Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'MGM | ' |
Entity Registrant Name | 'MGM Resorts International | ' |
Entity Central Index Key | '0000789570 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 490,066,326 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $1,375,403 | $1,543,509 |
Accounts receivable, net | 411,077 | 443,677 |
Inventories | 98,330 | 107,577 |
Deferred income taxes, net | 126,396 | 179,431 |
Prepaid expenses and other | 272,809 | 232,898 |
Total current assets | 2,284,015 | 2,507,092 |
Property and equipment, net | 13,969,293 | 14,194,652 |
Other assets | ' | ' |
Investments in and advances to unconsolidated affiliates | 1,416,462 | 1,444,547 |
Goodwill | 2,900,758 | 2,902,847 |
Other intangible assets, net | 4,548,415 | 4,737,833 |
Other long-term assets, net | 539,892 | 497,767 |
Total other assets | 9,405,527 | 9,582,994 |
Total assets | 25,658,835 | 26,284,738 |
Current liabilities | ' | ' |
Accounts payable | 202,792 | 199,620 |
Income taxes payable | 2,500 | 1,350 |
Accrued interest on long-term debt | 183,958 | 206,736 |
Other accrued liabilities | 1,772,220 | 1,517,965 |
Total current liabilities | 2,161,470 | 1,925,671 |
Deferred income taxes | 2,478,063 | 2,473,889 |
Long-term debt | 13,034,518 | 13,589,283 |
Other long-term obligations | 157,613 | 179,879 |
Commitments and contingencies (Note 5) | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $.01 par value: authorized 1,000,000,000 shares; issued and outstanding 489,814,210 and 489,234,401 shares | 4,898 | 4,892 |
Capital in excess of par value | 4,150,413 | 4,132,655 |
Retained earnings | 95,427 | 213,698 |
Accumulated other comprehensive income | 11,619 | 14,303 |
Total MGM Resorts International stockholders' equity | 4,262,357 | 4,365,548 |
Noncontrolling interests | 3,564,814 | 3,750,468 |
Total stockholders' equity | 7,827,171 | 8,116,016 |
Total liabilities and stockholders' equity | $25,658,835 | $26,284,738 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 1,000,000,000 | 1,000,000,000 |
Common stock, issued shares | 489,814,210 | 489,234,401 |
Common stock, outstanding shares | 489,814,210 | 489,234,401 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Casino | $1,460,300 | $1,294,318 | $4,304,877 | $3,928,548 |
Rooms | 413,060 | 393,055 | 1,252,020 | 1,205,441 |
Food and beverage | 366,988 | 361,252 | 1,121,117 | 1,126,096 |
Entertainment | 145,799 | 123,168 | 380,654 | 364,477 |
Retail | 52,151 | 51,211 | 149,606 | 149,921 |
Other | 123,180 | 127,567 | 374,920 | 373,590 |
Reimbursed costs | 92,038 | 87,682 | 275,015 | 269,159 |
Total revenues, gross | 2,653,516 | 2,438,253 | 7,858,209 | 7,417,232 |
Less: Promotional allowances | -190,479 | -183,275 | -561,759 | -550,899 |
Total revenues, net | 2,463,037 | 2,254,978 | 7,296,450 | 6,866,333 |
Expenses | ' | ' | ' | ' |
Casino | 913,137 | 826,072 | 2,705,190 | 2,519,757 |
Rooms | 132,386 | 128,546 | 394,096 | 384,598 |
Food and beverage | 214,683 | 209,686 | 645,119 | 643,892 |
Entertainment | 107,939 | 92,888 | 281,604 | 270,235 |
Retail | 28,053 | 29,064 | 81,884 | 85,888 |
Other | 91,841 | 88,616 | 270,633 | 263,673 |
Reimbursed costs | 92,038 | 87,682 | 275,015 | 269,159 |
General and administrative | 342,847 | 319,106 | 961,072 | 931,873 |
Corporate expense | 54,190 | 62,992 | 153,178 | 147,792 |
Preopening and start-up expenses | 4,279 | 765 | 9,931 | 765 |
Property transactions, net | 26,127 | 5,803 | 122,749 | 97,187 |
Depreciation and amortization | 211,682 | 228,414 | 641,751 | 700,866 |
Total expenses | 2,219,202 | 2,079,634 | 6,542,222 | 6,315,685 |
Income (loss) from unconsolidated affiliates | 3,928 | -37,943 | 26,954 | -45,266 |
Operating income | 247,763 | 137,401 | 781,182 | 505,382 |
Non-operating income (expense): | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -208,939 | -275,771 | -648,886 | -836,436 |
Non-operating items from unconsolidated affiliates | -22,673 | -20,901 | -83,616 | -68,603 |
Other, net | -676 | 2,012 | -6,909 | -55,518 |
Total non-operating income (expense) | -232,288 | -294,660 | -739,411 | -960,557 |
Income (loss) before income taxes | 15,475 | -157,259 | 41,771 | -455,175 |
Benefit (provision) for income taxes | 8,150 | 2,585 | -26,146 | 26,760 |
Net income (loss) | 23,625 | -154,674 | 15,625 | -428,415 |
Less: Net income attributable to noncontrolling interests | -55,484 | -26,485 | -133,896 | -115,449 |
Net loss attributable to MGM Resorts International | ($31,859) | ($181,159) | ($118,271) | ($543,864) |
Net loss per share of common stock attributable to MGM Resorts International | ' | ' | ' | ' |
Basic | ($0.07) | ($0.37) | ($0.24) | ($1.11) |
Diluted | ($0.07) | ($0.37) | ($0.24) | ($1.11) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $23,625 | ($154,674) | $15,625 | ($428,415) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 587 | 2,840 | -5,638 | 12,841 |
Other | ' | ' | 115 | ' |
Other comprehensive income (loss) | 587 | 2,840 | -5,523 | 12,841 |
Comprehensive income (loss) | 24,212 | -151,834 | 10,102 | -415,574 |
Less: Comprehensive income attributable to noncontrolling interests | -55,760 | -27,838 | -131,057 | -121,735 |
Comprehensive loss attributable to MGM Resorts International | ($31,548) | ($179,672) | ($120,955) | ($537,309) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $15,625 | ($428,415) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 641,751 | 700,866 |
Amortization of debt discounts, premiums and issuance costs | 26,027 | 56,086 |
Loss on retirement of long-term debt | 3,799 | 58,740 |
Provision for doubtful accounts | 16,929 | 46,993 |
Stock-based compensation | 23,934 | 30,132 |
Property transactions, net | 122,749 | 97,187 |
Loss from unconsolidated affiliates | 57,038 | 113,993 |
Distributions from unconsolidated affiliates | 12,788 | 15,203 |
Change in deferred income taxes | 57,302 | -50,918 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 15,330 | 32,527 |
Inventories | 9,238 | 4,981 |
Income taxes receivable and payable, net | -647 | -7,121 |
Prepaid expenses and other | -69,848 | -22,357 |
Prepaid Cotai land concession premium | -9,657 | ' |
Accounts payable and accrued liabilities | 190,147 | 256,397 |
Other | -16,748 | -17,032 |
Net cash provided by operating activities | 1,095,757 | 887,262 |
Cash flows from investing activities | ' | ' |
Capital expenditures, net of construction payable | -379,573 | -316,757 |
Dispositions of property and equipment | 546 | 236 |
Investments in and advances to unconsolidated affiliates | -23,853 | -37,000 |
Distributions from unconsolidated affiliates in excess of earnings | ' | 1,347 |
Investments in treasury securities - maturities longer than 90 days | -174,446 | -195,313 |
Proceeds from treasury securities - maturities longer than 90 days | 204,394 | 225,301 |
Other | 1,580 | -1,221 |
Net cash used in investing activities | -371,352 | -323,407 |
Cash flows from financing activities | ' | ' |
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 59,000 | -205,926 |
Borrowings under bank credit facilities - maturities longer than 90 days | 2,793,000 | 900,000 |
Repayments under bank credit facilities - maturities longer than 90 days | -2,793,000 | -2,734,128 |
Issuance of senior notes | ' | 2,850,000 |
Retirement of senior notes | -612,262 | -534,650 |
Debt issuance costs | -17,061 | -54,459 |
Distributions to noncontrolling interest owners | -318,348 | -206,806 |
Other | -3,211 | -1,733 |
Net cash provided by (used in) financing activities | -891,882 | 12,298 |
Effect of exchange rate on cash | -629 | 1,093 |
Cash and cash equivalents | ' | ' |
Net increase (decrease) for the period | -168,106 | 577,246 |
Balance, beginning of period | 1,543,509 | 1,865,913 |
Balance, end of period | 1,375,403 | 2,443,159 |
Supplemental cash flow disclosures | ' | ' |
Interest paid, net of amounts capitalized | 645,637 | 734,096 |
Federal, state and foreign income taxes paid, net of refunds | 806 | 6,539 |
Non-cash investing and financing activities | ' | ' |
Increase in investment in and advances to CityCenter related to change in completion guarantee liability | $72,676 | $79,580 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
NOTE 1 — ORGANIZATION | |
Organization. MGM Resorts International (the “Company”) is a Delaware corporation that acts largely as a holding company and, through wholly owned subsidiaries, primarily owns and/or operates casino resorts. The Company owns and operates the following casino resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas (including The Signature), The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur and Circus Circus Las Vegas. Other Nevada operations include Circus Circus Reno, Gold Strike in Jean and Railroad Pass in Henderson. The Company and its local partners own and operate MGM Grand Detroit in Detroit, Michigan. The Company also owns and operates Beau Rivage in Biloxi and Gold Strike Tunica in Mississippi. In addition, the Company owns Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi. The Company has two reportable segments: wholly owned domestic resorts and MGM China. | |
The Company owns 51% and has a controlling interest in MGM China Holdings Limited (“MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), the Macau company that owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concession. On October 18, 2012, MGM Grand Paradise formally accepted a land concession contract with the government of Macau to develop a second resort and casino on an approximately 17.8 acre site in Cotai, Macau. The land concession contract became effective on January 9, 2013 when the Macau government published the agreement in the Official Gazette of Macau. | |
The Company owns 50% of CityCenter, located between Bellagio and Monte Carlo. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, a casino resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; Crystals, a retail, dining and entertainment district; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. The Company receives a management fee of 2% of revenues for the management of Aria and Vdara, and 5% of EBITDA (as defined in the agreements governing the Company’s management of Aria and Vdara). In addition, the Company receives an annual fee of $3 million for the management of Crystals. | |
The Company has 50% interests in Grand Victoria and Silver Legacy. Grand Victoria is a riverboat casino in Elgin, Illinois; an affiliate of Hyatt Gaming owns the other 50% of Grand Victoria and also operates the resort. Silver Legacy is located in Reno, Nevada, adjacent to Circus Circus Reno, and the other 50% is owned by Eldorado LLC. | |
MGM Hospitality. MGM Hospitality seeks to leverage the Company’s management expertise and well-recognized brands through strategic partnerships and international expansion opportunities. MGM Hospitality has entered into management agreements for hotels in the Middle East, North Africa, India and – through its joint venture with Diaoyutai State Guesthouse – the People’s Republic of China. MGM Hospitality opened its first resort, MGM Grand Sanya, on Hainan Island in the People’s Republic of China in early 2012. | |
Borgata. The Company has a 50% economic interest in Borgata Hotel Casino & Spa (“Borgata”) located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey. Boyd Gaming Corporation owns the other 50% of Borgata and also operates the resort. The Company’s interest is held in trust and was offered for sale pursuant to its amended settlement agreement with the New Jersey Division of Gaming Enforcement and approved by the New Jersey Casino Control Commission (“CCC”). The terms of the amended settlement agreement previously mandated the sale by March 2014. The Company had the right to direct the sale through March 2013 (the “divesture period”), subject to approval of the CCC, and the trustee was responsible for selling the trust property during the following 12-month period (the “terminal sale period”). On February 13, 2013, the settlement agreement was further amended to allow the Company to re-apply to the CCC for licensure in New Jersey and to defer expiration of these periods pending the outcome of the licensure process. The Company has submitted its licensure request to the CCC and there can be no assurances that such request will be approved or with respect to the timing of the licensure process. If the CCC denies the Company’s licensure request, then the divesture period will immediately end, and the terminal sale period will immediately begin, which will result in the Company’s Borgata interest being disposed of by the trustee pursuant to the terms of the settlement agreement. | |
The Company consolidates the trust because it is the sole economic beneficiary and accounts for its interest in Borgata under the cost method. The Company reviews its investment carrying value whenever indicators of impairment exist. As of September 30, 2013, the trust had $110 million of cash and investments, of which $90 million is held in U.S. treasury securities with maturities greater than three months but less than one year, and is recorded within “Prepaid expenses and other.” |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation and Significant Accounting Policies | ' | |||
NOTE 2— BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ||||
Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2012 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||||
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. | ||||
Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. | ||||
• | At September 30, 2013, the fair value of the Company’s treasury securities held by the Borgata trust was $90 million, measured using Level 1 inputs. See Note 1; | |||
• | The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 4; | |||
• | The Company used Level 3 inputs when assessing the fair value of its investment in Grand Victoria at June 30, 2013. See Note 3; and | |||
• | The Company used Level 3 inputs when assessing the fair value of its land in Jean and Sloan, Nevada at September 30, 2013. See Note 9. | |||
