MGM Resorts International (MGM) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 (Par Value $0.01)
Trading Symbol	MGM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		426,052,260
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Entity Central Index Key	0000789570
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 2,719,115	$ 4,703,059
Restricted cash	500,101	500,000
Accounts receivable, net	593,466	583,915
Inventories	102,050	96,374
Income tax receivable	234,659	273,862
Prepaid expenses and other	365,554	258,972
Total current assets	4,514,945	6,416,182
Property and equipment, net	14,144,526	14,435,493
Other assets
Investments in and advances to unconsolidated affiliates	1,008,144	967,044
Goodwill	3,474,861	3,480,997
Other intangible assets, net	3,555,466	3,616,385
Operating lease right-of-use assets, net	11,438,442	11,492,805
Other long-term assets, net	513,621	490,210
Total other assets	19,990,534	20,047,441
Total assets	38,650,005	40,899,116
Current liabilities
Accounts payable	281,225	263,097
Construction payable	20,703	23,099
Current portion of long-term debt	1,250,000	1,000,000
Accrued interest on long-term debt	169,630	172,624
Other accrued liabilities	1,878,043	1,983,444
Total current liabilities	3,599,601	3,442,264
Deferred income taxes, net	2,442,618	2,439,364
Long-term debt, net	10,507,140	11,770,797
Operating lease liabilities	11,810,047	11,802,464
Other long-term obligations	280,077	319,914
Commitments and contingencies
Redeemable noncontrolling interests	130,898	147,547
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 430,562,057 and 453,803,759 shares	4,306	4,538
Capital in excess of par value	761,559	1,750,135
Retained earnings	4,321,482	4,340,588
Accumulated other comprehensive loss	(22,007)	(24,616)
Total MGM Resorts International stockholders' equity	5,065,340	6,070,645
Noncontrolling interests	4,814,284	4,906,121
Total stockholders' equity	9,879,624	10,976,766
Total liabilities and stockholders' equity	$ 38,650,005	$ 40,899,116

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	430,562,057	453,803,759
Common stock, shares outstanding (in shares)	430,562,057	453,803,759

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenue	$ 2,854,309	$ 1,647,747
Expenses
General and administrative	776,837	546,407
Corporate expense	111,241	78,037
Preopening and start-up expenses	434	5
Property transactions, net	54,738	26,071
Depreciation and amortization	288,638	290,551
Total expenses	2,701,683	1,868,858
Loss from unconsolidated affiliates	(46,838)	(25,579)
Operating income (loss)	105,788	(246,690)
Non-operating income (expense)
Interest expense, net of amounts capitalized	(196,091)	(195,295)
Non-operating items from unconsolidated affiliates	(15,133)	(20,836)
Other, net	34,302	32,185
Non-operating income (expense)	(176,922)	(183,946)
Loss before income taxes	(71,134)	(430,636)
Benefit for income taxes	36,341	94,698
Net loss	(34,793)	(335,938)
Less: Net loss attributable to noncontrolling interests	16,777	4,109
Net loss attributable to MGM Resorts International	$ (18,016)	$ (331,829)
Loss per share
Basic (in dollars per share)	$ (0.06)	$ (0.69)
Diluted (in dollars per share)	$ (0.06)	$ (0.69)
Weighted average common shares outstanding
Basic (in shares)	442,916	494,864
Diluted (in shares)	442,916	494,864
Casino
Revenues
Total revenue	$ 1,420,910	$ 1,098,633
Expenses
Cost of revenues	674,365	551,905
Rooms
Revenues
Total revenue	557,073	198,419
Expenses
Cost of revenues	196,113	104,213
Food and beverage
Revenues
Total revenue	492,854	157,412
Expenses
Cost of revenues	368,662	135,227
Entertainment, retail and other
Revenues
Total revenue	371,566	135,222
Expenses
Cost of revenues	218,749	78,381
Reimbursed costs
Revenues
Total revenue	11,906	58,061
Expenses
Cost of revenues	$ 11,906	$ 58,061

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (34,793)	$ (335,938)
Other comprehensive income, net of tax:
Foreign currency translation adjustment	(17,966)	(13,022)
Unrealized gain on cash flow hedges	36,031	15,298
Other comprehensive income	18,065	2,276
Comprehensive loss	(16,728)	(333,662)
Less: Comprehensive loss attributable to noncontrolling interests	1,321	1,579
Comprehensive loss attributable to MGM Resorts International	$ (15,407)	$ (332,083)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (34,793)	$ (335,938)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	288,638	290,551
Amortization of debt discounts, premiums and issuance costs	10,285	9,734
Provision for credit losses	253	2,127
Stock-based compensation	23,344	16,549
Property transactions, net	54,738	26,071
Noncash lease expense	60,118	44,467
Other investment gains	(14,983)	0
Loss from unconsolidated affiliates	61,971	46,415
Distributions from unconsolidated affiliates	25,444	16,294
Deferred income taxes	1,070	(80,293)
Change in operating assets and liabilities:
Accounts receivable	(10,385)	(45,970)
Inventories	(5,780)	5,911
Income taxes receivable and payable, net	39,204	1,238
Prepaid expenses and other	(13,768)	(27,258)
Accounts payable and accrued liabilities	(60,563)	(23,763)
Other	(4,311)	(33,745)
Net cash provided by (used in) operating activities	420,482	(87,610)
Cash flows from investing activities
Capital expenditures	(101,583)	(78,914)
Dispositions of property and equipment	2,917	505
Investments in unconsolidated affiliates	(129,177)	(76,845)
Distributions from unconsolidated affiliates	475	0
Other	(10,015)	342
Net cash used in investing activities	(237,383)	(154,912)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less	(18,134)	125,902
Issuance of long-term debt	0	749,775
Retirement of senior notes	(1,000,000)	0
Debt issuance costs	(1,367)	(9,212)
Issuance of MGM Growth Properties Class A shares, net	0	676,034
Dividends paid to common shareholders	(1,090)	(1,237)
Distributions to noncontrolling interest owners	(118,039)	(76,390)
Purchases of common stock	(1,001,972)	(119,269)
Other	(24,985)	(32,104)
Net cash provided by (used in) financing activities	(2,165,587)	1,313,499
Effect of exchange rate on cash, cash equivalents, and restricted cash	(1,355)	(1,102)
Cash, cash equivalents, and restricted cash
Net change for the period	(1,983,843)	1,069,875
Balance, beginning of period	5,203,059	5,101,637	$ 5,101,637
Balance, end of period	3,219,216	6,171,512	$ 5,203,059
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	183,513	146,631
Federal, state and foreign income tax refunds received, net	$ (67,294)	$ (2,401)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	MGM Growth Properties LLCClass A Shareholders	Common Stock	Capital in Excess of Par Value	Capital in Excess of Par ValueMGM Growth Properties LLCClass A Shareholders	Retained Earnings	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossMGM Growth Properties LLCClass A Shareholders	Total MGM Resorts International Stockholders' Equity	Total MGM Resorts International Stockholders' EquityMGM Growth Properties LLCClass A Shareholders	Noncontrolling Interests	Noncontrolling InterestsMGM Growth Properties LLCClass A Shareholders
Beginning Balance (in shares) at Dec. 31, 2020			494,318
Beginning 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 loss	(338,083)					(331,829)			(331,829)		(6,254)
Currency translation adjustment	(13,022)						(7,353)		(7,353)		(5,669)
Cash flow hedges	15,298						7,099		7,099		8,199
Stock-based compensation	16,549			15,503					15,503		1,046
Issuance of common stock pursuant to stock-based compensation awards (in shares)			706
Issuance of common stock pursuant to stock-based compensation awards	(9,344)		$ 7	(9,351)					(9,344)
Cash distributions to noncontrolling interest owners	(3,112)	$ (75,895)									(3,112)	$ (75,895)
Dividends declared and paid to common shareholders ($0.0025 per share)	(1,237)					(1,237)			(1,237)
Repurchases of common stock (in shares)			(3,150)
Repurchases of common stock	(119,269)		$ (31)	(119,238)					(119,269)
Adjustment of redeemable noncontrolling interest to redemption value	(9,428)			(9,428)					(9,428)
MGP Class A share issuances		647,754			$ 83,142			$ 2,868		$ 86,010		561,744
Redemption of Operating Partnership units	(50,828)			171,332			5,327		176,659		(227,487)
Other	(6,772)			(2,227)			(2,482)		(4,709)		(2,063)
Ending Balance (in shares) at Mar. 31, 2021			491,874
Ending Balance at Mar. 31, 2021	11,232,519		$ 4,919	3,569,186		2,757,941	(25,218)		6,306,828		4,925,691
Beginning Balance (in shares) at Dec. 31, 2021			453,804
Beginning Balance at Dec. 31, 2021	10,976,766		$ 4,538	1,750,135		4,340,588	(24,616)		6,070,645		4,906,121
Net loss	(37,062)					(18,016)			(18,016)		(19,046)
Currency translation adjustment	(17,966)						(10,184)		(10,184)		(7,782)
Cash flow hedges	36,031						12,793		12,793		23,238
Stock-based compensation	23,344			22,381					22,381		963
Issuance of common stock pursuant to stock-based compensation awards (in shares)			104
Issuance of common stock pursuant to stock-based compensation awards	(2,311)		$ 1	(2,312)					(2,311)
Cash distributions to noncontrolling interest owners	(5,761)	$ (83,080)									(5,761)	$ (83,080)
Dividends declared and paid to common shareholders ($0.0025 per share)	(1,090)					(1,090)			(1,090)
Issuance of restricted stock units	2,127			1,941					1,941		186
Repurchases of common stock (in shares)			(23,346)
Repurchases of common stock	(1,001,972)		$ (233)	(1,001,739)					(1,001,972)
Adjustment of redeemable noncontrolling interest to redemption value	(8,986)			(8,986)					(8,986)
Other	(416)			139					139		(555)
Ending Balance (in shares) at Mar. 31, 2022			430,562
Ending Balance at Mar. 31, 2022	$ 9,879,624		$ 4,306	$ 761,559		$ 4,321,482	$ (22,007)		$ 5,065,340		$ 4,814,284

