Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 $0.01) | |
Trading Symbol | MGM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 350,889,195 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0000789570 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 3,843,366 | $ 5,911,893 |
Accounts receivable, net | 703,971 | 852,149 |
Inventories | 130,889 | 126,065 |
Income tax receivable | 129,497 | 73,016 |
Prepaid expenses and other | 809,272 | 583,132 |
Assets held for sale | 0 | 608,437 |
Total current assets | 5,616,995 | 8,154,692 |
Property and equipment, net | 5,233,400 | 5,223,928 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 156,993 | 173,039 |
Goodwill | 5,029,189 | 5,029,312 |
Other intangible assets, net | 1,734,012 | 1,551,252 |
Operating lease right-of-use assets, net | 24,276,784 | 24,530,929 |
Other long-term assets, net | 858,456 | 1,029,054 |
Total other assets | 32,055,434 | 32,313,586 |
Total assets | 42,905,829 | 45,692,206 |
Current liabilities | ||
Accounts and construction payable | 358,807 | 369,817 |
Current portion of long-term debt | 35,200 | 1,286,473 |
Accrued interest on long-term debt | 60,225 | 83,451 |
Other accrued liabilities | 2,295,172 | 2,236,323 |
Liabilities related to assets held for sale | 0 | 539,828 |
Total current liabilities | 2,749,404 | 4,515,892 |
Deferred income taxes, net | 3,006,583 | 2,969,443 |
Long-term debt, net | 6,674,044 | 7,432,817 |
Operating lease liabilities | 25,136,719 | 25,149,299 |
Other long-term obligations | 493,996 | 256,282 |
Commitments and contingencies (Note 9) | ||
Redeemable noncontrolling interests | 9,716 | 158,350 |
Stockholders’ equity | ||
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 352,789,905 and 379,087,524 shares | 3,528 | 3,791 |
Capital in excess of par value | 0 | 0 |
Retained earnings | 4,382,588 | 4,794,239 |
Accumulated other comprehensive income | 30,057 | 33,499 |
Total MGM Resorts International stockholders’ equity | 4,416,173 | 4,831,529 |
Noncontrolling interests | 419,194 | 378,594 |
Total stockholders’ equity | 4,835,367 | 5,210,123 |
Total liabilities and stockholders' equity | $ 42,905,829 | $ 45,692,206 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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) | 352,789,905 | 379,087,524 |
Common stock, shares outstanding (in shares) | 352,789,905 | 379,087,524 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Total revenue | $ 3,942,207 | $ 3,264,888 | $ 7,815,503 | $ 6,119,197 |
Expenses | ||||
General and administrative | 1,144,390 | 1,028,765 | 2,279,930 | 1,805,602 |
Corporate expense | 117,088 | 119,610 | 244,647 | 230,851 |
Preopening and start-up expenses | 149 | 542 | 288 | 976 |
Property transactions, net | 5,614 | (19,395) | (390,462) | 35,343 |
Gain on REIT transactions, net | 0 | (2,277,747) | 0 | (2,277,747) |
Depreciation and amortization | 203,503 | 366,255 | 407,004 | 654,893 |
Total expenses | 3,554,640 | 827,854 | 6,622,098 | 3,529,537 |
Loss from unconsolidated affiliates | (16,189) | (55,583) | (91,188) | (102,421) |
Operating income | 371,378 | 2,381,451 | 1,102,217 | 2,487,239 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (111,945) | (136,559) | (242,245) | (332,650) |
Non-operating items from unconsolidated affiliates | (441) | (6,120) | (1,625) | (21,253) |
Other, net | 23,693 | (43,308) | 70,000 | (9,006) |
Non-operating income (expense) | (88,693) | (185,987) | (173,870) | (362,909) |
Income before income taxes | 282,685 | 2,195,464 | 928,347 | 2,124,330 |
Provision for income taxes | (39,141) | (572,839) | (204,920) | (536,498) |
Net income | 243,544 | 1,622,625 | 723,427 | 1,587,832 |
Less: Net (income) loss attributable to noncontrolling interests | (42,748) | 161,312 | (55,824) | 178,089 |
Net Income attributable to MGM Resorts International | $ 200,796 | $ 1,783,937 | $ 667,603 | $ 1,765,921 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.56 | $ 4.24 | $ 1.82 | $ 4.06 |
Diluted (in dollars per share) | $ 0.55 | $ 4.20 | $ 1.80 | $ 4.02 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 361,050 | 417,393 | 367,535 | 430,084 |
Diluted (in shares) | 365,339 | 421,303 | 371,685 | 434,336 |
Casino | ||||
Revenues | ||||
Total revenue | $ 1,951,382 | $ 1,357,134 | $ 3,833,810 | $ 2,778,044 |
Expenses | ||||
Cost of revenues | 1,025,745 | 622,166 | 2,016,635 | 1,296,531 |
Rooms | ||||
Revenues | ||||
Total revenue | 815,323 | 774,732 | 1,663,811 | 1,331,805 |
Expenses | ||||
Cost of revenues | 250,300 | 232,429 | 490,414 | 428,542 |
Food and beverage | ||||
Revenues | ||||
Total revenue | 743,236 | 677,756 | 1,465,367 | 1,170,610 |
Expenses | ||||
Cost of revenues | 537,824 | 480,121 | 1,049,416 | 848,783 |
Entertainment, retail and other | ||||
Revenues | ||||
Total revenue | 420,711 | 445,342 | 830,289 | 816,908 |
Expenses | ||||
Cost of revenues | 258,472 | 265,184 | 502,000 | 483,933 |
Reimbursed costs | ||||
Revenues | ||||
Total revenue | 11,555 | 9,924 | 22,226 | 21,830 |
Expenses | ||||
Cost of revenues | $ 11,555 | $ 9,924 | $ 22,226 | $ 21,830 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 243,544 | $ 1,622,625 | $ 723,427 | $ 1,587,832 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | (6,040) | (9,828) | (6,089) | (27,794) |
Cash flow hedges | 0 | 1,661 | 0 | 37,692 |
Other | 0 | 0 | 871 | 0 |
Other comprehensive income (loss) | (6,040) | (8,167) | (5,218) | 9,898 |
Comprehensive income | 237,504 | 1,614,458 | 718,209 | 1,597,730 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (43,459) | 163,460 | (54,048) | 164,781 |
Comprehensive income attributable to MGM Resorts International | $ 194,045 | $ 1,777,918 | $ 664,161 | $ 1,762,511 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 723,427 | $ 1,587,832 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 407,004 | 654,893 |
Amortization of debt discounts, premiums and issuance costs | 13,876 | 18,271 |
Provision for credit losses | 22,303 | 292 |
Stock-based compensation | 35,121 | 38,723 |
Property transactions, net | (390,462) | 35,343 |
Gain on REIT transactions, net | 0 | (2,277,747) |
Noncash lease expense | 261,082 | 168,022 |
Other investment losses (gains) | (12,383) | 7,974 |
Loss from unconsolidated affiliates | 92,813 | 123,674 |
Distributions from unconsolidated affiliates | 7,539 | 34,830 |
Deferred income taxes | 35,822 | 542,642 |
Change in operating assets and liabilities: | ||
Accounts receivable | 111,740 | (48,176) |
Inventories | (4,811) | (13,419) |
Income taxes receivable and payable, net | (48,452) | 35,757 |
Prepaid expenses and other | (3,404) | 30,814 |
Accounts payable and accrued liabilities | (11,926) | (13,969) |
Other | 41,470 | 6,957 |
Net cash provided by operating activities | 1,280,759 | 932,713 |
Cash flows from investing activities | ||
Capital expenditures | (393,297) | (236,844) |
Dispositions of property and equipment | 5,624 | 8,980 |
Investments in unconsolidated affiliates | (73,788) | (167,181) |
Proceeds from sale of operating resorts | 460,392 | 0 |
Proceeds from real estate transactions | 0 | 4,373,820 |
Acquisitions, net of cash acquired | 0 | (1,597,739) |
Proceeds from repayment of principal on note receivable | 152,518 | 0 |
Distributions from unconsolidated affiliates | 6,019 | 925 |
Investments and other | (216,485) | (155,280) |
Net cash provided by (used in) investing activities | (59,017) | 2,226,681 |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | (758,441) | 837,662 |
Repayment of long-term debt | (1,250,000) | (1,000,000) |
Debt issuance costs | 0 | (1,367) |
Dividends paid to common shareholders | 0 | (2,111) |
Distributions to noncontrolling interest owners | (161,617) | (206,254) |
Repurchases of common stock | (1,103,219) | (2,116,055) |
Other | (56,259) | (51,306) |
Net cash used in financing activities | (3,329,536) | (2,539,431) |
Effect of exchange rate on cash, cash equivalents, and restricted cash | (24,393) | (1,617) |
Change in cash and cash equivalents classified as assets held for sale | 25,938 | (37,232) |
Cash, cash equivalents, and restricted cash | ||
Net change for the period | (2,106,249) | 581,114 |
Balance, beginning of period | 6,036,388 | 5,203,059 |
Balance, end of period | 3,930,139 | 5,784,173 |
Supplemental cash flow disclosures | ||
Interest paid, net of amounts capitalized | 250,469 | 329,621 |
Federal, state and foreign income taxes paid (refunds received), net | 216,873 | (32,736) |
Gaming Subconcession | M G M Grand Paradise | ||
Non-cash investing and financing activities | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 226,083 | 0 |
Noncash or Part Noncash Acquisition, Payment Obligation | $ 226,083 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Total MGM Resorts International Stockholders’ Equity | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2021 | 453,804,000 | ||||||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 1,583,279 | 1,765,921 | 1,765,921 | (182,642) | |||
Currency translation adjustment | (27,794) | (16,893) | (16,893) | (10,901) | |||
Cash flow hedges | 37,692 | 13,483 | 13,483 | 24,209 | |||
Stock-based compensation | 38,723 | 34,456 | 34,456 | 4,267 | |||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 329,000 | ||||||
Issuance of common stock pursuant to stock-based compensation awards | (7,715) | $ 3 | (7,718) | (7,715) | |||
Distributions to noncontrolling interest owners | (91,289) | (91,289) | |||||
Dividends declared and paid to common shareholders ($0.005 per share) | (2,111) | (2,111) | (2,111) | ||||
Issuance of restricted stock units | 2,127 | 1,941 | 1,941 | 186 | |||
Repurchases of common stock (in shares) | (55,715,000) | ||||||
Repurchases of common stock | (2,116,055) | $ (557) | (1,757,632) | (357,866) | (2,116,055) | ||
Adjustment of redeemable noncontrolling interest to redemption value | (21,398) | (21,398) | (21,398) | ||||
Deconsolidation of MGP | (3,173,626) | 11,084 | 11,084 | (3,184,710) | |||
Other | (916) | 216 | 216 | (1,132) | |||
Ending balance (in shares) at Jun. 30, 2022 | 398,418,000 | ||||||
Ending balance at Jun. 30, 2022 | 7,197,683 | $ 3,984 | 0 | 5,746,532 | (16,942) | 5,733,574 | 1,464,109 |
Beginning balance (in shares) at Mar. 31, 2022 | 430,562,000 | ||||||
Beginning balance at Mar. 31, 2022 | 9,879,624 | $ 4,306 | 761,559 | 4,321,482 | (22,007) | 5,065,340 | 4,814,284 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 1,620,341 | 1,783,937 | 1,783,937 | (163,596) | |||
Currency translation adjustment | (9,828) | (6,709) | (6,709) | (3,119) | |||
Cash flow hedges | 1,661 | 690 | 690 | 971 | |||
Stock-based compensation | 15,379 | 12,075 | 12,075 | 3,304 | |||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 225,000 | ||||||
Issuance of common stock pursuant to stock-based compensation awards | (5,404) | $ 2 | (5,406) | (5,404) | |||
Distributions to noncontrolling interest owners | (2,448) | (2,448) | |||||
Dividends declared and paid to common shareholders ($0.005 per share) | (1,021) | (1,021) | (1,021) | ||||
Repurchases of common stock (in shares) | (32,369,000) | ||||||
Repurchases of common stock | (1,114,083) | $ (324) | (755,893) | (357,866) | (1,114,083) | ||
Adjustment of redeemable noncontrolling interest to redemption value | (12,412) | (12,412) | (12,412) | ||||
Deconsolidation of MGP | (3,173,626) | 11,084 | 11,084 | (3,184,710) | |||
Other | (500) | 77 | 77 | (577) | |||
Ending balance (in shares) at Jun. 30, 2022 | 398,418,000 | ||||||
Ending balance at Jun. 30, 2022 | $ 7,197,683 | $ 3,984 | 0 | 5,746,532 | (16,942) | 5,733,574 | 1,464,109 |
Beginning balance (in shares) at Dec. 31, 2022 | 379,087,524 | 379,088,000 | |||||
Beginning balance at Dec. 31, 2022 | $ 5,210,123 | $ 3,791 | 0 | 4,794,239 | 33,499 | 4,831,529 | 378,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 723,089 | 667,603 | 667,603 | 55,486 | |||
Currency translation adjustment | (6,089) | (4,313) | (4,313) | (1,776) | |||
Cash flow hedges | 0 | ||||||
Stock-based compensation | 35,121 | 33,822 | 33,822 | 1,299 | |||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 205,000 | ||||||
Issuance of common stock pursuant to stock-based compensation awards | (2,564) | $ 2 | (2,566) | (2,564) | |||
Distributions to noncontrolling interest owners | (14,090) | (14,090) | |||||
Issuance of restricted stock units | 1,701 | 1,701 | 1,701 | ||||
Repurchases of common stock (in shares) | (26,503,000) | ||||||
Repurchases of common stock | (1,113,207) | $ (265) | (33,688) | (1,079,254) | (1,113,207) | ||
Adjustment of redeemable noncontrolling interest to redemption value | 1,411 | 1,411 | 1,411 | ||||
Other | $ (128) | (680) | 871 | 191 | (319) | ||
Ending balance (in shares) at Jun. 30, 2023 | 352,789,905 | 352,790,000 | |||||
Ending balance at Jun. 30, 2023 | $ 4,835,367 | $ 3,528 | 0 | 4,382,588 | 30,057 | 4,416,173 | 419,194 |
Beginning balance (in shares) at Mar. 31, 2023 | 367,241,000 | ||||||
Beginning balance at Mar. 31, 2023 | 5,222,103 | $ 3,672 | 0 | 4,799,178 | 36,808 | 4,839,658 | 382,445 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 243,373 | 200,796 | 200,796 | 42,577 | |||
Currency translation adjustment | (6,040) | (6,751) | (6,751) | 711 | |||
Cash flow hedges | 0 | ||||||
Stock-based compensation | 11,230 | 10,594 | 10,594 | 636 | |||
Issuance of common stock pursuant to stock-based compensation awards (in shares) | 132,000 | ||||||
Issuance of common stock pursuant to stock-based compensation awards | (1,223) | $ 1 | (1,224) | (1,223) | |||
Distributions to noncontrolling interest owners | (6,854) | (6,854) | |||||
Repurchases of common stock (in shares) | (14,583,000) | ||||||
Repurchases of common stock | (626,338) | $ (145) | (8,807) | (617,386) | (626,338) | ||
Adjustment of redeemable noncontrolling interest to redemption value | 114 | 114 | 114 | ||||
Other | $ (998) | (677) | (677) | (321) | |||
Ending balance (in shares) at Jun. 30, 2023 | 352,789,905 | 352,790,000 | |||||
