MGM Resorts International (MGM) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		303,769,722
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Central Index Key	0000789570
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 2,414,195	$ 2,927,833
Accounts receivable, net	1,016,898	929,135
Inventories	147,863	141,678
Income tax receivable	207,601	141,444
Prepaid expenses and other	622,579	770,503
Total current assets	4,409,136	4,910,593
Property and equipment, net	5,715,638	5,449,544
Other assets
Investments in and advances to unconsolidated affiliates	237,821	240,803
Goodwill	5,153,446	5,165,694
Other intangible assets, net	1,658,403	1,724,582
Operating lease right-of-use assets, net	23,785,252	24,027,465
Other long-term assets, net	855,765	849,867
Total other assets	31,690,687	32,008,411
Total assets	41,815,461	42,368,548
Current liabilities
Accounts and construction payable	401,924	461,718
Accrued interest on long-term debt	57,506	60,173
Other accrued liabilities	2,540,743	2,604,177
Total current liabilities	3,000,173	3,126,068
Deferred income taxes, net	2,797,378	2,860,997
Long-term debt, net	6,292,676	6,343,810
Operating lease liabilities	25,110,920	25,127,464
Other long-term obligations	768,001	542,708
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	32,168	33,356
Stockholders’ equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 304,964,825 and 326,550,141 shares	3,050	3,266
Capital in excess of par value	0	0
Retained earnings	3,172,243	3,664,008
Accumulated other comprehensive income	37,383	143,896
Total MGM Resorts International stockholders’ equity	3,212,676	3,811,170
Noncontrolling interests	601,469	522,975
Total stockholders’ equity	3,814,145	4,334,145
Total liabilities and stockholders' equity	$ 41,815,461	$ 42,368,548

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	304,964,825	326,550,141
Common stock, shares outstanding (in shares)	304,964,825	326,550,141

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenue	$ 4,327,375	$ 3,942,207	$ 8,710,845	$ 7,815,503
Expenses
General and administrative	1,210,968	1,144,390	2,405,650	2,279,930
Corporate expense	124,078	117,088	253,744	244,647
Preopening and start-up expenses	855	149	1,950	288
Property transactions, net	16,477	5,614	33,631	(390,462)
Depreciation and amortization	191,976	203,503	388,538	407,004
Total expenses	3,867,535	3,554,640	7,767,503	6,622,098
Loss from unconsolidated affiliates	(34,184)	(16,189)	(59,308)	(91,188)
Operating income	425,656	371,378	884,034	1,102,217
Non-operating income (expense)
Interest expense, net of amounts capitalized	(112,739)	(111,945)	(222,776)	(242,245)
Non-operating items from unconsolidated affiliates	1,762	(441)	1,626	(1,625)
Other, net	(43,431)	23,693	(48,237)	70,000
Non-operating income (expense)	(154,408)	(88,693)	(269,387)	(173,870)
Income before income taxes	271,248	282,685	614,647	928,347
Benefit (provision) for income taxes	11,554	(39,141)	(32,119)	(204,920)
Net income	282,802	243,544	582,528	723,427
Less: Net income attributable to noncontrolling interests	(95,730)	(42,748)	(177,980)	(55,824)
Net income attributable to MGM Resorts International	$ 187,072	$ 200,796	$ 404,548	$ 667,603
Earnings per share
Basic (in dollars per share)	$ 0.60	$ 0.56	$ 1.28	$ 1.82
Diluted (in dollars per share)	$ 0.60	$ 0.55	$ 1.27	$ 1.80
Weighted average common shares outstanding
Basic (in shares)	311,179	361,050	315,837	367,535
Diluted (in shares)	314,420	365,339	319,092	371,685
Casino
Revenues
Total revenue	$ 2,212,759	$ 1,951,382	$ 4,453,854	$ 3,833,810
Expenses
Cost of revenues	1,221,755	1,025,745	2,493,599	2,016,635
Rooms
Revenues
Total revenue	898,998	815,323	1,855,399	1,663,811
Expenses
Cost of revenues	277,849	250,300	552,257	490,414
Food and beverage
Revenues
Total revenue	802,138	743,236	1,571,541	1,465,367
Expenses
Cost of revenues	571,430	537,824	1,129,510	1,049,416
Entertainment, retail and other
Revenues
Total revenue	401,605	420,711	805,996	830,289
Expenses
Cost of revenues	240,272	258,472	484,569	502,000
Reimbursed costs
Revenues
Total revenue	11,875	11,555	24,055	22,226
Expenses
Cost of revenues	$ 11,875	$ 11,555	$ 24,055	$ 22,226

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 282,802	$ 243,544	$ 582,528	$ 723,427
Other comprehensive loss, net of tax:
Foreign currency translation	(21,078)	(6,040)	(106,268)	(6,089)
Other	0	0	0	871
Other comprehensive loss	(21,078)	(6,040)	(106,268)	(5,218)
Comprehensive income	261,724	237,504	476,260	718,209
Less: Comprehensive income attributable to noncontrolling interests	(97,079)	(43,459)	(178,225)	(54,048)
Comprehensive income attributable to MGM Resorts International	$ 164,645	$ 194,045	$ 298,035	$ 664,161

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 582,528	$ 723,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	388,538	407,004
Amortization of debt discounts, premiums and issuance costs	13,708	13,876
Loss on retirement of long-term debt	2,013	0
Provision for credit losses	29,838	22,303
Stock-based compensation	39,325	35,121
Foreign currency transaction (gain) loss	(37,166)	21,298
Property transactions, net	33,631	(390,462)
Noncash lease expense	257,430	261,082
Other investment losses (gains)	43,760	(12,383)
Loss from unconsolidated affiliates	57,682	92,813
Distributions from unconsolidated affiliates	11,088	7,539
Deferred income taxes	(59,747)	35,822
Change in operating assets and liabilities:
Accounts receivable	(74,066)	111,740
Inventories	(6,178)	(4,811)
Income taxes receivable and payable, net	(70,944)	(48,452)
Prepaid expenses and other	(3,996)	(3,404)
Accounts payable and accrued liabilities	(286,246)	(11,926)
Other	102,311	20,172
Net cash provided by operating activities	1,023,509	1,280,759
Cash flows from investing activities
Capital expenditures	(410,322)	(393,297)
Dispositions of property and equipment	1,681	5,624
Investments in unconsolidated affiliates	(41,198)	(73,788)
Proceeds from sale of operating resorts	0	460,392
Acquisitions, net of cash acquired	(491)	0
Proceeds from repayment of principal on note receivable	0	152,518
Distributions from unconsolidated affiliates	1,202	6,019
Investments and other	63,719	(216,485)
Net cash used in investing activities	(385,409)	(59,017)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less	207,749	(758,441)
Issuance of long-term debt	1,250,000	0
Repayment of long-term debt	(1,500,000)	(1,250,000)
Debt issuance costs	(25,323)	0
Distributions to noncontrolling interest owners	(94,936)	(161,617)
Repurchases of common stock	(915,337)	(1,103,219)
Other	(45,605)	(56,259)
Net cash used in financing activities	(1,123,452)	(3,329,536)
Effect of exchange rate on cash, cash equivalents, and restricted cash	(28,269)	(24,393)
Change in cash and cash equivalents classified as assets held for sale	0	25,938
Cash, cash equivalents, and restricted cash
Net change for the period	(513,621)	(2,106,249)
Balance, beginning of period	3,014,896	6,036,388
Balance, end of period	2,501,275	3,930,139
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	211,735	250,469
Federal, state and foreign income taxes paid, net	165,936	216,873
Gaming Subconcession | M G M Grand Paradise
Non-cash investing and financing activities
MGM Grand Paradise gaming concession intangible asset	0	226,083
MGM Grand Paradise gaming concession payment obligation	$ 0	$ 226,083

