Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-10362 | ||
Entity Registrant Name | MGM Resorts International | ||
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 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Trading Symbol | MGM | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 17.5 | ||
Entity Common Stock, Shares Outstanding | 439,172,269 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement for its 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Central Index Key | 0000789570 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Las Vegas, Nevada |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 4,703,059 | $ 5,101,637 |
Restricted cash | 500,000 | 0 |
Accounts receivable, net | 583,915 | 316,502 |
Inventories | 96,374 | 88,323 |
Income tax receivable | 273,862 | 243,415 |
Prepaid expenses and other | 258,972 | 200,782 |
Total current assets | 6,416,182 | 5,950,659 |
Property and equipment, net | 14,435,493 | 14,632,091 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 967,044 | 1,447,043 |
Goodwill | 3,480,997 | 2,091,278 |
Other intangible assets, net | 3,616,385 | 3,643,748 |
Operating lease right-of-use assets, net | 11,492,805 | 8,286,694 |
Other long-term assets, net | 490,210 | 443,421 |
Total other assets | 20,047,441 | 15,912,184 |
Total assets | 40,899,116 | 36,494,934 |
Current liabilities | ||
Accounts payable | 263,097 | 142,523 |
Construction payable | 23,099 | 30,149 |
Current portion of long-term debt | 1,000,000 | 0 |
Accrued interest on long-term debt | 172,624 | 138,832 |
Other accrued liabilities | 1,983,444 | 1,545,079 |
Total current liabilities | 3,442,264 | 1,856,583 |
Deferred income taxes, net | 2,439,364 | 2,153,016 |
Long-term debt, net | 11,770,797 | 12,376,684 |
Operating lease liabilities | 11,802,464 | 8,390,117 |
Other long-term obligations | 319,914 | 472,084 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests | 147,547 | 66,542 |
Stockholders' equity | ||
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 453,803,759 and 494,317,865 shares | 4,538 | 4,943 |
Capital in excess of par value | 1,750,135 | 3,439,453 |
Retained earnings | 4,340,588 | 3,091,007 |
Accumulated other comprehensive loss | (24,616) | (30,677) |
Total MGM Resorts International stockholders' equity | 6,070,645 | 6,504,726 |
Noncontrolling interests | 4,906,121 | 4,675,182 |
Total stockholders' equity | 10,976,766 | 11,179,908 |
Total liabilities and stockholders' equity | $ 40,899,116 | $ 36,494,934 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 453,803,759 | 494,317,865 |
Common stock, outstanding (in shares) | 453,803,759 | 494,317,865 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Net revenues | $ 9,680,140 | $ 5,162,082 | $ 12,899,672 |
Expenses | |||
General and administrative | 2,507,239 | 2,122,333 | 2,101,217 |
Corporate expense | 422,777 | 460,148 | 464,642 |
Preopening and start-up expenses | 5,094 | 84 | 7,175 |
Property transactions, net | (67,736) | 93,567 | 275,802 |
Gain on REIT transactions, net | 0 | (1,491,945) | (2,677,996) |
Gain on consolidation of CityCenter, net | (1,562,329) | 0 | 0 |
Depreciation and amortization | 1,150,610 | 1,210,556 | 1,304,649 |
Total expenses | 7,486,264 | 5,847,454 | 9,078,978 |
Income from unconsolidated affiliates | 84,823 | 42,938 | 119,521 |
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) |
Total non-operating income (expense) | (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 |
Earnings (loss) per share | |||
Basic (usd per share) | $ 2.44 | $ (2.02) | $ 3.90 |
Diluted (usd per share) | $ 2.41 | $ (2.02) | $ 3.88 |
Weighted average common shares outstanding | |||
Basic (shares) | 481,930 | 494,152 | 524,173 |
Diluted (shares) | 487,356 | 494,152 | 527,645 |
Casino | |||
Revenues | |||
Net revenues | $ 5,362,912 | $ 2,871,720 | $ 6,517,759 |
Expenses | |||
Expenses | 2,551,169 | 1,701,783 | 3,623,899 |
Rooms | |||
Revenues | |||
Net revenues | 1,690,037 | 830,382 | 2,322,579 |
Expenses | |||
Expenses | 600,942 | 419,156 | 829,677 |
Food and beverage | |||
Revenues | |||
Net revenues | 1,391,605 | 696,040 | 2,145,247 |
Expenses | |||
Expenses | 1,034,780 | 674,118 | 1,661,626 |
Entertainment, retail and other | |||
Revenues | |||
Net revenues | 1,009,503 | 518,991 | 1,477,200 |
Expenses | |||
Expenses | 617,635 | 412,705 | 1,051,400 |
Reimbursed costs | |||
Revenues | |||
Net revenues | 226,083 | 244,949 | 436,887 |
Expenses | |||
Expenses | $ 226,083 | $ 244,949 | $ 436,887 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,208,389 | $ (1,319,907) | $ 2,214,380 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | (24,655) | 27,762 | 28,870 |
Unrealized gain (loss) on cash flow hedges | 34,788 | (79,365) | (29,505) |
Other comprehensive income (loss) | 10,133 | (51,603) | (635) |
Comprehensive income (loss) | 1,218,522 | (1,371,510) | 2,213,745 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | 35,700 | 309,969 | (168,447) |
Comprehensive income (loss) attributable to MGM Resorts International | $ 1,254,222 | $ (1,061,541) | $ 2,045,298 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income (loss) | $ 1,208,389 | $ (1,319,907) | $ 2,214,380 |
Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,150,610 | 1,210,556 | 1,304,649 |
Amortization of debt discounts, premiums and issuance costs | 40,328 | 34,363 | 38,972 |
Loss on early retirement of debt | 37 | 126,462 | 198,151 |
Provision for credit losses | 21,852 | 71,422 | 39,270 |
Stock-based compensation | 65,183 | 106,956 | 88,838 |
Property transactions, net | (67,736) | 93,567 | 275,802 |
Gain on REIT transactions, net | 0 | (1,491,945) | (2,677,996) |
Gain on consolidation of CityCenter, net | (1,562,329) | 0 | 0 |
Noncash lease expense | 188,917 | 183,399 | 71,784 |
Other investment gains | (28,417) | 0 | 0 |
Loss (income) from unconsolidated affiliates | (1,580) | 60,366 | (57,225) |
Distributions from unconsolidated affiliates | 99,370 | 86,584 | 299 |
Deferred income taxes | 241,947 | 18,347 | 595,046 |
Change in operating assets and liabilities: | |||
Accounts receivable | (236,182) | 960,099 | (726,610) |
Inventories | 3,107 | 14,705 | 6,522 |
Income taxes receivable and payable, net | (30,444) | (216,250) | 1,259 |
Prepaid expenses and other | (36,608) | (37) | 7,567 |
Accounts payable and accrued liabilities | 442,626 | (1,382,980) | 465,602 |
Other | (125,647) | (48,750) | (35,909) |
Net cash provided by (used in) operating activities | 1,373,423 | (1,493,043) | 1,810,401 |
Cash flows from investing activities | |||
Capital expenditures | (490,697) | (270,579) | (739,006) |
Dispositions of property and equipment | 106,600 | 6,136 | 2,578 |
Proceeds from real estate transactions | 3,888,431 | 2,455,839 | 4,151,499 |
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 0 | 0 | 652,333 |
Investments in unconsolidated affiliates | (226,889) | (96,925) | (81,877) |
Distributions from unconsolidated affiliates | 9,694 | 63,960 | 100,700 |
Other | 46,110 | 873 | (31,112) |
Net cash provided by investing activities | 1,543,645 | 2,159,304 | 3,519,434 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | (2,096,217) | (1,595,089) | (3,634,049) |
Issuance of long-term debt | 749,775 | 3,550,000 | 3,250,000 |
Retirement of senior notes | 0 | (846,815) | (3,764,167) |
Debt issuance costs | (18,726) | (62,348) | (63,391) |
Proceeds from issuance of bridge loan facility | 0 | 1,304,625 | 0 |
Issuance of MGM Growth Properties Class A shares, net | 792,851 | 524,704 | 1,250,006 |
Dividends paid to common shareholders | (4,789) | (77,606) | (271,288) |
Distributions to noncontrolling interest owners | (324,190) | (286,385) | (223,303) |
Purchases of common stock | (1,753,509) | (353,720) | (1,031,534) |
Other | (159,290) | (53,939) | (41,868) |
Net cash provided by (used in) financing activities | (2,814,095) | 2,103,427 | (4,529,594) |
Effect of exchange rate on cash, cash equivalents, and restricted cash | (1,551) | 2,345 | 2,601 |
Cash, cash equivalents, and restricted cash | |||
Net increase for the period | 101,422 | 2,772,033 | 802,842 |
Balance, beginning of period | 5,101,637 | 2,329,604 | 1,526,762 |
Balance, end of period | 5,203,059 | 5,101,637 | 2,329,604 |
Supplemental cash flow disclosures | |||
Interest paid, net of amounts capitalized | 705,680 | 639,718 | 826,970 |
Federal, state and foreign income taxes paid, net | 43,018 | 8,543 | 28,493 |
Non-cash investing and financing activities | |||
Note receivable related to sale of Circus Circus Las Vegas and adjacent land | 0 | 0 | 133,689 |
MGP BREIT Venture assumption of bridge loan facility | 0 | 1,304,625 | 0 |
Bellagio BREIT Venture | |||
Non-cash investing and financing activities | |||
Investment in venture | 0 | 802,000 | 62,133 |
City Center and MGP BREIT Venture | |||
Cash flows from investing activities | |||
Acquisitions, net of cash acquired | $ (1,789,604) | $ 0 | $ (535,681) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Northfield | Empire City Transaction | Park MGM | MGM Springfield | Class A ShareholdersMGM Growth Properties LLC | MGP BREIT Venture | Empire City | Common Stock | Common StockEmpire City | Capital in Excess of Par Value | Capital in Excess of Par ValueNorthfield | Capital in Excess of Par ValueEmpire City Transaction | Capital in Excess of Par ValuePark MGM | Capital in Excess of Par ValueMGM Springfield | Capital in Excess of Par ValueClass A ShareholdersMGM Growth Properties LLC | Capital in Excess of Par ValueMGP BREIT Venture | Capital in Excess of Par ValueEmpire City | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Northfield | Accumulated Other Comprehensive Income (Loss)Empire City Transaction | Accumulated Other Comprehensive Income (Loss)Park MGM | Accumulated Other Comprehensive Income (Loss)Class A ShareholdersMGM Growth Properties LLC | Accumulated Other Comprehensive Income (Loss)MGP BREIT Venture | Total MGM Resorts International Stockholders' Equity | Total MGM Resorts International Stockholders' EquityNorthfield | Total MGM Resorts International Stockholders' EquityEmpire City Transaction | Total MGM Resorts International Stockholders' EquityPark MGM | Total MGM Resorts International Stockholders' EquityMGM Springfield | Total MGM Resorts International Stockholders' EquityClass A ShareholdersMGM Growth Properties LLC | Total MGM Resorts International Stockholders' EquityMGP BREIT Venture | Total MGM Resorts International Stockholders' EquityEmpire City | Noncontrolling Interests | Noncontrolling InterestsNorthfield | Noncontrolling InterestsEmpire City Transaction | Noncontrolling InterestsPark MGM | Noncontrolling InterestsMGM Springfield | Noncontrolling InterestsClass A ShareholdersMGM Growth Properties LLC | Noncontrolling InterestsMGP BREIT Venture |
Beginning Balance (in shares) at Dec. 31, 2018 | 527,480 | |||||||||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2018 | $ 10,469,791 | $ 5,275 | $ 4,092,085 | $ 2,423,479 | $ (8,556) | $ 6,512,283 | $ 3,957,508 | |||||||||||||||||||||||||||||||||
Net income (loss) | 2,205,287 | 2,049,146 | 2,049,146 | 156,141 | ||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 28,870 | 16,125 | 16,125 | 12,745 | ||||||||||||||||||||||||||||||||||||
Cash flow hedges | (29,505) | (19,973) | (19,973) | (9,532) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 88,838 | 83,897 | 83,897 | 4,941 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 2,150 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (25,965) | $ 20 | (25,985) | (25,965) | ||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (181,816) | $ (53,489) | (181,816) | $ (53,489) | ||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders | (271,288) | (271,288) | (271,288) | |||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 1,546 | 1,546 | 1,546 | |||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,031,534) | $ (358) | (1,031,176) | (1,031,534) | ||||||||||||||||||||||||||||||||||||
Repurchases of common stock (in shares) | (35,854) | |||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (2,714) | (2,714) | (2,714) | |||||||||||||||||||||||||||||||||||||
Empire City acquisition (in shares) | 9,372 | |||||||||||||||||||||||||||||||||||||||
Empire City acquisition | $ 265,765 | $ 94 | $ 265,671 | $ 265,765 | ||||||||||||||||||||||||||||||||||||
Transaction | $ (5,760) | $ 5,027 | $ 528 | $ 21,681 | $ (18,913) | $ (1,984) | $ (2) | $ 195 | $ 16 | $ 21,679 | $ (18,718) | $ (1,968) | $ (27,439) | $ 23,745 | $ 2,496 | |||||||||||||||||||||||||
MGP Class A share issuance | 1,512 | 1,201,558 | $ 150,464 | $ 1,512 | $ 151,976 | 1,049,582 | ||||||||||||||||||||||||||||||||||
Other | (2,220) | (3,473) | 481 | (2,992) | 772 | |||||||||||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 503,148 | |||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Net income (loss) | (1,326,125) | (1,032,724) | (1,032,724) | (293,401) | ||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 27,762 | 15,711 | 15,711 | 12,051 | ||||||||||||||||||||||||||||||||||||
Cash flow hedges | (79,365) | (44,528) | (44,528) | (34,837) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 106,956 | 100,907 | 100,907 | 6,049 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 2,031 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (16,403) | $ 21 | (16,424) | (16,403) | ||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (221,690) | (64,086) | (221,690) | (64,086) | ||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders | (77,606) | (77,606) | (77,606) | |||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 2,142 | 2,142 | 2,142 | |||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (353,720) | $ (109) | (353,611) | (353,720) | ||||||||||||||||||||||||||||||||||||
Repurchases of common stock (in shares) | (10,861) | |||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | 35,520 | 35,520 | 35,520 | |||||||||||||||||||||||||||||||||||||
Transaction | (59) | $ 1,725 | $ (6,503) | $ (59) | $ (6,562) | $ 8,287 | ||||||||||||||||||||||||||||||||||
MGP Class A share issuance | 646 | 507,551 | 64,188 | 646 | 64,834 | 442,717 | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units | (22,292) | 83,859 | 8,773 | 92,632 | (114,924) | |||||||||||||||||||||||||||||||||||
Other | (3,380) | (1,724) | (1,018) | (2,742) | (638) | |||||||||||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 494,318 | |||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2020 | 11,179,908 | $ 4,943 | 3,439,453 | 3,091,007 | (30,677) | 6,504,726 | 4,675,182 | |||||||||||||||||||||||||||||||||
Net income (loss) | 1,198,577 | 1,254,370 | 1,254,370 | (55,793) | ||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (24,655) | (13,871) | (13,871) | (10,784) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges | 34,788 | 13,723 | 13,723 | 21,065 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 65,183 | 59,492 | 59,492 | 5,691 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 2,574 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (44,518) | $ 25 | (44,543) | (44,518) | ||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (250,910) | (82,294) | (250,910) | (82,294) | ||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders | (4,789) | (4,789) | (4,789) | |||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,753,509) | $ (430) | (1,753,079) | (1,753,509) | ||||||||||||||||||||||||||||||||||||
Repurchases of common stock (in shares) | (43,088) | |||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (78,298) | (78,298) | (78,298) | |||||||||||||||||||||||||||||||||||||
Transaction | $ 38,905 | $ (133,844) | $ (133,844) | $ 172,749 | ||||||||||||||||||||||||||||||||||||
MGP Class A share issuance | 3,240 | $ 759,535 | $ 99,934 | $ 3,240 | $ 103,174 | $ 656,361 | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units | (50,828) | 171,332 | 5,327 | 176,659 | (227,487) | |||||||||||||||||||||||||||||||||||
Other | (10,329) | (10,312) | (2,358) | (12,670) | 2,341 | |||||||||||||||||||||||||||||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 453,804 | |||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2021 | $ 10,976,766 | $ 4,538 | $ 1,750,135 | $ 4,340,588 | $ (24,616) | $ 6,070,645 | $ 4,906,121 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared and paid to common shareholders (in dollars per share) | $ 0.01 | $ 0.1575 | $ 0.52 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 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, 2021, the Company operates the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, MGM Grand Las Vegas (including The Signature), The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in 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 Tunica in Tunica. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM, and the Company owns and operates Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip Resorts 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 business is 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, holds a controlling interest in MGP as it 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 . T he 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 Market Value of a Class A share (as defined in the Operating Partnership's partnership agreement) . The determination of settlement method is at the option of MGP’s independent conflicts committee. As of December 31, 2021, the Company owned 41.5% of the Operating Partnership units, and MGP held the remaining 58.5% ownership interest in the Operating Partnership. The Company leases the real estate assets of The Mirage, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, MGM Northfield Park, and MGM Springfield 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 Bellagio pursuant to a lease agreement between a subsidiary of the Company and a venture that is 5% owned by such subsidiary and 95% owned by a subsidiary of Blackstone Real Estate Income Trust, Inc. (“BREIT”, and such venture, the “Bellagio BREIT Venture”) . Additionally, the Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas, pursuant to a lease agreement between a subsidiary of the Company and a venture that is 50.1% owned by a subsidiary of the Operating Partnership and 49.9% by a subsidiary of BREIT (such venture, the “MGP BREIT Venture”). Further, the Company leases the real estate assets of Aria (including Vdara) pursuant to a lease agreement between a subsidiary of the Company and funds managed by The Blackstone Group ("Blackstone"), as further discussed below. Refer to Note 11 for further discussion of the leases. In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's racetrack 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 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 master lease with respect to improvements made by the Company related to the rebranding of the Park MGM and NoMad Las Vegas. Refer to Note 18 for additional information on this transaction, which eliminates in consolidation. In April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC ("Northfield") from MGP and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, and added it to the master lease between the Company and MGP. Refer to Note 18 for additional information. On November 15, 2019, Bellagio BREIT Venture was formed, which acquired the Bellagio real estate assets from the Company and leased such assets back to the Company pursuant to a lease agreement. In exchange for the contribution of 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 in “Gain on REIT transactions, net” in the consolidated statements of operations, 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 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 the newly formed MGP BREIT Venture. 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 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. The Company recorded the difference between consideration received of $2.5 billion and the carrying value of the MGM Grand Las Vegas real estate assets of $733 million and selling costs of $27 million as a net gain on sale of assets of $1.7 billion, which is reflected within “Gain on REIT transactions, net” in the consolidated statements of operations. The Company also recorded the difference between consideration received of $2.1 billion and the carrying value of the Mandalay Bay real estate assets of $2.3 billion and selling costs of $10 million as a net loss on sale of assets of $252 million, which is reflected within “Gain on REIT transactions, net” in the consolidated statements of operations. In connection with the transactions, the Company provides a shortfall guarantee of the principal amount of indebtedness of MGP BREIT Venture (and any interest accrued and unpaid thereon) as further discussed in Note 12. On the closing date, BREIT also purchased approximately 5 million MGP Class A shares for $150 million . In connection with the MGP BREIT Venture Transaction, MGP BREIT Venture entered into a lease with a subsidiary of the Company for the real estate assets of Mandalay Bay and MGM Grand Las Vegas as further discussed in Note 11. Additionally, the master lease with MGP was modified to remove the Mandalay Bay property and the annual cash rent under the MGP master lease was reduced by $133 million , as further discussed in Note 18. Also, on January 14, 2020, the Company, the Operating Partnership, and MGP entered into an agreement for the Operating Partnership to waive its right following the closing of the MGP BREIT Venture Transaction 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 ten day average closing price prior to the date of the notice of redemption. The waiver was effective upon closing of the transaction on February 14, 2020 and was scheduled to terminate on the earlier of February 14, 2022 or upon the Company’s receipt of cash proceeds of $1.4 billion as consideration for the redemption of the Company’s Operating Partnership units. On May 18, 2020, the Operating Partnership redeemed approximately 30 million Operating Partnership units that the Company held for $700 million, or $23.10 per unit, and on December 2, 2020, the Operating Partnership redeemed approximately 24 million of the Operating Partnership units that the Company held for the remaining $700 million, or $29.78 per unit. As a result, the waiver terminated in accordance with its terms. On March 4, 2021, certain subsidiaries of the Company delivered a notice of redemption to MGP covering approximately 37 million Operating Partnership units that they held, as further discussed in Note 13. On August 4, 2021, the Company entered into an agreement with VICI Properties, Inc. (“VICI”) and MGP whereby VICI will acquire MGP in a stock-for-stock transaction (such transaction, the “VICI Transaction”). Pursuant to the agreement, MGP Class A shareholders will receive 1.366 shares of newly issued VICI stock in exchange for each MGP Class A share outstanding and the Company will receive 1.366 units of the new VICI operating partnership (“VICI OP”) in exchange for each Operating Partnership unit held by the Company. The fixed exchange ratio represents an agreed upon price of $43 per share of MGP Class A share to the five-day volume weighted average price of VICI stock as of the close of business on July 30, 2021. In connection with the exchange, VICI OP will redeem the majority of the Company’s VICI OP units for cash consideration of $4.4 billion, with the Company retaining an approximate $370 million ownership interest in the VICI OP (based upon the close price of VICI stock as of August 3, 2021). MGP’s Class B share that is held by the Company will be cancelled. As part of the transaction, the Company will enter into an amended and restated master lease with VICI. The new master lease will have an initial term of 25 years, with three 10-year renewals, and initial annual rent of $860 million, escalating annually at a rate of 2% per annum for the first 10 years and thereafter equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, regulatory approvals, and approval by VICI stockholders (which was obtained on October 29, 2021). On September 26, 2021, the Company entered into an agreement to acquire the operations of The Cosmopolitan of Las Vegas ("The Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working capital adjustments. Pursuant to the agreement, the Company is obligated to use its reasonable best efforts to obtain the requisite antitrust and gaming regulatory approvals. The agreement may be terminated by either party if the transaction has not closed on or before June 26, 2022, which date may be extended by either party to a date on or prior to September 26, 2022 under certain circumstances. The agreement contemplates a reverse termination fee of $500 million that is payable by the Company in the event that the parties are unable to obtain antitrust or gaming regulatory approval. Additionally, the Company will enter into a lease agreement for the real estate assets of The Cosmopolitan. The Cosmopolitan lease will have an initial term of 30 years with three subsequent 10-year renewal periods, exercisable at the Company’s option. The initial term of the lease provides for an initial annual cash rent of $200 million with a fixed 2% escalator for the first 15 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%. Additionally, the lease will require the Company to spend a specified percentage of net revenues over a rolling 5-year period at the property on capital expenditures and for the Company to comply with certain financial covenants, which, if not met, would require the Company to maintain cash security or one or more letters of credit in favor of the landlord in an amount equal to rent for the succeeding 1-year period. The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions. On September 27, 2021, the Company completed the acquisition of the 50% ownership interest in CityCenter Holdings, LLC ("CityCenter") held by Infinity World Development Corp ("Infinity World"), a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter is located between Bellagio and Park MGM and consists of Aria, an integrated casino, hotel and entertainment resort; and Vdara, a luxury condominium-hotel. Refer to Note 4 for additional information on this acquisition. On September 28, 2021, the Company sold the real estate assets of Aria (including Vdara) to funds managed by The Blackstone Group Inc. ("Blackstone") for cash consideration of $3.89 billion and entered into a lease through which the real property is leased back to a subsidiary of the Company, as further discussed in Note 11. On October 29, 2021, MGP acquired the real estate assets of MGM Springfield from the Company and MGM Springfield was added to the MGP master lease between the Company and MGP through which MGP leases back the real property to a subsidiary of the Company. Transactions with MGP, including transactions under the MGP master lease, have been eliminated in the Company’s consolidation of MGP. Refer to Note 18 for additional information. On December 13, 2021, the Company entered into an agreement to sell the operations of The Mirage to an affiliate of Seminole Hard Rock Entertainment, Inc. ("Hard Rock") for cash consideration of $1.075 billion, subject to certain purchase price adjustments. Pursuant to the agreement, Hard Rock is obligated to use its reasonable best efforts to obtain the requisite antitrust and gaming regulatory approvals. The agreement may be terminated by either party if the closing has not occurred on or before December 13, 2022, which date may be extended by either party to March 13, 2023 under certain circumstances. The agreement contemplates a reverse termination fee of $322.5 million that is payable by Hard Rock to the Company in the event that the parties are unable to obtain antitrust or gaming regulatory approval. Upon closing, the master lease between the Company and VICI (or MGP in the event that the VICI Transaction is terminated) will be amended and restated to reflect a $90 million reduction in annual cash rent. The transaction is expected to close during the second half of 2022, subject to certain closing conditions, including, but not limited to, the consummation or termination of the VICI Transaction and receipt of regulatory approvals. 