Income tax provision. The Company recognizes deferred tax assets, net of applicable reserves, related to net operating loss carryforwards and certain temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. Given the negative impact of the U.S. economy on the results of operations in the past several years, the Company no longer relies on projected future domestic operating income in assessing the realization of its domestic deferred tax assets and now relies only on the future reversal of existing domestic taxable temporary differences. As of September 30, 2013, the scheduled future reversal of existing U.S. federal deductible temporary differences exceeds the scheduled future reversal of existing U.S. federal taxable temporary differences. The Company recorded a valuation allowance for U.S. federal deferred tax assets in order to account for this excess, which resulted in an increase in provision for income taxes of $38 million and $64 million for the three and nine months ended September 30, 2013, respectively. | ||||
Income generated from gaming operations of MGM Grand Paradise is exempted from Macau’s 12% complementary tax for the five-year period ending December 31, 2016 pursuant to approval from the Macau government granted on September 22, 2011. The approval granted in 2011 represented the second five-year exemption period granted to MGM Grand Paradise. The Company measures the net deferred tax liability of MGM Grand Paradise under the assumption that it will receive an additional five-year exemption beyond 2016. Such assumption is based upon the granting of a third five-year exemption to a competitor of MGM Grand Paradise. The Company believes MGM Grand Paradise should also be entitled to a third five-year exemption in order to ensure non-discriminatory treatment among gaming concessionaires and subconcessionaires, a requirement under Macanese law. The net deferred tax liability of MGM Grand Paradise was remeasured during the first quarter of 2013 due to the extension of the amortization period of the Macau gaming concession in connection with the effectiveness of the Cotai land concession. This resulted in an increase in the net deferred tax liability and a corresponding increase in provision for income taxes of $65 million. While non-gaming operations remain subject to the complementary tax, MGM Grand Paradise has tax net operating losses from non-gaming operations that are fully offset by a valuation allowance. | ||||
During the first quarter of 2013, the Company settled all issues under appeal in connection with the IRS audits of the Company’s consolidated federal income tax returns and the Company’s cost method investee returns for the 2003 and 2004 tax years. Unrecognized tax benefits were reduced by $28 million and provision for income taxes was reduced by $38 million, including the impact of the settlement on the valuation allowance, as a result of this settlement. |
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Affiliates | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Investments in and Advances to Unconsolidated Affiliates | ' | ||||||||||||||||
NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES | |||||||||||||||||
Investments in and advances to unconsolidated affiliates consisted of the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
CityCenter Holdings, LLC – CityCenter (50%) | $ | 1,224,622 | $ | 1,220,741 | |||||||||||||
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) | 169,822 | 206,296 | |||||||||||||||
Other | 22,018 | 17,510 | |||||||||||||||
$ | 1,416,462 | $ | 1,444,547 | ||||||||||||||
The Company recorded its share of the results of operations of unconsolidated affiliates as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Income (loss) from unconsolidated affiliates | $ | 3,928 | $ | (37,943 | ) | $ | 26,954 | $ | (45,266 | ) | |||||||
Preopening and start-up expenses | — | (124 | ) | (376 | ) | (124 | ) | ||||||||||
Non-operating items from unconsolidated affiliates | (22,673 | ) | (20,901 | ) | (83,616 | ) | (68,603 | ) | |||||||||
$ | (18,745 | ) | $ | (58,968 | ) | $ | (57,038 | ) | $ | (113,993 | ) | ||||||
Non-operating expense from unconsolidated affiliates for the three and nine months ended September 30, 2013 includes $1 million and $17 million, respectively, for the Company’s share of statutory interest recorded by CityCenter related to estimated amounts owed in connection with the CityCenter construction litigation. The nine months ended September 30, 2012 included $4 million related to the Company’s share of CityCenter’s loss on retirement of long-term debt. | |||||||||||||||||
In the third quarter of 2012, CityCenter recorded a $36 million impairment charge using revised management forecasts related to its Mandarin Oriental residential inventory. A discount rate of 17% was utilized in the discounted cash flow analysis to represent what management believed a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flows. The Company recognized 50% of such impairment charge, resulting in a pre-tax charge of approximately $18 million. In addition, CityCenter accrued $32 million in the third quarter of 2012 related to the estimated demolition cost of the Harmon. The Company recognized 50% of such charge, resulting in a pre-tax charge of approximately $16 million. See Note 5 for additional information regarding the Harmon. | |||||||||||||||||
Grand Victoria | |||||||||||||||||
At June 30, 2013, the Company reviewed the carrying value of its Grand Victoria investment for impairment due to a higher than anticipated decline in operating results and loss of market share as a result of the opening of a new river boat casino in the Illinois market, as well as a decrease in forecasted cash flows for 2013 through 2017 compared to the prior forecast. The Company used a blended discounted cash flow analysis and guideline public company method to determine the estimated fair value from a market participant’s viewpoint. Key assumptions included in the discounted cash flow analysis were estimates of future cash flows including outflows for capital expenditures, a long-term growth rate of 2% and a discount rate of 11%. Key assumptions in the guideline public company method included business enterprise value multiples selected based on the range of multiples in the Company’s peer group. As a result of the analysis, the Company determined that it was necessary to record an other-than-temporary impairment charge of $37 million at June 30, 2013, based on an estimated fair value of $170 million for the Company’s 50% interest. The Company intends to, and believes it will be able to, retain the investment in Grand Victoria; however, due to the extent of the shortfall and the Company’s assessment of the uncertainty of fully recovering its investment, the Company has determined that the impairment was other-than-temporary. At June 30, 2012, the Company recorded an impairment charge of $85 million on its investment in Grand Victoria based on the then estimated fair value of $205 million for its 50% interest. | |||||||||||||||||
CityCenter | |||||||||||||||||
CityCenter summary financial information. Summarized balance sheet information of the CityCenter joint venture is as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Current assets | $ | 633,926 | $ | 546,851 | |||||||||||||
Property and other assets, net | 8,364,102 | 8,606,163 | |||||||||||||||
Current liabilities | 421,672 | 451,332 | |||||||||||||||
Long-term debt and other long-term obligations | 2,609,758 | 2,533,918 | |||||||||||||||
Equity | 5,966,598 | 6,167,764 | |||||||||||||||
Summarized income statement information of the CityCenter joint venture is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net revenues | $ | 294,330 | $ | 266,430 | $ | 942,646 | $ | 795,492 | |||||||||
Operating expenses | (324,120 | ) | (376,283 | ) | (996,378 | ) | (989,786 | ) | |||||||||
Operating loss | (29,790 | ) | (109,853 | ) | (53,732 | ) | (194,294 | ) | |||||||||
Non-operating expense | (71,238 | ) | (65,219 | ) | (240,905 | ) | (204,678 | ) | |||||||||
Net loss | $ | (101,028 | ) | $ | (175,072 | ) | $ | (294,637 | ) | $ | (398,972 | ) | |||||
October 2013 debt restructuring transactions. In October 2013, CityCenter entered into a $1.775 billion senior secured credit facility. The senior secured credit facility consists of a $75 million revolving facility maturing in October 2018, and a $1.7 billion term loan B facility maturing in October 2020. The term loan B facility was issued at 99% of the principal amount and will bear interest at LIBOR plus 4.00% with a LIBOR floor of 1.00%. Concurrent with the closing of the new senior secured credit facility, CityCenter issued a notice of full redemption with respect to its existing 7.625% senior secured first lien notes and 10.75% senior secured second lien PIK toggle notes and discharged each of the indentures for its first and second lien notes at a premium in accordance with the terms of such indentures. As a result of the transaction, the Company expects to record a fourth quarter charge of approximately $70 million for its share of CityCenter’s non-operating loss on retirement of long-term debt, primarily consisting of premiums associated with the redemption of the existing first and second lien notes as well as the write-off of previously unamortized debt issuance costs. In connection with the October 2013 debt restructuring, sponsor notes with a carrying value of approximately $738 million were converted to members’ equity. After these transactions, the senior credit facility is CityCenter’s only remaining long-term debt. | |||||||||||||||||
The senior secured credit facility is secured by substantially all the assets of CityCenter, and contain certain financial covenants including minimum interest coverage ratios and maximum leverage ratio requirements (as defined in the agreements). |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
NOTE 4 — LONG-TERM DEBT | |||||||||
Long-term debt consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Senior credit facility: | |||||||||
$2,779 million ($2,800 million at December 31, 2012) term loans, net | $ | 2,771,777 | $ | 2,791,284 | |||||
Revolving loans | 80,000 | — | |||||||
MGM Grand Paradise credit facility | 553,123 | 553,531 | |||||||
$462.2 million 6.75% senior notes, due 2013 | — | 462,226 | |||||||
$150 million 7.625% senior subordinated debentures, due 2013, net | — | 150,539 | |||||||
$508.9 million 5.875% senior notes, due 2014, net | 508,771 | 508,540 | |||||||
$875 million 6.625% senior notes, due 2015, net | 876,178 | 876,634 | |||||||
$1,450 million 4.25% convertible senior notes, due 2015, net | 1,457,323 | 1,460,780 | |||||||
$242.9 million 6.875% senior notes, due 2016 | 242,900 | 242,900 | |||||||
$732.7 million 7.5% senior notes, due 2016 | 732,749 | 732,749 | |||||||
$500 million 10% senior notes, due 2016, net | 496,758 | 496,110 | |||||||
$743 million 7.625% senior notes, due 2017 | 743,000 | 743,000 | |||||||
$475 million 11.375% senior notes, due 2018, net | 467,102 | 466,117 | |||||||
$850 million 8.625% senior notes, due 2019 | 850,000 | 850,000 | |||||||
$1,000 million 6.75% senior notes, due 2020 | 1,000,000 | 1,000,000 | |||||||
$1,250 million 6.625% senior notes, due 2021 | 1,250,000 | 1,250,000 | |||||||
$1,000 million 7.75% senior notes, due 2022 | 1,000,000 | 1,000,000 | |||||||
$0.6 million 7% debentures, due 2036, net | 572 | 572 | |||||||
$4.3 million 6.7% debentures, due 2096 | 4,265 | 4,265 | |||||||
Other notes | — | 36 | |||||||
$ | 13,034,518 | $ | 13,589,283 | ||||||
Debt due within one year of the September 30, 2013 balance sheet date is classified as long-term as the Company has both the intent and ability to refinance such amounts on a long-term basis under its senior credit facility. | |||||||||
Senior credit facility. At September 30, 2013, the Company’s senior credit facility consisted of a $1.2 billion revolving credit facility, a $1.04 billion term loan A facility and a $1.74 billion term loan B facility. The revolving and term loan A facilities bear interest at LIBOR plus an applicable rate determined by the Company’s credit rating (2.75% as of September 30, 2013). The term loan B facility was re-priced in May 2013 and bears interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%, a 75 basis-point reduction compared to the prior rate. The revolving and term loan A facilities mature in December 2017 and the term loan B facility matures in December 2019. The term loan A and term loan B facilities are subject to scheduled amortization payments on the last day of each calendar quarter from and after March 31, 2013 in an amount equal to 0.25% of the original principal balance. The Company permanently repaid $7 million and $21 million in the three and nine months ended September 30, 2013, respectively, in accordance with the scheduled amortization. The Company had $1.09 billion of available borrowing capacity under its senior credit facility at September 30, 2013. At September 30, 2013, the interest rate on the term loan A was 2.93%, the interest rate on the term loan B was 3.50% and the interest rate on the revolving loans was 2.89%. | |||||||||
The land and substantially all of the assets of MGM Grand Las Vegas, Bellagio and The Mirage secure up to $3.35 billion of obligations outstanding under the senior credit facility. In addition, the land and substantially all of the assets of New York-New York and Gold Strike Tunica secure the entire amount of the senior credit facility and the land and substantially all of the assets of MGM Grand Detroit secure its $450 million of obligations as a co-borrower under the senior credit facility. In addition, the senior credit facility is secured by a pledge of the equity or limited liability company interests of the subsidiaries that own the pledged properties. | |||||||||
The senior credit facility contains customary representations and warranties and customary affirmative and negative covenants. In addition, the senior credit facility requires the Company and its restricted subsidiaries to maintain a minimum trailing four-quarter EBITDA and limits the ability of the Company and its restricted subsidiaries to make capital expenditures. As of September 30, 2013, the Company and its restricted subsidiaries are required to maintain a minimum EBITDA (as defined) of $1.05 billion. The minimum EBITDA increases to $1.10 billion for March 31, 2014 and June 30, 2014 and to $1.20 billion for September 30, 2014 and December 31, 2014, with periodic increases thereafter. EBITDA for the trailing twelve months ended September 30, 2013 calculated in accordance with the terms of the senior credit facility was $1.26 billion. The Company and its restricted subsidiaries are within the limit of $500 million of capital expenditures for the calendar year 2013. | |||||||||