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared and paid to common shareholders (in dollars per share)	$ 0.0025	$ 0.0025

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 the Las Vegas Strip, and Fallen Oak golf course in Saucier, Mississippi. MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company as of March 31, 2022 and until the closing of the VICI Transaction, as discussed below, was organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets were owned by and substantially all of its operations were conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). Prior to the closing of the VICI Transaction, MGP had two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. The Company owned MGP’s Class B share, which did 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 were entitled to one vote per share, while the Company, as the owner of the Class B share, held a controlling interest in MGP as it was 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 did not fall below 30%. The Company and MGP each held Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership was a wholly owned subsidiary of MGP. The Operating Partnership units held by the Company were 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 was at the option of MGP’s independent conflicts committee. As of March 31, 2022, the Company owned 41.5% of the Operating Partnership units, and MGP held the remaining 58.5% ownership interest in the Operating Partnership. Prior to the closing of the VICI Transaction, the Company leased 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 7 for further discussion of the leases. VICI Transaction On April 29, 2022, the Company completed a series of transactions with VICI Properties, Inc. (“VICI”) and MGP whereby VICI acquired MGP in a stock-for-stock transaction (such transaction, the “VICI Transaction”). MGP Class A shareholders received 1.366 shares of newly issued VICI stock in exchange for each MGP Class A share outstanding and the Company received 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 redeemed the majority of the Company’s VICI OP units for cash consideration of $4.4 billion, with the Company retaining an approximate 1% ownership interest in VICI OP with a fair value of approximately $375 million. MGP’s Class B share that was held by the Company was cancelled. Accordingly, the Company no longer holds a controlling interest in MGP and deconsolidated MGP upon the closing of the April 2022 transactions. In connection with the VICI Transaction, the Company entered into an amended and restated master lease with VICI. The new master lease has 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 lease has a triple-net structure, which requires the Company to pay substantially all costs associated with each property, including real estate taxes, insurance, utilities and routine maintenance, in addition to the rent. Additionally, the Company is required to pay the rent payments under the ground leases of the Borgata, Beau Rivage, and National Harbor. Pending Transactions 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. 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%. The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions. In addition, 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. Upon closing, the master lease between the Company and VICI 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 receipt of regulatory approvals. On May 2, 2022, the Company commenced a public offer to the shareholders of LeoVegas AB (publ) (“LeoVegas”) to tender 100% of the shares of LeoVegas at a price of SEK 61 in cash per share, equivalent to a total tender offer value of approximately SEK 6.0 billion (approximately $607 million, based on exchange rates at April 29, 2022). The transaction is expected to close in the second half of 2022, subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of LeoVegas' shares, and customary closing conditions. MGM China 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 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 current 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. On March 3, 2022, the Macau Government announced its intention to extend the term of Macau’s six concession and subconcession contracts from June 26, 2022 until December 31, 2022, and invited the concessionaires and subconcessionaires to submit a formal request for an extension. On March 11, 2022, MGM Grand Paradise submitted its request for an extension, along with a commitment to pay the Macau government up to MOP47 million (approximately US$6 million) and provide a bank guarantee to secure the fulfillment of MGM Grand Paradise's payment obligations towards its employees should MGM Grand Paradise be unsuccessful in tendering for a new concession contract after its subconcession expires. The extension of MGM Grand Paradise's subconcession is subject to approval by the Macau government as well as entering into a new subconcession extension contract with SJM Resorts, S.A. Unless MGM Grand Paradise's gaming subconcession is further 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 further 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 an extension of its gaming subconcession beyond its current term and a gaming concession when a public tender is held. BetMGM 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. Reportable Segments The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments. Financial Impact of COVID-19. The spread of the novel 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 since the onset of the pandemic, which continued in the first quarter of 2022 and may continue during the remainder of 2022 and thereafter. In the first quarter of 2022, all of the Company's properties were open and not subject to operating restrictions; however, travel and business volume were negatively affected in the early part of the first quarter of 2022 due to the spread of the omicron variant. 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, the Company’s properties continue to operate subject to certain health safeguards, such as limiting the number of seats available at each table game, slot machine spacing, temperature checks, mask protection, and health declarations submitted through the Macau Health Code system. Although the issuance of tourist visas (including the individual visit scheme) for residents of mainland China to travel to Macau resumed in 2020, 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. Macau is currently operating under a "dynamic zero" COVID-19 policy, as is Hong Kong and mainland China. Under this policy, when local infections are identified several restrictions may be imposed, including the lock down of sections of cities or entire cities and travel restrictions, imposition of mass mandatory nucleic acid testing, shortening of the validity period of negative test results for re-entry into mainland China from Macau and imposition of quarantine requirements, cancellation or suspension of certain events and, in some instances, closing of certain entertainment and leisure facilities. Although