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total MGM Resorts International Stockholders’ Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			379,088,000
Beginning balance at Dec. 31, 2022	$ 5,210,123	$ 4,831,529	$ 3,791	$ 0	$ 4,794,239	$ 33,499	$ 378,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	723,089	667,603			667,603		55,486
Currency translation adjustment	(6,089)	(4,313)				(4,313)	(1,776)
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)	(2,564)	$ 2	(2,566)
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)	(1,113,207)	$ (265)	(33,688)	(1,079,254)
Adjustment of redeemable noncontrolling interest to redemption value	1,411	1,411		1,411
Other	(128)	191		(680)		871	(319)
Ending balance (in shares) at Jun. 30, 2023			352,790,000
Ending balance at Jun. 30, 2023	4,835,367	4,416,173	$ 3,528	0	4,382,588	30,057	419,194
Beginning balance (in shares) at Mar. 31, 2023			367,241,000
Beginning balance at Mar. 31, 2023	5,222,103	4,839,658	$ 3,672	0	4,799,178	36,808	382,445
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	243,373	200,796			200,796		42,577
Currency translation adjustment	(6,040)	(6,751)				(6,751)	711
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)	(1,223)	$ 1	(1,224)
Distributions to noncontrolling interest owners	(6,854)						(6,854)
Repurchases of common stock (in shares)			(14,583,000)
Repurchases of common stock	(626,338)	(626,338)	$ (145)	(8,807)	(617,386)
Adjustment of redeemable noncontrolling interest to redemption value	114	114		114
Other	(998)	(677)		(677)			(321)
Ending balance (in shares) at Jun. 30, 2023			352,790,000
Ending balance at Jun. 30, 2023	$ 4,835,367	4,416,173	$ 3,528	0	4,382,588	30,057	419,194
Beginning balance (in shares) at Dec. 31, 2023	326,550,141		326,550,000
Beginning balance at Dec. 31, 2023	$ 4,334,145	3,811,170	$ 3,266	0	3,664,008	143,896	522,975
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	582,220	404,548			404,548		177,672
Currency translation adjustment	(106,268)	(106,513)				(106,513)	245
Stock-based compensation	39,030	37,623		37,623			1,407
Issuance of common stock pursuant to stock-based compensation awards (in shares)			112,000
Issuance of common stock pursuant to stock-based compensation awards	(1,758)	(1,758)		(1,758)
Distributions to noncontrolling interest owners	(94,289)						(94,289)
Repurchases of common stock (in shares)			(21,697,000)
Repurchases of common stock	(924,291)	(924,291)	$ (216)	(27,531)	(896,544)
Adjustment of redeemable noncontrolling interest to redemption value	231	231			231
Other	$ (14,875)	(8,334)		(8,334)			(6,541)
Ending balance (in shares) at Jun. 30, 2024	304,964,825		304,965,000
Ending balance at Jun. 30, 2024	$ 3,814,145	3,212,676	$ 3,050	0	3,172,243	37,383	601,469
Beginning balance (in shares) at Mar. 31, 2024			314,915,000
Beginning balance at Mar. 31, 2024	4,027,277	3,456,764	$ 3,149	0	3,393,805	59,810	570,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	282,696	187,072			187,072		95,624
Currency translation adjustment	(21,078)	(22,427)				(22,427)	1,349
Stock-based compensation	12,429	11,729		11,729			700
Issuance of common stock pursuant to stock-based compensation awards (in shares)			44,000
Issuance of common stock pursuant to stock-based compensation awards	(597)	(597)		(597)
Distributions to noncontrolling interest owners	(61,106)						(61,106)
Repurchases of common stock (in shares)			(9,994,000)
Repurchases of common stock	(412,809)	(412,809)	$ (99)	(3,978)	(408,732)
Adjustment of redeemable noncontrolling interest to redemption value	98	98			98
Other	$ (12,765)	(7,154)		(7,154)			(5,611)
Ending balance (in shares) at Jun. 30, 2024	304,964,825		304,965,000
Ending balance at Jun. 30, 2024	$ 3,814,145	$ 3,212,676	$ 3,050	$ 0	$ 3,172,243	$ 37,383	$ 601,469

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
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, 2024, 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. 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 LV Lion Holding Limited (“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. The Company also has a 50% ownership interest in Osaka IR KK, an unconsolidated affiliate, which plans to develop an integrated resort in Osaka, Japan. Reportable segments. The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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 2023 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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. Bellagio BREIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and Osaka IR KK are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. 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. 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. Reclassifications. Certain reclassifications have been made to conform the prior period presentation. 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 5; • Level 2 inputs for its derivatives, 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 $385 million and $435 million as of June 30, 2024 and December 31, 2023, 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, 2024, the Company recorded a net loss on its equity investments of $26 million and $50 million, respectively. 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. Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.” As of June 30, 2024, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of June 30, 2024, the fair value of derivatives were $81 million, with $35 million as a current liability and $46 million as a long-term liability. As of December 31, 2023, the fair value of derivatives classified as assets were $10 million, with $1 million in current assets and $9 million in long-term assets, and liabilities of $17 million, with $8 million in current liabilities and $9 million in long-term liabilities. For the three and six months ended June 30, 2024, the Company recorded a net loss on its derivatives of $62 million and $100 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 table presents information regarding the Company’s debt investments: Fair value level June 30, 2024 December 31, 2023 (In thousands) Cash and cash equivalents: Money market funds Level 1 $ 108,825 $ 18,828 Cash and cash equivalents 108,825 18,828 Short-term investments: U.S. government securities Level 1 5,033 37,805 U.S. agency securities Level 2 — 9,804 Corporate bonds Level 2 277,409 364,926 Asset-backed securities Level 2 14,950 7,170 Short-term investments 297,392 419,705 Total debt investments $ 406,217 $ 438,533 Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1). Restricted cash. MGM China’s pledged cash of $87 million for each of June 30, 2024 and December 31, 2023, securing the bank guarantees discussed in Note 8 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, 2024 and December 31, 2023. Accounts receivable. As of June 30, 2024 and December 31, 2023, the loss reserve on accounts receivable was $136 million and $130 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. Accounts payable. As of June 30, 2024 and December 31, 2023, the Company had accrued $78 million and $84 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 2024 2023 2024 2023 2024 2023 (In thousands) Balance at January 1 $ 211,606 $ 185,669 $ 201,973 $ 183,602 $ 766,226 $ 816,376 Balance at June 30 213,685 196,446 203,099 194,570 799,658 806,072 Increase / (decrease) $ 2,079 $ 10,777 $ 1,126 $ 10,968 $ 33,432 $ (10,304) The January 1, 2023 balances exclude liabilities related to assets held for sale related to Gold Strike Tunica. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 11. Leases. Refer to Note 7 for information regarding 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, 2024, lease revenues from third-party tenants include $21 million and $41 million recorded within food and beverage revenue, respectively and $29 million and $58 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. 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. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Push Gaming acquisition. On August 31, 2023, LeoVegas acquired 86% of digital gaming developer, Push Gaming Holding Limited (“Push Gaming”) for total consideration of $146 million, which was allocated to $126 million of goodwill and $40 million of amortizable intangible assets. Gold Strike Tunica.

