityCenter Holdings, LLC – CityCenter ( 50% $ 568,879 $ 589,965 Other 253,487 142,902 $ 822,366 $ 732,867 The Company recorded its share of income from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Income from unconsolidated affiliates $ 119,521 $ 147,690 $ 146,222 Preopening and start-up expenses — (3,321 ) — Non-operating items from unconsolidated affiliates (62,296 ) (47,827 ) (34,751 ) $ 57,225 $ 96,542 $ 111,471 The following table summarizes information related to the Company’s share of income from unconsolidated affiliates: Year Ended December 31, 2019 2018 2017 (In thousands) CityCenter $ 128,421 $ 138,383 $ 133,401 Other (8,900 ) 9,307 12,821 $ 119,521 $ 147,690 $ 146,222 CityCenter Mandarin Oriental sale. On August 30, 2018, CityCenter closed the sale of the Mandarin Oriental and adjacent retail parcels for approximately $214 million. During the year ended December 31, 2018, CityCenter recognized a loss on the sale of the Mandarin Oriental of $133 million and the Company recognized a $12 million gain on the sale related to the reversal of basis differences in excess of its share of the loss recorded by CityCenter, which is recorded within “Income from unconsolidated affiliates”. CityCenter distributions. During the year ended December 31, 2019, CityCenter paid $180 million in dividends and distributions, of which the Company received its 50% share, or approximately $90 million. During the year ended December 31, 2018, CityCenter paid $625 million in dividends and distributions, of which the Company received its 50% share, or approximately $313 million. During the year ended December 31, 2017, CityCenter paid $600 million in dividends and distributions, of which the Company received its 50% share, or approximately $300 million. Grand Victoria Grand Victoria sale. On August 7, 2018, the Company, along with its joint venture partner, completed the sale of Grand Victoria, of which a subsidiary of the Company owned a 50% interest, for $328 million in cash. The Company recorded a gain of $45 million related to the sale, which is recorded within “Property transactions, net”. Unconsolidated Affiliate Financial Information - CityCenter Summarized balance sheet information is as follows: December 31, 2019 2018 (In thousands) Current assets $ 405,918 $ 363,755 Property and other assets, net and other long-term assets 5,982,059 6,167,853 Current liabilities 295,815 347,710 Long-term debt and other long-term obligations 1,782,411 1,763,290 Summarized results of operations are as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Net revenues $ 1,294,861 $ 1,277,745 $ 1,227,733 Operating income 188,156 185,368 200,109 Income from continuing operations 69,143 97,091 137,226 Net income (loss) 69,143 (37,911 ) 131,683 Basis Differences The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2019 2018 (In thousands) Venture-level equity attributable to the Company $ 2,399,993 $ 2,347,103 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (509,382 ) (514,592 ) CityCenter capitalized interest (2) 177,898 186,830 CityCenter completion guarantee (3) 261,708 274,685 CityCenter deferred gain (4) (210,240 ) (212,276 ) CityCenter capitalized interest on sponsor notes (5) (34,755 ) (36,500 ) Other-than-temporary impairments of CityCenter investment (6) (1,304,317 ) (1,352,118 ) Other adjustments 41,461 39,735 $ 822,366 $ 732,867 (1) Primarily relates to land and fixed assets. (2) Relates to interest capitalized on the Company’s investment balance during development and construction stages. (3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. (4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $352 million of impairments allocated to land as of December 31, 2019 and 2018. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: December 31, 2019 2018 (In thousands) Goodwill $ 2,084,564 $ 1,821,392 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 MGM Northfield Park racing and gaming licenses 228,000 228,000 Trademarks, license rights and other 352,212 312,022 Total indefinite-lived intangible assets 678,310 638,120 Finite-lived intangible assets: MGM Grand Paradise gaming sub-concession 4,519,558 4,468,766 Less: Accumulated amortization (1,514,772 ) (1,342,561 ) 3,004,786 3,126,205 MGM Macau land concession — 83,885 Less: Accumulated amortization — (32,035 ) — 51,850 Customer lists 202,347 174,679 Less: Accumulated amortization (161,892 ) (151,465 ) 40,455 23,214 Finite-lived gaming licenses and other intangible assets 141,327 136,127 Less: Accumulated amortization (38,374 ) (31,053 ) 102,953 105,074 Total finite-lived intangible assets, net 3,148,194 3,306,343 Total other intangible assets, net $ 3,826,504 $ 3,944,463 Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2019 and 2018: 2019 Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 70,975 $ — $ (40,523 ) $ — $ 30,452 Regional Operations 386,892 256,133 58,438 — 701,463 MGM China 1,345,610 — — 7,039 1,352,649 Corporate and other 17,915 — (17,915 ) — — $ 1,821,392 $ 256,133 $ — $ 7,039 $ 2,084,564 2018 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 70,975 $ — $ — $ 70,975 Regional Operations 386,892 — — 386,892 MGM China 1,348,664 — (3,054 ) 1,345,610 Corporate and other — 17,915 — 17,915 $ 1,806,531 $ 17,915 $ (3,054 ) $ 1,821,392 Goodwill was recognized related to the acquisition of Empire City in January 2019, which is included in Regional Operations. See Note 4 for discussion of the Empire City acquisition. Goodwill was recognized by MGP, which was included within Corporate and other in 2018 and reclassed to Regional Operations in 2019, in connection with MGP’s acquisition of Northfield in 2018, and the Company’s acquisition of the membership interests of Northfield in 2019. See Note 4 for discussion of the Northfield Acquisition . The presentation of the goodwill balance attributable to Gold Strike Tunica has been reclassified in 2019 from Las Vegas Strip Resorts to Regional Operations. Indefinite-lived intangible assets. The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit, gaming and racing licenses for MGM Northfield Park, and trademarks and trade names, which is primarily related to Mandalay Bay, Luxor, Borgata, and Empire City. MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A. (“SJMSA”), a gaming sub-concession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. In March 2019, MGM Grand Paradise and SJMSA entered into a Sub-Concession Extension Contract (the “Extension Agreement”), pursuant to which the gaming sub-concession was extended to June 26, 2022, which coincides with the current expiration of all the other concessionaires and sub-concessionaires. MGM Grand Paradise paid the government of Macau approximately $25 million and paid SJMSA approximately $2 million as a contract premium for such extension. The Company cannot provide any assurance that the gaming sub-concession will be extended beyond the current terms; however, management believes that the gaming sub-concession will be extended, given that the Cotai land concession agreement with the government extends significantly beyond the gaming sub-concession. As such, as of December 31, 2019, the Company amortizes the gaming sub-concession intangible asset on a straight-line basis over the initial term of the Cotai land concession, ending in January 2038. MGM Macau land concession. MGM Grand Paradise entered into a contract with the Macau government to use the land under MGM Macau commencing from April 6, 2006. The land use right has an initial term through April 6, 2031, subject to renewal for additional periods. Upon the adoption of ASC 842 on January 1, 2019, the below market component of the MGM Macau land concession, recognized prior to ASC 842 adoption as an intangible asset, is now reflected within the ROU operating asset recorded for the MGM Macau land concession. Customer lists. The Company recognized intangible assets related to the Empire City customer list and the MGM Northfield Park customer list, which are amortized on a straight-line basis over the estimated useful life over four years, and seven years, respectively. The Company also recognized intangible assets related to MGM China’s and Borgata’s customer lists, which became fully amortized in 2016 and 2018, respectively. Finite-lived gaming licenses. The license fee paid to the State of Maryland of $22 million is considered a finite-lived intangible asset that is amortized on a straight-line basis over a period of its initial term of 15 years, beginning in December 2016, when MGM National Harbor started operations. The license fee paid to the State of Massachusetts of $85 million is considered a finite-lived intangible asset that is amortized over a period of 15 years, beginning in August 2018, when MGM Springfield started operations. Other. The Company’s other finite–lived intangible assets consist primarily of lease acquisition costs amortized over the life of the related leases, and certain license rights amortized over their contractual life. Total amortization expense related to intangible assets was $192 million, $176 million and $173 million for 2019, 2018, and 2017, respectively. As of December 31, 2019, estimated future amortization is as follows: Years ending December 31, (In thousands) 2020 $ 193,886 2021 196,932 2022 190,840 2023 178,378 2024 175,866 Thereafter 2,212,292 $ 3,148,194 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | NOTE 8 — OTHER ACCRUED LIABILITIES Other accrued liabilities consisted of the following: 2019 2018 (In thousands) Contract and contract-related liabilities: Outstanding chip liability $ 314,570 $ 323,811 Loyalty program obligations 126,966 113,293 Casino front money 176,827 342,941 Advance deposits and ticket sales 190,325 221,003 Unpaid wagers and other 113,943 103,341 Other accrued liabilities: Payroll and related 507,041 518,892 Taxes, other than income taxes 218,027 235,160 MGP Dividend 53,489 31,732 Lease obligations - short-term (Refer to Note 11) 95,448 — Other 227,366 260,881 $ 2,024,002 $ 2,151,054 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 9 — LONG-TERM DEBT Long-term debt consisted of the following: December 31, 2019 2018 (In thousands) Senior credit facility $ — $ 750,000 Operating Partnership senior credit facility 1,703,750 2,819,125 MGM China credit facility 667,404 2,433,562 $850 million 8.625% senior notes, due 2019 — 850,000 $500 million 5.25% senior notes, due 2020 — 500,000 $1,000 million 6.75% senior notes, due 2020 — 1,000,000 $1,250 million 6.625% senior notes, due 2021 — 1,250,000 $1,000 million 7.75% 1,000,000 1,000,000 $1,250 million 6% 1,250,000 1,250,000 $1,050 million 5.625% 1,050,000 1,050,000 $750 million 5.375% MGM China senior notes, due 2024 750,000 — $1,000 million 5.75% 1,000,000 1,000,000 $750 million 5.875% MGM China senior notes, due 2026 750,000 — $500 million 4.50% 500,000 500,000 $500 million 4.625% 500,000 500,000 $750 million 5.75% Operating Partnership senior notes, due 2027 750,000 — $1,000 million 5.5% senior notes, due 2027 1,000,000 — $350 million 4.50% 350,000 350,000 $0.6 million 7% 552 552 11,271,706 15,253,239 Less: Premiums, discounts, and unamortized debt issuance costs, net (102,802 ) (121,823 ) 11,168,904 15,131,416 Less: Current portion — (43,411 ) $ 11,168,904 $ 15,088,005 Debt due within one year of the December 31, 2019 and 2018 balance sheet was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities, with the exception that $43 million related to MGM China’s term loan amortization payments in excess of available borrowings under the previous MGM China revolving credit facility were classified as current as of December 31, 2018. Interest expense, net consisted of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Total interest incurred $ 853,007 $ 821,229 $ 779,855 Interest capitalized (5,075 ) (51,716 ) (111,110 ) $ 847,932 $ 769,513 $ 668,745 Senior credit facility. At December 31, 2019, the Company’s senior credit facility consisted of a $1.5 billion revolving facility. The revolving facility bears interest of LIBOR plus 1.50% to 2.25% determined by reference to a total net leverage ratio pricing grid and will mature in December 2023. At December 31, 2019, no amounts were drawn on the revolving credit facility. In November 2019, the Company used a portion of the net proceeds of the Bellagio transaction to pay off all $750 million outstanding on the term loan A facility, which was subsequently extinguished, and fully paid down its revolving facility. The senior credit facility contains representations and warranties, customary events of default, and positive, negative and financial covenants, including that the Company maintain compliance with a maximum total net leverage ratio, a maximum first lien net leverage ratio and a minimum interest coverage ratio. As of December 31, 2019, the senior credit facility is secured by (i) a mortgage on the real properties comprising the MGM Grand Las Vegas, (ii) a pledge of substantially all existing and future personal property of the subsidiaries of the Company that own the MGM Grand Las Vegas; and (iii) a pledge of the equity or limited liability company interests of the entities that own the MGM Grand Las Vegas and the Bellagio. In connection with the MGP BREIT Venture Transaction, on February 14, 2020, we entered into a new unsecured credit agreement which provides that we will grant a security interest in our Operating Partnership units in the future to the extent our leverage ratio exceeds certain thresholds . In connection with the MGP BREIT Venture Transaction, the Company entered into an unsecured credit agreement, comprised of a $1.5 billion unsecured revolving facility that matures in February 2025, and the revolving commitments under the prior credit agreement were terminated. Operating Partnership senior credit facility. At December 31, 2019, the Operating Partnership’s senior secured credit facility consisted of a $399 million term loan A facility, a $1.3 billion term loan B facility, and a $1.35 billion revolving credit facility. The revolving and term loan A facilities bear interest of LIBOR plus 1.75% to 2.25% determined by reference to a total net leverage ratio pricing grid. The revolving and term loan A facilities will mature in June 2023. The term loan B facility bears interest of LIBOR plus 2.00% and will mature in March 2025. The term loan facilities are subject to amortization of principal in equal quarterly installments of approximately $3 million and $5 million for the term loan A facility and term loan B facility, respectively, with the balances due at maturity. In November 2019, the Operating Partnership used the proceeds from its equity offering, discussed in Note 13, to prepay $65 million on the term loan A facility and $476 million on the term loan B facility, which reflects all scheduled amortization plus additional principal. At December 31, 2019, the interest rate on the term loan A facility was 3.55% and the interest rate on the term loan B facility was 3.80%. At December 31, 2019, no amounts were drawn on the revolving credit facility. In connection with the MGP BREIT Venture Transaction, the Operating Partnership amended its senior secured credit facility to, among other things, allow for the transaction to occur, permit the incurrence by the Operating Partnership of a nonrecourse guarantee for debt of the MGP BREIT Venture, and permit incurrence of a bridge loan facility. As a result of the transaction and the amendment, the Operating Partnership repaid its $1.3 billion outstanding term loan B facility in full with the proceeds of a bridge facility, which was then assumed by the MGP BREIT Venture as partial consideration for the Operating Partnership’s contribution. Additionally, the Operating Partnership used the proceeds from the settlement of the forward equity issuances to pay off the balance of its term loan A facility in full. The Operating Partnership credit facility contains customary representations and warranties, events of default and positive and negative covenants. The revolving credit facility and term loan A facility also require the Operating Partnership maintain compliance with a maximum senior secured net debt to adjusted total assets ratio, a maximum total net debt to adjusted assets ratio and a minimum interest coverage ratio. The Operating Partnership was in compliance with its credit facility covenants at December 31, 2019. The Operating Partnership senior credit facility is guaranteed by each of the Operating Partnership’s existing and subsequently acquired direct and indirect wholly owned material domestic restricted subsidiaries, and secured by a first priority lien security interest on substantially all of the Operating Partnership’s and such restricted subsidiaries’ material assets, including mortgages on its real estate, excluding the real estate assets of MGM National Harbor and Empire City, and subject to other customary exclusions. The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior credit facility. As of December 31, 2019, the Operating Partnership has effective interest rate swap agreements on which it pays a weighted average fixed rate of 1.821% on total notional amount of $1.9 billion. The Operating Partnership has an additional $900 million total notional amount of forward starting interest rate swaps that are not currently effective. MGM China credit facility. At December 31, 2019, the MGM China credit facility consisted of a $1.25 billion unsecured revolving credit facility. In August 2019, MGM China entered into a new $1.25 billion senior unsecured revolving credit facility, on which it drew $776 million and used the proceeds to fully repay the borrowings outstanding under its previous secured credit facility. The new revolving credit facility matures in May 2024 and bears interest at a fluctuating rate per annum based on HIBOR plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. During 2019, MGM China also used the proceeds from its senior notes issuance, discussed below, to permanently repay $1.0 billion of the previous term loan facilities, with the remaining proceeds used to pay down outstanding borrowings under its previous revolving credit facility. At December 31, 2019, $667 million was outstanding on the revolving credit facility. At December 31, 2019, the interest rate on the revolving credit facility was 4.95%. The MGM China credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio . Due to the impact of the outbreak of the novel coronavirus, discussed in Note 1, MGM China entered into an amendment to its credit agreement on February 21, 2020 that provided for an increase of its maximum leverage ratio for the first quarter of 2020 , a waiver of its maximum leverage ratio beginning in the second quarter of 2020 and extending through the first quarter of 2021 , and a decrease of its minimum interest coverage ratio beginning in the second quarter of 2020 and extending through the first quarter of 2021 . MGM China was in compliance with its credit facility covenants at December 31, 201 9 . Bridge Facility. In connection with the Empire City transaction in January 2019, the Company borrowed $246 million under a bridge facility, which was subsequently assumed by the Operating Partnership. The Operating Partnership repaid the bridge facility with a combination of cash on hand and a draw on its revolving credit facility, which was subsequently repaid with proceeds from its offering of its 5.75% senior notes due 2027, discussed below. Senior Notes. In December 2019, the Company used a portion of the net proceeds from the Bellagio transaction to redeem for cash all $267 million principal amount of its outstanding 5.250% senior notes due 2020, all $361 million principal amount of its outstanding 6.750% senior notes due 2020, and all $1.25 billion principal amount of its outstanding 6.625% senior notes due 2021. The Company incurred a $171 million loss on the early retirement of such notes recorded in “Other, net” in the consolidated statements of operations. In April 2019, the Company issued $1.0 billion in aggregate principal amount of 5.50% senior notes due 2027. The Company primarily used the net proceeds from the offering to fund the purchase of $639 million in aggregate principal amount of its outstanding 6.75% senior notes due 2020 and $233 million in aggregate principal amount of its outstanding 5.25% senior notes due 2020 through cash tender offers. In February 2019, the Company repaid its $850 million 8.625% senior notes due 2019. In June 2018, the Company issued $1.0 billion in aggregate principal amount of 5.750% senior notes due 2025. On February 18, 2020 the Company commenced cash tender offers to purchase up to $750 Operating Partnership senior notes. In January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027. Each series of the Operating Partnership's senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by all of the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s credit facilities, other than MGP Finance Co-Issuer, Inc., which is a co-issuer of the senior notes. The Operating Partnership may redeem all or part of the senior notes at a redemption price equal to 100% of the principal amount of the senior notes plus, to the extent the Operating Partnership is redeeming senior notes prior to the date that is three months prior to their maturity date, an applicable make whole premium, plus, in each case, accrued and unpaid interest. The indentures governing the senior notes contain customary covenants and events of default. These covenants are subject to a number of important exceptions and qualifications set forth in the applicable indentures governing the senior notes, including, with respect to the restricted payments covenants, the ability to make unlimited restricted payments to maintain the REIT status of MGP. MGM China senior notes. In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026. The Company primarily used the net proceeds from the offering to pay down outstanding borrowings under the MGM China credit facility, as discussed above. MGM China incurred a $16 million loss on the debt retirement recorded in “Other, net” in the consolidated statements of operations. Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2019 are as follows: Years ending December 31, (In thousands) 2020 $ — 2021 — 2022 1,000,000 2023 1,649,125 2024 2,467,404 Thereafter 6,155,177 $ 11,271,706 Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $12.1 billion and $15.1 billion at December 31, 2019 and 2018, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 — INCOME TAXES The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Domestic operations $ 2,717,756 $ 660,832 $ 747,090 Foreign operations 128,969 (26,826 ) 213,700 $ 2,846,725 $ 634,006 $ 960,790 The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2019 2018 2017 Federal: (In thousands) Current $ (4,928 ) $ 11,991 $ (120,980 ) Deferred (excluding separate components) (537,993 ) (143,468 ) 204,713 Deferred – — — 987,942 Deferred – (20,175 ) (19,753 ) 101,443 Other noncurrent (5,745 ) 576 1,356 Benefit (provision) for federal income taxes (568,841 ) (150,654 ) 1,174,474 State: Current (22,685 ) (12,564 ) (6,798 ) Deferred (excluding separate components) (32,793 ) (12,731 ) (25,233 ) Deferred – (5,241 ) (29,490 ) 44,242 Deferred – (191 ) 41,068 (40,078 ) Other noncurrent (1,401 ) (1,334 ) (3,876 ) Provision for state income taxes (62,311 ) (15,051 ) (31,743 ) Foreign: Current (2,454 ) (2,037 ) (470 ) Deferred (excluding separate components) 44,374 63,827 (40,653 ) Deferred – 32,915 30,574 4,688 Deferred – (76,028 ) 23,229 21,098 Benefit (provision) for foreign income taxes (1,193 ) 115,593 (15,337 ) $ (632,345 ) $ (50,112 ) $ 1,127,394 A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2019 2018 2017 Federal income tax statutory rate 21.0 % 21.0 % 35.0 % Change in enacted rates — — (102.7 ) Non-controlling interest (0.8 ) (2.4 ) (1.5 ) Foreign jurisdiction income/losses taxed at other than U.S. statutory rate (0.5 ) (9.5 ) (9.2 ) Repatriation of foreign earnings — — 35.4 Foreign tax credit — — (70.3 ) Federal valuation allowance 0.7 3.1 (10.6 ) Macau dividend tax — (6.4 ) 4.2 State taxes, net 1.7 1.9 2.4 General business credits (0.5 ) (2.9 ) (1.0 ) Stock-based compensation (0.1 ) (1.2 ) (2.1 ) Non-deductible employee dining facility costs 0.2 1.4 — Permanent and other items 0.5 2.9 3.1 22.2 % 7.9 % (117.3 )% The tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2019 2018 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 25,085 $ 23,497 Deferred compensation 7,918 5,950 Net operating loss carryforward 19,265 23,406 Accruals, reserves and other 97,590 88,139 Investments in unconsolidated affiliates — 83,130 Stock-based compensation 18,882 20,581 Lease liabilities 1,020,171 — Long-term debt 2,022 — Tax credits 2,600,142 2,926,996 3,791,075 3,171,699 Less: Valuation allowance (2,469,907 ) (2,449,582 ) 1,321,168 722,117 Deferred tax assets – foreign: Bad debt reserve 1,682 1,372 Net operating loss carryforward 140,223 107,308 Accruals, reserves and other 13,112 18,603 Property and equipment 10,125 998 Stock-based compensation 6,487 5,409 Lease liabilities 1,213 — 172,842 133,690 Less: Valuation allowance (104,149 ) (28,121 ) 68,693 105,569 Total deferred tax assets $ 1,389,861 $ 827,686 Deferred tax liabilities – federal and state: Property and equipment $ (1,599,948 ) $ (1,729,786 ) Investments in unconsolidated affiliates (496,501 ) — ROU assets (977,870 ) — Long-term debt — (3,141 ) Intangibles (112,380 ) (90,758 ) (3,186,699 ) (1,823,685 ) Deferred tax liabilities – foreign: Intangibles (307,728 ) (346,539 ) ROU Assets (1,940 ) — (309,668 ) (346,539 ) Total deferred tax liability $ (3,496,367 ) $ (2,170,224 ) Net deferred tax liability $ (2,106,506 ) $ (1,342,538 ) On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the U.S. Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code that are generally applicable to tax years beginning after December 31, 2017. The Company’s accounting for certain elements of the Tax Act was incomplete as of December 31, 2017. Consequently, the Company recorded non-cash income tax expense totaling $20 million during the measurement period in 2018, as it adjusted its valuation allowance on its foreign tax credit (FTC) carryovers to account for guidance clarifying the treatment of FTCs resulting from Global Intangible Low-Taxed Income (GILTI) and other provisions impacting FTC utilization. These measurement period adjustments increased the Company’s effective tax rate by 3% during the year ended December 31, 2018. In addition, the Company finalized its accounting for the tax treatment of indirect costs of providing certain employee fringe benefits subject to limitation under the Tax Act. This measurement period adjustment had an immaterial impact on the effective tax rate for the year ended December 31, 2018. The Company’s accounting for the impact of the Tax Act is complete. The Company has made an accounting policy decision to treat taxes due, if any, on future inclusions in U.S. taxable income under the GILTI provisions as a current period expense when incurred. Accordingly, the Company has not provided a deferred tax liability for any GILTI taxes that may result in future periods. The Company has recorded a valuation allowance of $2.47 billion on its FTC carryover of $2.6 billion as of December 31, 2019, resulting in an FTC net deferred tax asset of $133 million. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. While the Company generally does not expect to generate new FTC carryovers under the Tax Act, it will be able to utilize its existing FTC carryovers to the extent that it has active foreign source income during the 10-year FTC carryforward period. Such foreign source income includes the recapture, to the extent of U.S. taxable income, of overall domestic losses that totaled $87 million at December 31, 2019. The Company relies on future U.S. source operating income in assessing utilization of the overall domestic losses and, by extension, future FTC realization during the 10-year FTC carryover period. The FTC carryovers will expire if not utilized as follows: $319 million in 2022; $976 million in 2023; $773 million in 2024; $333 million in 2025; and $199 million in 2027. The Company’s assessment of the realization of its FTC deferred tax asset is based on available evidence, including assumptions concerning future U.S. operating profits and foreign source income. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change. MGM Grand Paradise has been granted an exemption from the Macau 12% complementary tax on gaming profits through March 31, 2020. Absent this exemption, “Net income attributable to MGM Resorts International” would have decreased by $54 million and $43 million in 2019 and 2018, respectively, and diluted earnings per share would have decreased by $0.10 and $0.08 in 2019 and 2018, respectively. Given the Extension Agreement entered into during the first quarter, MGM Grand Paradise has applied for an extension of the gaming profits complementary tax exemption to June 26, 2022 Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2019 a complementary tax net operating loss carryforward of $1.15 billion resulting from non-gaming operations that will expire if not utilized against non-gaming income in years 2020 through 2022. MGM Grand Paradise’s exemption from the 12% complementary tax on gaming profits does not apply to dividend distributions of such profits to MGM China. However, MGM Grand Paradise has had an agreement with the Macau government to settle the 12% complementary tax that would otherwise be due by its shareholder, MGM China, on distributions of its gaming profits by paying a flat annual payment (“annual fee arrangement”) regardless of the amount of distributable dividends. On March 15, 2018, MGM Grand Paradise executed an extension of the annual fee arrangement, which covers the distributions of gaming profits earned for the period of January 1, 2017 through March 31, 2020. It requires annual payments of approximately $1 million for 2017 through 2019 and a payment of approximately $300,000 for the first quarter 2020. The Company reversed, during 2018, $41 million of deferred taxes previously recorded on 2017 earnings that were not covered by an annual fee arrangement prior to the extension, resulting in a reduction in provision for income taxes for the year ended December 31, 2018, partially offset by the 2017 annual payment amount. MGM Grand Paradise has applied for an extension of the annual fee arrangement to cover distributions of gaming profits to be earned through June 26, 2022. The Company has net operating losses in certain of the states in which it operates that total $291 million as of December 31, 2019, which equates to deferred tax assets of $19 million after federal tax effect and before valuation allowance. These net operating loss carryforwards will expire if not utilized by 2030 through 2037. The Company has provided a valuation allowance of $3 million on certain of its state deferred tax assets, including the net operating losses described above. In addition, there is a valuation allowance of $102 million on certain Macau deferred tax assets, and a valuation allowance of $3 million on Hong Kong net operating losses because the Company believes these assets do not meet the “more likely than not” criteria for recognition. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) Gross unrecognized tax benefits at January 1 $ 24,464 $ 18,588 $ 14,026 Gross increases - prior period tax positions 8,960 5,345 — Gross decreases - prior period tax positions (1,006 ) (957 ) (2,280 ) Gross increases - current period tax positions 880 1,488 6,842 Gross unrecognized tax benefits at December 31 $ 33,298 $ 24,464 $ 18,588 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $9 million and $13 The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense, which were not material as of December 31, 2019, 2018 or 2017. The Company does not anticipate that the total amounts of unrecognized tax benefits at December 31, 2019 will change materially within the next twelve months. The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. As of December 31, 2019, the IRS can no longer assess tax with respect to years ended prior to 2014; however, the IRS may adjust NOLs generated in such years that were utilized in 2014. The Company’s 2014 U.S. consolidated federal income tax return is currently under examination by the IRS. As of December 31, 2019, other than adjustments resulting from the federal income tax audits discussed above, the various state and local tax jurisdictions in which the Company files tax returns can no longer assess tax with respect to years ended prior to 2014. However, such jurisdictions may adjust NOLs generated in such years that are utilized in subsequent years. The Company’s state income tax returns filed in Michigan for the tax years 2014 through 2017 are currently under examination and the Company was recently notified that the 2018 tax year will be included in the examination as well. In addition, the State of New Jersey recently opened an audit of one of the Company’s subsidiaries, Marina District Development Company, LLC, for the tax years 2015 through 2018. The examinations of the Company’s state income tax returns filed in Mississippi and New Jersey for the tax years 2014 through 2016 were completed during 2019 resulting in no material audit adjustments. No other state or local income tax returns are currently under examination. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 11 – LEASES The Company leases the land underlying certain of its properties, real estate, and various equipment under operating and, to a lesser extent, finance lease arrangements. The master lease agreement with MGP is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 18 for further discussion of the master lease with MGP. Land. The Company is a lessee of land underlying Borgata, MGM National Harbor, and Beau Rivage. The Company is obligated to make lease payments through the non-cancelable term of the ground leases, which is through 2066 for Beau Rivage, through 2070 for Borgata, and through 2082 for MGM National Harbor. Additionally, the Company has MGM Macau and MGM Cotai land concession contracts, each with an initial 25-year Bellagio real estate assets. Pursuant to a lease agreement between a subsidiary of the Company and the Bellagio BREIT Venture, the Company leases the real estate assets of Bellagio from the Bellagio BREIT venture. The Bellagio lease has an initial term of 30 years with two subsequent ten-year The lease provides for initial annual rent of $245 million with a fixed 2% escalator for the first ten years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% during the 11th through 20th years and 4% thereafter. The Company does not consider the renewal options reasonably certain of being exercised and, accordingly, has determined the lease term to be 30 years. In consideration of such, Company determined that the expected lease term of 30 years to be less than 75% of the economic useful live of the real estate assets of Bellagio. Further, the Bellagio BREIT Venture provided its implicit rate to the Company, with which the Company determined that the present value of the future lease payments is less than 90% of the fair market value of the Bellagio real estate assets. Accordingly, in consideration of these lease classification tests as well as that the lease does not transfer ownership of the assets back to the Company at the end of the lease term or grant the Company a purchase option and the real estate assets have alternative uses at the end of the lease term, the Company classified Bellagio lease as an operating lease. Mandalay Bay and MGM Grand Las Vegas real estate assets. In February 2020, the Company entered into a lease with MGP BREIT Venture for the real estate assets of Mandalay Bay and MGM Grand Las Vegas . Refer to Note 1 for further discussion. The Company is still assessing the accounting treatment for this subsequent event, including that of the lease agreement. Other information. Components of lease costs and other information related to the Company’s leases was as follows for the year ended December 31, 2019: (In thousands) Operating lease expense cost, primarily classified within "General and administrative" $ 143,954 Finance Lease Costs Interest expense $ 1,164 Amortization expense 13,341 Total finance lease costs $ 14,505 December 31, 2019 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets $ 4,392,481 Operating lease liabilities - short-term, classified within "Other accrued liabilities" $ 67,473 Operating lease liabilities - long-term 4,277,970 Total operating lease liabilities $ 4,345,443 Finance leases Finance lease right-of-use assets, classified within "Property and equipment, net" $ 93,437 Finance lease liabilities - short-term, classified within "Other accrued liabilities" $ 27,975 Finance lease liabilities - long-term, classified within "Other long-term obligations" 67,182 Total finance lease liabilities $ 95,157 Weighted-average remaining lease term (years) Operating leases 31 Finance leases 4 Weighted-average discount rate (%) Operating leases 7 Finance leases 3 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 117,072 Operating cash outflows from finance leases 1,164 Financing cash outflows from finance leases 10,311 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,814,115 Finance leases 84,934 Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2020 $ 345,678 $ 30,361 2021 324,281 27,273 2022 313,779 25,427 2023 316,336 17,019 2024 320,642 — Thereafter 10,066,850 — Total future minimum lease payments 11,687,566 100,080 Less: Amount of lease payments representing interest (7,342,123 ) (4,923 ) Present value of future minimum lease payments 4,345,443 95,157 Less: Current portion (67,473 ) (27,975 ) Long-term lease obligations $ 4,277,970 $ 67,182 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12 – COMMITMENTS AND CONTINGENCIES October 1 litigation. The Company and/or certain of its subsidiaries were named as defendants in a number of lawsuits related to the October 1, 2017 shooting in Las Vegas. The matters involve in large degree the same legal and factual issues, each case being filed on behalf of individuals who are seeking damages for emotional distress, physical injury, medical expenses, economic damages and/or wrongful death. Lawsuits were first filed in October 2017 and include actions originally filed in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. In June 2018, the Company removed to federal court all actions that remained pending in California and Nevada state courts. The Company also initiated declaratory relief actions in federal courts in various districts against individuals who had sued or stated an intent to sue . In connection with the mediation of these matters, the Company and law firms representing plaintiffs in the majority of pending matters and purporting to represent substantially all claimants known to the Company (collectively, the “Claimants”) have entered into a settlement agreement (the “Settlement Agreement”) whereby, subject to the satisfaction of certain monetary and non-monetary conditions, the Company’s insurance carriers will deposit funds into a settlement fund covering the plaintiffs and certain other cases that emerged or were filed prior to October 1, 2019. Pursuant to the terms of the Settlement Agreement, the Company expects that the total amount placed in the fund to be between $735 million and $800 million, subject to and depending on obtaining a minimum level of participation with escalators based on greater participation increasing the amount payable up to $800 million in the event of 100% participation by certain categories of claimants, as defined in the Settlement Agreement. The Company has $751 million of insurance coverage available to fund. Following the mediation a few additional lawsuits were filed against the Company and/or certain of its subsidiaries. While it is possible that these lawsuits may be resolved as part of the Settlement Agreement, no assurances can be made that they will be included. Although the Company continues to believe it is not legally responsible for the perpetrator’s criminal acts, in the interest of avoiding protracted litigation and the related impact on the community, the Company believed it was in the best interests of all parties involved to negotiate and enter into the Settlement Agreement. As a result of the foregoing, the Company believes that it is probable a loss will be incurred and, as of December 31, 2019, the Company accrued a liability of $735 million, which represents the low end of the range of probable loss. In addition, the Company recorded an insurance receivable of $735 million, which represents the entire amount of the liability recorded for the settlement of these cases. While the Company intends for substantially all claimants to be covered by the Settlement Agreement, it remains possible that certain claimants may not join the settlement. In addition, no assurances can be given that the significant conditions to the Settlement Agreement will be satisfied by the Claimants . If the conditions in the Settlement Agreement are not satisfied and the mediation stay is lifted, the Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of any such litigation related to this matter. The Company will continue to investigate the factual and legal defenses, and evaluate these matters based on subsequent events, new information and future circumstances. The Company intends to defend against any such lawsuits and believes it ultimately should prevail, but litigation of this type is inherently unpredictable. Although there are significant procedural, factual and legal issues to be resolved that could significantly affect the Company’s belief as to the possibility of liability, the Company currently believes that it is reasonably possible that it could incur liability in connection with certain of these lawsuits. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its affiliates. Given that these cases would be in the early stages, and in light of the uncertainties surrounding them, the Company does not currently possess sufficient information to determine a range of reasonably possible liability. The insurance carriers have not expressed a reservation of rights or coverage defense that affects the Company’s evaluation of potential losses in connection with these claims. The Company’s general liability insurance coverage provides, as part of the contractual “duty to defend”, payment of legal fees and associated costs incurred to defend covered lawsuits that are filed arising from the October 1, 2017 shooting in Las Vegas. Payment of such fees and costs is in addition to (and not limited by) the limits of the insurance policies and does not erode the total liability coverage available. Other litigation . The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows . Borgata property tax reimbursement agreement. In 2017, Borgata was reimbursed $72 million as settlement for property tax refunds in satisfaction of New Jersey Tax Court and Superior Court judgments of pending tax appeals. The Company recorded the amounts received as an offset to general and administrative expenses in the consolidated statements of operations. As required by the agreement to acquire Borgata from Boyd Gaming in August 2016, the Company paid Boyd Gaming half of the settlement amount received by the Company, net of fees and expenses, which was recorded in general and administrative expenses in the consolidated statements of operations. Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $500 million and the Operating Partnership’s senior credit facility limits the amount to $75 million. At December 31, 2019, $11 million in letters of credit were outstanding under the Company’s senior credit facility. No letters of credit were outstanding under the Operating Partnership’s senior credit facility at December 31, 2019. The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit. In connection with the Extension Agreement, MGM Grand Paradise provided a bank guarantee in an amount of approximately $102 million (when giving effect to foreign currency exchange rate fluctuations) to the government of Macau in May 2019 to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022. Additionally, the Company provides a guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, which matures in 2029. The terms of the guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Bellagio owned by Bellagio BREIT Venture, and the debt obligation. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial. In connection with the MGP BREIT Venture Transaction, the Company provides a guarantee of the $3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of MGP BREIT Venture, which has an initial term of twelve years, maturing in 2032, with an anticipated repayment date of March 2030. The terms of the guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Mandalay Bay and MGM Grand Las Vegas, owned by MGP BREIT Venture, and the debt obligation. Refer to Note 1 for further discussion on this subsequent event. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 13 — STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following is a summary of the changes in the accumulated balance of other comprehensive income (loss) attributable to MGM Resorts International: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balances, January 1, 2017 $ 12,545 $ 1,434 $ 1,074 $ 15,053 Other comprehensive income (loss) before reclassifications (43,188 ) (1,221 ) 98 (44,311 ) Amounts reclassified from accumulated other comprehensive income to "Interest expense, net" — 9,216 — 9,216 Other comprehensive income (loss), net of tax (43,188 ) 7,995 98 (35,095 ) Other comprehensive (income) loss attributable to noncontrolling interest 19,193 (2,761 ) — 16,432 Balances, December 31, 2017 (11,450 ) 6,668 1,172 (3,610 ) Other comprehensive income (loss) before reclassifications (13,022 ) 4,706 — (8,316 ) Amounts reclassified from accumulated other comprehensive loss to "Interest expense, net" — (1,130 ) — (1,130 ) Other comprehensive income (loss), net of tax (13,022 ) 3,576 — (9,446 ) Other comprehensive (income) loss attributable to noncontrolling interest 5,600 (1,100 ) — 4,500 Balances, December 31, 2018 (18,872 ) 9,144 1,172 (8,556 ) Other comprehensive income (loss) before reclassifications 28,870 (28,783 ) — 87 Amounts reclassified from accumulated other comprehensive loss to "Interest expense, net" — (5,599 ) — (5,599 ) Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" — 4,877 — 4,877 Other comprehensive income (loss), net of tax 28,870 (29,505 ) — (635 ) Other changes in accumulated other comprehensive income (loss): Empire City MGP transaction — — 195 195 MGP Class A share issuances — — 1,512 1,512 Park MGM Transaction — — 16 16 Northfield OpCo transaction — — (2 ) (2 ) Other — — 481 481 Changes in accumulated other comprehensive income (loss) 28,870 (29,505 ) 2,202 1,567 Other comprehensive (income) loss attributable to noncontrolling interest (12,745 ) 9,532 — (3,213 ) Balances, December 31, 2019 $ (2,747 ) $ (10,829 ) $ 3,374 $ (10,202 ) Noncontrolling interest The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company: For the Years Ended December 31, 2019 2018 2017 (In thousands) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Transfers from/(to) noncontrolling interest: MGP Class A share issuances 151,976 — 35,138 MGM National Harbor transaction — — (12,497 ) Empire City MGP transaction (18,718 ) — — Park MGM Transaction (1,968 ) — — Northfield OpCo transaction 21,679 — — Other (935 ) (5,667 ) (2,889 ) Net transfers from/(to) noncontrolling interest 152,034 (5,667 ) 19,752 Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ 2,201,180 $ 461,105 $ 1,971,804 Noncontrolling interest ownership transactions MGP Class A share issuance – September 2017. On September 11, 2017, MGP completed a public offering of 13.2 million of its Class A shares. In connection with the offering, the Operating Partnership issued 13.2 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership's net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to MGP’s issuance of the incremental shares, the Company indirectly owned 72.3% of partnership units in the Operating Partnership. MGM National Harbor transaction. On October 15, 2017, MGP acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company in exchange for cash of $463 million, the assumption of $425 million of indebtedness, which was immediately repaid by MGP on the closing date, and the issuance of 9.8 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of noncontrolling interests to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the MGM National Harbor transaction, the Company indirectly owned 73.4% of the partnership units in the Operating Partnership. E mpire City transaction. As further discussed in Note 18, in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration that included the issuance of approximately 13 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Empire City transaction, the Company indirectly owned 74.6% of the partnership units in the Operating Partnership. MGP Class A share issuance – January 2019. On January 31, 2019, MGP completed an offering of approximately 20 million of its Class A shares. In connection with the offering, the Operating Partnership issued approximately 20 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance, the Company indirectly owned 69.7% of the partnership units in the Operating Partnership. Park MGM Lease Transaction. As further discussed in Note 18, in March 2019, the Company and MGP completed the Park MGM Lease Transaction (as defined in Note 18) for which consideration included the issuance of approximately 1 million Operating Partnership units to a subsidiary of the Company. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership. Northfield OpCo transaction . As further discussed in Note 18, in April 2019, the Company acquired the membership interests of Northfield from MGP for consideration of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership and MGP retained the real estate assets. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Northfield OpCo transaction, the Company indirectly owned 68.8% of the partnership units in the Operating Partnership. MGP Class A share issuance – November 2019. On November 22, 2019, MGP completed an offering of 30 million of its Class A shares. The Offering consisted of 18 million shares sold directly to the underwriters at closing and 12 million shares sold to forward purchasers under forward sale agreements. In connection with the offering, the Operating Partnership issued 18 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance, the Company indirectly owned 63.7% of the partnership units in the Operating Partnership. In connection with any issuance of Class A shares by MGP under the forward sales agreements, additional Operating Partnership units will be issued to the Company by the Operating Partnership on a one-to-one basis with the number of Class A shares issued by MGP in such sales. MGP Class A share issuances – At-the-Market (“ATM”) program. During the year ended December 31, 2019, MGP issued approximately 5 million Class A shares under its ATM program. In connection with the issuances, the Operating Partnership issued 5 million Operating Partnership units to MGP during the year ended December 31, 2019. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the collective issuances, and as of December 31, 2019, the Company indirectly owned 63.7% of the partnership units in the Operating Partnership. Stock repurchase program MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program and completed the previously announced $1.0 billion stock repurchase program. Additionally, on February 12, 2020, the Company announced that the Board of Directors adopted a $3.0 billion stock repurchase program. Under each stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the year ended December 31, 2019, the Company repurchased approximately 36 million shares of its common stock at an average purchase price of $28.77 per share for an aggregate amount of $1.0 billion. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $357 million as of December 31, 2019. Subsequent to the year ended December 31, 2019, the Company repurchased 11 million shares of its common stock at an average price of $32.57 per share for an aggregate amount of $354 million. Repurchased shares will be retired. Additionally, subsequent to the year ended December 31, 2019, on February 13, 2020, the Company announced the commencement of a tender offer to acquire up to $1.25 million in aggregate purchase price of the Company’s issued and outstanding common stock through a modified “Dutch auction” tender offer at a price not greater than $34 nor less than $29 per share, in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions described in the offer to purchase dated February 13, 2020, and in the related letter of transmittal and other related materials. The tender offer is scheduled to expire on March 12, 2020, unless extended or terminated. During the year ended December 31, 2018, the Company repurchased approximately 41 million shares of its common stock at an average purchase price of $31.25 per share for an aggregate amount of $1.3 billion. Repurchased shares were retired. MGM Resorts International dividends. On February 12, 2020 the Company’s Board of Directors approved a quarterly dividend of $0.15 per share that will be payable on March 16, 2020 to holders of record on March 10, 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 14 — STOCK-BASED COMPENSATION MGM Resorts 2005 Omnibus Incentive Plan. The Company’s omnibus incentive plan, as amended (the “Omnibus Plan”), allows it to grant up to 45 million shares or share-based awards, such as stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers and employees of the Company and its subsidiaries. As of December 31, 2019, the Company had an aggregate of approximately 20 million shares of common stock available for grant as share-based awards under the Omnibus Plan. Additionally, as of December 31, 2019, the Company had approximately 4 million aggregate SARs outstanding and approximately 7 million aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent units related to RSUs and PSUs. Intrinsic value. The following table includes information related to the intrinsic value: Year Ended December 31, 2019 2018 2017 (In thousands) SARs exercised and RSUs and PSUs vested $ 86,843 $ 97,302 $ 100,264 SARs outstanding 45,197 21,563 112,604 SARs vested and expected to vest 45,162 21,547 111,284 SARs exercisable 41,432 19,745 78,865 As of December 31, 2019, there was a total of $116 million of unamortized compensation related to SARs, RSUs, and PSUs, which is expected to be recognized over a weighted-average period of 2.0 years. MGM Growth Properties 2016 Omnibus Incentive Plan and MGM China Share Option Plan. The Company’s subsidiaries, MGP and MGM China, each adopted their own equity award plans for the issuance of share-based awards to each subsidiary’s eligible recipients. Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2019 2018 2017 Compensation cost: (In thousands) Omnibus Plan $ 76,995 $ 57,735 $ 49,383 MGM Growth Properties Omnibus Incentive Plan 2,277 2,092 2,568 MGM China Share Option Plan 9,566 10,369 10,571 Total compensation cost 88,838 70,196 62,522 Less: Reimbursed costs and capitalized cost (3,487 ) (1,710 ) (1,398 ) Compensation cost after reimbursed costs and capitalized cost 85,351 68,486 61,124 Less: Related tax benefit (16,752 ) (13,218 ) (18,650 ) Compensation cost, net of tax benefit $ 68,599 $ 55,268 $ 42,474 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 15 — EMPLOYEE BENEFIT PLANS Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects: a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and d) If the plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. The Company’s participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands) (4) Surcharge Expiration Dates of Collective Bargaining Pension Fund (1) Plan Number 2018 2017 Status (3) 2019 2018 2017 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 52,218 $ 47,825 $ 45,297 No 3/31/2021 (5) (5) (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) (6) 82-0994119/001 Red Red Yes $ 10,151 $ 9,794 $ 9,416 Yes 2/29/2020 (7) (1) The Company was listed in the plan's Form 5500 as providing more than 5% (2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4) There have been no significant changes that affect the comparability of contributions. (5) The Company is party to twelve collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary Workers Union and Bartenders Union. The agreements between Aria, Bellagio, Mandalay Bay, and MGM Grand Las Vegas are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements. (6) Effective January 1, 2018, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the Legacy Plan of the National Retirement Fund (NRF) to the newly formed UHF. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new plan. The terms of the UHF plan are identical to the NRF plan. (7) The Company intends to extend the agreement past the expiration date until a new agreement is executed. Multiemployer benefit plans other than pensions . Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $206 million, $191 million, and $183 million to the Health Fund in the years ended December 31, 2019, 2018, and 2017, respectively. Self-insurance. The Company is self-insured for most health care benefits and workers compensation for its non-union employees. The liability for self-insurance was $95 million and $93 million at December 31, 2019 and 2018, respectively, which is included in “Other accrued liabilities” and “Other long-term obligations.” |
Property Transactions, Net
Property Transactions, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property Transactions, Net | NOTE 16 — PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Loss related to sale of Circus Circus Las Vegas and adjacent land $ 220,294 $ — $ — Gain on sale of Grand Victoria — (44,703 ) — Other property transactions, net 55,508 53,850 50,279 $ 275,802 $ 9,147 $ 50,279 Circus Circus Las Vegas and adjacent land. In December 2019, the Company completed the previously announced sale of Circus Circus Las Vegas and the adjacent land for $825 million, which consisted of $662.5 million paid in cash and a secured note due 2024 with a face value of $162.5 million and fair value of $133.7 million. The note has a stated interest rate of 3% for the first two years, 4% for following two years, and 4.5% for the fifth year and is secured by the borrower with the land adjacent to Circus Circus Las Vegas as collateral with an effective interest rate of 7.31%. The interest on the note, which is comprised of the stated interest and the discount on the note, will amortize into interest income using the effective interest method over the length of the agreement. During the third quarter of 2019, the Company recorded a non-cash impairment charge of $219 million, which reflects the amount by which the assets’ carrying value exceeds the assets’ fair value (expected selling price). We further recognized a loss of $2 million during the fourth quarter of 2019 primarily relating to selling costs. The assets and liabilities of Circus Circus Las Vegas and the adjacent land sold of $810 million and $14 million, respectively, primarily consisted of property and equipment, net of $785 million. Circus Circus Las Vegas is not classified as discontinued operations because the Company concluded that the sale is not a strategic shift that has a major effect on the Company’s operations or its financial results and it does not represent a major geographic segment or product line. Grand Victoria investment sale. See Note 6 for additional information related to the sale of Grand Victoria investment in 2018. Other. Other property transactions, net includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, including a loss of $24 million related to MGM Cotai production show costs in 2018, and a loss of $20 million and $34 million related to the rebranding of the Monte Carlo Resort and Casino to Park MGM and NoMad Las Vegas in 2018 and 2017, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 17 — SEGMENT INFORMATION The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts: Bellagio, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage, Luxor, New York-New York (including the Park), Excalibur, Park MGM (including NoMad Las Vegas) and Circus Circus Las Vegas (until the sale of such property in December 2019). Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York (upon acquisition in January 2019); and MGM Northfield Park in Northfield Park, Ohio (upon MGM’s acquisition of the operations from MGP in April 2019). MGM China. MGM China consists of MGM Macau and MGM Cotai. The Company’s operations related to investments in unconsolidated affiliates, MGM Northfield Park (prior to April 1, 2019 as the operations were owned by MGP until that date), and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results. In 2019, the Company changed its segment measure of profit and loss from Adjusted Property EBITDA to Adjusted Property EBITDAR. As discussed in Note 2, prior to the adoption of ASC 842 on January 1, 2019, the master lease between subsidiaries of the Company and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets and also now record rent expense instead of depreciation and interest expense. The master lease and its related accounting eliminates in consolidation. Further, as a result of the Bellagio transaction in the fourth quarter of 2019, the Company records rent expense associated with the triple-net operating lease with Bellagio BREIT Venture. In order to present profit and loss of each reportable segment on a similar economic basis, the rent expense associated with the triple net operating leases and ground leases is added back within the financial information reviewed by the chief operating decision maker and as presented below, including recasting of prior year periods. Adjusted Property EBITDAR is a measure defined as Adjusted EBITDAR before corporate expense and stock compensation expense, which are not allocated to each operating segment, and before rent expense related to the master lease with MGP that eliminates in consolidation. Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, gain on Bellagio transaction, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), rent expense associated with triple net operating and ground leases, income from unconsolidated affiliates related to investments in REITs, NV Energy exit expense, and property transactions, net. The following tables present the Company’s segment information: Year Ended December 31, 2019 2018 2017 (In thousands) Net Revenues Las Vegas Strip Resorts Casino $ 1,296,170 $ 1,407,733 $ 1,436,830 Rooms 1,863,521 1,776,029 1,778,869 Food and beverage 1,517,745 1,402,378 1,410,496 Entertainment, retail and other 1,153,615 1,130,532 1,119,928 5,831,051 5,716,672 5,746,123 Regional Operations Casino 2,537,780 2,026,925 1,834,803 Rooms 316,753 318,017 319,049 Food and beverage 494,243 428,934 410,143 Entertainment, retail and other 201,008 160,645 145,725 3,549,784 2,934,521 2,709,720 MGM China Casino 2,609,806 2,195,144 1,741,635 Rooms 142,306 118,527 54,824 Food and beverage 127,152 114,862 51,330 Entertainment, retail and other 26,158 21,424 10,371 2,905,422 2,449,957 1,858,160 Reportable segment net revenues 12,286,257 11,101,150 10,314,003 Corporate and other 613,415 661,946 483,476 $ 12,899,672 $ 11,763,096 $ 10,797,479 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 1,643,122 $ 1,706,315 $ 1,781,390 Regional Operations 969,866 781,854 754,597 MGM China 734,729 574,333 535,524 Reportable segment Adjusted Property EBITDAR 3,347,717 3,062,502 3,071,511 Other operating income (expense) Corporate and other (331,621 ) (224,800 ) (213,908 ) NV Energy exit expense — — 40,629 Preopening and start-up expenses (7,175 ) (151,392 ) (118,475 ) Property transactions, net (275,802 ) (9,147 ) (50,279 ) Gain on Bellagio transaction 2,677,996 — — Depreciation and amortization (1,304,649 ) (1,178,044 ) (993,480 ) Restructuring (92,139 ) — — Triple net operating lease and ground lease rent expense (74,656 ) (29,633 ) (23,471 ) Income from unconsolidated affiliates related to investments in REITs 544 — — Operating income 3,940,215 1,469,486 1,712,527 Non-operating income (expense) Interest expense, net of amounts capitalized (847,932 ) (769,513 ) (668,745 ) Non-operating items from unconsolidated affiliates (62,296 ) (47,827 ) (34,751 ) Other, net (183,262 ) (18,140 ) (48,241 ) (1,093,490 ) (835,480 ) (751,737 ) Income before income taxes 2,846,725 634,006 960,790 Benefit (provision) for income taxes (632,345 ) (50,112 ) 1,127,394 Net income 2,214,380 583,894 2,088,184 Less: Net income attributable to noncontrolling interests (165,234 ) (117,122 ) (136,132 ) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Year Ended December 31, 2019 2018 2017 Capital expenditures: (In thousands) Las Vegas Strip Resorts $ 285,863 $ 501,044 $ 419,983 Regional Operations 187,489 72,865 66,628 MGM China 145,634 390,212 923,346 Reportable segment capital expenditures 618,986 964,121 1,409,957 Corporate and other 120,020 537,347 469,053 Eliminated in consolidation — (14,625 ) (14,928 ) $ 739,006 $ 1,486,843 $ 1,864,082 Total assets are not allocated to segments for internal reporting presentations or when determining the allocation of resources and, accordingly, are not presented. Long-lived assets, which includes property and equipment, net, operating and finance lease right-of-use assets, net, goodwill, and other intangibles, net, presented by geographic region in which the Company holds assets are presented below: December 31, 2019 2018 2017 Long-lived assets: (In thousands) United States $ 20,582,055 $ 18,228,939 $ 16,863,222 China and all other foreign countries 8,007,449 8,266,804 8,456,728 $ 28,589,504 $ 26,495,743 $ 25,319,950 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 18 — RELATED PARTY TRANSACTIONS CityCenter Management agreements. The Company and CityCenter have entered into agreements whereby the Company is responsible for management of the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined) for Aria and Vdara. The Company earned fees of $48 million, $47 million and $49 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2019, 2018 and 2017, the Company incurred $420 million, $409 million and $390 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2019 and 2018, CityCenter owed the Company $66 million and $83 million, respectively, for management services and reimbursable costs recorded in “Accounts receivable, net” in the accompanying consolidated balance sheets. MGM China Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) is a member of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. Ho is also the managing director of Shun Tak Holdings Limited (together with its subsidiaries “Shun Tak”), a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. Shun Tak provides various services and products, including ferry tickets, travel products, rental of hotel rooms, laundry services and property cleaning services to MGM China. In addition, MGM China leases transportation equipment and office space from Shun Tak. MGM China incurred expenses relating to Shun Tak of $16 million, $17 million and $13 million for the years ended December 31, 2019, 2018 and 2017, respectively. In addition, Ms. Ho holds managing director positions with several other companies that provide travel and advertising services to MGM China, which totaled $6 million for the year ended December 31, 2019. Grand Paradise Macau deferred cash payment. On September 1, 2016, the Company purchased 188.1 million common shares of its MGM China subsidiary from Grand Paradise Macau (“GPM”), an entity controlled by Ms. Ho. As part of the consideration for the purchase, the Company agreed to pay GPM or its nominee a deferred cash payment of $50 million, which will be paid in amounts equal to the ordinary dividends received on such shares, with a final lump sum payment due on the fifth anniversary of the closing date of the transaction if any portion of the deferred cash payment remains unpaid at that time. Such amount was paid to Expert Angles Limited, an entity controlled by Ms. Ho through November 2018 and subsequently controlled by an immediate family member of Ms. Ho. As of December 31, 2019 and 2018, the Company recorded a remaining liability on a discounted basis of $34 million and $36 million in “Other long-term obligations MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. Ho indirectly holds a noncontrolling interest, is party to a brand license agreement and a development services agreement with MGM China, for which the related amounts are eliminated in consolidation. An entity owned by Ms. Ho received distributions of $20 million, $22 million and $15 million for the years ended December 31, 2019, 2018 and 2017, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. MGP As further described in Note 1, pursuant to the master lease with MGP, the Company leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Northfield Park from MGP. MGP master lease. The MGP master lease has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year Rent under the MGP master lease consists of a “base rent” component and a “percentage rent” component. As of December 31, 2019, the base rent represents approximately 90% of the rent payments due and the percentage rent represents approximately 10% of the rent payments due under the MGP master lease. The MGP master lease also provides for fixed annual escalators of 2% on the base rent through the sixth lease year and the possibility for additional 2% increases thereafter subject to the Company meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease. Subsequent to the Company completing its acquisition of Empire City in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration of approximately $634 million, which included the assumption of debt of approximately $246 million, which was immediately repaid, and the remaining paid through the issuance of Operating Partnership units. The real estate assets of Empire City were then leased to the Company pursuant to an amendment to the MGP master lease, increasing the annual rent payment to MGP by $50 million, prorated for the remainder of the lease year. Consistent with the MGP master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. As disclosed above, the master lease provides MGP with a right of first offer with respect to certain undeveloped land adjacent to the property to the extent the Company develops additional gaming facilities, which MGP may exercise should the Company elect to sell this property in the future. On March 7, 2019, the Company entered into an amendment to the existing MGP master lease with respect to investments made by the Company related to the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). In connection with the transaction, the Company received consideration of $638 million, of which approximately $606 million was paid in cash and the remaining paid through the issuance of Operating Partnership units. Additionally, the annual rent payment to MGP was increased by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. Additionally, on April 1, 2019, the Company acquired the membership interests of Northfield from MGP, which held the operations of Northfield, for fair value of consideration of approximately $305 million consisting primarily of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership, and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, which was then added to the existing MGP master lease with MGP, increasing the annual rent payment to MGP by $60 million. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. The annual rent payments under the MGP master lease for the fourth lease year, which commenced on April 1, 2019, increased to $946 million from $770 million at the start of the third lease year. The increase was a result of the $50 million in additional rent for each of the Park MGM Transaction and the addition of Empire City in the beginning of 2019, the $60 million of additional rent for MGM Northfield Park, which entered the Master Lease on April 1, 2019, as well as the third 2.0% fixed annual rent escalator that went into effect on April 1, 2019. On February 14, 2020, the Company amended the MGP master lease to remove Mandalay Bay from such master lease and the rent under the MGP master lease was reduced by $133 million. Refer to Note 1 for further discussion. All intercompany transactions, including transactions under the MGP master lease, have been eliminated in the Company’s consolidation of MGP. The public ownership of MGP’s Class A shares is recognized as non-controlling interests in the Company’s consolidated financial statements. Bellagio BREIT Venture The Company has a 5% ownership interest in the Bellagio BREIT Venture which owns the Bellagio real estate assets and leased back such assets to a subsidiary of the Company pursuant to a lease agreement. Refer to Note 11 for further information related to the Bellagio lease. MGP BREIT Venture On February 14, 2020, the Company entered into a lease with the MGP BREIT Venture, in which MGP has a 50.1% ownership interest. Refer to Note 1 for further discussion of this subsequent event. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | NOTE 19 —CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of December 31, 2019, all of the Company’s principal debt arrangements are guaranteed by each of its material domestic subsidiaries, other than MGP and the Operating Partnership, MGM Grand Detroit, MGM National Harbor, MGM Springfield, and each of their respective subsidiaries. The Company’s international subsidiaries, including MGM China and its subsidiaries, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017, are presented below. Within the Condensed Consolidating Statements of Cash Flows, the Company has presented net changes in intercompany accounts as investing activities if the applicable entities have a net asset in intercompany accounts and as a financing activity if the applicable entities have a net intercompany liability balance. Certain of the Company’s subsidiaries collectively own Operating Partnership units and each subsidiary accounts for its respective investment under the equity method within the condensed consolidating financial information presented below. Prior to the adoption of ASC 842 on January 1, 2019, for these subsidiaries, such investment constituted continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the MGP master lease did not qualify for sale-leaseback accounting. The real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries. In addition, such subsidiaries recognized finance liabilities within “Other long-term obligations” related to rent payments due under the MGP master lease and recognized the related interest expense component of such payments. These real estate assets were also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore included the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the MGP master lease now qualify as a passed sale and are determined to be operating leases. As such, the real estate assets, finance liabilities, and related interest expense component of rent payments are no longer reflected in the results of the applicable MGM subsidiaries. Instead, the real estate assets are now only reflected on the balance sheet of the MGP subsidiary that received such assets and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets with the related rent expense reflected within “general and administrative” expense within the condensed consolidating financial information . CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2019 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 1,847,328 $ 1,166,667 $ 216,232 $ 790,285 $ (12,819 ) $ 4,007,693 Property and equipment, net — 2,972,291 10,827,972 4,497,664 (11,972 ) 18,285,955 Investments in subsidiaries 26,283,270 3,500,241 — — (29,783,511 ) — Investments in the MGP Operating Partnership — 3,713,065 — 783,049 (4,496,114 ) — Investments in and advances to unconsolidated affiliates — 782,820 — 14,546 25,000 822,366 Intercompany accounts — 12,994,459 — — (12,994,459 ) — Other non-current assets 59,968 14,142,246 866,068 7,057,191 (11,365,131 ) 10,760,342 $ 28,190,566 $ 39,271,789 $ 11,910,272 $ 13,142,735 $ (58,639,006 ) $ 33,876,356 Current liabilities $ 842,161 $ 1,601,959 $ 197,581 $ 845,471 $ (295,749 ) $ 3,191,423 Intercompany accounts 12,956,091 — 774 37,594 (12,994,459 ) — Deferred income taxes, net 1,865,535 — 29,909 240,971 (29,909 ) 2,106,506 Long-term debt, net 4,713,521 569 4,307,354 2,147,460 — 11,168,904 Other non-current liabilities 85,993 13,151,072 476,642 2,339,166 (11,411,315 ) 4,641,558 Total liabilities 20,463,301 14,753,600 5,012,260 5,610,662 (24,731,432 ) 21,108,391 Redeemable noncontrolling interests — — — 105,046 — 105,046 MGM Resorts International stockholders' equity 7,727,265 24,513,386 4,383,113 5,011,075 (33,907,574 ) 7,727,265 Noncontrolling interests — 4,803 2,514,899 2,415,952 — 4,935,654 Total stockholders' equity 7,727,265 24,518,189 6,898,012 7,427,027 (33,907,574 ) 12,662,919 $ 28,190,566 $ 39,271,789 $ 11,910,272 $ 13,142,735 $ (58,639,006 ) $ 33,876,356 December 31, 2018 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 304,741 $ 1,244,864 $ 12,054 $ 972,820 $ (7,701 ) $ 2,526,778 Property and equipment, net — 13,585,370 10,506,129 6,392,014 (9,753,625 ) 20,729,888 Investments in subsidiaries 22,419,282 3,401,031 — — (25,820,313 ) — Investments in the MGP Operating Partnership — 3,434,602 — 831,494 (4,266,096 ) — Investments in and advances to unconsolidated affiliates — 678,748 — 29,119 25,000 732,867 Intercompany accounts — 7,135,183 — — (7,135,183 ) — Other non-current assets 67,214 1,186,666 77,436 4,932,872 (43,015 ) 6,221,173 Assets held for sale — — 355,688 — (355,688 ) — $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 Current liabilities $ 154,484 $ 1,646,481 $ 160,441 $ 1,224,752 $ (237,276 ) $ 2,948,882 Intercompany accounts 6,932,325 — 227 202,631 (7,135,183 ) — Deferred income taxes, net 1,097,654 — 33,634 240,970 (29,720 ) 1,342,538 Long-term debt, net 8,055,472 570 4,666,949 2,365,014 — 15,088,005 Other non-current liabilities 39,019 7,210,948 215,613 2,247,584 (9,453,924 ) 259,240 Liabilities related to assets held for sale — — 28,937 — (28,937 ) — Total liabilities 16,278,954 8,857,999 5,105,801 6,280,951 (16,885,040 ) 19,638,665 Redeemable noncontrolling interests — — — 102,250 — 102,250 MGM Resorts International stockholders' equity 6,512,283 21,808,465 4,279,535 4,383,581 (30,471,581 ) 6,512,283 Noncontrolling interests — — 1,565,971 2,391,537 — 3,957,508 Total stockholders' equity 6,512,283 21,808,465 5,845,506 6,775,118 (30,471,581 ) 10,469,791 $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2019 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 8,250,745 $ 881,078 $ 4,648,935 $ (881,086 ) $ 12,899,672 Equity in subsidiaries' earnings 3,468,056 143,416 — — (3,611,472 ) — Expenses Casino and hotel operations 9,834 4,715,365 — 2,889,321 (11,031 ) 7,603,489 General and administrative 27,752 2,235,321 23,321 755,378 (940,555 ) 2,101,217 Corporate expense 180,288 236,175 27,041 21,138 — 464,642 Preopening and start-up expenses — 5,168 — 2,007 — 7,175 Property transactions, net 7,530 255,081 10,844 2,347 — 275,802 Gain on Bellagio transaction — (2,677,996 ) — — — (2,677,996 ) Depreciation and amortization — 431,222 294,705 578,722 — 1,304,649 225,404 5,200,336 355,911 4,248,913 (951,586 ) 9,078,978 Income (loss) from unconsolidated affiliates — 134,584 — (15,063 ) — 119,521 Operating income 3,242,652 3,328,409 525,167 384,959 (3,540,972 ) 3,940,215 Interest expense, net of amounts capitalized (472,066 ) (1,103 ) (249,944 ) (124,819 ) — (847,932 ) Other non-operating, net (97,903 ) 254,509 (8,276 ) (11,304 ) (382,584 ) (245,558 ) Income from continuing operations before income taxes 2,672,683 3,581,815 266,947 248,836 (3,923,556 ) 2,846,725 Provision for income taxes (623,537 ) (8 ) (7,598 ) (1,202 ) — (632,345 ) Income from continuing operations, net of tax 2,049,146 3,581,807 259,349 247,634 (3,923,556 ) 2,214,380 Income from discontinued operations, net of tax — — 16,216 — (16,216 ) — Net income 2,049,146 3,581,807 275,565 247,634 (3,939,772 ) 2,214,380 Less: Net income attributable to noncontrolling interests — (8,995 ) (90,260 ) (65,979 ) — (165,234 ) Net income attributable to MGM Resorts International $ 2,049,146 $ 3,572,812 $ 185,305 $ 181,655 $ (3,939,772 ) $ 2,049,146 Net income $ 2,049,146 $ 3,581,807 $ 275,565 $ 247,634 $ (3,939,772 ) $ 2,214,380 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 16,125 16,125 — 28,870 (32,250 ) 28,870 Other comprehensive loss related to cash flow hedges (19,973 ) — (35,198 ) — 25,666 (29,505 ) Other comprehensive income (loss) (3,848 ) 16,125 (35,198 ) 28,870 (6,584 ) (635 ) Comprehensive income 2,045,298 3,597,932 240,367 276,504 (3,946,356 ) 2,213,745 Less: Comprehensive income attributable to noncontrolling interests — — (80,728 ) (87,719 ) — (168,447 ) Comprehensive income attributable to MGM Resorts International $ 2,045,298 $ 3,597,932 $ 159,639 $ 188,785 $ (3,946,356 ) $ 2,045,298 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2019 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (308,995 ) $ 1,404,869 $ 100,706 $ 629,412 $ (15,591 ) $ 1,810,401 Cash flows from investing activities Capital expenditures, net of construction payable — (504,105 ) — (234,913 ) 12 (739,006 ) Dispositions of property and equipment — 2,425 — 153 — 2,578 Proceeds from Bellagio transaction — 4,151,499 — — — 4,151,499 Proceeds from sale of Circus Circus Las Vegas and adjacent land — 652,333 — — — 652,333 Acquisition of Empire City Casino, net of cash acquired — (535,681 ) — — — (535,681 ) Investments in and advances to unconsolidated affiliates — (81,877 ) — — — (81,877 ) Distributions from unconsolidated affiliates — 100,700 — — — 100,700 Intercompany accounts — (5,859,196 ) — — 5,859,196 — Northfield OpCo transaction — (3,779 ) 3,779 — — — Other — (4,500 ) — (26,612 ) — (31,112 ) Net cash provided by (used in) investing activities — (2,082,181 ) 3,779 (261,372 ) 5,859,208 3,519,434 Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (752,220 ) 245,950 (1,361,325 ) (1,766,454 ) — (3,634,049 ) Issuance of long-term debt 1,000,000 — 750,000 1,500,000 — 3,250,000 Retirement of senior notes and senior debentures (3,764,167 ) — — — — (3,764,167 ) Debt issuance costs (14,080 ) — (9,983 ) (39,328 ) — (63,391 ) Issuance of MGM Growth Properties Class A shares, net — — 1,250,006 — — 1,250,006 Dividends paid to common shareholders (271,288 ) — — — — (271,288 ) MGP dividends paid to consolidated subsidiaries — — (371,759 ) — 371,759 — Distributions to noncontrolling interest owners — (4,907 ) (161,976 ) (56,420 ) — (223,303 ) Purchases of common stock (1,031,534 ) — — — — (1,031,534 ) Intercompany accounts 5,987,076 456,571 — (212,692 ) (6,230,955 ) — Other (27,217 ) (47,686 ) (1,342 ) (3,523 ) 37,900 (41,868 ) Net cash provided by (used in) financing activities 1,126,570 649,928 93,621 (578,417 ) (5,821,296 ) (4,529,594 ) Effect of exchange rate on cash — — — 2,601 — 2,601 Cash flows from discontinued operations, net Cash flows from operating activities — — 15,591 — (15,591 ) — Cash flows used in investing activities — — (12 ) — 12 — Cash flows used in financing activities — — (37,900 ) — 37,900 — Net cash flows used in discontinued operations — — (22,321 ) — 22,321 — Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — 22,321 — Cash and cash equivalents Net increase (decrease) for the period 817,575 (27,384 ) 198,106 (207,776 ) 22,321 802,842 Balance, beginning of period 259,738 445,423 3,995 817,606 — 1,526,762 Balance, end of period $ 1,077,313 $ 418,039 $ 202,101 $ 609,830 $ 22,321 $ 2,329,604 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2018 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 7,780,253 $ 869,495 $ 3,983,575 $ (870,227 ) $ 11,763,096 Equity in subsidiaries' earnings 1,221,538 116,676 — — (1,338,214 ) — Expenses Casino and hotel operations 11,130 4,438,687 — 2,491,007 (21,949 ) 6,918,875 General and administrative 9,945 1,241,329 93,739 495,015 (75,390 ) 1,764,638 Corporate expense 156,503 216,318 48,675 21,317 (23,609 ) 419,204 Preopening and start-up expenses — 26,100 — 125,292 — 151,392 Property transactions, net — (15,955 ) 20,319 25,033 (20,250 ) 9,147 Depreciation and amortization — 628,961 266,622 543,606 (261,145 ) 1,178,044 177,578 6,535,440 429,355 3,701,270 (402,343 ) 10,441,300 Income (loss) from unconsolidated affiliates — 148,866 — (1,176 ) — 147,690 Operating income 1,043,960 1,510,355 440,140 281,129 (1,806,098 ) 1,469,486 Interest expense, net of amounts capitalized (480,985 ) (510 ) (215,532 ) (72,486 ) — (769,513 ) Other non-operating, net 63,722 (444,897 ) (4,690 ) (187,786 ) 507,684 (65,967 ) Income before income taxes 626,697 1,064,948 219,918 20,857 (1,298,414 ) 634,006 Benefit (provision) for income taxes (159,925 ) — (5,779 ) 115,592 — (50,112 ) Income from continuing operations, net of tax 466,772 1,064,948 214,139 136,449 (1,298,414 ) 583,894 Income from discontinued operations, net of tax — — 30,563 — (30,563 ) — Net income 466,772 1,064,948 244,702 136,449 (1,328,977 ) 583,894 Less: Net income attributable to noncontrolling interests — — (67,065 ) (50,057 ) — (117,122 ) Net income attributable to MGM Resorts International $ 466,772 $ 1,064,948 $ 177,637 $ 86,392 $ (1,328,977 ) $ 466,772 Net income $ 466,772 $ 1,064,948 $ 244,702 $ 136,449 $ (1,328,977 ) $ 583,894 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (7,422 ) (7,422 ) — (13,022 ) 14,844 (13,022 ) Other comprehensive income related to cash flow hedges 2,476 — 4,128 — (3,028 ) 3,576 Other comprehensive income (loss) (4,946 ) (7,422 ) 4,128 (13,022 ) 11,816 (9,446 ) Comprehensive income 461,826 1,057,526 248,830 123,427 (1,317,161 ) 574,448 Less: Comprehensive income attributable to noncontrolling interests — — (68,165 ) (44,457 ) — (112,622 ) Comprehensive income attributable to MGM Resorts International $ 461,826 $ 1,057,526 $ 180,665 $ 78,970 $ (1,317,161 ) $ 461,826 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2018 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (460,117 ) $ 1,294,989 $ 556,801 $ 330,866 $ — $ 1,722,539 Cash flows from investing activities Capital expenditures, net of construction payable — (697,462 ) (192 ) (789,189 ) — (1,486,843 ) Dispositions of property and equipment — 25,507 — 105 — 25,612 Proceeds from sale of business units and investment in unconsolidated affiliate — 163,616 — — — 163,616 Acquisition of Northfield, net of cash acquired — 33,802 (1,068,336 ) — — (1,034,534 ) Investments in and advances to unconsolidated affiliates — (56,295 ) — — — (56,295 ) Distributions from unconsolidated affiliates — 322,631 — — — 322,631 Intercompany accounts — (1,136,764 ) — — 1,136,764 — Other — (13,416 ) — (3,792 ) — (17,208 ) Net cash used in investing activities — (1,358,381 ) (1,068,528 ) (792,876 ) 1,136,764 (2,083,021 ) Cash flows from financing activities Net borrowings under bank credit facilities - maturities of 90 days or less 377,500 — 727,750 137,009 — 1,242,259 Issuance of long-term debt 1,000,000 — — — — 1,000,000 Retirement of senior notes and senior debentures — (2,265 ) — — — (2,265 ) Debt issuance costs (26,125 ) — (17,490 ) (32,904 ) — (76,519 ) Dividends paid to common shareholders (260,592 ) — — — — (260,592 ) MGP dividends paid to consolidated subsidiaries — — (333,192 ) — 333,192 — Distributions to noncontrolling interest owners — — (121,068 ) (63,864 ) — (184,932 ) Purchases of common stock (1,283,333 ) — — — — (1,283,333 ) Intercompany accounts 917,760 207,015 — 345,181 (1,469,956 ) — Other (32,225 ) (6,979 ) — (6,180 ) — (45,384 ) Net cash provided by financing activities 692,985 197,771 256,000 379,242 (1,136,764 ) 389,234 Effect of exchange rate on cash — — — (1,985 ) — (1,985 ) Cash flows from discontinued operations, net Cash flows from operating activities — — 23,406 — (23,406 ) — Cash flows from investing activities — — 32,416 — (32,416 ) — Cash flows from financing activities — — — — — — Net cash flows from discontinued operations — — 55,822 — (55,822 ) — Change in cash and cash equivalents classified as assets held for sale — — 55,822 — (55,822 ) — Cash and cash equivalents Net increase (decrease) for the period 232,868 134,379 (255,727 ) (84,753 ) — 26,767 Balance, beginning of period 26,870 311,044 259,722 902,359 — 1,499,995 Balance, end of period $ 259,738 $ 445,423 $ 3,995 $ 817,606 $ — $ 1,526,762 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 7,649,990 $ 765,695 $ 3,151,304 $ (769,510 ) $ 10,797,479 Equity in subsidiaries' earnings 1,391,725 156,081 — — (1,547,806 ) — Expenses Casino and hotel operations 10,784 4,262,212 — 1,923,942 (3,816 ) 6,193,122 General and administrative 8,742 1,180,989 84,348 369,844 (84,348 ) 1,559,575 Corporate expense 127,092 200,801 34,085 (515 ) (4,591 ) 356,872 NV Energy exit expense — (40,629 ) — — — (40,629 ) Preopening and start-up expenses — 8,258 — 110,217 — 118,475 Property transactions, net — 43,985 34,022 6,294 (34,022 ) 50,279 Depreciation and amortization — 649,676 260,455 343,804 (260,455 ) 993,480 146,618 6,305,292 412,910 2,753,586 (387,232 ) 9,231,174 Income (loss) from unconsolidated affiliates — 147,234 — (1,012 ) — 146,222 Operating income 1,245,107 1,648,013 352,785 396,706 (1,930,084 ) 1,712,527 Interest expense, net of amounts capitalized (466,907 ) (982 ) (184,175 ) (16,681 ) — (668,745 ) Other non-operating, net 26,215 (402,602 ) 2,286 (142,997 ) 434,106 (82,992 ) Income before income taxes 804,415 1,244,429 170,896 237,028 (1,495,978 ) 960,790 Benefit (provision) for income taxes 1,147,637 — (4,906 ) (15,337 ) — 1,127,394 Net income 1,952,052 1,244,429 165,990 221,691 (1,495,978 ) 2,088,184 Less: Net income attributable to noncontrolling interests — — (41,775 ) (94,357 ) — (136,132 ) Net income attributable to MGM Resorts International $ 1,952,052 $ 1,244,429 $ 124,215 $ 127,334 $ (1,495,978 ) $ 1,952,052 Net income $ 1,952,052 $ 1,244,429 $ 165,990 $ 221,691 $ (1,495,978 ) $ 2,088,184 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (23,995 ) (23,995 ) — (43,188 ) 47,990 (43,188 ) Other comprehensive income related to cash flow hedges 5,234 — 9,782 — (7,021 ) 7,995 Other comprehensive income (loss) (18,761 ) (23,995 ) 9,782 (43,188 ) 40,969 (35,193 ) Comprehensive income 1,933,291 1,220,434 175,772 178,503 (1,455,009 ) 2,052,991 Less: Comprehensive income attributable to noncontrolling interests — — (44,536 ) (75,164 ) — (119,700 ) Comprehensive income attributable to MGM Resorts International $ 1,933,291 $ 1,220,434 $ 131,236 $ 103,339 $ (1,455,009 ) $ 1,933,291 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (584,252 ) $ 1,152,083 $ 482,578 $ 1,156,002 $ — $ 2,206,411 Cash flows from investing activities Capital expenditures, net of construction payable — (482,024 ) (488 ) (1,381,570 ) — (1,864,082 ) Dispositions of property and equipment — 502 — 216 — 718 Acquisition of National Harbor, net of cash acquired — — (462,500 ) — 462,500 — Investments in and advances to unconsolidated affiliates — (16,727 ) — — — (16,727 ) Distributions from unconsolidated affiliates — 301,211 — — — 301,211 Intercompany accounts 462,500 (1,186,942 ) — — 724,442 — Other — (1,754 ) — 42 — (1,712 ) Net cash provided by (used in) investing activities 462,500 (1,385,734 ) (462,988 ) (1,381,312 ) 1,186,942 (1,580,592 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 122,500 — (466,875 ) 359,376 — 15,001 Issuance of long-term debt — — 350,000 — — 350,000 Retirement of senior notes and senior debentures (502,669 ) — — — — (502,669 ) Debt issuance costs — — (5,598 ) (4,379 ) — (9,977 ) Issuance of MGM Growth Properties Class A shares, net — — 387,548 — — 387,548 Dividends paid to common shareholders (252,014 ) — — — — (252,014 ) MGP dividends paid to consolidated subsidiaries — — (290,091 ) — 290,091 — Distributions to noncontrolling interest owners — — (95,344 ) (75,058 ) — (170,402 ) Purchases of common stock (327,500 ) — — — — (327,500 ) Intercompany accounts 1,042,111 248,626 — 186,296 (1,477,033 ) — Other (33,801 ) (11,644 ) — (13,320 ) — (58,765 ) Net cash provided by (used in) financing activities 48,627 236,982 (120,360 ) 452,915 (1,186,942 ) (568,778 ) Effect of exchange rate on cash — — — (3,627 ) — (3,627 ) Cash and cash equivalents Net increase (decrease) for the period (73,125 ) 3,331 (100,770 ) 223,978 — 53,414 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 26,870 $ 311,044 $ 259,722 $ 902,359 $ — $ 1,499,995 |
Selected Quarterly Financial Re
Selected Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Results (Unaudited) | NOTE 20 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) Quarter First Second Third Fourth Total 2019 (In thousands, except per share data) Net revenues $ 3,176,911 $ 3,223,243 $ 3,314,382 $ 3,185,136 $ 12,899,672 Operating income 370,260 371,485 238,381 2,960,089 3,940,215 Net income 66,157 76,169 6,104 2,065,950 2,214,380 Net income (loss) attributable to MGM Resorts International 31,297 43,405 (37,133 ) 2,011,577 2,049,146 Earnings (loss) per share - Basic $ 0.05 $ 0.08 $ (0.08 ) $ 3.94 $ 3.90 Earnings (loss) per share - Diluted $ 0.05 $ 0.08 $ (0.08 ) $ 3.91 $ 3.88 2018 Net revenues $ 2,822,237 $ 2,858,695 $ 3,029,302 $ 3,052,862 $ 11,763,096 Operating income 359,757 363,075 410,903 335,751 1,469,486 Net income 266,301 140,423 171,410 5,760 583,894 Net income (loss) attributable to MGM Resorts International 223,444 123,777 142,878 (23,327 ) 466,772 Earnings (loss) per share - Basic $ 0.39 $ 0.21 $ 0.26 $ (0.06 ) $ 0.82 Earnings (loss) per share - Diluted $ 0.38 $ 0.21 $ 0.26 $ (0.06 ) $ 0.81 Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total earnings per share amounts for the year. T Certain items affecting comparability for the year ended December 31, 2019 are as follows: • First Quarter. None • Second Quarter. None • Third Quarter. The Company recorded a $219 million non-cash impairment charge ($0.33 per share in the quarter and $0.32 per share in the full year of 2019) related to the Circus Circus Las Vegas and adjacent land; and • Fourth Quarter. The Company recorded a $2.7 billion gain ($4.04 per share in the quarter and $3.95 per share in the full year of 2019) related to the sale and lease back of Bellagio. Additionally, the Company recorded loss on early retirement of debt of $142 million ($0.21 per share) in the quarter and $198 million ($0.28 per share) in the full year of 2019. Certain items affecting comparability for the year ended December 31, 2018 are as follows: • First Quarter. The Company recorded a $72 million tax benefit ($0.13 per share in the quarter) related to a measurement period adjustment of the Tax Act; • Second Quarter. None; • Third Quarter. The Company recorded a $45 million gain ($0.07 per share in the quarter and $0.06 per share in the full year of 2018) related to the sale of Grand Victoria. Additionally, the Company recorded a $12 million gain ($0.02 per share in the quarter and full year of 2018) related to the sale of Mandarin Oriental; and • Fourth Quarter. The Company recorded business interruption insurance proceeds of $24 million ($0.04 per share in the quarter and $0.03 per share in the full year of 2018) primarily at Mandalay Bay. Additionally, the Company recorded a $92 million tax expense ($0.17 per share in the quarter) related to the Tax Act. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Provision for Write-offs, Beginning of Doubtful Net of Balance at Period Accounts Recoveries End of Period Allowance for doubtful accounts: Year Ended December 31, 2019 $ 90,775 $ 39,270 $ (35,484 ) $ 94,561 Year Ended December 31, 2018 92,571 39,762 (41,558 ) 90,775 Year Ended December 31, 2017 97,920 20,603 (25,952 ) 92,571 Balance at Beginning of Balance at Period Increase Decrease End of Period Deferred income tax valuation allowance: Year Ended December 31, 2019 $ 2,477,703 $ 96,353 $ — $ 2,574,056 Year Ended December 31, 2018 2,513,738 — (36,035 ) 2,477,703 Year Ended December 31, 2017 2,583,274 — (69,536 ) 2,513,738 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate, such as CityCenter. All intercompany balances and transactions are eliminated in consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2019, on a consolidated basis MGP had total assets of $11.9 billion, primarily related to its real estate investments, and total liabilities of $5.0 billion, primarily related to its indebtedness. Management has determined that Bellagio BREIT Venture is a VIE because the equity holders as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is not the primary beneficiary of Bellagio BREIT Venture and, accordingly, does not consolidate Bellagio BREIT Venture, because the Company does not have power to direct the activities that could potentially be significant to Bellagio BREIT Venture; BREIT, as the managing member, has such power. The Company has recorded its 5% ownership interest in Bellagio BREIT Venture as an investment in unconsolidated affiliates in the Company’s consolidated financial statements, for which such amount was $61 million as of December 31, 2019. The Company’s maximum exposure to loss as a result of its involvement with Bellagio BREIT Venture is equal to the carrying value of its investment, assuming no future capital funding requirements, plus the exposure to loss resulting from the Company’s guarantee of the debt of Bellagio BREIT Venture, as further discussed in Note 12. Reclassifications . Certain reclassifications have been made to conform the prior period presentation . |