The senior credit facility provides for customary events of default, including, without limitation, (i) payment defaults, (ii) covenant defaults, (iii) cross-defaults to certain other indebtedness in excess of specified amounts, (iv) certain events of bankruptcy and insolvency, (v) judgment defaults in excess of specified amounts, (vi) the failure of any loan document by a significant party to be in full force and effect and such circumstance, in the reasonable judgment of the required lenders, is materially adverse to the lenders, or (vii) the security documents cease to create a valid and perfected first priority lien on any material portion of the collateral. In addition, the senior credit facility provides that a cessation of business due to revocation, suspension or loss of any gaming license affecting a specified amount of its revenues or assets, will constitute an event of default. | |||||||||
MGM China credit facility. At September 30, 2013, the MGM China credit facility consisted of approximately $550 million of term loans and an approximately $1.45 billion revolving credit facility due October 2017. The credit facility is subject to scheduled amortization payments beginning in 2016. The outstanding balance at September 30, 2013 was comprised solely of term loans. The interest rate on the facility fluctuates annually based on HIBOR plus a margin, which was set at 2.50% until April 2013 and ranges between 1.75% and 2.50% thereafter based on MGM China’s leverage ratio. The margin was 1.75% at September 30, 2013. MGM China is a joint and several co-borrower with MGM Grand Paradise. MGM Grand Paradise’s interest in the Cotai land use right agreement will become collateral under the MGM China credit facility upon finalization of the appropriate government approvals. The material subsidiaries of MGM China continue to guarantee the facilities, and MGM China, MGM Grand Paradise and their guarantor subsidiaries have granted a security interest in substantially all of their assets to secure the amended facilities. The credit facility will be used for general corporate purposes and for the development of the Cotai project. | |||||||||
The MGM China credit facility agreement contains customary representations and warranties, events of default, affirmative covenants and negative covenants, which impose restrictions on, among other things, the ability of MGM China and its subsidiaries to make investments, pay dividends and sell assets, and to incur additional debt and additional liens. MGM China is also required to maintain compliance with a maximum consolidated total leverage ratio of 4.50 to 1.00 prior to the first anniversary of the MGM Cotai opening date and 4.00 to 1.00 thereafter, in addition to a minimum interest coverage ratio of 2.50 to 1.00. MGM China was in compliance with its credit facility covenants at September 30, 2013. | |||||||||
Senior notes. The Company repaid its $462 million 6.75% senior notes in April 2013 and $150 million 7.625% senior subordinated debentures in July 2013 at maturity. | |||||||||
Fair value of long-term debt. The estimated fair value of the Company’s long-term debt at September 30, 2013 was $14.2 billion. At December 31, 2012, the estimated fair value of the Company’s long-term debt was $14.3 billion. Fair value was estimated using quoted market prices for the Company’s senior notes, senior subordinated notes and senior credit facility. Carrying value of the MGM China credit facility approximates fair value. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 5 — COMMITMENTS AND CONTINGENCIES | |
CityCenter construction litigation. In March 2010, Perini Building Company, Inc. (“Perini”), general contractor for CityCenter, filed a lawsuit in the Eighth Judicial District Court for Clark County, State of Nevada, against MGM MIRAGE Design Group (a wholly owned subsidiary of the Company which was the original party to the Perini construction agreement) and certain direct or indirect subsidiaries of CityCenter Holdings, LLC (the “CityCenter Owners”). Perini asserted that CityCenter was substantially completed, but the defendants failed to pay Perini approximately $490 million allegedly due and owing under the construction agreement for labor, equipment and materials expended on CityCenter. The complaint further charged the defendants with failure to provide timely and complete design documents, late delivery to Perini of design changes, mismanagement of the change order process, obstruction of Perini’s ability to complete the Harmon component, and fraudulent inducement of Perini to compromise significant amounts due for its general conditions. The complaint advanced claims for breach of contract, breach of the implied covenant of good faith and fair dealing, tortious breach of the implied covenant of good faith and fair dealing, unjust enrichment and promissory estoppel, and fraud and intentional misrepresentation. Perini seeks compensatory damages, punitive damages, attorneys’ fees and costs. | |
In April 2010, Perini served an amended complaint in this case which joins as defendants many owners of CityCenter residential condominium units (the “Condo Owner Defendants”), added a count for foreclosure of Perini’s recorded master mechanic’s lien against the CityCenter property in the amount of approximately $491 million, and asserted the priority of this mechanic’s lien over the interests of the CityCenter Owners, the Condo Owner Defendants and CityCenter lenders in the CityCenter property. | |
CityCenter Owners and the other defendants dispute Perini’s allegations, and contend that the defendants are entitled to substantial amounts from Perini, including offsets against amounts claimed to be owed to Perini and its subcontractors and damages based on breach of their contractual and other duties to CityCenter, duplicative payment requests, non-conforming work, lack of proof of alleged work performance, defective work related to the Harmon, property damage and Perini’s failure to perform its obligations to pay certain subcontractors and to prevent filing of liens against CityCenter. Parallel to the court litigation, CityCenter management conducted an extra-judicial program for settlement of CityCenter subcontractor claims. Prior to June 30, 2013, CityCenter resolved the claims of 215 first-tier Perini subcontractors (including the claims of any lower-tier subcontractors that might have claims through those first-tier subcontractors), with only seven remaining for further proceedings along with trial of Perini’s claims and CityCenter’s Harmon-related counterclaim and other claims by CityCenter against Perini and its parent guarantor, Tutor Perini. Subsequent to June 30, 2013, CityCenter reached settlement with four additional subcontractors; of the three remaining, two are implicated in the defective work at the Harmon. In August 2012, Perini recorded an amended notice of lien reducing its lien to approximately $191 million. In May 2013, Perini served an expert witness disclosure which asserted an increase in Perini’s claim for its work and materials on the CityCenter project. In August 2013, Perini recorded an amended notice of lien reducing its lien to approximately $167 million. | |
In November 2012, Perini filed a second amended complaint which, among other things, added claims against the CityCenter defendants of breach of contract (alleging that CityCenter’s Owner Controlled Insurance Program (“OCIP”) failed to provide adequate project insurance for Perini with broad coverages and high limits) and tortious breach of the implied covenant of good faith and fair dealing (alleging improper administration by CityCenter of the OCIP and Builders Risk insurance programs). | |
CityCenter reached a settlement agreement with certain professional service providers against whom it had asserted claims in this litigation for errors or omissions with respect to the CityCenter project, which settlement has been approved by the court. Trial of all remaining claims, including the Perini and remaining subcontractor lien claims against CityCenter, and CityCenter’s counterclaims against Perini and certain subcontractors for defective work at the Harmon has been set to commence on April 28, 2014. | |
CityCenter Owners and the other defendants will continue to vigorously assert and protect their interests in the Perini lawsuit. The Company believes it is probable that the CityCenter Owners and the other defendants will be liable for $143 million in connection with this lawsuit. Amounts determined to be owed would be funded in part under the Company’s completion guarantee which is discussed below. The Company does not believe it is reasonably possible it will be liable for any material amount in excess of its estimate of its probable liability. The Company’s estimate of its probable liability does not include any offset for amounts that may be recovered on its counterclaims against Perini and certain subcontractors for defective work at the Harmon. | |
CityCenter completion guarantee. In October 2013, the Company entered into a third amended and restated completion guarantee, which is collateralized by substantially all of the assets of Circus Circus Las Vegas, as well as certain undeveloped land adjacent to that property. The terms of the amended and restated completion guarantee provide CityCenter the ability to utilize up to $72 million of net residential proceeds to fund construction costs, or to reimburse the Company for construction costs previously expended. As of September 30, 2013, CityCenter is holding approximately $72 million in a separate bank account representing the remaining condo proceeds available to fund completion guarantee obligations or be reimbursed to the Company. In accordance with the amended and restated completion guarantee such amounts can only be used to fund construction lien obligations or reimbursed to the Company once the Perini litigation is settled. | |
As of September 30, 2013, the Company has funded $711 million under the completion guarantee and has accrued a liability of $82 million which includes estimated litigation costs related to the resolution of disputes with contractors concerning the final construction costs and estimated amounts to be paid to contractors through the legal process related to the Perini litigation. The Company does not believe it is reasonably possible it could be liable for amounts in excess of what it has accrued. The Company’s estimated obligation has been offset by $72 million of condominium proceeds received by CityCenter, which are available to fund construction lien claims upon the resolution of the Perini litigation. Also, the Company’s accrual reflects certain estimated offsets to the amounts claimed by the contractors. Moreover, the Company has not accrued for any contingent payments to CityCenter related to the Harmon component. | |
Harmon demolition. In response to a request by the Clark County Building Division (the “Building Division”), CityCenter engaged an engineer to conduct an analysis, based on all available information, as to the structural stability of the Harmon under building-code-specified load combinations. On July 11, 2011, that engineer submitted the results of his analysis of the Harmon tower and podium in its current as-built condition. The engineer opined, among other things, that “[i]n a code-level earthquake, using either the permitted or current code specified loads, it is likely that critical structural members in the tower will fail and become incapable of supporting gravity loads, leading to a partial or complete collapse of the tower. There is missing or misplaced reinforcing steel in columns, beams, shear walls, and transfer walls throughout the structure of the tower below the twenty-first floor.” Based on this engineering opinion, the Building Division requested a plan of action from CityCenter. CityCenter informed the Building Division that it decided to abate the potential for structural collapse of the Harmon in the event of a code-level earthquake by demolishing the building, and enclosed a plan of action for demolition by implosion prepared by LVI Environmental Services of Nevada, Inc (“LVI”). CityCenter also advised that prior to undertaking the demolition plan of action, it would seek relief from a standing order of the district court judge presiding over the Perini litigation that prohibits alteration or destruction of the building without court approval. In addition, CityCenter supplied the foundational data for the engineering conclusions stated in the July 11, 2011 letter declaring the Harmon’s structural instability in the event of a code-level earthquake. On November 22, 2011, the Building Division required that CityCenter submit a plan to abate the code deficiencies discovered in the Harmon tower. | |
In December 2011, CityCenter resubmitted to the Building Division the plan of abatement action prepared by LVI which was first submitted on August 15, 2011, and met with the Building Division about the requirements necessary to obtain demolition permits and approvals. As discussed above, the timing of the demolition of the Harmon is subject to rulings in the Perini litigation. | |
The district court presiding over the Perini litigation had previously granted CityCenter’s motion to demolish the Harmon, but stayed the demolition to allow CityCenter an opportunity to conduct additional Phase 4 destructive testing at the Harmon following the court’s order prohibiting CityCenter’s structural engineering expert from extrapolating the results of pre-Phase 4 testing to untested portions of the building. | |
In May 2013, CityCenter completed additional Phase 4 destructive testing of 468 structural elements at the Harmon, analysis of which data confirmed the existence of a wide variety of construction defects throughout the Harmon tower. In his June 2013 expert report CityCenter’s structural engineer opined that the additional test results and extrapolation thereof to untested portions of the building show that after a service-level earthquake (typically defined as an earthquake with a 50% chance of occurring in 30 years), the Harmon can be expected to sustain extensive damage and failure of many structural elements, and in a large earthquake, such as a building code-level earthquake, critical elements of the Harmon are likely to fail and lead to a partial or complete collapse of the tower. In April 2013 Perini’s structural engineering expert John A. Martin & Associates (“JAMA”) had sent a letter to the Building Division which declared in part that JAMA no longer believes that the Harmon Tower can be repaired to a code compliant structure, which condition JAMA attributed to CityCenter’s building testing. On July 18, 2013 CityCenter filed a renewed motion with the district court for permission to demolish the Harmon. On August 23, 2013, the court granted CityCenter’s motion, and CityCenter has commenced planning for demolition of the building. | |