INVESTMENTS IN AND ADVANCES TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	6 Months Ended
	Jun. 30, 2024
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 were $238 million and $241 million as of June 30, 2024 and December 31, 2023, respectively. The Company’s share of losses of BetMGM in excess of its equity method investment balance is $48 million and $5 million as of June 30, 2024 and December 31, 2023, respectively. In July 2024, the Company contributed 22.2 billion yen (approximately $138 million) to Osaka IR KK. The Company recorded its share of loss from unconsolidated affiliates as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Loss from unconsolidated affiliates $ (34,184) $ (16,189) $ (59,308) $ (91,188) Non-operating items from unconsolidated affiliates 1,762 (441) 1,626 (1,625) $ (32,422) $ (16,630) $ (57,682) $ (92,813) The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) BetMGM $ (38,391) $ (22,499) $ (70,992) $ (104,372) Other 4,207 6,310 11,684 13,184 $ (34,184) $ (16,189) $ (59,308) $ (91,188)

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2024
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 $ 578,823 $ 371,300 5.375% MGM China senior notes, due 2024 — 750,000 6.75% senior notes, due 2025 — 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 7.125% MGM China senior notes, due 2031 500,000 — 6.5% senior notes, due 2032 750,000 — 7% debentures, due 2036 552 552 6,329,375 6,371,852 Less: Unamortized discounts and debt issuance costs, net (36,699) (28,042) $ 6,292,676 $ 6,343,810 Debt due within one year of the June 30, 2024 balance sheet was classified as long-term as the Company and MGM China have both the intent and ability to refinance the current maturities on a long-term basis under the respective revolving credit facilities. Senior secured credit facility. In February 2024, the Company amended its senior secured credit facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. At June 30, 2024, 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, 2024. MGM China first revolving credit facility. At June 30, 2024, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.2 billion) unsecured revolving credit facility, which matures in May 2026, and had a weighted average interest rate of 7.18%. 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. 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, 2024. MGM China second revolving credit facility. At June 30, 2024, the MGM China second revolving credit facility consisted of a HK$5.85 billion (approximately $749 million) unsecured revolving credit facility. The option to increase the amount of the facility was further exercised in May 2024, increasing the facility by HK$1.26 billion (approximately $161 million) to its full capacity of HK$5.85 billion. At June 30, 2024, no amounts were drawn on the MGM China second revolving credit facility. The MGM China second revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. 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, 2024. Senior notes. In April 2024, the Company issued $750 million in aggregate principal amount of 6.5% notes due 2032. The Company used the net proceeds from the offering to fund the early redemption of its $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024. In March 2023, the Company repaid its $1.25 billion 6% notes due 2023 upon maturity. MGM China senior notes. In June 2024, MGM China issued $500 million in aggregate principal amount of 7.125% notes due 2031. In May 2024, MGM China repaid its $750 million in aggregate principal amount of 5.375% notes due 2024. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.2 billion and $6.3 billion at June 30, 2024 and December 31, 2023, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
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 (4.3%) and 5.2% for the three and six months ended June 30, 2024, respectively, compared to 13.8% and 22.1% for the three and six months ended June 30, 2023, respectively. On January 29, 2024, MGM Grand Paradise was granted an extension of its exemption from the Macau 12% complementary tax on gaming profits for the period of January 1, 2023 through December 31, 2027. 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, 2024
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. Other information. Components of lease costs and other information related to the Company’s leases are: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Operating lease cost, primarily classified within “General and administrative” (1) $ 575,258 $ 575,472 $ 1,150,201 $ 1,156,460 Finance lease costs Interest expense $ 9,926 $ 3,107 $ 18,810 $ 4,521 Amortization expense 13,060 17,313 25,956 34,839 Total finance lease costs $ 22,986 $ 20,420 $ 44,766 $ 39,360 (1) Operating lease cost includes $83 million for each of the three months ended June 30, 2024 and 2023 and $166 million for each of the six months ended June 30, 2024 and 2023 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) $ 23,785,252 $ 24,027,465 Operating lease liabilities - current, classified within “Other accrued liabilities” $ 83,235 $ 74,988 Operating lease liabilities - long-term (2) 25,110,920 25,127,464 Total operating lease liabilities $ 25,194,155 $ 25,202,452 Finance leases Finance lease ROU assets, net, classified within “Property and equipment, net” $ 248,980 $ 85,783 Finance lease liabilities - current, classified within “Other accrued liabilities” $ 55,736 $ 9,166 Finance lease liabilities - long-term, classified within “Other long-term obligations” 205,413 85,391 Total finance lease liabilities $ 261,149 $ 94,557 Weighted average remaining lease term (years) Operating leases 25 25 Finance leases 10 22 Weighted average discount rate (%) Operating leases 7 7 Finance leases 6 6 (1) As of June 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively. (2) As of June 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2024, operating lease liabilities – current included $1 million related to the Bellagio lease. Six Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 916,403 $ 904,726 Operating cash outflows from finance leases 7,471 3,395 Financing cash outflows from finance leases (1) 22,536 34,773 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,351 $ 11,245 Finance leases 186,924 518 (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) 2024 (excluding the six months ended June 30, 2024) $ 920,263 $ 37,835 2025 1,863,649 61,968 2026 1,889,504 58,536 2027 1,917,105 58,306 2028 1,945,255 7,165 Thereafter 48,944,106 128,248 Total future minimum lease payments 57,479,882 352,058 Less: Amount of lease payments representing interest (32,285,727) (90,909) Present value of future minimum lease payments 25,194,155 261,149 Less: Current portion (83,235) (55,736) Long-term portion of lease liabilities $ 25,110,920 $ 205,413
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. Other information. Components of lease costs and other information related to the Company’s leases are: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Operating lease cost, primarily classified within “General and administrative” (1) $ 575,258 $ 575,472 $ 1,150,201 $ 1,156,460 Finance lease costs Interest expense $ 9,926 $ 3,107 $ 18,810 $ 4,521 Amortization expense 13,060 17,313 25,956 34,839 Total finance lease costs $ 22,986 $ 20,420 $ 44,766 $ 39,360 (1) Operating lease cost includes $83 million for each of the three months ended June 30, 2024 and 2023 and $166 million for each of the six months ended June 30, 2024 and 2023 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) $ 23,785,252 $ 24,027,465 Operating lease liabilities - current, classified within “Other accrued liabilities” $ 83,235 $ 74,988 Operating lease liabilities - long-term (2) 25,110,920 25,127,464 Total operating lease liabilities $ 25,194,155 $ 25,202,452 Finance leases Finance lease ROU assets, net, classified within “Property and equipment, net” $ 248,980 $ 85,783 Finance lease liabilities - current, classified within “Other accrued liabilities” $ 55,736 $ 9,166 Finance lease liabilities - long-term, classified within “Other long-term obligations” 205,413 85,391 Total finance lease liabilities $ 261,149 $ 94,557 Weighted average remaining lease term (years) Operating leases 25 25 Finance leases 10 22 Weighted average discount rate (%) Operating leases 7 7 Finance leases 6 6 (1) As of June 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively. (2) As of June 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of June 30, 2024, operating lease liabilities – current included $1 million related to the Bellagio lease. Six Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 916,403 $ 904,726 Operating cash outflows from finance leases 7,471 3,395 Financing cash outflows from finance leases (1) 22,536 34,773 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,351 $ 11,245 Finance leases 186,924 518 (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) 2024 (excluding the six months ended June 30, 2024) $ 920,263 $ 37,835 2025 1,863,649 61,968 2026 1,889,504 58,536 2027 1,917,105 58,306 2028 1,945,255 7,165 Thereafter 48,944,106 128,248 Total future minimum lease payments 57,479,882 352,058 Less: Amount of lease payments representing interest (32,285,727) (90,909) Present value of future minimum lease payments 25,194,155 261,149 Less: Current portion (83,235) (55,736) Long-term portion of lease liabilities $ 25,110,920 $ 205,413