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 and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming subconcession and land concessions. Gaming in Macau is currently administered by the Macau Government through concessions awarded to three different concessionaires and three subconcessionaires, of which a subsidiary of MGM China, MGM Grand Paradise, is a subconcessionaire. In 2019, the expiration of MGM Grand Paradise’s subconcession term was extended from March 31, 2020 to June 26, 2022, consistent with the expiration of the other concessionaires and subconcessionaires. Pursuant to the Macau gaming law, upon reaching the maximum duration of 20 years, the term of the concessions may be extended one or more times by order of the Chief Executive, which period may not exceed, in total, 5 years. On January 14, 2022, the Macau Government disclosed the content of a bill to amend Macau gaming law, which followed a 45-day public consultation process regarding draft amendment proposals that were issued in September 2021. Under the bill the existing subconcessions will be discontinued and a maximum of six concessions will be awarded for a term to be specified in the concession contract that may not exceed 10 years and which may be extended by three years under certain circumstances. The bill is subject to debate and approval by the Macau Legislative Assembly. The approval of the new gaming law bill will precede the public tender for the awarding of new gaming concessions and to date the Macau Government has provided no indication as to whether the public tender will take place before expiry of the existing gaming concessions and subconcessions but acknowledged that it could consider the extension of the existing concessions and subconcessions beyond their current term if the public tender is held at a later date. Unless MGM Grand Paradise's gaming subconcession is extended or legislation with regard to reversion of casino premises is amended the casino area premises and gaming-related equipment subject to reversion will automatically be transferred to the Macau Government upon expiration, and MGM China will cease to generate any revenues from such gaming operations. In addition, certain events relating to the loss, termination, rescission, revocation or modification of MGM Grand Paradise’s gaming subconcession in Macau, where such events have a material adverse effect on the financial condition, business, properties, or results of operations of MGM China, taken as a whole, may result in a special put option triggering event under MGM China’s senior notes and in an event of default under MGM China’s revolving credit facilities. MGM China continues to closely monitor developments regarding the retendering process or concession extensions including the issuance of guidance by the Macau Government. MGM China intends to respond proactively to all relevant Macau Government requirements when known relating to the process. Management cannot provide any assurance that the gaming subconcession will be extended beyond the current term or that it will be able to obtain a gaming concession in a public tender; however, management believes that MGM Grand Paradise will be successful in obtaining a gaming concession when a public tender is held. The Company owns 50% of BetMGM, LLC (“BetMGM”), which provides online sports betting and iGaming in certain jurisdictions in the United States. The other 50% of BetMGM is owned by Entain plc. 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. Financial Impact of COVID-19. The spread of the novel 2019 coronavirus (“COVID-19”) and developments surrounding the global pandemic have had a significant impact on the Company’s business, financial condition, results of operations and cash flows in 2020 and 2021 and may continue to impact the Company's business in 2022 and thereafter. In March 2020, all of the Company’s domestic properties were temporarily closed pursuant to state and local government restrictions imposed as a result of COVID-19. Throughout the second and third quarters of 2020, all of the Company’s properties that were temporarily closed re-opened to the public, with temporary re-closures and re-openings occurring for certain of the Company’s properties or portions thereof into the first quarter of 2021. Upon re-opening, the properties continued to operate without certain amenities and subject to certain occupancy limitations, with restrictions varying by jurisdiction. Beginning in the latter part of the first quarter of 2021 and continuing into the second quarter of 2021, the Company’s domestic jurisdictions eased and removed prior operating restrictions, including capacity and occupancy limits, as well as social distancing policies. Although all of the Company’s properties have re-opened, in light of the unpredictable nature of the pandemic, including the emergence and spread of COVID-19 variants, the properties may be subject to new operating restrictions and/or temporary, complete, or partial shutdowns in the future. At this time, the Company cannot predict whether jurisdictions, states or the federal government will adopt similar or more restrictive measures in the future than in the past, including stay-at-home orders or the temporary closure of all or a portion of the Company’s properties as a result of the pandemic. In Macau, following a temporary closure of the Company’s properties on February 5, 2020, operations resumed on February 20, 2020, subject to certain health safeguards, such as limiting the number of seats available at each table game, slot machine spacing, reduced operating hours at a number of restaurants and bars, temperature checks, and mask protection. Although the issuance of tourist visas (including the individual visit scheme) for residents of Zhuhai, Guangdong Province and all other provinces in mainland China to travel to Macau resumed on August 12, 2020, August 26, 2020 and September 23, 2020, respectively, several travel and entry restrictions in Macau, Hong Kong and mainland China remain in place (including the temporary suspension of ferry services between Hong Kong and Macau, the negative nucleic acid test result certificate, and mandatory quarantine requirements for returning residents, for visitors from Hong Kong, Taiwan, and certain regions in mainland China, and bans on entry on other visitors), which significantly impacted visitation to the Company’s Macau properties. In the third and fourth quarters of 2021, local COVID-19 cases were identified in Macau. Upon such occurrences, a state of immediate prevention was declared and mass mandatory nucleic acid testing was imposed in Macau, the validity period of negative test results for re-entry into mainland China was shortened and quarantine requirements were imposed, certain events were cancelled or suspended, and in some instances, |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of 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 variable interest entity (“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, 2021, on a consolidated basis MGP had total assets of $10.4 billion, primarily related to its real estate investments, and total liabilities of $5.1 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 the venture, because the Company does not have power to direct the activities that could potentially be significant to the 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 $58 million as of December 31, 2021. 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, which guarantee is immaterial as of December 31, 2021, as further discussed in Note 12. For entities determined not to be a 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 under the voting interest model if it has a controlling financial interest 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 and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s investments in MGP BREIT Venture and BetMGM, which do not qualify for consolidation as the Company has joint control, given the entities are structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entities, as defined in ASC 810. For equity interests in entities in which the Company does not have significant influence, the Company records its equity investment under ASC 321 and reflects such investments within “Other long-term assets, net” on the consolidated balance sheets. The fair value of such equity investments was $66 million as of December 31, 2021 . 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 or equity interests, 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 inputs when measuring its equity investments under ASC 321; • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9; • Level 2 inputs when measuring the Operating Partnership’s fair value of its interest rate swaps. See Note 9; • Level 1, Level 2, and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed in the CityCenter acquisition. See Note 4; and • 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 cash on hand, 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. Restricted cash. Restricted cash reflects cash held in an escrow account related to the reverse termination fee that was contractually required to be prefunded for The Cosmopolitan acquisition and is reflected as "Restricted Cash" on the consolidated balance sheets as of December 31, 2021. "Restricted Cash" and "Cash and cash equivalents" on the consolidated balance sheets as of December 31, 2021 equal "Cash, cash equivalents, and restricted cash" on the consolidated statements of cash flows. 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 following background checks and investigations of creditworthiness. At December 31, 2021 and 2020, approximately 43% and 52%, 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 loss reserve is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The loss reserve is estimated based on both a specific review of customer accounts as well as historical collection experience and current and expected future economic and business conditions. Management believes that as of December 31, 2021, no significant concentrations of credit risk existed for which a loss reserve 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. 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 material impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2021, 2020, and 2019. 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 standalone 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. 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 and the Company is not the controlling entity, which primarily include certain of the Company’s entertainment shows and, in certain jurisdictions, the Company’s arrangement with BetMGM for online sports betting and iGaming. 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 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 2021 2020 2021 2020 2021 2020 (in thousands) Balance at January 1 $ 212,671 $ 314,570 $ 139,756 $ 126,966 $ 382,287 $ 481,095 Balance at December 31 176,219 212,671 144,465 139,756 640,001 382,287 Increase / (decrease) $ (36,452) $ (101,899) $ 4,709 $ 12,790 $ 257,714 $ (98,808) 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 related primarily to the Company’s management of CityCenter (such management agreement was terminated upon the acquisition of CityCenter in September 2021). 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. The Company classifies a lease with terms greater than twelve months as either operating or finance. At commencement date, 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. 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, such as for the Company’s triple-net operating leases for which the lessor has provided its implicit rate or provided the assumptions required for the Company to readily determine the rate implicit in the lease, the Company uses the rate implicit in the lease to discount lease payments to present value. However, for most of the Company’s leases, such as its equipment leases, the Company cannot readily determine the implicit rate. Accordingly, the Company uses its incremental borrowing rate to discount the lease payments for such leases based on the information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. The Company’s triple-net operating leases each contain renewal periods at the Company’s option, each of which are not considered to be reasonably certain of being exercised. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. 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. Refer to Note 11 for discussion of leases under which the Company is a lessee. The master lease agreement with MGP is eliminated in consolidation; refer to Note 18 for further discussion of the master lease with MGP. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues from third-party tenants include $43 million, $24 million and $53 million recorded within food and beverage revenue for 2021, 2020 and 2019, respectively, and $85 million, $60 million and $89 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations. Advertising. The Company expenses advertising costs as incurred. Advertising expense that primarily relates to media placement costs and which is generally included in general and administrative expenses, was $121 million, $88 million and $195 million for 2021, 2020 and 2019, respectively. Corporate expense. Corporate expense represents unallocated payroll, 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. 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. 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, 2021 2020 2019 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,254,370 $ (1,032,724) $ 2,049,146 Adjustment related to redeemable noncontrolling interests (78,298) 35,520 (2,713) Net income (loss) available to common stockholders - basic 1,176,072 (997,204) 2,046,433 Other — — (194) Net income (loss) attributable to common stockholders - diluted $ 1,176,072 $ (997,204) $ 2,046,239 Denominator: Weighted average common shares outstanding basic 481,930 494,152 524,173 Potential dilution from share-based awards 5,426 — 3,472 Weighted average common and common equivalent shares - diluted 487,356 494,152 527,645 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 198 9,493 1,617 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). |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Net | ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: December 31, 2021 2020 (In thousands) Casino $ 380,907 $ 260,998 Hotel 180,098 46,288 Other 151,258 135,805 712,263 443,091 Less: Loss reserves (128,348) (126,589) $ 583,915 $ 316,502 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS CityCenter On September 27, 2021, the Company completed the acquisition of Infinity World's 50% ownership interest in CityCenter for cash consideration of $2.125 billion. Through the acquisition, the Company obtained 100% of the equity interests in CityCenter and therefore consolidated CityCenter as of September 27, 2021. Prior to the acquisition, the Company held a 50% ownership interest, which was accounted for under the equity method. The fair value of the equity interests of CityCenter was determined by the transaction price and equaled $4.25 billion. The carrying value of the Company's equity method investment was less than its share of the fair value of CityCenter at the acquisition date, resulting in a net gain of $1.6 billion upon consolidation, which is recognized as "Gain on consolidation of CityCenter, net" on the consolidated statements of operations. On September 28, 2021, the Company sold the real estate assets of Aria (including Vdara) for cash consideration of $3.89 billion and entered into a lease agreement pursuant to which the Company leases back the real property. The Company classified the real estate assets as held for sale as of the acquisition date and accordingly measured the real estate assets at fair value less costs to sell, as reflected in the table below. See Note 11 for additional information regarding the lease. The Company recognized 100% of the assets and liabilities of CityCenter 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 level 1 inputs, level 2 inputs, and level 3 inputs. The following table sets forth the purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 335,396 Receivables and other current assets 106,417 Property and equipment - real estate assets held for sale 3,888,431 Property and equipment 323,093 Trademarks 180,000 Goodwill 1,397,338 Other long-term assets 13,923 Accounts payable, accrued liabilities, and other current liabilities (201,093) Debt (1,729,451) Other long-term liabilities (64,054) $ 4,250,000 The Company recognized the identifiable intangible assets of CityCenter at fair value, which consisted of indefinite-lived trade names, which was determined using methodologies under the relief from royalty method based on significant inputs that were not observable. The goodwill is primarily attributable to the profitability of CityCenter in excess of identifiable assets, of which approximately 50% of the goodwill is deductible for income tax purposes. All of the goodwill was assigned to the Company’s Las Vegas Strip Resorts segment. Results. CityCenter’s net revenue for the period from September 27, 2021 through December 31, 2021 was $367 million and operating income and net income were $69 million and $68 million, respectively. Unaudited pro forma information. The operating results for CityCenter are included in the accompanying consolidated statements of operations from the date of acquisition. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest had occurred as of January 1, 2020 and excludes the gain on consolidation discussed above. The pro forma information does not reflect transactions that occurred subsequent to acquisition, such as the subsequent sale-leaseback transaction or the repayment of CityCenter's assumed debt. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2020. Year Ended December 31, 2021 2020 (In thousands) Net Revenues $ 10,153,603 $ 5,456,763 Net income attributable to MGM Resorts International 137,773 (1,041,271) 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 master lease between the Company and MGP . See Note 18 for additional information. 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 In April 2019, the Company acquired the membership interests of Northfield from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the master lease between the Company and MGP. Refer to Note 18 for additional information. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: December 31, 2021 2020 (In thousands) Land $ 4,082,842 $ 4,081,029 Buildings, building improvements and land improvements 12,236,042 12,053,422 Furniture, fixtures and equipment 5,722,565 5,600,579 Construction in progress 421,445 170,957 22,462,894 21,905,987 Less: Accumulated depreciation (8,179,310) (7,474,876) Finance lease ROU assets, net 151,909 200,980 $ 14,435,493 $ 14,632,091 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2021 2020 (In thousands) CityCenter (50% as of December 31, 2020) $ — $ 441,893 MGP BREIT Venture (50.1% owned by the Operating Partnership) 816,756 810,066 BetMGM (50%) 41,060 27,310 Other 109,228 167,774 $ 967,044 $ 1,447,043 The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Income from unconsolidated affiliates $ 84,823 $ 42,938 $ 119,521 Non-operating items from unconsolidated affiliates (83,243) (103,304) (62,296) $ 1,580 $ (60,366) $ 57,225 The following table summarizes further information related to the Company’s share of operating income (loss) from unconsolidated affiliates: Year Ended December 31, 2021 2020 2019 (In thousands) CityCenter (through September 26, 2021) $ 128,127 $ (29,753) $ 128,421 MGP BREIT Venture 155,817 136,755 — BetMGM (211,182) (61,663) (15,804) Other 12,061 (2,401) 6,904 $ 84,823 $ 42,938 $ 119,521 MGP BREIT Venture distributions. During the years ended December 31, 2021 and 2020, the Operating Partnership received $94 million and $81 million, respectively, in distributions from MGP BREIT Venture. BetMGM contributions. During the years ended December 31, 2021 and 2020, the Company contributed $225 million and $80 million to BetMGM, respectively. CityCenter acquisition. The Company obtained 100% of the equity interests in CityCenter and therefore consolidated CityCenter as of September 27, 2021. Prior to the acquisition, the Company held a 50% ownership interest, which was accounted for under the equity method. Refer to Note 4. CityCenter distributions. During the year ended December 31, 2020, CityCenter paid $101 million in distributions, of which the Company received its 50% share, or approximately $51 million. During the year ended December 31, 2019, CityCenter paid $180 million in distributions, of which the Company received its 50% share, or approximately $90 million. CityCenter sale of Harmon land. In June 2021, CityCenter closed the sale of its Harmon land for $80 million on which it recorded a $30 million gain. The Company recorded a $50 million gain, which included $15 million of its 50% share of the gain recorded by CityCenter and $35 million representing the reversal of certain basis differences in 2021. Other. During the years ended December 31, 2021 and 2020, the Company recognized other-than-temporary impairment charges of $22 million and $64 million, respectively, within “Property transactions, net” in the consolidated statements of operations related to investments in unconsolidated affiliates previously classified within “Other” in the “Investments in and advances to unconsolidated affiliates” table above. Unconsolidated Affiliate Financial Information – CityCenter (as of December 31, 2020 and through September 26, 2021) & MGP BREIT Venture Summarized balance sheet information is as follows: December 31, 2021 2020 (In thousands) Cash and cash equivalents $ 16 $ 96,758 Property and equipment, net 4,439,851 10,237,004 Other assets, net 193,184 256,813 Debt, net 2,994,782 4,715,997 Other liabilities 8,018 270,583 Summarized results of operations are as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Net revenues $ 1,084,503 $ 869,638 $ 1,294,861 Net income (loss) 294,797 (43,749) 69,143 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. Basis differences relating to the Company's investment in CityCenter were resolved in connection with the consolidation of CityCenter in 2021. Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2021 2020 (In thousands) Venture-level equity attributable to the Company $ 961,787 $ 2,981,550 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) — (504,171) CityCenter capitalized interest (2) — 168,966 CityCenter completion guarantee (3) — 248,730 CityCenter deferred gain (4) — (208,204) CityCenter capitalized interest on sponsor notes (5) — (33,010) Other-than-temporary impairments of CityCenter investment (6) — (1,256,516) Other adjustments 5,257 49,698 $ 967,044 $ 1,447,043 (1) Primarily related to land and fixed assets. (2) Related 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) Related to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Related to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: December 31, 2021 2020 (In thousands) Goodwill $ 3,480,997 $ 2,091,278 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 MGM Northfield Park and Empire City racing and gaming licenses 280,000 280,000 Trademarks and other 479,238 299,238 Total indefinite-lived intangible assets 857,336 677,336 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,516,532 4,541,990 Less: Accumulated amortization (1,865,219) (1,697,481) 2,651,313 2,844,509 MGM National Harbor and MGM Springfield gaming licenses 106,600 106,600 Less: Accumulated amortization (26,209) (19,102) 80,391 87,498 Other finite-lived intangible assets 65,207 60,649 Less: Accumulated amortization (37,862) (26,244) 27,345 34,405 Total finite-lived intangible assets, net 2,759,049 2,966,412 Total other intangible assets, net $ 3,616,385 $ 3,643,748 Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows: 2021 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 30,452 $ 1,397,338 $ — $ 1,427,790 Regional Operations 701,463 — — 701,463 MGM China 1,359,363 — (7,619) 1,351,744 $ 2,091,278 $ 1,397,338 $ (7,619) $ 3,480,997 2020 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 30,452 $ — $ — $ 30,452 Regional Operations 701,463 — — 701,463 MGM China 1,352,649 — 6,714 1,359,363 $ 2,084,564 $ — $ 6,714 $ 2,091,278 Goodwill was recognized in 2021 related to the acquisition of the 50% ownership interest in CityCenter, which is included in Las Vegas Strip Resorts, as further discussed in Note 4. MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated April 19, 2005 between MGM Grand Paradise and SJM Resorts S.A. ("SJMSA", formerly Sociedade de Jogos de Macau, S.A.), a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period commencing on April 20, 2005 through March 31, 2020. In March 2019, MGM Grand Paradise and SJMSA entered into a Subconcession Extension Contract (the “Extension Agreement”), pursuant to which the gaming subconcession was extended to June 26, 2022, which coincides with the current expiration of all the other concessions and subconcessions. 