Ending balance at Jun. 30, 2023 | $ 4,835,367 | $ 3,528 | $ 0 | $ 4,382,588 | $ 30,057 | $ 4,416,173 | $ 419,194 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared and paid to common shareholders (in dollars per share) | $ 0.0025 | $ 0.005 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Organization. MGM Resorts International, a Delaware corporation (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations. As of June 30, 2023, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas ( “ The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), 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 Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple-net lease agreements, as further discussed in Note 8. 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 concession and land concessions. The Company also owns LeoVegas AB (“LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company and its venture partner, Entain plc, each have a 50% ownership interest in BetMGM, LLC (“BetMGM”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America. Japan. In April 2023, the Japanese government officially certified the Area Development Plan previously submitted by the city/prefecture of Osaka and the Company’s 50% owned unconsolidated venture. MGM Grand Paradise gaming concession. Gaming in Macau is currently administered by the Macau Government through concessions awarded to six different concessionaires. On December 16, 2022, MGM Grand Paradise was awarded a ten-year concession contract to permit the operation of games of chance or other games in casinos in Macau, which commenced on January 1, 2023. Refer to Note 5 for further discussion of the gaming concession. Reportable segments. The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 12 for additional information about the Company’s segments. Impact of COVID-19 - Update. On January 8, 2023, Macau lifted the majority of its COVID-19 pandemic travel and quarantine restrictions with the exception of overseas visitors travelling from outside of mainland China, Hong Kong and Taiwan being required to present a negative nucleic acid test or rapid antigen test result, and on February 6, 2023 all remaining COVID-19 travel restrictions were removed. As of June 30, 2023, all of the Company’s properties were open and not subject to any COVID-19 related operating restrictions. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. 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. The Company has a 5% ownership interest in the venture that owns and leases back the real estate assets of Bellagio (the “Bellagio BREIT Venture”). Bellagio BREIT Venture is a VIE of which the Company is not the primary beneficiary and, accordingly, the Company does not consolidate the venture. The Company’s maximum exposure to loss in Bellagio BREIT Venture is equal to the carrying value of its investment of $55 million as of June 30, 2023, 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 June 30, 2023, as further discussed in Note 9. 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 generally accounts for the entity under the equity method, such as BetMGM, which does not qualify for consolidation as the Company has joint control, given the entity is 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 entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321. 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 quoted prices for identical or comparable instruments or pricing using observable market data; 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 recorded at fair value; • Level 2 inputs for its long-term debt fair value disclosures; See Note 6; and • Level 1 and Level 2 inputs for its debt investments. Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $466 million and $461 million as of June 30, 2023 and December 31, 2022, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three and six months ended June 30, 2023, the Company recorded a net gain on its equity investments of $6 million and $5 million, respectively. For the three and six months ended June 30, 2022, the Company recorded a net loss on its equity investments of $23 million and $8 million, respectively. Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations. The following tables present information regarding the Company’s debt investments: Fair value level June 30, 2023 December 31, 2022 (In thousands) Cash and cash equivalents: Money market funds Level 1 $ 2,195 $ 12,009 Commercial paper and certificates of deposit Level 2 — 5,992 Cash and cash equivalents 2,195 18,001 Short-term investments: U.S. government securities Level 1 57,696 56,835 U.S. agency securities Level 2 29,049 9,530 Commercial paper and certificates of deposit Level 2 4,561 4,466 Corporate bonds Level 2 416,420 213,875 Short-term investments 507,726 284,706 Total debt investments $ 509,921 $ 302,707 Restricted cash. MGM China’s pledged cash of $87 million and $124 million as of June 30, 2023 and December 31, 2022, respectively, securing the bank guarantees discussed in Note 9 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of June 30, 2023 and December 31, 2022. Accounts receivable. As of June 30, 2023 and December 31, 2022, the loss reserve on accounts receivable was $129 million and $113 million, respectively. Note receivable. In February 2023, the secured note receivable related to the sale of Circus Circus Las Vegas and the adjacent land was repaid, prior to maturity, for $170 million, which approximated its carrying value on the date of repayment. As of December 31, 2022, the carrying value of the note receivable was $167 million and was recorded within “Other long-term assets, net” on the consolidated balance sheets. Accounts payable. As of June 30, 2023 and December 31, 2022, the Company had accrued $60 million and $80 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets. Revenue recognition. 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, 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 2023 2022 2023 2022 2023 2022 (In thousands) Balance at January 1 $ 185,669 $ 176,219 $ 183,602 $ 144,465 $ 816,376 $ 640,001 Balance at June 30 196,446 165,564 194,570 160,752 806,072 704,404 Increase / (decrease) $ 10,777 $ (10,655) $ 10,968 $ 16,287 $ (10,304) $ 64,403 The January 1, 2023 balances exclude liabilities related to assets held for sale. 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 12. Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Company classifies a lease with terms greater than twelve months as either operating or finance. At commencement, the right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The initial measurement of ROU assets also includes any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, such as for the Company’s triple-net operating leases for which the lessor has provided its implicit rate or provided the assumptions required for the Company to readily determine the rate implicit in the lease, the Company uses the rate implicit in the lease to discount lease payments to present value. However, for most of the Company’s leases, such as its ground subleases and equipment leases, the Company cannot readily determine the implicit rate. Accordingly, the Company uses its incremental borrowing rate to discount the lease payments for such leases based on the information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. The Company’s triple-net operating leases each contain renewal periods at the Company’s option, each of which are not considered to be reasonably certain of being exercised. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. Refer to Note 8 for discussion of leases under which the Company is a lessee. 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 . For the three and six months ended June 30, 2023, lease revenues from third-party tenants include $19 million and $37 million recorded within food and beverage revenue, respectively, and $29 million and $59 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. For the three and six months ended June 30, 2022, lease revenues from third-party tenants include $19 million and $33 million recorded within food and beverage revenue, respectively, and $29 million and $55 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. Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90 days after the end of each fiscal year. The noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. During the six months ended June 30, 2023 and 2022, MGM National Harbor purchased $138 million and $21 million of interests from the noncontrolling interest parties, respectively. Share repurchases. Shares repurchased pursuant to the Company’s share repurchase plans are retired upon purchase. The cost of the repurchases in excess of the aggregate par value of the shares reduces capital in excess of par value, to the extent available, with any residual cost applied against retained earnings. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES LeoVegas acquisition. On May 2, 2022, the Company commenced a public offer to the shareholders of LeoVegas to tender 100% of the shares at a price of SEK 61 in cash per share. On September 7, 2022, the Company completed its tender offer and acquired 65% of the outstanding shares of LeoVegas and, at the completion of an extended acceptance period on September 22, 2022, acquired an additional 2% of outstanding shares, for an aggregate cash tender price of $370 million. During the tender offer period, the Company had acquired 31% of outstanding shares in open market purchases that had an acquisition-date fair value of approximately $172 million. As the Company’s previous 31% ownership interest was accounted for at fair value, no gain or loss was recorded upon consolidation. The remaining outstanding shares, with a fair value of approximately $11 million based upon the tender price, were settled by the Company in cash in connection with squeeze-out proceedings during the second quarter of 2023. The acquisition provides the Company an opportunity to create a scaled global online gaming business. The Company recognized 100% of the assets, liabilities, and noncontrolling interests of LeoVegas at fair value at the date of the acquisition. The fair value of the acquired equity interests of LeoVegas was determined by the tender price and equaled $556 million, inclusive of cash settlement of equity awards. Under the acquisition method, the fair value was allocated to the assets acquired, liabilities assumed, and noncontrolling interests. T he Company estimated fair value using level 1 inputs, level 2 inputs, and level 3 inputs. The estimated fair values of the identified intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. The intangible assets include trademarks, which is an indefinite-lived intangible asset, and customer lists and technology, which are finite-lived intangibles that are amortized over each of their estimated useful lives of five years. Goodwill is primarily attributable to the profitability of LeoVegas in excess of identifiable assets and is not deductible for tax purposes. All of the goodwill was assigned to Corporate and other. The following table sets forth the purchase price allocation (in thousands): Cash and cash equivalents $ 93,407 Receivables and other current assets 36,872 Technology 109,027 Trademarks 144,374 Customer lists 126,526 Goodwill 288,367 Other long-term assets 19,181 Accounts payable, accrued liabilities, and other current liabilities (118,302) Debt (104,439) Other long-term liabilities (36,457) Noncontrolling interests (2,861) $ 555,695 The Cosmopolitan acquisition. On May 17, 2022, the Company acquired 100% of the equity interests in the entities that own the operations of The Cosmopolitan for cash consideration of $1.625 billion plus working capital adjustments for a total purchase price of approximately $1.7 billion. The acquisition expands the Company’s customer base and provides a greater depth of choices and experiences for guests in Las Vegas. The Company recognized 100% of the acquired assets and assumed liabilities 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 estimated fair values of the identified intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. The intangible assets include trademarks, which is an indefinite-lived intangible asset, and customer lists, which is amortized over its estimated useful life of seven years. Goodwill, which is deductible for tax purposes, is primarily attributable to the profitability of The Cosmopolitan in excess of identifiable assets as well as expected synergies. All of the goodwill was assigned to the Las Vegas Strip Resorts segment. The following table sets forth the purchase price allocation (in thousands): Cash and cash equivalents $ 80,670 Receivables and other current assets 94,354 Property and equipment 120,912 Trademarks 130,000 Customer lists 95,000 Goodwill 1,289,468 Operating lease right-of-use-assets, net 3,404,894 Other long-term assets 23,709 Accounts payable, accrued liabilities, and other current liabilities (145,136) Operating lease liabilities (3,401,815) Other long-term liabilities (1,570) $ 1,690,486 Unaudited pro forma information - The Cosmopolitan acquisition . The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of The Cosmopolitan had occurred as of January 1, 2021. 