Segment Information | 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: Aria (including Vdara) (upon acquisition in September 2021), 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. Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property 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 REIT transactions, net, 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 real estate ventures, property transactions, net, and excludes gain on consolidation of CityCenter, net, gain related to CityCenter's sale of Harmon land recorded within income from unconsolidated affiliates, and corporate expense (which includes CEO transition expense and October 1 litigation settlement) and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminates in consolidation. The following tables present the Company’s segment information: Year Ended December 31, 2021 2020 2019 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 1,549,419 $ 728,254 $ 1,296,170 Rooms 1,402,712 662,813 1,863,521 Food and beverage 1,015,366 471,529 1,517,745 Entertainment, retail and other 769,688 383,189 1,153,615 4,737,185 2,245,785 5,831,051 Regional Operations Casino 2,721,515 1,569,193 2,537,780 Rooms 220,828 130,945 316,753 Food and beverage 307,750 184,153 494,243 Entertainment, retail and other 142,270 82,880 201,008 3,392,363 1,967,171 3,549,784 MGM China Casino 1,057,962 565,671 2,609,806 Rooms 66,498 36,624 142,306 Food and beverage 68,489 40,284 127,152 Entertainment, retail and other 17,812 14,124 26,158 1,210,761 656,703 2,905,422 Reportable segment net revenues 9,340,309 4,869,659 12,286,257 Corporate and other 339,831 292,423 613,415 $ 9,680,140 $ 5,162,082 $ 12,899,672 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 1,738,211 $ 232,188 $ 1,643,122 Regional Operations 1,217,814 343,990 969,866 MGM China 25,367 (193,832) 734,729 Reportable segment Adjusted Property EBITDAR 2,981,392 382,346 3,347,717 Other operating income (expense) Corporate and other, net (560,309) (530,843) (331,621) Preopening and start-up expenses (5,094) (84) (7,175) Property transactions, net 67,736 (93,567) (275,802) Depreciation and amortization (1,150,610) (1,210,556) (1,304,649) Gain on REIT transactions, net — 1,491,945 2,677,996 Gain on consolidation of CityCenter, net 1,562,329 — — CEO transition expense — (44,401) — October 1 litigation settlement — (49,000) — Restructuring — (26,025) (92,139) Triple-net operating lease and ground lease rent expense (833,158) (710,683) (74,656) Gain related to sale of Harmon land - unconsolidated affiliate 49,755 — — Income from unconsolidated affiliates related to real estate ventures 166,658 148,434 544 Operating income (loss) 2,278,699 (642,434) 3,940,215 Non-operating income (expense) Interest expense, net of amounts capitalized (799,593) (676,380) (847,932) Non-operating items from unconsolidated affiliates (83,243) (103,304) (62,296) Other, net 65,941 (89,361) (183,262) (816,895) (869,045) (1,093,490) Income (loss) before income taxes 1,461,804 (1,511,479) 2,846,725 Benefit (provision) for income taxes (253,415) 191,572 (632,345) Net income (loss) 1,208,389 (1,319,907) 2,214,380 Less: Net (income) loss attributable to noncontrolling interests 45,981 287,183 (165,234) Net income (loss) attributable to MGM Resorts International $ 1,254,370 $ (1,032,724) $ 2,049,146 Year Ended December 31, 2021 2020 2019 Capital expenditures: (In thousands) Las Vegas Strip Resorts $ 266,944 $ 87,511 $ 285,863 Regional Operations 77,406 41,456 187,489 MGM China 67,989 108,352 145,634 Reportable segment capital expenditures 412,339 237,319 618,986 Corporate and other 78,358 33,260 120,020 $ 490,697 $ 270,579 $ 739,006 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 intangible assets, net, presented by geographic region in which the Company holds assets are presented below: December 31, 2021 2020 2019 Long-lived assets: (In thousands) United States $ 25,848,917 $ 21,035,992 $ 20,582,055 China and all other foreign countries 7,176,763 7,617,819 8,007,449 $ 33,025,680 $ 28,653,811 $ 28,589,504 |