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation . As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2021 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. 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. As of March 31, 2022, management 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 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 recorded MGP’s ownership interest in the Operating Partnership as noncontrolling interest in the Company’s consolidated financial statements. As of March 31, 2022, on a consolidated basis MGP had total assets of $10.4 billion, primarily related to its real estate investments, and total liabilities of $5.0 billion, primarily related to its indebtedness. Refer to Note 1 for discussion regarding the deconsolidation of MGP upon closing of the VICI Transaction in April 2022. 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 March 31, 2022. 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 March 31, 2022, as further discussed in Note 8. 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 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 investment was $81 million as of March 31, 2022. 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 5; and • 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 3. 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 condensed consolidated balance sheets. "Restricted Cash" and "Cash and cash equivalents" on the condensed consolidated balance sheets equal "Cash, cash equivalents, and restricted cash" on the condensed consolidated statements of cash flows. 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. 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 standalone selling price 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. 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 2022 2021 2022 2021 2022 2021 (In thousands) Balance at January 1 $ 176,219 $ 212,671 $ 144,465 $ 139,756 $ 640,001 $ 382,287 Balance at March 31 141,636 170,040 149,316 133,047 720,764 407,372 Increase / (decrease) $ (34,583) $ (42,631) $ 4,851 $ (6,709) $ 80,763 $ 25,085 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 11. Leases. Refer to Note 7 for discussion of leases under which the Company is a lessee. The master lease agreement with MGP is eliminated in consolidation; refer to Note 12 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 . During the three months ended March 31, 2022 and 2021, lease revenues from third-party tenants include $14 million and $4 million recorded within food and beverage revenue, respectively, and $26 million and $16 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.

ACQUISITION

ACQUISITION	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITION	ACQUISITION 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. 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 7 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. 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 recognized by the Company. 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. Three Months Ended March 31, 2021 (In thousands) Net revenues $ 1,727,909 Net loss attributable to MGM Resorts International (321,821)

INVESTMENTS IN AND ADVANCES TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (In thousands) MGP BREIT Venture (50.1% owned by the Operating Partnership) $ 818,053 $ 816,756 BetMGM (50%) 74,065 41,060 Other 116,026 109,228 $ 1,008,144 $ 967,044 The Company recorded its share of loss from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended 2022 2021 (In thousands) Loss from unconsolidated affiliates $ (46,838) $ (25,579) Non-operating items from unconsolidated affiliates (15,133) (20,836) $ (61,971) $ (46,415) The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates: Three Months Ended 2022 2021 (In thousands) CityCenter $ — $ (2,831) MGP BREIT Venture 38,936 38,962 BetMGM (91,993) (59,236) Other 6,219 (2,474) $ (46,838) $ (25,579) Refer to Note 3 for discussion on the acquisition and consolidation of CityCenter in September 2021. MGP BREIT Venture distributions. For the three months ended March 31, 2022 and 2021, the Operating Partnership received $24 million and $15 million in distributions from MGP BREIT Venture, respectively. BetMGM contributions. For the three months ended March 31, 2022 and 2021, the Company contributed $125 million and $75 million to BetMGM, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: March 31, December 31, (In thousands) Operating Partnership senior secured credit facility $ — $ 50,000 MGM China first revolving credit facility 390,697 360,414 7.75% senior notes, due 2022 — 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 750,000 750,000 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 11,841,249 12,860,966 Less: Premiums, discounts, and unamortized debt issuance costs, net (84,109) (90,169) 11,757,140 12,770,797 Less: Current portion (1,250,000) (1,000,000) $ 10,507,140 $ 11,770,797 Senior secured credit facility. At March 31, 2022, the Company’s senior secured credit facility consisted of a $1.675 billion revolving credit facility of which no amounts were drawn. The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2022. Operating Partnership senior secured credit facility. At March 31, 2022, the Operating Partnership senior secured credit facility consisted of a $1.35 billion revolving credit facility of which no amounts were drawn. The Operating Partnership was in compliance with its credit facility covenants at March 31, 2022. The Operating Partnership terminated its interest rate swap agreements in March 2022. MGM China first revolving credit facility. At March 31, 2022, the MGM China first revolving credit facility consisted of a $1.25 billion unsecured revolving credit facility. At March 31, 2022, $391 million was drawn on the MGM China first revolving credit facility and the weighted average interest rate was 3.02%. 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 2022, MGM China further amended its first revolving credit facility to extend the financial covenant waivers through maturity in May 2024. MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at March 31, 2022. MGM China second revolving credit facility. At March 31, 2022, 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. 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 March 31, 2022, no amounts were drawn on the MGM China second revolving credit facility. The MGM China second 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 2022, MGM China further amended its second revolving credit facility to extend the financial covenant waivers through maturity in May 2024. MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at March 31, 2022. Senior notes. In March 2022, the Company repaid its $1.0 billion 7.75% notes due 2022 upon maturity. 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%. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $11.7 billion and $13.4 billion at March 31, 2022 and December 31, 2021, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a benefit of 51.1% and 22.0% on loss before income taxes for the three months ended March 31, 2022 and 2021, respectively. 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. During the three months ended March 31, 2022, the Company reversed $13 million of unrecognized tax benefit upon the resolution of a tax accounting method issue related to its customer loyalty program.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
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 12, eliminates in consolidation and, accordingly, is not included within the disclosures below. Land. As of March 31, 2022, the Company, through MGP, was a lessee of land underlying MGM National Harbor and a portion of the land underlying Borgata and Beau Rivage. MGP was 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. Refer to Note 1 for discussion of the VICI Transaction. 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, 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 Las Vegas lease and Aria lease and 2 years of rent under the Bellagio lease. The Company was in compliance with its applicable covenants under its leases as of March 31, 2022. Other information. Components of lease costs and other information related to the Company’s leases was: Three Months Ended 2022 2021 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 271,849 $ 198,991 Finance lease costs Interest expense (2) $ 893 $ (656) Amortization expense 20,157 17,814 Total finance lease costs $ 21,050 $ 17,158 (1) The Bellagio lease and the Mandalay Bay and MGM Grand Las Vegas lease are held with related parties, as further discussed in Note 12. Operating lease cost includes $83 million for each of the three months ended March 31, 2022 and 2021 related to the Bellagio lease. Operating lease cost includes $99 million for each of the three months ended March 31, 2022 and 2021 related to the Mandalay Bay and MGM Grand Las Vegas lease. (2) For the three months ended March 31, 2021, interest expense includes the effect of COVID-19 related rent concessions which was recognized as negative variable rent expense. March 31, December 31, Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 11,438,442 $ 11,492,805 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 31,806 $ 31,706 Operating lease liabilities - long-term (2) 11,810,047 11,802,464 Total operating lease liabilities $ 11,841,853 $ 11,834,170 Finance leases Finance lease right-of-use assets, net classified within "Property and equipment, net" $ 131,739 $ 151,909 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 82,975 $ 87,665 Finance lease liabilities - long-term, classified within "Other long-term obligations" 57,534 75,560 Total finance lease liabilities $ 140,509 $ 163,225 Weighted-average remaining lease term (years) Operating leases 29 29 Finance leases 2 2 Weighted-average discount rate (%) Operating leases 7 7 Finance leases 3 3 (1) As of March 31, 2022 and December 31, 2021, operating lease right-of-use assets, net included $3.6 billion related to the Bellagio lease for each of the respective periods, and $3.9 billion and $4.0 billion related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. (2) As of March 31, 2022 and December 31, 2021, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.2 billion related to the Mandalay Bay and MGM Grand Las Vegas lease for each of the respective periods. Three Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 211,326 $ 154,504 Operating cash outflows from finance leases 945 1,456 Financing cash outflows from finance leases (1) 22,649 19,269 ROU assets obtained in exchange for new lease liabilities Operating leases $ 4,480 $ — Finance leases — — (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 (excluding the three months ended March 31, 2022) $ 628,471 $ 66,982 2023 852,445 73,564 2024 864,857 1,742 2025 876,986 1,250 2026 886,720 24 Thereafter 26,660,240 — Total future minimum lease payments 30,769,719 143,562 Less: Amount of lease payments representing interest (18,927,866) (3,053) Present value of future minimum lease payments 11,841,853 140,509 Less: Current portion (31,806) (82,975) Long-term portion of lease liabilities $ 11,810,047 $ 57,534