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 the indicated date. Pro forma results of operations for the LeoVegas acquisition have not been included because it is not material to the consolidated results of operations. Three Months Ended Six Months Ended 2022 2022 (In thousands) Net revenues $ 3,422,277 $ 6,542,015 Net income attributable to MGM Resorts International 1,781,930 1,780,076 VICI Transaction. Prior to the closing of the VICI Transaction (defined below), MGM Growth Properties LLC (“MGP”) was a consolidated subsidiary of the Company. Substantially all of its assets were owned by and substantially all of its operations were conducted through MGM Growth Properties Operating Partnership LP ("MGP OP”). MGP had two classes of common shares: Class A shares and a single Class B share. The Company owned MGP’s Class B share, through which it 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. The Company and MGP each held MGP OP units representing limited partner interests in MGP OP. Additionally, the Company had 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 from MGP OP. The Company also leased, and continues to lease, the real estate assets of Mandalay Bay and MGM Grand Las Vegas from subsidiaries of a venture that was 50.1% owned by a subsidiary of MGP OP at the time of the transaction (such venture, the “MGP BREIT Venture”). On April 29, 2022, VICI Properties Inc. (“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 VICI OP in exchange for each MGP OP 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 that had 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 held a controlling interest in MGP and deconsolidated MGP upon the closing of the transactions. Further, the Company entered into an amended and restated master lease with VICI as discussed in Note 8. The Mandalay Bay and MGM Grand Las Vegas lease remained unchanged. In connection with the transactions, the Company recognized a $2.3 billion gain recorded within “Gain on REIT transactions, net.” The gain reflects the fair value of consideration received of $4.8 billion plus the carrying amount of noncontrolling interest immediately prior to the transactions of $3.2 billion less the net carrying value of the assets and liabilities and accumulated comprehensive income derecognized of $5.7 billion. The major classes of assets and liabilities derecognized were as follows: (In thousands) Cash and cash equivalents $ 25,387 Income tax receivable 5,486 Prepaid expenses and other 128 Property and equipment, net 9,250,519 Investments in and advances to unconsolidated affiliates 817,901 Operating lease right-of-use assets, net 236,255 Other long-term assets, net 3,991 Total assets $ 10,339,667 Accounts payable $ 1,136 Accrued interest on long-term debt 68,150 Other accrued liabilities 4,057 Deferred income taxes, net 1,284 Long-term debt, net 4,259,473 Operating lease liabilities 336,689 Total liabilities $ 4,670,789 The Mirage transaction. On December 19, 2022, the Company completed the sale of the operations of The Mirage to an affiliate of Seminole Hard Rock Entertainment, Inc. (“Hard Rock”) for cash consideration of $1.075 billion, or $1.1 billion, net of purchase price adjustments and transaction costs. At closing, the master lease between the Company and VICI was amended to remove The Mirage and to reflect a $90 million reduction in annual cash rent. Gold Strike Tunica. On February 15, 2023, the Company completed the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, LLC (“CNE”), a subsidiary of Cherokee Nation Business, for cash consideration of $450 million, or $474 million, net of purchase price adjustments and transaction costs. At closing, the master lease between the Company and VICI was amended to remove Gold Strike Tunica and to reflect a $40 million reduction in annual cash rent. The Company recognized a $399 million gain recorded within “Property transactions, net.” The gain reflects the net cash consideration less the net carrying value of the assets and liabilities derecognized of $75 million. The operations of Gold Strike Tunica are not classified as discontinued operations because the Company concluded that the sale is not a strategic shift that has a major effect on the Company’s operations or its financial results and it does not represent a major geographic segment or product line. The major classes of assets and liabilities derecognized are as follows: (In thousands) Cash and cash equivalents $ 26,911 Accounts receivable, net 2,466 Inventories 1,087 Prepaid expenses and other 1,522 Property and equipment, net 21,300 Goodwill 40,523 Other intangible assets, net 5,700 Operating lease right-of-use assets, net 507,231 Other long-term assets, net 1,251 Total assets $ 607,991 Accounts payable $ 1,657 Other accrued liabilities 13,778 Other long-term obligations 1,707 Operating lease liabilities 516,136 Total liabilities $ 533,278 |
INVESTMENTS IN AND ADVANCES TO
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, December 31, (In thousands) BetMGM (50%) $ — $ 31,760 Other 156,993 141,279 $ 156,993 $ 173,039 The Company’s share of losses of BetMGM in excess of its equity method investment balance is $21 million as of June 30, 2023. The Company recorded its share of loss from unconsolidated affiliates as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Loss from unconsolidated affiliates $ (16,189) $ (55,583) $ (91,188) $ (102,421) Non-operating items from unconsolidated affiliates (441) (6,120) (1,625) (21,253) $ (16,630) $ (61,703) $ (92,813) $ (123,674) The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) MGP BREIT Venture (through April 29, 2022) $ — $ 12,116 $ — $ 51,051 BetMGM (22,499) (71,229) (104,372) (163,223) Other 6,310 3,530 13,184 9,751 $ (16,189) $ (55,583) $ (91,188) $ (102,421) In connection with the VICI Transaction in April 2022, the Company deconsolidated MGP and, accordingly, derecognized the assets and liabilities of MGP, which included MGP OP’s investment in MGP BREIT Venture. MGP BREIT Venture distributions. For the three and six months ended June 30, 2022, MGP OP received $8 million and $32 million in distributions from MGP BREIT Venture, respectively. BetMGM contributions. For the three and six months ended June 30, 2023, the Company contributed $25 million and $50 million to BetMGM, respectively. For the three and six months ended June 30, 2022, the Company contributed $25 million and $150 million to BetMGM, respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: June 30, December 31, (In thousands) Goodwill $ 5,029,189 $ 5,029,312 Indefinite-lived intangible assets: Trademarks $ 757,410 $ 754,431 Gaming rights and other 385,165 385,060 Total indefinite-lived intangible assets 1,142,575 1,139,491 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession — 4,519,486 Less: Accumulated amortization — (4,519,486) — — Customer lists 285,818 283,232 Less: Accumulated amortization (83,243) (60,055) 202,575 223,177 Gaming rights 332,428 106,600 Less: Accumulated amortization (48,150) (33,316) 284,278 73,284 Technology and other 131,287 129,061 Less: Accumulated amortization (26,703) (13,761) 104,584 115,300 Total finite-lived intangible assets, net 591,437 411,761 Total other intangible assets, net $ 1,734,012 $ 1,551,252 MGM Grand Paradise gaming subconcession and concession. Pursuant to the gaming concession contract that MGM Grand Paradise entered into with the Macau government, which commenced January 1, 2023, MGM Grand Paradise On January 1, 2023, MGM Grand Paradise recorded an intangible asset, included within “Gaming rights” above, of $226 million for the right to conduct gaming and operate the reverted gaming equipment and gaming areas and a corresponding liability for the in-substance consideration to be paid over the concession term for such rights, which is the unconditional obligation of the fixed and variable annual premiums, as well as the payments relating to the use of the reverted gaming assets |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following: June 30, December 31, (In thousands) MGM China first revolving credit facility $ 708,224 $ 1,249,744 MGM China second revolving credit facility — 224,313 6% senior notes, due 2023 — 1,250,000 LeoVegas senior notes, due 2023 35,248 36,580 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 5.25% MGM China senior notes, due 2025 500,000 500,000 5.875% MGM China senior notes, due 2026 750,000 750,000 4.625% senior notes, due 2026 400,000 400,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 750,000 4.75% senior notes, due 2028 750,000 750,000 7% debentures, due 2036 552 552 6,744,024 8,761,189 Less: Premiums, discounts, and unamortized debt issuance costs, net (34,780) (41,899) 6,709,244 8,719,290 Less: Current portion (35,200) (1,286,473) $ 6,674,044 $ 7,432,817 MGM China's senior notes due within one year of the June 30, 2023 balance sheet were classified as long-term as MGM China has both the intent and ability to refinance the current maturities on a long-term basis. Senior secured credit facility. At June 30, 2023, 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 June 30, 2023. MGM China first revolving credit facility. At June 30, 2023, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.2 billion) unsecured revolving credit facility and the weighted average interest rate was 7.83%. In June 2023, MGM China amended its first revolving credit agreement, which extended the maturity date to May 2026. 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 connection with the June 2023 amendment, the financial covenants under the MGM China first revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025. MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at June 30, 2023. MGM China second revolving credit facility. At June 30, 2023, the MGM China second revolving credit facility consisted of a HK$3.12 billion (approximately $398 million) unsecured revolving credit facility with an option to increase the amount of the facility up to HK$5.85 billion (approximately $747 million), subject to certain conditions. At June 30, 2023, no amounts were drawn on the MGM China second revolving credit facility. In June 2023, MGM China amended its second revolving credit agreement, which extended the maturity date to May 2026, increased the amount to which MGM China may upsize the facility, and removed the requirement for the MGM China first revolving credit facility to be fully drawn prior to utilizing 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 connection with the June 2023 amendment, the financial covenants under the MGM China second revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025. MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at June 30, 2023. Senior notes. In March 2023, the Company repaid its $1.25 billion 6% notes due 2023 upon maturity. In March 2022, the Company repaid its $1.0 billion 7.75% notes due 2022 upon maturity. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.5 billion and $8.4 billion at June 30, 2023 and December 31, 2022, respectively. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
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 13.8% and 22.1% for the three and six months ended June 30, 2023, respectively, compared to 26.1% and 25.3% for the three and six months ended June 30, 2022, 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. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. Real estate assets and land. The Company leases the real estate assets of its domestic properties pursuant to triple-net lease agreements, which are classified as operating leases. The triple-net structure of the leases requires the Company to pay substantially all costs associated with each property, including real estate taxes, insurance, utilities and routine maintenance (with each lease obligating the Company to spend a specified percentage of net revenues at the properties on capital expenditures), in addition to the annual cash rent. Each of the leases also requires the Company to 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 6 months or 1 year of rent, as applicable to the circumstances, under the VICI lease, 1 year of rent under the Mandalay Bay and MGM Grand Las Vegas lease, the Aria and Vdara lease, and The Cosmopolitan lease, and 2 years of rent under the Bellagio lease. The Company was in compliance with its applicable covenants under its leases as of June 30, 2023. Bellagio lease . The Company leases the real estate assets of Bellagio from Bellagio BREIT Venture. The Bellagio lease commenced November 15, 2019 and has an initial term of 30 years with two 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% during the 11th through 20th years and 4% thereafter. Annual cash rent payments for the fourth lease year that commenced on December 1, 2022 increased to $260 million as a result of the 2% fixed annual escalator. Mandalay Bay and MGM Grand Las Vegas lease . The Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas from subsidiaries of VICI. The Mandalay Bay and MGM Grand Las Vegas lease commenced February 14, 2020 and has an initial term of 30 years with two 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Annual cash rent payments for the fourth lease year that commenced on March 1, 2023 increased to $310 million as a result of the 2% fixed annual escalator. Aria and Vdara lease . The Company leases the real estate assets of Aria and Vdara from funds managed by The Blackstone Group, Inc. The Aria and Vdara lease commenced September 28, 2021 and has an initial term of 30 years with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Annual cash rent payments for the second lease year that commenced on October 1, 2022 increased to $219 million as a result of the 2% fixed annual escalator. The VICI lease and ground subleases. The Company leases the real estate assets of Luxor, New York-New York, Park MGM, Excalibur, The Park, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, MGM Northfield Park, and MGM Springfield from VICI. The VICI lease commenced April 29, 2022 and has an initial term of 25 years, with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 10 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. Additionally, the VICI lease provides VICI with a right of first offer with respect to any further gaming development by the Company on the undeveloped land adjacent to Empire City, which VICI may exercise should the Company elect to sell the property. Annual cash rent payments for the first lease year that commenced on April 29, 2022 was $860 million. In December 2022, in connection with the sale of the operations of The Mirage, the VICI lease was amended to remove The Mirage and to reflect a $90 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $770 million. In February 2023, in connection with the sale of the operations of Gold Strike Tunica, the VICI lease was amended to remove Gold Strike Tunica and to reflect a $40 million reduction in annual cash rent, thereby reducing the annual cash rent payments to $730 million. The modification resulted in a reassessment of the lease classification and remeasurement of the VICI lease, with the lease continuing to be accounted for as an operating lease and $507 million of net operating lease ROU and $516 million of lease liabilities allocable to Gold Strike Tunica were derecognized (see Note 3). Annual cash rent payments for the second lease year that commenced on May 1, 2023 increased to $745 million as a result of the 2% fixed annual escalator. The Company is required to pay the rent payments under the ground leases of the Borgata, Beau Rivage, and National Harbor through the term of the VICI lease. The ground