Management's use of estimates | Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair value measurements | Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield and Empire City acquisition. See Note 4; • Level 2 and Level 3 inputs when assessing the fair value of the note receivable relating to the Circus Circus Las Vegas and adjacent land sale. See Note 16. |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include investments and interest-bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as “Accounts payable” or “Construction payable” as applicable. |
Accounts receivable and credit risk | Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2019 and 2018, approximately 57% and 62%, respectively, of the Company’s gross casino accounts receivable were owed by customers from foreign countries, primarily within Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2019, no significant concentrations of credit risk existed for which an allowance had not already been recorded. |
Inventories | Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. |
Property and equipment | Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2019, and 2018, the Company had accrued $14 million and $47 million, respectively for property and equipment within “Accounts payable”. Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 15 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. Refer to Note 16 for discussion on the impairment loss recorded on Circus Circus Las Vegas and adjacent land in 2019 . |
Capitalized interest | Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete, or development activity is suspended for more than a brief period. |
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. |
Goodwill and other intangible assets | Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2019, 2018 and 2017. Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized equal to the difference. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. |
Revenue recognition | Revenue recognition. The Company’s revenue from contracts with customers consists of casino wagers transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions. The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. Commissions and incentives provided to gaming customers were $2.5 billion, $2.3 billion and $2.1 billion for the years ended December 31, 2019, 2018 and 2017, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue. The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents. The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2019 2018 2019 2018 2019 2018 (in thousands) Balance at January 1 $ 323,811 $ 597,753 $ 113,293 $ 91,119 $ 667,285 $ 539,626 Balance at December 31 314,570 323,811 126,966 113,293 481,095 667,285 Increase / (decrease) $ (9,241 ) $ (273,942 ) $ 13,673 $ 22,174 $ (186,190 ) $ 127,659 Reimbursed cost. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 17. Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. For leases with terms greater than twelve months, the right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also includes any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company typically uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. The Company is a lessor under certain of its lease arrangements. |
Advertising | Advertising. The Company expenses advertising costs as they are incurred. Advertising expense, which is generally included in general and administrative expenses, was $257 million, $305 million and $223 million for 2019, 2018 and 2017, respectively. |
Corporate expense | Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. |
Preopening and start-up expenses | Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. |
Property transactions, net | 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.” See Note 16 for a detailed discussion of these amounts. |
Redeemable noncontrolling interest | Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year. Beginning on December 31, 2019, the noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. |
Income per share of common stock | Income per share of common stock. The table below reconciles basic and diluted income per share of common stock. Diluted net income attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2019 2018 2017 Numerator: (In thousands) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Adjustment related to redeemable noncontrolling interests (2,713 ) (21,326 ) (18,363 ) Net income available to common stockholders - basic 2,046,433 445,446 1,933,689 Potentially dilutive effect due to MGP and MGM China stock compensation plans (194 ) (206 ) (268 ) Net income attributable to common stockholders - diluted $ 2,046,239 $ 445,240 $ 1,933,421 Denominator: Weighted-average common shares outstanding basic 524,173 544,253 572,253 Potential dilution from share-based awards 3,472 5,283 6,542 Weighted-average common and common equivalent shares - diluted 527,645 549,536 578,795 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,617 2,668 2,601 |
Currency translation | Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Gains or losses from foreign currency remeasurements are recorded to other non-operating income (expense). |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income (loss) are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges will be reclassified to interest expense as interest payments are made on the corresponding variable-rate debt. |
Recently issued accounting standards | Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line lease expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019. Prior to the adoption of ASC 842 on January 1, 2019, the MGP master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The MGP master lease and its related accounting eliminates in consolidation . In June 2016, the FASB issued ASC 326 “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASC 326”), which replaces the existing incurred loss model with a current expected credit loss (CECL) model that requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees, and other financial instruments. The Company will adopt ASC 326 on January 1, 2020 and does not expect ASC 326 to have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”), which simplifies the accounting for income taxes and includes removal of certain exceptions to the general principles of ASC 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. ASU 2019-12 is effective for the Company beginning on January 1, 2021. Early adoption is permitted. The Company is currently assessing the impact ASU 2019-12 will have on its consolidated financial statements and footnote disclosures. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 15 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years |
Schedule of Contract and Contract - Related Liabilities | The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2019 2018 2019 2018 2019 2018 (in thousands) Balance at January 1 $ 323,811 $ 597,753 $ 113,293 $ 91,119 $ 667,285 $ 539,626 Balance at December 31 314,570 323,811 126,966 113,293 481,095 667,285 Increase / (decrease) $ (9,241 ) $ (273,942 ) $ 13,673 $ 22,174 $ (186,190 ) $ 127,659 |
Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding | Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2019 2018 2017 Numerator: (In thousands) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Adjustment related to redeemable noncontrolling interests (2,713 ) (21,326 ) (18,363 ) Net income available to common stockholders - basic 2,046,433 445,446 1,933,689 Potentially dilutive effect due to MGP and MGM China stock compensation plans (194 ) (206 ) (268 ) Net income attributable to common stockholders - diluted $ 2,046,239 $ 445,240 $ 1,933,421 Denominator: Weighted-average common shares outstanding basic 524,173 544,253 572,253 Potential dilution from share-based awards 3,472 5,283 6,542 Weighted-average common and common equivalent shares - diluted 527,645 549,536 578,795 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,617 2,668 2,601 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: December 31, 2019 2018 (In thousands) Casino $ 394,163 $ 419,127 Hotel 164,079 154,707 Other 149,036 174,147 707,278 747,981 Less: Allowance for doubtful accounts (94,561 ) (90,775 ) $ 612,717 $ 657,206 |
Acquisition (Tables)
Acquisition (Tables) - MGM Growth Properties LLC [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Empire City [Member] | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation | The following table sets forth the purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Property and equipment $ 645,733 Cash and cash equivalents 63,197 Racing and gaming license 52,000 Other intangible assets 34,000 Goodwill 256,133 Other assets 24,420 Deferred income taxes (125,149 ) Other liabilities (85,690 ) $ 864,644 |
Northfield Park associates LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation | The following table sets forth the purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Property and equipment $ 792,807 Cash and cash equivalents 35,831 Racing and gaming license 228,000 Customer list 25,000 Goodwill 17,915 Other assets 9,598 Other liabilities (38,786 ) $ 1,070,365 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2019 2018 (In thousands) Land $ 5,348,223 $ 6,923,769 Buildings, building improvements and land improvements 15,291,801 16,437,695 Furniture, fixtures and equipment 5,924,439 6,064,330 Construction in progress 209,890 321,944 26,774,353 29,747,738 Less: Accumulated depreciation (8,581,835 ) (9,017,850 ) Finance lease ROU assets, net 93,437 — $ 18,285,955 $ 20,729,888 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Unconsolidated Affiliates | Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2019 2018 (In thousands) CityCenter Holdings, LLC – CityCenter ( 50% $ 568,879 $ 589,965 Other 253,487 142,902 $ 822,366 $ 732,867 |
Schedule of Share of Net Income From Unconsolidated Affiliates | The Company recorded its share of income from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Income from unconsolidated affiliates $ 119,521 $ 147,690 $ 146,222 Preopening and start-up expenses — (3,321 ) — Non-operating items from unconsolidated affiliates (62,296 ) (47,827 ) (34,751 ) $ 57,225 $ 96,542 $ 111,471 |
Schedule of Share of Income From Unconsolidated Affiliates | The following table summarizes information related to the Company’s share of income from unconsolidated affiliates: Year Ended December 31, 2019 2018 2017 (In thousands) CityCenter $ 128,421 $ 138,383 $ 133,401 Other (8,900 ) 9,307 12,821 $ 119,521 $ 147,690 $ 146,222 |
Summarized Balance Sheet Information | Unconsolidated Affiliate Financial Information - CityCenter Summarized balance sheet information is as follows: December 31, 2019 2018 (In thousands) Current assets $ 405,918 $ 363,755 Property and other assets, net and other long-term assets 5,982,059 6,167,853 Current liabilities 295,815 347,710 Long-term debt and other long-term obligations 1,782,411 1,763,290 |
Summarized Income Statement Information | Summarized results of operations are as follows: Year Ended December 31, 2019 2018 2017 (In thousands) Net revenues $ 1,294,861 $ 1,277,745 $ 1,227,733 Operating income 188,156 185,368 200,109 Income from continuing operations 69,143 97,091 137,226 Net income (loss) 69,143 (37,911 ) 131,683 |
Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances | Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2019 2018 (In thousands) Venture-level equity attributable to the Company $ 2,399,993 $ 2,347,103 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (509,382 ) (514,592 ) CityCenter capitalized interest (2) 177,898 186,830 CityCenter completion guarantee (3) 261,708 274,685 CityCenter deferred gain (4) (210,240 ) (212,276 ) CityCenter capitalized interest on sponsor notes (5) (34,755 ) (36,500 ) Other-than-temporary impairments of CityCenter investment (6) (1,304,317 ) (1,352,118 ) Other adjustments 41,461 39,735 $ 822,366 $ 732,867 (1) Primarily relates to land and fixed assets. (2) Relates to interest capitalized on the Company’s investment balance during development and construction stages. (3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. (4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $352 million of impairments allocated to land as of December 31, 2019 and 2018. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: December 31, 2019 2018 (In thousands) Goodwill $ 2,084,564 $ 1,821,392 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 MGM Northfield Park racing and gaming licenses 228,000 228,000 Trademarks, license rights and other 352,212 312,022 Total indefinite-lived intangible assets 678,310 638,120 Finite-lived intangible assets: MGM Grand Paradise gaming sub-concession 4,519,558 4,468,766 Less: Accumulated amortization (1,514,772 ) (1,342,561 ) 3,004,786 3,126,205 MGM Macau land concession — 83,885 Less: Accumulated amortization — (32,035 ) — 51,850 Customer lists 202,347 174,679 Less: Accumulated amortization (161,892 ) (151,465 ) 40,455 23,214 Finite-lived gaming licenses and other intangible assets 141,327 136,127 Less: Accumulated amortization (38,374 ) (31,053 ) 102,953 105,074 Total finite-lived intangible assets, net 3,148,194 3,306,343 Total other intangible assets, net $ 3,826,504 $ 3,944,463 |
Summary of Changes in Company's Goodwill by Reportable Segment | Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2019 and 2018: 2019 Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 70,975 $ — $ (40,523 ) $ — $ 30,452 Regional Operations 386,892 256,133 58,438 — 701,463 MGM China 1,345,610 — — 7,039 1,352,649 Corporate and other 17,915 — (17,915 ) — — $ 1,821,392 $ 256,133 $ — $ 7,039 $ 2,084,564 2018 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 70,975 $ — $ — $ 70,975 Regional Operations 386,892 — — 386,892 MGM China 1,348,664 — (3,054 ) 1,345,610 Corporate and other — 17,915 — 17,915 $ 1,806,531 $ 17,915 $ (3,054 ) $ 1,821,392 |
Schedule of Estimated Future Amortization | As of December 31, 2019, estimated future amortization is as follows: Years ending December 31, (In thousands) 2020 $ 193,886 2021 196,932 2022 190,840 2023 178,378 2024 175,866 Thereafter 2,212,292 $ 3,148,194 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: 2019 2018 (In thousands) Contract and contract-related liabilities: Outstanding chip liability $ 314,570 $ 323,811 Loyalty program obligations 126,966 113,293 Casino front money 176,827 342,941 Advance deposits and ticket sales 190,325 221,003 Unpaid wagers and other 113,943 103,341 Other accrued liabilities: Payroll and related 507,041 518,892 Taxes, other than income taxes 218,027 235,160 MGP Dividend 53,489 31,732 Lease obligations - short-term (Refer to Note 11) 95,448 — Other 227,366 260,881 $ 2,024,002 $ 2,151,054 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, 2019 2018 (In thousands) Senior credit facility $ — $ 750,000 Operating Partnership senior credit facility 1,703,750 2,819,125 MGM China credit facility 667,404 2,433,562 $850 million 8.625% senior notes, due 2019 — 850,000 $500 million 5.25% senior notes, due 2020 — 500,000 $1,000 million 6.75% senior notes, due 2020 — 1,000,000 $1,250 million 6.625% senior notes, due 2021 — 1,250,000 $1,000 million 7.75% 1,000,000 1,000,000 $1,250 million 6% 1,250,000 1,250,000 $1,050 million 5.625% 1,050,000 1,050,000 $750 million 5.375% MGM China senior notes, due 2024 750,000 — $1,000 million 5.75% 1,000,000 1,000,000 $750 million 5.875% MGM China senior notes, due 2026 750,000 — $500 million 4.50% 500,000 500,000 $500 million 4.625% 500,000 500,000 $750 million 5.75% Operating Partnership senior notes, due 2027 750,000 — $1,000 million 5.5% senior notes, due 2027 1,000,000 — $350 million 4.50% 350,000 350,000 $0.6 million 7% 552 552 11,271,706 15,253,239 Less: Premiums, discounts, and unamortized debt issuance costs, net (102,802 ) (121,823 ) 11,168,904 15,131,416 Less: Current portion — (43,411 ) $ 11,168,904 $ 15,088,005 |
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Total interest incurred $ 853,007 $ 821,229 $ 779,855 Interest capitalized (5,075 ) (51,716 ) (111,110 ) $ 847,932 $ 769,513 $ 668,745 |
Schedule of Maturities of Long-Term Debt | Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2019 are as follows: Years ending December 31, (In thousands) 2020 $ — 2021 — 2022 1,000,000 2023 1,649,125 2024 2,467,404 Thereafter 6,155,177 $ 11,271,706 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations | Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Domestic operations $ 2,717,756 $ 660,832 $ 747,090 Foreign operations 128,969 (26,826 ) 213,700 $ 2,846,725 $ 634,006 $ 960,790 |
Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes | The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2019 2018 2017 Federal: (In thousands) Current $ (4,928 ) $ 11,991 $ (120,980 ) Deferred (excluding separate components) (537,993 ) (143,468 ) 204,713 Deferred – — — 987,942 Deferred – (20,175 ) (19,753 ) 101,443 Other noncurrent (5,745 ) 576 1,356 Benefit (provision) for federal income taxes (568,841 ) (150,654 ) 1,174,474 State: Current (22,685 ) (12,564 ) (6,798 ) Deferred (excluding separate components) (32,793 ) (12,731 ) (25,233 ) Deferred – (5,241 ) (29,490 ) 44,242 Deferred – (191 ) 41,068 (40,078 ) Other noncurrent (1,401 ) (1,334 ) (3,876 ) Provision for state income taxes (62,311 ) (15,051 ) (31,743 ) Foreign: Current (2,454 ) (2,037 ) (470 ) Deferred (excluding separate components) 44,374 63,827 (40,653 ) Deferred – 32,915 30,574 4,688 Deferred – (76,028 ) 23,229 21,098 Benefit (provision) for foreign income taxes (1,193 ) 115,593 (15,337 ) $ (632,345 ) $ (50,112 ) $ 1,127,394 |
Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate | A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2019 2018 2017 Federal income tax statutory rate 21.0 % 21.0 % 35.0 % Change in enacted rates — — (102.7 ) Non-controlling interest (0.8 ) (2.4 ) (1.5 ) Foreign jurisdiction income/losses taxed at other than U.S. statutory rate (0.5 ) (9.5 ) (9.2 ) Repatriation of foreign earnings — — 35.4 Foreign tax credit — — (70.3 ) Federal valuation allowance 0.7 3.1 (10.6 ) Macau dividend tax — (6.4 ) 4.2 State taxes, net 1.7 1.9 2.4 General business credits (0.5 ) (2.9 ) (1.0 ) Stock-based compensation (0.1 ) (1.2 ) (2.1 ) Non-deductible employee dining facility costs 0.2 1.4 — Permanent and other items 0.5 2.9 3.1 22.2 % 7.9 % (117.3 )% |
Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability | The tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2019 2018 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 25,085 $ 23,497 Deferred compensation 7,918 5,950 Net operating loss carryforward 19,265 23,406 Accruals, reserves and other 97,590 88,139 Investments in unconsolidated affiliates — 83,130 Stock-based compensation 18,882 20,581 Lease liabilities 1,020,171 — Long-term debt 2,022 — Tax credits 2,600,142 2,926,996 3,791,075 3,171,699 Less: Valuation allowance (2,469,907 ) (2,449,582 ) 1,321,168 722,117 Deferred tax assets – foreign: Bad debt reserve 1,682 1,372 Net operating loss carryforward 140,223 107,308 Accruals, reserves and other 13,112 18,603 Property and equipment 10,125 998 Stock-based compensation 6,487 5,409 Lease liabilities 1,213 — 172,842 133,690 Less: Valuation allowance (104,149 ) (28,121 ) 68,693 105,569 Total deferred tax assets $ 1,389,861 $ 827,686 Deferred tax liabilities – federal and state: Property and equipment $ (1,599,948 ) $ (1,729,786 ) Investments in unconsolidated affiliates (496,501 ) — ROU assets (977,870 ) — Long-term debt — (3,141 ) Intangibles (112,380 ) (90,758 ) (3,186,699 ) (1,823,685 ) Deferred tax liabilities – foreign: Intangibles (307,728 ) (346,539 ) ROU Assets (1,940 ) — (309,668 ) (346,539 ) Total deferred tax liability $ (3,496,367 ) $ (2,170,224 ) Net deferred tax liability $ (2,106,506 ) $ (1,342,538 ) |
Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, (In thousands) Gross unrecognized tax benefits at January 1 $ 24,464 $ 18,588 $ 14,026 Gross increases - prior period tax positions 8,960 5,345 — Gross decreases - prior period tax positions (1,006 ) (957 ) (2,280 ) Gross increases - current period tax positions 880 1,488 6,842 Gross unrecognized tax benefits at December 31 $ 33,298 $ 24,464 $ 18,588 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Costs | Other information. Components of lease costs and other information related to the Company’s leases was as follows for the year ended December 31, 2019: (In thousands) Operating lease expense cost, primarily classified within "General and administrative" $ 143,954 Finance Lease Costs Interest expense $ 1,164 Amortization expense 13,341 Total finance lease costs $ 14,505 |
Schedule of Supplemental Balance Sheet Information Related to Leases | December 31, 2019 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets $ 4,392,481 Operating lease liabilities - short-term, classified within "Other accrued liabilities" $ 67,473 Operating lease liabilities - long-term 4,277,970 Total operating lease liabilities $ 4,345,443 Finance leases Finance lease right-of-use assets, classified within "Property and equipment, net" $ 93,437 Finance lease liabilities - short-term, classified within "Other accrued liabilities" $ 27,975 Finance lease liabilities - long-term, classified within "Other long-term obligations" 67,182 Total finance lease liabilities $ 95,157 Weighted-average remaining lease term (years) Operating leases 31 Finance leases 4 Weighted-average discount rate (%) Operating leases 7 Finance leases 3 |
Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities | Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 117,072 Operating cash outflows from finance leases 1,164 Financing cash outflows from finance leases 10,311 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,814,115 Finance leases 84,934 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2020 $ 345,678 $ 30,361 2021 324,281 27,273 2022 313,779 25,427 2023 316,336 17,019 2024 320,642 — Thereafter 10,066,850 — Total future minimum lease payments 11,687,566 100,080 Less: Amount of lease payments representing interest (7,342,123 ) (4,923 ) Present value of future minimum lease payments 4,345,443 95,157 Less: Current portion (67,473 ) (27,975 ) Long-term lease obligations $ 4,277,970 $ 67,182 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Balance of Other Comprehensive Income (loss) | The following is a summary of the changes in the accumulated balance of other comprehensive income (loss) attributable to MGM Resorts International: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balances, January 1, 2017 $ 12,545 $ 1,434 $ 1,074 $ 15,053 Other comprehensive income (loss) before reclassifications (43,188 ) (1,221 ) 98 (44,311 ) Amounts reclassified from accumulated other comprehensive income to "Interest expense, net" — 9,216 — 9,216 Other comprehensive income (loss), net of tax (43,188 ) 7,995 98 (35,095 ) Other comprehensive (income) loss attributable to noncontrolling interest 19,193 (2,761 ) — 16,432 Balances, December 31, 2017 (11,450 ) 6,668 1,172 (3,610 ) Other comprehensive income (loss) before reclassifications (13,022 ) 4,706 — (8,316 ) Amounts reclassified from accumulated other comprehensive loss to "Interest expense, net" — (1,130 ) — (1,130 ) Other comprehensive income (loss), net of tax (13,022 ) 3,576 — (9,446 ) Other comprehensive (income) loss attributable to noncontrolling interest 5,600 (1,100 ) — 4,500 Balances, December 31, 2018 (18,872 ) 9,144 1,172 (8,556 ) Other comprehensive income (loss) before reclassifications 28,870 (28,783 ) — 87 Amounts reclassified from accumulated other comprehensive loss to "Interest expense, net" — (5,599 ) — (5,599 ) Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" — 4,877 — 4,877 Other comprehensive income (loss), net of tax 28,870 (29,505 ) — (635 ) Other changes in accumulated other comprehensive income (loss): Empire City MGP transaction — — 195 195 MGP Class A share issuances — — 1,512 1,512 Park MGM Transaction — — 16 16 Northfield OpCo transaction — — (2 ) (2 ) Other — — 481 481 Changes in accumulated other comprehensive income (loss) 28,870 (29,505 ) 2,202 1,567 Other comprehensive (income) loss attributable to noncontrolling interest (12,745 ) 9,532 — (3,213 ) Balances, December 31, 2019 $ (2,747 ) $ (10,829 ) $ 3,374 $ (10,202 ) |
Summary of Net Income Attributable to and Transfers from Noncontrolling Interest, Which Shows Effects of Changes in Company's Ownership Interest in a Subsidiary | The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company: For the Years Ended December 31, 2019 2018 2017 (In thousands) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Transfers from/(to) noncontrolling interest: MGP Class A share issuances 151,976 — 35,138 MGM National Harbor transaction — — (12,497 ) Empire City MGP transaction (18,718 ) — — Park MGM Transaction (1,968 ) — — Northfield OpCo transaction 21,679 — — Other (935 ) (5,667 ) (2,889 ) Net transfers from/(to) noncontrolling interest 152,034 (5,667 ) 19,752 Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ 2,201,180 $ 461,105 $ 1,971,804 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Information Related to Intrinsic Value | Intrinsic value. The following table includes information related to the intrinsic value: Year Ended December 31, 2019 2018 2017 (In thousands) SARs exercised and RSUs and PSUs vested $ 86,843 $ 97,302 $ 100,264 SARs outstanding 45,197 21,563 112,604 SARs vested and expected to vest 45,162 21,547 111,284 SARs exercisable 41,432 19,745 78,865 |
Schedule of Compensation Cost Recognized | Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2019 2018 2017 Compensation cost: (In thousands) Omnibus Plan $ 76,995 $ 57,735 $ 49,383 MGM Growth Properties Omnibus Incentive Plan 2,277 2,092 2,568 MGM China Share Option Plan 9,566 10,369 10,571 Total compensation cost 88,838 70,196 62,522 Less: Reimbursed costs and capitalized cost (3,487 ) (1,710 ) (1,398 ) Compensation cost after reimbursed costs and capitalized cost 85,351 68,486 61,124 Less: Related tax benefit (16,752 ) (13,218 ) (18,650 ) Compensation cost, net of tax benefit $ 68,599 $ 55,268 $ 42,474 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Table Outlining Company's Participation in Pension Plans | The Company’s participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands) (4) Surcharge Expiration Dates of Collective Bargaining Pension Fund (1) Plan Number 2018 2017 Status (3) 2019 2018 2017 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 52,218 $ 47,825 $ 45,297 No 3/31/2021 (5) (5) (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) (6) 82-0994119/001 Red Red Yes $ 10,151 $ 9,794 $ 9,416 Yes 2/29/2020 (7) (1) The Company was listed in the plan's Form 5500 as providing more than 5% (2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4) There have been no significant changes that affect the comparability of contributions. (5) The Company is party to twelve collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary Workers Union and Bartenders Union. The agreements between Aria, Bellagio, Mandalay Bay, and MGM Grand Las Vegas are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements. (6) Effective January 1, 2018, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the Legacy Plan of the National Retirement Fund (NRF) to the newly formed UHF. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new plan. The terms of the UHF plan are identical to the NRF plan. (7) The Company intends to extend the agreement past the expiration date until a new agreement is executed. |
Property Transactions, Net (Tab
Property Transactions, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Transactions, Net | Property transactions, net consisted of the following: Year Ended December 31, 2019 2018 2017 (In thousands) Loss related to sale of Circus Circus Las Vegas and adjacent land $ 220,294 $ — $ — Gain on sale of Grand Victoria — (44,703 ) — Other property transactions, net 55,508 53,850 50,279 $ 275,802 $ 9,147 $ 50,279 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Year Ended December 31, 2019 2018 2017 (In thousands) Net Revenues Las Vegas Strip Resorts Casino $ 1,296,170 $ 1,407,733 $ 1,436,830 Rooms 1,863,521 1,776,029 1,778,869 Food and beverage 1,517,745 1,402,378 1,410,496 Entertainment, retail and other 1,153,615 1,130,532 1,119,928 5,831,051 5,716,672 5,746,123 Regional Operations Casino 2,537,780 2,026,925 1,834,803 Rooms 316,753 318,017 319,049 Food and beverage 494,243 428,934 410,143 Entertainment, retail and other 201,008 160,645 145,725 3,549,784 2,934,521 2,709,720 MGM China Casino 2,609,806 2,195,144 1,741,635 Rooms 142,306 118,527 54,824 Food and beverage 127,152 114,862 51,330 Entertainment, retail and other 26,158 21,424 10,371 2,905,422 2,449,957 1,858,160 Reportable segment net revenues 12,286,257 11,101,150 10,314,003 Corporate and other 613,415 661,946 483,476 $ 12,899,672 $ 11,763,096 $ 10,797,479 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 1,643,122 $ 1,706,315 $ 1,781,390 Regional Operations 969,866 781,854 754,597 MGM China 734,729 574,333 535,524 Reportable segment Adjusted Property EBITDAR 3,347,717 3,062,502 3,071,511 Other operating income (expense) Corporate and other (331,621 ) (224,800 ) (213,908 ) NV Energy exit expense — — 40,629 Preopening and start-up expenses (7,175 ) (151,392 ) (118,475 ) Property transactions, net (275,802 ) (9,147 ) (50,279 ) Gain on Bellagio transaction 2,677,996 — — Depreciation and amortization (1,304,649 ) (1,178,044 ) (993,480 ) Restructuring (92,139 ) — — Triple net operating lease and ground lease rent expense (74,656 ) (29,633 ) (23,471 ) Income from unconsolidated affiliates related to investments in REITs 544 — — Operating income 3,940,215 1,469,486 1,712,527 Non-operating income (expense) Interest expense, net of amounts capitalized (847,932 ) (769,513 ) (668,745 ) Non-operating items from unconsolidated affiliates (62,296 ) (47,827 ) (34,751 ) Other, net (183,262 ) (18,140 ) (48,241 ) (1,093,490 ) (835,480 ) (751,737 ) Income before income taxes 2,846,725 634,006 960,790 Benefit (provision) for income taxes (632,345 ) (50,112 ) 1,127,394 Net income 2,214,380 583,894 2,088,184 Less: Net income attributable to noncontrolling interests (165,234 ) (117,122 ) (136,132 ) Net income attributable to MGM Resorts International $ 2,049,146 $ 466,772 $ 1,952,052 Year Ended December 31, 2019 2018 2017 Capital expenditures: (In thousands) Las Vegas Strip Resorts $ 285,863 $ 501,044 $ 419,983 Regional Operations 187,489 72,865 66,628 MGM China 145,634 390,212 923,346 Reportable segment capital expenditures 618,986 964,121 1,409,957 Corporate and other 120,020 537,347 469,053 Eliminated in consolidation — (14,625 ) (14,928 ) $ 739,006 $ 1,486,843 $ 1,864,082 |