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, $33 million in letters of credit were outstanding under the Company’s senior credit facility. The Operating Partnership’s senior credit facility limited 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 March 31, 2022. 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. The amount of the bank guarantee was approximately $102 million as of March 31, 2022 when giving effect to foreign currency exchange rate fluctuations. MGM Grand Paradise committed to provide for a guarantee in connection with its request for the extension of the gaming subconcession to December 2022. 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

INCOME PER SHARE OF COMMON STOC

INCOME PER SHARE OF COMMON STOCK	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
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 weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Three Months Ended 2022 2021 (In thousands) Numerator: Net loss attributable to MGM Resorts International $ (18,016) $ (331,829) Adjustment related to redeemable noncontrolling interests (8,986) (9,428) Net loss attributable to common stockholders - basic and diluted $ (27,002) $ (341,257) Denominator: Weighted-average common shares outstanding – basic 442,916 494,864 Potential dilution from share-based awards — — Weighted-average common and common equivalent shares – diluted 442,916 494,864 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 6,687 8,484

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Other equity activity MGM Resorts International dividends. On May 2, 2022 the Company’s Board of Directors approved a quarterly dividend of $0.0025 per share that will be payable on June 15, 2022 to holders of record on June 10, 2022. MGM Resorts International stock repurchase program. The Company's Board of Directors authorized a $2.0 billion stock repurchase program in March 2022 and a $3.0 billion stock repurchase program in February 2020. Under the stock repurchase programs, 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 three months ended March 31, 2021, the Company repurchased approximately 3 million shares of its common stock at an average price of $37.87 per share for an aggregate amount of $119 million. Repurchased shares were retired. During the three months ended March 31, 2022, the Company repurchased approximately 23 million shares of its common stock at an average price of $42.92 per share for an aggregate amount of $1.0 billion, 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. The remaining availability under the February 2020 $3.0 billion stock repurchase program was $248 million as of March 31, 2022 and the remaining availability under the March 2022 $2.0 billion stock repurchase program was $2.0 billion as of March 31, 2022. Subsequent to the quarter ended March 31, 2022, the Company repurchased 7 million shares of its common stock at an average price of $41.08 per share for an aggregate amount of $269 million. In connection with these repurchases, the February 2020 $3.0 billion stock repurchase program was completed. Repurchased shares were retired. 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, 2022 $ (907) $ (41,634) $ 17,925 $ (24,616) Other comprehensive income (loss) before reclassifications (17,966) 30,692 — 12,726 Amounts reclassified from accumulated other comprehensive loss to interest expense — 5,339 — 5,339 Other comprehensive income (loss), net of tax (17,966) 36,031 — 18,065 Other comprehensive loss (income) attributable to noncontrolling interest 7,782 (23,238) — (15,456) Balances, March 31, 2022 $ (11,091) $ (28,841) $ 17,925 $ (22,007)

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
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, and Park MGM (including NoMad Las Vegas). 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; and MGM Northfield Park in Northfield Park, Ohio. MGM China. MGM China consists of MGM Macau and MGM Cotai. The Company’s operations related to investments in unconsolidated affiliates 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, 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 corporate expense 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: Three Months Ended 2022 2021 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 475,298 $ 232,094 Rooms 485,288 144,329 Food and beverage 384,276 90,419 Entertainment, retail and other 318,030 78,122 1,662,892 544,964 Regional Operations Casino 703,679 596,655 Rooms 56,114 40,579 Food and beverage 91,138 50,364 Entertainment, retail and other 39,898 23,753 890,829 711,351 MGM China Casino 231,203 261,604 Rooms 15,671 13,512 Food and beverage 17,441 16,629 Entertainment, retail and other 4,060 4,609 268,375 296,354 Reportable segment net revenues 2,822,096 1,552,669 Corporate and other 32,213 95,078 $ 2,854,309 $ 1,647,747 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 593,634 $ 108,119 Regional Operations 313,279 241,982 MGM China (25,656) 4,775 Reportable segment Adjusted Property EBITDAR 881,257 354,876 Other operating income (expense) Corporate and other, net (210,853) (136,991) Preopening and start-up expenses (434) (5) Property transactions, net (54,738) (26,071) Depreciation and amortization (288,638) (290,551) Triple-net operating lease and ground lease rent expense (262,452) (189,620) Income from unconsolidated affiliates related to real estate ventures 41,646 41,672 Operating income (loss) 105,788 (246,690) Non-operating income (expense) Interest expense, net of amounts capitalized (196,091) (195,295) Non-operating items from unconsolidated affiliates (15,133) (20,836) Other, net 34,302 32,185 (176,922) (183,946) Loss before income taxes (71,134) (430,636) Benefit for income taxes 36,341 94,698 Net loss (34,793) (335,938) Less: Net loss attributable to noncontrolling interests 16,777 4,109 Net loss attributable to MGM Resorts International $ (18,016) $ (331,829)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS MGP As further described in Note 1, prior to the closing of the VICI Transaction, the Company leased 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 with MGP. The annual cash rent payments under the MGP master lease for the seventh lease year, which commenced on April 1, 2022, increased to $877 million from $873 million, due to the sixth 2% annual base rent escalator that went into effect on April 1, 2022, as the tenant and operating subsidiary sublessee, collectively, met the adjusted net revenue to rent ratio on which such escalator was contingent, which increased annual cash rent by $16 million, partially offset by the percentage rent reset that went into effect on April 1, 2022, calculated based on the percentage of average actual annual net revenue of the leased properties during the preceding five year period, which decreased annual cash rent by $12 million. In October 2021, MGP acquired the real estate assets of MGM Springfield from the Company and MGM Springfield was added to the master lease between the Company and MGP. 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. 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 April 2022, the Company completed a series of transactions with VICI and MGP whereby VICI acquired MGP in a stock-for-stock transaction. As part of the transaction, the Company entered into an amended and restated master lease with VICI. 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 7 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 7 for further information related to the Mandalay Bay and MGM Grand Las Vegas lease.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation . As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2021 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.
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. As of March 31, 2022, management 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 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 recorded MGP’s ownership interest in the Operating Partnership as noncontrolling interest in the Company’s consolidated financial statements. As of March 31, 2022, on a consolidated basis MGP had total assets of $10.4 billion, primarily related to its real estate investments, and total liabilities of $5.0 billion, primarily related to its indebtedness. Refer to Note 1 for discussion regarding the deconsolidation of MGP upon closing of the VICI Transaction in April 2022. 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 March 31, 2022. 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 March 31, 2022, as further discussed in Note 8. 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
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 5; and
Restricted cash	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 condensed consolidated balance sheets. "Restricted Cash" and "Cash and cash equivalents" on the condensed consolidated balance sheets equal "Cash, cash equivalents, and restricted cash" on the condensed consolidated statements of cash flows.
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. 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 standalone selling price 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. 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 2022 2021 2022 2021 2022 2021 (In thousands) Balance at January 1 $ 176,219 $ 212,671 $ 144,465 $ 139,756 $ 640,001 $ 382,287 Balance at March 31 141,636 170,040 149,316 133,047 720,764 407,372 Increase / (decrease) $ (34,583) $ (42,631) $ 4,851 $ (6,709) $ 80,763 $ 25,085 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 11.
Leases	Leases. Refer to Note 7 for discussion of leases under which the Company is a lessee. The master lease agreement with MGP is eliminated in consolidation; refer to Note 12 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 . During the three months ended March 31, 2022 and 2021, lease revenues from third-party tenants include $14 million and $4 million recorded within food and beverage revenue, respectively, and $26 million and $16 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.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
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 2022 2021 2022 2021 2022 2021 (In thousands) Balance at January 1 $ 176,219 $ 212,671 $ 144,465 $ 139,756 $ 640,001 $ 382,287 Balance at March 31 141,636 170,040 149,316 133,047 720,764 407,372 Increase / (decrease) $ (34,583) $ (42,631) $ 4,851 $ (6,709) $ 80,763 $ 25,085