subleases of Beau Rivage and National Harbor are classified as operating leases and the ground sublease of Borgata is classified as a finance lease. The Cosmopolitan lease. The Company leases the real estate assets of The Cosmopolitan from a subsidiary of Blackstone Real Estate Investment Trust, Inc. The Cosmopolitan lease commenced May 17, 2022 and has an initial term of 30 years with three 10-year renewal periods, exercisable at the Company’s option, with a fixed 2% rent escalator for the first 15 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Annual cash rent payments for the second lease year that commenced on June 1, 2023 was $204 million. MGM China land concessions . MGM Grand Paradise has MGM Macau and MGM Cotai land concession contracts with the government of Macau, each with an initial 25-year contract term ending in April 2031 and January 2038, respectively, with a right to renew for further consecutive periods of 10 years, at MGM Grand Paradise’s option. The land leases are classified as operating leases. Other information. Components of lease costs and other information related to the Company’s leases are: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Operating lease cost, primarily classified within “General and administrative” (1) $ 575,472 $ 488,987 $ 1,156,460 $ 760,836 Finance lease costs Interest expense $ 3,107 $ 1,811 $ 4,521 $ 2,704 Amortization expense 17,313 19,493 34,839 39,650 Total finance lease costs $ 20,420 $ 21,304 $ 39,360 $ 42,354 (1) Operating lease cost includes $83 million for each of the three months ended June 30, 2023 and 2022 and $166 million for each of the six months ended June 30, 2023 and 2022 related to the Bellagio lease, which is held with a related party. June 30, December 31, (In thousands) Operating leases Operating lease ROU assets, net (1) $ 24,276,784 $ 24,530,929 Operating lease liabilities - current, classified within “Other accrued liabilities” $ 63,281 $ 53,981 Operating lease liabilities - long-term (2) 25,136,719 25,149,299 Total operating lease liabilities $ 25,200,000 $ 25,203,280 Finance leases Finance lease ROU assets, net classified within “Property and equipment, net” $ 116,239 $ 150,571 Finance lease liabilities - current, classified within “Other accrued liabilities” $ 41,124 $ 72,420 Finance lease liabilities - long-term, classified within “Other long-term obligations” 87,296 88,181 Total finance lease liabilities $ 128,420 $ 160,601 Weighted average remaining lease term (years) Operating leases 26 26 Finance leases 17 14 Weighted average discount rate (%) Operating leases 7 7 Finance leases 6 5 (1) As of June 30, 2023 and December 31, 2022, operating lease right-of-use assets, net included $3.5 billion related to the Bellagio lease. (2) As of June 30, 2023 and December 31, 2022, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. Six Months Ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 904,726 $ 588,690 Operating cash outflows from finance leases 3,395 2,686 Financing cash outflows from finance leases (1) 34,773 43,628 ROU assets obtained in exchange for new lease liabilities Operating leases $ 11,245 $ 15,528,718 Finance leases 518 87,840 (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) 2023 (excluding the six months ended June 30, 2023) $ 899,947 $ 42,714 2024 1,829,804 8,881 2025 1,858,056 8,379 2026 1,884,704 7,144 2027 839,670 7,116 Thereafter 51,958,061 135,230 Total future minimum lease payments 59,270,242 209,464 Less: Amount of lease payments representing interest (34,070,242) (81,044) Present value of future minimum lease payments 25,200,000 128,420 Less: Current portion (63,281) (41,124) Long-term portion of lease liabilities $ 25,136,719 $ 87,296 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, $29 million in letters of credit were outstanding under the Company’s senior credit facility. The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit. MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $124 million as of June 30, 2023 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of December 31, 2022, MOP 1 billion (approximately $124 million as of December 31, 2022) of the bank guarantees were secured by pledged cash and, in connection with a release of MOP 300 million of such pledged cash during the six months ended June 30, 2023, MOP 700 million of the bank guarantees (approximately $87 million as of June 30, 2023) were secured by pledged cash as of June 30, 2023. Shortfall guarantees. The Company provides shortfall guarantees of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, the landlord of Bellagio, which matures in 2029 and of the $3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlords of Mandalay Bay and MGM Grand Las Vegas, which matures in 2032 and has an anticipated repayment date |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The table below reconciles basic and diluted earnings 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 Six Months Ended 2023 2022 2023 2022 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921 Adjustment related to redeemable noncontrolling interests 114 (12,412) 1,410 (21,397) Net income attributable to common stockholders – basic and diluted $ 200,910 $ 1,771,525 $ 669,013 $ 1,744,524 Denominator: Weighted-average common shares outstanding – basic 361,050 417,393 367,535 430,084 Potential dilution from share-based awards 4,289 3,910 4,150 4,252 Weighted-average common and common equivalent shares – diluted 365,339 421,303 371,685 434,336 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 261 705 268 599 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY MGM Resorts International stock repurchases. In March 2022, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, and, in February 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, 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 June 30, 2022, the Company repurchased approximately 32 million shares of its common stock for an aggregate amount of $1.1 billion. During the six months ended June 30, 2022, the Company repurchased approximately 56 million shares of its common stock for an aggregate amount of $2.1 billion, which included the February 2022 repurchase of 4.5 million shares for an aggregate amount of $202.5 million from funds managed by Corvex Management LP, a related party. Repurchased shares were retired. During the three months ended June 30, 2023, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $626 million. During the six months ended June 30, 2023, the Company repurchased approximately 27 million shares of its common stock for an aggregate amount of $1.1 billion. In connection with these repurchases, the March 2022 stock repurchase plan was completed. Repurchased shares were retired. The remaining availability under the February 2023 $2.0 billion stock repurchase plan was $1.4 billion as of June 30, 2023. Subsequent to the quarter ended June 30, 2023, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of $88 million, excluding excise tax. Repurchased shares were retired. Accumulated other comprehensive income. Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows: Currency Translation Adjustments Other Total (In thousands) Balances, April 1, 2023 $ 36,873 $ (65) $ 36,808 Other comprehensive loss, net of tax (6,040) — (6,040) Other comprehensive income attributable to noncontrolling interest (711) — (711) Balances, June 30, 2023 $ 30,122 $ (65) $ 30,057 Balances, January 1, 2023 $ 34,435 $ (936) $ 33,499 Other comprehensive loss before reclassifications (6,089) — (6,089) Amounts reclassified from accumulated other comprehensive income to "Other, net" — 871 871 Other comprehensive income (loss), net of tax (6,089) 871 (5,218) Other comprehensive loss attributable to noncontrolling interest 1,776 — 1,776 Balances, June 30, 2023 $ 30,122 $ (65) $ 30,057 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s management views each of its casino properties 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 in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan (upon its acquisition in May 2022), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage (until its disposition in December 2022), 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 properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023); 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 LeoVegas (upon its acquisition in September 2022), 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, property transactions, net, gain on REIT transactions, net, rent expense related to triple-net operating leases and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and also 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 eliminated in consolidation. The following tables present the Company’s segment information: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 492,212 $ 498,524 $ 992,775 $ 973,822 Rooms 706,715 696,008 1,458,406 1,181,296 Food and beverage 598,771 560,764 1,181,398 945,040 Entertainment, retail and other 348,952 381,880 690,223 699,910 2,146,650 2,137,176 4,322,802 3,800,068 Regional Operations Casino 679,430 734,139 1,396,407 1,437,818 Rooms 76,929 70,912 144,233 127,026 Food and beverage 111,491 106,051 223,370 197,189 Entertainment, retail and other, and reimbursed costs 58,250 48,567 107,933 88,465 926,100 959,669 1,871,943 1,850,498 MGM China Casino 669,658 120,948 1,224,930 352,151 Rooms 31,679 7,812 61,172 23,483 Food and beverage 32,973 10,940 60,598 28,381 Entertainment, retail and other 6,645 3,312 11,847 7,372 740,955 143,012 1,358,547 411,387 Reportable segment net revenues 3,813,705 3,239,857 7,553,292 6,061,953 Corporate and other 128,502 25,031 262,211 57,244 $ 3,942,207 $ 3,264,888 $ 7,815,503 $ 6,119,197 Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Adjusted Property EBITDAR Las Vegas Strip Resorts $ 776,529 $ 825,267 $ 1,612,338 $ 1,418,901 Regional Operations 293,767 339,850 606,942 653,129 MGM China 209,389 (52,091) 378,337 (77,747) Reportable segment Adjusted Property EBITDAR 1,279,685 1,113,026 2,597,617 1,994,283 Other operating income (expense) Corporate and other, net (137,578) (193,292) (349,247) (404,145) Preopening and start-up expenses (149) (542) (288) (976) Property transactions, net (5,614) 19,395 390,462 (35,343) Depreciation and amortization (203,503) (366,255) (407,004) (654,893) Gain on REIT transactions, net — 2,277,747 — 2,277,747 Triple-net operating lease and ground lease rent expense (564,158) (483,454) (1,134,713) (745,906) Income from unconsolidated affiliates related to real estate ventures 2,695 14,826 5,390 56,472 Operating income 371,378 2,381,451 1,102,217 2,487,239 Non-operating income (expense) Interest expense, net of amounts capitalized (111,945) (136,559) (242,245) (332,650) Non-operating items from unconsolidated affiliates (441) (6,120) (1,625) (21,253) Other, net 23,693 (43,308) 70,000 (9,006) (88,693) (185,987) (173,870) (362,909) Income before income taxes 282,685 2,195,464 928,347 2,124,330 Provision for income taxes (39,141) (572,839) (204,920) (536,498) Net income 243,544 1,622,625 723,427 1,587,832 Less: Net (income) loss attributable to noncontrolling interests (42,748) 161,312 (55,824) 178,089 Net income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS MGP. 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 master lease with MGP 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 adjusted net revenue to rent ratio on which such escalator was contingent was met, 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 $12 million. All intercompany transactions, including transactions under the MGP master lease, have been eliminated in the Company’s consolidation of MGP. The public ownership of MGP’s Class A shares was recognized as noncontrolling interests in the Company’s consolidated financial statements. In April 2022, the Company completed the VICI Transaction, which resulted in the deconsolidation of MGP. Refer to Note 3 for additional information on the VICI Transaction. As part of the transaction, the Company entered into an amended and restated master lease with VICI. Refer to Note 8 for further discussion on the master lease with VICI. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to MGM Resorts International | $ 200,796 | $ 1,783,937 | $ 667,603 | $ 1,765,921 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. 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. The Company has a 5% ownership interest in the venture that owns and leases back the real estate assets of Bellagio (the “Bellagio BREIT Venture”). Bellagio BREIT Venture is a VIE of which the Company is not the primary beneficiary and, accordingly, the Company does not consolidate the venture. The Company’s maximum exposure to loss in Bellagio BREIT Venture is equal to the carrying value of its investment of $55 million as of June 30, 2023, 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 June 30, 2023, as further discussed in Note 9. 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 generally accounts for the entity under the equity method, such as BetMGM, which does not qualify for consolidation as the Company has joint control, given the entity is 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 entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321. |
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 quoted prices for identical or comparable instruments or pricing using observable market data; 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 recorded at fair value; • Level 2 inputs for its long-term debt fair value disclosures; See Note 6; and • Level 1 and Level 2 inputs for its debt investments. Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $466 million and $461 million as of June 30, 2023 and December 31, 2022, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three and six months ended June 30, 2023, the Company recorded a net gain on its equity investments of $6 million and $5 million, respectively. For the three and six months ended June 30, 2022, the Company recorded a net loss on its equity investments of $23 million and $8 million, respectively. Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations. The following tables present information regarding the Company’s debt investments: Fair value level June 30, 2023 December 31, 2022 (In thousands) Cash and cash equivalents: Money market funds Level 1 $ 2,195 $ 12,009 Commercial paper and certificates of deposit Level 2 — 5,992 Cash and cash equivalents 2,195 18,001 Short-term investments: U.S. government securities Level 1 57,696 56,835 U.S. agency securities Level 2 29,049 9,530 Commercial paper and certificates of deposit Level 2 4,561 4,466 Corporate bonds Level 2 416,420 213,875 Short-term investments 507,726 284,706 Total debt investments $ 509,921 $ 302,707 |