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 MGM Grand Paradise will be awarded a gaming concession subsequent to the expiration of its gaming subconcession; however, as further discussed in Note 1, management believes that MGM Grand Paradise will be successful in obtaining a gaming concession when a public tender is held. Accordingly, as of December 31, 2021 and 2020, the Company amortizes the gaming subconcession intangible asset on a straight-line basis over the initial term of the Cotai land concession through January 2038. MGM National Harbor and MGM Springfield 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. Total amortization expense related to intangible assets was $197 million, $194 million and $192 million for 2021, 2020, and 2019, respectively. As of December 31, 2021, estimated future amortization is as follows: Years ending December 31, (In thousands) 2022 $ 190,257 2023 177,982 2024 175,995 2025 174,210 2026 172,424 Thereafter 1,868,181 $ 2,759,049 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES Other accrued liabilities consisted of the following: December 31, 2021 2020 (In thousands) Contract and contract-related liabilities: Outstanding chip liability $ 176,219 $ 212,671 Loyalty program obligations 144,465 139,756 Casino front money 206,244 133,114 Advance deposits and ticket sales 283,188 123,079 Unpaid wagers and other 150,569 126,094 Other accrued liabilities: Payroll and related 429,797 327,644 Taxes, other than income taxes 195,973 109,100 Operating Partnership interest rate swaps - current 14,071 32,155 MGP dividend 82,294 64,086 Operating lease liabilities - current (Refer to Note 11) 31,706 31,843 Finance lease liabilities - current (Refer to Note 11) 87,665 80,193 Other 181,253 165,344 $ 1,983,444 $ 1,545,079 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt consisted of the following: December 31, 2021 2020 (In thousands) Operating Partnership senior credit facility $ 50,000 $ 10,000 MGM China first revolving credit facility 360,414 770,034 7.75% senior notes, due 2022 1,000,000 1,000,000 6% senior notes, due 2023 1,250,000 1,250,000 5.625% Operating Partnership senior notes, due 2024 1,050,000 1,050,000 5.375% MGM China senior notes, due 2024 750,000 750,000 6.75% senior notes, due 2025 750,000 750,000 5.75% senior notes, due 2025 675,000 675,000 4.625% Operating Partnership senior notes, due 2025 800,000 800,000 5.25% MGM China senior notes, due 2025 500,000 500,000 5.875% MGM China senior notes, due 2026 750,000 750,000 4.5% Operating Partnership senior notes, due 2026 500,000 500,000 4.625% senior notes, due 2026 400,000 400,000 5.75% Operating Partnership senior notes, due 2027 750,000 750,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 — 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 4.75% senior notes, due 2028 750,000 750,000 3.875% Operating Partnership senior notes, due 2029 750,000 750,000 7% debentures, due 2036 552 552 12,860,966 12,480,586 Less: Premiums, discounts, and unamortized debt issuance costs, net (90,169) (103,902) 12,770,797 12,376,684 Less: Current portion (1,000,000) — $ 11,770,797 $ 12,376,684 Interest expense, net consisted of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Total interest incurred $ 800,156 $ 679,251 $ 853,007 Interest capitalized (563) (2,871) (5,075) $ 799,593 $ 676,380 $ 847,932 Senior credit facility. At December 31, 2021, the Company’s senior credit facility consisted of a $1.675 billion revolving facility of which no amounts were drawn. On February 14, 2020, in connection with the MGP BREIT Venture Transaction, the Company used proceeds from the transaction to repay and terminate the $1.5 billion outstanding on its then existing revolving facility in full and entered into an unsecured credit agreement, comprised of a $1.5 billion unsecured revolving facility that would mature in February 2025. As a result, the Company incurred a $4 million loss on early retirement of debt recorded in “Other, net” in the consolidated statements of operations. In April 2020 and then in February 2021, the Company amended its credit facility to provide it with certain relief from the effects of the COVID-19 pandemic, including certain financial maintenance covenant waivers, agreeing to liquidity tests, and pledging the Operating Partnership units held by loan parties to the lenders as collateral. In November 2021, the Company terminated its existing revolving facility and entered into a new $1.675 billion secured revolving credit facility that matures in November 2026. The revolving credit facility bears interest of SOFR plus 1.50% to 2.25% determined by reference to a rent adjusted total net leverage ratio pricing grid. The Company's senior revolving credit facility is, subject to gaming approval, guaranteed by each of the Company's existing direct and indirect wholly-owned material domestic restricted subsidiaries, subject to certain exclusions. The senior revolving credit facility is secured by a pledge of the equity in certain of the Company's domestic operating properties. Mandatory prepayments will be required upon the occurrence of certain events, including sales of certain assets, subject to certain exceptions. The Company’s senior revolving credit facility also contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its applicable covenants at December 31, 2021. Operating Partnership senior credit facility and bridge facility. At December 31, 2021, the Operating Partnership’s senior secured credit facility consisted of a $1.35 billion revolving credit facility. The revolving facility bears interest of LIBOR plus 1.75% to 2.25% determined by reference to a total net leverage ratio pricing grid and will mature in June 2023. At December 31, 2021, $50 million was drawn on the revolving credit facility and the interest rate on the revolving credit facility was 1.85%. In February 2020, 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 relating to the debt of MGP BREIT Venture (refer to Note 12 for description of such guarantee), and permit the incurrence of the 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 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 outstanding balance of $399 million on its term loan A facility in full. As a result, the Operating Partnership incurred an $18 million loss on early retirement of debt recorded in “Other, net” in the consolidated statements of operations. The Operating Partnership is party to interest rate swaps to mitigate the effects of interest rate volatility inherent in its variable rate debt as well as forecasted debt issuances. As of December 31, 2021, the Operating Partnership has currently effective interest rate swap agreements on which it pays a weighted average fixed rate of 1.783% on total notional amount of $700 million . The Operating Partnership has an additional $900 million total notional amount of forward starting interest rate swaps that are not currently effective. The fair value of interest rate swaps designated as cash flow hedges was $25 million , with $5 million recorded as a current liability and $20 million recorded as a long-term liability as of December 31, 2021, and $41 million, with $1 million recorded as a current liability and $40 million recorded as a long-term liability, as of December 31, 2020. The fair value of interest rate swaps not designated as cash flow hedges was $27 million , with $8 million recorded as a current liability and $19 million recorded as a long-term liability as of December 31, 2021, and $78 million, with $31 million recorded as a current liability and $47 million recorded as a long-term liability, as of December 31, 2020. Interest rate swaps in a current liability position are recorded within “Other accrued expenses,” and those in a long-term liability position are recorded within “Other long-term obligations” on the consolidated balance sheets. The Operating Partnership credit facility contains customary representations and warranties, events of default and positive and negative covenants, including that 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, 2021. 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, except for MGM Springfield reDevelopment, which owns the real estate assets of MGM Springfield, 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, Empire City, and MGM Springfield and subject to other customary exclusions. MGM China first revolving credit facility. At December 31, 2021, the MGM China first revolving credit facility consisted of a $1.25 billion unsecured revolving credit facility. The MGM China first revolving credit facility bears interest at a fluctuating rate per annum based on Hong Kong Interbank Offered Rate (“HIBOR”) plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio and will mature in May 2024. At December 31, 2021, $360 million was drawn on the MGM China first revolving credit facility and the weighted average interest rate was 2.95%. The MGM China first revolving 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. In February 2021, MGM China amended its credit agreement to provide for a waiver of its maximum leverage ratio and its minimum interest coverage ratio through the fourth quarter of 2022. MGM China was in compliance with its applicable MGM China credit facility covenants at December 31, 2021. In February 2022, MGM China further amended its first revolving credit facility to extend the financial covenant waivers through maturity. MGM China second revolving credit facility. At December 31, 2021, the MGM China second revolving credit facility consisted of a $400 million unsecured revolving credit facility with an option to increase the amount of the facility up to $500 million, subject to certain conditions. The MGM China second credit facility 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 and will mature in May 2024. Draws will be subject to satisfaction of certain conditions precedent, including evidence that the MGM China first revolving credit facility has been fully drawn. At December 31, 2021, no amounts were drawn on the MGM China second revolving credit facility. The MGM China second 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 beginning in the third quarter of 2021. In February 2021, MGM China further amended its second credit facility agreement to provide for a waiver of its maximum leverage ratio and its minimum interest coverage ratio through the fourth quarter of 2022. MGM China was in compliance with its applicable MGM China second credit facility covenants at December 31, 2021. In February 2022, MGM China further amended its second revolving credit facility to extend the financial covenant waivers through maturity. Senior Notes. In October 2020, the Company issued $750 million in aggregate principal amount of 4.75% senior notes due 2028. In May 2020, the Company issued $750 million in aggregate principal amount of 6.75% senior notes due 2025. In March 2020, the Company completed cash tender offers for an aggregate amount of $750 million of its senior notes, comprised of $325 million principal amount of its outstanding 5.75% senior notes due 2025, $100 million principal amount of its outstanding 4.625% senior notes due 2026, and $325 million principal amount of its outstanding 5.5% senior notes due 2027. As a result, the Company incurred a $105 million loss on early retirement of debt recorded in “Other, net” in the consolidated statements of operations. 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. Operating Partnership senior notes. In November 2020, the Operating Partnership issued $750 million in aggregate principal amount of 3.875% senior notes due 2029. In June 2020, the Operating Partnership issued $800 million in aggregate principal amount of 4.625% senior notes due 2025. 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 March 2021, MGM China issued $750 million in aggregate principal amount of 4.75% senior notes due 2027 at an issue price of 99.97%. In June 2020, MGM China issued $500 million in aggregate principal amount of 5.25% senior notes due 2025. 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 first revolving credit facility. MGM China incurred a $16 million loss on the debt retirement recorded in “Other, net” in the consolidated statements of operations. CityCenter senior credit facility. In connection with the CityCenter acquisition, the Company assumed $1.7 billion of CityCenter's indebtedness, which was repaid and extinguished in September 2021 with cash on hand. Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2021 are as follows: Years ending December 31, (In thousands) 2022 $ 1,000,000 2023 1,300,000 2024 2,160,414 2025 2,725,000 2026 1,650,000 Thereafter 4,025,552 $ 12,860,966 Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $13.4 billion and $13.2 billion at December 31, 2021 and 2020, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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, 2021 2020 2019 (In thousands) Domestic operations $ 2,094,324 $ (665,376) $ 2,717,756 Foreign operations (632,520) (846,103) 128,969 $ 1,461,804 $ (1,511,479) $ 2,846,725 The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2021 2020 2019 Federal: (In thousands) Current $ (8,984) $ 207,544 $ (4,928) Deferred (excluding separate components) (189,657) 19,852 (537,993) Deferred – valuation allowance (14,967) (42,109) (20,175) Other noncurrent (14,262) 4,922 (5,745) Benefit (provision) for federal income taxes (227,870) 190,209 (568,841) State: Current 5 (816) (22,685) Deferred (excluding separate components) (28,068) (33,087) (32,793) Deferred – operating loss carryforward (27,936) 47,728 (5,241) Deferred – valuation allowance (601) (3,375) (191) Other noncurrent 13,260 (946) (1,401) Benefit (provision) for state income taxes (43,340) 9,504 (62,311) Foreign: Current (3,717) (828) (2,454) Deferred (excluding separate components) 8,943 4,206 44,374 Deferred – operating loss carryforward 5,793 39,920 32,915 Deferred – valuation allowance 6,776 (51,439) (76,028) Benefit (provision) for foreign income taxes 17,795 (8,141) (1,193) $ (253,415) $ 191,572 $ (632,345) A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2021 2020 2019 Federal income tax statutory rate 21.0 % 21.0 % 21.0 % Net operating loss carryback rate differential — 5.5 — Noncontrolling interest (3.2) 1.6 (0.8) Foreign jurisdiction income/losses taxed at other than U.S. statutory rate 8.2 (12.5) (0.5) Federal valuation allowance 1.0 (2.8) 0.7 State taxes, net 2.3 0.5 1.7 Gain on consolidation of CityCenter, net (10.1) — — Permanent and other items (1.9) (0.6) 0.1 17.3 % 12.7 % 22.2 % The tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2021 2020 Deferred tax assets – federal and state: (In thousands) Net operating loss carryforward $ 35,350 $ 57,419 Accruals, reserves and other 39,163 167,553 Lease liabilities 2,714,308 1,972,343 Tax credits 3,060,733 3,095,856 5,849,554 5,293,171 Less: Valuation allowance (2,735,451) (2,720,008) 3,114,103 2,573,163 Deferred tax assets – foreign: Net operating loss carryforward 185,936 180,143 Accruals, reserves and other 15,228 17,083 Property and equipment 27,366 17,890 Lease liabilities 1,458 1,368 229,988 216,484 Less: Valuation allowance (148,811) (155,587) 81,177 60,897 Total deferred tax assets $ 3,195,280 $ 2,634,060 Deferred tax liabilities – federal and state: Property and equipment $ (1,361,356) $ (1,349,355) Investments in unconsolidated affiliates (1,252,816) (1,158,342) ROU assets (2,570,620) (1,860,195) Intangibles (141,934) (108,728) (5,326,726) (4,476,620) Deferred tax liabilities – foreign: Intangibles (307,522) (309,256) ROU Assets (396) (1,200) (307,918) (310,456) Total deferred tax liability $ (5,634,644) $ (4,787,076) Net deferred tax liability $ (2,439,364) $ (2,153,016) In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act contains certain income tax provisions that are beneficial to the Company; namely, the relaxation of the interest expense deduction limitation for the 2019 and 2020 tax years and the allowance of a 5-year carryback of net operating losses (“NOLs”) incurred during tax years 2018 through 2020. The Company has recorded a federal income tax receivable of $226 million to reflect the carryback of its 2020 NOL. Furthermore, since the NOL was carried back to tax years when the federal income tax rate was 35%, compared to the 21% rate currently in effect, the Company realized $90 million more income tax benefit than if it would have only been able to carry the NOL forward. The Company has recorded a valuation allowance of $2.7 billion on its foreign tax credit (“FTC”) carryover of $3.1 billion as of December 31, 2021, resulting in an FTC net deferred tax asset of $332 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 after the year ended December 31, 2017, 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 50% of U.S. taxable income each year, of overall domestic losses that totaled $1.3 billion at December 31, 2021. 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: $297 million in 2022; $976 million in 2023; $780 million in 2024; $674 million in 2025; $134 million in 2026; and $200 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. On March 30, 2020, MGM Grand Paradise was granted an extension of its exemption from the Macau 12% complementary tax on gaming profits through June 26, 2022, concurrent with the end of the term of its current gaming subconcession. Absent the exemption from complementary tax on gaming profits, “Net income attributable to MGM Resorts International” would have decreased by $10 million in 2021 and increased by $4 million in 2020 and diluted earnings per share would have decreased by $0.02 in 2021 and increased by $0.01 in 2020. The Company continues to assume that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond June 26, 2022 and has factored that assumption into the measurement of Macau deferred tax assets and liabilities. Non-gaming operations remain subject to the Macau complementary tax. At December 31, 2021, MGM Grand Paradise had a complementary tax NOL carryforward of $1.5 billion resulting from non-gaming operations that will expire if not utilized in years 2022 through 2024. 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. On July 26, 2021, MGM Grand Paradise extended its 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 regardless of the amount of distributable dividends. The extension covers distributions of gaming profits earned for the period April 1, 2020 through June 26, 2022. The agreement requires payments of approximately $1 million for the period April 1, 2020 through December 31, 2020, $2 million for January 1, 2021 through December 31, 2021, and $1 million for the period January 1, 2022 through June 26, 2022. The Company recorded $3 million of income tax expense during the year ended December 31, 2021 under the extension. The Company has NOLs in certain of the states in which it operates that total $536 million as of December 31, 2021, which equates to deferred tax assets of $35 million after federal tax effect and before valuation allowance. The majority of these NOL carryforwards will expire if not utilized by 2025 through 2040 with the remaining being carried forward indefinitely. The Company has provided a valuation allowance of $6 million on certain of its state deferred tax assets, including a portion of NOLs described above. In addition, there is a valuation allowance of $146 million on certain Macau deferred tax assets, and a valuation allowance of $3 million on Hong Kong NOLs 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, 2021 2020 2019 (In thousands) Gross unrecognized tax benefits at January 1 $ 35,617 $ 33,298 $ 24,464 Gross increases - prior period tax positions 12,949 3,717 8,960 Gross decreases - prior period tax positions (13,388) (1,398) (1,006) Gross increases - current period tax positions 654 — 880 Settlements with Taxing Authorities (16,264) — — Gross unrecognized tax benefits at December 31 $ 19,568 $ 35,617 $ 33,298 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $11 million and $9 million at December 31, 2021 and 2020, respectively. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense, which were not material for each of the periods presented. 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, 2021, the IRS can generally no longer assess tax with respect to years ended prior to 2016. During the twelve months ended December 31, 2021, the Company reached a settlement with the IRS Appeals Office on the examination of its 2014 U.S. consolidated federal income tax return. No cash tax payments were due as a result of the settlement. As of December 31, 2021, other than adjustments resulting from the federal and state income tax audits discussed herein, 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 2016. However, such state and local tax jurisdictions may adjust NOLs generated in such years that are utilized in subsequent years. During 2021, an examination of income tax returns filed in New Jersey for tax years 2015 through 2018 closed with no change and an examination of income tax returns filed in Massachusetts for tax years 2017 and 2018 closed with no material adjustments. Additionally, the Company's income tax returns filed in New York City for the tax years 2017 through 2019 are currently under examination. The Company does not anticipate any material adjustments upon resolution of this audit. The Company received a final audit determination with respect to the examination of income tax returns filed in the state of Michigan for tax years 2014 through 2018. The Company had an informal conference with the Michigan Department of Treasury Hearings Division to contest the findings of the audit. The Hearings Division issued its decision and order and now the Company is determining its next course of action. Any final adjustments upon resolution of this matter are not expected to be material. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 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 MGP master lease, which is further discussed in Note 18, eliminates in consolidation and, accordingly, is not included within the disclosures below. Land. The Company, through MGP, is a lessee of land underlying MGM National Harbor and a portion of the land underlying Borgata and Beau Rivage. MGP is obligated to make lease payments through the non-cancelable term of the ground leases, which is through 2051 for Beau Rivage, through 2070 for Borgata, and through 2082 for MGM National Harbor. Additionally, MGM Grand Paradise has MGM Macau and MGM Cotai land concession contracts, each with an initial 25-year contract term ending in April 2031 and January 2038, respectively. The land leases are classified as operating leases. Real Estate Assets. The Company leases the real estate assets of Bellagio, Mandalay Bay and MGM Grand Las Vegas, and Aria (including Vdara) pursuant to triple-net lease agreements, which are classified as operating leases. Each of the leases obligates the Company to spend a specified percentage of net revenues at the properties on capital expenditures and that the Company comply with certain financial covenants, which, if not met, would 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 1 year of rent under the Mandalay Bay and MGM Grand lease and Aria lease and 2 years of rent under the Bellagio lease. The Company was in compliance with its applicable covenants as of December 31, 2021. Bellagio lease . The Company leases the real estate assets of Bellagio from Bellagio BREIT Venture. The Bellagio lease has an initial term of 30 years with two 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 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. Annual cash rent payments for the third lease year that commenced on December 1, 2021 increased to $255 million as a result of the second 2% fixed annual escalator. Mandalay Bay and MGM Grand Las Vegas lease . The Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas from MGP BREIT Venture. The Mandalay Bay and MGM Grand Las Vegas lease has an initial term of 30 years with two 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 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%. Annual cash rent payments for the second lease year that commenced on March 1, 2021 increased to $298 million as a result of the first 2% fixed annual escalator. Aria lease . The Company leases the real estate assets of Aria (including Vdara) from funds managed by Blackstone. The Aria lease has an initial term of 30 years with three 10-year renewal periods, exercisable at the Company's option, with a fixed 2% rent escalator for the first 15 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%. Annual cash rent payments for the first lease year that commenced on September 28, 2021 was $215 million. Other information. Components of lease costs and other information related to the Company’s leases was: Year Ended December 31, 2021 2020 2019 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 870,779 $ 751,002 $ 143,954 Finance lease costs Interest expense (2) $ 2,354 $ (21,320) $ 1,164 Amortization expense 73,475 70,476 13,341 Total finance lease costs $ 75,829 $ 49,156 $ 14,505 (1) The Bellagio lease and the Mandalay Bay and MGM Grand Las Vegas lease are held with related parties, as further discussed in Note 18. Operating lease cost includes $331 million for each of the years ended December 31, 2021 and 2020, and $42 million for the year ended December 31, 2019, related to the Bellagio lease. Operating lease cost includes $395 million, $347 million, and $0 for the years ended December 31, 2021, 2020, and December 31, 2019, respectively, related to the Mandalay Bay and MGM Grand Las Vegas lease. (2) For the years ended December 31, 2021 and 2020, interest expense includes the effect of COVID-19 related rent concessions, which was recognized as negative variable rent expense. December 31, 2021 2020 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 11,492,805 $ 8,286,694 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 31,706 $ 31,843 Operating lease liabilities - long-term (2) 11,802,464 8,390,117 Total operating lease liabilities $ 11,834,170 $ 8,421,960 Finance leases Finance lease right-of-use assets, net, classified within "Property and equipment, net" $ 151,909 $ 200,980 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 87,665 $ 80,193 Finance lease liabilities - long-term, classified within "Other long-term obligations" 75,560 134,287 Total finance lease liabilities $ 163,225 $ 214,480 Weighted average remaining lease term (years) Operating leases 29 30 Finance leases 2 3 Weighted average discount rate (%) Operating leases 7 8 Finance leases 3 3 (1) As of December 31, 2021 and 2020, operating lease right-of-use assets, net included $3.6 billion and $3.7 billion related to the Bellagio lease, respectively and $4.0 billion related to the Mandalay Bay and MGM Grand Las Vegas lease for each of the respective periods. (2) As of December 31, 2021 and 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.2 billion and $4.1 billion related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 669,681 $ 572,186 $ 117,072 Operating cash outflows from finance leases 4,761 2,956 1,164 Financing cash outflows from finance leases (1) 73,257 34,494 10,311 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,388,120 $ 4,120,955 $ 3,814,115 Finance leases 24,433 177,085 84,934 (1) Included within “Other” within cash flows from financing activities on the consolidated statements of cash flows. Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2022 $ 838,062 $ 90,633 2023 850,305 73,568 2024 862,796 1,747 2025 876,046 1,253 2026 885,863 24 Thereafter 26,660,145 — Total future minimum lease payments 30,973,217 167,225 Less: Amount of lease payments representing interest (19,139,047) (4,000) Present value of future minimum lease payments 11,834,170 163,225 Less: Current portion (31,706) (87,665) Long-term portion of lease liabilities $ 11,802,464 $ 75,560 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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. 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 $1.35 billion . At December 31, 2021, $33 million in letters of credit were outstanding under the Company’s senior credit facility. The Operating Partnership’s senior credit facility limits the amount of letters of credit that can be issued to $75 million . No letters of credit were outstanding under the Operating Partnership’s senior credit facility at December 31, 2021. The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit. MGM China bank guarantee. In connection with the extension of the expiration of the gaming subconcession to June 2022, MGM Grand Paradise provided a bank guarantee to the government of Macau in May 2019 to warrant the fulfillment of an existing commitment of labor liabilities upon expiration of the gaming subconcession in June 2022. The amount of the bank guarantee was approximately $102 million as of December 31, 2021 when giving effect to foreign currency exchange rate fluctuations. Bellagio BREIT Venture shortfall guarantee. The Company provides a shortfall 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 shortfall 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 shortfall guarantee. The Company provides a shortfall 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 12 years, maturing in 2032, with an anticipated repayment date of March 2030. The terms of the shortfall 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. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial . MGP BREIT Venture bad acts guarantee. The Operating Partnership provides a guarantee for the losses incurred by the lenders of the indebtedness of MGP BREIT Venture arising out of certain bad acts by the Operating Partnership, its venture partner, or the venture, such as fraud or willful misconduct, based on the party’s percentage ownership of MGP BREIT Venture. This guarantee is capped at 10% of the principal amount outstanding at the time of the loss. The Operating Partnership and its venture partner have separately indemnified each other for the other party’s share of the overall liability exposure, if at fault. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss attributable to MGM Resorts International are as follows: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balances, January 1, 2019 $ (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 — (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 loss: Empire City MGP transaction — — 195 195 MGP Class A share issuances — — 1,512 1,512 Park MGM Transaction — — 16 16 Northfield transaction — — (2) (2) Other — — 481 481 Changes in accumulated other comprehensive 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) Other comprehensive income (loss) before reclassifications 27,762 (94,740) — (66,978) Amounts reclassified from accumulated other comprehensive loss to interest expense — 17,922 — 17,922 Amounts reclassified from accumulated other comprehensive loss to "Other, net" — (2,547) — (2,547) Other comprehensive income (loss), net of tax 27,762 (79,365) — (51,603) Other changes in accumulated other comprehensive loss: MGP Class A share issuances — — 646 646 MGP BREIT Venture Transaction — — (59) (59) Redemption of Operating Partnership units — — 8,773 8,773 Other — — (1,018) (1,018) Changes in accumulated other comprehensive loss 27,762 (79,365) 8,342 (43,261) Other comprehensive (income) loss attributable to noncontrolling interest (12,051) 34,837 — 22,786 Balances, December 31, 2020 12,964 (55,357) 11,716 (30,677) Other comprehensive income (loss) before reclassifications (24,655) 12,588 — (12,067) Amounts reclassified from accumulated other comprehensive loss to interest expense — 22,200 — 22,200 Other comprehensive income (loss), net of tax (24,655) 34,788 — 10,133 Other changes in accumulated other comprehensive loss MGP Class A share issuances — — 3,240 3,240 Redemption of Operating Partnership units — — 5,327 5,327 Other — — (2,358) (2,358) Changes in accumulated other comprehensive loss (24,655) 34,788 6,209 16,342 Other comprehensive (income) loss attributable to noncontrolling interest 10,784 (21,065) — (10,281) Balances, December 31, 2021 $ (907) $ (41,634) $ 17,925 $ (24,616) At December 31, 2021, t he estimated amount currently recorded in accumulated other comprehensive loss that will be recognized in earnings over the next 12 months is not material. 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, 2021 2020 2019 (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,254,370 $ (1,032,724) $ 2,049,146 Transfers from/(to) noncontrolling interest: Empire City MGP transaction — — (18,718) MGP Class A share issuances 103,174 64,834 151,976 Park MGM Transaction — — (1,968) Northfield transaction — — 21,679 MGP BREIT Venture Transaction — (6,562) — Redemption of Operating Partnership units 176,659 92,632 — Other (5,062) (1,759) (935) Net transfers from noncontrolling interest 274,771 149,145 152,034 Change from net income (loss) attributable to MGM Resorts International and transfers to noncontrolling interest $ 1,529,141 $ (883,579) $ 2,201,180 Noncontrolling interest ownership transactions E mpire City MGP transaction. As further discussed in Note 18, on January 29, 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 MGP 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 an equal amount of Operating Partnership units to MGP. The Company 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 Transaction. As further discussed in Note 18, on March 7, 2019, the Company entered into an amendment to the MGP master lease with respect to improvements made by the Company related to the rebranding of the Park MGM and NoMad Las Vegas property (the “Park MGM Transaction”) for which consideration included the issuance of approximately 1 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 issuance, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership. Northfield 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 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 transaction, the Company indirectly owned 68.8% of the partnership units in the Operating Partnership. 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 an equal amount of Operating Partnership units to MGP during the year ended December 31, 2019. 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 collective issuances, the Company indirectly owned 67.6% 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 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. MGP Class A share issuance – Forward settlements. On February 11, 2020 through February 13, 2020, MGP settled approximately 13 million Class A shares issued under forward sales agreements from MGP's November 2019 offering and under MGP's ATM program. In connection with the settlements, the Operating Partnership issued an equal amount of Operating Partnership units to MGP. 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 settlements, the Company indirectly owned 61.2% of the partnership units in the Operating Partnership. MGP Class A share issuance – BREIT. On February 14, 2020, in connection with MGP’s registered sale of approximately 5 million Class A shares to BREIT, the Operating Partnership issued an equal amount of Operating Partnership units to MGP. 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 issuance, the Company indirectly owned 60.3% of the partnership units in the Operating Partnership. MGP Class A share issuance – MGP BREIT Venture Transaction. In February 2020, in connection with the MGP BREIT Venture Transaction, the Operating Partnership issued approximately 3 million Operating Partnership units to the Company as discussed in Note 1. 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 issuance, the Company indirectly owned 60.6% of the partnership units in the Operating Partnership. Redemption of Operating Partnership units. On May 18, 2020, the Operating Partnership redeemed approximately 30 million Operating Partnership units from the Company for $700 million pursuant to the waiver agreement discussed in Note 1. 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 redemption, the Company indirectly owned 56.7% of the partnership units in the Operating Partnership. Further, on December 2, 2020, the Operating Partnership redeemed approximately 24 million Operating Partnership units from the Company for $700 million pursuant to the waiver agreement discussed in Note 1. 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 redemption and as of December 31, 2020, the Company indirectly owned 53.0% of the partnership units in the Operating Partnership. MGP Class A share issuance – March 2021. On March 15, 2021, MGP completed an offering of 22 million of its Class A shares, the proceeds of which were used to partially satisfy MGP’s obligations pursuant to the notice of redemption delivered by certain MGM subsidiaries, discussed below. Subsequent to MGP’s Class A share issuance and the redemption of Operating Partnership units, discussed below, the Company indirectly owned 42.1% of the partnership units in the Operating Partnership. Redemption of Operating Partnership units – March 2021. In March 2021, subsidiaries of the Company delivered a notice of redemption to MGP covering approximately 37 million Operating Partnership units that they held in accordance with the terms of the Operating Partnership’s partnership agreement. Upon receipt of the notice of redemption, MGP formed a conflicts committee to determine the mix of consideration that it would provide for the Operating Partnership units. The conflicts committee determined that MGP would redeem approximately 15 million Operating Partnership units for cash (with such Operating Partnership units retired upon redemption) and would satisfy its remaining obligation under that notice covering the remaining 22 million Operating Partnership units using the proceeds, net of the underwriters’ discount, of MGP’s Class A offering, for aggregate cash proceeds received by the Company of approximately $1.2 billion. 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 loss. Subsequent to the collective transactions, the Company indirectly owned 42.1% of the partnership units in the Operating Partnership. MGP Class A share issuances – ATM program. During the year ended December 31, 2021, MGP issued approximately 3 million Class A shares under its ATM program, which completed its ATM program. In connection with the issuances, the Operating Partnership issued an equal amount of Operating Partnership units to MGP. 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 loss. Subsequent to the collective issuances, the Company indirectly owned 41.6% of the partnership units in the Operating Partnership. Other equity activity MGM Resorts International dividends. On February 9, 2022 the Company’s Board of Directors approved a quarterly dividend of $0.0025 per share that will be payable on March 15, 2022 to holders of record on March 10, 2022. MGM Resorts International stock repurchase program. In February 2020, upon substantial completion of the May 2018 $2.0 billion stock repurchase program, the Company’s Board of Directors authorized a $3.0 billion stock repurchase program. Under the 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. During the year ended December 31, 2020, the Company repurchased approximately 11 million shares of its common stock at an average purchase price of $32.57 per share for an aggregate amount of $354 million. Repurchased shares were retired. During the year ended December 31, 2021, the Company repurchased approximately 43 million shares of its common stock at an average price of $40.70 per share for an aggregate amount of $1.8 billion. Repurchased shares were retired. During the year ended December 31, 2021, the Company completed its May 2018 $2.0 billion stock repurchase program and the remaining availability under the February 2020 $3.0 billion stock repurchase program was $1.3 billion as of December 31, 2021. Subsequent to the year ended December 31, 2021, the Company repurchased approximately 15 million shares of its common stock at an average price of $43.88 per share for an aggregate amount of $670 million, which included the February 2022 repurchase of 4.5 million shares at a price of $45.00 per share for an aggregate amount of $202.5 million from funds managed by Corvex Management LP, a related party. Repurchased shares were retired. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 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, 2021, 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, 2021, the Company had approximately 1 million aggregate SARs outstanding and approximately 6 million aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent units related to RSUs and PSUs. As of December 31, 2021, there was $85 million of unamortized compensation related to SARs, RSUs, and PSUs, which is expected to be recognized over a weighted average period of 1.6 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, 2021 2020 2019 Compensation cost: (In thousands) Omnibus Plan $ 53,683 $ 93,096 $ 76,995 MGM Growth Properties Omnibus Incentive Plan 4,827 2,854 2,277 MGM China Share Option Plan 6,673 11,006 9,566 Total compensation cost 65,183 106,956 88,838 Less: Reimbursed costs and capitalized cost (1,198) (2,118) (3,487) Compensation cost after reimbursed costs and capitalized cost 63,985 104,838 85,351 Less: Related tax benefit (12,982) (20,605) (16,752) Compensation cost, net of tax benefit $ 51,003 $ 84,233 $ 68,599 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [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 2020 2019 Status (3) 2021 2020 2019 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 37,242 $ 24,610 $ 52,218 No 05/31/2023 (5) ; 05/31/2024 (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) 82-0994119/001 Red Red Implemented $ 7,683 $ 5,151 $ 10,151 No 5/31/2022 (1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2020 and 2019 for both plans. At the date the financial statements were issued, Form 5500 was not available for the plan year 2021. (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 eleven 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. 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 |
Property Transactions, Net
Property Transactions, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property Transactions, Net | PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Loss related to sale of Circus Circus Las Vegas and adjacent land $ — $ — $ 220,294 Other property transactions, net (67,736) 93,567 55,508 $ (67,736) $ 93,567 $ 275,802 Circus Circus Las Vegas and adjacent land. In December 2019, the Company completed the sale of Circus Circus Las Vegas and the adjacent land for $825 million, which consisted of $663 million paid in cash and a secured note due 2024 with a face value of $163 million and fair value of $134 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, amortizes into interest income using the effective interest method over the length of the agreement. The carrying value of the note receivable was $155 million and $144 million as of December 31, 2021 and 2020, respectively, and was recorded within “Other long-term assets, net” in the consolidated balance sheets. 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). The Company 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 of $810 million and $14 million, respectively, primarily consisted of property and equipment, net of $785 million. Circus Circus Las Vegas was not classified as discontinued operations for the year ended December 31, 2019 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. Other. Other property transactions, net in 2021 includes a gain of $76 million relating to the sale of art and a gain of $29 million related to a reduction in the estimate of contingent consideration related to the Empire City acquisition, partially offset by an other-than-temporary impairment charge of $22 million related to an investment in an unconsolidated affiliate, as discussed in Note 6, as well as miscellaneous asset disposals and write-downs. Other property transactions, net in 2020 includes other-than-temporary impairment charges of $64 million related to an investment in an unconsolidated affiliate, as discussed in Note 6, a loss of $17 million related to production show costs, as well as miscellaneous asset disposals and write-downs. Other property transactions, net for 2019 includes miscellaneous asset disposals and demolition costs. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
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 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS CityCenter Management agreements. Until the Company's acquisition of CityCenter in September 2021, the Company was party to a management agreement pursuant to which it managed the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined within the management agreement) for Aria and Vdara. The Company earned fees of $29 million, $16 million and $48 million during the years ended December 31, 2021, 2020, and 2019, respectively. The Company incurred costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs in performing the Company's management services, of $187 million, $212 million and $420 million during the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2020, CityCenter owed the Company $39 million for management services and reimbursable costs recorded in “Accounts receivable, net” on the consolidated balance sheets. The management agreement was terminated in connection with the Company's acquisition of CityCenter, as discussed in Note 4. MGM China Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) is the Co-Chairperson 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 $7 million, $7 million and $16 million for the years ended December 31, 2021, 2020 and 2019, respectively. In addition, Ms. Ho indirectly holds a 50% interest in an entity th at provides, along with its subsidiary, marketing and public relations consulting services, including for the retendering of MGM China's gaming subconcession, to MGM China, which totaled $4 million , $1 million, and $4 million for the years ended December 31, 2021, 2020, and 2019, respectively. 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. The payments included 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, which was made in September 2021. Such amounts were paid to Expert Angels Limited, an entity controlled by an immediate family member of Ms. Ho. As of December 31, 2020, the Company recorded a remaining liability on a discounted basis of $33 million in “Other accrued liabilities” on the consolidated balance sheets. 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 $8 million, $5 million and $20 million for the years ended December 31, 2021, 2020 and 2019, 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, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, MGM Northfield Park, and MGM Springfield from MGP. MGP master lease. The MGP master lease has an initial lease term of 10 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 5-year terms thereafter at the option of the Company (with additional renewal options with respect to MGM Springfield, as described below). The MGP master lease provides that any extension of its term must apply to all of the real estate under the master lease at the time of the extension. The MGP master lease provides that the initial term with respect to MGM National Harbor ends on April 31, 2024. Thereafter, the initial term of the MGP master lease with respect to MGM National Harbor may be renewed at the option of the Company for an initial renewal period lasting until the earlier of the end of the then-current term of the master lease or the next renewal term (depending on whether the Company elects to renew the other properties under the master lease in connection with the expiration of the initial 10-year term). If, however, the Company chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the master lease, the Company would also lose the right to renew the MGP master lease with respect to the rest of the properties when the initial 10-year lease term ends related to the rest of the properties in 2026. In addition to the four 5-year renewal terms, the term of the lease with respect to MGM Springfield may be extended for an additional four 5-year renewal terms. The MGP master lease has a triple-net structure, which requires the Company to pay substantially all costs associated with the lease, including real estate taxes, ground lease payments, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the master lease provides MGP with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which MGP may exercise should the Company elect to sell this property in the future. Rent under the MGP master lease consists of a base rent component and a percentage rent component. As of December 31, 2021, the base rent represents approximately 91% of the rent payments due and the percentage rent represents approximately 9% 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 tenant and operating subsidiary sublessee, collectively, 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. With respect to the additional renewal terms for MGM Springfield, for the first two additional renewal terms, base rent will include a fixed annual rent escalator of 2.0%, subject to the adjusted net revenue to rent ratio, as discussed above. For each lease year subsequent to the first two additional renewal terms, the base rent shall be the Fair Market Rent (as defined in the MGP master lease) in respect of MGM Springfield. The MGP master lease also contains customary events of default and financial covenants; provided that the tenant will not be in default of the financial covenants in the event there is an unavoidable delay (as such term is defined in the lease). The Company was in compliance with all applicable covenants as of December 31, 2021. 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 remainder in 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 the Park MGM Transaction. In connection with the transaction, the Company received consideration of $638 million , of which approximately $606 million was paid in cash and the remainder in 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% 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 annual rent under the MGP master lease was reduced by $133 million to $813 million. The annual cash rent payments under the MGP master lease for the fifth lease year, which commenced on April 1, 2020, increased to $828 million from $813 million, as a result of the fourth 2% fixed annual rent escalator that went into effect on April 1, 2020. The annual cash rent payments under the MGP master lease for the sixth lease year, which commenced on April 1, 2021, increased to $843 million from $828 million , as a result of the fifth 2% fixed annual rent escalator that went into effect on April 1, 2021. In October 2021, MGP acquired the real estate assets of MGM Springfield from the Company for $400 million of cash consideration, which was accounted for as a transaction between entities under common control. The Company adjusted the carrying value of noncontrolling interests to adjust for its share of the difference between the carrying value of the net assets transferred and the consideration received, with offsetting adjustments to capital in excess of par value. MGM Springfield was added to the master lease between the Company and MGP. Following the closing of the transaction, the annual rent payment to MGP increased from $843 million to $873 million, reflecting the addition of MGM Springfield, which increased the annual rent payment by $30 million, $27 million of which will be fixed and contractually grow at 2% per year with escalators subject to the adjusted net revenue to rent ratio, as further described above. Final regulatory approvals, which were not necessary for the transaction to close, are expected to be received within nine to twelve months following the close of the transaction. Until final regulatory approvals are obtained, the parties will be subject to a trust agreement, which provides for the property to go into a trust (or, at the Company’s option, be returned to the Company) during the interim period in the event that the regulator finds reasonable cause to believe that MGP may not be found suitable. The property will then remain in trust until a final determination regarding MGP’s suitability is made. Additionally, refer to Note 1 for discussion relating to the waiver agreement with MGP and the Operating Partnership units redeemed in 2020 thereunder. 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 noncontrolling interests in the Company’s consolidated financial statements. As further described in Note 1, in August 2021, the Company entered into an agreement with VICI and MGP whereby VICI will acquire MGP in a stock-for-stock transaction. As part of the transaction, the Company will enter into an amended and restated master lease with VICI. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, regulatory approvals, and approval by VICI stockholders (which was obtained on October 29, 2021). Bellagio BREIT Venture The Company has a 5% ownership interest in Bellagio BREIT Venture, which owns the real estate assets of Bellagio and leases 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 MGP has a 50.1% ownership interest in MGP BREIT Venture, which owns the real estate assets of Mandalay Bay and MGM Grand Las Vegas and leases such assets to a subsidiary of the Company pursuant to a lease agreement. Refer to Note 11 for further information related to the Mandalay Bay and MGM Grand Las Vegas lease. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Beginning of Period Expected Credit Losses Write-offs, Net of Recoveries Balance at End of Period Loss reserve: Year Ended December 31, 2021 $ 126,589 $ 21,852 $ (20,093) $ 128,348 Year Ended December 31, 2020 94,561 71,422 (39,394) 126,589 Year Ended December 31, 2019 90,775 39,270 (35,484) 94,561 Balance at Beginning of Period Increase Decrease Balance at End of Period Deferred income tax valuation allowance: Year Ended December 31, 2021 $ 2,875,595 $ 8,667 $ — $ 2,884,262 Year Ended December 31, 2020 2,574,056 301,539 — 2,875,595 Year Ended December 31, 2019 2,477,703 96,353 — 2,574,056 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of 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 variable interest entity (“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, 2021, on a consolidated basis MGP had total assets of $10.4 billion, primarily related to its real estate investments, and total liabilities of $5.1 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 the venture, because the Company does not have power to direct the activities that could potentially be significant to the 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 $58 million as of December 31, 2021. 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, which guarantee is immaterial as of December 31, 2021, as further discussed in Note 12. For entities determined not to be a 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 under the voting interest model if it has a controlling financial interest 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 and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s investments in MGP BREIT Venture and BetMGM, which do not qualify for consolidation as the Company has joint control, given the entities are structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entities, as defined in ASC 810. |