ACQUISITION (Tables)

ACQUISITION (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed	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
Schedule of Pro Forma Financial 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. Three Months Ended March 31, 2021 (In thousands) Net revenues $ 1,727,909 Net loss attributable to MGM Resorts International (321,821)

INVESTMENTS IN AND ADVANCES T_2

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (In thousands) MGP BREIT Venture (50.1% owned by the Operating Partnership) $ 818,053 $ 816,756 BetMGM (50%) 74,065 41,060 Other 116,026 109,228 $ 1,008,144 $ 967,044
Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates	The Company recorded its share of loss from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended 2022 2021 (In thousands) Loss from unconsolidated affiliates $ (46,838) $ (25,579) Non-operating items from unconsolidated affiliates (15,133) (20,836) $ (61,971) $ (46,415)
Schedule of Share of Income (Loss) From Unconsolidated Affiliates	The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates: Three Months Ended 2022 2021 (In thousands) CityCenter $ — $ (2,831) MGP BREIT Venture 38,936 38,962 BetMGM (91,993) (59,236) Other 6,219 (2,474) $ (46,838) $ (25,579)

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: March 31, December 31, (In thousands) Operating Partnership senior secured credit facility $ — $ 50,000 MGM China first revolving credit facility 390,697 360,414 7.75% senior notes, due 2022 — 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 750,000 750,000 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 11,841,249 12,860,966 Less: Premiums, discounts, and unamortized debt issuance costs, net (84,109) (90,169) 11,757,140 12,770,797 Less: Current portion (1,250,000) (1,000,000) $ 10,507,140 $ 11,770,797

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Components of Lease Costs and Other Information	Other information. Components of lease costs and other information related to the Company’s leases was: Three Months Ended 2022 2021 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 271,849 $ 198,991 Finance lease costs Interest expense (2) $ 893 $ (656) Amortization expense 20,157 17,814 Total finance lease costs $ 21,050 $ 17,158 (1) The Bellagio lease and the Mandalay Bay and MGM Grand Las Vegas lease are held with related parties, as further discussed in Note 12. Operating lease cost includes $83 million for each of the three months ended March 31, 2022 and 2021 related to the Bellagio lease. Operating lease cost includes $99 million for each of the three months ended March 31, 2022 and 2021 related to the Mandalay Bay and MGM Grand Las Vegas lease. (2) For the three months ended March 31, 2021, 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	March 31, December 31, Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 11,438,442 $ 11,492,805 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 31,806 $ 31,706 Operating lease liabilities - long-term (2) 11,810,047 11,802,464 Total operating lease liabilities $ 11,841,853 $ 11,834,170 Finance leases Finance lease right-of-use assets, net classified within "Property and equipment, net" $ 131,739 $ 151,909 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 82,975 $ 87,665 Finance lease liabilities - long-term, classified within "Other long-term obligations" 57,534 75,560 Total finance lease liabilities $ 140,509 $ 163,225 Weighted-average remaining lease term (years) Operating leases 29 29 Finance leases 2 2 Weighted-average discount rate (%) Operating leases 7 7 Finance leases 3 3 (1) As of March 31, 2022 and December 31, 2021, operating lease right-of-use assets, net included $3.6 billion related to the Bellagio lease for each of the respective periods, and $3.9 billion and $4.0 billion related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. (2) As of March 31, 2022 and December 31, 2021, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.2 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	Three Months Ended 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 211,326 $ 154,504 Operating cash outflows from finance leases 945 1,456 Financing cash outflows from finance leases (1) 22,649 19,269 ROU assets obtained in exchange for new lease liabilities Operating leases $ 4,480 $ — Finance leases — — (1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Schedule of Operating Lease, Liability Maturity	Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2022 (excluding the three months ended March 31, 2022) $ 628,471 $ 66,982 2023 852,445 73,564 2024 864,857 1,742 2025 876,986 1,250 2026 886,720 24 Thereafter 26,660,240 — Total future minimum lease payments 30,769,719 143,562 Less: Amount of lease payments representing interest (18,927,866) (3,053) Present value of future minimum lease payments 11,841,853 140,509 Less: Current portion (31,806) (82,975) Long-term portion of lease liabilities $ 11,810,047 $ 57,534
Schedule of Finance Lease , Liability Maturity	Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2022 (excluding the three months ended March 31, 2022) $ 628,471 $ 66,982 2023 852,445 73,564 2024 864,857 1,742 2025 876,986 1,250 2026 886,720 24 Thereafter 26,660,240 — Total future minimum lease payments 30,769,719 143,562 Less: Amount of lease payments representing interest (18,927,866) (3,053) Present value of future minimum lease payments 11,841,853 140,509 Less: Current portion (31,806) (82,975) Long-term portion of lease liabilities $ 11,810,047 $ 57,534

INCOME PER SHARE OF COMMON ST_2

INCOME PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding	The table below reconciles basic and diluted income per share of common stock. 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. Three Months Ended 2022 2021 (In thousands) Numerator: Net loss attributable to MGM Resorts International $ (18,016) $ (331,829) Adjustment related to redeemable noncontrolling interests (8,986) (9,428) Net loss attributable to common stockholders - basic and diluted $ (27,002) $ (341,257) Denominator: Weighted-average common shares outstanding – basic 442,916 494,864 Potential dilution from share-based awards — — Weighted-average common and common equivalent shares – diluted 442,916 494,864 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 6,687 8,484