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Cybersecurity litigation, claims, and investigations. In September 2023, through unauthorized access to certain of its U.S. systems, third-party criminal actors accessed, for some of the Company’s customers, personal information (including name, contact information (such as phone number, email address and postal address), gender, date of birth and driver’s license numbers). For a limited number of customers, Social Security numbers and passport numbers were also accessed by the criminal actors. The Company has notified individuals impacted by this issue in accordance with federal and state law. In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S. federal and state courts. These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief. In addition, the Company is the subject of investigations by state and federal regulators, which also could result in monetary fines and other relief. The Company cannot predict the timing or outcome of any of these potential matters, or whether the Company may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions. While the Company believes it is reasonably possible that it may incur losses associated with the above-described proceedings, it is not possible to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the preliminary stage of these proceedings. The Company has incurred, and expects to continue to incur, certain expenses related to the cybersecurity issue, including expenses to respond to, remediate, and investigate this matter. The full scope of the costs and related impacts of this issue, including the extent to which all of the costs will be offset by cybersecurity insurance, has not been determined. Other litigation. The Company is a party to various other 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 . 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, 2024 ) 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 June 30, 2024 , MOP 700 million of the bank guarantees (approximately $87 million as of June 30, 2024 ) were secured by pledged cash. 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 of March 2030. The terms of the shortfall guarantees provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. MGM/Osaka IR KK guarantees. The Company provides for guarantees (1) in the amount of 12.65 billion yen (approximately $79 million as of June 30, 2024 ) for 50% of Osaka IR KK’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide funding to Osaka IR KK, if necessary, for the completion of the construction and full opening of the integrated resort. The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. Additionally, the Company’s ownership interest in Osaka IR KK, which had a carrying value of $131 million as of June 30, 2024, is pledged as collateral for Osaka IR KK’s obligations under its credit agreement. MGM/Osaka IR KK funding commitment. The Company has commitments to fund Osaka IR KK for its proportionate share of the unfinanced portion of Osaka IR KK’s development project, which is approximately 306 billion yen (approximately $1.9 billion as of June 30, 2024 ). The amount and timing of funding may vary based upon the progress and scope of the development. In July 2024, the Company funded 22.2 billion yen (approximately $138 million) to Osaka IR KK, as mentioned in Note 4. 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

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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 stock-based awards outstanding under the Company’s stock compensation plan. Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 187,072 $ 200,796 $ 404,548 $ 667,603 Adjustment related to redeemable noncontrolling interests 98 114 231 1,410 Net income attributable to common stockholders – basic and diluted $ 187,170 $ 200,910 $ 404,779 $ 669,013 Denominator: Weighted-average common shares outstanding – basic 311,179 361,050 315,837 367,535 Potential dilution from stock-based awards 3,241 4,289 3,255 4,150 Weighted-average common and common equivalent shares – diluted 314,420 365,339 319,092 371,685 Antidilutive stock-based awards excluded from the calculation of diluted earnings per share 414 261 295 268

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
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, in February 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan and, in November 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, 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. During the three months ended June 30, 2024, the Company repurchased approximately 10 million shares of its common stock for an aggregate amount of $413 million. During the six months ended June 30, 2024, the Company repurchased approximately 22 million shares of its common stock for an aggregate amount of $924 million. In connection with these repurchases, the February 2023 stock repurchase plan was completed. Repurchased shares were retired. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $1.3 billion as of June 30, 2024. Subsequent to June 30, 2024, the Company repurchased approximately 1 million shares of its common stock for an aggregate amount of $59 million, excluding excise tax. Repurchased shares were retired.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
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, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), 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, 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, 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. The following tables present the Company’s segment information: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 484,739 $ 492,212 $ 982,287 $ 992,775 Rooms 767,294 706,715 1,594,547 1,458,406 Food and beverage 624,241 598,771 1,223,522 1,181,398 Entertainment, retail and other 329,188 348,952 660,135 690,223 2,205,462 2,146,650 4,460,491 4,322,802 Regional Operations Casino 684,037 679,430 1,369,005 1,396,407 Rooms 78,532 76,929 144,465 144,233 Food and beverage 111,906 111,491 219,659 223,370 Entertainment, retail and other, and reimbursed costs 52,663 58,250 103,488 107,933 927,138 926,100 1,836,617 1,871,943 MGM China Casino 891,241 669,658 1,811,289 1,224,930 Rooms 53,171 31,679 116,386 61,172 Food and beverage 65,991 32,973 128,360 60,598 Entertainment, retail and other 7,788 6,645 18,173 11,847 1,018,191 740,955 2,074,208 1,358,547 Reportable segment net revenues 4,150,791 3,813,705 8,371,316 7,553,292 Corporate and other 176,584 128,502 339,529 262,211 $ 4,327,375 $ 3,942,207 $ 8,710,845 $ 7,815,503 Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Adjusted Property EBITDAR Las Vegas Strip Resorts $ 782,289 $ 776,529 $ 1,610,077 $ 1,612,338 Regional Operations 288,378 293,767 562,480 606,942 MGM China 293,863 209,389 595,049 378,337 Reportable segment Adjusted Property EBITDAR 1,364,530 1,279,685 2,767,606 2,597,617 Other operating income (expense) Corporate and other, net (168,047) (137,578) (336,296) (349,247) Preopening and start-up expenses (855) (149) (1,950) (288) Property transactions, net (16,477) (5,614) (33,631) 390,462 Depreciation and amortization (191,976) (203,503) (388,538) (407,004) Triple-net operating lease and ground lease rent expense (564,186) (564,158) (1,128,525) (1,134,713) Income from unconsolidated affiliates related to real estate ventures 2,667 2,695 5,368 5,390 Operating income 425,656 371,378 884,034 1,102,217 Non-operating income (expense) Interest expense, net of amounts capitalized (112,739) (111,945) (222,776) (242,245) Non-operating items from unconsolidated affiliates 1,762 (441) 1,626 (1,625) Other, net (43,431) 23,693 (48,237) 70,000 (154,408) (88,693) (269,387) (173,870) Income before income taxes 271,248 282,685 614,647 928,347 Benefit (provision) for income taxes 11,554 (39,141) (32,119) (204,920) Net income 282,802 243,544 582,528 723,427 Less: Net income attributable to noncontrolling interests (95,730) (42,748) (177,980) (55,824) Net income attributable to MGM Resorts International $ 187,072 $ 200,796 $ 404,548 $ 667,603