Reclassifications | 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 or equity interests, 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 inputs when measuring its equity investments under ASC 321; • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9; • Level 2 inputs when measuring the Operating Partnership’s fair value of its interest rate swaps. See Note 9; • Level 1, Level 2, and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed in the CityCenter acquisition. See Note 4; and |
Cash and cash equivalents and Restricted cash | Cash and cash equivalents. Cash and cash equivalents include cash on hand, 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. Restricted cash. Restricted cash reflects cash held in an escrow account related to the reverse termination fee that was contractually required to be prefunded for The Cosmopolitan acquisition and is reflected as "Restricted Cash" on the consolidated balance sheets as of December 31, 2021. "Restricted Cash" and "Cash and cash equivalents" on the consolidated balance sheets as of December 31, 2021 equal "Cash, cash equivalents, and restricted cash" on the consolidated statements of cash flows. |
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 following background checks and investigations of creditworthiness. At December 31, 2021 and 2020, approximately 43% and 52%, 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. |
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. 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 |
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. |
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 material impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2021, 2020, and 2019. 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 |
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 standalone 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. 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 and the Company is not the controlling entity, which primarily include certain of the Company’s entertainment shows and, in certain jurisdictions, the Company’s arrangement with BetMGM for online sports betting and iGaming. 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 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 2021 2020 2021 2020 2021 2020 (in thousands) Balance at January 1 $ 212,671 $ 314,570 $ 139,756 $ 126,966 $ 382,287 $ 481,095 Balance at December 31 176,219 212,671 144,465 139,756 640,001 382,287 Increase / (decrease) $ (36,452) $ (101,899) $ 4,709 $ 12,790 $ 257,714 $ (98,808) 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 related primarily to the Company’s management of CityCenter (such management agreement was terminated upon the acquisition of CityCenter in September 2021). |
Leases | 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. The Company classifies a lease with terms greater than twelve months as either operating or finance. At commencement date, 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. 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, such as for the Company’s triple-net operating leases for which the lessor has provided its implicit rate or provided the assumptions required for the Company to readily determine the rate implicit in the lease, the Company uses the rate implicit in the lease to discount lease payments to present value. However, for most of the Company’s leases, such as its equipment leases, the Company cannot readily determine the implicit rate. Accordingly, the Company uses its incremental borrowing rate to discount the lease payments for such leases based on the information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. The Company’s triple-net operating leases each contain renewal periods at the Company’s option, each of which are not considered to be reasonably certain of being exercised. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. 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. Refer to Note 11 for discussion of leases under which the Company is a lessee. The master lease agreement with MGP is eliminated in consolidation; refer to Note 18 for further discussion of the master lease with MGP. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues from third-party tenants include $43 million, $24 million and $53 million recorded within food and beverage revenue for 2021, 2020 and 2019, respectively, and $85 million, $60 million and $89 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations. |
Leases | 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. The Company classifies a lease with terms greater than twelve months as either operating or finance. At commencement date, 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. 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, such as for the Company’s triple-net operating leases for which the lessor has provided its implicit rate or provided the assumptions required for the Company to readily determine the rate implicit in the lease, the Company uses the rate implicit in the lease to discount lease payments to present value. However, for most of the Company’s leases, such as its equipment leases, the Company cannot readily determine the implicit rate. Accordingly, the Company uses its incremental borrowing rate to discount the lease payments for such leases based on the information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. The Company’s triple-net operating leases each contain renewal periods at the Company’s option, each of which are not considered to be reasonably certain of being exercised. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. 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. Refer to Note 11 for discussion of leases under which the Company is a lessee. The master lease agreement with MGP is eliminated in consolidation; refer to Note 18 for further discussion of the master lease with MGP. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues from third-party tenants include $43 million, $24 million and $53 million recorded within food and beverage revenue for 2021, 2020 and 2019, respectively, and $85 million, $60 million and $89 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations. |
Advertising | Advertising. The Company expenses advertising costs as incurred. |
Corporate expense | Corporate expense. Corporate expense represents unallocated payroll, 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. 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. |
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. 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, 2021 2020 2019 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,254,370 $ (1,032,724) $ 2,049,146 Adjustment related to redeemable noncontrolling interests (78,298) 35,520 (2,713) Net income (loss) available to common stockholders - basic 1,176,072 (997,204) 2,046,433 Other — — (194) Net income (loss) attributable to common stockholders - diluted $ 1,176,072 $ (997,204) $ 2,046,239 Denominator: Weighted average common shares outstanding basic 481,930 494,152 524,173 Potential dilution from share-based awards 5,426 — 3,472 Weighted average common and common equivalent shares - diluted 487,356 494,152 527,645 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 198 9,493 1,617 |
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 consolidated statements of stockholders’ equity. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2021 2020 2021 2020 (in thousands) Balance at January 1 $ 212,671 $ 314,570 $ 139,756 $ 126,966 $ 382,287 $ 481,095 Balance at December 31 176,219 212,671 144,465 139,756 640,001 382,287 Increase / (decrease) $ (36,452) $ (101,899) $ 4,709 $ 12,790 $ 257,714 $ (98,808) |
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, 2021 2020 2019 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,254,370 $ (1,032,724) $ 2,049,146 Adjustment related to redeemable noncontrolling interests (78,298) 35,520 (2,713) Net income (loss) available to common stockholders - basic 1,176,072 (997,204) 2,046,433 Other — — (194) Net income (loss) attributable to common stockholders - diluted $ 1,176,072 $ (997,204) $ 2,046,239 Denominator: Weighted average common shares outstanding basic 481,930 494,152 524,173 Potential dilution from share-based awards 5,426 — 3,472 Weighted average common and common equivalent shares - diluted 487,356 494,152 527,645 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 198 9,493 1,617 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: December 31, 2021 2020 (In thousands) Casino $ 380,907 $ 260,998 Hotel 180,098 46,288 Other 151,258 135,805 712,263 443,091 Less: Loss reserves (128,348) (126,589) $ 583,915 $ 316,502 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation | The following table sets forth the purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 335,396 Receivables and other current assets 106,417 Property and equipment - real estate assets held for sale 3,888,431 Property and equipment 323,093 Trademarks 180,000 Goodwill 1,397,338 Other long-term assets 13,923 Accounts payable, accrued liabilities, and other current liabilities (201,093) Debt (1,729,451) Other long-term liabilities (64,054) $ 4,250,000 |
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2020. Year Ended December 31, 2021 2020 (In thousands) Net Revenues $ 10,153,603 $ 5,456,763 Net income attributable to MGM Resorts International 137,773 (1,041,271) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2021 2020 (In thousands) Land $ 4,082,842 $ 4,081,029 Buildings, building improvements and land improvements 12,236,042 12,053,422 Furniture, fixtures and equipment 5,722,565 5,600,579 Construction in progress 421,445 170,957 22,462,894 21,905,987 Less: Accumulated depreciation (8,179,310) (7,474,876) Finance lease ROU assets, net 151,909 200,980 $ 14,435,493 $ 14,632,091 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 (In thousands) CityCenter (50% as of December 31, 2020) $ — $ 441,893 MGP BREIT Venture (50.1% owned by the Operating Partnership) 816,756 810,066 BetMGM (50%) 41,060 27,310 Other 109,228 167,774 $ 967,044 $ 1,447,043 |
Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates | The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Income from unconsolidated affiliates $ 84,823 $ 42,938 $ 119,521 Non-operating items from unconsolidated affiliates (83,243) (103,304) (62,296) $ 1,580 $ (60,366) $ 57,225 |
Schedule of Share of Income (Loss) From Unconsolidated Affiliates | The following table summarizes further information related to the Company’s share of operating income (loss) from unconsolidated affiliates: Year Ended December 31, 2021 2020 2019 (In thousands) CityCenter (through September 26, 2021) $ 128,127 $ (29,753) $ 128,421 MGP BREIT Venture 155,817 136,755 — BetMGM (211,182) (61,663) (15,804) Other 12,061 (2,401) 6,904 $ 84,823 $ 42,938 $ 119,521 |
Summarized Balance Sheet Information | Summarized balance sheet information is as follows: December 31, 2021 2020 (In thousands) Cash and cash equivalents $ 16 $ 96,758 Property and equipment, net 4,439,851 10,237,004 Other assets, net 193,184 256,813 Debt, net 2,994,782 4,715,997 Other liabilities 8,018 270,583 |
Summarized Income Statement Information | Summarized results of operations are as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Net revenues $ 1,084,503 $ 869,638 $ 1,294,861 Net income (loss) 294,797 (43,749) 69,143 |
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, 2021 2020 (In thousands) Venture-level equity attributable to the Company $ 961,787 $ 2,981,550 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) — (504,171) CityCenter capitalized interest (2) — 168,966 CityCenter completion guarantee (3) — 248,730 CityCenter deferred gain (4) — (208,204) CityCenter capitalized interest on sponsor notes (5) — (33,010) Other-than-temporary impairments of CityCenter investment (6) — (1,256,516) Other adjustments 5,257 49,698 $ 967,044 $ 1,447,043 (1) Primarily related to land and fixed assets. (2) Related 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) Related to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Related to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: December 31, 2021 2020 (In thousands) Goodwill $ 3,480,997 $ 2,091,278 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 MGM Northfield Park and Empire City racing and gaming licenses 280,000 280,000 Trademarks and other 479,238 299,238 Total indefinite-lived intangible assets 857,336 677,336 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,516,532 4,541,990 Less: Accumulated amortization (1,865,219) (1,697,481) 2,651,313 2,844,509 MGM National Harbor and MGM Springfield gaming licenses 106,600 106,600 Less: Accumulated amortization (26,209) (19,102) 80,391 87,498 Other finite-lived intangible assets 65,207 60,649 Less: Accumulated amortization (37,862) (26,244) 27,345 34,405 Total finite-lived intangible assets, net 2,759,049 2,966,412 Total other intangible assets, net $ 3,616,385 $ 3,643,748 |
Summary of Changes in Company's Goodwill by Reportable Segment | A summary of changes in the Company’s goodwill by reportable segment is as follows: 2021 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 30,452 $ 1,397,338 $ — $ 1,427,790 Regional Operations 701,463 — — 701,463 MGM China 1,359,363 — (7,619) 1,351,744 $ 2,091,278 $ 1,397,338 $ (7,619) $ 3,480,997 2020 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 30,452 $ — $ — $ 30,452 Regional Operations 701,463 — — 701,463 MGM China 1,352,649 — 6,714 1,359,363 $ 2,084,564 $ — $ 6,714 $ 2,091,278 |
Schedule of Estimated Future Amortization | As of December 31, 2021, estimated future amortization is as follows: Years ending December 31, (In thousands) 2022 $ 190,257 2023 177,982 2024 175,995 2025 174,210 2026 172,424 Thereafter 1,868,181 $ 2,759,049 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: December 31, 2021 2020 (In thousands) Contract and contract-related liabilities: Outstanding chip liability $ 176,219 $ 212,671 Loyalty program obligations 144,465 139,756 Casino front money 206,244 133,114 Advance deposits and ticket sales 283,188 123,079 Unpaid wagers and other 150,569 126,094 Other accrued liabilities: Payroll and related 429,797 327,644 Taxes, other than income taxes 195,973 109,100 Operating Partnership interest rate swaps - current 14,071 32,155 MGP dividend 82,294 64,086 Operating lease liabilities - current (Refer to Note 11) 31,706 31,843 Finance lease liabilities - current (Refer to Note 11) 87,665 80,193 Other 181,253 165,344 $ 1,983,444 $ 1,545,079 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, 2021 2020 (In thousands) Operating Partnership senior credit facility $ 50,000 $ 10,000 MGM China first revolving credit facility 360,414 770,034 7.75% senior notes, due 2022 1,000,000 1,000,000 6% senior notes, due 2023 1,250,000 1,250,000 5.625% Operating Partnership senior notes, due 2024 1,050,000 1,050,000 5.375% MGM China senior notes, due 2024 750,000 750,000 6.75% senior notes, due 2025 750,000 750,000 5.75% senior notes, due 2025 675,000 675,000 4.625% Operating Partnership senior notes, due 2025 800,000 800,000 5.25% MGM China senior notes, due 2025 500,000 500,000 5.875% MGM China senior notes, due 2026 750,000 750,000 4.5% Operating Partnership senior notes, due 2026 500,000 500,000 4.625% senior notes, due 2026 400,000 400,000 5.75% Operating Partnership senior notes, due 2027 750,000 750,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 — 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 4.75% senior notes, due 2028 750,000 750,000 3.875% Operating Partnership senior notes, due 2029 750,000 750,000 7% debentures, due 2036 552 552 12,860,966 12,480,586 Less: Premiums, discounts, and unamortized debt issuance costs, net (90,169) (103,902) 12,770,797 12,376,684 Less: Current portion (1,000,000) — $ 11,770,797 $ 12,376,684 |
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Total interest incurred $ 800,156 $ 679,251 $ 853,007 Interest capitalized (563) (2,871) (5,075) $ 799,593 $ 676,380 $ 847,932 |
Schedule of Maturities of Long-Term Debt | The maturities of the principal amount of the Company’s long-term debt as of December 31, 2021 are as follows: Years ending December 31, (In thousands) 2022 $ 1,000,000 2023 1,300,000 2024 2,160,414 2025 2,725,000 2026 1,650,000 Thereafter 4,025,552 $ 12,860,966 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 (In thousands) Domestic operations $ 2,094,324 $ (665,376) $ 2,717,756 Foreign operations (632,520) (846,103) 128,969 $ 1,461,804 $ (1,511,479) $ 2,846,725 |
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, 2021 2020 2019 Federal: (In thousands) Current $ (8,984) $ 207,544 $ (4,928) Deferred (excluding separate components) (189,657) 19,852 (537,993) Deferred – valuation allowance (14,967) (42,109) (20,175) Other noncurrent (14,262) 4,922 (5,745) Benefit (provision) for federal income taxes (227,870) 190,209 (568,841) State: Current 5 (816) (22,685) Deferred (excluding separate components) (28,068) (33,087) (32,793) Deferred – operating loss carryforward (27,936) 47,728 (5,241) Deferred – valuation allowance (601) (3,375) (191) Other noncurrent 13,260 (946) (1,401) Benefit (provision) for state income taxes (43,340) 9,504 (62,311) Foreign: Current (3,717) (828) (2,454) Deferred (excluding separate components) 8,943 4,206 44,374 Deferred – operating loss carryforward 5,793 39,920 32,915 Deferred – valuation allowance 6,776 (51,439) (76,028) Benefit (provision) for foreign income taxes 17,795 (8,141) (1,193) $ (253,415) $ 191,572 $ (632,345) |
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, 2021 2020 2019 Federal income tax statutory rate 21.0 % 21.0 % 21.0 % Net operating loss carryback rate differential — 5.5 — Noncontrolling interest (3.2) 1.6 (0.8) Foreign jurisdiction income/losses taxed at other than U.S. statutory rate 8.2 (12.5) (0.5) Federal valuation allowance 1.0 (2.8) 0.7 State taxes, net 2.3 0.5 1.7 Gain on consolidation of CityCenter, net (10.1) — — Permanent and other items (1.9) (0.6) 0.1 17.3 % 12.7 % 22.2 % |
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, 2021 2020 Deferred tax assets – federal and state: (In thousands) Net operating loss carryforward $ 35,350 $ 57,419 Accruals, reserves and other 39,163 167,553 Lease liabilities 2,714,308 1,972,343 Tax credits 3,060,733 3,095,856 5,849,554 5,293,171 Less: Valuation allowance (2,735,451) (2,720,008) 3,114,103 2,573,163 Deferred tax assets – foreign: Net operating loss carryforward 185,936 180,143 Accruals, reserves and other 15,228 17,083 Property and equipment 27,366 17,890 Lease liabilities 1,458 1,368 229,988 216,484 Less: Valuation allowance (148,811) (155,587) 81,177 60,897 Total deferred tax assets $ 3,195,280 $ 2,634,060 Deferred tax liabilities – federal and state: Property and equipment $ (1,361,356) $ (1,349,355) Investments in unconsolidated affiliates (1,252,816) (1,158,342) ROU assets (2,570,620) (1,860,195) Intangibles (141,934) (108,728) (5,326,726) (4,476,620) Deferred tax liabilities – foreign: Intangibles (307,522) (309,256) ROU Assets (396) (1,200) (307,918) (310,456) Total deferred tax liability $ (5,634,644) $ (4,787,076) Net deferred tax liability $ (2,439,364) $ (2,153,016) |
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, 2021 2020 2019 (In thousands) Gross unrecognized tax benefits at January 1 $ 35,617 $ 33,298 $ 24,464 Gross increases - prior period tax positions 12,949 3,717 8,960 Gross decreases - prior period tax positions (13,388) (1,398) (1,006) Gross increases - current period tax positions 654 — 880 Settlements with Taxing Authorities (16,264) — — Gross unrecognized tax benefits at December 31 $ 19,568 $ 35,617 $ 33,298 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Costs | Components of lease costs and other information related to the Company’s leases was: Year Ended December 31, 2021 2020 2019 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 870,779 $ 751,002 $ 143,954 Finance lease costs Interest expense (2) $ 2,354 $ (21,320) $ 1,164 Amortization expense 73,475 70,476 13,341 Total finance lease costs $ 75,829 $ 49,156 $ 14,505 (1) The Bellagio lease and the Mandalay Bay and MGM Grand Las Vegas lease are held with related parties, as further discussed in Note 18. Operating lease cost includes $331 million for each of the years ended December 31, 2021 and 2020, and $42 million for the year ended December 31, 2019, related to the Bellagio lease. Operating lease cost includes $395 million, $347 million, and $0 for the years ended December 31, 2021, 2020, and December 31, 2019, respectively, related to the Mandalay Bay and MGM Grand Las Vegas lease. (2) For the years ended December 31, 2021 and 2020, interest expense includes the effect of COVID-19 related rent concessions, which was recognized as negative variable rent expense. |
Schedule of Supplemental Balance Sheet Information Related to Leases | December 31, 2021 2020 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 11,492,805 $ 8,286,694 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 31,706 $ 31,843 Operating lease liabilities - long-term (2) 11,802,464 8,390,117 Total operating lease liabilities $ 11,834,170 $ 8,421,960 Finance leases Finance lease right-of-use assets, net, classified within "Property and equipment, net" $ 151,909 $ 200,980 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 87,665 $ 80,193 Finance lease liabilities - long-term, classified within "Other long-term obligations" 75,560 134,287 Total finance lease liabilities $ 163,225 $ 214,480 Weighted average remaining lease term (years) Operating leases 29 30 Finance leases 2 3 Weighted average discount rate (%) Operating leases 7 8 Finance leases 3 3 (1) As of December 31, 2021 and 2020, operating lease right-of-use assets, net included $3.6 billion and $3.7 billion related to the Bellagio lease, respectively and $4.0 billion related to the Mandalay Bay and MGM Grand Las Vegas lease for each of the respective periods. |