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 $ (907) $ (41,634) $ 17,925 $ (24,616) Other comprehensive income (loss) before reclassifications (17,966) 30,692 — 12,726 Amounts reclassified from accumulated other comprehensive loss to interest expense — 5,339 — 5,339 Other comprehensive income (loss), net of tax (17,966) 36,031 — 18,065 Other comprehensive loss (income) attributable to noncontrolling interest 7,782 (23,238) — (15,456) Balances, March 31, 2022 $ (11,091) $ (28,841) $ 17,925 $ (22,007)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables present the Company’s segment information: Three Months Ended 2022 2021 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 475,298 $ 232,094 Rooms 485,288 144,329 Food and beverage 384,276 90,419 Entertainment, retail and other 318,030 78,122 1,662,892 544,964 Regional Operations Casino 703,679 596,655 Rooms 56,114 40,579 Food and beverage 91,138 50,364 Entertainment, retail and other 39,898 23,753 890,829 711,351 MGM China Casino 231,203 261,604 Rooms 15,671 13,512 Food and beverage 17,441 16,629 Entertainment, retail and other 4,060 4,609 268,375 296,354 Reportable segment net revenues 2,822,096 1,552,669 Corporate and other 32,213 95,078 $ 2,854,309 $ 1,647,747 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 593,634 $ 108,119 Regional Operations 313,279 241,982 MGM China (25,656) 4,775 Reportable segment Adjusted Property EBITDAR 881,257 354,876 Other operating income (expense) Corporate and other, net (210,853) (136,991) Preopening and start-up expenses (434) (5) Property transactions, net (54,738) (26,071) Depreciation and amortization (288,638) (290,551) Triple-net operating lease and ground lease rent expense (262,452) (189,620) Income from unconsolidated affiliates related to real estate ventures 41,646 41,672 Operating income (loss) 105,788 (246,690) Non-operating income (expense) Interest expense, net of amounts capitalized (196,091) (195,295) Non-operating items from unconsolidated affiliates (15,133) (20,836) Other, net 34,302 32,185 (176,922) (183,946) Loss before income taxes (71,134) (430,636) Benefit for income taxes 36,341 94,698 Net loss (34,793) (335,938) Less: Net loss attributable to noncontrolling interests 16,777 4,109 Net loss attributable to MGM Resorts International $ (18,016) $ (331,829)

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Detail) - vote	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
MGP BREIT Venture
Organization Disclosure [Line Items]
Percentage ownership interest	50.10%	50.10%
Bellagio BREIT Venture
Organization Disclosure [Line Items]
Percentage of minority interest	5.00%
Bellagio BREIT Venture | Subsidiary of Blackstone Real Estate Income Trust
Organization Disclosure [Line Items]
Percentage of ownership interest	95.00%
MGP BREIT Venture
Organization Disclosure [Line Items]
Percentage of minority interest	49.90%
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%
Class A shares | Non-Guarantor MGP Subsidiaries
Organization Disclosure [Line Items]
Common stock, number of votes per share	1

ORGANIZATION - VICI Transaction

ORGANIZATION - VICI Transaction (Detail) - VICI Properties, Inc - Subsequent Event $ / shares in Units, $ in Millions	Apr. 29, 2022USD ($)renewal_period$ / sharesshares
Organization Disclosure [Line Items]
Stock issued during period, issued for services (in shares) | shares	1.366
Operating partnership units received (in shares) | shares	1.366
Cash consideration	$ 4,400
Operating partnership units received (in shares)	1.00%
Ownership interest	$ 375
Lease agreement initial lease term	25 years
Number of renewal periods, exercisable at option | renewal_period	3
Lease agreement renewal period	10 years
Annual rent payments	$ 860
Annual rent escalating from year one through year ten	2.00%
Annual rent escalator after year ten	2.00%
Annual rent escalator cap after year ten	3.00%
MGP
Organization Disclosure [Line Items]
Fixed exchange ratio (in dollars per share) | $ / shares	$ 43

ORGANIZATION - Pending Transact

ORGANIZATION - Pending Transactions (Detail) kr / shares in Units, kr in Millions, MOP$ in Millions, $ in Millions	Mar. 11, 2022USD ($)	Mar. 11, 2022MOP (MOP$)	Dec. 13, 2021USD ($)	Sep. 26, 2021USD ($)vote	Mar. 31, 2022property	May 02, 2022USD ($)	May 02, 2022SEK (kr)kr / shares
Extension Agreement | M G M Grand Paradise
Organization Disclosure [Line Items]
Contract extension commitment fee	$ 6	MOP$ 47.0
MGM China
Organization Disclosure [Line Items]
Percentage ownership interest					56.00%
Number of integrated casino | property					2
The Mirage
Organization Disclosure [Line Items]
Cash consideration			$ 1,075
Decrease in annual rent payments			$ 90
Cosmopolitan of Las Vegas
Organization Disclosure [Line Items]
Lease agreement initial lease term				30 years
Number of renewal periods, exercisable at option | vote				3
Lease agreement renewal period				10 years
Annual rent				$ 200
Annual rent escalating from year one through year fifteen				2.00%
Annual rent escalator cap after year ten				3.00%
Cosmopolitan of Las Vegas
Organization Disclosure [Line Items]
Cash consideration				$ 1,625
LeoVegas | Subsequent Event
Organization Disclosure [Line Items]
Percentage of shares tendered						1	1
tender offer prince (dollar and krone per share) | kr / shares							kr 61
Tender offer consideration						$ 607	kr 6,000
LeoVegas | Subsequent Event | Maximum
Organization Disclosure [Line Items]
Percentage of shares tendered						0.90	0.90

ORGANIZATION - BetMGM (Detail)

ORGANIZATION - BetMGM (Detail) - BetMGM LLC	Mar. 31, 2022	Dec. 31, 2021
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%	50.00%
Entain plc
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%

ORGANIZATION - Reportable Segme

ORGANIZATION - Reportable Segments (Detail)	3 Months Ended
	Mar. 31, 2022segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Total assets	$ 38,650,005	$ 40,899,116
Investments in and advances to unconsolidated affiliates	$ 1,008,144	967,044
Percentage of ownership interest	100.00%
Fair value of equity investment	$ 81,000
Food and Beverage Revenue
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue	14,000	4,000
Entertainment Retail and Other Revenue
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue	$ 26,000	$ 16,000
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
MGM Growth Properties LLC
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Total assets	10,400,000
Total liabilities	$ 5,000,000

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contract and Contract - Related Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Outstanding Chip Liability
Contract And Contract Related Liabilities [Roll Forward]
Balance at January 1	$ 176,219	$ 212,671
Balance at March 31	141,636	170,040
Increase / (decrease)	(34,583)	(42,631)
Loyalty Program
Contract And Contract Related Liabilities [Roll Forward]
Balance at January 1	144,465	139,756
Balance at March 31	149,316	133,047
Increase / (decrease)	4,851	(6,709)
Customer Advances and Other
Contract And Contract Related Liabilities [Roll Forward]
Balance at January 1	640,001	382,287
Balance at March 31	720,764	407,372
Increase / (decrease)	$ 80,763	$ 25,085

ACQUISITION - Additional Inform

ACQUISITION - Additional Information (Details) - City Center Holdings L L C - USD ($) $ in Millions	Sep. 28, 2021	Sep. 27, 2021
Business Acquisition [Line Items]
Ownership interest acquired		50.00%
Cash consideration for acquisition		$ 2,125
Ownership interest after transaction		100.00%
Ownership interest prior to transaction		50.00%
Fair value of equity interests acquired		$ 4,250
Goodwill percent expected to be deductible for income tax purposes		50.00%
Affiliated Entity | Aria and Vdara
Business Acquisition [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 3,890