Schedule of Long Lived Assets Presented by Geographic Region | Total assets are not allocated to segments for internal reporting presentations or when determining the allocation of resources and, accordingly, are not presented. Long-lived assets, which includes property and equipment, net, operating and finance lease right-of-use assets, net, goodwill, and other intangibles, net, presented by geographic region in which the Company holds assets are presented below: December 31, 2019 2018 2017 Long-lived assets: (In thousands) United States $ 20,582,055 $ 18,228,939 $ 16,863,222 China and all other foreign countries 8,007,449 8,266,804 8,456,728 $ 28,589,504 $ 26,495,743 $ 25,319,950 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | December 31, 2019 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 1,847,328 $ 1,166,667 $ 216,232 $ 790,285 $ (12,819 ) $ 4,007,693 Property and equipment, net — 2,972,291 10,827,972 4,497,664 (11,972 ) 18,285,955 Investments in subsidiaries 26,283,270 3,500,241 — — (29,783,511 ) — Investments in the MGP Operating Partnership — 3,713,065 — 783,049 (4,496,114 ) — Investments in and advances to unconsolidated affiliates — 782,820 — 14,546 25,000 822,366 Intercompany accounts — 12,994,459 — — (12,994,459 ) — Other non-current assets 59,968 14,142,246 866,068 7,057,191 (11,365,131 ) 10,760,342 $ 28,190,566 $ 39,271,789 $ 11,910,272 $ 13,142,735 $ (58,639,006 ) $ 33,876,356 Current liabilities $ 842,161 $ 1,601,959 $ 197,581 $ 845,471 $ (295,749 ) $ 3,191,423 Intercompany accounts 12,956,091 — 774 37,594 (12,994,459 ) — Deferred income taxes, net 1,865,535 — 29,909 240,971 (29,909 ) 2,106,506 Long-term debt, net 4,713,521 569 4,307,354 2,147,460 — 11,168,904 Other non-current liabilities 85,993 13,151,072 476,642 2,339,166 (11,411,315 ) 4,641,558 Total liabilities 20,463,301 14,753,600 5,012,260 5,610,662 (24,731,432 ) 21,108,391 Redeemable noncontrolling interests — — — 105,046 — 105,046 MGM Resorts International stockholders' equity 7,727,265 24,513,386 4,383,113 5,011,075 (33,907,574 ) 7,727,265 Noncontrolling interests — 4,803 2,514,899 2,415,952 — 4,935,654 Total stockholders' equity 7,727,265 24,518,189 6,898,012 7,427,027 (33,907,574 ) 12,662,919 $ 28,190,566 $ 39,271,789 $ 11,910,272 $ 13,142,735 $ (58,639,006 ) $ 33,876,356 December 31, 2018 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 304,741 $ 1,244,864 $ 12,054 $ 972,820 $ (7,701 ) $ 2,526,778 Property and equipment, net — 13,585,370 10,506,129 6,392,014 (9,753,625 ) 20,729,888 Investments in subsidiaries 22,419,282 3,401,031 — — (25,820,313 ) — Investments in the MGP Operating Partnership — 3,434,602 — 831,494 (4,266,096 ) — Investments in and advances to unconsolidated affiliates — 678,748 — 29,119 25,000 732,867 Intercompany accounts — 7,135,183 — — (7,135,183 ) — Other non-current assets 67,214 1,186,666 77,436 4,932,872 (43,015 ) 6,221,173 Assets held for sale — — 355,688 — (355,688 ) — $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 Current liabilities $ 154,484 $ 1,646,481 $ 160,441 $ 1,224,752 $ (237,276 ) $ 2,948,882 Intercompany accounts 6,932,325 — 227 202,631 (7,135,183 ) — Deferred income taxes, net 1,097,654 — 33,634 240,970 (29,720 ) 1,342,538 Long-term debt, net 8,055,472 570 4,666,949 2,365,014 — 15,088,005 Other non-current liabilities 39,019 7,210,948 215,613 2,247,584 (9,453,924 ) 259,240 Liabilities related to assets held for sale — — 28,937 — (28,937 ) — Total liabilities 16,278,954 8,857,999 5,105,801 6,280,951 (16,885,040 ) 19,638,665 Redeemable noncontrolling interests — — — 102,250 — 102,250 MGM Resorts International stockholders' equity 6,512,283 21,808,465 4,279,535 4,383,581 (30,471,581 ) 6,512,283 Noncontrolling interests — — 1,565,971 2,391,537 — 3,957,508 Total stockholders' equity 6,512,283 21,808,465 5,845,506 6,775,118 (30,471,581 ) 10,469,791 $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 |
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2019 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 8,250,745 $ 881,078 $ 4,648,935 $ (881,086 ) $ 12,899,672 Equity in subsidiaries' earnings 3,468,056 143,416 — — (3,611,472 ) — Expenses Casino and hotel operations 9,834 4,715,365 — 2,889,321 (11,031 ) 7,603,489 General and administrative 27,752 2,235,321 23,321 755,378 (940,555 ) 2,101,217 Corporate expense 180,288 236,175 27,041 21,138 — 464,642 Preopening and start-up expenses — 5,168 — 2,007 — 7,175 Property transactions, net 7,530 255,081 10,844 2,347 — 275,802 Gain on Bellagio transaction — (2,677,996 ) — — — (2,677,996 ) Depreciation and amortization — 431,222 294,705 578,722 — 1,304,649 225,404 5,200,336 355,911 4,248,913 (951,586 ) 9,078,978 Income (loss) from unconsolidated affiliates — 134,584 — (15,063 ) — 119,521 Operating income 3,242,652 3,328,409 525,167 384,959 (3,540,972 ) 3,940,215 Interest expense, net of amounts capitalized (472,066 ) (1,103 ) (249,944 ) (124,819 ) — (847,932 ) Other non-operating, net (97,903 ) 254,509 (8,276 ) (11,304 ) (382,584 ) (245,558 ) Income from continuing operations before income taxes 2,672,683 3,581,815 266,947 248,836 (3,923,556 ) 2,846,725 Provision for income taxes (623,537 ) (8 ) (7,598 ) (1,202 ) — (632,345 ) Income from continuing operations, net of tax 2,049,146 3,581,807 259,349 247,634 (3,923,556 ) 2,214,380 Income from discontinued operations, net of tax — — 16,216 — (16,216 ) — Net income 2,049,146 3,581,807 275,565 247,634 (3,939,772 ) 2,214,380 Less: Net income attributable to noncontrolling interests — (8,995 ) (90,260 ) (65,979 ) — (165,234 ) Net income attributable to MGM Resorts International $ 2,049,146 $ 3,572,812 $ 185,305 $ 181,655 $ (3,939,772 ) $ 2,049,146 Net income $ 2,049,146 $ 3,581,807 $ 275,565 $ 247,634 $ (3,939,772 ) $ 2,214,380 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 16,125 16,125 — 28,870 (32,250 ) 28,870 Other comprehensive loss related to cash flow hedges (19,973 ) — (35,198 ) — 25,666 (29,505 ) Other comprehensive income (loss) (3,848 ) 16,125 (35,198 ) 28,870 (6,584 ) (635 ) Comprehensive income 2,045,298 3,597,932 240,367 276,504 (3,946,356 ) 2,213,745 Less: Comprehensive income attributable to noncontrolling interests — — (80,728 ) (87,719 ) — (168,447 ) Comprehensive income attributable to MGM Resorts International $ 2,045,298 $ 3,597,932 $ 159,639 $ 188,785 $ (3,946,356 ) $ 2,045,298 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2018 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 7,780,253 $ 869,495 $ 3,983,575 $ (870,227 ) $ 11,763,096 Equity in subsidiaries' earnings 1,221,538 116,676 — — (1,338,214 ) — Expenses Casino and hotel operations 11,130 4,438,687 — 2,491,007 (21,949 ) 6,918,875 General and administrative 9,945 1,241,329 93,739 495,015 (75,390 ) 1,764,638 Corporate expense 156,503 216,318 48,675 21,317 (23,609 ) 419,204 Preopening and start-up expenses — 26,100 — 125,292 — 151,392 Property transactions, net — (15,955 ) 20,319 25,033 (20,250 ) 9,147 Depreciation and amortization — 628,961 266,622 543,606 (261,145 ) 1,178,044 177,578 6,535,440 429,355 3,701,270 (402,343 ) 10,441,300 Income (loss) from unconsolidated affiliates — 148,866 — (1,176 ) — 147,690 Operating income 1,043,960 1,510,355 440,140 281,129 (1,806,098 ) 1,469,486 Interest expense, net of amounts capitalized (480,985 ) (510 ) (215,532 ) (72,486 ) — (769,513 ) Other non-operating, net 63,722 (444,897 ) (4,690 ) (187,786 ) 507,684 (65,967 ) Income before income taxes 626,697 1,064,948 219,918 20,857 (1,298,414 ) 634,006 Benefit (provision) for income taxes (159,925 ) — (5,779 ) 115,592 — (50,112 ) Income from continuing operations, net of tax 466,772 1,064,948 214,139 136,449 (1,298,414 ) 583,894 Income from discontinued operations, net of tax — — 30,563 — (30,563 ) — Net income 466,772 1,064,948 244,702 136,449 (1,328,977 ) 583,894 Less: Net income attributable to noncontrolling interests — — (67,065 ) (50,057 ) — (117,122 ) Net income attributable to MGM Resorts International $ 466,772 $ 1,064,948 $ 177,637 $ 86,392 $ (1,328,977 ) $ 466,772 Net income $ 466,772 $ 1,064,948 $ 244,702 $ 136,449 $ (1,328,977 ) $ 583,894 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (7,422 ) (7,422 ) — (13,022 ) 14,844 (13,022 ) Other comprehensive income related to cash flow hedges 2,476 — 4,128 — (3,028 ) 3,576 Other comprehensive income (loss) (4,946 ) (7,422 ) 4,128 (13,022 ) 11,816 (9,446 ) Comprehensive income 461,826 1,057,526 248,830 123,427 (1,317,161 ) 574,448 Less: Comprehensive income attributable to noncontrolling interests — — (68,165 ) (44,457 ) — (112,622 ) Comprehensive income attributable to MGM Resorts International $ 461,826 $ 1,057,526 $ 180,665 $ 78,970 $ (1,317,161 ) $ 461,826 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 7,649,990 $ 765,695 $ 3,151,304 $ (769,510 ) $ 10,797,479 Equity in subsidiaries' earnings 1,391,725 156,081 — — (1,547,806 ) — Expenses Casino and hotel operations 10,784 4,262,212 — 1,923,942 (3,816 ) 6,193,122 General and administrative 8,742 1,180,989 84,348 369,844 (84,348 ) 1,559,575 Corporate expense 127,092 200,801 34,085 (515 ) (4,591 ) 356,872 NV Energy exit expense — (40,629 ) — — — (40,629 ) Preopening and start-up expenses — 8,258 — 110,217 — 118,475 Property transactions, net — 43,985 34,022 6,294 (34,022 ) 50,279 Depreciation and amortization — 649,676 260,455 343,804 (260,455 ) 993,480 146,618 6,305,292 412,910 2,753,586 (387,232 ) 9,231,174 Income (loss) from unconsolidated affiliates — 147,234 — (1,012 ) — 146,222 Operating income 1,245,107 1,648,013 352,785 396,706 (1,930,084 ) 1,712,527 Interest expense, net of amounts capitalized (466,907 ) (982 ) (184,175 ) (16,681 ) — (668,745 ) Other non-operating, net 26,215 (402,602 ) 2,286 (142,997 ) 434,106 (82,992 ) Income before income taxes 804,415 1,244,429 170,896 237,028 (1,495,978 ) 960,790 Benefit (provision) for income taxes 1,147,637 — (4,906 ) (15,337 ) — 1,127,394 Net income 1,952,052 1,244,429 165,990 221,691 (1,495,978 ) 2,088,184 Less: Net income attributable to noncontrolling interests — — (41,775 ) (94,357 ) — (136,132 ) Net income attributable to MGM Resorts International $ 1,952,052 $ 1,244,429 $ 124,215 $ 127,334 $ (1,495,978 ) $ 1,952,052 Net income $ 1,952,052 $ 1,244,429 $ 165,990 $ 221,691 $ (1,495,978 ) $ 2,088,184 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (23,995 ) (23,995 ) — (43,188 ) 47,990 (43,188 ) Other comprehensive income related to cash flow hedges 5,234 — 9,782 — (7,021 ) 7,995 Other comprehensive income (loss) (18,761 ) (23,995 ) 9,782 (43,188 ) 40,969 (35,193 ) Comprehensive income 1,933,291 1,220,434 175,772 178,503 (1,455,009 ) 2,052,991 Less: Comprehensive income attributable to noncontrolling interests — — (44,536 ) (75,164 ) — (119,700 ) Comprehensive income attributable to MGM Resorts International $ 1,933,291 $ 1,220,434 $ 131,236 $ 103,339 $ (1,455,009 ) $ 1,933,291 |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2019 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (308,995 ) $ 1,404,869 $ 100,706 $ 629,412 $ (15,591 ) $ 1,810,401 Cash flows from investing activities Capital expenditures, net of construction payable — (504,105 ) — (234,913 ) 12 (739,006 ) Dispositions of property and equipment — 2,425 — 153 — 2,578 Proceeds from Bellagio transaction — 4,151,499 — — — 4,151,499 Proceeds from sale of Circus Circus Las Vegas and adjacent land — 652,333 — — — 652,333 Acquisition of Empire City Casino, net of cash acquired — (535,681 ) — — — (535,681 ) Investments in and advances to unconsolidated affiliates — (81,877 ) — — — (81,877 ) Distributions from unconsolidated affiliates — 100,700 — — — 100,700 Intercompany accounts — (5,859,196 ) — — 5,859,196 — Northfield OpCo transaction — (3,779 ) 3,779 — — — Other — (4,500 ) — (26,612 ) — (31,112 ) Net cash provided by (used in) investing activities — (2,082,181 ) 3,779 (261,372 ) 5,859,208 3,519,434 Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (752,220 ) 245,950 (1,361,325 ) (1,766,454 ) — (3,634,049 ) Issuance of long-term debt 1,000,000 — 750,000 1,500,000 — 3,250,000 Retirement of senior notes and senior debentures (3,764,167 ) — — — — (3,764,167 ) Debt issuance costs (14,080 ) — (9,983 ) (39,328 ) — (63,391 ) Issuance of MGM Growth Properties Class A shares, net — — 1,250,006 — — 1,250,006 Dividends paid to common shareholders (271,288 ) — — — — (271,288 ) MGP dividends paid to consolidated subsidiaries — — (371,759 ) — 371,759 — Distributions to noncontrolling interest owners — (4,907 ) (161,976 ) (56,420 ) — (223,303 ) Purchases of common stock (1,031,534 ) — — — — (1,031,534 ) Intercompany accounts 5,987,076 456,571 — (212,692 ) (6,230,955 ) — Other (27,217 ) (47,686 ) (1,342 ) (3,523 ) 37,900 (41,868 ) Net cash provided by (used in) financing activities 1,126,570 649,928 93,621 (578,417 ) (5,821,296 ) (4,529,594 ) Effect of exchange rate on cash — — — 2,601 — 2,601 Cash flows from discontinued operations, net Cash flows from operating activities — — 15,591 — (15,591 ) — Cash flows used in investing activities — — (12 ) — 12 — Cash flows used in financing activities — — (37,900 ) — 37,900 — Net cash flows used in discontinued operations — — (22,321 ) — 22,321 — Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — 22,321 — Cash and cash equivalents Net increase (decrease) for the period 817,575 (27,384 ) 198,106 (207,776 ) 22,321 802,842 Balance, beginning of period 259,738 445,423 3,995 817,606 — 1,526,762 Balance, end of period $ 1,077,313 $ 418,039 $ 202,101 $ 609,830 $ 22,321 $ 2,329,604 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2018 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (460,117 ) $ 1,294,989 $ 556,801 $ 330,866 $ — $ 1,722,539 Cash flows from investing activities Capital expenditures, net of construction payable — (697,462 ) (192 ) (789,189 ) — (1,486,843 ) Dispositions of property and equipment — 25,507 — 105 — 25,612 Proceeds from sale of business units and investment in unconsolidated affiliate — 163,616 — — — 163,616 Acquisition of Northfield, net of cash acquired — 33,802 (1,068,336 ) — — (1,034,534 ) Investments in and advances to unconsolidated affiliates — (56,295 ) — — — (56,295 ) Distributions from unconsolidated affiliates — 322,631 — — — 322,631 Intercompany accounts — (1,136,764 ) — — 1,136,764 — Other — (13,416 ) — (3,792 ) — (17,208 ) Net cash used in investing activities — (1,358,381 ) (1,068,528 ) (792,876 ) 1,136,764 (2,083,021 ) Cash flows from financing activities Net borrowings under bank credit facilities - maturities of 90 days or less 377,500 — 727,750 137,009 — 1,242,259 Issuance of long-term debt 1,000,000 — — — — 1,000,000 Retirement of senior notes and senior debentures — (2,265 ) — — — (2,265 ) Debt issuance costs (26,125 ) — (17,490 ) (32,904 ) — (76,519 ) Dividends paid to common shareholders (260,592 ) — — — — (260,592 ) MGP dividends paid to consolidated subsidiaries — — (333,192 ) — 333,192 — Distributions to noncontrolling interest owners — — (121,068 ) (63,864 ) — (184,932 ) Purchases of common stock (1,283,333 ) — — — — (1,283,333 ) Intercompany accounts 917,760 207,015 — 345,181 (1,469,956 ) — Other (32,225 ) (6,979 ) — (6,180 ) — (45,384 ) Net cash provided by financing activities 692,985 197,771 256,000 379,242 (1,136,764 ) 389,234 Effect of exchange rate on cash — — — (1,985 ) — (1,985 ) Cash flows from discontinued operations, net Cash flows from operating activities — — 23,406 — (23,406 ) — Cash flows from investing activities — — 32,416 — (32,416 ) — Cash flows from financing activities — — — — — — Net cash flows from discontinued operations — — 55,822 — (55,822 ) — Change in cash and cash equivalents classified as assets held for sale — — 55,822 — (55,822 ) — Cash and cash equivalents Net increase (decrease) for the period 232,868 134,379 (255,727 ) (84,753 ) — 26,767 Balance, beginning of period 26,870 311,044 259,722 902,359 — 1,499,995 Balance, end of period $ 259,738 $ 445,423 $ 3,995 $ 817,606 $ — $ 1,526,762 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (584,252 ) $ 1,152,083 $ 482,578 $ 1,156,002 $ — $ 2,206,411 Cash flows from investing activities Capital expenditures, net of construction payable — (482,024 ) (488 ) (1,381,570 ) — (1,864,082 ) Dispositions of property and equipment — 502 — 216 — 718 Acquisition of National Harbor, net of cash acquired — — (462,500 ) — 462,500 — Investments in and advances to unconsolidated affiliates — (16,727 ) — — — (16,727 ) Distributions from unconsolidated affiliates — 301,211 — — — 301,211 Intercompany accounts 462,500 (1,186,942 ) — — 724,442 — Other — (1,754 ) — 42 — (1,712 ) Net cash provided by (used in) investing activities 462,500 (1,385,734 ) (462,988 ) (1,381,312 ) 1,186,942 (1,580,592 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 122,500 — (466,875 ) 359,376 — 15,001 Issuance of long-term debt — — 350,000 — — 350,000 Retirement of senior notes and senior debentures (502,669 ) — — — — (502,669 ) Debt issuance costs — — (5,598 ) (4,379 ) — (9,977 ) Issuance of MGM Growth Properties Class A shares, net — — 387,548 — — 387,548 Dividends paid to common shareholders (252,014 ) — — — — (252,014 ) MGP dividends paid to consolidated subsidiaries — — (290,091 ) — 290,091 — Distributions to noncontrolling interest owners — — (95,344 ) (75,058 ) — (170,402 ) Purchases of common stock (327,500 ) — — — — (327,500 ) Intercompany accounts 1,042,111 248,626 — 186,296 (1,477,033 ) — Other (33,801 ) (11,644 ) — (13,320 ) — (58,765 ) Net cash provided by (used in) financing activities 48,627 236,982 (120,360 ) 452,915 (1,186,942 ) (568,778 ) Effect of exchange rate on cash — — — (3,627 ) — (3,627 ) Cash and cash equivalents Net increase (decrease) for the period (73,125 ) 3,331 (100,770 ) 223,978 — 53,414 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 26,870 $ 311,044 $ 259,722 $ 902,359 $ — $ 1,499,995 |
Selected Quarterly Financial _2
Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Results | Quarter First Second Third Fourth Total 2019 (In thousands, except per share data) Net revenues $ 3,176,911 $ 3,223,243 $ 3,314,382 $ 3,185,136 $ 12,899,672 Operating income 370,260 371,485 238,381 2,960,089 3,940,215 Net income 66,157 76,169 6,104 2,065,950 2,214,380 Net income (loss) attributable to MGM Resorts International 31,297 43,405 (37,133 ) 2,011,577 2,049,146 Earnings (loss) per share - Basic $ 0.05 $ 0.08 $ (0.08 ) $ 3.94 $ 3.90 Earnings (loss) per share - Diluted $ 0.05 $ 0.08 $ (0.08 ) $ 3.91 $ 3.88 2018 Net revenues $ 2,822,237 $ 2,858,695 $ 3,029,302 $ 3,052,862 $ 11,763,096 Operating income 359,757 363,075 410,903 335,751 1,469,486 Net income 266,301 140,423 171,410 5,760 583,894 Net income (loss) attributable to MGM Resorts International 223,444 123,777 142,878 (23,327 ) 466,772 Earnings (loss) per share - Basic $ 0.39 $ 0.21 $ 0.26 $ (0.06 ) $ 0.82 Earnings (loss) per share - Diluted $ 0.38 $ 0.21 $ 0.26 $ (0.06 ) $ 0.81 |
Organization - Additional Infor
Organization - Additional Information (Detail) shares in Millions | Feb. 14, 2020USD ($)shares | Jan. 14, 2020USD ($) | Nov. 22, 2019shares | Nov. 15, 2019USD ($) | Oct. 15, 2017 | Sep. 11, 2017shares | Apr. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019shares | Mar. 31, 2019 | Dec. 31, 2019USD ($)Segmentshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2018 | Sep. 01, 2016shares |
Organization Disclosure [Line Items] | |||||||||||||||
Cash received from sale of real estate assets | $ 4,151,499,000 | $ 0 | $ 0 | ||||||||||||
Gain on sale of real estate assets | 2,677,996,000 | 0 | 0 | ||||||||||||
Assumption of debt | 11,271,706,000 | 15,253,239,000 | |||||||||||||
Payment for purchase of common shares | $ 1,031,534,000 | 1,283,333,000 | $ 327,500,000 | ||||||||||||
Number of reportable segments | Segment | 3 | ||||||||||||||
Hard Rock Rocksino Northfield Park [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Date of acquisition agreement | 2018-07 | ||||||||||||||
Class A shares [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Common stock voting rights | one vote per share | ||||||||||||||
Non-Guarantor MGP Subsidiaries [Member] | Class B shares [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Common stock voting rights | Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. | ||||||||||||||
MGM Growth Properties LLC [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Minimum ownership percentage required for majority voting interest | 30.00% | ||||||||||||||
Partnership interest | 73.40% | 72.30% | 68.80% | 69.80% | 74.60% | 63.70% | |||||||||
Percentage of minority interest | 36.30% | ||||||||||||||
MGM Growth Properties LLC [Member] | Subsequent Event [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Cash proceeds for redemption | $ 1,400,000,000 | ||||||||||||||
Partnership units redemption period | 24 months | ||||||||||||||
Redemptions discount percentage | 3.00% | ||||||||||||||
Waiver termination period | 24 months | ||||||||||||||
MGM Growth Properties LLC [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Cash proceeds for redemption | $ 1,400,000,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Partnership interest | 63.70% | 69.70% | 63.70% | ||||||||||||
Issuance of operating partnership units | shares | 18 | 13.2 | 20 | 5 | |||||||||||
MGM China [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Ordinary shares acquired | shares | 188.1 | ||||||||||||||
Percentage ownership interest | 56.00% | ||||||||||||||
Grand Victoria [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Percentage ownership interest | 50.00% | ||||||||||||||
Total consideration received from sale of real estate assets | $ 45,000,000 | ||||||||||||||
CityCenter Holdings LLC As Investee [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Percentage ownership interest | 50.00% | 50.00% | |||||||||||||
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Percentage ownership interest | 50.00% | ||||||||||||||
Blackstone Real Estate Income Trust [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Total consideration received from sale of real estate assets | $ 4,250,000,000 | ||||||||||||||
Percentage of equity interest in joint venture | 5.00% | ||||||||||||||
Cash received from sale of real estate assets | $ 4,200,000,000 | ||||||||||||||
Gain on sale of real estate assets | 2,700,000,000 | ||||||||||||||
Guarantee obligation amount | $ 3,010,000,000 | $ 3,010,000,000 | |||||||||||||
Blackstone Real Estate Income Trust [Member] | Subsequent Event [Member] | Class A Shareholders [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Ordinary shares acquired | shares | 5 | ||||||||||||||
Payment for purchase of common shares | $ 150,000,000 | ||||||||||||||
MGP BREIT Venture [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Guarantee obligation amount | $ 3,000,000,000 | ||||||||||||||
MGP BREIT Venture [Member] | Subsequent Event [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Partnership interest | 50.10% | ||||||||||||||
Percentage of minority interest | 49.90% | ||||||||||||||
Total consideration received from sale of real estate assets | $ 4,600,000,000 | ||||||||||||||
Cash received from sale of real estate assets | $ 2,500,000,000 | ||||||||||||||
Operating partnership equity interest | 50.10% | ||||||||||||||
Issuance of operating partnership units | shares | 3 | ||||||||||||||
Percentage of issuance of operating partnership units to equity value of consolidated subsidiary | 5.00% | ||||||||||||||
Initial annual rent | $ 292,000 | ||||||||||||||
Lease term | 30 years | ||||||||||||||
Lessee, operating lease, renewal term | 10 years | ||||||||||||||
Annual rent escalator from year one through year Fifteen | 2.00% | ||||||||||||||
Annual rent escalator after year fifteen | 2.00% | ||||||||||||||
Annual rent escalator cap after year fifteen | 3.00% | ||||||||||||||
Percentage net revenue for lease | 3.50% | ||||||||||||||
Lease term period | 5 years | ||||||||||||||
Lease restriction or covenant | Company to comply with certain financial covenants, which, if not met, will require the Company to maintain cash security or provide one or more letters of credit in favor of the landlord in an amount equal to the rent for the succeeding one-year period. | ||||||||||||||
Reduction in lease annual rent due to modification | $ 133,000,000 | ||||||||||||||
MGP BREIT Venture [Member] | Subsequent Event [Member] | Term Loan B [Member] | |||||||||||||||
Organization Disclosure [Line Items] | |||||||||||||||
Assumption of debt | $ 1,300,000,000 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 100.00% | |||
Total assets | $ 33,876,356,000 | $ 30,210,706,000 | ||
Total liabilities | 21,108,391,000 | 19,638,665,000 | ||
Investments in and advances to unconsolidated affiliates | 822,366,000 | 732,867,000 | ||
Accrual for property and equipment | 14,000,000 | 47,000,000 | ||
Impairment charges | 0 | 0 | $ 0 | |
Commissions, complimentaries and other incentives | 2,500,000,000 | 2,300,000,000 | 2,100,000,000 | |
Advertising expense | 257,000,000 | 305,000,000 | 223,000,000 | |
Operating lease right-of-use assets, net | 4,392,481,000 | 0 | $ 656,000,000 | |
Operating lease liabilities | 4,345,443,000 | $ 580,000,000 | ||
Food and Beverage Revenue [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease revenue | 53,000,000 | 51,000,000 | 51,000,000 | |
Entertainment Retail and Other Revenue [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease revenue | $ 89,000,000 | $ 87,000,000 | $ 79,000,000 | |
Accounts Receivable [Member] | Customer Concentration [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of gross casino accounts receivable | 57.00% | 62.00% | ||
Bellagio Blackstone Real Estate Income Trust [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of equity interest in joint venture | 5.00% | |||
Investments in and advances to unconsolidated affiliates | $ 61,000,000 | |||
MGM Growth Properties LLC [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Total assets | 11,900,000,000 | |||
Total liabilities | $ 5,000,000,000 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Minimum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Minimum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - related Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding Chip Liability [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 323,811 | $ 597,753 |
Balance at December 31 | 314,570 | 323,811 |
Increase / (decrease) | (9,241) | (273,942) |
Loyalty Program [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 113,293 | 91,119 |
Balance at December 31 | 126,966 | 113,293 |
Increase / (decrease) | 13,673 | 22,174 |
Customer Advances and Other [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 667,285 | 539,626 |
Balance at December 31 | 481,095 | 667,285 |
Increase / (decrease) | $ (186,190) | $ 127,659 |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income attributable to MGM Resorts International | $ 2,011,577 | $ (37,133) | $ 43,405 | $ 31,297 | $ (23,327) | $ 142,878 | $ 123,777 | $ 223,444 | $ 2,049,146 | $ 466,772 | $ 1,952,052 |
Adjustment related to redeemable noncontrolling interests | (2,713) | (21,326) | (18,363) | ||||||||
Net income available to common stockholders - basic | 2,046,433 | 445,446 | 1,933,689 | ||||||||
Potentially dilutive effect due to MGP and MGM China stock compensation plans | (194) | (206) | (268) | ||||||||
Net income attributable to common stockholders - diluted | $ 2,046,239 | $ 445,240 | $ 1,933,421 | ||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding basic | 524,173 | 544,253 | 572,253 | ||||||||
Potential dilution from share-based awards | 3,472 | 5,283 | 6,542 | ||||||||
Weighted-average common and common equivalent shares - diluted | 527,645 | 549,536 | 578,795 | ||||||||
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 1,617 | 2,668 | 2,601 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | $ 707,278 | $ 747,981 | ||
Less: Allowance for doubtful accounts | (94,561) | (90,775) | $ (92,571) | $ (97,920) |
Accounts receivable, net | 612,717 | 657,206 | ||
Casino [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | 394,163 | 419,127 | ||
Hotel [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | 164,079 | 154,707 | ||
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | $ 149,036 | $ 174,147 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Millions | Mar. 07, 2019 | Jan. 29, 2019 | Jul. 06, 2018 | Dec. 31, 2024 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 638 | ||||||
Empire City [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Date of acquisition agreement | Jan. 29, 2019 | ||||||
Total purchase price | $ 865 | ||||||
Consideration in form of common stock | $ 266 | ||||||
Percentage of membership interest acquired | 100.00% | ||||||
Business acquisition, decrease to the racing and gaming license | $ 76 | ||||||
Business acquisition, decrease to other intangible assets | 17 | ||||||
Business acquisition, decrease to deferred income taxes | $ 20 | ||||||
Revenue | $ 193 | ||||||
Operating income | 12 | ||||||
Net income | $ 36 | ||||||
Empire City [Member] | MGM Growth Properties LLC [Member] | Gaming License And Trade Name | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful life of intangible assets | 4 years | ||||||
Empire City [Member] | MGM Growth Properties LLC [Member] | Customer List [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful life of intangible assets | 5 years | ||||||
Empire City [Member] | Forecast [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Additional contingent consideration payable | $ 50 | ||||||
Northfield Park associates LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Revenue | $ 133 | ||||||
Operating income | 33 | ||||||
Net income | $ 33 | ||||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 1,100 | ||||||
Percentage of membership interest acquired | 100.00% | ||||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | Revolving Credit Facility [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Liabilities incurred for acquisition | $ 655 | ||||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | Delayed Draw Term Loan A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Liabilities incurred for acquisition | $ 200 |
Acquisition - Schedule of Purch
Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 29, 2019 | Dec. 31, 2018 | Jul. 06, 2018 | Dec. 31, 2017 |
Fair value of assets acquired and liabilities assumed: | |||||
Goodwill | $ 2,084,564 | $ 1,821,392 | $ 1,806,531 | ||
MGM Growth Properties LLC [Member] | Empire City [Member] | |||||
Fair value of assets acquired and liabilities assumed: | |||||
Property and equipment | $ 645,733 | ||||
Cash and cash equivalents | 63,197 | ||||
Racing and gaming license | 52,000 | ||||
Other intangible assets | 34,000 | ||||
Goodwill | 256,133 | ||||
Other assets | 24,420 | ||||
Deferred income taxes | (125,149) | ||||
Other liabilities | (85,690) | ||||
Business combination, assets acquired and liabilities assumed | $ 864,644 | ||||
MGM Growth Properties LLC [Member] | Northfield Park associates LLC [Member] | |||||
Fair value of assets acquired and liabilities assumed: | |||||
Property and equipment | $ 792,807 | ||||
Cash and cash equivalents | 35,831 | ||||
Racing and gaming license | 228,000 | ||||
Customer list | 25,000 | ||||
Goodwill | 17,915 | ||||
Other assets | 9,598 | ||||
Other liabilities | (38,786) | ||||
Business combination, assets acquired and liabilities assumed | $ 1,070,365 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 26,774,353 | $ 29,747,738 |
Less: Accumulated depreciation | (8,581,835) | (9,017,850) |
Finance lease ROU assets, net | 93,437 | 0 |
Property and equipment, net | 18,285,955 | 20,729,888 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,348,223 | 6,923,769 |
Buildings, building improvements and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,291,801 | 16,437,695 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,924,439 | 6,064,330 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 209,890 | $ 321,944 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 822,366 | $ 732,867 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 568,879 | 589,965 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 253,487 | $ 142,902 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Income from unconsolidated affiliates | $ 119,521 | $ 147,690 | $ 146,222 |
Preopening and start-up expenses | 0 | (3,321) | 0 |
Non-operating items from unconsolidated affiliates | (62,296) | (47,827) | (34,751) |
Net income from unconsolidated affiliates | $ 57,225 | $ 96,542 | $ 111,471 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | $ 119,521 | $ 147,690 | $ 146,222 |
CityCenter Holdings LLC As Investee [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | 128,421 | 138,383 | 133,401 |
Other [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | $ (8,900) | $ 9,307 | $ 12,821 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Dividend paid/declared | $ 271,288 | $ 260,592 | $ 252,014 | ||
Distributions from unconsolidated affiliates | 100,700 | 322,631 | 301,211 | ||
CityCenter Holdings, LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Dividend paid/declared | $ 180,000 | 625,000 | $ 600,000 | ||