The Company does not believe it would be responsible for funding any additional remediation efforts under the completion guarantee that might be required with respect to the Harmon; however, the Company’s view is based on a number of developing factors, including with respect to on-going litigation with CityCenter’s contractors, actions by local officials and other developments related to the CityCenter venture, all of which are subject to change. | |
Sales and use tax on complimentary meals. In March 2008, the Nevada Supreme Court ruled, in a case involving another gaming company, that food and non-alcoholic beverages purchased for use in providing complimentary meals to customers and to employees were exempt from use tax. The Company had previously paid use tax on these items and had generally filed for refunds for the periods from January 2001 to February 2008 related to this matter, which refunds had not been paid. The Company claimed the exemption on sales and use tax returns for periods after February 2008 in light of this Nevada Supreme Court decision and had not accrued or paid any sales or use tax for those periods. In February 2012, the Nevada Department of Taxation asserted that customer complimentary meals and employee meals were subject to sales tax on a prospective basis commencing February 15, 2012. In July 2012, the Nevada Department of Taxation announced that sales taxes applicable to such meals would be due and payable without penalty or interest at the earlier of certain regulatory, judicial or legislative events or June 30, 2013. The Nevada Department of Taxation’s position stemmed from a Nevada Tax Commission decision concerning another gaming company which stated that complimentary meals provided to customers are subject to sales tax at the retail value of the meal and employee meals are subject to sales tax at the cost of the meal. The Clark County District Court subsequently issued a ruling in such case that held that complementary meals provided to customers were subject to sales tax, while meals provided to employees were not subject to sales tax. This decision was appealed to the Nevada Supreme Court. | |
In June 2013, the Company and other similarly situated companies entered into a global settlement agreement with the Nevada Department of Taxation that, when combined with the contemporaneous passage of legislation governing the prospective treatment of complimentary meals (“AB 506”), resolved all matters concerning the prior and future taxability of such meals. AB 506 provides that complimentary meals provided to customers and employees after the effective date of the bill are not subject to either sales or use tax. Under the terms of the global settlement, the Company agreed to withdraw its refund requests and the Nevada Department of Tax agreed to drop its assertion that sales tax was due on such meals up to the effective date of AB 506. Since the Company did not previously accrue either the claims for refund of use taxes or any liability for sales taxes that the Nevada Department of Tax may have asserted prior to entering the global settlement agreement, there is no financial statement impact of entering into the settlement agreement. | |
Cotai land concession contract. MGM Grand Paradise’s land concession contract for an approximately 17.8 acre site in Cotai, Macau became effective on January 9, 2013 and has an initial term of 25 years. The land premium payable to the Macau government for the land concession contract is $161 million and is composed of a down payment and eight additional semi-annual payments. As of September 30, 2013, MGM China had paid $71 million of the contract premium recorded within other long-term assets, net. Including interest on the seven remaining semi-annual payments, MGM China has approximately $103 million remaining payable for the land concession contract. The Company accounts for the Cotai land concession contract as an operating lease. As such, the required upfront payments are amortized over the initial 25-year contract term. For the three and nine months ended September 30, 2013, the Company had amortized $2 million and $5 million, respectively, which is classified as preopening expense during the construction of the project. In addition, in connection with the effectiveness of the Cotai land concession, the Company extended the useful life of its Macau gaming concession and is amortizing it on a straight-line basis through the initial term of the Cotai land concession. | |
Other guarantees. The Company is party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $500 million, and the amount of available borrowings under the revolving facility is reduced by any outstanding letters of credit. At September 30, 2013, the Company had provided $35 million of total letters of credit. At September 30, 2013, MGM China had provided $39 million of guarantees under its credit facility. | |
Other litigation. The Company is party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Income_Loss_Per_Share_of_Commo
Income (Loss) Per Share of Common Stock | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income (Loss) Per Share of Common Stock | ' | ||||||||||||||||
NOTE 6 — INCOME (LOSS) PER SHARE OF COMMON STOCK | |||||||||||||||||
The weighted-average number of common and common equivalent shares used in the calculation of basic and diluted income (loss) per share consisted of the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net loss attributable to MGM Resorts International—basic | $ | (31,859 | ) | $ | (181,159 | ) | $ | (118,271 | ) | $ | (543,864 | ) | |||||
Potentially dilutive effect due to MGM China Share Option Plan | (31 | ) | — | (25 | ) | — | |||||||||||
Net loss attributable to MGM Resorts International—diluted | $ | (31,890 | ) | $ | (181,159 | ) | $ | (118,296 | ) | $ | (543,864 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding—basic and diluted | 489,672 | 488,945 | 489,484 | 488,913 | |||||||||||||
Anti-dilutive share-based awards excluded from the calculation of diluted earnings per share | 17,454 | 22,993 | 17,454 | 22,993 | |||||||||||||
Stockholders_Equity_and_Noncon
Stockholders' Equity and Noncontrolling Interests | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity and Noncontrolling Interests | ' | ||||||||||||
NOTE 7 — STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS | |||||||||||||
Noncontrolling interests. The noncontrolling interests in MGM China and other minor subsidiaries are presented as a separate component of stockholders’ equity in the Company’s consolidated balance sheets and the net income attributable to noncontrolling interests is presented in the Company’s consolidated statements of operations. For the nine months ended September 30, 2013 and 2012, distributions to noncontrolling interests were $318 million and $207 million, respectively, related primarily to MGM China dividends discussed below. | |||||||||||||
MGM China dividends. MGM China paid a $113 million special dividend in September 2013, of which $58 million remained within the consolidated entity and $55 million was distributed to noncontrolling interests, and a $500 million special dividend in March 2013, of which $255 million remained within the consolidated entity and $245 million was distributed to noncontrolling interests. | |||||||||||||
MGM China paid a $400 million special dividend in March 2012, of which $204 million remained within the consolidated entity and $196 million was distributed to noncontrolling interests. | |||||||||||||
Supplemental equity information. The following table presents the Company’s changes in stockholders’ equity for the nine months ended September 30, 2013: | |||||||||||||
MGM Resorts | Noncontrolling | Total | |||||||||||
International | Interests | Stockholders’ | |||||||||||
Stockholders’ | Equity | ||||||||||||
Equity | |||||||||||||
(In thousands) | |||||||||||||
Balances, January 1, 2013 | $ | 4,365,548 | $ | 3,750,468 | $ | 8,116,016 | |||||||
Net income (loss) | (118,271 | ) | 133,896 | 15,625 | |||||||||
Foreign currency translation adjustment | (2,799 | ) | (2,839 | ) | (5,638 | ) | |||||||
Other comprehensive income from unconsolidated affiliate, net | 115 | — | 115 | ||||||||||
Stock-based compensation | 22,413 | 2,341 | 24,754 | ||||||||||
Issuance of MGM Resorts common stock pursuant to stock-based compensation awards | (3,911 | ) | — | (3,911 | ) | ||||||||
Cash distributions to noncontrolling interest owners | — | (318,344 | ) | (318,344 | ) | ||||||||
Other | (738 | ) | (708 | ) | (1,446 | ) | |||||||
Balances, September 30, 2013 | $ | 4,262,357 | $ | 3,564,814 | $ | 7,827,171 | |||||||
Accumulated other comprehensive income (loss). Changes in accumulated other comprehensive income (loss) by component are as follows: | |||||||||||||
Foreign | Other | Total | |||||||||||
Currency | Adjustments | ||||||||||||
Translation | |||||||||||||
Adjustment | |||||||||||||
(In thousands) | |||||||||||||
Balances, January 1, 2013 | $ | 14,997 | $ | (694 | ) | $ | 14,303 | ||||||
Current period other comprehensive income (loss) | (2,799 | ) | 115 | (2,684 | ) | ||||||||
Balances, September 30, 2013 | $ | 12,198 | $ | (579 | ) | $ | 11,619 | ||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
NOTE 8 — STOCK-BASED COMPENSATION | |||||||||||||||||
2005 Omnibus Incentive Plan. As of September 30, 2013, the Company had an aggregate of 16 million shares of common stock available for grant as share-based awards under the Company’s omnibus incentive plan (“Omnibus Plan”). A summary of activity under the Omnibus Plan for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
Stock options and stock appreciation rights (“SARs”) | |||||||||||||||||
Units | Weighted | ||||||||||||||||
(000’s) | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding at January 1, 2013 | 22,929 | $ | 14.44 | ||||||||||||||
Granted | 120 | 14.67 | |||||||||||||||
Exercised | (2,154 | ) | 9.94 | ||||||||||||||
Forfeited or expired | (5,449 | ) | 15.85 | ||||||||||||||
Outstanding at September 30, 2013 | 15,446 | 14.62 | |||||||||||||||
Exercisable at September 30, 2013 | 9,042 | 17.64 | |||||||||||||||
Restricted stock units (“RSUs”) and performance share units (“PSUs”) | |||||||||||||||||
RSUs | PSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
(000’s) | Average | (000’s) | Average | ||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 1,424 | $ | 10.17 | 688 | $ | 10.03 | |||||||||||
Granted | 103 | 14.93 | — | — | |||||||||||||
Vested | (135 | ) | 12.49 | — | — | ||||||||||||
Forfeited | (66 | ) | 9.95 | (6 | ) | 10.03 | |||||||||||
Nonvested at September 30, 2013 | 1,326 | 10.31 | 682 | 10.03 | |||||||||||||
MGM China Share Option Plan. As of September 30, 2013, MGM China had an aggregate of 1.0 billion shares of options available for grant as share-based awards under the MGM China share option plan (“MGM China Plan”). A summary of activity under the MGM China Plan for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
Stock options | |||||||||||||||||
Units | Weighted | ||||||||||||||||
(000’s) | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding at January 1, 2013 | 19,235 | $ | 1.98 | ||||||||||||||
Granted | 360 | 2.56 | |||||||||||||||
Exercised | (1,492 | ) | 1.99 | ||||||||||||||
Forfeited or expired | (675 | ) | 2.06 | ||||||||||||||
Outstanding at September 30, 2013 | 17,428 | 1.99 | |||||||||||||||
Exercisable at September 30, 2013 | 7,656 | 1.97 | |||||||||||||||
Recognition of compensation cost. Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Compensation cost: | |||||||||||||||||
Omnibus Plan | $ | 6,208 | $ | 8,912 | $ | 19,976 | $ | 29,068 | |||||||||
MGM China Plan | 1,412 | 1,437 | 4,778 | 4,132 | |||||||||||||
Total compensation cost | 7,620 | 10,349 | 24,754 | 33,200 | |||||||||||||
Less: Reimbursed costs and other | (241 | ) | (1,013 | ) | (820 | ) | (3,068 | ) | |||||||||
Compensation cost recognized as expense | 7,379 | 9,336 | 23,934 | 30,132 | |||||||||||||
Less: Related tax expense | — | (108 | ) | — | (525 | ) | |||||||||||
Compensation expense, net of tax expense | $ | 7,379 | $ | 9,228 | $ | 23,934 | $ | 29,607 | |||||||||
Property_Transactions_Net
Property Transactions, Net | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Property Transactions, Net | ' | ||||||||||||||||
NOTE 9 — PROPERTY TRANSACTIONS, NET | |||||||||||||||||
Property transactions, net includes: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Land impairment charge | $ | 20,354 | $ | — | $ | 20,354 | $ | — | |||||||||
Corporate buildings impairment charge | — | — | 44,510 | — | |||||||||||||
Grand Victoria investment impairment charge | — | — | 36,607 | 85,009 | |||||||||||||
Other property transactions, net | 5,773 | 5,803 | 21,278 | 12,178 | |||||||||||||
$ | 26,127 | $ | 5,803 | $ | 122,749 | $ | 97,187 | ||||||||||
The Company owns land in Jean and Sloan, Nevada. Due to an increased probability of sale, management does not believe it is likely that the carrying value of the land will be recovered. Therefore, an impairment charge of $20 million was recorded as of September 30, 2013, based on an estimated fair value of $24 million. Fair value was determined based on recent indications from market participants. | |||||||||||||||||
See Note 3 for discussion of the Grand Victoria investment impairment charge in 2013 and 2012. During the second quarter of 2013, the Company recorded an impairment charge of $45 million related to corporate buildings which are expected to be removed from service. In June 2013, the Company executed agreements formalizing the details of a joint venture to build a new Las Vegas arena project, of which the Company will own 50%, that will be located on the land underlying these buildings. Other property transactions, net for the three and nine months ended September 30, 2013 and 2012 includes miscellaneous asset disposals and demolition costs. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
NOTE 10 — SEGMENT INFORMATION | |||||||||||||||||