ACQUISITION - Purchase Price Al

ACQUISITION - Purchase Price Allocation (Details) - City Center Holdings L L C $ in Thousands	Sep. 27, 2021USD ($)
Business Acquisition [Line Items]
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)
Total assets acquired and liabilities assumed	$ 4,250,000

ACQUISITION - Pro Forma Financi

ACQUISITION - Pro Forma Financial Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Business Combination and Asset Acquisition [Abstract]
Net revenues	$ 1,727,909
Net loss attributable to MGM Resorts International	$ (321,821)

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	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 1,008,144	$ 967,044
MGP BREIT Venture
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.10%	50.10%
Investments in and advances to unconsolidated affiliates	$ 818,053	$ 816,756
BetMGM
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.00%	50.00%
Investments in and advances to unconsolidated affiliates	$ 74,065	$ 41,060
Other
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 116,026	$ 109,228

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Loss from unconsolidated affiliates	$ (46,838)	$ (25,579)
Non-operating items from unconsolidated affiliates	(15,133)	(20,836)
Net income from unconsolidated affiliates	$ (61,971)	$ (46,415)

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	$ (46,838)	$ (25,579)
CityCenter
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	0	(2,831)
MGP BREIT Venture
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	38,936	38,962
BetMGM
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	(91,993)	(59,236)
Other
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	$ 6,219	$ (2,474)

INVESTMENTS IN AND ADVANCES T_6

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliates	$ 25,444	$ 16,294
MGP BREIT Venture
Schedule Of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliates	24,000		$ 15,000
BetMGM LLC
Schedule Of Equity Method Investments [Line Items]
Contributions to unconsolidated affiliates	$ 125,000		$ 75,000

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 11,841,249	$ 12,860,966
Less: Premiums, discounts, and unamortized debt issuance costs, net	(84,109)	(90,169)
Long-term debt	11,757,140	12,770,797
Less: Current portion	(1,250,000)	(1,000,000)
Long-term debt, net	10,507,140	11,770,797
Operating Partnership Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	50,000
M G M China Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 390,697	360,414
7.75% senior notes, due 2022
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	7.75%
Senior notes	$ 0	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%
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%
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%
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%
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%
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	750,000
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%
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 - Additional Inf

LONG-TERM DEBT - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross		$ 11,841,249,000	$ 12,860,966,000
Long-term debt, fair value		11,700,000,000	$ 13,400,000,000
7.75% senior notes, due 2022
Debt Instrument [Line Items]
Redemption of debt		$ 1,000,000,000
Long-term debt, interest rate (as a percent)		7.75%
4.75% MGM China senior notes, due 2027
Debt Instrument [Line Items]
Long-term debt, interest rate (as a percent)	4.75%	4.75%
Long-term debt, principal amount	$ 750,000,000
Long term debt, issued price percentage	99.97%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,350,000,000
Revolving Credit Facility | Operating Partnership Senior Credit Facility
Debt Instrument [Line Items]
Line of credit facility drawn		0
Revolving Credit Facility | Senior Credit Facility
Debt Instrument [Line Items]
Line of credit facility		1,675,000,000
Line of credit facility drawn		0
Unsecured Revolving Credit Facility | MGM China Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility		500,000,000
Line of credit facility drawn		0
Line of credit facility, current borrowing capacity		400,000,000
Unsecured Revolving Credit Facility | M G M China Credit Facility
Debt Instrument [Line Items]
Line of credit facility		1,250,000,000
Term Loan | M G M China Credit Facility
Debt Instrument [Line Items]
Line of credit facility drawn		$ 391,000,000
Debt instrument, weighted average interest rate		3.02%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Line Items]
Effective income tax rate provision (benefit)	51.10%	22.00%
Marina District Development Company, LLC
Income Tax Disclosure [Line Items]
Unrecognized tax benefits reversed	$ 13

LEASES - Additional Information

LEASES - Additional Information (Detail) - MGM China	3 Months Ended
	Mar. 31, 2022
M G M Macau
Leases [Line Items]
Initial contract term ending year	25 years
M G M Cotai
Leases [Line Items]
Initial contract term ending year	25 years

LEASES - Schedule of Components

LEASES - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Line Items]
Operating lease cost, primarily classified within "General and administrative"	$ 271,849	$ 198,991
Interest expense	893	(656)
Amortization expense	20,157	17,814
Total finance lease costs	21,050	17,158
Bellagio BREIT Venture
Leases [Line Items]
Operating lease cost, primarily classified within "General and administrative"	83,000	83,000
Mandalay Bay and MGM Grand Las Vegas
Leases [Line Items]
Operating lease cost, primarily classified within "General and administrative"	$ 99,000	$ 99,000

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating leases
Operating lease right-of-use assets, net	$ 11,438,442	$ 11,492,805
Operating lease liabilities - current, classified within "Other accrued liabilities"	31,806	31,706
Operating lease liabilities - long-term	11,810,047	11,802,464
Total operating lease liabilities	$ 11,841,853	$ 11,834,170
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Finance leases
Finance lease right-of-use assets, net classified within "Property and equipment, net"	$ 131,739	$ 151,909
Finance lease liabilities - current, classified within "Other accrued liabilities"	82,975	87,665
Finance lease liabilities - long-term, classified within "Other long-term obligations"	57,534	75,560
Total finance lease liabilities	$ 140,509	$ 163,225
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term obligations	Other long-term obligations
Weighted-average remaining lease term
Operating leases	29 years	29 years
Finance leases	2 years	2 years
Weighted-average discount rate (%)
Operating leases	7.00%	7.00%
Finance leases	3.00%	3.00%
Bellagio BREIT Venture
Operating leases
Operating lease right-of-use assets, net	$ 3,600,000	$ 3,600,000
Operating lease liabilities - long-term	3,800,000	3,800,000
Mandalay Bay and MGM Grand Las Vegas
Operating leases
Operating lease right-of-use assets, net	3,900,000	4,000,000
Operating lease liabilities - long-term	$ 4,200,000	$ 4,200,000

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 211,326	$ 154,504
Operating cash outflows from finance leases	945	1,456
Financing cash outflows from finance leases	22,649	19,269
ROU assets obtained in exchange for new lease liabilities
Operating leases	4,480	0
Finance leases	$ 0	$ 0

LEASES - Schedule of Maturities

LEASES - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2022 (excluding the three months ended March 31, 2022)	$ 628,471
2023	852,445
2024	864,857
2025	876,986
2026	886,720
Thereafter	26,660,240
Total future minimum lease payments	30,769,719
Less: Amount of lease payments representing interest	(18,927,866)
Total operating lease liabilities	11,841,853	$ 11,834,170
Less: Current portion	(31,806)	(31,706)
Long-term portion of lease liabilities	11,810,047	11,802,464
Finance Leases
2022 (excluding the three months ended March 31, 2022)	66,982
2023	73,564
2024	1,742
2025	1,250
2026	24
Thereafter	0
Total future minimum lease payments	143,562
Less: Amount of lease payments representing interest	(3,053)
Total finance lease liabilities	140,509	163,225
Less: Current portion	(82,975)	(87,665)
Long-term portion of lease liabilities	$ 57,534	$ 75,560