Restricted cash | Restricted cash. MGM China’s pledged cash of $87 million and $124 million as of June 30, 2023 and December 31, 2022, respectively, securing the bank guarantees discussed in Note 9 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of June 30, 2023 and December 31, 2022. |
Revenue recognition | Revenue recognition. 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, 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 2023 2022 2023 2022 2023 2022 (In thousands) Balance at January 1 $ 185,669 $ 176,219 $ 183,602 $ 144,465 $ 816,376 $ 640,001 Balance at June 30 196,446 165,564 194,570 160,752 806,072 704,404 Increase / (decrease) $ 10,777 $ (10,655) $ 10,968 $ 16,287 $ (10,304) $ 64,403 The January 1, 2023 balances exclude liabilities related to assets held for sale. 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 12. |
Leases | Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Company classifies a lease with terms greater than twelve months as either operating or finance. At commencement, the right-of-use (“ROU”) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The initial measurement of ROU assets also includes any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, such as for the Company’s triple-net operating leases for which the lessor has provided its implicit rate or provided the assumptions required for the Company to readily determine the rate implicit in the lease, the Company uses the rate implicit in the lease to discount lease payments to present value. However, for most of the Company’s leases, such as its ground subleases and equipment leases, the Company cannot readily determine the implicit rate. Accordingly, the Company uses its incremental borrowing rate to discount the lease payments for such leases based on the information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. The Company’s triple-net operating leases each contain renewal periods at the Company’s option, each of which are not considered to be reasonably certain of being exercised. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. Refer to Note 8 for discussion of leases under which the Company is a lessee. 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 . For the three and six months ended June 30, 2023, lease revenues from third-party tenants include $19 million and $37 million recorded within food and beverage revenue, respectively, and $29 million and $59 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. For the three and six months ended June 30, 2022, lease revenues from third-party tenants include $19 million and $33 million recorded within food and beverage revenue, respectively, and $29 million and $55 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. |
Share repurchases | Share repurchases. Shares repurchased pursuant to the Company’s share repurchase plans are retired upon purchase. The cost of the repurchases in excess of the aggregate par value of the shares reduces capital in excess of par value, to the extent available, with any residual cost applied against retained earnings |
Receivable | Note receivable. In February 2023, the secured note receivable related to the sale of Circus Circus Las Vegas and the adjacent land was repaid, prior to maturity, for $170 million, which approximated its carrying value on the date of repayment. As of December 31, 2022, the carrying value of the note receivable was $167 million and was recorded within “Other long-term assets, net” on the consolidated balance sheets. |
Redeemable Noncontrolling Interest Policy | Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90 days after the end of each fiscal year. The noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. During the six months ended June 30, 2023 and 2022, MGM National Harbor purchased $138 million and $21 million of interests from the noncontrolling interest parties, respectively. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present information regarding the Company’s debt investments: Fair value level June 30, 2023 December 31, 2022 (In thousands) Cash and cash equivalents: Money market funds Level 1 $ 2,195 $ 12,009 Commercial paper and certificates of deposit Level 2 — 5,992 Cash and cash equivalents 2,195 18,001 Short-term investments: U.S. government securities Level 1 57,696 56,835 U.S. agency securities Level 2 29,049 9,530 Commercial paper and certificates of deposit Level 2 4,561 4,466 Corporate bonds Level 2 416,420 213,875 Short-term investments 507,726 284,706 Total debt investments $ 509,921 $ 302,707 |
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 2023 2022 2023 2022 2023 2022 (In thousands) Balance at January 1 $ 185,669 $ 176,219 $ 183,602 $ 144,465 $ 816,376 $ 640,001 Balance at June 30 196,446 165,564 194,570 160,752 806,072 704,404 Increase / (decrease) $ 10,777 $ (10,655) $ 10,968 $ 16,287 $ (10,304) $ 64,403 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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): Cash and cash equivalents $ 93,407 Receivables and other current assets 36,872 Technology 109,027 Trademarks 144,374 Customer lists 126,526 Goodwill 288,367 Other long-term assets 19,181 Accounts payable, accrued liabilities, and other current liabilities (118,302) Debt (104,439) Other long-term liabilities (36,457) Noncontrolling interests (2,861) $ 555,695 The following table sets forth the purchase price allocation (in thousands): Cash and cash equivalents $ 80,670 Receivables and other current assets 94,354 Property and equipment 120,912 Trademarks 130,000 Customer lists 95,000 Goodwill 1,289,468 Operating lease right-of-use-assets, net 3,404,894 Other long-term assets 23,709 Accounts payable, accrued liabilities, and other current liabilities (145,136) Operating lease liabilities (3,401,815) Other long-term liabilities (1,570) $ 1,690,486 |
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 the indicated date. Pro forma results of operations for the LeoVegas acquisition have not been included because it is not material to the consolidated results of operations. Three Months Ended Six Months Ended 2022 2022 (In thousands) Net revenues $ 3,422,277 $ 6,542,015 Net income attributable to MGM Resorts International 1,781,930 1,780,076 |
Disposal Groups, Including Discontinued Operations | The major classes of assets and liabilities derecognized were as follows: (In thousands) Cash and cash equivalents $ 25,387 Income tax receivable 5,486 Prepaid expenses and other 128 Property and equipment, net 9,250,519 Investments in and advances to unconsolidated affiliates 817,901 Operating lease right-of-use assets, net 236,255 Other long-term assets, net 3,991 Total assets $ 10,339,667 Accounts payable $ 1,136 Accrued interest on long-term debt 68,150 Other accrued liabilities 4,057 Deferred income taxes, net 1,284 Long-term debt, net 4,259,473 Operating lease liabilities 336,689 Total liabilities $ 4,670,789 The major classes of assets and liabilities derecognized are as follows: (In thousands) Cash and cash equivalents $ 26,911 Accounts receivable, net 2,466 Inventories 1,087 Prepaid expenses and other 1,522 Property and equipment, net 21,300 Goodwill 40,523 Other intangible assets, net 5,700 Operating lease right-of-use assets, net 507,231 Other long-term assets, net 1,251 Total assets $ 607,991 Accounts payable $ 1,657 Other accrued liabilities 13,778 Other long-term obligations 1,707 Operating lease liabilities 516,136 Total liabilities $ 533,278 |
INVESTMENTS IN AND ADVANCES T_2
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, December 31, (In thousands) BetMGM (50%) $ — $ 31,760 Other 156,993 141,279 $ 156,993 $ 173,039 |
Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates | The Company recorded its share of loss from unconsolidated affiliates as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Loss from unconsolidated affiliates $ (16,189) $ (55,583) $ (91,188) $ (102,421) Non-operating items from unconsolidated affiliates (441) (6,120) (1,625) (21,253) $ (16,630) $ (61,703) $ (92,813) $ (123,674) |
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 Six Months Ended 2023 2022 2023 2022 (In thousands) MGP BREIT Venture (through April 29, 2022) $ — $ 12,116 $ — $ 51,051 BetMGM (22,499) (71,229) (104,372) (163,223) Other 6,310 3,530 13,184 9,751 $ (16,189) $ (55,583) $ (91,188) $ (102,421) |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: June 30, December 31, (In thousands) Goodwill $ 5,029,189 $ 5,029,312 Indefinite-lived intangible assets: Trademarks $ 757,410 $ 754,431 Gaming rights and other 385,165 385,060 Total indefinite-lived intangible assets 1,142,575 1,139,491 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession — 4,519,486 Less: Accumulated amortization — (4,519,486) — — Customer lists 285,818 283,232 Less: Accumulated amortization (83,243) (60,055) 202,575 223,177 Gaming rights 332,428 106,600 Less: Accumulated amortization (48,150) (33,316) 284,278 73,284 Technology and other 131,287 129,061 Less: Accumulated amortization (26,703) (13,761) 104,584 115,300 Total finite-lived intangible assets, net 591,437 411,761 Total other intangible assets, net $ 1,734,012 $ 1,551,252 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: June 30, December 31, (In thousands) MGM China first revolving credit facility $ 708,224 $ 1,249,744 MGM China second revolving credit facility — 224,313 6% senior notes, due 2023 — 1,250,000 LeoVegas senior notes, due 2023 35,248 36,580 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 5.25% MGM China senior notes, due 2025 500,000 500,000 5.875% MGM China senior notes, due 2026 750,000 750,000 4.625% senior notes, due 2026 400,000 400,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 750,000 4.75% senior notes, due 2028 750,000 750,000 7% debentures, due 2036 552 552 6,744,024 8,761,189 Less: Premiums, discounts, and unamortized debt issuance costs, net (34,780) (41,899) 6,709,244 8,719,290 Less: Current portion (35,200) (1,286,473) $ 6,674,044 $ 7,432,817 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Costs | Other information. Components of lease costs and other information related to the Company’s leases are: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Operating lease cost, primarily classified within “General and administrative” (1) $ 575,472 $ 488,987 $ 1,156,460 $ 760,836 Finance lease costs Interest expense $ 3,107 $ 1,811 $ 4,521 $ 2,704 Amortization expense 17,313 19,493 34,839 39,650 Total finance lease costs $ 20,420 $ 21,304 $ 39,360 $ 42,354 Six Months Ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 904,726 $ 588,690 Operating cash outflows from finance leases 3,395 2,686 Financing cash outflows from finance leases (1) 34,773 43,628 ROU assets obtained in exchange for new lease liabilities Operating leases $ 11,245 $ 15,528,718 Finance leases 518 87,840 (1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows. |
Supplemental Balance Sheet Information Related to Leases | June 30, December 31, (In thousands) Operating leases Operating lease ROU assets, net (1) $ 24,276,784 $ 24,530,929 Operating lease liabilities - current, classified within “Other accrued liabilities” $ 63,281 $ 53,981 Operating lease liabilities - long-term (2) 25,136,719 25,149,299 Total operating lease liabilities $ 25,200,000 $ 25,203,280 Finance leases Finance lease ROU assets, net classified within “Property and equipment, net” $ 116,239 $ 150,571 Finance lease liabilities - current, classified within “Other accrued liabilities” $ 41,124 $ 72,420 Finance lease liabilities - long-term, classified within “Other long-term obligations” 87,296 88,181 Total finance lease liabilities $ 128,420 $ 160,601 Weighted average remaining lease term (years) Operating leases 26 26 Finance leases 17 14 Weighted average discount rate (%) Operating leases 7 7 Finance leases 6 5 (1) As of June 30, 2023 and December 31, 2022, operating lease right-of-use assets, net included $3.5 billion related to the Bellagio lease. (2) As of June 30, 2023 and December 31, 2022, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. |
Finance Lease Maturity | Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2023 (excluding the six months ended June 30, 2023) $ 899,947 $ 42,714 2024 1,829,804 8,881 2025 1,858,056 8,379 2026 1,884,704 7,144 2027 839,670 7,116 Thereafter 51,958,061 135,230 Total future minimum lease payments 59,270,242 209,464 Less: Amount of lease payments representing interest (34,070,242) (81,044) Present value of future minimum lease payments 25,200,000 128,420 Less: Current portion (63,281) (41,124) Long-term portion of lease liabilities $ 25,136,719 $ 87,296 |