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to MGM Resorts International	$ 187,072	$ 200,796	$ 404,548	$ 667,603

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
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 2023 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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. Bellagio BREIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and Osaka IR KK are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. 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. 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.
Reclassifications	Reclassifications. Certain reclassifications have been made to conform the prior period presentation.
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 5; • Level 2 inputs for its derivatives, 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 $385 million and $435 million as of June 30, 2024 and December 31, 2023, 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, 2024, the Company recorded a net loss on its equity investments of $26 million and $50 million, respectively. 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. Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.” As of June 30, 2024, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of June 30, 2024, the fair value of derivatives were $81 million, with $35 million as a current liability and $46 million as a long-term liability. As of December 31, 2023, the fair value of derivatives classified as assets were $10 million, with $1 million in current assets and $9 million in long-term assets, and liabilities of $17 million, with $8 million in current liabilities and $9 million in long-term liabilities. For the three and six months ended June 30, 2024, the Company recorded a net loss on its derivatives of $62 million and $100 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.
Cash and cash equivalents	Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).
Restricted cash	Restricted cash. MGM China’s pledged cash of $87 million for each of June 30, 2024 and December 31, 2023, securing the bank guarantees discussed in Note 8 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, 2024 and December 31, 2023.
Note receivable	Note receivable.
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.
Leases	Leases. Refer to Note 7 for information regarding 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, 2024, lease revenues from third-party tenants include $21 million and $41 million recorded within food and beverage revenue, respectively and $29 million and $58 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. 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. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Debt Investments	The following table presents information regarding the Company’s debt investments: Fair value level June 30, 2024 December 31, 2023 (In thousands) Cash and cash equivalents: Money market funds Level 1 $ 108,825 $ 18,828 Cash and cash equivalents 108,825 18,828 Short-term investments: U.S. government securities Level 1 5,033 37,805 U.S. agency securities Level 2 — 9,804 Corporate bonds Level 2 277,409 364,926 Asset-backed securities Level 2 14,950 7,170 Short-term investments 297,392 419,705 Total debt investments $ 406,217 $ 438,533
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 2024 2023 2024 2023 2024 2023 (In thousands) Balance at January 1 $ 211,606 $ 185,669 $ 201,973 $ 183,602 $ 766,226 $ 816,376 Balance at June 30 213,685 196,446 203,099 194,570 799,658 806,072 Increase / (decrease) $ 2,079 $ 10,777 $ 1,126 $ 10,968 $ 33,432 $ (10,304)

INVESTMENTS IN AND ADVANCES T_2

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Share of Loss from Unconsolidated Affiliates	The Company recorded its share of loss from unconsolidated affiliates as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Loss from unconsolidated affiliates $ (34,184) $ (16,189) $ (59,308) $ (91,188) Non-operating items from unconsolidated affiliates 1,762 (441) 1,626 (1,625) $ (32,422) $ (16,630) $ (57,682) $ (92,813)
Schedule of Share of Operating 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 2024 2023 2024 2023 (In thousands) BetMGM $ (38,391) $ (22,499) $ (70,992) $ (104,372) Other 4,207 6,310 11,684 13,184 $ (34,184) $ (16,189) $ (59,308) $ (91,188)

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 578,823 $ 371,300 5.375% MGM China senior notes, due 2024 — 750,000 6.75% senior notes, due 2025 — 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 7.125% MGM China senior notes, due 2031 500,000 — 6.5% senior notes, due 2032 750,000 — 7% debentures, due 2036 552 552 6,329,375 6,371,852 Less: Unamortized discounts and debt issuance costs, net (36,699) (28,042) $ 6,292,676 $ 6,343,810

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of 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 2024 2023 2024 2023 (In thousands) Operating lease cost, primarily classified within “General and administrative” (1) $ 575,258 $ 575,472 $ 1,150,201 $ 1,156,460 Finance lease costs Interest expense $ 9,926 $ 3,107 $ 18,810 $ 4,521 Amortization expense 13,060 17,313 25,956 34,839 Total finance lease costs $ 22,986 $ 20,420 $ 44,766 $ 39,360 (1) Six Months Ended 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 916,403 $ 904,726 Operating cash outflows from finance leases 7,471 3,395 Financing cash outflows from finance leases (1) 22,536 34,773 ROU assets obtained in exchange for new lease liabilities Operating leases $ 3,351 $ 11,245 Finance leases 186,924 518 (1) Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Schedule of Supplemental Balance Sheet Information Related to Leases	June 30, December 31, (In thousands) Operating leases Operating lease ROU assets, net (1) $ 23,785,252 $ 24,027,465 Operating lease liabilities - current, classified within “Other accrued liabilities” $ 83,235 $ 74,988 Operating lease liabilities - long-term (2) 25,110,920 25,127,464 Total operating lease liabilities $ 25,194,155 $ 25,202,452 Finance leases Finance lease ROU assets, net, classified within “Property and equipment, net” $ 248,980 $ 85,783 Finance lease liabilities - current, classified within “Other accrued liabilities” $ 55,736 $ 9,166 Finance lease liabilities - long-term, classified within “Other long-term obligations” 205,413 85,391 Total finance lease liabilities $ 261,149 $ 94,557 Weighted average remaining lease term (years) Operating leases 25 25 Finance leases 10 22 Weighted average discount rate (%) Operating leases 7 7 Finance leases 6 6 (1) As of June 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively. (2)
Schedule of Finance Lease Maturity	Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2024 (excluding the six months ended June 30, 2024) $ 920,263 $ 37,835 2025 1,863,649 61,968 2026 1,889,504 58,536 2027 1,917,105 58,306 2028 1,945,255 7,165 Thereafter 48,944,106 128,248 Total future minimum lease payments 57,479,882 352,058 Less: Amount of lease payments representing interest (32,285,727) (90,909) Present value of future minimum lease payments 25,194,155 261,149 Less: Current portion (83,235) (55,736) Long-term portion of lease liabilities $ 25,110,920 $ 205,413
Schedule of Operating Lease Maturity	Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2024 (excluding the six months ended June 30, 2024) $ 920,263 $ 37,835 2025 1,863,649 61,968 2026 1,889,504 58,536 2027 1,917,105 58,306 2028 1,945,255 7,165 Thereafter 48,944,106 128,248 Total future minimum lease payments 57,479,882 352,058 Less: Amount of lease payments representing interest (32,285,727) (90,909) Present value of future minimum lease payments 25,194,155 261,149 Less: Current portion (83,235) (55,736) Long-term portion of lease liabilities $ 25,110,920 $ 205,413

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share of Common Stock	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 stock-based awards outstanding under the Company’s stock compensation plan. Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 187,072 $ 200,796 $ 404,548 $ 667,603 Adjustment related to redeemable noncontrolling interests 98 114 231 1,410 Net income attributable to common stockholders – basic and diluted $ 187,170 $ 200,910 $ 404,779 $ 669,013 Denominator: Weighted-average common shares outstanding – basic 311,179 361,050 315,837 367,535 Potential dilution from stock-based awards 3,241 4,289 3,255 4,150 Weighted-average common and common equivalent shares – diluted 314,420 365,339 319,092 371,685 Antidilutive stock-based awards excluded from the calculation of diluted earnings per share 414 261 295 268