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Long-term debt, gross	$ 11,841,249,000	$ 12,860,966,000
Blackstone real estate income trust
Loss Contingencies [Line Items]
Guarantee obligation amount	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
MGP Senior Credit Facility | Letters of credit
Loss Contingencies [Line Items]
Line of credit facility	75,000,000
Senior Credit Facility
Loss Contingencies [Line Items]
Credit facility outstanding	33,000,000
Revolving Credit Facility
Loss Contingencies [Line Items]
Long-term debt, gross	1,350,000,000
Revolving Credit Facility | Senior Credit Facility
Loss Contingencies [Line Items]
Line of credit facility	$ 1,675,000,000

INCOME PER SHARE OF COMMON ST_3

INCOME PER SHARE OF COMMON STOCK - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to MGM Resorts International	$ (18,016)	$ (331,829)
Adjustment related to redeemable noncontrolling interests	(8,986)	(9,428)
Net income (loss) attributable to common stockholders, basic	(27,002)	(341,257)
Net income (loss) attributable to common stockholders, diluted	$ (27,002)	$ (341,257)
Denominator:
Weighted-average common shares outstanding – basic (in shares)	442,916	494,864
Potential dilution from share-based awards (in shares)	0	0
Weighted-average common and common equivalent shares – diluted (in shares)	442,916	494,864
Antidilutive share-based awards excluded from the calculation of diluted earnings per share (in shares)	6,687	8,484

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended		3 Months Ended
	May 02, 2022	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Feb. 29, 2020
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock			$ 1,001,972,000	$ 119,269,000
Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)			23,346	3,150
Repurchases of common stock			$ 233,000	$ 31,000
Share Repurchase Program | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)			23,000	3,000
Average stock repurchased price (in dollars per share)			$ 42.92	$ 37.87
Repurchases of common stock			$ 1,000,000,000	$ 119,000,000
Share Repurchase Program | Common Stock | Corvex Management LP
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)		4,500
Average stock repurchased price (in dollars per share)		$ 45
Repurchases of common stock		$ 202,500,000
Share Repurchase Program Two | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase					$ 3,000,000,000
Repurchase of common stock, remaining amount			248,000,000
Share Repurchase Program Three | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase			2,000,000,000
Repurchase of common stock, remaining amount			$ 2,000,000,000
Subsequent Event
Schedule Of Stockholders Equity Note [Line Items]
Quarterly dividends (in dollars per share)	$ 0.0025
Subsequent Event | Share Repurchase Program | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)	7,000
Average stock repurchased price (in dollars per share)	$ 41.08
Repurchases of common stock	$ 269,000,000

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 10,976,766	$ 11,179,908
Other comprehensive income	18,065	2,276
Ending Balance	9,879,624	$ 11,232,519
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(907)
Other comprehensive income (loss) before reclassifications	(17,966)
Amounts reclassified from accumulated other comprehensive loss to interest expense	0
Other comprehensive income	(17,966)
Other comprehensive loss (income) attributable to noncontrolling interest	7,782
Ending Balance	(11,091)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(41,634)
Other comprehensive income (loss) before reclassifications	30,692
Amounts reclassified from accumulated other comprehensive loss to interest expense	5,339
Other comprehensive income	36,031
Other comprehensive loss (income) attributable to noncontrolling interest	(23,238)
Ending Balance	(28,841)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	17,925
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from accumulated other comprehensive loss to interest expense	0
Other comprehensive income	0
Other comprehensive loss (income) attributable to noncontrolling interest	0
Ending Balance	17,925
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(24,616)
Other comprehensive income (loss) before reclassifications	12,726
Amounts reclassified from accumulated other comprehensive loss to interest expense	5,339
Other comprehensive income	18,065
Other comprehensive loss (income) attributable to noncontrolling interest	(15,456)
Ending Balance	$ (22,007)

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net revenue
Revenues	$ 2,854,309	$ 1,647,747
Other operating income (expense)
Preopening and start-up expenses	(434)	(5)
Property transactions, net	(54,738)	(26,071)
Depreciation and amortization	(288,638)	(290,551)
Triple-net operating lease and ground lease rent expense	(262,452)	(189,620)
Income from unconsolidated affiliates related to real estate ventures	41,646	41,672
Operating income (loss)	105,788	(246,690)
Non-operating income (expense)
Interest expense, net of amounts capitalized	(196,091)	(195,295)
Non-operating items from unconsolidated affiliates	(15,133)	(20,836)
Other, net	34,302	32,185
Non-operating income (expense)	(176,922)	(183,946)
Loss before income taxes	(71,134)	(430,636)
Benefit for income taxes	36,341	94,698
Net loss	(34,793)	(335,938)
Less: Net loss attributable to noncontrolling interests	16,777	4,109
Net loss attributable to MGM Resorts International	(18,016)	(331,829)
Casino
Net revenue
Revenues	1,420,910	1,098,633
Rooms
Net revenue
Revenues	557,073	198,419
Food and beverage
Net revenue
Revenues	492,854	157,412
Entertainment, retail and other
Net revenue
Revenues	371,566	135,222
Reportable segments
Net revenue
Revenues	2,822,096	1,552,669
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	881,257	354,876
Reportable segments | Las Vegas Strip Resorts
Net revenue
Revenues	1,662,892	544,964
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	593,634	108,119
Reportable segments | Regional Operations
Net revenue
Revenues	890,829	711,351
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	313,279	241,982
Reportable segments | MGM China
Net revenue
Revenues	268,375	296,354
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	(25,656)	4,775
Reportable segments | Casino | Las Vegas Strip Resorts
Net revenue
Revenues	475,298	232,094
Reportable segments | Casino | Regional Operations
Net revenue
Revenues	703,679	596,655
Reportable segments | Casino | MGM China
Net revenue
Revenues	231,203	261,604
Reportable segments | Rooms | Las Vegas Strip Resorts
Net revenue
Revenues	485,288	144,329
Reportable segments | Rooms | Regional Operations
Net revenue
Revenues	56,114	40,579
Reportable segments | Rooms | MGM China
Net revenue
Revenues	15,671	13,512
Reportable segments | Food and beverage | Las Vegas Strip Resorts
Net revenue
Revenues	384,276	90,419
Reportable segments | Food and beverage | Regional Operations
Net revenue
Revenues	91,138	50,364
Reportable segments | Food and beverage | MGM China
Net revenue
Revenues	17,441	16,629
Reportable segments | Entertainment, retail and other | Las Vegas Strip Resorts
Net revenue
Revenues	318,030	78,122
Reportable segments | Entertainment, retail and other | Regional Operations
Net revenue
Revenues	39,898	23,753
Reportable segments | Entertainment, retail and other | MGM China
Net revenue
Revenues	4,060	4,609
Corporate and other
Net revenue
Revenues	32,213	95,078
Other operating income (expense)
Corporate and other, net	$ (210,853)	$ (136,991)

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($) $ in Millions	Apr. 01, 2022	Mar. 31, 2022	Dec. 31, 2021
MGP BREIT Venture
Related Party Transaction [Line Items]
Percentage ownership interest		50.10%	50.10%
Bellagio BREIT Venture
Related Party Transaction [Line Items]
Percentage of minority interest		5.00%
Blackstone real estate income trust | MGP BREIT Venture | Lease Agreements
Related Party Transaction [Line Items]
Percentage ownership interest		50.10%
Master Lease
Related Party Transaction [Line Items]
Annual rent payments		$ 873
Master Lease | Subsequent Event
Related Party Transaction [Line Items]
Annual rent payments	$ 877
Fixed annual rent escalator percentage	2.00%
Increase in annual rent payments	$ 16
Decrease in annual rent payments	$ 12