The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in two geographic regions: the United States and Macau S.A.R. The Company has aggregated its operations into two reportable segments based on the similar characteristics of the operating segments within the regions in which they operate: wholly owned domestic resorts and MGM China. The Company’s operations related to investments in unconsolidated affiliates, MGM Hospitality, and certain other corporate and management operations 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. | |||||||||||||||||
The Company’s management utilizes Adjusted Property EBITDA as the primary profit measure for its reportable segments. Adjusted Property EBITDA is a non-GAAP measure defined as Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which are not allocated to the reportable segments. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net. | |||||||||||||||||
The following tables present the Company’s segment information: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net Revenues: | |||||||||||||||||
Wholly owned domestic resorts | $ | 1,548,113 | $ | 1,486,155 | $ | 4,573,297 | $ | 4,470,981 | |||||||||
MGM China | 808,471 | 665,074 | 2,391,177 | 2,076,460 | |||||||||||||
Reportable segment net revenues | 2,356,584 | 2,151,229 | 6,964,474 | 6,547,441 | |||||||||||||
Corporate and other | 106,453 | 103,749 | 331,976 | 318,892 | |||||||||||||
$ | 2,463,037 | $ | 2,254,978 | $ | 7,296,450 | $ | 6,866,333 | ||||||||||
Adjusted EBITDA: | |||||||||||||||||
Wholly owned domestic resorts | $ | 350,060 | $ | 324,764 | $ | 1,086,700 | $ | 990,894 | |||||||||
MGM China | 190,772 | 152,491 | 576,042 | 503,572 | |||||||||||||
Reportable segment Adjusted Property EBITDA | 540,832 | 477,255 | 1,662,742 | 1,494,466 | |||||||||||||
Corporate and other | (50,981 | ) | (104,872 | ) | (107,129 | ) | (190,266 | ) | |||||||||
489,851 | 372,383 | 1,555,613 | 1,304,200 | ||||||||||||||
Other operating expense: | |||||||||||||||||
Preopening and start-up expenses | (4,279 | ) | (765 | ) | (9,931 | ) | (765 | ) | |||||||||
Property transactions, net | (26,127 | ) | (5,803 | ) | (122,749 | ) | (97,187 | ) | |||||||||
Depreciation and amortization | (211,682 | ) | (228,414 | ) | (641,751 | ) | (700,866 | ) | |||||||||
Operating income | 247,763 | 137,401 | 781,182 | 505,382 | |||||||||||||
Non-operating income (expense): | |||||||||||||||||
Interest expense, net of amounts capitalized | (208,939 | ) | (275,771 | ) | (648,886 | ) | (836,436 | ) | |||||||||
Non-operating items from unconsolidated affiliates | (22,673 | ) | (20,901 | ) | (83,616 | ) | (68,603 | ) | |||||||||
Other, net | (676 | ) | 2,012 | (6,909 | ) | (55,518 | ) | ||||||||||
(232,288 | ) | (294,660 | ) | (739,411 | ) | (960,557 | ) | ||||||||||
Income (loss) before income taxes | 15,475 | (157,259 | ) | 41,771 | (455,175 | ) | |||||||||||
Benefit (provision) for income taxes | 8,150 | 2,585 | (26,146 | ) | 26,760 | ||||||||||||
Net income (loss) | 23,625 | (154,674 | ) | 15,625 | (428,415 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | (55,484 | ) | (26,485 | ) | (133,896 | ) | (115,449 | ) | |||||||||
Net loss attributable to MGM Resorts International | $ | (31,859 | ) | $ | (181,159 | ) | $ | (118,271 | ) | $ | (543,864 | ) | |||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 11 — RELATED PARTY TRANSACTIONS | |
MGM China. MGM Branding and Development Holdings, Ltd., (together with its subsidiary MGM Development Services, Ltd, “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. Pansy Ho indirectly holds a noncontrolling interest, has a brand license agreement with MGM China. MGM China pays a license fee to MGM Branding and Development equal to 1.75% of MGM China’s consolidated net revenue, subject to an annual cap of $36 million in 2013 with a 20% increase per annum during the agreement term. During the three and nine months ended September 30, 2013, MGM China incurred total license fees of $8 million and $36 million, respectively. During the three and nine months ended September 30, 2012, MGM China incurred total license fees of $5 million and $30 million, respectively. Such amounts have been eliminated in consolidation. | |
MGM China also has a development services agreement with MGM Branding and Development to provide certain development services to MGM China in connection with future expansion of existing projects and development of future resort gaming projects. Such services are subject to a development fee which is calculated separately for each resort casino property upon commencement of development. For each such property, the fee is 2.625% of project costs, to be paid in installments as certain benchmarks are achieved. Project costs are the total costs incurred for the design, development and construction of the casino, casino hotel, integrated resort and other related sites associated with each project, including costs of construction, fixtures and fittings, signage, gaming and other supplies and equipment and all costs associated with the opening of the business to be conducted at each project but excluding the cost of land and gaming concessions and financing costs. The development fee for MGM Cotai is subject to a cap of $22 million in 2013, which will increase by 10% per annum for each year during the term of the agreement. During the nine months ended September 30, 2013, MGM China incurred $15 million of fees to MGM Branding and Development related to development services. During the nine months ended September 30, 2012, MGM China incurred $6 million of fees to MGM Branding and Development related to development services. Such amounts have been eliminated in consolidation. | |
An entity owned by Ms. Pansy Ho received distributions of $4 million and $18 million during the three and nine months ended September 30, 2013, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development. The entity received distributions of $3 million and $11 million in the three and nine months ended September 30, 2012, respectively. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||
NOTE 12 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||||
The Company’s domestic subsidiaries, excluding certain minor subsidiaries, its domestic insurance subsidiaries and MGM Grand Detroit, LLC, have fully and unconditionally guaranteed, on a joint and several basis, payment of the senior credit facility and the outstanding debt securities. The Company’s international subsidiaries, including MGM China, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 238,990 | $ | 822,432 | $ | 1,222,945 | $ | (352 | ) | $ | 2,284,015 | ||||||||||
Property and equipment, net | — | 12,579,173 | 1,402,092 | (11,972 | ) | 13,969,293 | |||||||||||||||
Investments in subsidiaries | 19,844,973 | 3,944,597 | — | (23,789,570 | ) | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | — | 1,407,815 | 8,647 | — | 1,416,462 | ||||||||||||||||
Other non-current assets | 156,045 | 538,599 | 7,294,421 | — | 7,989,065 | ||||||||||||||||
$ | 20,240,008 | $ | 19,292,616 | $ | 9,928,105 | $ | (23,801,894 | ) | $ | 25,658,835 | |||||||||||
Current liabilities | $ | 287,998 | $ | 969,278 | $ | 929,546 | $ | (25,352 | ) | $ | 2,161,470 | ||||||||||
Intercompany accounts | 1,383,052 | (1,411,879 | ) | 28,827 | — | — | |||||||||||||||
Deferred income taxes | 2,161,744 | — | 316,319 | — | 2,478,063 | ||||||||||||||||
Long-term debt | 12,028,590 | 4,836 | 1,001,092 | — | 13,034,518 | ||||||||||||||||
Other long-term obligations | 116,267 | 40,453 | 893 | — | 157,613 | ||||||||||||||||
Total liabilities | 15,977,651 | (397,312 | ) | 2,276,677 | (25,352 | ) | 17,831,664 | ||||||||||||||
MGM Resorts stockholders’ equity | 4,262,357 | 19,689,928 | 4,086,614 | (23,776,542 | ) | 4,262,357 | |||||||||||||||
Noncontrolling interests | — | — | 3,564,814 | — | 3,564,814 | ||||||||||||||||
Total stockholders’ equity | 4,262,357 | 19,689,928 | 7,651,428 | (23,776,542 | ) | 7,827,171 | |||||||||||||||
$ | 20,240,008 | $ | 19,292,616 | $ | 9,928,105 | $ | (23,801,894 | ) | $ | 25,658,835 | |||||||||||
At December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 438,878 | $ | 891,826 | $ | 1,176,844 | $ | (456 | ) | $ | 2,507,092 | ||||||||||
Property and equipment, net | — | 12,881,152 | 1,325,472 | (11,972 | ) | 14,194,652 | |||||||||||||||
Investments in subsidiaries | 19,785,312 | 4,077,228 | — | (23,862,540 | ) | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | — | 1,437,151 | 7,396 | — | 1,444,547 | ||||||||||||||||
Other non-current assets | 163,372 | 541,634 | 7,433,441 | — | 8,138,447 | ||||||||||||||||
$ | 20,387,562 | $ | 19,828,991 | $ | 9,943,153 | $ | (23,874,968 | ) | $ | 26,284,738 | |||||||||||
Current liabilities | $ | 272,138 | $ | 989,864 | $ | 672,125 | $ | (8,456 | ) | $ | 1,925,671 | ||||||||||
Intercompany accounts | 960,610 | (983,288 | ) | 22,678 | — | — | |||||||||||||||
Deferred income taxes | 2,222,823 | — | 251,066 | — | 2,473,889 | ||||||||||||||||
Long-term debt | 12,432,581 | 155,413 | 1,001,289 | — | 13,589,283 | ||||||||||||||||
Other long-term obligations | 133,862 | 45,303 | 714 | — | 179,879 | ||||||||||||||||
Total liabilities | 16,022,014 | 207,292 | 1,947,872 | (8,456 | ) | 18,168,722 | |||||||||||||||
MGM Resorts stockholders’ equity | 4,365,548 | 19,621,699 | 4,244,813 | (23,866,512 | ) | 4,365,548 | |||||||||||||||
Noncontrolling interests | — | — | 3,750,468 | — | 3,750,468 | ||||||||||||||||
Total stockholders’ equity | 4,365,548 | 19,621,699 | 7,995,281 | (23,866,512 | ) | 8,116,016 | |||||||||||||||
$ | 20,387,562 | $ | 19,828,991 | $ | 9,943,153 | $ | (23,874,968 | ) | $ | 26,284,738 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 1,521,159 | $ | 942,315 | $ | (437 | ) | $ | 2,463,037 | ||||||||||
Equity in subsidiaries’ earnings | 166,187 | 72,986 | — | (239,173 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 1,337 | 934,853 | 644,324 | (437 | ) | 1,580,077 | |||||||||||||||
General and administrative | 1,028 | 278,538 | 63,281 | — | 342,847 | ||||||||||||||||
Corporate expense | 16,881 | 31,811 | 22,498 | (17,000 | ) | 54,190 | |||||||||||||||
Preopening and start-up expenses | — | 1,993 | 2,286 | — | 4,279 | ||||||||||||||||
Property transactions, net | — | 26,109 | 18 | — | 26,127 | ||||||||||||||||
Depreciation and amortization | — | 131,660 | 80,022 | — | 211,682 | ||||||||||||||||
19,246 | 1,404,964 | 812,429 | (17,437 | ) | 2,219,202 | ||||||||||||||||
Income (loss) from unconsolidated affiliates | — | 3,979 | (51 | ) | — | 3,928 | |||||||||||||||
Operating income (loss) | 146,941 | 193,160 | 129,835 | (222,173 | ) | 247,763 | |||||||||||||||
Interest expense, net of amounts capitalized | (198,362 | ) | (510 | ) | (10,067 | ) | — | (208,939 | ) | ||||||||||||
Other, net | 10,310 | (23,241 | ) | (10,418 | ) | — | (23,349 | ) | |||||||||||||
Income (loss) before income taxes | (41,111 | ) | 169,409 | 109,350 | (222,173 | ) | 15,475 | ||||||||||||||
Benefit (provision) for income taxes | 9,252 | (508 | ) | (594 | ) | — | 8,150 | ||||||||||||||
Net income (loss) | (31,859 | ) | 168,901 | 108,756 | (222,173 | ) | 23,625 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (55,484 | ) | — | (55,484 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (31,859 | ) | $ | 168,901 | $ | 53,272 | $ | (222,173 | ) | $ | (31,859 | ) | ||||||||
Net income (loss) | $ | (31,859 | ) | $ | 168,901 | $ | 108,756 | $ | (222,173 | ) | $ | 23,625 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 311 | 311 | 587 | (622 | ) | 587 | |||||||||||||||
Other comprehensive income (loss) | 311 | 311 | 587 | (622 | ) | 587 | |||||||||||||||
Comprehensive income (loss) | (31,548 | ) | 169,212 | 109,343 | (222,795 | ) | 24,212 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (55,760 | ) | — | (55,760 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (31,548 | ) | $ | 169,212 | $ | 53,583 | $ | (222,795 | ) | $ | (31,548 | ) | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 4,498,816 | $ | 2,799,016 | $ | (1,382 | ) | $ | 7,296,450 | ||||||||||
Equity in subsidiaries’ earnings | 470,383 | 181,568 | — | (651,951 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 4,213 | 2,741,255 | 1,909,455 | (1,382 | ) | 4,653,541 | |||||||||||||||
General and administrative | 3,155 | 791,015 | 166,902 | — | 961,072 | ||||||||||||||||
Corporate expense | 46,335 | 89,925 | 33,918 | (17,000 | ) | 153,178 | |||||||||||||||
Preopening and start-up expenses | — | 3,013 | 6,918 | — | 9,931 | ||||||||||||||||
Property transactions, net | — | 122,384 | 365 | — | 122,749 | ||||||||||||||||
Depreciation and amortization | — | 395,378 | 246,373 | — | 641,751 | ||||||||||||||||
53,703 | 4,142,970 | 2,363,931 | (18,382 | ) | 6,542,222 | ||||||||||||||||
Income from unconsolidated affiliates | — | 25,937 | 1,017 | — | 26,954 | ||||||||||||||||
Operating income (loss) | 416,680 | 563,351 | 436,102 | (634,951 | ) | 781,182 | |||||||||||||||
Interest expense, net of amounts capitalized | (607,027 | ) | (6,209 | ) | (35,650 | ) | — | (648,886 | ) | ||||||||||||
Other, net | 38,071 | (85,093 | ) | (43,503 | ) | — | (90,525 | ) | |||||||||||||
Income (loss) before income taxes | (152,276 | ) | 472,049 | 356,949 | (634,951 | ) | 41,771 | ||||||||||||||
Benefit (provision) for income taxes | 34,005 | 6,904 | (67,055 | ) | — | (26,146 | ) | ||||||||||||||
Net income (loss) | (118,271 | ) | 478,953 | 289,894 | (634,951 | ) | 15,625 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (133,896 | ) | — | (133,896 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (118,271 | ) | $ | 478,953 | $ | 155,998 | $ | (634,951 | ) | $ | (118,271 | ) | ||||||||
Net income (loss) | $ | (118,271 | ) | $ | 478,953 | $ | 289,894 | $ | (634,951 | ) | $ | 15,625 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | (2,799 | ) | (2,799 | ) | (5,638 | ) | 5,598 | (5,638 | ) | ||||||||||||
Other | 115 | 115 | — | (115 | ) | 115 | |||||||||||||||
Other comprehensive income (loss) | (2,684 | ) | (2,684 | ) | (5,638 | ) | 5,483 | (5,523 | ) | ||||||||||||
Comprehensive income (loss) | (120,955 | ) | 476,269 | 284,256 | (629,468 | ) | 10,102 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (131,057 | ) | — | (131,057 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (120,955 | ) | $ | 476,269 | $ | 153,199 | $ | (629,468 | ) | $ | (120,955 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (618,561 | ) | $ | 868,219 | $ | 846,099 | $ | — | $ | 1,095,757 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | — | (187,116 | ) | (192,457 | ) | — | (379,573 | ) | |||||||||||||
Dispositions of property and equipment | — | 347 | 199 | — | 546 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | (18,500 | ) | (5,353 | ) | — | — | (23,853 | ) | |||||||||||||