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, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 669,681 $ 572,186 $ 117,072 Operating cash outflows from finance leases 4,761 2,956 1,164 Financing cash outflows from finance leases (1) 73,257 34,494 10,311 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,388,120 $ 4,120,955 $ 3,814,115 Finance leases 24,433 177,085 84,934 (1) Included within “Other” within cash flows from financing activities on the consolidated statements of cash flows. |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2022 $ 838,062 $ 90,633 2023 850,305 73,568 2024 862,796 1,747 2025 876,046 1,253 2026 885,863 24 Thereafter 26,660,145 — Total future minimum lease payments 30,973,217 167,225 Less: Amount of lease payments representing interest (19,139,047) (4,000) Present value of future minimum lease payments 11,834,170 163,225 Less: Current portion (31,706) (87,665) Long-term portion of lease liabilities $ 11,802,464 $ 75,560 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component | Changes in accumulated other comprehensive loss attributable to MGM Resorts International are as follows: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balances, January 1, 2019 $ (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 — (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 loss: Empire City MGP transaction — — 195 195 MGP Class A share issuances — — 1,512 1,512 Park MGM Transaction — — 16 16 Northfield transaction — — (2) (2) Other — — 481 481 Changes in accumulated other comprehensive 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) Other comprehensive income (loss) before reclassifications 27,762 (94,740) — (66,978) Amounts reclassified from accumulated other comprehensive loss to interest expense — 17,922 — 17,922 Amounts reclassified from accumulated other comprehensive loss to "Other, net" — (2,547) — (2,547) Other comprehensive income (loss), net of tax 27,762 (79,365) — (51,603) Other changes in accumulated other comprehensive loss: MGP Class A share issuances — — 646 646 MGP BREIT Venture Transaction — — (59) (59) Redemption of Operating Partnership units — — 8,773 8,773 Other — — (1,018) (1,018) Changes in accumulated other comprehensive loss 27,762 (79,365) 8,342 (43,261) Other comprehensive (income) loss attributable to noncontrolling interest (12,051) 34,837 — 22,786 Balances, December 31, 2020 12,964 (55,357) 11,716 (30,677) Other comprehensive income (loss) before reclassifications (24,655) 12,588 — (12,067) Amounts reclassified from accumulated other comprehensive loss to interest expense — 22,200 — 22,200 Other comprehensive income (loss), net of tax (24,655) 34,788 — 10,133 Other changes in accumulated other comprehensive loss MGP Class A share issuances — — 3,240 3,240 Redemption of Operating Partnership units — — 5,327 5,327 Other — — (2,358) (2,358) Changes in accumulated other comprehensive loss (24,655) 34,788 6,209 16,342 Other comprehensive (income) loss attributable to noncontrolling interest 10,784 (21,065) — (10,281) Balances, December 31, 2021 $ (907) $ (41,634) $ 17,925 $ (24,616) |
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, 2021 2020 2019 (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,254,370 $ (1,032,724) $ 2,049,146 Transfers from/(to) noncontrolling interest: Empire City MGP transaction — — (18,718) MGP Class A share issuances 103,174 64,834 151,976 Park MGM Transaction — — (1,968) Northfield transaction — — 21,679 MGP BREIT Venture Transaction — (6,562) — Redemption of Operating Partnership units 176,659 92,632 — Other (5,062) (1,759) (935) Net transfers from noncontrolling interest 274,771 149,145 152,034 Change from net income (loss) attributable to MGM Resorts International and transfers to noncontrolling interest $ 1,529,141 $ (883,579) $ 2,201,180 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost Recognized | Compensation cost was recognized as follows: Year Ended December 31, 2021 2020 2019 Compensation cost: (In thousands) Omnibus Plan $ 53,683 $ 93,096 $ 76,995 MGM Growth Properties Omnibus Incentive Plan 4,827 2,854 2,277 MGM China Share Option Plan 6,673 11,006 9,566 Total compensation cost 65,183 106,956 88,838 Less: Reimbursed costs and capitalized cost (1,198) (2,118) (3,487) Compensation cost after reimbursed costs and capitalized cost 63,985 104,838 85,351 Less: Related tax benefit (12,982) (20,605) (16,752) Compensation cost, net of tax benefit $ 51,003 $ 84,233 $ 68,599 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [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 2020 2019 Status (3) 2021 2020 2019 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 37,242 $ 24,610 $ 52,218 No 05/31/2023 (5) ; 05/31/2024 (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) 82-0994119/001 Red Red Implemented $ 7,683 $ 5,151 $ 10,151 No 5/31/2022 (1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2020 and 2019 for both plans. At the date the financial statements were issued, Form 5500 was not available for the plan year 2021. (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 eleven 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. |
Property Transactions, Net (Tab
Property Transactions, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Transactions, Net | Property transactions, net consisted of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Loss related to sale of Circus Circus Las Vegas and adjacent land $ — $ — $ 220,294 Other property transactions, net (67,736) 93,567 55,508 $ (67,736) $ 93,567 $ 275,802 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | 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 |
Schedule of Long Lived Assets Presented by Geographic Region | 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 |
Organization (Detail)
Organization (Detail) $ / shares in Units, $ in Thousands | Dec. 13, 2021USD ($) | Sep. 28, 2021USD ($) | Sep. 26, 2021USD ($)agreement | Aug. 04, 2021USD ($)renewal_period$ / sharesshares | Dec. 02, 2020USD ($)$ / sharesshares | May 18, 2020USD ($)$ / sharesshares | Feb. 14, 2020USD ($)shares | Nov. 22, 2019shares | Nov. 15, 2019USD ($) | Mar. 31, 2021USD ($)shares | Feb. 29, 2020shares | Dec. 31, 2021USD ($)propertyvoteagreementsegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 27, 2021 | Sep. 01, 2016shares |
Organization Disclosure [Line Items] | ||||||||||||||||
Gain on sale of real estate assets | $ 0 | $ 1,491,945 | $ 2,677,996 | |||||||||||||
Long term debt | 12,860,966 | 12,480,586 | ||||||||||||||
Payment for purchase of common shares | 1,753,509 | 353,720 | $ 1,031,534 | |||||||||||||
Operating partnership units, redeemed | shares | 24,000,000 | 30,000,000 | ||||||||||||||
Cash proceeds for redemption | $ 700,000 | $ 700,000 | $ 50,828 | $ 22,292 | ||||||||||||
Operating partnership redemption per unit | $ / shares | $ 29.78 | $ 23.10 | ||||||||||||||
Number of integrated casino | property | 2 | |||||||||||||||
Number of reportable segments | segment | 3 | |||||||||||||||
BetMGM | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Percentage ownership interest | 50.00% | |||||||||||||||
The Mirage | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Reverse contract termination fee | $ 322,500 | |||||||||||||||
Proceeds from divestiture of businesses | 1,075,000 | |||||||||||||||
Entain | BetMGM | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Percentage ownership interest | 50.00% | |||||||||||||||
CityCenter Holdings, LLC | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Operating partnership equity interest | 50.00% | |||||||||||||||
Percentage of membership interest acquired | 50.00% | |||||||||||||||
Cosmopolitan of Las Vegas | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Total purchase price | $ 1,625,000 | |||||||||||||||
Reverse contract termination fee | $ 500,000 | |||||||||||||||
Bellagio B R E I T Venture | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Percentage of minority interest | 5.00% | |||||||||||||||
MGP BREIT Venture | ||||||||||||||||
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 | |||||||||||||||
Cash received from sale of real estate assets | $ 2,500,000 | |||||||||||||||
Guarantee obligation amount | $ 3,000,000 | |||||||||||||||
Issuance of operating partnership units | shares | 3,000,000 | 3,000,000 | ||||||||||||||
Percentage of issuance of operating partnership units to equity value of consolidated subsidiary | 5.00% | |||||||||||||||
Reduction in lease annual rent due to modification | $ 133,000 | |||||||||||||||
MGP BREIT Venture | Term Loan B | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Long term debt | $ 1,300,000 | |||||||||||||||
MGP BREIT Venture | MGP BREIT Venture | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Operating partnership equity interest | 50.10% | |||||||||||||||
Blackstone Real Estate Income Trust | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Percentage of ownership interest | 5.00% | |||||||||||||||
Total consideration received from sale of real estate assets | $ 4,250,000 | |||||||||||||||
Cash received from sale of real estate assets | 4,200,000 | |||||||||||||||
Gain on sale of real estate assets | 2,700,000 | |||||||||||||||
Guarantee obligation amount | $ 3,010,000 | $ 3,010,000 | ||||||||||||||
Blackstone Real Estate Income Trust | Class A Shareholders | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Ordinary shares acquired | shares | 5,000,000 | |||||||||||||||
Payment for purchase of common shares | $ 150,000 | |||||||||||||||
MGM Grand Las Vegas | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Total consideration received from sale of real estate assets | 2,500,000 | |||||||||||||||
Gain on sale of real estate assets | 1,700,000 | |||||||||||||||
Carrying value of real estate assets | 733,000 | |||||||||||||||
Selling costs | 27,000 | |||||||||||||||
Mandalay Bay | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Total consideration received from sale of real estate assets | 2,100,000 | |||||||||||||||
Gain on sale of real estate assets | (252,000) | |||||||||||||||
Carrying value of real estate assets | 2,300,000 | |||||||||||||||
Selling costs | $ 10,000 | |||||||||||||||
V I C I Properties Inc | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Stock issued during period, issued for services (in shares) | shares | 1.366 | |||||||||||||||
Operating partnership units received | shares | 1.366 | |||||||||||||||
Total purchase price | $ 4,400,000 | |||||||||||||||
Business combination retaining ownership interest | $ 370,000 | |||||||||||||||
Lease agreement Initial lease term | 25 years | |||||||||||||||
Number of renewal periods, exercisable at option | renewal_period | 3 | |||||||||||||||
Annual rent escalating from year one through year ten | 2.00% | |||||||||||||||
Lease agreement renewal period | 10 years | |||||||||||||||
Lessee, operating lease, annual rent expense | $ 860,000 | |||||||||||||||
Annual rent escalator after year ten | 2.00% | |||||||||||||||
Annual rent escalator cap after year ten | 3.00% | |||||||||||||||
Decrease in annual rent payment | $ 90,000 | |||||||||||||||
V I C I Properties Inc | MGP | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Business acquisition, share price | $ / shares | $ 43 | |||||||||||||||
Affiliated Entity | Aria and Vdara | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Lease agreement Initial lease term | 30 years | |||||||||||||||
Number of renewal periods, exercisable at option | agreement | 3 | |||||||||||||||
Lease agreement renewal period | 10 years | |||||||||||||||
Lessee, operating lease, annual rent expense | $ 215,000 | |||||||||||||||
Annual rent escalator cap after year fifteen | 3.00% | |||||||||||||||
Affiliated Entity | CityCenter Holdings, LLC | Aria and Vdara | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Proceeds from sale of other property, plant, and equipment | $ 3,890,000 | |||||||||||||||
Cosmopolitan of Las Vegas | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Lease agreement Initial lease term | 30 years | |||||||||||||||
Number of renewal periods, exercisable at option | agreement | 3 | |||||||||||||||
Lease agreement renewal period | 10 years | |||||||||||||||
Lessee, operating lease, annual rent expense | $ 200,000 | |||||||||||||||
Annual rent escalator cap after year ten | 3.00% | |||||||||||||||
Annual rent escalator cap after year fifteen | 2.00% | |||||||||||||||
Annual rent escalating from year one through year fifteen | 2.00% | |||||||||||||||
Subsidiary Of Blackstone Real Estate Income Trust | Bellagio B R E I T Venture | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Percentage of ownership interest | 95.00% | |||||||||||||||
MGM Growth Properties LLC | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Minimum ownership percentage required for majority voting interest | 30.00% | |||||||||||||||
Partnership interest | 41.50% | |||||||||||||||
Percentage of minority interest | 58.50% | |||||||||||||||
Redemptions discount percentage | 3.00% | |||||||||||||||
Cash proceeds for redemption | $ 1,400,000 | |||||||||||||||
MGM Growth Properties LLC | Operating Partnership | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Operating partnership units, redeemed | shares | 24,000,000 | 30,000,000 | 37,000,000 | |||||||||||||
Cash proceeds for redemption | $ 700,000 | $ 700,000 | $ 1,200,000 | |||||||||||||
MGM Growth Properties LLC | Class A shares | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Issuance of operating partnership units | shares | 18,000,000 | |||||||||||||||
MGM China | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Ordinary shares acquired | shares | 188,100,000 | |||||||||||||||
Percentage ownership interest | 56.00% | |||||||||||||||
Non-Guarantor MGP Subsidiaries | Class A shares | ||||||||||||||||
Organization Disclosure [Line Items] | ||||||||||||||||
Number of votes per share | vote | 1 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Total assets | $ 40,899,116,000 | $ 36,494,934,000 | |
Investments in and advances to unconsolidated affiliates | $ 967,044,000 | 1,447,043,000 | |
Percentage of ownership interest | 100.00% | ||
Impairment charges | $ 0 | 0 | $ 0 |
Advertising expense | 121,000,000 | 88,000,000 | 195,000,000 |
Equity securities, FV-NI, current | 66,000,000 | ||
Food and Beverage Revenue | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Lease revenue | 43,000,000 | 24,000,000 | 53,000,000 |
Entertainment Retail and Other Revenue | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Lease revenue | $ 85,000,000 | $ 60,000,000 | $ 89,000,000 |
Accounts Receivable | Customer Concentration | Asia | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of gross casino accounts receivable | 43.00% | 52.00% | |
Bellagio Blackstone Real Estate Income Trust | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership interest | 5.00% | ||
Investments in and advances to unconsolidated affiliates | $ 58,000,000 | ||
MGM Growth Properties LLC | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Total assets | 10,400,000,000 | ||
Total liabilities | $ 5,100,000,000 |
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, 2021 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Minimum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum | Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum | Equipment | |
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, 2021 | Dec. 31, 2020 | |
Outstanding Chip Liability | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 212,671 | $ 314,570 |
Balance at December 31 | 176,219 | 212,671 |
Increase / (decrease) | (36,452) | (101,899) |
Loyalty Program | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 139,756 | 126,966 |
Balance at December 31 | 144,465 | 139,756 |
Increase / (decrease) | 4,709 | 12,790 |
Customer Advances and Other | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 382,287 | 481,095 |
Balance at December 31 | 640,001 | 382,287 |
Increase / (decrease) | $ 257,714 | $ (98,808) |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income (loss) attributable to MGM Resorts International | $ 1,254,370 | $ (1,032,724) | $ 2,049,146 |
Adjustment related to redeemable noncontrolling interests | (78,298) | 35,520 | (2,713) |
Net income (loss) available to common stockholders - basic | 1,176,072 | (997,204) | 2,046,433 |
Other | 0 | 0 | (194) |
Net income (loss) attributable to common stockholders - diluted | $ 1,176,072 | $ (997,204) | $ 2,046,239 |
Denominator: | |||
Weighted average common shares outstanding basic | 481,930 | 494,152 | 524,173 |
Potential dilution from share-based awards | 5,426 | 0 | 3,472 |
Weighted average common and common equivalent shares - diluted | 487,356 | 494,152 | 527,645 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 198 | 9,493 | 1,617 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 712,263 | $ 443,091 |
Less: Loss reserves | (128,348) | (126,589) |
Accounts receivable, net | 583,915 | 316,502 |
Casino | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 380,907 | 260,998 |
Hotel | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 180,098 | 46,288 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 151,258 | $ 135,805 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Sep. 28, 2021 | Sep. 27, 2021 | Jan. 29, 2019 | Dec. 31, 2024 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||||
Gain on consolidation of CityCenter, net | $ 1,562,329 | $ 0 | $ 0 | ||||||
Proceeds from real estate transactions | 3,888,431 | $ 2,455,839 | $ 4,151,499 | ||||||
Additional contingent consideration payable | $ 29,000 | ||||||||
CityCenter Holdings, LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of membership interest acquired | 50.00% | ||||||||
Payments to acquire businesses, net of cash acquired | $ 2,125,000 | ||||||||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100.00% | ||||||||
Business combination, step acquisition, equity interest in acquiree, immediately prior to transaction, percentage | 50.00% | ||||||||
Business combination, step acquisition, equity interest in acquiree, fair value | $ 4,250,000 | ||||||||
Gain on consolidation of CityCenter, net | $ 1,600,000 | ||||||||
Business acquisition, goodwill, expected tax deductible percent | 50.00% | 50.00% | |||||||
Revenue | $ 367,000 | ||||||||
Operating income | $ 69,000 | ||||||||
Net income | $ 68,000 | ||||||||
CityCenter Holdings, LLC | Aria and Vdara | Affiliated Entity | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from real estate transactions | $ 3,890,000 | ||||||||
Empire City | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase price | $ 865,000 | ||||||||
Consideration in form of common stock | $ 266,000 | ||||||||
Revenue | $ 193,000 | ||||||||
Operating income | 12,000 | ||||||||
Net income | $ 36,000 | ||||||||
Empire City | Forecast | |||||||||
Business Acquisition [Line Items] | |||||||||
Additional contingent consideration payable | $ 50,000 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of assets acquired and liabilities assumed: | |||
Goodwill | $ 3,480,997 | $ 2,091,278 | $ 2,084,564 |
CityCenter Holdings, LLC | |||
Fair value of assets acquired and liabilities assumed: | |||
Cash and cash equivalents | 335,396 | ||
Receivables and other current assets | 106,417 | ||
Property and equipment - real estate assets held for sale | 3,888,431 | ||
Property and equipment | 323,093 | ||
Trademarks | 180,000 | ||
Goodwill | 1,397,338 | ||
Other long-term assets | 13,923 | ||
Accounts payable, accrued liabilities, and other current liabilities | (201,093) | ||
Debt | (1,729,451) | ||
Other long-term liabilities | (64,054) | ||
Business combination, assets acquired and liabilities assumed | $ 4,250,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination and Asset Acquisition [Abstract] | ||
Net Revenues | $ 10,153,603 | $ 5,456,763 |
Net income attributable to MGM Resorts International | $ 137,773 | $ (1,041,271) |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 22,462,894 | $ 21,905,987 |
Less: Accumulated depreciation | (8,179,310) | (7,474,876) |
Finance lease ROU assets, net | 151,909 | 200,980 |
Property and equipment, net | 14,435,493 | 14,632,091 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,082,842 | 4,081,029 |
Buildings, building improvements and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,236,042 | 12,053,422 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,722,565 | 5,600,579 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 421,445 | $ 170,957 |
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, 2021 | Nov. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated affiliates | $ 967,044 | $ 1,447,043 | ||
City Center | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage ownership interest | 50.00% | 50.00% | ||
Investments in and advances to unconsolidated affiliates | $ 0 | $ 441,893 | ||
MGP BREIT Venture | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage ownership interest | 50.10% | 50.10% | ||
Investments in and advances to unconsolidated affiliates | $ 816,756 | $ 810,066 | ||
BetMGM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Percentage ownership interest | 50.00% | |||
Investments in and advances to unconsolidated affiliates | $ 41,060 | $ 1,675,000 | 27,310 | |
Other | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Investments in and advances to unconsolidated affiliates | $ 109,228 | $ 167,774 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Income from unconsolidated affiliates | $ 84,823 | $ 42,938 | $ 119,521 |
Non-operating items from unconsolidated affiliates | (83,243) | (103,304) | (62,296) |
Net income from unconsolidated affiliates | $ 1,580 | $ (60,366) | $ 57,225 |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | $ 84,823 | $ 42,938 | $ 119,521 |
City Center | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | 128,127 | (29,753) | 128,421 |
MGP BREIT Venture | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | 155,817 | 136,755 | 0 |
BetMGM | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | (211,182) | (61,663) | (15,804) |
Other | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | $ 12,061 | $ (2,401) | $ 6,904 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 27, 2021 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | $ 9,694 | $ 63,960 | $ 100,700 | ||
CityCenter Holdings, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100.00% | ||||
Business combination, step acquisition, equity interest in acquiree, immediately prior to transaction, percentage | 50.00% | ||||
CityCenter Holdings, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distribution paid/declared | 101,000 | 180,000 | |||
MGP BREIT Venture | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | $ 94,000 | $ 81,000 | |||
Percentage ownership interest | 50.10% | 50.10% | |||
City Center | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | $ 51,000 | $ 90,000 | |||
Distributions from unconsolidated affiliates, percentage | 50.00% | 50.00% | |||
Percentage ownership interest | 50.00% | 50.00% | |||
BetMGM | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Contributions to unconsolidated affiliates | $ 225,000 | $ 80,000 | |||
Percentage ownership interest | 50.00% | ||||
Harmon Land | CityCenter Holdings, LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 80,000 | ||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | 30,000 | ||||
Harmon Land | City Center | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | 15,000 | ||||
Consideration received from sale of discontinued operations | 50,000 | ||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 35,000 | ||||
Other | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment, other than temporary impairment | $ 22,000 | $ 64,000 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | $ 4,703,059 | $ 5,101,637 |
Property and equipment, net | 14,435,493 | 14,632,091 |
Debt, net | 11,770,797 | 12,376,684 |
City Center and MGP BREIT Venture | ||
Schedule Of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | 16 | 96,758 |
Property and equipment, net | 4,439,851 | 10,237,004 |
Other assets, net | 193,184 | 256,813 |
Debt, net | 2,994,782 | 4,715,997 |
Other liabilities | $ 8,018 | $ 270,583 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | $ 9,680,140 | $ 5,162,082 | $ 12,899,672 |
Net income (loss) | 1,254,370 | (1,032,724) | 2,049,146 |
City Center and MGP BREIT Venture | |||
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | 1,084,503 | 869,638 | 1,294,861 |
Net income (loss) | $ 294,797 | $ (43,749) | $ 69,143 |
Investments in and Advances t_9
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, 2021 | Dec. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||
Venture-level equity attributable to the Company | $ 961,787 | $ 2,981,550 |
Other adjustments | 5,257 | 49,698 |
Investment balance | 967,044 | 1,447,043 |
City Center | ||
Schedule Of Equity Method Investments [Line Items] | ||
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International | 0 | (504,171) |
CityCenter capitalized interest | 0 | 168,966 |
CityCenter completion guarantee | 0 | 248,730 |
CityCenter deferred gain | 0 | (208,204) |
CityCenter capitalized interest on sponsor notes | 0 | (33,010) |
Other-than-temporary impairments of investment | 0 | (1,256,516) |
Investment balance | 0 | $ 441,893 |
Land | City Center | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 3,480,997 | $ 2,091,278 | $ 2,084,564 |
Total indefinite-lived intangible assets | 857,336 | 677,336 | |
Total finite-lived intangible assets, net | 2,759,049 | 2,966,412 | |
Total other intangible assets, net | 3,616,385 | 3,643,748 | |
Trademarks And Other | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 479,238 | 299,238 | |
Other Finite-lived Intangible Assets | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets: | 65,207 | 60,649 | |
Less: Accumulated amortization | (37,862) | (26,244) | |
Total finite-lived intangible assets, net | 27,345 | 34,405 | |
MGM Northfield Park and Empire City | Racing and Gaming Licenses | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 280,000 | 280,000 | |
Detroit Wholly Owned Subsidiary | Development Rights | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 98,098 | 98,098 | |
MGM Grand Paradise | Gaming Sub-concession | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets: | 4,516,532 | 4,541,990 | |
Less: Accumulated amortization | (1,865,219) | (1,697,481) | |
Total finite-lived intangible assets, net | 2,651,313 | 2,844,509 | |
MGM National Harbor and MGM Springfield Gaming Licenses | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets: | 106,600 | 106,600 | |
Less: Accumulated amortization | (26,209) | (19,102) | |
Total finite-lived intangible assets, net | $ 80,391 | $ 87,498 |
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, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,091,278 | $ 2,084,564 |
Acquisitions | 1,397,338 | 0 |
Currency exchange | (7,619) | 6,714 |
Goodwill, ending balance | 3,480,997 | 2,091,278 |
Las Vegas Strip Resorts | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 30,452 | 30,452 |
Acquisitions | 1,397,338 | 0 |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 1,427,790 | 30,452 |
Regional Operations | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 701,463 | 701,463 |
Acquisitions | 0 | 0 |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 701,463 | 701,463 |
MGM China | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,359,363 | 1,352,649 |
Acquisitions | 0 | 0 |
Currency exchange | (7,619) | 6,714 |
Goodwill, ending balance | $ 1,351,744 | $ 1,359,363 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Aug. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 27, 2021 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Amortization expense related to intangible assets | $ 197 | $ 194 | $ 192 | ||||
CityCenter Holdings, LLC | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Percentage of membership interest acquired | 50.00% | ||||||
License | Maryland | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Consideration paid for license fee | $ 22 | ||||||