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables present the Company’s segment information: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 484,739 $ 492,212 $ 982,287 $ 992,775 Rooms 767,294 706,715 1,594,547 1,458,406 Food and beverage 624,241 598,771 1,223,522 1,181,398 Entertainment, retail and other 329,188 348,952 660,135 690,223 2,205,462 2,146,650 4,460,491 4,322,802 Regional Operations Casino 684,037 679,430 1,369,005 1,396,407 Rooms 78,532 76,929 144,465 144,233 Food and beverage 111,906 111,491 219,659 223,370 Entertainment, retail and other, and reimbursed costs 52,663 58,250 103,488 107,933 927,138 926,100 1,836,617 1,871,943 MGM China Casino 891,241 669,658 1,811,289 1,224,930 Rooms 53,171 31,679 116,386 61,172 Food and beverage 65,991 32,973 128,360 60,598 Entertainment, retail and other 7,788 6,645 18,173 11,847 1,018,191 740,955 2,074,208 1,358,547 Reportable segment net revenues 4,150,791 3,813,705 8,371,316 7,553,292 Corporate and other 176,584 128,502 339,529 262,211 $ 4,327,375 $ 3,942,207 $ 8,710,845 $ 7,815,503 Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Adjusted Property EBITDAR Las Vegas Strip Resorts $ 782,289 $ 776,529 $ 1,610,077 $ 1,612,338 Regional Operations 288,378 293,767 562,480 606,942 MGM China 293,863 209,389 595,049 378,337 Reportable segment Adjusted Property EBITDAR 1,364,530 1,279,685 2,767,606 2,597,617 Other operating income (expense) Corporate and other, net (168,047) (137,578) (336,296) (349,247) Preopening and start-up expenses (855) (149) (1,950) (288) Property transactions, net (16,477) (5,614) (33,631) 390,462 Depreciation and amortization (191,976) (203,503) (388,538) (407,004) Triple-net operating lease and ground lease rent expense (564,186) (564,158) (1,128,525) (1,134,713) Income from unconsolidated affiliates related to real estate ventures 2,667 2,695 5,368 5,390 Operating income 425,656 371,378 884,034 1,102,217 Non-operating income (expense) Interest expense, net of amounts capitalized (112,739) (111,945) (222,776) (242,245) Non-operating items from unconsolidated affiliates 1,762 (441) 1,626 (1,625) Other, net (43,431) 23,693 (48,237) 70,000 (154,408) (88,693) (269,387) (173,870) Income before income taxes 271,248 282,685 614,647 928,347 Benefit (provision) for income taxes 11,554 (39,141) (32,119) (204,920) Net income 282,802 243,544 582,528 723,427 Less: Net income attributable to noncontrolling interests (95,730) (42,748) (177,980) (55,824) Net income attributable to MGM Resorts International $ 187,072 $ 200,796 $ 404,548 $ 667,603

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2024 property segment
Organization Disclosure [Line Items]
Number of reportable segments | segment	3
BetMGM LLC
Organization Disclosure [Line Items]
Ownership interest (in percent)	50%
BetMGM LLC | Entain plc
Organization Disclosure [Line Items]
Ownership interest (in percent)	50%
Osaka IR KK | 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 (Details) MOP$ in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 MOP (MOP$)	Dec. 31, 2023 USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Ownership interest (in percent)				100%
Fair value of investment		$ 385		$ 385			$ 435
Unrealized gain (loss) on equity investments		(26)	$ 6	(50)	$ 5
Loss reserve for accounts receivable		136		136			130
Accrual for property and equipment within accounts payable		78		78			84
Foreign Exchange Forward
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Derivative liability		81		81			17
Derivative liability current		35		35			8
Derivative liability noncurrent		46		46			9
Derivative asset							10
Derivative asset current							1
Derivative asset noncurrent							9
Net loss on derivative		62		100
Food and Beverage Revenue
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue		21	19	41	37
Entertainment Retail and Other Revenue
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue		29	$ 29	58	$ 59
Circus Circus Las Vegas And Adjacent Land
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Repayment of note receivable	$ 170
MGM Grand Paradise SA | June 2022 Sub Concession Extension Contract
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Obligation amount		$ 87		$ 87		MOP$ 700	$ 87
Bellagio BREIT Venture
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Ownership interest by noncontrolling owner (in percent)		5%		5%		5%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Debt Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	$ 406,217	$ 438,533
Cash and Cash Equivalents
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	108,825	18,828
Cash and Cash Equivalents | Level 1 | Money market funds
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	108,825	18,828
Short-term Investments
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	297,392	419,705
Short-term Investments | Level 1 | U.S. government securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	5,033	37,805
Short-term Investments | Level 2 | U.S. agency securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	0	9,804
Short-term Investments | Level 2 | Corporate bonds
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	277,409	364,926
Short-term Investments | Level 2 | Asset-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Total debt investments	$ 14,950	$ 7,170

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contract and Contract-related Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Outstanding Chip Liability
Contract And Contract Related Liabilities [Roll Forward]
Balance at January 1	$ 211,606	$ 185,669
Balance at June 30	213,685	196,446
Increase / (decrease)	2,079	10,777
Loyalty Program
Contract And Contract Related Liabilities [Roll Forward]
Balance at January 1	201,973	183,602
Balance at June 30	203,099	194,570
Increase / (decrease)	1,126	10,968
Customer Advances and Other
Contract And Contract Related Liabilities [Roll Forward]
Balance at January 1	766,226	816,376
Balance at June 30	799,658	806,072
Increase / (decrease)	$ 33,432	$ (10,304)

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Details) - USD ($) $ in Thousands			6 Months Ended
	Aug. 31, 2023	Feb. 15, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Business Acquisitions and Disposals [Line Items]
Goodwill			$ 5,153,446		$ 5,165,694
Proceeds from sale of operating resorts			$ 0	$ 460,392
Disposal Group, Held-for-sale, Not Discontinued Operations | Gold Strike Tunica | CNE Gaming Holdings, LLC
Schedule of Business Acquisitions and Disposals [Line Items]
Proceeds from sale of operating resorts		$ 450,000
Consideration received from sale of discontinued operations		474,000
Decrease in annual rent payments		40,000
Gain on sales of investment real estate		399,000
Carrying value of assets and liabilities and comprehensive income		$ 75,000
Push Gaming
Schedule of Business Acquisitions and Disposals [Line Items]
Ownership interest acquired (in percent)	86%
Cash tender price	$ 146,000
Goodwill	126,000
Amortizable intangible assets	$ 40,000

INVESTMENTS IN AND ADVANCES T_3

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Additional Information (Details) $ in Thousands, ¥ in Billions	1 Months Ended		6 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 JPY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates			$ 237,821		$ 240,803
Payments to acquire equity method investments			41,198	$ 73,788
BetMGM
Schedule Of Equity Method Investments [Line Items]
Equity method investment			$ 48,000		$ 5,000
Osaka IR KK | Japan | Subsequent Event
Schedule Of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 138,000	¥ 22.2