Mandarin Oriental [Member] | CityCenter Holdings, LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 214,000 | ||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | 133,000 | ||||
Mandarin Oriental [Member] | CityCenter Holdings LLC As Investee [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 12,000 | ||||
CityCenter Holdings LLC As Investee [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | 50.00% | 50.00% | 50.00% | ||
Distributions from unconsolidated affiliates | $ 90,000 | $ 313,000 | $ 300,000 | ||
Percentage ownership interest | 50.00% | 50.00% | |||
Grand Victoria [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 45,000 | ||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 45,000 | 45,000 | |||
Percentage ownership interest | 50.00% | ||||
Grand Victoria [Member] | Cash [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 328,000 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) - City Center [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $ 405,918 | $ 363,755 |
Property and other assets, net and other long-term assets | 5,982,059 | 6,167,853 |
Current liabilities | 295,815 | 347,710 |
Long-term debt and other long-term obligations | $ 1,782,411 | $ 1,763,290 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - City Center [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | $ 1,294,861 | $ 1,277,745 | $ 1,227,733 |
Operating income | 188,156 | 185,368 | 200,109 |
Income from continuing operations | 69,143 | 97,091 | 137,226 |
Net income (loss) | $ 69,143 | $ (37,911) | $ 131,683 |
Investments in and Advances _10
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Venture-level equity attributable to the Company | $ 2,399,993 | $ 2,347,103 |
Other adjustments | 41,461 | 39,735 |
Investment balance | 822,366 | 732,867 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International | (509,382) | (514,592) |
CityCenter capitalized interest | 177,898 | 186,830 |
CityCenter completion guarantee | 261,708 | 274,685 |
CityCenter deferred gain | (210,240) | (212,276) |
CityCenter capitalized interest on sponsor notes | (34,755) | (36,500) |
Other-than-temporary impairments of investment | (1,304,317) | (1,352,118) |
Investment balance | $ 568,879 | $ 589,965 |
Investments in and Advances _11
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Parenthetical) (Detail) - CityCenter Holdings LLC As Investee [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ (1,304,317) | $ (1,352,118) |
Land [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ 352,000 | $ 352,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 2,084,564 | $ 1,821,392 | $ 1,806,531 |
Total indefinite-lived intangible assets | 678,310 | 638,120 | |
Finite-lived intangible assets, net | 3,148,194 | 3,306,343 | |
Total other intangible assets, net | 3,826,504 | 3,944,463 | |
Trademarks, License Rights and Other [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 352,212 | 312,022 | |
Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 202,347 | 174,679 | |
Less: Accumulated amortization | (161,892) | (151,465) | |
Finite-lived intangible assets, net | 40,455 | 23,214 | |
Finite-Lived Gaming Licenses and Other Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 141,327 | 136,127 | |
Less: Accumulated amortization | (38,374) | (31,053) | |
Finite-lived intangible assets, net | 102,953 | 105,074 | |
Northfield Park associates LLC [Member] | Racing and Gaming Licenses [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 228,000 | 228,000 | |
Detroit Wholly Owned Subsidiary | Development Rights [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 98,098 | 98,098 | |
MGM Grand Paradise [Member] | Gaming Sub-concession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 4,519,558 | 4,468,766 | |
Less: Accumulated amortization | (1,514,772) | (1,342,561) | |
Finite-lived intangible assets, net | 3,004,786 | 3,126,205 | |
MGM Macau [Member] | Land Concession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 0 | 83,885 | |
Less: Accumulated amortization | 0 | (32,035) | |
Finite-lived intangible assets, net | $ 0 | $ 51,850 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Company's Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | $ 1,821,392 | $ 1,806,531 |
Acquisitions | 256,133 | 17,915 |
Reclassifications | 0 | |
Currency exchange | 7,039 | (3,054) |
Goodwill, ending balance | 2,084,564 | 1,821,392 |
Las Vegas Strip Resorts [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 70,975 | 70,975 |
Acquisitions | 0 | 0 |
Reclassifications | (40,523) | |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 30,452 | 70,975 |
Regional Operations [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 386,892 | 386,892 |
Acquisitions | 256,133 | 0 |
Reclassifications | 58,438 | |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 701,463 | 386,892 |
MGM China [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 1,345,610 | 1,348,664 |
Acquisitions | 0 | 0 |
Reclassifications | 0 | |
Currency exchange | 7,039 | (3,054) |
Goodwill, ending balance | 1,352,649 | 1,345,610 |
Corporate and Other [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 17,915 | 0 |
Acquisitions | 0 | 17,915 |
Reclassifications | (17,915) | |
Currency exchange | 0 | 0 |
Goodwill, ending balance | $ 0 | $ 17,915 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Apr. 20, 2005 | Aug. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Finite Lived Intangible Assets [Line Items] | |||||||
Amortization expense related to intangible assets | $ 192 | $ 176 | $ 173 | ||||
Customer Lists [Member] | Empire City [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Estimated useful life of intangible assets | 4 years | ||||||
Customer Lists [Member] | MGM Northfield Park [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Estimated useful life of intangible assets | 7 years | ||||||
License [Member] | Maryland [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Estimated useful life of intangible assets | 15 years | ||||||
Consideration paid for license fee | $ 22 | ||||||
License [Member] | Massachusetts [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Estimated useful life of intangible assets | 15 years | ||||||
Consideration paid for license fee | $ 85 | ||||||
MGM Grand Paradise [Member] | Extension Agreement [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Extended expiration date of agreement | Jun. 26, 2022 | ||||||
Contract extension premium paid | $ 25 | ||||||
Contract extension fee paid | $ 2 | ||||||
MGM Grand Paradise [Member] | Gaming Sub-concession [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Estimated remaining useful life of gaming subconcession | 15 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Estimated future amortization | ||
2020 | $ 193,886 | |
2021 | 196,932 | |
2022 | 190,840 | |
2023 | 178,378 | |
2024 | 175,866 | |
Thereafter | 2,212,292 | |
Finite-lived intangible assets, net | $ 3,148,194 | $ 3,306,343 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contract and contract-related liabilities: | ||
Outstanding chip liability | $ 314,570 | $ 323,811 |
Loyalty program obligations | 126,966 | 113,293 |
Casino front money | 176,827 | 342,941 |
Advance deposits and ticket sales | 190,325 | 221,003 |
Unpaid wagers and other | 113,943 | 103,341 |
Other accrued liabilities: | ||
Payroll and related | 507,041 | 518,892 |
Taxes, other than income taxes | 218,027 | 235,160 |
MGP Dividend | 53,489 | 31,732 |
Lease obligations - short-term (Refer to Note 11) | 95,448 | 0 |
Other | 227,366 | 260,881 |
Other accrued liabilities | $ 2,024,002 | $ 2,151,054 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 11,271,706 | $ 15,253,239 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (102,802) | (121,823) |
Long-term debt | 11,168,904 | 15,131,416 |
Less: Current portion | 0 | (43,411) |
Long-term debt, net | 11,168,904 | 15,088,005 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 0 | 750,000 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 1,703,750 | 2,819,125 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 667,404 | 2,433,562 |
Less: Current portion | (43,000) | |
8.625% Senior Notes, Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 850,000 |
5.25% Senior Notes, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 500,000 |
6.75% Senior Notes, Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 1,000,000 |
6.625% Senior Notes, Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 1,250,000 |
7.75% Senior Notes, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 1,000,000 |
6% Senior Notes, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,250,000 | 1,250,000 |
5.625% Operating Partnership Senior Notes, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,050,000 | 1,050,000 |
5.375% MGM China Senior Notes, Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
5.75% Senior Notes, Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 1,000,000 |
5.875% MGM China Senior Notes, Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
4.50% Operating Partnership Senior Notes, Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
4.625% Senior Notes, Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
5.75% Operating Partnership Senior Notes, Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
5.5% Senior Notes, Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 0 |
4.50% Operating Partnership Senior Notes, Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | 350,000 |
7% Debentures, Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 552 | $ 552 |
Long-Term Debt - Schedule of _2
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
8.625% Senior Notes, Due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 850 | ||||||
Long-term debt, interest rate (as a percent) | 8.625% | 8.625% | |||||
Long-term debt, maturity year | 2019 | 2019 | |||||
5.25% Senior Notes, Due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 500 | ||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | 5.25% | 5.25% | |||
Long-term debt, maturity year | 2020 | 2020 | 2020 | ||||
6.75% Senior Notes, Due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,000 | ||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | 6.75% | 6.75% | |||
Long-term debt, maturity year | 2020 | 2020 | 2020 | ||||
6.625% Senior Notes, Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,250 | ||||||
Long-term debt, interest rate (as a percent) | 6.625% | 6.625% | 6.625% | ||||
Long-term debt, maturity year | 2021 | 2021 | |||||
7.75% Senior Notes, Due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Long-term debt, interest rate (as a percent) | 7.75% | 7.75% | 7.75% | ||||
Long-term debt, maturity year | 2022 | 2022 | |||||
6% Senior Notes, Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,250 | $ 1,250 | $ 1,250 | ||||
Long-term debt, interest rate (as a percent) | 6.00% | 6.00% | 6.00% | ||||
Long-term debt, maturity year | 2023 | 2023 | |||||
5.625% Operating Partnership Senior Notes, Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,050 | $ 1,050 | $ 1,050 | ||||
Long-term debt, interest rate (as a percent) | 5.625% | 5.625% | 5.625% | ||||
Long-term debt, maturity year | 2024 | 2024 | |||||
5.375% MGM China Senior Notes, Due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 750 | $ 750 | $ 750 | ||||
Long-term debt, interest rate (as a percent) | 5.375% | 5.375% | 5.375% | ||||
Long-term debt, maturity year | 2024 | 2024 | |||||
5.75% Senior Notes, Due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | |||
Long-term debt, maturity year | 2025 | 2025 | 2025 | ||||
5.875% MGM China Senior Notes, Due 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 750 | $ 750 | $ 750 | ||||
Long-term debt, interest rate (as a percent) | 5.875% | 5.875% | 5.875% | ||||
Long-term debt, maturity year | 2026 | 2026 | |||||
4.50% Operating Partnership Senior Notes, Due 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 500 | $ 500 | $ 500 | ||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | 4.50% | ||||
Long-term debt, maturity year | 2026 | 2026 | |||||
4.625% Senior Notes, Due 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 500 | $ 500 | $ 500 | ||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | 4.625% | ||||
Long-term debt, maturity year | 2026 | 2026 | |||||
5.75% Operating Partnership Senior Notes, Due 2027 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 750 | $ 750 | |||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | |||||
Long-term debt, maturity year | 2027 | ||||||
5.5% Senior Notes, Due 2027 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Long-term debt, interest rate (as a percent) | 5.50% | 5.50% | 5.50% | ||||
Long-term debt, maturity year | 2027 | 2027 | |||||
4.50% Operating Partnership Senior Notes, Due 2028 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 350 | $ 350 | $ 350 | ||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | 4.50% | ||||
Long-term debt, maturity year | 2028 | 2028 | |||||
7% Debentures, Due 2036 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, principal amount | $ 0.6 | $ 0.6 | $ 0.6 | ||||
Long-term debt, interest rate (as a percent) | 7.00% | 7.00% | 7.00% | ||||
Long-term debt, maturity year | 2036 | 2036 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Feb. 18, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 0 | $ 0 | $ 0 | $ 43,411,000 | |||||||||
Credit facility amount | 11,271,706,000 | 11,271,706,000 | 11,271,706,000 | 15,253,239,000 | |||||||||
Loss on early retirement of debt | 171,000,000 | 142,000,000 | 198,151,000 | 3,619,000 | $ 45,696,000 | ||||||||
Repayments of senior notes | 3,764,167,000 | 2,265,000 | $ 502,669,000 | ||||||||||
Long-term debt, fair value | 12,100,000,000 | 12,100,000,000 | $ 12,100,000,000 | $ 15,100,000,000 | |||||||||
Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument repurchase date | Mar. 2, 2020 | ||||||||||||
Debt instrument repurchase expiration date | Mar. 16, 2020 | ||||||||||||
Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2023 | ||||||||||||
Repayments of term loan | $ 65,000,000 | ||||||||||||
Credit facility amount | $ 399,000,000 | $ 399,000,000 | $ 399,000,000 | ||||||||||
Term loan amortization of principal quarterly installment | $ 3,000,000 | ||||||||||||
Debt instrument, interest rate | 3.55% | 3.55% | 3.55% | ||||||||||
Term Loan A [Member] | Minimum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 1.75% | ||||||||||||
Term Loan A [Member] | Maximum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 2.25% | ||||||||||||
Term Loan B [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 2.00% | ||||||||||||
Repayments of term loan | 476,000,000 | ||||||||||||
Credit facility, maturity date | 2025-03 | ||||||||||||
Credit facility amount | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,300,000,000 | ||||||||||
Term loan amortization of principal quarterly installment | $ 5,000,000 | ||||||||||||
Debt instrument, interest rate | 3.80% | 3.80% | 3.80% | ||||||||||
Term Loan B [Member] | Interest Rate Swap [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notional amount | $ 900,000,000 | $ 900,000,000 | $ 900,000,000 | ||||||||||
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notional amount | $ 1,900,000,000 | $ 1,900,000,000 | $ 1,900,000,000 | ||||||||||
Weighted Average fixed interest rate | 1.821% | 1.821% | 1.821% | ||||||||||
5.75% Operating Partnership Senior Notes, Due 2027 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2027 | ||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | ||||||||||||
5.75% Operating Partnership Senior Notes, Due 2027 [Member] | Empire City [Member] | Bridge Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2027 | ||||||||||||
Long-term debt, principal amount | $ 246,000,000 | $ 246,000,000 | $ 246,000,000 | ||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||||||||||
5.25% Senior Notes, Due 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2020 | 2020 | 2020 | ||||||||||
Long-term debt, principal amount | $ 500,000,000 | ||||||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | ||||||||
Redemption of senior notes | $ 267,000,000 | ||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 233,000,000 | ||||||||||||
6.75% Senior Notes, Due 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2020 | 2020 | 2020 | ||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | ||||||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | 6.75% | 6.75% | 6.75% | ||||||||
Redemption of senior notes | $ 361,000,000 | ||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 639,000,000 | ||||||||||||
6.625% Senior Notes, Due 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2021 | 2021 | |||||||||||
Long-term debt, principal amount | $ 1,250,000,000 | ||||||||||||
Long-term debt, interest rate (as a percent) | 6.625% | 6.625% | 6.625% | 6.625% | |||||||||
Redemption of senior notes | $ 1,250,000,000 | ||||||||||||
5.5% Senior Notes, Due 2027 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2027 | 2027 | |||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||
Long-term debt, interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | |||||||||
8.625% Senior Notes, Due 2019 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2019 | 2019 | |||||||||||
Long-term debt, principal amount | $ 850,000,000 | ||||||||||||
Long-term debt, interest rate (as a percent) | 8.625% | 8.625% | |||||||||||
Repayments of senior notes | $ 850,000,000 | ||||||||||||
5.75% Senior Notes, Due 2025 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2025 | 2025 | 2025 | ||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||
5.750% Senior Notes, Due 2025 [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2025 | ||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | ||||||||||||
5.750% Senior Notes, Due 2025 [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 750,000,000 | ||||||||||||
4.625% Senior Notes, Due 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2026 | 2026 | |||||||||||
Long-term debt, principal amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | 4.625% | 4.625% | |||||||||
4.625% Senior Notes, Due 2026 [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2026 | ||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | ||||||||||||
4.625% Senior Notes, Due 2026 [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 750,000,000 | ||||||||||||
5.500% Senior Notes, Due 2027 [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2027 | ||||||||||||
Long-term debt, interest rate (as a percent) | 5.50% | ||||||||||||
5.500% Senior Notes, Due 2027 [Member] | Maximum [Member] | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 750,000,000 | ||||||||||||
5.375% MGM China Senior Notes, Due 2024 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2024 | 2024 | |||||||||||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | |||||||||
Long-term debt, interest rate (as a percent) | 5.375% | 5.375% | 5.375% | 5.375% | |||||||||
5.875% MGM China Senior Notes, Due 2026 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, maturity year | 2026 | 2026 | |||||||||||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | |||||||||
Long-term debt, interest rate (as a percent) | 5.875% | 5.875% | 5.875% | 5.875% | |||||||||
Senior Credit Facility [Member] | Term Loan A [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of term loan | $ 750,000,000 | ||||||||||||
Senior Credit Facility [Member] | Term Loan B [Member] | MGP BREIT Venture [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of term loan | $ 1,300,000,000 | ||||||||||||
MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 43,000,000 | ||||||||||||
Credit facility amount | $ 667,404,000 | $ 667,404,000 | 667,404,000 | $ 2,433,562,000 | |||||||||
MGM China Credit Facility [Member] | Other Nonoperating Income (Expense) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on early retirement of debt | $ 16,000,000 | ||||||||||||
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility | 1,350,000,000 | 1,350,000,000 | $ 1,350,000,000 | ||||||||||
Long-term debt, maturity year | 2023 | ||||||||||||
Line of credit facility drawn | 0 | 0 | $ 0 | ||||||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, maturity date | 2024-05 | ||||||||||||
Revolving Credit Facility [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Variable interest rate base | HIBOR | ||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 1.625% | ||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 2.75% | ||||||||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility | 1,500,000,000 | 1,500,000,000 | $ 1,500,000,000 | ||||||||||
Long-term debt, maturity year | 2023 | ||||||||||||
Line of credit facility drawn | 0 | 0 | $ 0 | ||||||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 1.50% | ||||||||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin (as a percent) | 2.25% | ||||||||||||
Unsecured Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility | 1,250,000,000 | 1,250,000,000 | $ 1,250,000,000 | ||||||||||
Line of credit facility drawn | $ 776,000,000 | ||||||||||||
Credit facility amount | $ 1,250,000,000 | ||||||||||||
Unsecured Revolving Credit Facility [Member] | Senior Credit Facility [Member] | MGP BREIT Venture [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||
Credit facility, maturity date | 2025-02 | ||||||||||||
Term Loan [Member] | MGM China Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate | 4.95% | 4.95% | 4.95% | ||||||||||
Repayments of previous term loan | $ 1,000,000 | ||||||||||||
Revolving credit facility outstanding | $ 667,000,000 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 853,007 | $ 821,229 | $ 779,855 |
Interest capitalized | (5,075) | (51,716) | (111,110) |
Interest expense, net | $ 847,932 | $ 769,513 | $ 668,745 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2022 | $ 1,000,000 | |
2023 | 1,649,125 | |
2024 | 2,467,404 | |
Thereafter | 6,155,177 | |
Long-term debt, Gross | $ 11,271,706 | $ 15,253,239 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ 2,717,756 | $ 660,832 | $ 747,090 |
Foreign operations | 128,969 | (26,826) | 213,700 |
Income before income taxes | $ 2,846,725 | $ 634,006 | $ 960,790 |
Income Taxes - Schedule of Bene
Income Taxes - Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal: | |||||
Current | $ (4,928) | $ 11,991 | $ (120,980) | ||
Deferred (excluding separate components) | (537,993) | (143,468) | 204,713 | ||
Deferred – change in enacted rates | 0 | 0 | 987,942 | ||
Deferred – valuation allowance | (20,175) | (19,753) | 101,443 | ||
Other noncurrent | (5,745) | 576 | 1,356 | ||
Benefit (provision) for federal income taxes | (568,841) | (150,654) | 1,174,474 | ||
State: | |||||
Current | (22,685) | (12,564) | (6,798) | ||
Deferred (excluding separate components) | (32,793) | (12,731) | (25,233) | ||
Deferred – operating loss carryforward | (5,241) | (29,490) | 44,242 | ||
Deferred – valuation allowance | (191) | 41,068 | (40,078) | ||
Other noncurrent | (1,401) | (1,334) | (3,876) | ||
Provision for state income taxes | (62,311) | (15,051) | (31,743) | ||
Foreign: | |||||
Current | (2,454) | (2,037) | (470) | ||
Deferred (excluding separate components) | 44,374 | 63,827 | (40,653) | ||
Deferred – operating loss carryforward | 32,915 | 30,574 | 4,688 | ||
Deferred – valuation allowance | (76,028) | 23,229 | 21,098 | ||
Benefit (provision) for foreign income taxes | (1,193) | 115,593 | (15,337) | ||
Benefit (provision) for income taxes | $ (92,000) | $ 72,000 | $ (632,345) | $ (50,112) | $ 1,127,394 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Federal income tax statutory rate | 21.00% | 21.00% | 35.00% |
Change in enacted rates | 0.00% | 0.00% | (102.70%) |
Non-controlling interest | (0.80%) | (2.40%) | (1.50%) |
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate | (0.50%) | (9.50%) | (9.20%) |
Repatriation of foreign earnings | 0.00% | 0.00% | 35.40% |
Foreign tax credit | 0.00% | 0.00% | (70.30%) |
Federal valuation allowance | 0.70% | 3.10% | (10.60%) |
State taxes, net | 1.70% | 1.90% | 2.40% |
General business credits | (0.50%) | (2.90%) | (1.00%) |
Stock-based compensation | (0.10%) | (1.20%) | (2.10%) |
Non-deductible employee dining facility costs | 0.20% | 1.40% | 0.00% |
Permanent and other items | 0.50% | 2.90% | 3.10% |
Provision for income taxes (as a percent) | 22.20% | 7.90% | (117.30%) |
Macau [Member] | |||
Income Tax Disclosure [Line Items] | |||
Macau dividend tax | 0.00% | (6.40%) | 4.20% |
Income Taxes - Schedule of Tax-
Income Taxes - Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Deferred tax assets, net | $ 1,389,861 | $ 827,686 |
Deferred tax liabilities | ||
Total deferred tax liability | (3,496,367) | (2,170,224) |
Net deferred tax liability | (2,106,506) | (1,342,538) |
Federal and state [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 25,085 | 23,497 |
Deferred compensation | 7,918 | 5,950 |
Net operating loss carryforward | 19,265 | 23,406 |
Accruals, reserves and other | 97,590 | 88,139 |
Investments in unconsolidated affiliates | 0 | 83,130 |
Stock-based compensation | 18,882 | 20,581 |
Lease liabilities | 1,020,171 | 0 |
Long-term debt | 2,022 | 0 |
Tax credits | 2,600,142 | 2,926,996 |
Deferred tax assets, gross | 3,791,075 | 3,171,699 |
Less: Valuation allowance | (2,469,907) | (2,449,582) |
Deferred tax assets, net | 1,321,168 | 722,117 |
Deferred tax liabilities | ||
Property and equipment | (1,599,948) | (1,729,786) |
Investments in unconsolidated affiliates | (496,501) | 0 |
ROU assets | (977,870) | 0 |
Long-term debt | 0 | (3,141) |
Intangibles | (112,380) | (90,758) |
Total deferred tax liability | (3,186,699) | (1,823,685) |
Foreign [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 1,682 | 1,372 |
Net operating loss carryforward | 140,223 | 107,308 |
Accruals, reserves and other | 13,112 | 18,603 |
Property and equipment | 10,125 | 998 |
Stock-based compensation | 6,487 | 5,409 |
Lease liabilities | 1,213 | 0 |
Deferred tax assets, gross | 172,842 | 133,690 |
Less: Valuation allowance | (104,149) | (28,121) |
Deferred tax assets, net | 68,693 | 105,569 |
Deferred tax liabilities | ||
ROU assets | (1,940) | 0 |
Intangibles | (307,728) | (346,539) |
Total deferred tax liability | $ (309,668) | $ (346,539) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Tax cuts and jobs act of 2017, measurement period adjustment, income tax expense (benefit) | $ 20,000 | |||
Measurement period adjustment, effective tax rate increased | 3.00% | |||
Deferred Taxes for annual fee | $ 41 | |||
Macau [Member] | MGM Grand Paradise SA [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Macau's complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | |||
Decrease in net income attributable to MGM Resorts International | $ (54,000) | $ (43,000) | ||
Per share decrease in net income attributable to MGM Resorts International | $ (0.10) | $ (0.08) | ||
Increase in deferred tax liabilities | $ 35,000 | |||
Complementary tax | 1,150,000 | |||
Annual payments required under the extended annual fee arrangement | $ 1,000 | $ 1,000 | $ 1,000 | |
Macau [Member] | MGM Grand Paradise SA [Member] | Forecast [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Payments required under the extended annual fee arrangement | $ 300 |
Income Taxes - Additional Inf_2
Income Taxes - Additional Information1 (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||
Net deferred tax asset | $ 133 | |
Tax credit carry forward period | 10 years | |
Domestic losses recaptured in foreign tax credit carry forward. | $ 87 | |
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 9 | $ 13 |
Macau [Member] | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax assets, valuation allowance | 102 | |
Hong Kong [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses, valuation allowance | 3 | |
2022 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 319 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2022 | |
2023 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 976 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2023 | |
2024 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 773 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2024 | |
2025 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 333 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2025 | |
2027 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 199 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2027 | |
Macau [Member] | ||
Income Tax Disclosure [Line Items] | ||
Valuation allowance on foreign tax credit | $ 2,470 | |
Foreign tax credit carryover | $ 2,600 | |
Special gaming tax rate | 35.00% | |
State [Member] | ||
Income Tax Disclosure [Line Items] | ||
Complementary tax | $ 291 | |
Deferred tax assets after federal tax effect and before valuation allowance | 19 | |
Deferred tax assets, valuation allowance | $ 3 | |
State [Member] | Minimum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards expire | 2030 | |
State [Member] | Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards expire | 2037 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at January 1 | $ 24,464 | $ 18,588 | $ 14,026 |
Gross increases - prior period tax positions | 8,960 | 5,345 | 0 |
Gross decreases - prior period tax positions | (1,006) | (957) | (2,280) |
Gross increases - current period tax positions | 880 | 1,488 | 6,842 |
Gross unrecognized tax benefits at December 31 | $ 33,298 | $ 24,464 | $ 18,588 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
MGM China [Member] | MGM Macau [Member] | |
Leases [Line Items] | |
Initial contract term ending year | 25 years |
Lease initial contract term ending period | 2031-04 |
MGM China [Member] | MGM Cotai [Member] | |
Leases [Line Items] | |
Initial contract term ending year | 25 years |
Lease initial contract term ending period | 2038-01 |
Las Vegas Strip Resorts [Member] | Bellagio [Member] | BREIT [Member] | |
Leases [Line Items] | |
Lease agreement Initial lease term | 30 years |
Lease agreement renewal period | 10 years |
Initial annual rent | $ 245 |
Annual rent escalator from year one through year ten | 2.00% |
Annual rent escalator from year eleven through year twenty | 2.00% |
Annual rent escalator cap from year eleven through year twenty | 3.00% |
Annual rent escalator after year twenty | 4.00% |
Percentage of expected lease term of economic useful life | 75.00% |
Percentage Of present value of future minimum lease payments | 90.00% |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Costs (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense cost, primarily classified within "General and administrative" | $ 143,954 |
Interest expense | 1,164 |
Amortization expense | 13,341 |
Total finance lease costs | $ 14,505 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating leases | |||
Operating lease right-of-use assets | $ 4,392,481 | $ 656,000 | $ 0 |
Operating lease liabilities - short-term, classified within "Other accrued liabilities" | $ 67,473 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | ||
Operating lease liabilities - long-term | $ 4,277,970 | 0 | |
Total operating lease liabilities | 4,345,443 | $ 580,000 | |
Finance leases | |||
Finance lease right-of-use assets, classified within "Property and equipment, net" | $ 93,437 | $ 0 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Finance lease liabilities - short-term, classified within "Other accrued liabilities" | $ 27,975 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | ||
Finance lease liabilities - long-term, classified within "Other long-term obligations" | $ 67,182 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLongTermDebt | ||
Total finance lease liabilities | $ 95,157 | ||
Weighted-average remaining lease term (years) | |||
Operating leases | 31 years | ||
Finance leases | 4 years | ||
Weighted-average discount rate (%) | |||
Operating leases | 7.00% | ||
Finance leases | 3.00% |
Leases - Schedule of Cash Paid
Leases - Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash outflows from operating leases | $ 117,072 |
Operating cash outflows from finance leases | 1,164 |
Financing cash outflows from finance leases | 10,311 |
ROU assets obtained in exchange for new lease liabilities | |
Operating leases | 3,814,115 |
Finance leases | $ 84,934 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Leases, 2020 | $ 345,678 | ||
Operating Leases, 2021 | 324,281 | ||
Operating Leases, 2022 | 313,779 | ||
Operating Leases, 2023 | 316,336 | ||
Operating Leases, 2024 | 320,642 | ||