Estimated useful life of intangible assets | 15 years | ||||||
License | Massachusetts | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Consideration paid for license fee | $ 85 | ||||||
Estimated useful life of intangible assets | 15 years | ||||||
MGM Grand Paradise | Extension Agreement | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Contract extension premium paid | $ 25 | ||||||
Contract extension fee paid | $ 2 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Estimated future amortization | ||
2022 | $ 190,257 | |
2023 | 177,982 | |
2024 | 175,995 | |
2025 | 174,210 | |
2026 | 172,424 | |
Thereafter | 1,868,181 | |
Total finite-lived intangible assets, net | $ 2,759,049 | $ 2,966,412 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract and contract-related liabilities: | ||
Outstanding chip liability | $ 176,219 | $ 212,671 |
Loyalty program obligations | 144,465 | 139,756 |
Casino front money | 206,244 | 133,114 |
Advance deposits and ticket sales | 283,188 | 123,079 |
Unpaid wagers and other | 150,569 | 126,094 |
Other accrued liabilities: | ||
Payroll and related | 429,797 | 327,644 |
Taxes, other than income taxes | 195,973 | 109,100 |
Operating Partnership interest rate swaps - current | 14,071 | 32,155 |
MGP dividend | 82,294 | 64,086 |
Operating lease liabilities - current | 31,706 | 31,843 |
Finance lease liabilities - current | 87,665 | 80,193 |
Other | 181,253 | 165,344 |
Other accrued liabilities | $ 1,983,444 | $ 1,545,079 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||||
Long term debt | $ 12,860,966 | $ 12,480,586 | ||||||
Less: Premiums, discounts, and unamortized debt issuance costs, net | (90,169) | (103,902) | ||||||
Long-term debt | 12,770,797 | 12,376,684 | ||||||
Less: Current portion | (1,000,000) | 0 | ||||||
Long-term debt, net | 11,770,797 | 12,376,684 | ||||||
Operating Partnership Senior Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt | 50,000 | 10,000 | ||||||
MGM China First Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long term debt | $ 360,414 | 770,034 | ||||||
7.75% senior notes, due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 7.75% | |||||||
Senior notes | $ 1,000,000 | 1,000,000 | ||||||
6% senior notes, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 6.00% | |||||||
Senior notes | $ 1,250,000 | 1,250,000 | ||||||
5.625% Operating Partnership senior notes, due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.625% | |||||||
Senior notes | $ 1,050,000 | 1,050,000 | ||||||
5.375% MGM China senior notes, due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.375% | |||||||
Senior notes | $ 750,000 | 750,000 | ||||||
6.75% senior notes, due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | ||||||
Senior notes | $ 750,000 | 750,000 | ||||||
5.75% senior notes, due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.75% | |||||||
Senior notes | $ 675,000 | 675,000 | ||||||
4.625% Operating Partnership senior notes, due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | ||||||
Senior notes | $ 800,000 | 800,000 | ||||||
5.25% MGM China senior notes, due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | ||||||
Senior notes | $ 500,000 | 500,000 | ||||||
5.875% MGM China senior notes, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.875% | |||||||
Senior notes | $ 750,000 | 750,000 | ||||||
4.5% Operating Partnership senior notes, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 4.50% | |||||||
Senior notes | $ 500,000 | 500,000 | ||||||
4.625% senior notes, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | ||||||
Senior notes | $ 400,000 | 400,000 | ||||||
5.75% Operating Partnership senior notes, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.75% | |||||||
Senior notes | $ 750,000 | 750,000 | ||||||
5.5% senior notes, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 5.50% | 5.50% | ||||||
Senior notes | $ 675,000 | 675,000 | ||||||
4.75% MGM China senior notes, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | ||||||
Senior notes | $ 750,000 | 0 | ||||||
4.5% Operating Partnership senior notes, due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 4.50% | |||||||
Senior notes | $ 350,000 | 350,000 | ||||||
4.75% senior notes, due 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | ||||||
Senior notes | $ 750,000 | 750,000 | ||||||
3.875% Operating Partnership senior notes, due 2029 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 3.875% | |||||||
Senior notes | $ 750,000 | 750,000 | ||||||
7% debentures, due 2036 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, interest rate (as a percent) | 7.00% | |||||||
Senior notes | $ 552 | $ 552 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 800,156 | $ 679,251 | $ 853,007 |
Interest capitalized | (563) | (2,871) | (5,075) |
Interest expense, net | $ 799,593 | $ 676,380 | $ 847,932 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Feb. 14, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Oct. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Jan. 31, 2019 |
Debt Instrument [Line Items] | |||||||||||||||||
Repayment and termination of existing revolving facility | $ 0 | $ 846,815,000 | $ 3,764,167,000 | ||||||||||||||
Loss on debt retirement | $ (171,000,000) | $ (16,000,000) | (37,000) | (126,462,000) | $ (198,151,000) | ||||||||||||
Credit facility amount | 12,860,966,000 | 12,480,586,000 | |||||||||||||||
Notional amount | 700,000,000 | ||||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as liability | 25,000,000 | 41,000,000 | |||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as current liability | 5,000,000 | 1,000,000 | |||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as long-term liability | 20,000,000 | 40,000,000 | |||||||||||||||
Fair value of interest rate swaps not designated as cash flow hedges recorded as liability | 27,000,000 | 78,000,000 | |||||||||||||||
Fair value of interest rate swaps not designated as cash flow hedges recorded as current liability | 8,000,000 | 31,000,000 | |||||||||||||||
Fair value of interest rate swaps not designated as cash flow hedges recorded as long-term liability | 19,000,000 | 47,000,000 | |||||||||||||||
Line of credit facility, increased amount of borrowing capacity | 500,000,000 | ||||||||||||||||
Long-term debt, fair value | 13,400,000,000 | 13,200,000,000 | |||||||||||||||
Investments in and advances to unconsolidated affiliates | 967,044,000 | 1,447,043,000 | |||||||||||||||
BetMGM | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | 41,060,000 | 27,310,000 | $ 1,675,000,000 | ||||||||||||||
Interest Rate Swap | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notional amount | $ 900,000,000 | ||||||||||||||||
Weighted Average fixed interest rate | 1.783% | ||||||||||||||||
5.75% Operating Partnership senior notes, due 2027 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | ||||||||||||||||
4.75% senior notes, due 2028 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | |||||||||||||||
6.75% Senior Notes, Due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | |||||||||||||||
5.75% Senior Notes, Due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | ||||||||||||||||
4.625% senior notes, due 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | |||||||||||||||
5.5% Senior Notes, Due 2027 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.50% | ||||||||||||||||
5.5% Senior Notes, Due 2027 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.50% | 5.50% | 5.50% | ||||||||||||||
3.875% Operating Partnership senior notes, due 2029 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 3.875% | ||||||||||||||||
4.625% Operating Partnership senior notes, due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 800,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | |||||||||||||||
5.25% MGM China senior notes, due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 500,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | |||||||||||||||
5.375% MGM China Senior Notes, Due 2024 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.375% | ||||||||||||||||
5.875% MGM China Senior Notes, Due 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.875% | ||||||||||||||||
4.75% MGM China senior notes, due 2027 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | |||||||||||||||
Debt instrument issued price percentage | 99.97% | ||||||||||||||||
Senior Notes Due 2020 5.250% | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | |||||||||||||||
Redemption of debt | $ 267,000,000 | 233,000,000 | |||||||||||||||
Senior Notes Due 2020 6.750% | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | |||||||||||||||
Redemption of debt | $ 361,000,000 | $ 639,000,000 | |||||||||||||||
Senior Notes Due 2021 6.625% | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.625% | 6.625% | |||||||||||||||
Redemption of debt | $ 1,250,000,000 | ||||||||||||||||
Senior Notes Due 2019 8.625% | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 8.625% | ||||||||||||||||
Redemption of debt | $ 850,000,000 | ||||||||||||||||
Senior Notes Due 2027 5.75% | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | ||||||||||||||||
MGM China Senior Notes Due 2024 5.375 Percent | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.375% | ||||||||||||||||
MGM China Senior Notes Due 2026 5.875 Percent | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.875% | ||||||||||||||||
Operating Partnership Senior Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loss on debt retirement | $ (18,000,000) | ||||||||||||||||
Operating Partnership Senior Credit Facility | Term Loan B | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment of outstanding term loan facility | 1,300,000,000 | ||||||||||||||||
Operating Partnership Senior Credit Facility | Term Loan A | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment of outstanding term loan facility | $ 399,000,000 | ||||||||||||||||
Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loss on debt retirement | $ (105,000,000) | ||||||||||||||||
Redemption price percentage | 100.00% | ||||||||||||||||
CityCenter Holdings, LLC | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt | $ 1,729,451,000 | ||||||||||||||||
Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | 750,000,000 | ||||||||||||||||
Maximum | 5.75% Senior Notes, Due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | 325,000,000 | ||||||||||||||||
Maximum | 4.625% senior notes, due 2026 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | 100,000,000 | ||||||||||||||||
Maximum | 5.5% Senior Notes, Due 2027 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 325,000,000 | ||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility amount | 1,350,000,000 | ||||||||||||||||
Revolving Credit Facility | Operating Partnership Senior Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility drawn | $ 50,000,000 | ||||||||||||||||
Debt instrument, interest rate | 1.85% | ||||||||||||||||
Revolving Credit Facility | Minimum | LIBOR | Operating Partnership Senior Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 1.75% | ||||||||||||||||
Revolving Credit Facility | Minimum | HIBOR | MGM China First Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 1.625% | ||||||||||||||||
Revolving Credit Facility | Maximum | LIBOR | Operating Partnership Senior Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 2.25% | ||||||||||||||||
Revolving Credit Facility | Maximum | HIBOR | MGM China First Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 2.75% | ||||||||||||||||
Unsecured Revolving Credit Facility | MGM China First Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility | $ 1,250,000,000 | ||||||||||||||||
Unsecured Revolving Credit Facility | MGM China Second Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility | 400,000,000 | ||||||||||||||||
Line of credit facility drawn | $ 0 | ||||||||||||||||
Unsecured Revolving Credit Facility | Minimum | HIBOR | MGM China Second Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 1.625% | ||||||||||||||||
Unsecured Revolving Credit Facility | Maximum | HIBOR | MGM China Second Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 2.75% | ||||||||||||||||
MGM China First Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility amount | $ 360,414,000 | $ 770,034,000 | |||||||||||||||
Term Loan | MGM China First Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility drawn | $ 360,000,000 | ||||||||||||||||
Debt instrument, weighted average interest rate | 2.95% | ||||||||||||||||
Senior Credit Facility | Revolving Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility | $ 1,675,000,000 | ||||||||||||||||
Line of credit facility drawn | $ 0 | ||||||||||||||||
Senior Credit Facility | Revolving Credit Facility | MGP BREIT Venture | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of credit facility | $ 1,500,000,000 | ||||||||||||||||
Senior Credit Facility | Revolving Credit Facility | Minimum | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 1.50% | ||||||||||||||||
Senior Credit Facility | Revolving Credit Facility | Maximum | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate margin (as a percent) | 2.25% | ||||||||||||||||
Senior Credit Facility | Unsecured Revolving Credit Facility | MGP BREIT Venture | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Repayment and termination of existing revolving facility | 1,500,000,000 | ||||||||||||||||
Loss on debt retirement | $ (4,000,000) |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 1,000,000 | |
2023 | 1,300,000 | |
2024 | 2,160,414 | |
2025 | 2,725,000 | |
2026 | 1,650,000 | |
Thereafter | 4,025,552 | |
Long-term debt | $ 12,860,966 | $ 12,480,586 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ 2,094,324 | $ (665,376) | $ 2,717,756 |
Foreign operations | (632,520) | (846,103) | 128,969 |
Income (loss) before income taxes | $ 1,461,804 | $ (1,511,479) | $ 2,846,725 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal: | |||
Current | $ (8,984) | $ 207,544 | $ (4,928) |
Deferred (excluding separate components) | (189,657) | 19,852 | (537,993) |
Deferred - valuation allowance | (14,967) | (42,109) | (20,175) |
Other noncurrent | (14,262) | 4,922 | (5,745) |
Benefit (provision) for federal income taxes | (227,870) | 190,209 | (568,841) |
State: | |||
Current | 5 | (816) | (22,685) |
Deferred (excluding separate components) | (28,068) | (33,087) | (32,793) |
Deferred - operating loss carryforward | (27,936) | 47,728 | (5,241) |
Deferred - valuation allowance | (601) | (3,375) | (191) |
Other noncurrent | 13,260 | (946) | (1,401) |
Benefit (provision) for state income taxes | (43,340) | 9,504 | (62,311) |
Foreign: | |||
Current | (3,717) | (828) | (2,454) |
Deferred (excluding separate components) | 8,943 | 4,206 | 44,374 |
Deferred – operating loss carryforward | 5,793 | 39,920 | 32,915 |
Deferred – valuation allowance | 6,776 | (51,439) | (76,028) |
Benefit (provision) for foreign income taxes | 17,795 | (8,141) | (1,193) |
Benefit (provision) for income taxes | $ (253,415) | $ 191,572 | $ (632,345) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Federal income tax statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
Net operating loss carryback rate differential | 0.00% | 5.50% | 0.00% | |
Noncontrolling interest | (3.20%) | 1.60% | (0.80%) | |
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate | 8.20% | (12.50%) | (0.50%) | |
Federal valuation allowance | 1.00% | (2.80%) | 0.70% | |
State taxes, net | 2.30% | 0.50% | 1.70% | |
Permanent and other items | (1.90%) | (0.60%) | 0.10% | |
Provision for income taxes (as a percent) | 17.30% | 12.70% | 22.20% | |
CityCenter Holdings, LLC | ||||
Income Tax Disclosure [Line Items] | ||||
Gain on consolidation of CityCenter, net | (10.10%) | 0.00% | 0.00% |
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, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Deferred tax assets, net | $ 3,195,280 | $ 2,634,060 |
Deferred tax liabilities | ||
Total deferred tax liability | (5,634,644) | (4,787,076) |
Net deferred tax liability | (2,439,364) | (2,153,016) |
Federal and state | ||
Deferred tax assets | ||
Net operating loss carryforward | 35,350 | 57,419 |
Accruals, reserves and other | 39,163 | 167,553 |
Lease liabilities | 2,714,308 | 1,972,343 |
Tax credits | 3,060,733 | 3,095,856 |
Deferred tax assets, gross | 5,849,554 | 5,293,171 |
Less: Valuation allowance | (2,735,451) | (2,720,008) |
Deferred tax assets, net | 3,114,103 | 2,573,163 |
Deferred tax liabilities | ||
Property and equipment | (1,361,356) | (1,349,355) |
Investments in unconsolidated affiliates | (1,252,816) | (1,158,342) |
ROU assets | (2,570,620) | (1,860,195) |
Intangibles | (141,934) | (108,728) |
Total deferred tax liability | (5,326,726) | (4,476,620) |
Foreign | ||
Deferred tax assets | ||
Net operating loss carryforward | 185,936 | 180,143 |
Accruals, reserves and other | 15,228 | 17,083 |
Property and equipment | 27,366 | 17,890 |
Lease liabilities | 1,458 | 1,368 |
Deferred tax assets, gross | 229,988 | 216,484 |
Less: Valuation allowance | (148,811) | (155,587) |
Deferred tax assets, net | 81,177 | 60,897 |
Deferred tax liabilities | ||
ROU assets | (396) | (1,200) |
Intangibles | (307,522) | (309,256) |
Total deferred tax liability | $ (307,918) | $ (310,456) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 30, 2020 | Mar. 27, 2020 | Mar. 31, 2021 | Jun. 26, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Income Tax Disclosure [Line Items] | |||||||||
Federal income tax rate | 21.00% | 21.00% | 21.00% | 35.00% | |||||
Net deferred tax asset | $ 332,000 | ||||||||
Tax credit carry forward period | 10 years | ||||||||
Domestic losses recaptured in foreign tax credit carry forward. | $ 1,300,000 | ||||||||
Increase (decrease) in net income due to exemption from complementary tax | $ (10,000) | $ 4,000 | |||||||
Increase (decrease) in diluted earnings per share due to exemption from complementary tax | $ 0.02 | $ 0.01 | |||||||
Payments under the extended annual fee arrangement | $ 1,000 | $ 2,000 | |||||||
Unrecognized tax benefits, if recognized, would affect the effective tax rate | $ 9,000 | 11,000 | $ 9,000 | ||||||
Income Tax Expense (Benefit) | 253,415 | $ (191,572) | $ 632,345 | ||||||
Possible decrease in unrecognized tax benefits within next 12 months | 13,000 | ||||||||
Subsequent Event | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Payments under the extended annual fee arrangement | $ 1,000 | ||||||||
Macau | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Deferred tax assets, valuation allowance | 146,000 | ||||||||
Hong Kong | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Net operating losses, valuation allowance | 3,000 | ||||||||
2022 | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax credit carryforward expiration amount | 297,000 | ||||||||
2023 | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax credit carryforward expiration amount | 976,000 | ||||||||
2024 | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax credit carryforward expiration amount | 780,000 | ||||||||
2025 | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax credit carryforward expiration amount | 674,000 | ||||||||
2026 | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax credit carryforward expiration amount | 134,000 | ||||||||
2027 | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Tax credit carryforward expiration amount | $ 200,000 | ||||||||
MGM Grand Paradise SA | Macau Taxing Authority | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Macau's complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | ||||||||
Macau | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Valuation allowance on foreign tax credit | $ 2,700,000 | ||||||||
Foreign tax credit carryover | $ 3,100,000 | ||||||||
Special gaming tax rate | 35.00% | ||||||||
Macau | MGM Grand Paradise SA | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Macau's complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | 12.00% | |||||||
Complementary tax | $ 1,500,000 | ||||||||
State | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Complementary tax | 536,000 | ||||||||
Deferred tax assets, valuation allowance | 6,000 | ||||||||
Deferred tax assets after federal tax effect and before valuation allowance | 35,000 | ||||||||
Macau Taxing Authority | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Income Tax Expense (Benefit) | $ 3,000 | ||||||||
Coronavirus Aid Relief And Economic Security Act | |||||||||
Income Tax Disclosure [Line Items] | |||||||||
Net operating losses carryback period | 5 years | ||||||||
Income tax receivable | $ 226,000 | ||||||||
Income tax benefit realized | $ 90,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits at January 1 | $ 35,617 | $ 33,298 | $ 24,464 |
Gross increases - prior period tax positions | 12,949 | 3,717 | 8,960 |
Gross decreases - prior period tax positions | (13,388) | (1,398) | (1,006) |
Gross increases - current period tax positions | 654 | 0 | 880 |
Settlements with Taxing Authorities | (16,264) | 0 | 0 |
Gross unrecognized tax benefits at December 31 | $ 19,568 | $ 35,617 | $ 33,298 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Dec. 01, 2021USD ($) | Mar. 01, 2021USD ($) | Dec. 31, 2021USD ($)renewal_periodagreement |
Affiliated Entity | Aria and Vdara | |||
Leases [Line Items] | |||
Number of renewal periods, exercisable at option | agreement | 3 | ||
Lease agreement Initial lease term | 30 years | ||
Lease agreement renewal period | 10 years | ||
Annual rent escalator after year fifteen | 2.00% | ||
Annual rent escalator cap after year fifteen | 3.00% | ||
Fixed rent escalator for fifteen years | 2.00% | ||
Lessee, operating lease, annual rent expense | $ 215 | ||
Mandalay Bay and MGM Grand Las Vegas | MGP BREIT Venture | |||
Leases [Line Items] | |||
Number of renewal periods, exercisable at option | renewal_period | 2 | ||
Lease agreement Initial lease term | 30 years | ||
Lease agreement renewal period | 10 years | ||
Annual rent escalator from year one through year fifteen | 2.00% | 2.00% | |
Annual rent escalator after year fifteen | 2.00% | ||
Annual rent escalator cap after year fifteen | 3.00% | ||
Lessee, operating lease, annual rent expense | $ 298 | ||
MGM China | MGM Macau | |||
Leases [Line Items] | |||
Initial contract term ending year | 25 years | ||
MGM China | MGM Cotai | |||
Leases [Line Items] | |||
Initial contract term ending year | 25 years | ||
Las Vegas Strip Resorts | Bellagio BREIT Venture | Blackstone Real Estate Income Trust | |||
Leases [Line Items] | |||
Lessor, operating lease, renewal term | 10 years | ||
Lease agreement Initial lease term | 30 years | ||
Number of renewal periods, exercisable at option | agreement | 2 | ||
Lease agreement renewal period | 10 years | ||
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% | ||
Lessee, operating lease, annual rent expense | $ 255 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Line Items] | |||
Operating lease cost, primarily classified within "General and administrative" | $ 870,779 | $ 751,002 | $ 143,954 |
Interest expense | 2,354 | (21,320) | 1,164 |
Amortization expense | 73,475 | 70,476 | 13,341 |
Total finance lease costs | 75,829 | 49,156 | 14,505 |
Bellagio BREIT Venture | |||
Leases [Line Items] | |||
Operating lease cost, primarily classified within "General and administrative" | 331,000 | 331,000 | 42,000 |
Mandalay Bay and MGM Grand Las Vegas | |||
Leases [Line Items] | |||
Operating lease cost, primarily classified within "General and administrative" | $ 395,000 | $ 347,000 | $ 0 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating leases | ||
Operating lease right-of-use assets, net | $ 11,492,805 | $ 8,286,694 |
Operating lease liabilities - current, classified within "Other accrued liabilities" | $ 31,706 | $ 31,843 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Operating lease liabilities - long-term | $ 11,802,464 | $ 8,390,117 |
Total operating lease liabilities | 11,834,170 | 8,421,960 |
Finance leases | ||
Finance lease right-of-use assets, net, classified within "property and equipment, net" | $ 151,909 | $ 200,980 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Finance lease liabilities - current, classified within "other accrued liabilities" | $ 87,665 | $ 80,193 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Finance lease liabilities - long-term, classified within "other long-term obligations" | $ 75,560 | $ 134,287 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term obligations | Other long-term obligations |
Total finance lease liabilities | $ 163,225 | $ 214,480 |
Weighted average remaining lease term (years) | ||
Operating leases | 29 years | 30 years |
Finance leases | 2 years | 3 years |
Weighted average discount rate (%) | ||
Operating leases | 7.00% | 8.00% |
Finance leases | 3.00% | 3.00% |
Leases [Line Items] | ||
Operating lease right-of-use assets, net | $ 11,492,805 | $ 8,286,694 |
Operating lease liabilities | 11,802,464 | 8,390,117 |
Bellagio BREIT Venture | ||
Operating leases | ||
Operating lease right-of-use assets, net | 3,600,000 | 3,700,000 |
Operating lease liabilities - long-term | 3,800,000 | 3,800,000 |
Leases [Line Items] | ||
Operating lease right-of-use assets, net | 3,600,000 | 3,700,000 |
Operating lease liabilities | 3,800,000 | 3,800,000 |
Mandalay Bay and MGM Grand Las Vegas | ||
Operating leases | ||
Operating lease right-of-use assets, net | 4,000,000 | 4,000,000 |
Operating lease liabilities - long-term | 4,200,000 | 4,100,000 |
Leases [Line Items] | ||
Operating lease right-of-use assets, net | 4,000,000 | 4,000,000 |
Operating lease liabilities | $ 4,200,000 | $ 4,100,000 |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash outflows from operating leases | $ 669,681 | $ 572,186 | $ 117,072 |
Operating cash outflows from finance leases | 4,761 | 2,956 | 1,164 |
Financing cash outflows from finance leases | 73,257 | 34,494 | 10,311 |
ROU assets obtained in exchange for new lease liabilities | |||
Operating leases | 3,388,120 | 4,120,955 | 3,814,115 |
Finance leases | $ 24,433 | $ 177,085 | $ 84,934 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Leases, 2022 | $ 838,062 | |
Operating Leases, 2023 | 850,305 | |
Operating Leases, 2024 | 862,796 | |
Operating Leases, 2025 | 876,046 | |
Operating Leases, 2026 | 885,863 | |
Operating Leases, Thereafter | 26,660,145 | |
Operating Leases, Total future minimum lease payments | 30,973,217 | |
Operating Leases, Less: Amount of lease payments representing interest | (19,139,047) | |