Investments in treasury securities - maturities longer than 90 days | — | (174,446 | ) | — | — | (174,446 | ) | ||||||||||||||
Proceeds from treasury securities - maturities longer than 90 days | — | 204,394 | — | — | 204,394 | ||||||||||||||||
Other | — | 1,580 | — | — | 1,580 | ||||||||||||||||
Net cash used in investing activities | (18,500 | ) | (160,594 | ) | (192,258 | ) | — | (371,352 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net borrowings under bank credit facilities - maturities of 90 days or less | 59,000 | — | — | — | 59,000 | ||||||||||||||||
Borrowings under bank credit facilities - maturities longer than 90 days | 2,343,000 | — | 450,000 | — | 2,793,000 | ||||||||||||||||
Repayments under bank credit facilities - maturities longer than 90 days | (2,343,000 | ) | — | (450,000 | ) | — | (2,793,000 | ) | |||||||||||||
Retirement of senior notes | (462,226 | ) | (150,036 | ) | — | — | (612,262 | ) | |||||||||||||
Debt issuance costs | (17,061 | ) | — | — | — | (17,061 | ) | ||||||||||||||
Intercompany accounts | 886,519 | (579,560 | ) | (306,959 | ) | — | — | ||||||||||||||
Distributions to noncontrolling interest owners | — | — | (318,348 | ) | — | (318,348 | ) | ||||||||||||||
Other | (2,111 | ) | — | (1,100 | ) | — | (3,211 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 464,121 | (729,596 | ) | (626,407 | ) | — | (891,882 | ) | |||||||||||||
Effect of exchange rate on cash | — | — | (629 | ) | — | (629 | ) | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | (172,940 | ) | (21,971 | ) | 26,805 | — | (168,106 | ) | |||||||||||||
Balance, beginning of period | 254,385 | 226,242 | 1,062,882 | — | 1,543,509 | ||||||||||||||||
Balance, end of period | $ | 81,445 | $ | 204,271 | $ | 1,089,687 | $ | — | $ | 1,375,403 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 1,450,101 | $ | 805,535 | $ | (658 | ) | $ | 2,254,978 | ||||||||||
Equity in subsidiaries’ earnings | 89,705 | 47,759 | — | (137,464 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 1,676 | 904,578 | 556,958 | (658 | ) | 1,462,554 | |||||||||||||||
General and administrative | 1,853 | 265,040 | 52,213 | — | 319,106 | ||||||||||||||||
Corporate expense | 14,390 | 48,524 | 8,078 | (8,000 | ) | 62,992 | |||||||||||||||
Preopening and start-up expenses | — | 124 | 641 | — | 765 | ||||||||||||||||
Property transactions, net | — | 5,319 | 484 | — | 5,803 | ||||||||||||||||
Depreciation and amortization | — | 128,466 | 99,948 | — | 228,414 | ||||||||||||||||
17,919 | 1,352,051 | 718,322 | (8,658 | ) | 2,079,634 | ||||||||||||||||
Loss from unconsolidated affiliates | — | (37,919 | ) | (24 | ) | — | (37,943 | ) | |||||||||||||
Operating income (loss) | 71,786 | 107,890 | 87,189 | (129,464 | ) | 137,401 | |||||||||||||||
Interest expense, net of amounts capitalized | (261,094 | ) | (2,730 | ) | (11,947 | ) | — | (275,771 | ) | ||||||||||||
Other, net | 6,904 | (20,170 | ) | (5,623 | ) | — | (18,889 | ) | |||||||||||||
Income (loss) before income taxes | (182,404 | ) | 84,990 | 69,619 | (129,464 | ) | (157,259 | ) | |||||||||||||
Benefit (provision) for income taxes | 1,245 | 1,436 | (96 | ) | — | 2,585 | |||||||||||||||
Net income (loss) | (181,159 | ) | 86,426 | 69,523 | (129,464 | ) | (154,674 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (26,485 | ) | — | (26,485 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (181,159 | ) | $ | 86,426 | $ | 43,038 | $ | (129,464 | ) | $ | (181,159 | ) | ||||||||
Net income (loss) | $ | (181,159 | ) | $ | 86,426 | $ | 69,523 | $ | (129,464 | ) | $ | (154,674 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 1,487 | 1,487 | 2,840 | (2,974 | ) | 2,840 | |||||||||||||||
Other comprehensive income (loss) | 1,487 | 1,487 | 2,840 | (2,974 | ) | 2,840 | |||||||||||||||
Comprehensive income (loss) | (179,672 | ) | 87,913 | 72,363 | (132,438 | ) | (151,834 | ) | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (27,838 | ) | — | (27,838 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (179,672 | ) | $ | 87,913 | $ | 44,525 | $ | (132,438 | ) | $ | (179,672 | ) | ||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 4,356,937 | $ | 2,510,591 | $ | (1,195 | ) | $ | 6,866,333 | ||||||||||
Equity in subsidiaries’ earnings | 317,428 | 160,260 | — | (477,688 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 5,919 | 2,733,100 | 1,699,378 | (1,195 | ) | 4,437,202 | |||||||||||||||
General and administrative | 5,683 | 771,581 | 154,609 | — | 931,873 | ||||||||||||||||
Corporate expense | 46,719 | 101,216 | 7,857 | (8,000 | ) | 147,792 | |||||||||||||||
Preopening and start-up expenses | — | 124 | 641 | — | 765 | ||||||||||||||||
Property transactions, net | — | 94,356 | 2,831 | — | 97,187 | ||||||||||||||||
Depreciation and amortization | — | 389,651 | 311,215 | — | 700,866 | ||||||||||||||||
58,321 | 4,090,028 | 2,176,531 | (9,195 | ) | 6,315,685 | ||||||||||||||||
Loss from unconsolidated affiliates | — | (45,131 | ) | (135 | ) | — | (45,266 | ) | |||||||||||||
Operating income (loss) | 259,107 | 382,038 | 333,925 | (469,688 | ) | 505,382 | |||||||||||||||
Interest expense, net of amounts capitalized | (791,003 | ) | (8,238 | ) | (37,195 | ) | — | (836,436 | ) | ||||||||||||
Other, net | (23,811 | ) | (66,909 | ) | (33,401 | ) | — | (124,121 | ) | ||||||||||||
Income (loss) before income taxes | (555,707 | ) | 306,891 | 263,329 | (469,688 | ) | (455,175 | ) | |||||||||||||
Benefit for income taxes | 11,843 | 463 | 14,454 | — | 26,760 | ||||||||||||||||
Net income (loss) | (543,864 | ) | 307,354 | 277,783 | (469,688 | ) | (428,415 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (115,449 | ) | — | (115,449 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (543,864 | ) | $ | 307,354 | $ | 162,334 | $ | (469,688 | ) | $ | (543,864 | ) | ||||||||
Net income (loss) | $ | (543,864 | ) | $ | 307,354 | $ | 277,783 | $ | (469,688 | ) | $ | (428,415 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 6,555 | 6,555 | 12,841 | (13,110 | ) | 12,841 | |||||||||||||||
Other comprehensive income (loss) | 6,555 | 6,555 | 12,841 | (13,110 | ) | 12,841 | |||||||||||||||
Comprehensive income (loss) | (537,309 | ) | 313,909 | 290,624 | (482,798 | ) | (415,574 | ) | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (121,735 | ) | — | (121,735 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (537,309 | ) | $ | 313,909 | $ | 168,889 | $ | (482,798 | ) | $ | (537,309 | ) | ||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (655,726 | ) | $ | 771,165 | $ | 771,823 | $ | — | $ | 887,262 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | — | (254,852 | ) | (61,905 | ) | — | (316,757 | ) | |||||||||||||
Dispositions of property and equipment | — | 135 | 101 | — | 236 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | (37,000 | ) | — | — | — | (37,000 | ) | ||||||||||||||
Distributions from unconsolidated affiliates in excess of earnings | — | 1,347 | — | — | 1,347 | ||||||||||||||||
Investments in treasury securities- maturities longer than 90 days | — | (195,313 | ) | — | — | (195,313 | ) | ||||||||||||||
Proceeds from treasury securities- maturities longer than 90 days | — | 225,301 | — | — | 225,301 | ||||||||||||||||
Other | — | (1,221 | ) | — | — | (1,221 | ) | ||||||||||||||
Net cash used in investing activities | (37,000 | ) | (224,603 | ) | (61,804 | ) | — | (323,407 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net repayments under bank credit facilities - maturities of 90 days or less | (192,100 | ) | — | (13,826 | ) | — | (205,926 | ) | |||||||||||||
Borrowings under bank credit facilities maturities - longer than 90 days | — | — | 900,000 | — | 900,000 | ||||||||||||||||
Repayments under bank credit facilities maturities - longer than 90 days | (1,834,128 | ) | — | (900,000 | ) | — | (2,734,128 | ) | |||||||||||||
Issuance of senior notes | 2,850,000 | — | — | — | 2,850,000 | ||||||||||||||||
Retirement of senior notes | (534,650 | ) | — | — | — | (534,650 | ) | ||||||||||||||
Debt issuance costs | (54,459 | ) | — | — | — | (54,459 | ) | ||||||||||||||
Intercompany accounts | 591,602 | (548,791 | ) | (42,811 | ) | — | — | ||||||||||||||
Distributions to noncontrolling interest owners | — | — | (206,806 | ) | — | (206,806 | ) | ||||||||||||||
Other | (843 | ) | (833 | ) | (57 | ) | — | (1,733 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 825,422 | (549,624 | ) | (263,500 | ) | — | 12,298 | ||||||||||||||
Effect of exchange rate on cash | — | — | 1,093 | — | 1,093 | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | 132,696 | (3,062 | ) | 447,612 | — | 577,246 | |||||||||||||||
Balance, beginning of period | 795,326 | 230,888 | 839,699 | — | 1,865,913 | ||||||||||||||||
Balance, end of period | $ | 928,022 | $ | 227,826 | $ | 1,287,311 | $ | — | $ | 2,443,159 | |||||||||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of presentation | ' | |||
Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2012 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | ||||
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. | ||||
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, cost method investments, assets acquired and liabilities assumed in an acquisition, goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. | ||||
• | At September 30, 2013, the fair value of the Company’s treasury securities held by the Borgata trust was $90 million, measured using Level 1 inputs. See Note 1; | |||
• | The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 4; | |||
• | The Company used Level 3 inputs when assessing the fair value of its investment in Grand Victoria at June 30, 2013. See Note 3; and | |||
• | The Company used Level 3 inputs when assessing the fair value of its land in Jean and Sloan, Nevada at September 30, 2013. See Note 9. | |||
Income tax provision | ' | |||
Income tax provision. The Company recognizes deferred tax assets, net of applicable reserves, related to net operating loss carryforwards and certain temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. Given the negative impact of the U.S. economy on the results of operations in the past several years, the Company no longer relies on projected future domestic operating income in assessing the realization of its domestic deferred tax assets and now relies only on the future reversal of existing domestic taxable temporary differences. As of September 30, 2013, the scheduled future reversal of existing U.S. federal deductible temporary differences exceeds the scheduled future reversal of existing U.S. federal taxable temporary differences. The Company recorded a valuation allowance for U.S. federal deferred tax assets in order to account for this excess, which resulted in an increase in provision for income taxes of $38 million and $64 million for the three and nine months ended September 30, 2013, respectively. | ||||
Income generated from gaming operations of MGM Grand Paradise is exempted from Macau’s 12% complementary tax for the five-year period ending December 31, 2016 pursuant to approval from the Macau government granted on September 22, 2011. The approval granted in 2011 represented the second five-year exemption period granted to MGM Grand Paradise. The Company measures the net deferred tax liability of MGM Grand Paradise under the assumption that it will receive an additional five-year exemption beyond 2016. Such assumption is based upon the granting of a third five-year exemption to a competitor of MGM Grand Paradise. The Company believes MGM Grand Paradise should also be entitled to a third five-year exemption in order to ensure non-discriminatory treatment among gaming concessionaires and subconcessionaires, a requirement under Macanese law. The net deferred tax liability of MGM Grand Paradise was remeasured during the first quarter of 2013 due to the extension of the amortization period of the Macau gaming concession in connection with the effectiveness of the Cotai land concession. This resulted in an increase in the net deferred tax liability and a corresponding increase in provision for income taxes of $65 million. While non-gaming operations remain subject to the complementary tax, MGM Grand Paradise has tax net operating losses from non-gaming operations that are fully offset by a valuation allowance. | ||||
During the first quarter of 2013, the Company settled all issues under appeal in connection with the IRS audits of the Company’s consolidated federal income tax returns and the Company’s cost method investee returns for the 2003 and 2004 tax years. Unrecognized tax benefits were reduced by $28 million and provision for income taxes was reduced by $38 million, including the impact of the settlement on the valuation allowance, as a result of this settlement. |
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Affiliates (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Investments in and Advances to Unconsolidated Affiliates | ' | ||||||||||||||||
Investments in and advances to unconsolidated affiliates consisted of the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
CityCenter Holdings, LLC – CityCenter (50%) | $ | 1,224,622 | $ | 1,220,741 | |||||||||||||
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) | 169,822 | 206,296 | |||||||||||||||
Other | 22,018 | 17,510 | |||||||||||||||
$ | 1,416,462 | $ | 1,444,547 | ||||||||||||||
Schedule of Results of Operations of Unconsolidated Affiliates | ' | ||||||||||||||||
The Company recorded its share of the results of operations of unconsolidated affiliates as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Income (loss) from unconsolidated affiliates | $ | 3,928 | $ | (37,943 | ) | $ | 26,954 | $ | (45,266 | ) | |||||||
Preopening and start-up expenses | — | (124 | ) | (376 | ) | (124 | ) | ||||||||||
Non-operating items from unconsolidated affiliates | (22,673 | ) | (20,901 | ) | (83,616 | ) | (68,603 | ) | |||||||||
$ | (18,745 | ) | $ | (58,968 | ) | $ | (57,038 | ) | $ | (113,993 | ) | ||||||
CityCenter Holdings, LLC [Member] | ' | ||||||||||||||||
Summarized Balance Sheet Information | ' | ||||||||||||||||
CityCenter summary financial information. Summarized balance sheet information of the CityCenter joint venture is as follows: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Current assets | $ | 633,926 | $ | 546,851 | |||||||||||||
Property and other assets, net | 8,364,102 | 8,606,163 | |||||||||||||||
Current liabilities | 421,672 | 451,332 | |||||||||||||||
Long-term debt and other long-term obligations | 2,609,758 | 2,533,918 | |||||||||||||||