INVESTMENTS IN AND ADVANCES T_4

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Schedule of Share of Loss from Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Loss from unconsolidated affiliates	$ (34,184)	$ (16,189)	$ (59,308)	$ (91,188)
Non-operating items from unconsolidated affiliates	1,762	(441)	1,626	(1,625)
Net income from unconsolidated affiliates	$ (32,422)	$ (16,630)	$ (57,682)	$ (92,813)

INVESTMENTS IN AND ADVANCES T_5

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Schedule of Share of Operating Loss from Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	$ (34,184)	$ (16,189)	$ (59,308)	$ (91,188)
BetMGM
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	(38,391)	(22,499)	(70,992)	(104,372)
Other
Schedule Of Equity Method Investments [Line Items]
Loss from unconsolidated affiliates	$ 4,207	$ 6,310	$ 11,684	$ 13,184

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 6,329,375	$ 6,371,852
Less: Unamortized discounts and debt issuance costs, net	(36,699)	(28,042)
Long-term debt	$ 6,292,676	6,343,810
5.375% MGM China senior notes, due 2024
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)	5.375%
Senior notes	$ 0	750,000
6.75% senior notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)	6.75%
Senior notes	$ 0	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
7.125% MGM China senior notes, due 2031
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)	7.125%
Senior notes	$ 500,000	0
6.5% senior notes, due 2032
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)	6.50%
Senior notes	$ 750,000	0
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	$ 578,823	$ 371,300

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details) $ in Millions	1 Months Ended			6 Months Ended
	May 31, 2024 USD ($)	May 31, 2024 HKD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 HKD ($)	Apr. 30, 2024 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Redemption of debt				$ 1,500,000,000	$ 1,250,000,000
Long-term debt, fair value				6,200,000,000					$ 6,300,000,000
Senior secured credit facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility								$ 2,300,000,000
Line of credit facility drawn				0
MGM China first revolving credit facility | Line of Credit | Unsecured 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)				7.18%		7.18%
MGM China second revolving credit facility | Line of Credit | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility		$ 5,850		$ 749,000,000		$ 5,850
Line of credit facility drawn				$ 0
Line of credit facility, maximum borrowing capacity, increase	$ 161,000,000	$ 1,260
6.5% senior notes, due 2032
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)				6.50%		6.50%
6.5% senior notes, due 2032 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, principal amount							$ 750,000,000
Long-term debt, interest rate (in percent)							6.50%
6.75% senior notes, due 2025
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)				6.75%		6.75%
6.75% senior notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)		6.75%
Redemption of debt	750,000,000
6% Senior Notes, Due 2023 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)			6%
Redemption of debt			$ 1,250,000,000
5.375% Senior Notes, Due 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)		5.375%
Redemption of debt	$ 750,000,000
7.125% MGM China senior notes, due 2031
Debt Instrument [Line Items]
Long-term debt, interest rate (in percent)				7.125%		7.125%
7.125% MGM China senior notes, due 2031 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 500,000,000
Long-term debt, interest rate (in percent)				7.125%		7.125%

INCOME TAXES (Details)

INCOME TAXES (Details)		3 Months Ended		6 Months Ended
	Jan. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate - (benefit) expense		(4.30%)	13.80%	5.20%	22.10%
MGM Grand Paradise SA | Macau
Income Tax Disclosure [Line Items]
Macau's complementary tax rate on distributions of gaming profits (in percent)	12%

LEASES - Schedule of Components

LEASES - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Line Items]
Operating lease cost, primarily classified within "General and administrative"	$ 575,258	$ 575,472	$ 1,150,201	$ 1,156,460
Interest expense	9,926	3,107	18,810	4,521
Amortization expense	13,060	17,313	25,956	34,839
Total finance lease costs	22,986	20,420	44,766	39,360
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 (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating leases
Operating lease ROU assets, net	$ 23,785,252	$ 24,027,465
Operating lease liabilities - current, location	Other accrued liabilities	Other accrued liabilities
Operating lease liabilities - current, classified within “Other accrued liabilities”	$ 83,235	$ 74,988
Operating lease liabilities - long-term	25,110,920	25,127,464
Total operating lease liabilities	$ 25,194,155	$ 25,202,452
Finance leases
Finance lease ROU assets, net, location	Property and equipment, net	Property and equipment, net
Finance lease ROU assets, net, classified within “Property and equipment, net”	$ 248,980	$ 85,783
Finance lease liabilities - current, location	Other accrued liabilities	Other accrued liabilities
Finance lease liabilities - current, classified within “Other accrued liabilities”	$ 55,736	$ 9,166
Finance lease liabilities - long-term, location	Other long-term obligations	Other long-term obligations
Finance lease liabilities - long-term, classified within “Other long-term obligations”	$ 205,413	$ 85,391
Total finance lease liabilities	$ 261,149	$ 94,557
Weighted average remaining lease term (years)
Operating leases	25 years	25 years
Finance leases	10 years	22 years
Weighted average discount rate (%)
Operating leases	7%	7%
Finance leases	6%	6%
Bellagio Lease
Operating leases
Operating lease ROU assets, net	$ 3,400,000	$ 3,500,000
Operating lease liabilities - current, classified within “Other accrued liabilities”	1,000
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 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 916,403	$ 904,726
Operating cash outflows from finance leases	7,471	3,395
Financing cash outflows from finance leases	22,536	34,773
ROU assets obtained in exchange for new lease liabilities
Operating leases	3,351	11,245
Finance leases	$ 186,924	$ 518

LEASES - Schedule of Maturities

LEASES - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (excluding the six months ended June 30, 2024)	$ 920,263
2025	1,863,649
2026	1,889,504
2027	1,917,105
2028	1,945,255
Thereafter	48,944,106
Total future minimum lease payments	57,479,882
Less: Amount of lease payments representing interest	(32,285,727)
Total operating lease liabilities	25,194,155	$ 25,202,452
Less: Current portion	(83,235)	(74,988)
Long-term portion of lease liabilities	25,110,920	25,127,464
Finance Leases
2024 (excluding the six months ended June 30, 2024)	37,835
2025	61,968
2026	58,536
2027	58,306
2028	7,165
Thereafter	128,248
Total future minimum lease payments	352,058
Less: Amount of lease payments representing interest	(90,909)
Total finance lease liabilities	261,149	94,557
Less: Current portion	(55,736)	(9,166)
Long-term portion of lease liabilities	$ 205,413	$ 85,391