Total operating lease liabilities | 11,834,170 | $ 8,421,960 |
Less: Current portion | (31,706) | (31,843) |
Operating lease liabilities | 11,802,464 | 8,390,117 |
Finance Leases, 2022 | 90,633 | |
Finance Leases, 2023 | 73,568 | |
Finance Leases, 2024 | 1,747 | |
Finance Leases, 2025 | 1,253 | |
Finance Leases, 2026 | 24 | |
Finance Leases, Thereafter | 0 | |
Finance Leases, Total future minimum lease payments | 167,225 | |
Finance Leases, Less: Amount of lease payments representing interest | (4,000) | |
Total finance lease liabilities | 163,225 | 214,480 |
Less: Current portion | (87,665) | (80,193) |
Long-term portion of lease liabilities | $ 75,560 | $ 134,287 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Nov. 15, 2019 | |
Blackstone Real Estate Income Trust | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation amount | $ 3,010,000,000 | $ 3,010,000,000 |
MGP BREIT Venture | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation amount | $ 3,000,000,000 | |
Guarantee term | 12 years | |
Percentage of principal amount outstanding guaranteed | 10.00% | |
MGM Grand Paradise SA | Extension Agreement | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation amount | $ 102,000,000 | |
MGP Senior Credit Facility | ||
Loss Contingencies [Line Items] | ||
Credit facility outstanding | 0 | |
Senior Credit Facility | ||
Loss Contingencies [Line Items] | ||
Credit facility outstanding | 33,000,000 | |
Letters of credit | MGP Senior Credit Facility | ||
Loss Contingencies [Line Items] | ||
Line of credit facility | 75,000,000 | |
Letters of credit | Senior Credit Facility | ||
Loss Contingencies [Line Items] | ||
Line of credit facility | $ 1,350,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 11,179,908 | $ 12,662,919 | $ 10,469,791 |
Other comprehensive income (loss) before reclassifications | (12,067) | (66,978) | 87 |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 22,200 | 17,922 | (5,599) |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | (2,547) | 4,877 | |
Other comprehensive income (loss) | 10,133 | (51,603) | (635) |
Other changes in accumulated other comprehensive loss: | |||
MGP Class A share issuance | 3,240 | 646 | 1,512 |
Acquisition transaction | (59) | ||
Redemption of Operating Partnership units | 5,327 | 8,773 | |
Other | (2,358) | (1,018) | 481 |
Changes in accumulated other comprehensive loss | 16,342 | (43,261) | 1,567 |
Other comprehensive (income) loss attributable to noncontrolling interest | (10,281) | 22,786 | (3,213) |
Ending Balance | 10,976,766 | 11,179,908 | 12,662,919 |
Empire City Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 5,027 | ||
MGM Growth Properties LLC | Class A Shareholders | |||
Other changes in accumulated other comprehensive loss: | |||
MGP Class A share issuance | 759,535 | 507,551 | 1,201,558 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 12,964 | (2,747) | (18,872) |
Other comprehensive income (loss) before reclassifications | (24,655) | 27,762 | 28,870 |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 0 | 0 | |
Other comprehensive income (loss) | (24,655) | 27,762 | 28,870 |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 0 | 0 | |
Other | 0 | 0 | 0 |
Changes in accumulated other comprehensive loss | (24,655) | 27,762 | 28,870 |
Other comprehensive (income) loss attributable to noncontrolling interest | 10,784 | (12,051) | (12,745) |
Ending Balance | (907) | 12,964 | (2,747) |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Empire City Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC | Class A Shareholders | |||
Other changes in accumulated other comprehensive loss: | |||
MGP Class A share issuance | 0 | 0 | 0 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Northfield OpCo | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGP BREIT Venture | |||
Other changes in accumulated other comprehensive 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 | (55,357) | (10,829) | 9,144 |
Other comprehensive income (loss) before reclassifications | 12,588 | (94,740) | (28,783) |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 22,200 | 17,922 | (5,599) |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | (2,547) | 4,877 | |
Other comprehensive income (loss) | 34,788 | (79,365) | (29,505) |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 0 | 0 | |
Other | 0 | 0 | 0 |
Changes in accumulated other comprehensive loss | 34,788 | (79,365) | (29,505) |
Other comprehensive (income) loss attributable to noncontrolling interest | (21,065) | 34,837 | 9,532 |
Ending Balance | (41,634) | (55,357) | (10,829) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Empire City Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC | Class A Shareholders | |||
Other changes in accumulated other comprehensive loss: | |||
MGP Class A share issuance | 0 | 0 | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Northfield OpCo | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGP BREIT Venture | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 11,716 | 3,374 | 1,172 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 0 |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 5,327 | 8,773 | |
Other | (2,358) | (1,018) | 481 |
Changes in accumulated other comprehensive loss | 6,209 | 8,342 | 2,202 |
Other comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending Balance | 17,925 | 11,716 | 3,374 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Empire City Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 195 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGM Growth Properties LLC | Class A Shareholders | |||
Other changes in accumulated other comprehensive loss: | |||
MGP Class A share issuance | 3,240 | 646 | 1,512 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Park MGM Transaction | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 16 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Northfield OpCo | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | (2) | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGP BREIT Venture | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | (59) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (30,677) | (10,202) | (8,556) |
Other changes in accumulated other comprehensive loss: | |||
Ending Balance | $ (24,616) | $ (30,677) | $ (10,202) |
Stockholders' Equity - Summary
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders Equity Note [Line Items] | |||
Net income (loss) attributable to MGM Resorts International | $ 1,254,370 | $ (1,032,724) | $ 2,049,146 |
Transfers from/(to) noncontrolling interest: | |||
MGP Class A share issuance | 3,240 | 646 | 1,512 |
Redemption of Operating Partnership units | 176,659 | 92,632 | 0 |
Other | (5,062) | (1,759) | (935) |
Net transfers from noncontrolling interest | 274,771 | 149,145 | 152,034 |
Change from net income (loss) attributable to MGM Resorts International and transfers to noncontrolling interest | 1,529,141 | (883,579) | 2,201,180 |
Empire City | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from noncontrolling interest | 0 | 0 | (18,718) |
Park MGM | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from noncontrolling interest | 0 | 0 | (1,968) |
Northfield OpCo | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from noncontrolling interest | 0 | 0 | 21,679 |
MGM Growth Properties LLC | Class A shares | |||
Transfers from/(to) noncontrolling interest: | |||
MGP Class A share issuance | 103,174 | 64,834 | 151,976 |
MGP BREIT Venture | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from noncontrolling interest | $ 0 | $ (6,562) | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 15, 2021 | Dec. 02, 2020 | May 18, 2020 | Feb. 14, 2020 | Feb. 13, 2020 | Nov. 22, 2019 | Mar. 07, 2019 | Jan. 29, 2019 | Feb. 28, 2022 | Mar. 31, 2021 | Feb. 29, 2020 | Apr. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 09, 2022 | May 31, 2018 |
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Operating partnership units, redeemed | 24,000 | 30,000 | |||||||||||||||||
Cash proceeds for redemption | $ 700,000 | $ 700,000 | $ 50,828 | $ 22,292 | |||||||||||||||
Common stock repurchases, value | $ 1,753,509 | $ 353,720 | $ 1,031,534 | ||||||||||||||||
Common Stock | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Common stock repurchases (in shares) | 43,088 | 10,861 | 35,854 | ||||||||||||||||
Common stock repurchases, value | $ 430 | $ 109 | $ 358 | ||||||||||||||||
Share Repurchase Program | Common Stock | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Authorized amount of stock repurchase | 2,000,000 | $ 2,000,000 | |||||||||||||||||
Repurchase of common stock, remaining amount | $ 1,300,000 | ||||||||||||||||||
Share Repurchase Program Two | Common Stock | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Authorized amount of stock repurchase | $ 3,000,000 | ||||||||||||||||||
Share Repurchase Program | Common Stock | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Common stock repurchases (in shares) | 43,000 | 11,000 | 36,000 | ||||||||||||||||
Stock repurchased, average price per share | $ 40.70 | $ 32.57 | $ 28.77 | ||||||||||||||||
Common stock repurchases, value | $ 1,800,000 | $ 354,000 | $ 1,000,000 | ||||||||||||||||
Subsequent Event | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Dividends declared per share | $ 0.0025 | ||||||||||||||||||
Subsequent Event | Share Repurchase Program | Common Stock | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Common stock repurchases (in shares) | 15,000 | ||||||||||||||||||
Stock repurchased, average price per share | $ 43.88 | ||||||||||||||||||
Common stock repurchases, value | $ 670,000 | ||||||||||||||||||
MGP BREIT Venture | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Issuance of operating partnership units | 3,000 | 3,000 | |||||||||||||||||
Corvex Management LP | Subsequent Event | Share Repurchase Program | Common Stock | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Common stock repurchases (in shares) | 4,500 | ||||||||||||||||||
Stock repurchased, average price per share | $ 45 | ||||||||||||||||||
Common stock repurchases, value | $ 202,500 | ||||||||||||||||||
Northfield Park associates LLC | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Issuance of operating partnership units | 9,000 | ||||||||||||||||||
MGM Growth Properties LLC | Class A shares | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Issuance of operating partnership units | 18,000 | ||||||||||||||||||
New issuance of shares | 22,000 | 5,000 | 13,000 | 30,000 | 20,000 | 3,000 | 5,000 | ||||||||||||
MGM Growth Properties LLC | Class A shares | Underwriters | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
New issuance of shares | 18,000 | ||||||||||||||||||
MGM Growth Properties LLC | Class A shares | Forward Purchasers | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
New issuance of shares | 12,000 | ||||||||||||||||||
MGM Growth Properties LLC | Empire City | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Issuance of operating partnership units | 13,000 | ||||||||||||||||||
MGM Growth Properties LLC | Park MGM | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Issuance of operating partnership units | 1,000 | ||||||||||||||||||
MGM Growth Properties LLC | Operating Partnership | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Partnership interest | 42.10% | 56.70% | 60.30% | 61.20% | 63.70% | 69.80% | 74.60% | 42.10% | 60.60% | 68.80% | 69.70% | 53.00% | |||||||
Operating partnership units, redeemed | 24,000 | 30,000 | 37,000 | ||||||||||||||||
Cash proceeds for redemption | $ 700,000 | $ 700,000 | $ 1,200,000 | ||||||||||||||||
Partners Capital Account Units Redeemed For Cash | 15,000 | ||||||||||||||||||
Operating Partnership Redemption Units For Class A Offering | 22,000 | ||||||||||||||||||
MGM Growth Properties LLC | Operating Partnership | Class A shares | |||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||
Partnership interest | 41.60% | 67.60% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - Omnibus Plan $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)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 | 1,000,000 |
Number of restricted stock units and performance share units outstanding | 6,000,000 |
Unamortized compensation | $ | $ 85 |
Weighted-average period over which compensation cost is expected to be recognized | 1 year 7 months 6 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 65,183 | $ 106,956 | $ 88,838 |
Less: Reimbursed costs and capitalized cost | (1,198) | (2,118) | (3,487) |
Compensation cost after reimbursed costs and capitalized cost | 63,985 | 104,838 | 85,351 |
Less: Related tax benefit | (12,982) | (20,605) | (16,752) |
Compensation cost, net of tax benefit | 51,003 | 84,233 | 68,599 |
Omnibus Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 53,683 | 93,096 | 76,995 |
MGP Omnibus Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 4,827 | 2,854 | 2,277 |
MGM China Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 6,673 | $ 11,006 | $ 9,566 |
Employee Benefit Plans - Table
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)agreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 88-0215232 | ||
Number of collective bargaining agreements | agreement | 11 | ||
Number of significant collective bargaining agreements | agreement | 4 | ||
Southern Nevada Culinary and Bartenders Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 88-6016617 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status | No | ||
Contributions by the Company | $ | $ 37,242 | $ 24,610 | $ 52,218 |
Surcharge Imposed | No | ||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% | |
The Legacy Plan of the UNITE HERE Retirement Fund (UHF) | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 82-0994119 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions by the Company | $ | $ 7,683 | $ 5,151 | $ 10,151 |
Surcharge Imposed | No | ||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Multiemployer Plans, Postretirement Benefit | UNITE HERE Health | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Contributions by the Company | $ 143 | $ 138 | $ 206 |
Property Transactions, Net - Sc
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Other property transactions, net | $ (67,736) | $ 93,567 | $ 55,508 |
Property transactions, net | (67,736) | 93,567 | 275,802 |
Circus Circus Las Vegas and Adjacent Land | |||
Property, Plant and Equipment [Line Items] | |||
Loss related to sale of Circus Circus Las Vegas and adjacent land | $ 0 | $ 0 | $ 220,294 |
Property Transactions, Net - Ad
Property Transactions, Net - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, net | $ 14,435,493 | $ 14,632,091 | ||||
Gain on reduction of estimate of contingent consideration | 29,000 | |||||
Other-than-temporary impairment charges | 64,000 | |||||
Other property transactions, net | (67,736) | 93,567 | $ 55,508 | |||
Other | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Equity method investment, other than temporary impairment | 22,000 | 64,000 | ||||
Other Assets, Net | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Consideration receivable from sale of assets, notes receivable fair value | 155,000 | 144,000 | ||||
Circus Circus Las Vegas and Adjacent Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Total consideration received from sale of real estate assets | $ 825,000 | $ 825,000 | 825,000 | |||
Consideration receivable from sale of assets, cash receivable | 663,000 | 663,000 | 663,000 | |||
Consideration receivable from sale of assets, notes receivable face value | 163,000 | 163,000 | 163,000 | |||
Consideration receivable from sale of assets, notes receivable fair value | $ 134,000 | 134,000 | 134,000 | |||
Secured note effective interest rate | 7.31% | |||||
Non-cash impairment charge | $ 219,000 | |||||
Recognized loss on disposition | 2,000 | |||||
Value of assets and liabilities disposed | $ 810,000 | 810,000 | 810,000 | |||
Proceeds from sale of land | 14,000 | |||||
Property and equipment, net | $ 785,000 | $ 785,000 | $ 785,000 | |||
M G M Cotai Production | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Other property transactions, net | $ 17,000 | |||||
Collections, including work of art and historical treasure | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of art | $ 76,000 | |||||
Secured Note Due 2024 Interest Rate in First Two Years | Circus Circus Las Vegas and Adjacent Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 3.00% | 3.00% | 3.00% | |||
Secured Note Due 2024 Interest Rate in Following Two Years | Circus Circus Las Vegas and Adjacent Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 4.00% | 4.00% | 4.00% | |||
Secured Note Due 2024 Interest Rate in Fifth Year | Circus Circus Las Vegas and Adjacent Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | 4.50% |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Net revenues | $ 9,680,140 | $ 5,162,082 | $ 12,899,672 |
Other operating income (expense) | |||
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 | 0 | 1,491,945 | 2,677,996 |
Gain on consolidation of CityCenter, net | 1,562,329 | 0 | 0 |
October 1 litigation settlement | 0 | (49,000) | 0 |
Restructuring | 0 | (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 | 0 | 0 |
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) |
Total non-operating income (expense) | (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 |
Capital expenditures | 490,697 | 270,579 | 739,006 |
Chief Executive Officer | |||
Other operating income (expense) | |||
CEO transition expense | 0 | (44,401) | 0 |
Reportable segments | |||
Revenues | |||
Net revenues | 9,340,309 | 4,869,659 | 12,286,257 |
Adjusted Property EBITDAR | 2,981,392 | 382,346 | 3,347,717 |
Non-operating income (expense) | |||
Capital expenditures | 412,339 | 237,319 | 618,986 |
Reportable segments | Las Vegas Strip Resorts | |||
Revenues | |||
Net revenues | 4,737,185 | 2,245,785 | 5,831,051 |
Adjusted Property EBITDAR | 1,738,211 | 232,188 | 1,643,122 |
Non-operating income (expense) | |||
Capital expenditures | 266,944 | 87,511 | 285,863 |
Reportable segments | Regional Operations | |||
Revenues | |||
Net revenues | 3,392,363 | 1,967,171 | 3,549,784 |
Adjusted Property EBITDAR | 1,217,814 | 343,990 | 969,866 |
Non-operating income (expense) | |||
Capital expenditures | 77,406 | 41,456 | 187,489 |
Reportable segments | MGM China | |||
Revenues | |||
Net revenues | 1,210,761 | 656,703 | 2,905,422 |
Adjusted Property EBITDAR | 25,367 | (193,832) | 734,729 |
Non-operating income (expense) | |||
Capital expenditures | 67,989 | 108,352 | 145,634 |
Corporate and other | |||
Revenues | |||
Net revenues | 339,831 | 292,423 | 613,415 |
Other operating income (expense) | |||
Corporate and other, net | (560,309) | (530,843) | (331,621) |
Non-operating income (expense) | |||
Capital expenditures | 78,358 | 33,260 | 120,020 |
Casino | |||
Revenues | |||
Net revenues | 5,362,912 | 2,871,720 | 6,517,759 |
Casino | Reportable segments | Las Vegas Strip Resorts | |||
Revenues | |||
Net revenues | 1,549,419 | 728,254 | 1,296,170 |
Casino | Reportable segments | Regional Operations | |||
Revenues | |||
Net revenues | 2,721,515 | 1,569,193 | 2,537,780 |
Casino | Reportable segments | MGM China | |||
Revenues | |||
Net revenues | 1,057,962 | 565,671 | 2,609,806 |
Rooms | |||
Revenues | |||
Net revenues | 1,690,037 | 830,382 | 2,322,579 |
Rooms | Reportable segments | Las Vegas Strip Resorts | |||
Revenues | |||
Net revenues | 1,402,712 | 662,813 | 1,863,521 |
Rooms | Reportable segments | Regional Operations | |||
Revenues | |||
Net revenues | 220,828 | 130,945 | 316,753 |
Rooms | Reportable segments | MGM China | |||
Revenues | |||
Net revenues | 66,498 | 36,624 | 142,306 |
Food and beverage | |||
Revenues | |||
Net revenues | 1,391,605 | 696,040 | 2,145,247 |
Food and beverage | Reportable segments | Las Vegas Strip Resorts | |||
Revenues | |||
Net revenues | 1,015,366 | 471,529 | 1,517,745 |
Food and beverage | Reportable segments | Regional Operations | |||
Revenues | |||
Net revenues | 307,750 | 184,153 | 494,243 |
Food and beverage | Reportable segments | MGM China | |||
Revenues | |||
Net revenues | 68,489 | 40,284 | 127,152 |
Entertainment, retail and other | |||
Revenues | |||
Net revenues | 1,009,503 | 518,991 | 1,477,200 |
Entertainment, retail and other | Reportable segments | Las Vegas Strip Resorts | |||
Revenues | |||
Net revenues | 769,688 | 383,189 | 1,153,615 |
Entertainment, retail and other | Reportable segments | Regional Operations | |||
Revenues | |||
Net revenues | 142,270 | 82,880 | 201,008 |
Entertainment, retail and other | Reportable segments | MGM China | |||
Revenues | |||
Net revenues | $ 17,812 | $ 14,124 | $ 26,158 |
Segment Information - Schedul_2
Segment Information - Schedule of Long Lived Assets Presented by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Long-lived assets: | |||
Long-lived assets | $ 33,025,680 | $ 28,653,811 | $ 28,589,504 |
United States | |||
Long-lived assets: | |||
Long-lived assets | 25,848,917 | 21,035,992 | 20,582,055 |
China and all other foreign countries | |||
Long-lived assets: | |||
Long-lived assets | $ 7,176,763 | $ 7,617,819 | $ 8,007,449 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) shares in Thousands, $ in Thousands | Apr. 01, 2021USD ($) | Apr. 01, 2020USD ($) | Feb. 14, 2020USD ($) | Apr. 01, 2019USD ($)shares | Mar. 07, 2019USD ($) | Jan. 29, 2019USD ($) | Jan. 02, 2019USD ($) | Sep. 01, 2016USD ($)shares | Oct. 31, 2021USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)term | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||
Net revenues | $ 9,680,140 | $ 5,162,082 | $ 12,899,672 | |||||||||||
Other accrued liabilities | $ 1,983,444 | $ 1,983,444 | 1,545,079 | |||||||||||
Initial lease term | 10 years | |||||||||||||
Extension term | 5 years | |||||||||||||
Lease, number of extensions | term | 4 | |||||||||||||
Lease, additional extended terms | 5 years | |||||||||||||
Increase in annual rent payment | $ 828,000 | |||||||||||||
Annual fixed rent, percentage | 2.00% | |||||||||||||
Annual rent | $ 828,000 | $ 813,000 | $ 843,000 | $ 873,000 | ||||||||||
Empire City | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Total purchase price | $ 865,000 | |||||||||||||
Empire City | Developed Real Property | ||||||||||||||
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 | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Total purchase price | $ 305,000 | |||||||||||||
Base Rent | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage of initial total rent payments due | 91.00% | |||||||||||||
Additional annual rent escalator percentage | 2.00% | |||||||||||||
Fixed annual rent escalator percentage | 2.00% | 2.00% | ||||||||||||
Percentage Rent | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage of initial total rent payments due | 9.00% | |||||||||||||
Master Lease | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Fixed annual rent escalator percentage | 2.00% | |||||||||||||
Total purchase price | $ 638,000 | |||||||||||||
Increase in annual rent payment | $ 50,000 | |||||||||||||
Annual fixed rent, percentage | 2.00% | 90.00% | ||||||||||||
Increase in annual rent per year, percentage | 2.00% | 2.00% | ||||||||||||
Purchase price in cash | $ 606,000 | $ 400,000 | ||||||||||||
Annual rent | $ 813,000 | $ 946,000 | $ 770,000 | |||||||||||
Decrease in annual rent payment | $ 133,000 | |||||||||||||
Lessee, operating lease, annual rent expense | 30,000 | |||||||||||||
Fixed annual rent | $ 27,000 | |||||||||||||
Master Lease | Empire City | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Increase in additional rent payment | $ 50,000 | |||||||||||||
Master Lease | Northfield OpCo | ||||||||||||||
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 | MGM Northfield Park | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Increase in additional rent payment | $ 60,000 | |||||||||||||
MGM China | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ordinary shares acquired | shares | 188,100 | |||||||||||||
Grand Paradise Macau | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Deferred cash payment | $ 50,000 | |||||||||||||
Grand Paradise Macau | Other Accrued Liabilities | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Other accrued liabilities | 33,000 | |||||||||||||
MGM Branding and Development | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Distribution made to noncontrolling interests | $ 8,000 | 5,000 | 20,000 | |||||||||||
MGM Growth Properties LLC | Northfield OpCo | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Redemption of operating partnership units | shares | 9,000 | |||||||||||||
Shun Tak | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Expenses incurred | $ 7,000 | 7,000 | 16,000 | |||||||||||
Ms Ho Pansy Catilina Chiu King | MGM China | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Percentage ownership interest | 50.00% | 50.00% | ||||||||||||
Ms Ho Pansy Catilina Chiu King | MGM China | Marketing and public Relations Consulting Services | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Expenses incurred | $ 4,000 | 1,000 | 4,000 | |||||||||||
Blackstone Real Estate Income Trust | MGP | Lease Agreements | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership interest | 50.10% | 50.10% | ||||||||||||
Blackstone Real Estate Income Trust | Bellagio BREIT Venture | Real Estate Assets and Leases | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Ownership interest | 5.00% | 5.00% | ||||||||||||
CityCenter Holdings, LLC | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Net revenues | $ 29,000 | 16,000 | 48,000 | |||||||||||
Reimbursable costs for support services provided | $ 187,000 | 212,000 | $ 420,000 | |||||||||||
CityCenter Holdings, LLC | Aria and Vdara | ||||||||||||||
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 | Management Services and Reimbursable Costs | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Receivable related to management services and reimbursable costs | $ 39,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss reserve | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 126,589 | $ 94,561 | $ 90,775 |
Increase | 21,852 | 71,422 | 39,270 |
Decrease | (20,093) | (39,394) | (35,484) |
Balance at End of Period | 128,348 | 126,589 | 94,561 |
Deferred income tax valuation allowance | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,875,595 | 2,574,056 | 2,477,703 |
Increase | 8,667 | 301,539 | 96,353 |
Decrease | 0 | 0 | 0 |
Balance at End of Period | $ 2,884,262 | $ 2,875,595 | $ 2,574,056 |