Operating Lease Maturity | Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2023 (excluding the six months ended June 30, 2023) $ 899,947 $ 42,714 2024 1,829,804 8,881 2025 1,858,056 8,379 2026 1,884,704 7,144 2027 839,670 7,116 Thereafter 51,958,061 135,230 Total future minimum lease payments 59,270,242 209,464 Less: Amount of lease payments representing interest (34,070,242) (81,044) Present value of future minimum lease payments 25,200,000 128,420 Less: Current portion (63,281) (41,124) Long-term portion of lease liabilities $ 25,136,719 $ 87,296 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 earnings 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 Six Months Ended 2023 2022 2023 2022 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921 Adjustment related to redeemable noncontrolling interests 114 (12,412) 1,410 (21,397) Net income attributable to common stockholders – basic and diluted $ 200,910 $ 1,771,525 $ 669,013 $ 1,744,524 Denominator: Weighted-average common shares outstanding – basic 361,050 417,393 367,535 430,084 Potential dilution from share-based awards 4,289 3,910 4,150 4,252 Weighted-average common and common equivalent shares – diluted 365,339 421,303 371,685 434,336 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 261 705 268 599 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component | Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows: Currency Translation Adjustments Other Total (In thousands) Balances, April 1, 2023 $ 36,873 $ (65) $ 36,808 Other comprehensive loss, net of tax (6,040) — (6,040) Other comprehensive income attributable to noncontrolling interest (711) — (711) Balances, June 30, 2023 $ 30,122 $ (65) $ 30,057 Balances, January 1, 2023 $ 34,435 $ (936) $ 33,499 Other comprehensive loss before reclassifications (6,089) — (6,089) Amounts reclassified from accumulated other comprehensive income to "Other, net" — 871 871 Other comprehensive income (loss), net of tax (6,089) 871 (5,218) Other comprehensive loss attributable to noncontrolling interest 1,776 — 1,776 Balances, June 30, 2023 $ 30,122 $ (65) $ 30,057 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 492,212 $ 498,524 $ 992,775 $ 973,822 Rooms 706,715 696,008 1,458,406 1,181,296 Food and beverage 598,771 560,764 1,181,398 945,040 Entertainment, retail and other 348,952 381,880 690,223 699,910 2,146,650 2,137,176 4,322,802 3,800,068 Regional Operations Casino 679,430 734,139 1,396,407 1,437,818 Rooms 76,929 70,912 144,233 127,026 Food and beverage 111,491 106,051 223,370 197,189 Entertainment, retail and other, and reimbursed costs 58,250 48,567 107,933 88,465 926,100 959,669 1,871,943 1,850,498 MGM China Casino 669,658 120,948 1,224,930 352,151 Rooms 31,679 7,812 61,172 23,483 Food and beverage 32,973 10,940 60,598 28,381 Entertainment, retail and other 6,645 3,312 11,847 7,372 740,955 143,012 1,358,547 411,387 Reportable segment net revenues 3,813,705 3,239,857 7,553,292 6,061,953 Corporate and other 128,502 25,031 262,211 57,244 $ 3,942,207 $ 3,264,888 $ 7,815,503 $ 6,119,197 Three Months Ended Six Months Ended 2023 2022 2023 2022 (In thousands) Adjusted Property EBITDAR Las Vegas Strip Resorts $ 776,529 $ 825,267 $ 1,612,338 $ 1,418,901 Regional Operations 293,767 339,850 606,942 653,129 MGM China 209,389 (52,091) 378,337 (77,747) Reportable segment Adjusted Property EBITDAR 1,279,685 1,113,026 2,597,617 1,994,283 Other operating income (expense) Corporate and other, net (137,578) (193,292) (349,247) (404,145) Preopening and start-up expenses (149) (542) (288) (976) Property transactions, net (5,614) 19,395 390,462 (35,343) Depreciation and amortization (203,503) (366,255) (407,004) (654,893) Gain on REIT transactions, net — 2,277,747 — 2,277,747 Triple-net operating lease and ground lease rent expense (564,158) (483,454) (1,134,713) (745,906) Income from unconsolidated affiliates related to real estate ventures 2,695 14,826 5,390 56,472 Operating income 371,378 2,381,451 1,102,217 2,487,239 Non-operating income (expense) Interest expense, net of amounts capitalized (111,945) (136,559) (242,245) (332,650) Non-operating items from unconsolidated affiliates (441) (6,120) (1,625) (21,253) Other, net 23,693 (43,308) 70,000 (9,006) (88,693) (185,987) (173,870) (362,909) Income before income taxes 282,685 2,195,464 928,347 2,124,330 Provision for income taxes (39,141) (572,839) (204,920) (536,498) Net income 243,544 1,622,625 723,427 1,587,832 Less: Net (income) loss attributable to noncontrolling interests (42,748) 161,312 (55,824) 178,089 Net income attributable to MGM Resorts International $ 200,796 $ 1,783,937 $ 667,603 $ 1,765,921 |
ORGANIZATION - Additional Infor
ORGANIZATION - Additional Information (Detail) | 6 Months Ended | ||
Jun. 30, 2023 segment property | Apr. 30, 2023 | Dec. 31, 2022 | |
Organization Disclosure [Line Items] | |||
Number of reportable segments | segment | 3 | ||
BetMGM LLC | |||
Organization Disclosure [Line Items] | |||
Ownership interest (in percent) | 50% | 50% | |
BetMGM LLC | Entain plc | |||
Organization Disclosure [Line Items] | |||
Ownership interest (in percent) | 50% | ||
Japanese Joint Venture | JAPAN | |||
Organization Disclosure [Line Items] | |||
Ownership interest (in percent) | 50% | ||
MGM China | |||
Organization Disclosure [Line Items] | |||
Controlling interest (in percent) | 56% | ||
Number of integrated casino | property | 2 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Investments in and advances to unconsolidated affiliates | $ 156,993 | $ 156,993 | $ 173,039 | |||
Percentage of ownership interest | 100% | |||||
Fair value of investment | 466,000 | $ 466,000 | 461,000 | |||
Unrealized gain (loss) of equity investments | 6,000 | $ (23,000) | 5,000 | $ (8,000) | ||
Loss reserve for accounts receivable | 129,000 | 129,000 | 113,000 | |||
Accrual for property and equipment within accounts payable | 60,000 | 80,000 | ||||
MGM National Harbor | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Payments for repurchase of redeemable noncontrolling interest | 138,000 | 21,000 | ||||
Food and Beverage Revenue | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease revenue | 19,000 | 19,000 | 37,000 | 33,000 | ||
Entertainment Retail and Other Revenue | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease revenue | 29,000 | $ 29,000 | 59,000 | $ 55,000 | ||
Circus Circus Las Vegas And Adjacent Land | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Repayment of note receivable | $ 170,000 | |||||
Circus Circus Las Vegas And Adjacent Land | Other Noncurrent Assets | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Carrying value of note receivable | 167,000 | |||||
MGM Grand Paradise SA | June 2022 Sub Concession Extension Contract | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Obligation amount | $ 87,000 | $ 87,000 | $ 124,000 | |||
Bellagio BREIT Venture | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of minority interest | 5% | 5% | ||||
Bellagio Blackstone Real Estate Investment Trust, Inc | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Investments in and advances to unconsolidated affiliates | $ 55,000 | $ 55,000 |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Debt Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | $ 509,921 | $ 302,707 |
Cash and cash equivalents | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 2,195 | 18,001 |
Cash and cash equivalents | Level 1 | Money market funds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 2,195 | 12,009 |
Cash and cash equivalents | Level 2 | Commercial paper and certificates of deposit | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 0 | 5,992 |
Short-term investments | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 507,726 | 284,706 |
Short-term investments | Level 1 | U.S. government securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 57,696 | 56,835 |
Short-term investments | Level 2 | Commercial paper and certificates of deposit | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 4,561 | 4,466 |
Short-term investments | Level 2 | U.S. agency securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | 29,049 | 9,530 |
Short-term investments | Level 2 | Corporate bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Total debt investments | $ 416,420 | $ 213,875 |
BASIS OF PRESENTATION AND SIG_6
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contract and Contract - Related Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Outstanding Chip Liability | ||
Contract And Contract Related Liabilities [Roll Forward] | ||
Balance at January 1 | $ 185,669 | $ 176,219 |
Balance at June 30 | 196,446 | 165,564 |
Increase / (decrease) | 10,777 | (10,655) |
Loyalty Program | ||
Contract And Contract Related Liabilities [Roll Forward] | ||
Balance at January 1 | 183,602 | 144,465 |
Balance at June 30 | 194,570 | 160,752 |
Increase / (decrease) | 10,968 | 16,287 |
Customer Advances and Other | ||
Contract And Contract Related Liabilities [Roll Forward] | ||
Balance at January 1 | 816,376 | 640,001 |
Balance at June 30 | 806,072 | 704,404 |
Increase / (decrease) | $ (10,304) | $ 64,403 |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||||||||||
Feb. 15, 2023 USD ($) | Dec. 19, 2022 USD ($) | May 17, 2022 USD ($) | Apr. 29, 2022 USD ($) shares | Feb. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 22, 2022 USD ($) | Jun. 30, 2023 USD ($) commonStockClass | Jun. 30, 2022 USD ($) | Sep. 06, 2022 USD ($) | Jun. 30, 2023 USD ($) commonStockClass | Jun. 30, 2022 USD ($) | Sep. 07, 2022 | May 02, 2022 kr / shares | Jul. 30, 2021 $ / shares | |
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Gain on REIT transactions, net | $ 0 | $ 2,277,747 | $ 0 | $ 2,277,747 | |||||||||||
Noncontrolling interests | $ 378,594 | $ 419,194 | 419,194 | ||||||||||||
Proceeds from sale of operating resorts | $ 460,392 | $ 0 | |||||||||||||
Discontinued Operations, Disposed of by Sale | MGP | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Carrying value of assets and liabilities and comprehensive income | $ 5,700,000 | ||||||||||||||
Gain on REIT transactions, net | 2,300,000 | ||||||||||||||
Consideration received from sale of discontinued operations | 4,800,000 | ||||||||||||||
Noncontrolling interests | 3,200,000 | ||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | The Mirage | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Decrease in annual rent payments | $ 90,000 | ||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Gold Strike Tunica | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Decrease in annual rent payments | $ 40,000 | ||||||||||||||
VICI Properties, Inc | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Cash tender price | $ 4,400,000 | ||||||||||||||
Stock issued during period, issued for services (in shares) | shares | 1.366 | ||||||||||||||
Operating partnership units received (in shares) | shares | 1.366 | ||||||||||||||
Operating partnership units received (in shares) | 1% | ||||||||||||||
Ownership interest | $ 375,000 | ||||||||||||||
Affiliated Entity | Discontinued Operations, Disposed of by Sale | The Mirage | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Consideration received from sale of discontinued operations | $ 1,100,000 | ||||||||||||||
Decrease in annual rent payments | 90,000 | ||||||||||||||
Proceeds from sale of operating resorts | $ 1,075,000 | ||||||||||||||
CNE Gaming Holdings, LLC | Disposal Group, Held-for-sale, Not Discontinued Operations | Gold Strike Tunica | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Carrying value of assets and liabilities and comprehensive income | $ 75,000 | ||||||||||||||
Gain on REIT transactions, net | 399,000 | ||||||||||||||
Consideration received from sale of discontinued operations | 474,000 | ||||||||||||||
Decrease in annual rent payments | 40,000 | ||||||||||||||
Proceeds from sale of operating resorts | $ 450,000 | ||||||||||||||
MGM Grand Las Vegas and Mandalay Bay Transaction | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Number of classes of common stock | commonStockClass | 2 | 2 | |||||||||||||
Ownership interest (in percent) | 50.10% | 50.10% | |||||||||||||
LeoVegas | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Shares tendered (in percent) | 1 | ||||||||||||||
Tender offer price (in krona per share) | kr / shares | kr 61 | ||||||||||||||
Ownership interest acquired (in percent) | 2% | 65% | |||||||||||||
Cash tender price | $ 370,000 | ||||||||||||||
Operating partnership equity interest (in percent) | 31% | ||||||||||||||
Equity interests issued and issuable | $ 172,000 | ||||||||||||||
Remaining outstanding shares, fair value | $ 11,000 | ||||||||||||||
Useful life (in years) | 5 years | 5 years | |||||||||||||
Ownership interest after transaction | 100% | ||||||||||||||
Total assets acquired and liabilities assumed | $ 556,000 | ||||||||||||||
Cosmopolitan of Las Vegas | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Ownership interest acquired (in percent) | 100% | ||||||||||||||
Cash tender price | $ 1,700,000 | ||||||||||||||
Total assets acquired and liabilities assumed | 1,690,486 | ||||||||||||||
Cash consideration for acquisition | $ 1,625,000 | ||||||||||||||
Cosmopolitan of Las Vegas | Customer lists | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Useful life (in years) | 7 years | ||||||||||||||
MGP | VICI Properties, Inc | |||||||||||||||
Schedule of Business Acquisitions and Disposals [Line Items] | |||||||||||||||
Fixed exchange ratio (in dollars per share) | $ / shares | $ 43 |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 22, 2022 | May 17, 2022 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Goodwill | $ 5,029,189 | $ 5,029,312 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 5,029,189 | $ 5,029,312 | ||
LeoVegas | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Cash and cash equivalents | $ 93,407 | |||
Receivables and other current assets | 36,872 | |||
Goodwill | 288,367 | |||
Other long-term assets | 19,181 | |||
Accounts payable, accrued liabilities, and other current liabilities | (118,302) | |||
Debt | (104,439) | |||
Other long-term liabilities | (36,457) | |||
Noncontrolling interests | (2,861) | |||
Total assets acquired and liabilities assumed less noncontrolling interest | 555,695 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Cash and cash equivalents | 93,407 | |||
Receivables and other current assets | 36,872 | |||
Goodwill | 288,367 | |||
Other long- term assets | 19,181 | |||
Accounts payable, accrued liabilities, and other current liabilities | (118,302) | |||
Other long-term liabilities | (36,457) | |||
Assets acquired and liabilities assumed | 556,000 | |||
LeoVegas | Technology-Based Intangible Assets | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Finite-lived intangibles | 109,027 | |||
LeoVegas | Trademarks | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Intangible assets, other than goodwill | 144,374 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets, other than goodwill | 144,374 | |||
LeoVegas | Customer lists | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Intangible assets, other than goodwill | 126,526 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets, other than goodwill | $ 126,526 | |||
Cosmopolitan of Las Vegas | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Cash and cash equivalents | $ 80,670 | |||
Receivables and other current assets | 94,354 | |||
Goodwill | 1,289,468 | |||
Other long-term assets | 23,709 | |||