Operating Leases, Thereafter | 10,066,850 | ||
Operating Leases, Total future minimum lease payments | 11,687,566 | ||
Operating Leases, Less: Amount of lease payments representing interest | (7,342,123) | ||
Total operating lease liabilities | 4,345,443 | $ 580,000 | |
Operating Leases, Less: Current portion | (67,473) | ||
Operating Leases, Long-term lease obligations | 4,277,970 | $ 0 | |
Finance Leases, 2020 | 30,361 | ||
Finance Leases, 2021 | 27,273 | ||
Finance Leases, 2022 | 25,427 | ||
Finance Leases, 2023 | 17,019 | ||
Finance Leases, 2024 | 0 | ||
Finance Leases, Thereafter | 0 | ||
Finance Leases, Total future minimum lease payments | 100,080 | ||
Finance Leases, Less: Amount of lease payments representing interest | (4,923) | ||
Total finance lease liabilities | 95,157 | ||
Finance Leases, Less: Current portion | (27,975) | ||
Finance Leases, Long-term lease obligations | $ 67,182 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2017 | Nov. 15, 2019 | May 31, 2019 | |
Loss Contingencies [Line Items] | ||||
Insurance coverage available to fund litigation liabilities | $ 751,000,000 | |||
Percentage of participation to increase the amount for settlement by certain categories of claimants | 100.00% | |||
Accrued insurance liability | $ 735,000,000 | |||
Insurance receivable | 735,000,000 | |||
Blackstone Real Estate Income Trust [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantee obligation amount | $ 3,010,000,000 | $ 3,010,000,000 | ||
Guarantee term | Additionally, the Company provides a guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, which matures in 2029. The terms of the guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Bellagio owned by Bellagio BREIT Venture, and the debt obligation. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial. | |||
MGP BREIT Venture [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantee obligation amount | $ 3,000,000,000 | |||
Guarantee term | In connection with the MGP BREIT Venture Transaction, the Company provides a guarantee of the $3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of MGP BREIT Venture, which has an initial term of twelve years, maturing in 2032, with an anticipated repayment date of March 2030. The terms of the guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Mandalay Bay and MGM Grand Las Vegas, owned by MGP BREIT Venture, and the debt obligation. Refer to Note 1 for further discussion on this subsequent event. | |||
MGP Senior Credit Facility [Member] | ||||
Loss Contingencies [Line Items] | ||||
Credit facility outstanding | $ 0 | |||
Senior Credit Facility [Member] | ||||
Loss Contingencies [Line Items] | ||||
Credit facility outstanding | 11,000,000 | |||
Letters of credit [Member] | MGP Senior Credit Facility [Member] | ||||
Loss Contingencies [Line Items] | ||||
Credit facility amount | 75,000,000 | |||
Letters of credit [Member] | Senior Credit Facility [Member] | ||||
Loss Contingencies [Line Items] | ||||
Credit facility amount | $ 500,000,000 | |||
MGM Grand Paradise SA [Member] | Extension Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantee obligation amount | $ 102,000 | |||
Guarantee term | In connection with the Extension Agreement, MGM Grand Paradise provided a bank guarantee in an amount of approximately $102 million (when giving effect to foreign currency exchange rate fluctuations) to the government of Macau in May 2019 to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022. | |||
City of Atlantic City, New Jersey [Member] | Borgata [Member] | Borgata Property Tax Reimbursement Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Reimbursement of property tax - Total amount | $ 72,000,000 | |||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated amount for settlement to Claimants | $ 735,000,000 | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated amount for settlement to Claimants | $ 800,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Changes in Accumulated Balance of Other Comprehensive Income (loss) Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 10,469,791 | $ 11,611,124 | $ 9,941,957 |
Other comprehensive loss | (635) | (9,446) | (35,193) |
Other changes in accumulated other comprehensive income (loss): | |||
Accumulated other comprehensive loss | (10,202) | (8,556) | |
Ending Balance | 12,662,919 | 10,469,791 | 11,611,124 |
Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | (5,027) | ||
MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Share issuance | 1,201,558 | 361,622 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (18,872) | (11,450) | 12,545 |
Other comprehensive income (loss) before reclassifications | 28,870 | (13,022) | (43,188) |
Amounts reclassified from accumulated other comprehensive income (loss) to "Interest expense, net" | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 0 | ||
Other comprehensive loss | 28,870 | (13,022) | (43,188) |
Other changes in accumulated other comprehensive income (loss): | |||
Other | 0 | ||
Accumulated other comprehensive loss | 28,870 | ||
Other comprehensive (income) loss attributable to noncontrolling interest | (12,745) | 5,600 | 19,193 |
Ending Balance | (2,747) | (18,872) | (11,450) |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Share issuance | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 9,144 | 6,668 | 1,434 |
Other comprehensive income (loss) before reclassifications | (28,783) | 4,706 | (1,221) |
Amounts reclassified from accumulated other comprehensive income (loss) to "Interest expense, net" | (5,599) | (1,130) | 9,216 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 4,877 | ||
Other comprehensive loss | (29,505) | 3,576 | 7,995 |
Other changes in accumulated other comprehensive income (loss): | |||
Other | 0 | ||
Accumulated other comprehensive loss | (29,505) | ||
Other comprehensive (income) loss attributable to noncontrolling interest | 9,532 | (1,100) | (2,761) |
Ending Balance | (10,829) | 9,144 | 6,668 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Share issuance | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 0 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 1,172 | 1,172 | 1,074 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 98 |
Amounts reclassified from accumulated other comprehensive income (loss) to "Interest expense, net" | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 0 | ||
Other comprehensive loss | 0 | 0 | 98 |
Other changes in accumulated other comprehensive income (loss): | |||
Other | 481 | ||
Accumulated other comprehensive loss | 2,202 | ||
Other comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending Balance | 3,374 | 1,172 | 1,172 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 195 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Share issuance | 1,512 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 16 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | (2) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (8,556) | (3,610) | 15,053 |
Other comprehensive income (loss) before reclassifications | 87 | (8,316) | (44,311) |
Amounts reclassified from accumulated other comprehensive income (loss) to "Interest expense, net" | (5,599) | (1,130) | 9,216 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 4,877 | ||
Other comprehensive loss | (635) | (9,446) | (35,095) |
Other changes in accumulated other comprehensive income (loss): | |||
Other | 481 | ||
Accumulated other comprehensive loss | 1,567 | ||
Other comprehensive (income) loss attributable to noncontrolling interest | (3,213) | 4,500 | 16,432 |
Ending Balance | (10,202) | $ (8,556) | $ (3,610) |
AOCI Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 195 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Share issuance | 1,512 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | 16 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive income (loss): | |||
Acquisition transaction | $ (2) |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Net Income Attributable to and Transfers from Noncontrolling Interest, Which Shows Effects of Changes in Company's Ownership Interest in a Subsidiary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders Equity Note [Line Items] | |||||||||||
Net income attributable to MGM Resorts International | $ 2,011,577 | $ (37,133) | $ 43,405 | $ 31,297 | $ (23,327) | $ 142,878 | $ 123,777 | $ 223,444 | $ 2,049,146 | $ 466,772 | $ 1,952,052 |
Transfers from/(to) noncontrolling interest: | |||||||||||
Other | (935) | (5,667) | (2,889) | ||||||||
Net transfers from/(to) noncontrolling interest | 152,034 | (5,667) | 19,752 | ||||||||
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest | 2,201,180 | 461,105 | 1,971,804 | ||||||||
Empire City [Member] | |||||||||||
Transfers from/(to) noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | (18,718) | 0 | 0 | ||||||||
Park MGM [Member] | |||||||||||
Transfers from/(to) noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | (1,968) | 0 | 0 | ||||||||
Northfield OpCo [Member] | |||||||||||
Transfers from/(to) noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | 21,679 | 0 | 0 | ||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||||
Transfers from/(to) noncontrolling interest: | |||||||||||
MGP Class A share issuances | 151,976 | 0 | 35,138 | ||||||||
MGM National Harbor Transaction [Member] | |||||||||||
Transfers from/(to) noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | $ 0 | $ 0 | $ (12,497) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | Feb. 13, 2020 | Feb. 12, 2020 | Jan. 01, 2020 | Nov. 22, 2019 | Oct. 15, 2017 | Sep. 11, 2017 | Apr. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2018 | Sep. 30, 2017 |
Stockholders Equity Note [Line Items] | ||||||||||||||
Long-term debt, Gross | $ 11,271,706,000 | $ 15,253,239,000 | ||||||||||||
Repurchase of common stock | $ 1,031,534,000 | $ 1,283,333,000 | $ 327,500,000 | |||||||||||
Subsequent Event [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Dividend declared date | Feb. 12, 2020 | |||||||||||||
Dividends declared per share | $ 0.15 | |||||||||||||
Dividends paid date | Mar. 16, 2020 | |||||||||||||
Dividend record date | Mar. 10, 2020 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Common stock repurchases, Shares | 35,854 | 41,076 | 10,000 | |||||||||||
Repurchase of common stock | $ 358,000 | $ 411,000 | $ 100,000 | |||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Authorized amount of stock repurchase | 2,000,000,000 | $ 2,000,000,000 | ||||||||||||
Repurchase of common stock, remaining amount | $ 357,000,000 | |||||||||||||
Share Repurchase Program Two [Member] | Common Stock [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Authorized amount of stock repurchase | $ 1,000,000,000 | |||||||||||||
Share Repurchase Program Three [Member] | Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Authorized amount of stock repurchase | $ 3,000,000,000 | |||||||||||||
Share Repurchase Program [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Tender offer expiration date | Mar. 12, 2020 | |||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Common stock repurchases, Shares | 36,000 | 41,000 | ||||||||||||
Stock repurchased, average price per share | $ 28.77 | $ 31.25 | ||||||||||||
Repurchase of common stock | $ 1,000,000,000 | $ 1,300,000,000 | ||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Common stock repurchases, Shares | 11,000 | |||||||||||||
Stock repurchased, average price per share | $ 32.57 | |||||||||||||
Repurchase of common stock | $ 354,000,000 | |||||||||||||
Tender offer | $ 1,250,000 | |||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Stock repurchased, average price per share | $ 34 | |||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Stock repurchased, average price per share | $ 29 | |||||||||||||
Northfield OpCo [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of operating partnership units | 9,000 | |||||||||||||
MGM National Harbor Transaction [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of operating partnership units | 9,800 | |||||||||||||
Cash in exchange | $ 463,000,000 | |||||||||||||
Term Loan [Member] | MGM National Harbor Transaction [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Long-term debt, Gross | $ 425,000,000 | |||||||||||||
MGM Growth Properties LLC [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Partnership interest | 73.40% | 72.30% | 68.80% | 69.80% | 74.60% | 63.70% | ||||||||
MGM Growth Properties LLC [Member] | Empire City [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of operating partnership units | 13,000 | |||||||||||||
MGM Growth Properties LLC [Member] | Park MGM [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of operating partnership units | 1,000 | |||||||||||||
Class A shares [Member] | MGM Growth Properties LLC [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
New issuance of shares | 30,000 | 13,200 | 20,000 | 5,000 | ||||||||||
Issuance of operating partnership units | 18,000 | 13,200 | 20,000 | 5,000 | ||||||||||
Partnership interest | 63.70% | 69.70% | 63.70% | |||||||||||
Class A shares [Member] | MGM Growth Properties LLC [Member] | Underwriters [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
New issuance of shares | 18,000 | |||||||||||||
Class A shares [Member] | MGM Growth Properties LLC [Member] | Forward Purchasers [Member] | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
New issuance of shares | 12,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - Omnibus Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Maximum number of shares to be issued | 45,000,000 |
Number of shares available for grant as share-based awards | 20,000,000 |
Number of options and stock appreciation rights outstanding | 4,000,000 |
Number of restricted stock units and performance share units outstanding | 7,000,000 |
Unamortized compensation | $ | $ 116 |
Weighted-average period over which compensation cost is expected to be recognized | 2 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Intrinsic Value (Detail) - Omnibus Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
SARs exercised and RSUs and PSUs vested | $ 86,843 | $ 97,302 | $ 100,264 |
SARs outstanding | 45,197 | 21,563 | 112,604 |
SARs vested and expected to vest | 45,162 | 21,547 | 111,284 |
SARs exercisable | $ 41,432 | $ 19,745 | $ 78,865 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 88,838 | $ 70,196 | $ 62,522 |
Less: Reimbursed costs and capitalized cost | (3,487) | (1,710) | (1,398) |
Compensation cost after reimbursed costs and capitalized cost | 85,351 | 68,486 | 61,124 |
Less: Related tax benefit | (16,752) | (13,218) | (18,650) |
Compensation cost, net of tax benefit | 68,599 | 55,268 | 42,474 |
Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 76,995 | 57,735 | 49,383 |
MGP Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 2,277 | 2,092 | 2,568 |
MGM China Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 9,566 | $ 10,369 | $ 10,571 |
Employee Benefit Plans - Table
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 88-0215232 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 88-6016617 | ||
Pension plan number | 001 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status | No | ||
Contributions by the Company (in thousands)(4) | $ 52,218 | $ 47,825 | $ 45,297 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreements, First | Mar. 31, 2021 | ||
Expiration Date of Collective Bargaining Agreements, Second | May 31, 2023 | ||
Expiration Date of Collective Bargaining Agreements, Last | May 31, 2024 | ||
Legacy Plan of the UNITE HERE Retirement Fund (UHF) [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 82-0994119 | ||
Pension plan number | 001 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions by the Company (in thousands)(4) | $ 10,151 | $ 9,794 | $ 9,416 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreements, Last | Feb. 29, 2020 |
Employee Benefit Plans - Tabl_2
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Parenthetical) (Detail) - Agreement | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Number of collective bargaining agreements | 12 | ||
Number of significant collective bargaining agreements | 4 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% | |
Multiemployer plans, funded status | At least 80 percent | ||
Legacy Plan of the UNITE HERE Retirement Fund (UHF) [Member] | |||
Multiemployer Plans [Line Items] | |||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | ||
Multiemployer plans, funded status | Less than 65 percent |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Accrued Liabilities and Other Long-Term Obligations [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Liability for self-insurance | $ 95 | $ 93 | |
Multiemployer Plans, Postretirement Benefit [Member] | UNITE HERE Health [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Contributions by the Company (in thousands)(4) | $ 206 | $ 191 | $ 183 |
Property Transactions, Net - Sc
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Other property transactions, net | $ 55,508 | $ 53,850 | $ 50,279 |
Property transactions, net | 275,802 | 9,147 | 50,279 |
Circus Circus Las Vegas and Adjacent Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Loss related to sale of Circus Circus Las Vegas and adjacent land | 220,294 | 0 | 0 |
Grand Victoria [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain on sale of Grand Victoria | $ 0 | $ (44,703) | $ 0 |
Property Transactions, Net - Ad
Property Transactions, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | $ 18,285,955 | $ 18,285,955 | $ 20,729,888 | ||
Other property transactions, net | (55,508) | (53,850) | $ (50,279) | ||
Circus Circus Las Vegas and Adjacent Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Consideration receivable from sale of assets | 825,000 | 825,000 | |||
Consideration receivable from sale of assets, cash receivable | 662,500 | 662,500 | |||
Consideration receivable from sale of assets, notes receivable face value | 162,500 | 162,500 | |||
Consideration receivable from sale of assets, notes receivable fair value | $ 133,700 | $ 133,700 | |||
Debt instrument, interest rate | 7.31% | 7.31% | |||
Non-cash impairment charge | $ 219,000 | $ 219,000 | |||
Recognized loss on disposition | $ 2,000 | ||||
Value of assets and liabilities disposed | 810,000 | 810,000 | |||
Proceeds from sale of land | 14,000 | ||||
Property and equipment, net | $ 785,000 | 785,000 | |||
M G M Cotai Production [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Other property transactions, net | $ (24,000) | ||||
Monte Carlo Rebranding [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Other property transactions, net | $ (20,000) | $ (34,000) | |||
Secured Note Due 2024 Interest Rate in First Two Years [Member] | Circus Circus Las Vegas and Adjacent Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 3.00% | 3.00% | |||
Secured Note Due 2024 Interest Rate in Following Two Years [Member] | Circus Circus Las Vegas and Adjacent Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 4.00% | 4.00% | |||
Secured Note Due 2024 Interest Rate in Fifth Year [Member] | Circus Circus Las Vegas and Adjacent Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Revenues | $ 3,185,136 | $ 3,314,382 | $ 3,223,243 | $ 3,176,911 | $ 3,052,862 | $ 3,029,302 | $ 2,858,695 | $ 2,822,237 | $ 12,899,672 | $ 11,763,096 | $ 10,797,479 |
Other operating income (expense) | |||||||||||
NV Energy exit expense | 0 | 0 | 40,629 | ||||||||
Preopening and start-up expenses | (7,175) | (151,392) | (118,475) | ||||||||
Property transactions, net | (275,802) | (9,147) | (50,279) | ||||||||
Gain on Bellagio transaction | 2,677,996 | 0 | 0 | ||||||||
Depreciation and amortization | (1,304,649) | (1,178,044) | (993,480) | ||||||||
Restructuring | (92,139) | 0 | 0 | ||||||||
Triple net operating lease and ground lease rent expense | (74,656) | (29,633) | (23,471) | ||||||||
Income from unconsolidated affiliates related to investments in REITs | 544 | 0 | 0 | ||||||||
Operating income | 2,960,089 | 238,381 | 371,485 | 370,260 | 335,751 | 410,903 | 363,075 | 359,757 | 3,940,215 | 1,469,486 | 1,712,527 |
Non-operating income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (847,932) | (769,513) | (668,745) | ||||||||
Non-operating items from unconsolidated affiliates | (62,296) | (47,827) | (34,751) | ||||||||
Other, net | (183,262) | (18,140) | (48,241) | ||||||||
Total non-operating income (expense) | (1,093,490) | (835,480) | (751,737) | ||||||||
Income before income taxes | 2,846,725 | 634,006 | 960,790 | ||||||||
Benefit (provision) for income taxes | (92,000) | 72,000 | (632,345) | (50,112) | 1,127,394 | ||||||
Net income | 2,065,950 | 6,104 | 76,169 | 66,157 | 5,760 | 171,410 | 140,423 | 266,301 | 2,214,380 | 583,894 | 2,088,184 |
Less: Net income attributable to noncontrolling interests | (165,234) | (117,122) | (136,132) | ||||||||
Net income attributable to MGM Resorts International | $ 2,011,577 | $ (37,133) | $ 43,405 | $ 31,297 | $ (23,327) | $ 142,878 | $ 123,777 | $ 223,444 | 2,049,146 | 466,772 | 1,952,052 |
Capital expenditures | 739,006 | 1,486,843 | 1,864,082 | ||||||||
Reportable segments [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 12,286,257 | 11,101,150 | 10,314,003 | ||||||||
Adjusted Property EBITDAR | 3,347,717 | 3,062,502 | 3,071,511 | ||||||||
Non-operating income (expense) | |||||||||||
Capital expenditures | 618,986 | 964,121 | 1,409,957 | ||||||||
Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 5,831,051 | 5,716,672 | 5,746,123 | ||||||||
Adjusted Property EBITDAR | 1,643,122 | 1,706,315 | 1,781,390 | ||||||||
Non-operating income (expense) | |||||||||||
Capital expenditures | 285,863 | 501,044 | 419,983 | ||||||||
Reportable segments [Member] | MGM China [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 2,905,422 | 2,449,957 | 1,858,160 | ||||||||
Adjusted Property EBITDAR | 734,729 | 574,333 | 535,524 | ||||||||
Non-operating income (expense) | |||||||||||
Capital expenditures | 145,634 | 390,212 | 923,346 | ||||||||
Reportable segments [Member] | Regional Operations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 3,549,784 | 2,934,521 | 2,709,720 | ||||||||
Adjusted Property EBITDAR | 969,866 | 781,854 | 754,597 | ||||||||
Non-operating income (expense) | |||||||||||
Capital expenditures | 187,489 | 72,865 | 66,628 | ||||||||
Corporate and other [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 613,415 | 661,946 | 483,476 | ||||||||
Other operating income (expense) | |||||||||||
Corporate and other | (331,621) | (224,800) | (213,908) | ||||||||
Non-operating income (expense) | |||||||||||
Capital expenditures | 120,020 | 537,347 | 469,053 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Non-operating income (expense) | |||||||||||
Capital expenditures | (14,625) | (14,928) | |||||||||
Casino [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 6,517,759 | 5,753,150 | 5,016,426 | ||||||||
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 1,296,170 | 1,407,733 | 1,436,830 | ||||||||
Casino [Member] | Reportable segments [Member] | MGM China [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 2,609,806 | 2,195,144 | 1,741,635 | ||||||||
Casino [Member] | Reportable segments [Member] | Regional Operations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 2,537,780 | 2,026,925 | 1,834,803 | ||||||||
Rooms [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 2,322,579 | 2,212,573 | 2,152,741 | ||||||||
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 1,863,521 | 1,776,029 | 1,778,869 | ||||||||
Rooms [Member] | Reportable segments [Member] | MGM China [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 142,306 | 118,527 | 54,824 | ||||||||
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 316,753 | 318,017 | 319,049 | ||||||||
Food and Beverage [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 2,145,247 | 1,959,021 | 1,871,969 | ||||||||
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 1,517,745 | 1,402,378 | 1,410,496 | ||||||||
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 127,152 | 114,862 | 51,330 | ||||||||
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 494,243 | 428,934 | 410,143 | ||||||||
Entertainment, Retail and Other [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 1,477,200 | 1,412,860 | 1,354,301 | ||||||||
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 1,153,615 | 1,130,532 | 1,119,928 | ||||||||
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member] | |||||||||||
Revenues | |||||||||||
Revenues | 26,158 | 21,424 | 10,371 | ||||||||
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member] | |||||||||||
Revenues | |||||||||||
Revenues | $ 201,008 | $ 160,645 | $ 145,725 |
Segment Information - Schedul_2
Segment Information - Schedule of Long Lived Assets Presented by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Long-lived assets: | |||
Long-lived assets | $ 28,589,504 | $ 26,495,743 | $ 25,319,950 |
United States [Member] | |||
Long-lived assets: | |||
Long-lived assets | 20,582,055 | 18,228,939 | 16,863,222 |
China and All Other Foreign Countries [Member] | |||
Long-lived assets: | |||
Long-lived assets | $ 8,007,449 | $ 8,266,804 | $ 8,456,728 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands, shares in Millions | Feb. 14, 2020USD ($) | Apr. 01, 2019USD ($) | Mar. 07, 2019USD ($)shares | Jan. 29, 2019USD ($) | Jan. 02, 2019USD ($) | Sep. 01, 2016USD ($)shares | Jan. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Term | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||||||
Revenues | $ 3,185,136 | $ 3,314,382 | $ 3,223,243 | $ 3,176,911 | $ 3,052,862 | $ 3,029,302 | $ 2,858,695 | $ 2,822,237 | $ 12,899,672 | $ 11,763,096 | $ 10,797,479 | |||||||
Other Liabilities Noncurrent | $ 4,641,558 | 259,240 | $ 4,641,558 | 259,240 | ||||||||||||||
Initial lease term | 10 years | |||||||||||||||||
Company initial lease can be extended | Term | 4 | |||||||||||||||||
Company initial lease additional extension option | 5 years | |||||||||||||||||
Leasing arrangement description of rent | the possibility for additional 2% increases thereafter subject to the Company meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease | |||||||||||||||||
Total purchase price | $ 638,000 | |||||||||||||||||
Purchase price in cash | 606,000 | |||||||||||||||||
Empire City [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Total purchase price | $ 865,000 | |||||||||||||||||
Empire City [Member] | Developed Real Property [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Total purchase price | $ 634,000 | |||||||||||||||||
Liabilities incurred for acquisition | 246,000 | |||||||||||||||||
Increase in annual rent payment | $ 50,000 | |||||||||||||||||
Annual fixed rent, percentage | 90.00% | |||||||||||||||||
Increase in annual rent per year, percentage | 2.00% | |||||||||||||||||
Northfield OpCo [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Total purchase price | 305,000 | |||||||||||||||||
Base Rent [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Percentage of initial total rent payments due | 90.00% | |||||||||||||||||
Fixed annual rent escalator percentage | 2.00% | 2.00% | ||||||||||||||||
Additional annual rent escalator percentage | 2.00% | |||||||||||||||||
Percentage Rent [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Percentage of initial total rent payments due | 10.00% | |||||||||||||||||
Master Lease [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Fixed annual rent escalator percentage | 2.00% | |||||||||||||||||
Increase in annual rent payment | $ 50,000 | |||||||||||||||||
Annual fixed rent, percentage | 90.00% | |||||||||||||||||
Increase in annual rent per year, percentage | 2.00% | |||||||||||||||||
Annual rent payments under master lease of properties | $ 946,000 | $ 770,000 | ||||||||||||||||
Master Lease [Member] | Empire City [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Increase in additional rent payment | $ 50,000 | |||||||||||||||||
Master Lease [Member] | Northfield OpCo [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Increase in annual rent payment | $ 60,000 | |||||||||||||||||
Annual fixed rent, percentage | 90.00% | |||||||||||||||||
Increase in annual rent per year, percentage | 2.00% | |||||||||||||||||
Master Lease [Member] | MGM Northfield Park [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Increase in additional rent payment | $ 60,000 | |||||||||||||||||
MGM China [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Travel and advertising expenses | $ 6,000 | |||||||||||||||||
Ordinary shares acquired | shares | 188.1 | |||||||||||||||||
Grand Paradise Macau [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Deferred cash payment to Grand Paradise Macau | $ 50,000 | |||||||||||||||||
Other Liabilities Noncurrent | $ 34,000 | 36,000 | 34,000 | 36,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Northfield OpCo [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Redemption of operating partnership units | shares | 9 | |||||||||||||||||
Shun Tak [Member] | MGM China [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Expenses incurred | 16,000 | 17,000 | 13,000 | |||||||||||||||
Ms Ho Pansy Catilina Chiu King [Member] | MGM Branding and Development [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Distribution made to noncontrolling interests | $ 20,000 | 22,000 | 15,000 | |||||||||||||||
Blackstone Real Estate Income Trust [Member] | Bellagio [Member] | Real Estate Assets and Leased Back [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Ownership interest | 5.00% | 5.00% | ||||||||||||||||
Blackstone Real Estate Income Trust [Member] | Subsequent Event [Member] | MGP [Member] | Lease Agreements [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Ownership interest | 50.10% | |||||||||||||||||
CityCenter Holdings, LLC [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Revenues | $ 48,000 | 47,000 | 49,000 | |||||||||||||||
CityCenter Holdings, LLC [Member] | Aria and Vdara [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Management fee as a percentage of revenue | 2.00% | |||||||||||||||||
Management fee received, percentage of EBITDA | 5.00% | |||||||||||||||||
CityCenter Holdings, LLC [Member] | Management Services and Reimbursable Costs [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Reimbursable costs for support services provided | $ 420,000 | 409,000 | $ 390,000 | |||||||||||||||
Receivable related to management services and reimbursable costs | $ 66,000 | $ 83,000 | $ 66,000 | $ 83,000 | ||||||||||||||
Mandalay Bay [Member] | Master Lease [Member] | Subsequent Event [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Decrease in annual rent payment | $ 133,000 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | $ 4,007,693 | $ 2,526,778 | ||
Property and equipment, net | 18,285,955 | 20,729,888 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 822,366 | 732,867 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 10,760,342 | 6,221,173 | ||
Assets held for sale | 0 | |||
Total assets | 33,876,356 | 30,210,706 | ||
Current liabilities | 3,191,423 | 2,948,882 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 2,106,506 | 1,342,538 | ||
Long-term debt, net | 11,168,904 | 15,088,005 | ||
Other non-current liabilities | 4,641,558 | 259,240 | ||
Liabilities related to assets held for sale | 0 | |||
Total liabilities | 21,108,391 | 19,638,665 | ||
Redeemable noncontrolling interests | 105,046 | 102,250 | ||
MGM Resorts International stockholders' equity | 7,727,265 | 6,512,283 | ||
Noncontrolling interests | 4,935,654 | 3,957,508 | ||
Total stockholders' equity | 12,662,919 | 10,469,791 | $ 11,611,124 | $ 9,941,957 |
Total liabilities and stockholders' equity | 33,876,356 | 30,210,706 | ||
Reportable Legal Entities [Member] | Parent [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 1,847,328 | 304,741 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 26,283,270 | 22,419,282 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 59,968 | 67,214 | ||
Assets held for sale | 0 | |||
Total assets | 28,190,566 | 22,791,237 | ||
Current liabilities | 842,161 | 154,484 | ||
Intercompany accounts | 12,956,091 | 6,932,325 | ||
Deferred income taxes, net | 1,865,535 | 1,097,654 | ||
Long-term debt, net | 4,713,521 | 8,055,472 | ||
Other non-current liabilities | 85,993 | 39,019 | ||
Liabilities related to assets held for sale | 0 | |||