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, ¥ in Millions, MOP$ in Millions	1 Months Ended			6 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 JPY (¥)	Jan. 31, 2023 MOP (MOP$)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 JPY (¥)	Jun. 30, 2024 MOP (MOP$)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Payments to acquire equity method investments				$ 41,198	$ 73,788
Long-term debt, gross				6,329,375				$ 6,371,852
Senior Credit Facility
Loss Contingencies [Line Items]
Credit facility outstanding				28,000
Revolving Credit Facility
Loss Contingencies [Line Items]
Long-term debt, gross				$ 1,350,000
Osaka IR KK | Japan
Loss Contingencies [Line Items]
Guarantor obligations (as s percent)				50%		50%	50%
Commitment amount				$ 1,900,000		¥ 306,000
Osaka IR KK | Japan | Subsequent Event
Loss Contingencies [Line Items]
Payments to acquire equity method investments	$ 138,000	¥ 22,200
Osaka IR KK | Japan | Asset Pledged as Collateral
Loss Contingencies [Line Items]
Equity method investment				131,000
Performance Guarantee | Osaka IR KK | Japan
Loss Contingencies [Line Items]
Obligation amount				79,000		¥ 12,650
Blackstone Real Estate Income Trust
Loss Contingencies [Line Items]
Obligation amount				3,010,000
Mandalay Bay and MGM Grand Las Vegas
Loss Contingencies [Line Items]
Obligation amount				3,000,000
MGM Grand Paradise SA | January 2023 Concessions
Loss Contingencies [Line Items]
Obligation amount			MOP$ 1000	124,000
Guarantee expiration, days after the end of the concession term			180 days
MGM Grand Paradise SA | June 2022 Sub Concession Extension Contract
Loss Contingencies [Line Items]
Obligation amount				$ 87,000			MOP$ 700	$ 87,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to MGM Resorts International	$ 187,072	$ 200,796	$ 404,548	$ 667,603
Adjustment related to redeemable noncontrolling interests	98	114	231	1,410
Net income attributable to common stockholders – basic	187,170	200,910	404,779	669,013
Net income attributable to common stockholders – diluted	$ 187,170	$ 200,910	$ 404,779	$ 669,013
Denominator:
Weighted-average common shares outstanding – basic (in shares)	311,179	361,050	315,837	367,535
Potential dilution from stock-based awards (in shares)	3,241	4,289	3,255	4,150
Weighted-average common and common equivalent shares – diluted (in shares)	314,420	365,339	319,092	371,685
Antidilutive stock-based awards excluded from the calculation of diluted earnings per share (in shares)	414	261	295	268

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) - USD ($) shares in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Nov. 30, 2023	Feb. 28, 2023	Mar. 31, 2022
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock		$ 412,809,000	$ 626,338,000	$ 924,291,000	$ 1,113,207,000
Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)		9,994	14,583	21,697	26,503
Repurchases of common stock		$ 99,000	$ 145,000	$ 216,000	$ 265,000
Share Repurchase Program | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)		10,000	15,000	22,000	27,000
Repurchases of common stock		$ 413,000,000	$ 626,000,000	$ 924,000,000	$ 1,100,000,000
Share Repurchase Program | Common Stock | Subsequent Event
Schedule Of Stockholders Equity Note [Line Items]
Repurchases of common stock (in shares)	1,000
Repurchases of common stock	$ 59,000,000
Share Repurchase Program March 2022 | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase								$ 2,000,000,000
Share Repurchase Program February 2023 | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase							$ 2,000,000,000
Share Repurchase Program November 2023 | Common Stock
Schedule Of Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase						$ 2,000,000,000
Repurchase of common stock, remaining amount		$ 1,300,000,000		$ 1,300,000,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net revenue
Total net revenue	$ 4,327,375	$ 3,942,207	$ 8,710,845	$ 7,815,503
Other operating income (expense)
Preopening and start-up expenses	(855)	(149)	(1,950)	(288)
Property transactions, net	(16,477)	(5,614)	(33,631)	390,462
Depreciation and amortization	(191,976)	(203,503)	(388,538)	(407,004)
Triple-net operating lease and ground lease rent expense	(564,186)	(564,158)	(1,128,525)	(1,134,713)
Income from unconsolidated affiliates related to real estate ventures	2,667	2,695	5,368	5,390
Operating income	425,656	371,378	884,034	1,102,217
Non-operating income (expense)
Interest expense, net of amounts capitalized	(112,739)	(111,945)	(222,776)	(242,245)
Non-operating items from unconsolidated affiliates	1,762	(441)	1,626	(1,625)
Other, net	(43,431)	23,693	(48,237)	70,000
Non-operating income (expense)	(154,408)	(88,693)	(269,387)	(173,870)
Income before income taxes	271,248	282,685	614,647	928,347
Benefit (provision) for income taxes	11,554	(39,141)	(32,119)	(204,920)
Net income	282,802	243,544	582,528	723,427
Less: Net income attributable to noncontrolling interests	(95,730)	(42,748)	(177,980)	(55,824)
Net income attributable to MGM Resorts International	187,072	200,796	404,548	667,603
Casino
Net revenue
Total net revenue	2,212,759	1,951,382	4,453,854	3,833,810
Rooms
Net revenue
Total net revenue	898,998	815,323	1,855,399	1,663,811
Food and beverage
Net revenue
Total net revenue	802,138	743,236	1,571,541	1,465,367
Entertainment, retail and other
Net revenue
Total net revenue	401,605	420,711	805,996	830,289
Reportable Segments
Net revenue
Total net revenue	4,150,791	3,813,705	8,371,316	7,553,292
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	1,364,530	1,279,685	2,767,606	2,597,617
Reportable Segments | Las Vegas Strip Resorts
Net revenue
Total net revenue	2,205,462	2,146,650	4,460,491	4,322,802
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	782,289	776,529	1,610,077	1,612,338
Reportable Segments | Regional Operations
Net revenue
Total net revenue	927,138	926,100	1,836,617	1,871,943
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	288,378	293,767	562,480	606,942
Reportable Segments | MGM China
Net revenue
Total net revenue	1,018,191	740,955	2,074,208	1,358,547
Adjusted Property EBITDAR
Reportable segment Adjusted Property EBITDAR	293,863	209,389	595,049	378,337
Reportable Segments | Casino | Las Vegas Strip Resorts
Net revenue
Total net revenue	484,739	492,212	982,287	992,775
Reportable Segments | Casino | Regional Operations
Net revenue
Total net revenue	684,037	679,430	1,369,005	1,396,407
Reportable Segments | Casino | MGM China
Net revenue
Total net revenue	891,241	669,658	1,811,289	1,224,930
Reportable Segments | Rooms | Las Vegas Strip Resorts
Net revenue
Total net revenue	767,294	706,715	1,594,547	1,458,406
Reportable Segments | Rooms | Regional Operations
Net revenue
Total net revenue	78,532	76,929	144,465	144,233
Reportable Segments | Rooms | MGM China
Net revenue
Total net revenue	53,171	31,679	116,386	61,172
Reportable Segments | Food and beverage | Las Vegas Strip Resorts
Net revenue
Total net revenue	624,241	598,771	1,223,522	1,181,398
Reportable Segments | Food and beverage | Regional Operations
Net revenue
Total net revenue	111,906	111,491	219,659	223,370
Reportable Segments | Food and beverage | MGM China
Net revenue
Total net revenue	65,991	32,973	128,360	60,598
Reportable Segments | Entertainment, retail and other | Las Vegas Strip Resorts
Net revenue
Total net revenue	329,188	348,952	660,135	690,223
Reportable Segments | Entertainment, retail and other | MGM China
Net revenue
Total net revenue	7,788	6,645	18,173	11,847
Reportable Segments | Entertainment, retail and other, and reimbursed costs | Regional Operations
Net revenue
Total net revenue	52,663	58,250	103,488	107,933
Corporate and other
Net revenue
Total net revenue	176,584	128,502	339,529	262,211
Other operating income (expense)
Corporate and other, net	$ (168,047)	$ (137,578)	$ (336,296)	$ (349,247)