Equity | 5,966,598 | 6,167,764 | |||||||||||||||
Summarized Income Statement Information | ' | ||||||||||||||||
Summarized income statement information of the CityCenter joint venture is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net revenues | $ | 294,330 | $ | 266,430 | $ | 942,646 | $ | 795,492 | |||||||||
Operating expenses | (324,120 | ) | (376,283 | ) | (996,378 | ) | (989,786 | ) | |||||||||
Operating loss | (29,790 | ) | (109,853 | ) | (53,732 | ) | (194,294 | ) | |||||||||
Non-operating expense | (71,238 | ) | (65,219 | ) | (240,905 | ) | (204,678 | ) | |||||||||
Net loss | $ | (101,028 | ) | $ | (175,072 | ) | $ | (294,637 | ) | $ | (398,972 | ) | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Senior credit facility: | |||||||||
$2,779 million ($2,800 million at December 31, 2012) term loans, net | $ | 2,771,777 | $ | 2,791,284 | |||||
Revolving loans | 80,000 | — | |||||||
MGM Grand Paradise credit facility | 553,123 | 553,531 | |||||||
$462.2 million 6.75% senior notes, due 2013 | — | 462,226 | |||||||
$150 million 7.625% senior subordinated debentures, due 2013, net | — | 150,539 | |||||||
$508.9 million 5.875% senior notes, due 2014, net | 508,771 | 508,540 | |||||||
$875 million 6.625% senior notes, due 2015, net | 876,178 | 876,634 | |||||||
$1,450 million 4.25% convertible senior notes, due 2015, net | 1,457,323 | 1,460,780 | |||||||
$242.9 million 6.875% senior notes, due 2016 | 242,900 | 242,900 | |||||||
$732.7 million 7.5% senior notes, due 2016 | 732,749 | 732,749 | |||||||
$500 million 10% senior notes, due 2016, net | 496,758 | 496,110 | |||||||
$743 million 7.625% senior notes, due 2017 | 743,000 | 743,000 | |||||||
$475 million 11.375% senior notes, due 2018, net | 467,102 | 466,117 | |||||||
$850 million 8.625% senior notes, due 2019 | 850,000 | 850,000 | |||||||
$1,000 million 6.75% senior notes, due 2020 | 1,000,000 | 1,000,000 | |||||||
$1,250 million 6.625% senior notes, due 2021 | 1,250,000 | 1,250,000 | |||||||
$1,000 million 7.75% senior notes, due 2022 | 1,000,000 | 1,000,000 | |||||||
$0.6 million 7% debentures, due 2036, net | 572 | 572 | |||||||
$4.3 million 6.7% debentures, due 2096 | 4,265 | 4,265 | |||||||
Other notes | — | 36 | |||||||
$ | 13,034,518 | $ | 13,589,283 | ||||||
Income_Loss_Per_Share_of_Commo1
Income (Loss) Per Share of Common Stock (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Weighted-Average Number of Common and Common Equivalent Shares Used in the Calculation of Basic and Diluted Income (Loss) Per Share | ' | ||||||||||||||||
The weighted-average number of common and common equivalent shares used in the calculation of basic and diluted income (loss) per share consisted of the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Numerator: | |||||||||||||||||
Net loss attributable to MGM Resorts International—basic | $ | (31,859 | ) | $ | (181,159 | ) | $ | (118,271 | ) | $ | (543,864 | ) | |||||
Potentially dilutive effect due to MGM China Share Option Plan | (31 | ) | — | (25 | ) | — | |||||||||||
Net loss attributable to MGM Resorts International—diluted | $ | (31,890 | ) | $ | (181,159 | ) | $ | (118,296 | ) | $ | (543,864 | ) | |||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding—basic and diluted | 489,672 | 488,945 | 489,484 | 488,913 | |||||||||||||
Anti-dilutive share-based awards excluded from the calculation of diluted earnings per share | 17,454 | 22,993 | 17,454 | 22,993 | |||||||||||||
Stockholders_Equity_and_Noncon1
Stockholders' Equity and Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Changes in Stockholders' Equity | ' | ||||||||||||
The following table presents the Company’s changes in stockholders’ equity for the nine months ended September 30, 2013: | |||||||||||||
MGM Resorts | Noncontrolling | Total | |||||||||||
International | Interests | Stockholders’ | |||||||||||
Stockholders’ | Equity | ||||||||||||
Equity | |||||||||||||
(In thousands) | |||||||||||||
Balances, January 1, 2013 | $ | 4,365,548 | $ | 3,750,468 | $ | 8,116,016 | |||||||
Net income (loss) | (118,271 | ) | 133,896 | 15,625 | |||||||||
Foreign currency translation adjustment | (2,799 | ) | (2,839 | ) | (5,638 | ) | |||||||
Other comprehensive income from unconsolidated affiliate, net | 115 | — | 115 | ||||||||||
Stock-based compensation | 22,413 | 2,341 | 24,754 | ||||||||||
Issuance of MGM Resorts common stock pursuant to stock-based compensation awards | (3,911 | ) | — | (3,911 | ) | ||||||||
Cash distributions to noncontrolling interest owners | — | (318,344 | ) | (318,344 | ) | ||||||||
Other | (738 | ) | (708 | ) | (1,446 | ) | |||||||
Balances, September 30, 2013 | $ | 4,262,357 | $ | 3,564,814 | $ | 7,827,171 | |||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ||||||||||||
Changes in accumulated other comprehensive income (loss) by component are as follows: | |||||||||||||
Foreign | Other | Total | |||||||||||
Currency | Adjustments | ||||||||||||
Translation | |||||||||||||
Adjustment | |||||||||||||
(In thousands) | |||||||||||||
Balances, January 1, 2013 | $ | 14,997 | $ | (694 | ) | $ | 14,303 | ||||||
Current period other comprehensive income (loss) | (2,799 | ) | 115 | (2,684 | ) | ||||||||
Balances, September 30, 2013 | $ | 12,198 | $ | (579 | ) | $ | 11,619 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Compensation Cost Recognized | ' | ||||||||||||||||
Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Compensation cost: | |||||||||||||||||
Omnibus Plan | $ | 6,208 | $ | 8,912 | $ | 19,976 | $ | 29,068 | |||||||||
MGM China Plan | 1,412 | 1,437 | 4,778 | 4,132 | |||||||||||||
Total compensation cost | 7,620 | 10,349 | 24,754 | 33,200 | |||||||||||||
Less: Reimbursed costs and other | (241 | ) | (1,013 | ) | (820 | ) | (3,068 | ) | |||||||||
Compensation cost recognized as expense | 7,379 | 9,336 | 23,934 | 30,132 | |||||||||||||
Less: Related tax expense | — | (108 | ) | — | (525 | ) | |||||||||||
Compensation expense, net of tax expense | $ | 7,379 | $ | 9,228 | $ | 23,934 | $ | 29,607 | |||||||||
Omnibus Plan [Member] | ' | ||||||||||||||||
Summary of Stock Options and Stock Appreciation Rights Activity | ' | ||||||||||||||||
Stock options and stock appreciation rights (“SARs”) | |||||||||||||||||
Units | Weighted | ||||||||||||||||
(000’s) | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding at January 1, 2013 | 22,929 | $ | 14.44 | ||||||||||||||
Granted | 120 | 14.67 | |||||||||||||||
Exercised | (2,154 | ) | 9.94 | ||||||||||||||
Forfeited or expired | (5,449 | ) | 15.85 | ||||||||||||||
Outstanding at September 30, 2013 | 15,446 | 14.62 | |||||||||||||||
Exercisable at September 30, 2013 | 9,042 | 17.64 | |||||||||||||||
Summary of Restricted Stock Units and Performance Share Units Activity | ' | ||||||||||||||||
Restricted stock units (“RSUs”) and performance share units (“PSUs”) | |||||||||||||||||
RSUs | PSUs | ||||||||||||||||
Units | Weighted | Units | Weighted | ||||||||||||||
(000’s) | Average | (000’s) | Average | ||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 1,424 | $ | 10.17 | 688 | $ | 10.03 | |||||||||||
Granted | 103 | 14.93 | — | — | |||||||||||||
Vested | (135 | ) | 12.49 | — | — | ||||||||||||
Forfeited | (66 | ) | 9.95 | (6 | ) | 10.03 | |||||||||||
Nonvested at September 30, 2013 | 1,326 | 10.31 | 682 | 10.03 | |||||||||||||
MGM China Share Option Plan [Member] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of activity under the MGM China Plan for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
Stock options | |||||||||||||||||
Units | Weighted | ||||||||||||||||
(000’s) | Average | ||||||||||||||||
Exercise | |||||||||||||||||
Price | |||||||||||||||||
Outstanding at January 1, 2013 | 19,235 | $ | 1.98 | ||||||||||||||
Granted | 360 | 2.56 | |||||||||||||||
Exercised | (1,492 | ) | 1.99 | ||||||||||||||
Forfeited or expired | (675 | ) | 2.06 | ||||||||||||||
Outstanding at September 30, 2013 | 17,428 | 1.99 | |||||||||||||||
Exercisable at September 30, 2013 | 7,656 | 1.97 | |||||||||||||||
Property_Transactions_Net_Tabl
Property Transactions, Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Property Transactions, Net | ' | ||||||||||||||||
Property transactions, net includes: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Land impairment charge | $ | 20,354 | $ | — | $ | 20,354 | $ | — | |||||||||
Corporate buildings impairment charge | — | — | 44,510 | — | |||||||||||||
Grand Victoria investment impairment charge | — | — | 36,607 | 85,009 | |||||||||||||
Other property transactions, net | 5,773 | 5,803 | 21,278 | 12,178 | |||||||||||||
$ | 26,127 | $ | 5,803 | $ | 122,749 | $ | 97,187 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||
The following tables present the Company’s segment information: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net Revenues: | |||||||||||||||||
Wholly owned domestic resorts | $ | 1,548,113 | $ | 1,486,155 | $ | 4,573,297 | $ | 4,470,981 | |||||||||
MGM China | 808,471 | 665,074 | 2,391,177 | 2,076,460 | |||||||||||||
Reportable segment net revenues | 2,356,584 | 2,151,229 | 6,964,474 | 6,547,441 | |||||||||||||
Corporate and other | 106,453 | 103,749 | 331,976 | 318,892 | |||||||||||||
$ | 2,463,037 | $ | 2,254,978 | $ | 7,296,450 | $ | 6,866,333 | ||||||||||
Adjusted EBITDA: | |||||||||||||||||
Wholly owned domestic resorts | $ | 350,060 | $ | 324,764 | $ | 1,086,700 | $ | 990,894 | |||||||||
MGM China | 190,772 | 152,491 | 576,042 | 503,572 | |||||||||||||
Reportable segment Adjusted Property EBITDA | 540,832 | 477,255 | 1,662,742 | 1,494,466 | |||||||||||||
Corporate and other | (50,981 | ) | (104,872 | ) | (107,129 | ) | (190,266 | ) | |||||||||
489,851 | 372,383 | 1,555,613 | 1,304,200 | ||||||||||||||
Other operating expense: | |||||||||||||||||
Preopening and start-up expenses | (4,279 | ) | (765 | ) | (9,931 | ) | (765 | ) | |||||||||
Property transactions, net | (26,127 | ) | (5,803 | ) | (122,749 | ) | (97,187 | ) | |||||||||
Depreciation and amortization | (211,682 | ) | (228,414 | ) | (641,751 | ) | (700,866 | ) | |||||||||
Operating income | 247,763 | 137,401 | 781,182 | 505,382 | |||||||||||||
Non-operating income (expense): | |||||||||||||||||
Interest expense, net of amounts capitalized | (208,939 | ) | (275,771 | ) | (648,886 | ) | (836,436 | ) | |||||||||
Non-operating items from unconsolidated affiliates | (22,673 | ) | (20,901 | ) | (83,616 | ) | (68,603 | ) | |||||||||
Other, net | (676 | ) | 2,012 | (6,909 | ) | (55,518 | ) | ||||||||||
(232,288 | ) | (294,660 | ) | (739,411 | ) | (960,557 | ) | ||||||||||
Income (loss) before income taxes | 15,475 | (157,259 | ) | 41,771 | (455,175 | ) | |||||||||||
Benefit (provision) for income taxes | 8,150 | 2,585 | (26,146 | ) | 26,760 | ||||||||||||
Net income (loss) | 23,625 | (154,674 | ) | 15,625 | (428,415 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | (55,484 | ) | (26,485 | ) | (133,896 | ) | (115,449 | ) | |||||||||
Net loss attributable to MGM Resorts International | $ | (31,859 | ) | $ | (181,159 | ) | $ | (118,271 | ) | $ | (543,864 | ) | |||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet Information | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 238,990 | $ | 822,432 | $ | 1,222,945 | $ | (352 | ) | $ | 2,284,015 | ||||||||||
Property and equipment, net | — | 12,579,173 | 1,402,092 | (11,972 | ) | 13,969,293 | |||||||||||||||
Investments in subsidiaries | 19,844,973 | 3,944,597 | — | (23,789,570 | ) | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | — | 1,407,815 | 8,647 | — | 1,416,462 | ||||||||||||||||
Other non-current assets | 156,045 | 538,599 | 7,294,421 | — | 7,989,065 | ||||||||||||||||
$ | 20,240,008 | $ | 19,292,616 | $ | 9,928,105 | $ | (23,801,894 | ) | $ | 25,658,835 | |||||||||||
Current liabilities | $ | 287,998 | $ | 969,278 | $ | 929,546 | $ | (25,352 | ) | $ | 2,161,470 | ||||||||||
Intercompany accounts | 1,383,052 | (1,411,879 | ) | 28,827 | — | — | |||||||||||||||
Deferred income taxes | 2,161,744 | — | 316,319 | — | 2,478,063 | ||||||||||||||||
Long-term debt | 12,028,590 | 4,836 | 1,001,092 | — | 13,034,518 | ||||||||||||||||
Other long-term obligations | 116,267 | 40,453 | 893 | — | 157,613 | ||||||||||||||||
Total liabilities | 15,977,651 | (397,312 | ) | 2,276,677 | (25,352 | ) | 17,831,664 | ||||||||||||||
MGM Resorts stockholders’ equity | 4,262,357 | 19,689,928 | 4,086,614 | (23,776,542 | ) | 4,262,357 | |||||||||||||||
Noncontrolling interests | — | — | 3,564,814 | — | 3,564,814 | ||||||||||||||||
Total stockholders’ equity | 4,262,357 | 19,689,928 | 7,651,428 | (23,776,542 | ) | 7,827,171 | |||||||||||||||
$ | 20,240,008 | $ | 19,292,616 | $ | 9,928,105 | $ | (23,801,894 | ) | $ | 25,658,835 | |||||||||||
At December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 438,878 | $ | 891,826 | $ | 1,176,844 | $ | (456 | ) | $ | 2,507,092 | ||||||||||
Property and equipment, net | — | 12,881,152 | 1,325,472 | (11,972 | ) | 14,194,652 | |||||||||||||||
Investments in subsidiaries | 19,785,312 | 4,077,228 | — | (23,862,540 | ) | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | — | 1,437,151 | 7,396 | — | 1,444,547 | ||||||||||||||||
Other non-current assets | 163,372 | 541,634 | 7,433,441 | — | 8,138,447 | ||||||||||||||||
$ | 20,387,562 | $ | 19,828,991 | $ | 9,943,153 | $ | (23,874,968 | ) | $ | 26,284,738 | |||||||||||
Current liabilities | $ | 272,138 | $ | 989,864 | $ | 672,125 | $ | (8,456 | ) | $ | 1,925,671 | ||||||||||
Intercompany accounts | 960,610 | (983,288 | ) | 22,678 | — | — | |||||||||||||||
Deferred income taxes | 2,222,823 | — | 251,066 | — | 2,473,889 | ||||||||||||||||
Long-term debt | 12,432,581 | 155,413 | 1,001,289 | — | 13,589,283 | ||||||||||||||||
Other long-term obligations | 133,862 | 45,303 | 714 | — | 179,879 | ||||||||||||||||
Total liabilities | 16,022,014 | 207,292 | 1,947,872 | (8,456 | ) | 18,168,722 | |||||||||||||||
MGM Resorts stockholders’ equity | 4,365,548 | 19,621,699 | 4,244,813 | (23,866,512 | ) | 4,365,548 | |||||||||||||||
Noncontrolling interests | — | — | 3,750,468 | — | 3,750,468 | ||||||||||||||||
Total stockholders’ equity | 4,365,548 | 19,621,699 | 7,995,281 | (23,866,512 | ) | 8,116,016 | |||||||||||||||
$ | 20,387,562 | $ | 19,828,991 | $ | 9,943,153 | $ | (23,874,968 | ) | $ | 26,284,738 | |||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 1,521,159 | $ | 942,315 | $ | (437 | ) | $ | 2,463,037 | ||||||||||
Equity in subsidiaries’ earnings | 166,187 | 72,986 | — | (239,173 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 1,337 | 934,853 | 644,324 | (437 | ) | 1,580,077 | |||||||||||||||