Total liabilities | 20,463,301 | 16,278,954 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 7,727,265 | 6,512,283 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 7,727,265 | 6,512,283 | ||
Total liabilities and stockholders' equity | 28,190,566 | 22,791,237 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 1,166,667 | 1,244,864 | ||
Property and equipment, net | 2,972,291 | 13,585,370 | ||
Investments in subsidiaries | 3,500,241 | 3,401,031 | ||
Investments in the MGP Operating Partnership | 3,713,065 | 3,434,602 | ||
Investments in and advances to unconsolidated affiliates | 782,820 | 678,748 | ||
Intercompany accounts | 12,994,459 | 7,135,183 | ||
Other non-current assets | 14,142,246 | 1,186,666 | ||
Assets held for sale | 0 | |||
Total assets | 39,271,789 | 30,666,464 | ||
Current liabilities | 1,601,959 | 1,646,481 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Long-term debt, net | 569 | 570 | ||
Other non-current liabilities | 13,151,072 | 7,210,948 | ||
Liabilities related to assets held for sale | 0 | |||
Total liabilities | 14,753,600 | 8,857,999 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 24,513,386 | 21,808,465 | ||
Noncontrolling interests | 4,803 | 0 | ||
Total stockholders' equity | 24,518,189 | 21,808,465 | ||
Total liabilities and stockholders' equity | 39,271,789 | 30,666,464 | ||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 216,232 | 12,054 | ||
Property and equipment, net | 10,827,972 | 10,506,129 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 866,068 | 77,436 | ||
Assets held for sale | 355,688 | |||
Total assets | 11,910,272 | 10,951,307 | ||
Current liabilities | 197,581 | 160,441 | ||
Intercompany accounts | 774 | 227 | ||
Deferred income taxes, net | 29,909 | 33,634 | ||
Long-term debt, net | 4,307,354 | 4,666,949 | ||
Other non-current liabilities | 476,642 | 215,613 | ||
Liabilities related to assets held for sale | 28,937 | |||
Total liabilities | 5,012,260 | 5,105,801 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 4,383,113 | 4,279,535 | ||
Noncontrolling interests | 2,514,899 | 1,565,971 | ||
Total stockholders' equity | 6,898,012 | 5,845,506 | ||
Total liabilities and stockholders' equity | 11,910,272 | 10,951,307 | ||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 790,285 | 972,820 | ||
Property and equipment, net | 4,497,664 | 6,392,014 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 783,049 | 831,494 | ||
Investments in and advances to unconsolidated affiliates | 14,546 | 29,119 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 7,057,191 | 4,932,872 | ||
Assets held for sale | 0 | |||
Total assets | 13,142,735 | 13,158,319 | ||
Current liabilities | 845,471 | 1,224,752 | ||
Intercompany accounts | 37,594 | 202,631 | ||
Deferred income taxes, net | 240,971 | 240,970 | ||
Long-term debt, net | 2,147,460 | 2,365,014 | ||
Other non-current liabilities | 2,339,166 | 2,247,584 | ||
Liabilities related to assets held for sale | 0 | |||
Total liabilities | 5,610,662 | 6,280,951 | ||
Redeemable noncontrolling interests | 105,046 | 102,250 | ||
MGM Resorts International stockholders' equity | 5,011,075 | 4,383,581 | ||
Noncontrolling interests | 2,415,952 | 2,391,537 | ||
Total stockholders' equity | 7,427,027 | 6,775,118 | ||
Total liabilities and stockholders' equity | 13,142,735 | 13,158,319 | ||
Elimination [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | (12,819) | (7,701) | ||
Property and equipment, net | (11,972) | (9,753,625) | ||
Investments in subsidiaries | (29,783,511) | (25,820,313) | ||
Investments in the MGP Operating Partnership | (4,496,114) | (4,266,096) | ||
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 | ||
Intercompany accounts | (12,994,459) | (7,135,183) | ||
Other non-current assets | (11,365,131) | (43,015) | ||
Assets held for sale | (355,688) | |||
Total assets | (58,639,006) | (47,356,621) | ||
Current liabilities | (295,749) | (237,276) | ||
Intercompany accounts | (12,994,459) | (7,135,183) | ||
Deferred income taxes, net | (29,909) | (29,720) | ||
Long-term debt, net | 0 | 0 | ||
Other non-current liabilities | (11,411,315) | (9,453,924) | ||
Liabilities related to assets held for sale | (28,937) | |||
Total liabilities | (24,731,432) | (16,885,040) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | (33,907,574) | (30,471,581) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | (33,907,574) | (30,471,581) | ||
Total liabilities and stockholders' equity | $ (58,639,006) | $ (47,356,621) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Revenues | $ 3,185,136 | $ 3,314,382 | $ 3,223,243 | $ 3,176,911 | $ 3,052,862 | $ 3,029,302 | $ 2,858,695 | $ 2,822,237 | $ 12,899,672 | $ 11,763,096 | $ 10,797,479 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 7,603,489 | 6,918,875 | 6,193,122 | ||||||||
General and administrative | 2,101,217 | 1,764,638 | 1,559,575 | ||||||||
Corporate expense | 464,642 | 419,204 | 356,872 | ||||||||
NV Energy exit expense | (40,629) | ||||||||||
Preopening and start-up expenses | 7,175 | 151,392 | 118,475 | ||||||||
Property transactions, net | 275,802 | 9,147 | 50,279 | ||||||||
Gain on Bellagio transaction | (2,677,996) | 0 | 0 | ||||||||
Depreciation and amortization | 1,304,649 | 1,178,044 | 993,480 | ||||||||
Total expenses | 9,078,978 | 10,441,300 | 9,231,174 | ||||||||
Income (loss) from unconsolidated affiliates | 119,521 | 147,690 | 146,222 | ||||||||
Operating income | 2,960,089 | 238,381 | 371,485 | 370,260 | 335,751 | 410,903 | 363,075 | 359,757 | 3,940,215 | 1,469,486 | 1,712,527 |
Interest expense, net of amounts capitalized | (847,932) | (769,513) | (668,745) | ||||||||
Other non-operating, net | (245,558) | (65,967) | (82,992) | ||||||||
Income before income taxes | 2,846,725 | 634,006 | 960,790 | ||||||||
Benefit (provision) for income taxes | (92,000) | 72,000 | (632,345) | (50,112) | 1,127,394 | ||||||
Income from continuing operations, net of tax | 2,214,380 | 583,894 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 2,065,950 | 6,104 | 76,169 | 66,157 | 5,760 | 171,410 | 140,423 | 266,301 | 2,214,380 | 583,894 | 2,088,184 |
Less: Net income attributable to noncontrolling interests | (165,234) | (117,122) | (136,132) | ||||||||
Net income attributable to MGM Resorts International | 2,011,577 | (37,133) | 43,405 | 31,297 | (23,327) | 142,878 | 123,777 | 223,444 | 2,049,146 | 466,772 | 1,952,052 |
Net income | $ 2,065,950 | $ 6,104 | $ 76,169 | $ 66,157 | $ 5,760 | $ 171,410 | $ 140,423 | $ 266,301 | 2,214,380 | 583,894 | 2,088,184 |
Foreign currency translation adjustment | 28,870 | (13,022) | (43,188) | ||||||||
Other comprehensive income (loss) - cash flow hedges | (29,505) | 3,576 | 7,995 | ||||||||
Other comprehensive loss | (635) | (9,446) | (35,193) | ||||||||
Comprehensive income | 2,213,745 | 574,448 | 2,052,991 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (168,447) | (112,622) | (119,700) | ||||||||
Comprehensive income attributable to MGM Resorts International | 2,045,298 | 461,826 | 1,933,291 | ||||||||
Reportable Legal Entities [Member] | Parent [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Equity in subsidiaries' earnings | 3,468,056 | 1,221,538 | 1,391,725 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 9,834 | 11,130 | 10,784 | ||||||||
General and administrative | 27,752 | 9,945 | 8,742 | ||||||||
Corporate expense | 180,288 | 156,503 | 127,092 | ||||||||
NV Energy exit expense | 0 | ||||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 7,530 | 0 | 0 | ||||||||
Gain on Bellagio transaction | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total expenses | 225,404 | 177,578 | 146,618 | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income | 3,242,652 | 1,043,960 | 1,245,107 | ||||||||
Interest expense, net of amounts capitalized | (472,066) | (480,985) | (466,907) | ||||||||
Other non-operating, net | (97,903) | 63,722 | 26,215 | ||||||||
Income before income taxes | 2,672,683 | 626,697 | 804,415 | ||||||||
Benefit (provision) for income taxes | (623,537) | (159,925) | 1,147,637 | ||||||||
Income from continuing operations, net of tax | 2,049,146 | 466,772 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 2,049,146 | 466,772 | 1,952,052 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to MGM Resorts International | 2,049,146 | 466,772 | 1,952,052 | ||||||||
Net income | 2,049,146 | 466,772 | 1,952,052 | ||||||||
Foreign currency translation adjustment | 16,125 | (7,422) | (23,995) | ||||||||
Other comprehensive income (loss) - cash flow hedges | (19,973) | 2,476 | 5,234 | ||||||||
Other comprehensive loss | (3,848) | (4,946) | (18,761) | ||||||||
Comprehensive income | 2,045,298 | 461,826 | 1,933,291 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to MGM Resorts International | 2,045,298 | 461,826 | 1,933,291 | ||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Revenues | 8,250,745 | 7,780,253 | 7,649,990 | ||||||||
Equity in subsidiaries' earnings | 143,416 | 116,676 | 156,081 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 4,715,365 | 4,438,687 | 4,262,212 | ||||||||
General and administrative | 2,235,321 | 1,241,329 | 1,180,989 | ||||||||
Corporate expense | 236,175 | 216,318 | 200,801 | ||||||||
NV Energy exit expense | (40,629) | ||||||||||
Preopening and start-up expenses | 5,168 | 26,100 | 8,258 | ||||||||
Property transactions, net | 255,081 | (15,955) | 43,985 | ||||||||
Gain on Bellagio transaction | (2,677,996) | ||||||||||
Depreciation and amortization | 431,222 | 628,961 | 649,676 | ||||||||
Total expenses | 5,200,336 | 6,535,440 | 6,305,292 | ||||||||
Income (loss) from unconsolidated affiliates | 134,584 | 148,866 | 147,234 | ||||||||
Operating income | 3,328,409 | 1,510,355 | 1,648,013 | ||||||||
Interest expense, net of amounts capitalized | (1,103) | (510) | (982) | ||||||||
Other non-operating, net | 254,509 | (444,897) | (402,602) | ||||||||
Income before income taxes | 3,581,815 | 1,064,948 | 1,244,429 | ||||||||
Benefit (provision) for income taxes | (8) | 0 | 0 | ||||||||
Income from continuing operations, net of tax | 3,581,807 | 1,064,948 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 3,581,807 | 1,064,948 | 1,244,429 | ||||||||
Less: Net income attributable to noncontrolling interests | (8,995) | 0 | 0 | ||||||||
Net income attributable to MGM Resorts International | 3,572,812 | 1,064,948 | 1,244,429 | ||||||||
Net income | 3,581,807 | 1,064,948 | 1,244,429 | ||||||||
Foreign currency translation adjustment | 16,125 | (7,422) | (23,995) | ||||||||
Other comprehensive income (loss) - cash flow hedges | 0 | 0 | 0 | ||||||||
Other comprehensive loss | 16,125 | (7,422) | (23,995) | ||||||||
Comprehensive income | 3,597,932 | 1,057,526 | 1,220,434 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to MGM Resorts International | 3,597,932 | 1,057,526 | 1,220,434 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Revenues | 881,078 | 869,495 | 765,695 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 0 | 0 | 0 | ||||||||
General and administrative | 23,321 | 93,739 | 84,348 | ||||||||
Corporate expense | 27,041 | 48,675 | 34,085 | ||||||||
NV Energy exit expense | 0 | ||||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 10,844 | 20,319 | 34,022 | ||||||||
Gain on Bellagio transaction | 0 | ||||||||||
Depreciation and amortization | 294,705 | 266,622 | 260,455 | ||||||||
Total expenses | 355,911 | 429,355 | 412,910 | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income | 525,167 | 440,140 | 352,785 | ||||||||
Interest expense, net of amounts capitalized | (249,944) | (215,532) | (184,175) | ||||||||
Other non-operating, net | (8,276) | (4,690) | 2,286 | ||||||||
Income before income taxes | 266,947 | 219,918 | 170,896 | ||||||||
Benefit (provision) for income taxes | (7,598) | (5,779) | (4,906) | ||||||||
Income from continuing operations, net of tax | 259,349 | 214,139 | |||||||||
Income from discontinued operations, net of tax | 16,216 | 30,563 | |||||||||
Net income | 275,565 | 244,702 | 165,990 | ||||||||
Less: Net income attributable to noncontrolling interests | (90,260) | (67,065) | (41,775) | ||||||||
Net income attributable to MGM Resorts International | 185,305 | 177,637 | 124,215 | ||||||||
Net income | 275,565 | 244,702 | 165,990 | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss) - cash flow hedges | (35,198) | 4,128 | 9,782 | ||||||||
Other comprehensive loss | (35,198) | 4,128 | 9,782 | ||||||||
Comprehensive income | 240,367 | 248,830 | 175,772 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (80,728) | (68,165) | (44,536) | ||||||||
Comprehensive income attributable to MGM Resorts International | 159,639 | 180,665 | 131,236 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Revenues | 4,648,935 | 3,983,575 | 3,151,304 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 2,889,321 | 2,491,007 | 1,923,942 | ||||||||
General and administrative | 755,378 | 495,015 | 369,844 | ||||||||
Corporate expense | 21,138 | 21,317 | (515) | ||||||||
NV Energy exit expense | 0 | ||||||||||
Preopening and start-up expenses | 2,007 | 125,292 | 110,217 | ||||||||
Property transactions, net | 2,347 | 25,033 | 6,294 | ||||||||
Gain on Bellagio transaction | 0 | ||||||||||
Depreciation and amortization | 578,722 | 543,606 | 343,804 | ||||||||
Total expenses | 4,248,913 | 3,701,270 | 2,753,586 | ||||||||
Income (loss) from unconsolidated affiliates | (15,063) | (1,176) | (1,012) | ||||||||
Operating income | 384,959 | 281,129 | 396,706 | ||||||||
Interest expense, net of amounts capitalized | (124,819) | (72,486) | (16,681) | ||||||||
Other non-operating, net | (11,304) | (187,786) | (142,997) | ||||||||
Income before income taxes | 248,836 | 20,857 | 237,028 | ||||||||
Benefit (provision) for income taxes | (1,202) | 115,592 | (15,337) | ||||||||
Income from continuing operations, net of tax | 247,634 | 136,449 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income | 247,634 | 136,449 | 221,691 | ||||||||
Less: Net income attributable to noncontrolling interests | (65,979) | (50,057) | (94,357) | ||||||||
Net income attributable to MGM Resorts International | 181,655 | 86,392 | 127,334 | ||||||||
Net income | 247,634 | 136,449 | 221,691 | ||||||||
Foreign currency translation adjustment | 28,870 | (13,022) | (43,188) | ||||||||
Other comprehensive income (loss) - cash flow hedges | 0 | 0 | 0 | ||||||||
Other comprehensive loss | 28,870 | (13,022) | (43,188) | ||||||||
Comprehensive income | 276,504 | 123,427 | 178,503 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | (87,719) | (44,457) | (75,164) | ||||||||
Comprehensive income attributable to MGM Resorts International | 188,785 | 78,970 | 103,339 | ||||||||
Elimination [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Revenues | (881,086) | (870,227) | (769,510) | ||||||||
Equity in subsidiaries' earnings | (3,611,472) | (1,338,214) | (1,547,806) | ||||||||
Expenses | |||||||||||
Casino and hotel operations | (11,031) | (21,949) | (3,816) | ||||||||
General and administrative | (940,555) | (75,390) | (84,348) | ||||||||
Corporate expense | 0 | (23,609) | (4,591) | ||||||||
NV Energy exit expense | 0 | ||||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 0 | (20,250) | (34,022) | ||||||||
Gain on Bellagio transaction | 0 | ||||||||||
Depreciation and amortization | 0 | (261,145) | (260,455) | ||||||||
Total expenses | (951,586) | (402,343) | (387,232) | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income | (3,540,972) | (1,806,098) | (1,930,084) | ||||||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | ||||||||
Other non-operating, net | (382,584) | 507,684 | 434,106 | ||||||||
Income before income taxes | (3,923,556) | (1,298,414) | (1,495,978) | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Income from continuing operations, net of tax | (3,923,556) | (1,298,414) | |||||||||
Income from discontinued operations, net of tax | (16,216) | (30,563) | |||||||||
Net income | (3,939,772) | (1,328,977) | (1,495,978) | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to MGM Resorts International | (3,939,772) | (1,328,977) | (1,495,978) | ||||||||
Net income | (3,939,772) | (1,328,977) | (1,495,978) | ||||||||
Foreign currency translation adjustment | (32,250) | 14,844 | 47,990 | ||||||||
Other comprehensive income (loss) - cash flow hedges | 25,666 | (3,028) | (7,021) | ||||||||
Other comprehensive loss | (6,584) | 11,816 | 40,969 | ||||||||
Comprehensive income | (3,946,356) | (1,317,161) | (1,455,009) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to MGM Resorts International | $ (3,946,356) | $ (1,317,161) | $ (1,455,009) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | $ 1,810,401 | $ 1,722,539 | $ 2,206,411 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (739,006) | (1,486,843) | (1,864,082) |
Dispositions of property and equipment | 2,578 | 25,612 | 718 |
Proceeds from Bellagio transaction | 4,151,499 | 0 | 0 |
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 652,333 | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 163,616 | 0 |
Investments in and advances to unconsolidated affiliates | (81,877) | (56,295) | (16,727) |
Distributions from unconsolidated affiliates | 100,700 | 322,631 | 301,211 |
Intercompany accounts | 0 | 0 | 0 |
Northfield OpCo transaction | 0 | ||
Other | (31,112) | (17,208) | (1,712) |
Net cash provided by (used in) investing activities | 3,519,434 | (2,083,021) | (1,580,592) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (3,634,049) | 1,242,259 | 15,001 |
Issuance of long-term debt | 3,250,000 | 1,000,000 | 350,000 |
Retirement of senior notes and senior debentures | (3,764,167) | (2,265) | (502,669) |
Debt issuance costs | (63,391) | (76,519) | (9,977) |
Issuance of MGM Growth Properties Class A shares, net | 1,250,006 | 387,548 | |
Dividends paid to common shareholders | (271,288) | (260,592) | (252,014) |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | (223,303) | (184,932) | (170,402) |
Purchases of common stock | (1,031,534) | (1,283,333) | (327,500) |
Intercompany accounts | 0 | 0 | 0 |
Other | (41,868) | (45,384) | (58,765) |
Net cash provided by (used in) financing activities | (4,529,594) | 389,234 | (568,778) |
Effect of exchange rate on cash | 2,601 | (1,985) | (3,627) |
Cash flows from discontinued operations, net | |||
Cash flows from operating activities | 0 | 0 | |
Cash flows used in investing activities | 0 | 0 | |
Cash flows used in financing activities | 0 | 0 | |
Net cash flows used in discontinued operations | 0 | 0 | |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | |
Cash and cash equivalents | |||
Net increase for the period | 802,842 | 26,767 | 53,414 |
Balance, beginning of period | 1,526,762 | 1,499,995 | 1,446,581 |
Balance, end of period | 2,329,604 | 1,526,762 | 1,499,995 |
Reportable Legal Entities [Member] | Parent [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | (308,995) | (460,117) | (584,252) |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | 0 | 0 | 0 |
Dispositions of property and equipment | 0 | 0 | 0 |
Proceeds from Bellagio transaction | 0 | ||
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 462,500 |
Northfield OpCo transaction | 0 | ||
Other | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 | 462,500 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (752,220) | 377,500 | 122,500 |
Issuance of long-term debt | 1,000,000 | 1,000,000 | 0 |
Retirement of senior notes and senior debentures | (3,764,167) | 0 | (502,669) |
Debt issuance costs | (14,080) | (26,125) | 0 |
Issuance of MGM Growth Properties Class A shares, net | 0 | 0 | |
Dividends paid to common shareholders | (271,288) | (260,592) | (252,014) |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 | 0 |
Purchases of common stock | (1,031,534) | (1,283,333) | (327,500) |
Intercompany accounts | 5,987,076 | 917,760 | 1,042,111 |
Other | (27,217) | (32,225) | (33,801) |
Net cash provided by (used in) financing activities | 1,126,570 | 692,985 | 48,627 |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash flows from discontinued operations, net | |||
Cash flows from operating activities | 0 | 0 | |
Cash flows used in investing activities | 0 | 0 | |
Cash flows used in financing activities | 0 | 0 | |
Net cash flows used in discontinued operations | 0 | 0 | |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | |
Cash and cash equivalents | |||
Net increase for the period | 817,575 | 232,868 | (73,125) |
Balance, beginning of period | 259,738 | 26,870 | 99,995 |
Balance, end of period | 1,077,313 | 259,738 | 26,870 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 1,404,869 | 1,294,989 | 1,152,083 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (504,105) | (697,462) | (482,024) |
Dispositions of property and equipment | 2,425 | 25,507 | 502 |
Proceeds from Bellagio transaction | 4,151,499 | ||
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 652,333 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 163,616 | ||
Investments in and advances to unconsolidated affiliates | (81,877) | (56,295) | (16,727) |
Distributions from unconsolidated affiliates | 100,700 | 322,631 | 301,211 |
Intercompany accounts | (5,859,196) | (1,136,764) | (1,186,942) |
Northfield OpCo transaction | (3,779) | ||
Other | (4,500) | (13,416) | (1,754) |
Net cash provided by (used in) investing activities | (2,082,181) | (1,358,381) | (1,385,734) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 245,950 | 0 | 0 |
Issuance of long-term debt | 0 | 0 | 0 |
Retirement of senior notes and senior debentures | 0 | (2,265) | 0 |
Debt issuance costs | 0 | 0 | 0 |
Issuance of MGM Growth Properties Class A shares, net | 0 | 0 | |
Dividends paid to common shareholders | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | (4,907) | 0 | 0 |
Purchases of common stock | 0 | 0 | 0 |
Intercompany accounts | 456,571 | 207,015 | 248,626 |
Other | (47,686) | (6,979) | (11,644) |
Net cash provided by (used in) financing activities | 649,928 | 197,771 | 236,982 |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash flows from discontinued operations, net | |||
Cash flows from operating activities | 0 | 0 | |
Cash flows used in investing activities | 0 | 0 | |
Cash flows used in financing activities | 0 | 0 | |
Net cash flows used in discontinued operations | 0 | 0 | |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | |
Cash and cash equivalents | |||
Net increase for the period | (27,384) | 134,379 | 3,331 |
Balance, beginning of period | 445,423 | 311,044 | 307,713 |
Balance, end of period | 418,039 | 445,423 | 311,044 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 100,706 | 556,801 | 482,578 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | 0 | (192) | (488) |
Dispositions of property and equipment | 0 | 0 | 0 |
Proceeds from Bellagio transaction | 0 | ||
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 0 |
Northfield OpCo transaction | 3,779 | ||
Other | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 3,779 | (1,068,528) | (462,988) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,361,325) | 727,750 | (466,875) |
Issuance of long-term debt | 750,000 | 0 | 350,000 |
Retirement of senior notes and senior debentures | 0 | 0 | 0 |
Debt issuance costs | (9,983) | (17,490) | (5,598) |
Issuance of MGM Growth Properties Class A shares, net | 1,250,006 | 387,548 | |
Dividends paid to common shareholders | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | (371,759) | (333,192) | (290,091) |
Distributions to noncontrolling interest owners | (161,976) | (121,068) | (95,344) |
Purchases of common stock | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 0 |
Other | (1,342) | 0 | 0 |
Net cash provided by (used in) financing activities | 93,621 | 256,000 | (120,360) |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash flows from discontinued operations, net | |||
Cash flows from operating activities | 15,591 | 23,406 | |
Cash flows used in investing activities | (12) | 32,416 | |
Cash flows used in financing activities | (37,900) | 0 | |
Net cash flows used in discontinued operations | (22,321) | 55,822 | |
Change in cash and cash equivalents classified as assets held for sale | (22,321) | 55,822 | |
Cash and cash equivalents | |||
Net increase for the period | 198,106 | (255,727) | (100,770) |
Balance, beginning of period | 3,995 | 259,722 | 360,492 |
Balance, end of period | 202,101 | 3,995 | 259,722 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 629,412 | 330,866 | 1,156,002 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (234,913) | (789,189) | (1,381,570) |
Dispositions of property and equipment | 153 | 105 | 216 |
Proceeds from Bellagio transaction | 0 | ||
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 0 |
Northfield OpCo transaction | 0 | ||
Other | (26,612) | (3,792) | 42 |
Net cash provided by (used in) investing activities | (261,372) | (792,876) | (1,381,312) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,766,454) | 137,009 | 359,376 |
Issuance of long-term debt | 1,500,000 | 0 | 0 |
Retirement of senior notes and senior debentures | 0 | 0 | 0 |
Debt issuance costs | (39,328) | (32,904) | (4,379) |
Issuance of MGM Growth Properties Class A shares, net | 0 | 0 | |
Dividends paid to common shareholders | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | (56,420) | (63,864) | (75,058) |
Purchases of common stock | 0 | 0 | 0 |
Intercompany accounts | (212,692) | 345,181 | 186,296 |
Other | (3,523) | (6,180) | (13,320) |
Net cash provided by (used in) financing activities | (578,417) | 379,242 | 452,915 |
Effect of exchange rate on cash | 2,601 | (1,985) | (3,627) |
Cash flows from discontinued operations, net | |||
Cash flows from operating activities | 0 | 0 | |
Cash flows used in investing activities | 0 | 0 | |
Cash flows used in financing activities | 0 | 0 | |
Net cash flows used in discontinued operations | 0 | 0 | |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 | |
Cash and cash equivalents | |||
Net increase for the period | (207,776) | (84,753) | 223,978 |
Balance, beginning of period | 817,606 | 902,359 | 678,381 |
Balance, end of period | 609,830 | 817,606 | 902,359 |
Elimination [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | (15,591) | 0 | 0 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | 12 | 0 | 0 |
Dispositions of property and equipment | 0 | 0 | 0 |
Proceeds from Bellagio transaction | 0 | ||
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 | 0 |
Intercompany accounts | 5,859,196 | 1,136,764 | 724,442 |
Northfield OpCo transaction | 0 | ||
Other | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 5,859,208 | 1,136,764 | 1,186,942 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 0 | 0 | 0 |
Issuance of long-term debt | 0 | 0 | 0 |
Retirement of senior notes and senior debentures | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Issuance of MGM Growth Properties Class A shares, net | 0 | 0 | |
Dividends paid to common shareholders | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 371,759 | 333,192 | 290,091 |
Distributions to noncontrolling interest owners | 0 | 0 | 0 |
Purchases of common stock | 0 | 0 | 0 |
Intercompany accounts | (6,230,955) | (1,469,956) | (1,477,033) |
Other | 37,900 | 0 | 0 |
Net cash provided by (used in) financing activities | (5,821,296) | (1,136,764) | (1,186,942) |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash flows from discontinued operations, net | |||
Cash flows from operating activities | (15,591) | (23,406) | |
Cash flows used in investing activities | 12 | (32,416) | |
Cash flows used in financing activities | 37,900 | 0 | |
Net cash flows used in discontinued operations | 22,321 | (55,822) | |
Change in cash and cash equivalents classified as assets held for sale | 22,321 | (55,822) | |
Cash and cash equivalents | |||
Net increase for the period | 22,321 | 0 | 0 |
Balance, beginning of period | 0 | 0 | 0 |
Balance, end of period | 22,321 | 0 | 0 |
Empire City [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | (535,681) | 0 | 0 |
Empire City [Member] | Reportable Legal Entities [Member] | Parent [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
Empire City [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | (535,681) | ||
Empire City [Member] | Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
Empire City [Member] | Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
Empire City [Member] | Elimination [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | $ 0 | ||
Northfield [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | (1,034,534) | ||
Northfield [Member] | Reportable Legal Entities [Member] | Parent [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
Northfield [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 33,802 | ||
Northfield [Member] | Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | (1,068,336) | ||
Northfield [Member] | Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
Northfield [Member] | Elimination [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | $ 0 | ||
National Harbor | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
National Harbor | Reportable Legal Entities [Member] | Parent [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
National Harbor | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
National Harbor | Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | (462,500) | ||
National Harbor | Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | ||
National Harbor | Elimination [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | $ 462,500 |
Selected Quarterly Financial _3
Selected Quarterly Financial Results (Unaudited) - Schedule of Selected Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 3,185,136 | $ 3,314,382 | $ 3,223,243 | $ 3,176,911 | $ 3,052,862 | $ 3,029,302 | $ 2,858,695 | $ 2,822,237 | $ 12,899,672 | $ 11,763,096 | $ 10,797,479 |
Operating income | 2,960,089 | 238,381 | 371,485 | 370,260 | 335,751 | 410,903 | 363,075 | 359,757 | 3,940,215 | 1,469,486 | 1,712,527 |
Net income | 2,065,950 | 6,104 | 76,169 | 66,157 | 5,760 | 171,410 | 140,423 | 266,301 | 2,214,380 | 583,894 | 2,088,184 |
Net income (loss) attributable to MGM Resorts International | $ 2,011,577 | $ (37,133) | $ 43,405 | $ 31,297 | $ (23,327) | $ 142,878 | $ 123,777 | $ 223,444 | $ 2,049,146 | $ 466,772 | $ 1,952,052 |
Earnings (loss) per share - Basic | $ 3.94 | $ (0.08) | $ 0.08 | $ 0.05 | $ (0.06) | $ 0.26 | $ 0.21 | $ 0.39 | $ 3.90 | $ 0.82 | $ 3.38 |
Earnings (loss) per share - Diluted | $ 3.91 | $ (0.08) | $ 0.08 | $ 0.05 | $ (0.06) | $ 0.26 | $ 0.21 | $ 0.38 | $ 3.88 | $ 0.81 | $ 3.34 |
Selected Quarterly Financial _4
Selected Quarterly Financial Results - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | |||||||||
Loss on early retirement of debt | $ (171,000) | $ (142,000) | $ (198,151) | $ (3,619) | $ (45,696) | ||||
Loss on early retirement of debt per share | $ 0.21 | $ 0.28 | |||||||
Tax (benefit) expense | $ 92,000 | $ (72,000) | $ 632,345 | 50,112 | $ (1,127,394) | ||||
Tax (benefit) expense, per share | $ 0.17 | $ (0.13) | |||||||
Bellagio [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 2,700,000 | $ 2,700,000 | |||||||
Gain on acquisition per share | $ 4.04 | $ 3.95 | |||||||
Grand Victoria [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 45,000 | $ 45,000 | |||||||
Gain on acquisition per share | $ 0.07 | $ 0.06 | |||||||
Mandarin Oriental [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Gain on acquisition | $ 12,000 | $ 12,000 | |||||||
Gain on acquisition per share | $ 0.02 | $ 0.02 | |||||||
Mandalay Bay [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Business interruption insurance proceeds | $ 24,000 | $ 24,000 | |||||||
Business interruption insurance proceeds, per share | $ 0.04 | $ 0.03 | |||||||
Circus Circus Las Vegas and Adjacent Land [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Non-cash impairment charge | $ 219,000 | $ 219,000 | |||||||
Non-cash impairment charge per share | $ 0.33 | $ 0.32 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 90,775 | $ 92,571 | $ 97,920 |
Provision for Doubtful Accounts | 39,270 | 39,762 | 20,603 |
Write-offs, Net of Recoveries | (35,484) | (41,558) | (25,952) |
Balance at End of Period | 94,561 | 90,775 | 92,571 |
Deferred income tax valuation allowance [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,477,703 | 2,513,738 | 2,583,274 |
Increase | 96,353 | 0 | 0 |
Decrease | 0 | (36,035) | (69,536) |
Balance at End of Period | $ 2,574,056 | $ 2,477,703 | $ 2,513,738 |