Accounts payable, accrued liabilities, and other current liabilities | (145,136) | |||
Other long-term liabilities | (1,570) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Cash and cash equivalents | 80,670 | |||
Receivables and other current assets | 94,354 | |||
Property and equipment | 120,912 | |||
Goodwill | 1,289,468 | |||
Operating lease right-of-use-assets, net | 3,404,894 | |||
Other long- term assets | 23,709 | |||
Accounts payable, accrued liabilities, and other current liabilities | (145,136) | |||
Operating lease liabilities | (3,401,815) | |||
Other long-term liabilities | (1,570) | |||
Assets acquired and liabilities assumed | 1,690,486 | |||
Cosmopolitan of Las Vegas | Trademarks | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Intangible assets, other than goodwill | 130,000 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets, other than goodwill | 130,000 | |||
Cosmopolitan of Las Vegas | Customer lists | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||
Intangible assets, other than goodwill | 95,000 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets, other than goodwill | $ 95,000 |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES - Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | ||
Net revenues | $ 3,422,277 | $ 6,542,015 |
Net income attributable to MGM Resorts International | $ 1,781,930 | $ 1,780,076 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES - Assets and Liabilities Derecognized and Classified as Held for Sale (Details) - USD ($) $ in Thousands | Feb. 15, 2023 | Dec. 31, 2022 |
Discontinued Operations, Disposed of by Sale | MGP | ||
Assets | ||
Cash and cash equivalents | $ 25,387 | |
Income tax receivable | 5,486 | |
Prepaid expenses and other | 128 | |
Property and equipment, net | 9,250,519 | |
Investments in and advances to unconsolidated affiliates | 817,901 | |
Operating lease right-of-use assets, net | 236,255 | |
Other long-term assets, net | 3,991 | |
Total assets | 10,339,667 | |
Liabilities | ||
Accounts payable | 1,136 | |
Accrued interest on long-term debt | 68,150 | |
Other accrued liabilities | 4,057 | |
Deferred income taxes, net | 1,284 | |
Long-term debt, net | 4,259,473 | |
Operating lease liabilities | 336,689 | |
Total liabilities | $ 4,670,789 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Gold Strike Tunica | ||
Assets | ||
Cash and cash equivalents | $ 26,911 | |
Accounts receivable, net | 2,466 | |
Inventories | 1,087 | |
Prepaid expenses and other | 1,522 | |
Property and equipment, net | 21,300 | |
Goodwill | 40,523 | |
Other intangible assets, net | 5,700 | |
Operating lease right-of-use assets, net | 507,231 | |
Other long-term assets, net | 1,251 | |
Total assets | 607,991 | |
Liabilities | ||
Accounts payable | 1,657 | |
Other accrued liabilities | 13,778 | |
Other long-term obligations | 1,707 | |
Operating lease liabilities | 516,136 | |
Total liabilities | $ 533,278 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 156,993 | $ 173,039 |
BetMGM | ||
Schedule Of Equity Method Investments [Line Items] | ||
Ownership interest (in percent) | 50% | 50% |
Investments in and advances to unconsolidated affiliates | $ 0 | $ 31,760 |
Other | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 156,993 | $ 141,279 |
INVESTMENTS IN AND ADVANCES T_4
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Distributions from unconsolidated affiliates | $ 7,539 | $ 34,830 | ||
BetMGM LLC | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Equity method investment | $ 21,000 | 21,000 | ||
Contributions to unconsolidated affiliates | $ 25,000 | $ 25,000 | $ 50,000 | 150,000 |
MGP BREIT Venture (through April 29, 2022) | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Distributions from unconsolidated affiliates | $ 8,000 | $ 32,000 |
INVESTMENTS IN AND ADVANCES T_5
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Loss from unconsolidated affiliates | $ (16,189) | $ (55,583) | $ (91,188) | $ (102,421) |
Non-operating items from unconsolidated affiliates | (441) | (6,120) | (1,625) | (21,253) |
Net income from unconsolidated affiliates | $ (16,630) | $ (61,703) | $ (92,813) | $ (123,674) |
INVESTMENTS IN AND ADVANCES T_6
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Schedule of Share of Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Loss from unconsolidated affiliates | $ (16,189) | $ (55,583) | $ (91,188) | $ (102,421) |
MGP BREIT Venture (through April 29, 2022) | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Loss from unconsolidated affiliates | 0 | 12,116 | 0 | 51,051 |
BetMGM | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Loss from unconsolidated affiliates | (22,499) | (71,229) | (104,372) | (163,223) |
Other | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Loss from unconsolidated affiliates | $ 6,310 | $ 3,530 | $ 13,184 | $ 9,751 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 5,029,189 | $ 5,029,312 | |
Total indefinite-lived intangible assets | 1,142,575 | 1,139,491 | |
Finite-lived intangible assets, net | 591,437 | 411,761 | |
Other intangible assets, net | 1,734,012 | 1,551,252 | |
Gaming Subconcession | M G M Grand Paradise | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 0 | 4,519,486 | |
Less: Accumulated amortization | 0 | (4,519,486) | |
Finite-lived intangible assets, net | 0 | 0 | |
Customer lists | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 285,818 | 283,232 | |
Less: Accumulated amortization | (83,243) | (60,055) | |
Finite-lived intangible assets, net | 202,575 | 223,177 | |
Gaming rights | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 332,428 | 106,600 | |
Less: Accumulated amortization | (48,150) | (33,316) | |
Finite-lived intangible assets, net | 284,278 | 73,284 | |
Technology and other | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 131,287 | 129,061 | |
Less: Accumulated amortization | (26,703) | (13,761) | |
Finite-lived intangible assets, net | 104,584 | 115,300 | |
Gaming Concession | M G M Grand Paradise | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | $ 226,000 | ||
Trademarks | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 757,410 | 754,431 | |
Gaming rights and other | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | $ 385,165 | $ 385,060 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - Gaming Concession - M G M Grand Paradise - USD ($) $ in Millions | Jun. 30, 2023 | Jan. 01, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying value | $ 226 | |
Amortization period (in years) | 10 years | |
Other Current Liabilities | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying value | $ 7 | |
Other Noncurrent Liabilities | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying value | $ 212 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 6,744,024 | $ 8,761,189 | |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (34,780) | (41,899) | |
Long-term debt | 6,709,244 | 8,719,290 | |
Less: Current portion | (35,200) | (1,286,473) | |
Long-term debt, net | $ 6,674,044 | 7,432,817 | |
6% senior notes, due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 6% | 6% | |
Senior notes | $ 0 | 1,250,000 | |
5.375% MGM China senior notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 5.375% | ||
Senior notes | $ 750,000 | 750,000 | |
6.75% senior notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 6.75% | ||
Senior notes | $ 750,000 | 750,000 | |
5.75% senior notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 5.75% | ||
Senior notes | $ 675,000 | 675,000 | |
5.25% MGM China senior notes, due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in 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 (in percent) | 5.875% | ||
Senior notes | $ 750,000 | 750,000 | |
4.625% senior notes, due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 4.625% | ||
Senior notes | $ 400,000 | 400,000 | |
5.5% senior notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in 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 (in percent) | 4.75% | ||
Senior notes | $ 750,000 | 750,000 | |
4.75% senior notes, due 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 4.75% | ||
Senior notes | $ 750,000 | 750,000 | |
7% debentures, due 2036 | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (in percent) | 7% | ||
Senior notes | $ 552 | 552 | |
MGM China first revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 708,224 | 1,249,744 | |
MGM China second revolving credit facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 0 | 224,313 | |
LeoVegas senior notes, due 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 35,248 | $ 36,580 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Mar. 01, 2023 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 HKD ($) | Mar. 31, 2023 | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||||
Redemption of debt | $ 1,250,000,000 | $ 1,000,000,000 | |||||
Long-term debt, fair value | $ 6,500,000,000 | $ 8,400,000,000 | |||||
6% senior notes, due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption of debt | $ 1,250,000,000 | ||||||
Long-term debt, interest rate (in percent) | 6% | 6% | 6% | ||||
7.75% senior notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Redemption of debt | $ 1,000,000,000 | ||||||
Long-term debt, interest rate (in percent) | 7.75% | ||||||
Revolving Credit Facility | Senior Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility | $ 1,675,000,000 | ||||||
Line of credit facility drawn | 0 | ||||||
Term Loan | MGM China first revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility | $ 1,200,000,000 | $ 9,750 | |||||
Debt instrument, weighted average interest rate (in percent) | 7.83% | 7.83% | |||||
Unsecured Revolving Credit Facility | MGM China second revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility | $ 398,000,000 | $ 3,120 | |||||
Line of credit facility drawn | 0 | ||||||
Line of credit facility, current borrowing capacity | $ 747,000,000 | $ 5,850 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate provision (benefit) | 13.80% | 26.10% | 22.10% | 25.30% |
LEASES - Additional Information
LEASES - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | |||||||||||
Jun. 01, 2023 USD ($) | May 01, 2023 USD ($) | Mar. 01, 2023 USD ($) | Dec. 01, 2022 USD ($) | Oct. 01, 2022 USD ($) | May 17, 2022 agreement | Apr. 29, 2022 USD ($) agreement | Sep. 28, 2021 agreement | Feb. 14, 2020 agreement | Nov. 15, 2019 agreement | Feb. 28, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 debt_instrument | |
Lessee, Lease, Description [Line Items] | |||||||||||||
Number of letters of credit | debt_instrument | 1 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | The Mirage | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Decrease in annual rent payments | $ 90 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Gold Strike Tunica | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Decrease in annual rent payments | $ 40 | ||||||||||||
Right-of-use assets derecognized upon lease modification | 507 | ||||||||||||
Lease liabilities derecognized upon lease modification | 516 | ||||||||||||
Aria and Vdara | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Lease agreement initial lease term | 30 years | ||||||||||||
Number of renewal periods, exercisable at option | agreement | 3 | ||||||||||||
Lease agreement renewal period | 15 years | ||||||||||||
Lessee, operating lease, annual rent expense | $ 219 | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Annual rent escalator after year fifteen | 2% | ||||||||||||
Annual rent escalator cap after year fifteen | 3% | ||||||||||||
Fixed rent escalator for fifteen years | 2% | ||||||||||||
Cosmopolitan of Las Vegas | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Lease agreement initial lease term | 30 years | ||||||||||||
Number of renewal periods, exercisable at option | agreement | 3 | ||||||||||||
Lease agreement renewal period | 15 years | ||||||||||||
Lessee, operating lease, annual rent expense | $ 204 | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Annual rent escalator after year fifteen | 2% | ||||||||||||
Annual rent escalator cap after year fifteen | 3% | ||||||||||||
Fixed rent escalator for fifteen years | 2% | ||||||||||||
VICI Lease and Ground Subleases | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Lease agreement initial lease term | 25 years | ||||||||||||
Number of renewal periods, exercisable at option | agreement | 3 | ||||||||||||
Annual rent escalator from year one through year ten | 2% | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Lessee, operating lease, annual rent expense | $ 745 | $ 860 | $ 730 | $ 770 | |||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Annual rent escalator after year ten | 2% | ||||||||||||
Annual rent escalator cap after year ten | 3% | ||||||||||||
Mandalay Bay and MGM Grand Las Vegas | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Term of covenant | 1 year | ||||||||||||
Lease agreement initial lease term | 30 years | ||||||||||||
Number of renewal periods, exercisable at option | agreement | 2 | ||||||||||||
Lease agreement renewal period | 15 years | ||||||||||||
Lessee, operating lease, annual rent expense | $ 310 | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Annual rent escalator from year one through year fifteen | 2% | ||||||||||||
Annual rent escalator after year fifteen | 2% | ||||||||||||
Annual rent escalator cap after year fifteen | 3% | ||||||||||||
Aria and Vdara | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Term of covenant | 1 year | ||||||||||||
Cosmopolitan of Las Vegas | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Term of covenant | 1 year | ||||||||||||
Bellagio Lease | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Term of covenant | 2 years | ||||||||||||
Lease agreement initial lease term | 30 years | ||||||||||||
Number of renewal periods, exercisable at option | agreement | 2 | ||||||||||||
Lessor, operating lease, renewal term | 10 years | ||||||||||||
Annual rent escalator from year one through year ten | 2% | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Annual rent escalator from year eleven through year twenty | 2% | ||||||||||||
Annual rent escalator cap from year eleven through year twenty | 3% | ||||||||||||
Annual rent escalator after year twenty | 4% | ||||||||||||
Lessee, operating lease, annual rent expense | $ 260 | ||||||||||||
M G M Cotai | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Lease agreement initial lease term | 25 years | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
M G M Macau | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Lease agreement initial lease term | 25 years | ||||||||||||
Lease agreement renewal period | 10 years | ||||||||||||
Minimum | VICI Lease and Ground Subleases | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Term of covenant | 6 months | ||||||||||||
Maximum | VICI Lease and Ground Subleases | |||||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||||
Term of covenant | 1 year |
LEASES - Schedule of Components
LEASES - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Line Items] | ||||
Operating lease cost, primarily classified within "General and administrative" | $ 575,472 | $ 488,987 | $ 1,156,460 | $ 760,836 |
Interest expense | 3,107 | 1,811 | 4,521 | 2,704 |
Amortization expense | 17,313 | 19,493 | 34,839 | 39,650 |
Total finance lease costs | 20,420 | 21,304 | 39,360 | 42,354 |
Bellagio | ||||
Leases [Line Items] | ||||
Operating lease cost, primarily classified within "General and administrative" | $ 83,000 | $ 83,000 | $ 166,000 | $ 166,000 |
LEASES - Schedule of Supplement
LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating leases | ||
Operating lease right-of-use assets, net | $ 24,276,784 | $ 24,530,929 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ 63,281 | $ 53,981 |
Operating lease liabilities - long-term | 25,136,719 | 25,149,299 |
Total operating lease liabilities | $ 25,200,000 | $ 25,203,280 |
Finance leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Finance lease ROU assets, net classified within “Property and equipment, net” | $ 116,239 | $ 150,571 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ 41,124 | $ 72,420 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term obligations | Other long-term obligations |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | $ 87,296 | $ 88,181 |
Total finance lease liabilities | $ 128,420 | $ 160,601 |
Weighted average remaining lease term (years) | ||
Operating leases | 26 years | 26 years |
Finance leases | 17 years | 14 years |
Weighted average discount rate (%) | ||
Operating leases | 7% | 7% |
Finance leases | 6% | 5% |
Bellagio | ||
Operating leases | ||
Operating lease right-of-use assets, net | $ 3,500,000 | $ 3,500,000 |
Operating lease liabilities - long-term | $ 3,800,000 | $ 3,800,000 |
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 | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash outflows from operating leases | $ 904,726 | $ 588,690 |
Operating cash outflows from finance leases | 3,395 | 2,686 |
Financing cash outflows from finance leases | 34,773 | 43,628 |
ROU assets obtained in exchange for new lease liabilities | ||
Operating leases | 11,245 | 15,528,718 |
Finance leases | $ 518 | $ 87,840 |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 (excluding the six months ended June 30, 2023) | $ 899,947 | |
2024 | 1,829,804 | |
2025 | 1,858,056 | |
2026 | 1,884,704 | |
2027 | 839,670 | |
Thereafter | 51,958,061 | |
Total future minimum lease payments | 59,270,242 | |
Less: Amount of lease payments representing interest | (34,070,242) | |
Total operating lease liabilities | 25,200,000 | $ 25,203,280 |
Less: Current portion | (63,281) | (53,981) |
Long-term portion of lease liabilities | 25,136,719 | 25,149,299 |
Finance Leases | ||
2023 (excluding the six months ended June 30, 2023) | 42,714 | |
2024 | 8,881 | |
2025 | 8,379 | |
2026 | 7,144 | |
2027 | 7,116 | |
Thereafter | 135,230 | |
Total future minimum lease payments | 209,464 | |
Less: Amount of lease payments representing interest | (81,044) | |
Total finance lease liabilities | 128,420 | 160,601 |
Less: Current portion | (41,124) | (72,420) |
Long-term portion of lease liabilities | $ 87,296 | $ 88,181 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail) MOP$ in Millions | 1 Months Ended | |||||
Jan. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 MOP (MOP$) | Jan. 31, 2023 MOP (MOP$) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MOP (MOP$) | |
Loss Contingencies [Line Items] | ||||||
Long-term debt, gross | $ 6,744,024,000 | $ 8,761,189,000 | ||||
Blackstone real estate income trust | ||||||
Loss Contingencies [Line Items] | ||||||
Obligation amount | 3,010,000,000 | |||||
Mandalay Bay and MGM Grand Las Vegas | ||||||
Loss Contingencies [Line Items] | ||||||
Obligation amount | 3,000,000,000 | |||||
MGM Grand Paradise SA | January 2023 Concessions | ||||||
Loss Contingencies [Line Items] | ||||||
Obligation amount | $ 124,000,000 | 87,000,000 | MOP$ 700 | MOP$ 1000 | $ 124,000,000 | MOP$ 1000 |
Guarantee expiration, days after the end of the concession term | 180 days | |||||
Released pledged cash | 300,000,000 | |||||
Senior Credit Facility | ||||||
Loss Contingencies [Line Items] | ||||||
Credit facility outstanding | 29,000,000 | |||||
Revolving Credit Facility | ||||||
Loss Contingencies [Line Items] | ||||||
Long-term debt, gross | $ 1,350,000,000 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income attributable to MGM Resorts International | $ 200,796 | $ 1,783,937 | $ 667,603 | $ 1,765,921 |
Adjustment related to redeemable noncontrolling interests | 114 | (12,412) | 1,410 | (21,397) |
Net income attributable to common stockholders, basic | 200,910 | 1,771,525 | 669,013 | 1,744,524 |
Net income attributable to common stockholders, diluted | $ 200,910 | $ 1,771,525 | $ 669,013 | $ 1,744,524 |
Denominator: | ||||
Weighted-average common shares outstanding – basic (in shares) | 361,050 | 417,393 | 367,535 | 430,084 |
Potential dilution from share-based awards (in shares) | 4,289 | 3,910 | 4,150 | 4,252 |
Weighted-average common and common equivalent shares – diluted (in shares) | 365,339 | 421,303 | 371,685 | 434,336 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share (in shares) | 261 | 705 | 268 | 599 |
STOCKHOLDERS_ EQUITY - Addition
STOCKHOLDERS’ EQUITY - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Aug. 02, 2023 | Feb. 28, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 28, 2023 | Mar. 31, 2022 | |
Schedule Of Stockholders Equity Note [Line Items] | ||||||||
Repurchases of common stock | $ 626,338,000 | $ 1,114,083,000 | $ 1,113,207,000 | $ 2,116,055,000 | ||||
Common Stock | ||||||||
Schedule Of Stockholders Equity Note [Line Items] | ||||||||
Repurchases of common stock (in shares) | 14,583,000 | 32,369,000 | 26,503,000 | 55,715,000 | ||||
Repurchases of common stock | $ 145,000 | $ 324,000 | $ 265,000 | $ 557,000 | ||||
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 | $ 1,400,000,000 | $ 1,400,000,000 | ||||||
Share Repurchase Program Two | Common Stock | ||||||||
Schedule Of Stockholders Equity Note [Line Items] | ||||||||
Authorized amount of stock repurchase | $ 2,000,000,000 | |||||||
Share Repurchase Program | Common Stock | ||||||||
Schedule Of Stockholders Equity Note [Line Items] | ||||||||
Repurchases of common stock (in shares) | 15,000,000 | 32,000,000 | 27,000,000 | 56,000,000 | ||||
Repurchases of common stock | $ 626,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | $ 2,100,000,000 | ||||
Share Repurchase Program | Common Stock | Subsequent Event | ||||||||
Schedule Of Stockholders Equity Note [Line Items] | ||||||||
Repurchases of common stock (in shares) | 2,000,000 | |||||||
Repurchases of common stock | $ 88,000,000 | |||||||
Share Repurchase Program | Common Stock | Corvex Management LP | ||||||||
Schedule Of Stockholders Equity Note [Line Items] | ||||||||
Repurchases of common stock (in shares) | 4,500,000 | |||||||
Repurchases of common stock | $ 202,500,000 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 5,222,103 | $ 9,879,624 | $ 5,210,123 | $ 10,976,766 |
Other comprehensive income (loss) | (6,040) | (8,167) | (5,218) | 9,898 |
Ending balance | 4,835,367 | $ 7,197,683 | 4,835,367 | $ 7,197,683 |
Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 36,873 | 34,435 | ||
Other comprehensive loss before reclassifications | (6,089) | |||
Amounts reclassified from accumulated other comprehensive income to "Other, net" | 0 | |||
Other comprehensive income (loss) | (6,040) | (6,089) | ||
Other comprehensive (income) loss attributable to noncontrolling interest | (711) | 1,776 | ||
Ending balance | 30,122 | 30,122 | ||
Other | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (65) | (936) | ||
Other comprehensive loss before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive income to "Other, net" | 871 | |||
Other comprehensive income (loss) | 0 | 871 | ||
Other comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | ||
Ending balance | (65) | (65) | ||
Total | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 36,808 | 33,499 | ||
Other comprehensive loss before reclassifications | (6,089) | |||
Amounts reclassified from accumulated other comprehensive income to "Other, net" | 871 | |||
Other comprehensive income (loss) | (6,040) | (5,218) | ||
Other comprehensive (income) loss attributable to noncontrolling interest | (711) | 1,776 | ||
Ending balance | $ 30,057 | $ 30,057 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Total revenue | $ 3,942,207 | $ 3,264,888 | $ 7,815,503 | $ 6,119,197 |
Other operating income (expense) | ||||
Preopening and start-up expenses | (149) | (542) | (288) | (976) |
Property transactions, net | (5,614) | 19,395 | 390,462 | (35,343) |
Depreciation and amortization | (203,503) | (366,255) | (407,004) | (654,893) |
Gain on REIT transactions, net | 0 | 2,277,747 | 0 | 2,277,747 |
Triple-net operating lease and ground lease rent expense | (564,158) | (483,454) | (1,134,713) | (745,906) |
Income from unconsolidated affiliates related to real estate ventures | 2,695 | 14,826 | 5,390 | 56,472 |
Operating income | 371,378 | 2,381,451 | 1,102,217 | 2,487,239 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (111,945) | (136,559) | (242,245) | (332,650) |
Non-operating items from unconsolidated affiliates | (441) | (6,120) | (1,625) | (21,253) |
Other, net | 23,693 | (43,308) | 70,000 | (9,006) |
Non-operating income (expense) | (88,693) | (185,987) | (173,870) | (362,909) |
Income before income taxes | 282,685 | 2,195,464 | 928,347 | 2,124,330 |
Provision for income taxes | (39,141) | (572,839) | (204,920) | (536,498) |
Net income | 243,544 | 1,622,625 | 723,427 | 1,587,832 |
Less: Net (income) loss attributable to noncontrolling interests | (42,748) | 161,312 | (55,824) | 178,089 |
Net income attributable to MGM Resorts International | 200,796 | 1,783,937 | 667,603 | 1,765,921 |
Reportable segments | ||||
Revenues | ||||
Total revenue | 3,813,705 | 3,239,857 | 7,553,292 | 6,061,953 |
Adjusted Property EBITDAR | ||||
Reportable segment Adjusted Property EBITDAR | 1,279,685 | 1,113,026 | 2,597,617 | 1,994,283 |
Reportable segments | Las Vegas Strip Resorts | ||||
Revenues | ||||
Total revenue | 2,146,650 | 2,137,176 | 4,322,802 | 3,800,068 |
Adjusted Property EBITDAR | ||||
Reportable segment Adjusted Property EBITDAR | 776,529 | 825,267 | 1,612,338 | 1,418,901 |
Reportable segments | Regional Operations | ||||
Revenues | ||||
Total revenue | 926,100 | 959,669 | 1,871,943 | 1,850,498 |
Adjusted Property EBITDAR | ||||
Reportable segment Adjusted Property EBITDAR | 293,767 | 339,850 | 606,942 | 653,129 |
Reportable segments | MGM China | ||||
Revenues | ||||
Total revenue | 740,955 | 143,012 | 1,358,547 | 411,387 |
Adjusted Property EBITDAR | ||||
Reportable segment Adjusted Property EBITDAR | 209,389 | (52,091) | 378,337 | (77,747) |
Corporate and other | ||||
Revenues | ||||
Total revenue | 128,502 | 25,031 | 262,211 | 57,244 |
Other operating income (expense) | ||||
Corporate and other, net | (137,578) | (193,292) | (349,247) | (404,145) |
Casino | ||||
Revenues | ||||
Total revenue | 1,951,382 | 1,357,134 | 3,833,810 | 2,778,044 |
Casino | Reportable segments | Las Vegas Strip Resorts | ||||
Revenues | ||||
Total revenue | 492,212 | 498,524 | 992,775 | 973,822 |
Casino | Reportable segments | Regional Operations | ||||
Revenues | ||||
Total revenue | 679,430 | 734,139 | 1,396,407 | 1,437,818 |
Casino | Reportable segments | MGM China | ||||
Revenues | ||||
Total revenue | 669,658 | 120,948 | 1,224,930 | 352,151 |
Rooms | ||||
Revenues | ||||
Total revenue | 815,323 | 774,732 | 1,663,811 | 1,331,805 |
Rooms | Reportable segments | Las Vegas Strip Resorts | ||||
Revenues | ||||
Total revenue | 706,715 | 696,008 | 1,458,406 | 1,181,296 |
Rooms | Reportable segments | Regional Operations | ||||
Revenues | ||||
Total revenue | 76,929 | 70,912 | 144,233 | 127,026 |
Rooms | Reportable segments | MGM China | ||||
Revenues | ||||
Total revenue | 31,679 | 7,812 | 61,172 | 23,483 |
Food and beverage | ||||
Revenues | ||||
Total revenue | 743,236 | 677,756 | 1,465,367 | 1,170,610 |
Food and beverage | Reportable segments | Las Vegas Strip Resorts | ||||
Revenues | ||||
Total revenue | 598,771 | 560,764 | 1,181,398 | 945,040 |
Food and beverage | Reportable segments | Regional Operations | ||||
Revenues | ||||
Total revenue | 111,491 | 106,051 | 223,370 | 197,189 |
Food and beverage | Reportable segments | MGM China | ||||
Revenues | ||||
Total revenue | 32,973 | 10,940 | 60,598 | 28,381 |
Entertainment, retail and other | ||||
Revenues | ||||
Total revenue | 420,711 | 445,342 | 830,289 | 816,908 |
Entertainment, retail and other | Reportable segments | Las Vegas Strip Resorts | ||||
Revenues | ||||
Total revenue | 348,952 | 381,880 | 690,223 | 699,910 |
Entertainment, retail and other | Reportable segments | MGM China | ||||
Revenues | ||||
Total revenue | 6,645 | 3,312 | 11,847 | 7,372 |
Entertainment, retail and other, and reimbursed costs | Reportable segments | Regional Operations | ||||
Revenues | ||||
Total revenue | $ 58,250 | $ 48,567 | $ 107,933 | $ 88,465 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Detail) - Master Lease - USD ($) $ in Millions | Apr. 01, 2022 | Mar. 31, 2022 |
Related Party Transaction [Line Items] | ||
Annual rent payments | $ 877 | $ 873 |
Fixed annual rent escalator percentage | 2% | |
Increase in annual rent payments | $ 16 | |
Term to reset rent payments | 5 years | |
Decrease in annual rent payments | $ 12 |