General and administrative | 1,028 | 278,538 | 63,281 | — | 342,847 | ||||||||||||||||
Corporate expense | 16,881 | 31,811 | 22,498 | (17,000 | ) | 54,190 | |||||||||||||||
Preopening and start-up expenses | — | 1,993 | 2,286 | — | 4,279 | ||||||||||||||||
Property transactions, net | — | 26,109 | 18 | — | 26,127 | ||||||||||||||||
Depreciation and amortization | — | 131,660 | 80,022 | — | 211,682 | ||||||||||||||||
19,246 | 1,404,964 | 812,429 | (17,437 | ) | 2,219,202 | ||||||||||||||||
Income (loss) from unconsolidated affiliates | — | 3,979 | (51 | ) | — | 3,928 | |||||||||||||||
Operating income (loss) | 146,941 | 193,160 | 129,835 | (222,173 | ) | 247,763 | |||||||||||||||
Interest expense, net of amounts capitalized | (198,362 | ) | (510 | ) | (10,067 | ) | — | (208,939 | ) | ||||||||||||
Other, net | 10,310 | (23,241 | ) | (10,418 | ) | — | (23,349 | ) | |||||||||||||
Income (loss) before income taxes | (41,111 | ) | 169,409 | 109,350 | (222,173 | ) | 15,475 | ||||||||||||||
Benefit (provision) for income taxes | 9,252 | (508 | ) | (594 | ) | — | 8,150 | ||||||||||||||
Net income (loss) | (31,859 | ) | 168,901 | 108,756 | (222,173 | ) | 23,625 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (55,484 | ) | — | (55,484 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (31,859 | ) | $ | 168,901 | $ | 53,272 | $ | (222,173 | ) | $ | (31,859 | ) | ||||||||
Net income (loss) | $ | (31,859 | ) | $ | 168,901 | $ | 108,756 | $ | (222,173 | ) | $ | 23,625 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 311 | 311 | 587 | (622 | ) | 587 | |||||||||||||||
Other comprehensive income (loss) | 311 | 311 | 587 | (622 | ) | 587 | |||||||||||||||
Comprehensive income (loss) | (31,548 | ) | 169,212 | 109,343 | (222,795 | ) | 24,212 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (55,760 | ) | — | (55,760 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (31,548 | ) | $ | 169,212 | $ | 53,583 | $ | (222,795 | ) | $ | (31,548 | ) | ||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 4,498,816 | $ | 2,799,016 | $ | (1,382 | ) | $ | 7,296,450 | ||||||||||
Equity in subsidiaries’ earnings | 470,383 | 181,568 | — | (651,951 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 4,213 | 2,741,255 | 1,909,455 | (1,382 | ) | 4,653,541 | |||||||||||||||
General and administrative | 3,155 | 791,015 | 166,902 | — | 961,072 | ||||||||||||||||
Corporate expense | 46,335 | 89,925 | 33,918 | (17,000 | ) | 153,178 | |||||||||||||||
Preopening and start-up expenses | — | 3,013 | 6,918 | — | 9,931 | ||||||||||||||||
Property transactions, net | — | 122,384 | 365 | — | 122,749 | ||||||||||||||||
Depreciation and amortization | — | 395,378 | 246,373 | — | 641,751 | ||||||||||||||||
53,703 | 4,142,970 | 2,363,931 | (18,382 | ) | 6,542,222 | ||||||||||||||||
Income from unconsolidated affiliates | — | 25,937 | 1,017 | — | 26,954 | ||||||||||||||||
Operating income (loss) | 416,680 | 563,351 | 436,102 | (634,951 | ) | 781,182 | |||||||||||||||
Interest expense, net of amounts capitalized | (607,027 | ) | (6,209 | ) | (35,650 | ) | — | (648,886 | ) | ||||||||||||
Other, net | 38,071 | (85,093 | ) | (43,503 | ) | — | (90,525 | ) | |||||||||||||
Income (loss) before income taxes | (152,276 | ) | 472,049 | 356,949 | (634,951 | ) | 41,771 | ||||||||||||||
Benefit (provision) for income taxes | 34,005 | 6,904 | (67,055 | ) | — | (26,146 | ) | ||||||||||||||
Net income (loss) | (118,271 | ) | 478,953 | 289,894 | (634,951 | ) | 15,625 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (133,896 | ) | — | (133,896 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (118,271 | ) | $ | 478,953 | $ | 155,998 | $ | (634,951 | ) | $ | (118,271 | ) | ||||||||
Net income (loss) | $ | (118,271 | ) | $ | 478,953 | $ | 289,894 | $ | (634,951 | ) | $ | 15,625 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | (2,799 | ) | (2,799 | ) | (5,638 | ) | 5,598 | (5,638 | ) | ||||||||||||
Other | 115 | 115 | — | (115 | ) | 115 | |||||||||||||||
Other comprehensive income (loss) | (2,684 | ) | (2,684 | ) | (5,638 | ) | 5,483 | (5,523 | ) | ||||||||||||
Comprehensive income (loss) | (120,955 | ) | 476,269 | 284,256 | (629,468 | ) | 10,102 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (131,057 | ) | — | (131,057 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (120,955 | ) | $ | 476,269 | $ | 153,199 | $ | (629,468 | ) | $ | (120,955 | ) | ||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 1,450,101 | $ | 805,535 | $ | (658 | ) | $ | 2,254,978 | ||||||||||
Equity in subsidiaries’ earnings | 89,705 | 47,759 | — | (137,464 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 1,676 | 904,578 | 556,958 | (658 | ) | 1,462,554 | |||||||||||||||
General and administrative | 1,853 | 265,040 | 52,213 | — | 319,106 | ||||||||||||||||
Corporate expense | 14,390 | 48,524 | 8,078 | (8,000 | ) | 62,992 | |||||||||||||||
Preopening and start-up expenses | — | 124 | 641 | — | 765 | ||||||||||||||||
Property transactions, net | — | 5,319 | 484 | — | 5,803 | ||||||||||||||||
Depreciation and amortization | — | 128,466 | 99,948 | — | 228,414 | ||||||||||||||||
17,919 | 1,352,051 | 718,322 | (8,658 | ) | 2,079,634 | ||||||||||||||||
Loss from unconsolidated affiliates | — | (37,919 | ) | (24 | ) | — | (37,943 | ) | |||||||||||||
Operating income (loss) | 71,786 | 107,890 | 87,189 | (129,464 | ) | 137,401 | |||||||||||||||
Interest expense, net of amounts capitalized | (261,094 | ) | (2,730 | ) | (11,947 | ) | — | (275,771 | ) | ||||||||||||
Other, net | 6,904 | (20,170 | ) | (5,623 | ) | — | (18,889 | ) | |||||||||||||
Income (loss) before income taxes | (182,404 | ) | 84,990 | 69,619 | (129,464 | ) | (157,259 | ) | |||||||||||||
Benefit (provision) for income taxes | 1,245 | 1,436 | (96 | ) | — | 2,585 | |||||||||||||||
Net income (loss) | (181,159 | ) | 86,426 | 69,523 | (129,464 | ) | (154,674 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (26,485 | ) | — | (26,485 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (181,159 | ) | $ | 86,426 | $ | 43,038 | $ | (129,464 | ) | $ | (181,159 | ) | ||||||||
Net income (loss) | $ | (181,159 | ) | $ | 86,426 | $ | 69,523 | $ | (129,464 | ) | $ | (154,674 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 1,487 | 1,487 | 2,840 | (2,974 | ) | 2,840 | |||||||||||||||
Other comprehensive income (loss) | 1,487 | 1,487 | 2,840 | (2,974 | ) | 2,840 | |||||||||||||||
Comprehensive income (loss) | (179,672 | ) | 87,913 | 72,363 | (132,438 | ) | (151,834 | ) | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (27,838 | ) | — | (27,838 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (179,672 | ) | $ | 87,913 | $ | 44,525 | $ | (132,438 | ) | $ | (179,672 | ) | ||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | — | $ | 4,356,937 | $ | 2,510,591 | $ | (1,195 | ) | $ | 6,866,333 | ||||||||||
Equity in subsidiaries’ earnings | 317,428 | 160,260 | — | (477,688 | ) | — | |||||||||||||||
Expenses: | |||||||||||||||||||||
Casino and hotel operations | 5,919 | 2,733,100 | 1,699,378 | (1,195 | ) | 4,437,202 | |||||||||||||||
General and administrative | 5,683 | 771,581 | 154,609 | — | 931,873 | ||||||||||||||||
Corporate expense | 46,719 | 101,216 | 7,857 | (8,000 | ) | 147,792 | |||||||||||||||
Preopening and start-up expenses | — | 124 | 641 | — | 765 | ||||||||||||||||
Property transactions, net | — | 94,356 | 2,831 | — | 97,187 | ||||||||||||||||
Depreciation and amortization | — | 389,651 | 311,215 | — | 700,866 | ||||||||||||||||
58,321 | 4,090,028 | 2,176,531 | (9,195 | ) | 6,315,685 | ||||||||||||||||
Loss from unconsolidated affiliates | — | (45,131 | ) | (135 | ) | — | (45,266 | ) | |||||||||||||
Operating income (loss) | 259,107 | 382,038 | 333,925 | (469,688 | ) | 505,382 | |||||||||||||||
Interest expense, net of amounts capitalized | (791,003 | ) | (8,238 | ) | (37,195 | ) | — | (836,436 | ) | ||||||||||||
Other, net | (23,811 | ) | (66,909 | ) | (33,401 | ) | — | (124,121 | ) | ||||||||||||
Income (loss) before income taxes | (555,707 | ) | 306,891 | 263,329 | (469,688 | ) | (455,175 | ) | |||||||||||||
Benefit for income taxes | 11,843 | 463 | 14,454 | — | 26,760 | ||||||||||||||||
Net income (loss) | (543,864 | ) | 307,354 | 277,783 | (469,688 | ) | (428,415 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (115,449 | ) | — | (115,449 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts International | $ | (543,864 | ) | $ | 307,354 | $ | 162,334 | $ | (469,688 | ) | $ | (543,864 | ) | ||||||||
Net income (loss) | $ | (543,864 | ) | $ | 307,354 | $ | 277,783 | $ | (469,688 | ) | $ | (428,415 | ) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 6,555 | 6,555 | 12,841 | (13,110 | ) | 12,841 | |||||||||||||||
Other comprehensive income (loss) | 6,555 | 6,555 | 12,841 | (13,110 | ) | 12,841 | |||||||||||||||
Comprehensive income (loss) | (537,309 | ) | 313,909 | 290,624 | (482,798 | ) | (415,574 | ) | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (121,735 | ) | — | (121,735 | ) | ||||||||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ | (537,309 | ) | $ | 313,909 | $ | 168,889 | $ | (482,798 | ) | $ | (537,309 | ) | ||||||||
Schedule of Condensed Consolidating Statement of Cash Flows Information | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (618,561 | ) | $ | 868,219 | $ | 846,099 | $ | — | $ | 1,095,757 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | — | (187,116 | ) | (192,457 | ) | — | (379,573 | ) | |||||||||||||
Dispositions of property and equipment | — | 347 | 199 | — | 546 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | (18,500 | ) | (5,353 | ) | — | — | (23,853 | ) | |||||||||||||
Investments in treasury securities - maturities longer than 90 days | — | (174,446 | ) | — | — | (174,446 | ) | ||||||||||||||
Proceeds from treasury securities - maturities longer than 90 days | — | 204,394 | — | — | 204,394 | ||||||||||||||||
Other | — | 1,580 | — | — | 1,580 | ||||||||||||||||
Net cash used in investing activities | (18,500 | ) | (160,594 | ) | (192,258 | ) | — | (371,352 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net borrowings under bank credit facilities - maturities of 90 days or less | 59,000 | — | — | — | 59,000 | ||||||||||||||||
Borrowings under bank credit facilities - maturities longer than 90 days | 2,343,000 | — | 450,000 | — | 2,793,000 | ||||||||||||||||
Repayments under bank credit facilities - maturities longer than 90 days | (2,343,000 | ) | — | (450,000 | ) | — | (2,793,000 | ) | |||||||||||||
Retirement of senior notes | (462,226 | ) | (150,036 | ) | — | — | (612,262 | ) | |||||||||||||
Debt issuance costs | (17,061 | ) | — | — | — | (17,061 | ) | ||||||||||||||
Intercompany accounts | 886,519 | (579,560 | ) | (306,959 | ) | — | — | ||||||||||||||
Distributions to noncontrolling interest owners | — | — | (318,348 | ) | — | (318,348 | ) | ||||||||||||||
Other | (2,111 | ) | — | (1,100 | ) | — | (3,211 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 464,121 | (729,596 | ) | (626,407 | ) | — | (891,882 | ) | |||||||||||||
Effect of exchange rate on cash | — | — | (629 | ) | — | (629 | ) | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | (172,940 | ) | (21,971 | ) | 26,805 | — | (168,106 | ) | |||||||||||||
Balance, beginning of period | 254,385 | 226,242 | 1,062,882 | — | 1,543,509 | ||||||||||||||||
Balance, end of period | $ | 81,445 | $ | 204,271 | $ | 1,089,687 | $ | — | $ | 1,375,403 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (655,726 | ) | $ | 771,165 | $ | 771,823 | $ | — | $ | 887,262 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | — | (254,852 | ) | (61,905 | ) | — | (316,757 | ) | |||||||||||||
Dispositions of property and equipment | — | 135 | 101 | — | 236 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | (37,000 | ) | — | — | — | (37,000 | ) | ||||||||||||||
Distributions from unconsolidated affiliates in excess of earnings | — | 1,347 | — | — | 1,347 | ||||||||||||||||
Investments in treasury securities- maturities longer than 90 days | — | (195,313 | ) | — | — | (195,313 | ) | ||||||||||||||
Proceeds from treasury securities- maturities longer than 90 days | — | 225,301 | — | — | 225,301 | ||||||||||||||||
Other | — | (1,221 | ) | — | — | (1,221 | ) | ||||||||||||||
Net cash used in investing activities | (37,000 | ) | (224,603 | ) | (61,804 | ) | — | (323,407 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net repayments under bank credit facilities - maturities of 90 days or less | (192,100 | ) | — | (13,826 | ) | — | (205,926 | ) | |||||||||||||
Borrowings under bank credit facilities maturities - longer than 90 days | — | — | 900,000 | — | 900,000 | ||||||||||||||||
Repayments under bank credit facilities maturities - longer than 90 days | (1,834,128 | ) | — | (900,000 | ) | — | (2,734,128 | ) | |||||||||||||
Issuance of senior notes | 2,850,000 | — | — | — | 2,850,000 | ||||||||||||||||
Retirement of senior notes | (534,650 | ) | — | — | — | (534,650 | ) | ||||||||||||||
Debt issuance costs | (54,459 | ) | — | — | — | (54,459 | ) | ||||||||||||||
Intercompany accounts | 591,602 | (548,791 | ) | (42,811 | ) | — | — | ||||||||||||||
Distributions to noncontrolling interest owners | — | — | (206,806 | ) | — | (206,806 | ) | ||||||||||||||
Other | (843 | ) | (833 | ) | (57 | ) | — | (1,733 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 825,422 | (549,624 | ) | (263,500 | ) | — | 12,298 | ||||||||||||||
Effect of exchange rate on cash | — | — | 1,093 | — | 1,093 | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | 132,696 | (3,062 | ) | 447,612 | — | 577,246 | |||||||||||||||
Balance, beginning of period | 795,326 | 230,888 | 839,699 | — | 1,865,913 | ||||||||||||||||
Balance, end of period | $ | 928,022 | $ | 227,826 | $ | 1,287,311 | $ | — | $ | 2,443,159 | |||||||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 18, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Segment | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | Elgin Riverboat Resort-Riverboat Casino - Grand Victoria [Member] | Silver Legacy [Member] | Co-venturer [Member] | Co-venturer [Member] | Co-venturer [Member] | Borgata Trust [Member] | Borgata Trust [Member] | Borgata Trust [Member] | Borgata Trust [Member] | Borgata Trust [Member] | MGM China [Member] | MGM Grand Paradise SA [Member] | Aria and Vdara [Member] | Aria and Vdara [Member] | Crystals [Member] | Shadow Creek golf course [Member] | |
Infinity World Development Corp [Member] | Hyatt Gaming [Member] | Eldorado LLC [Member] | Co-venturer [Member] | U.S. treasury securities [Member] | U.S. treasury securities [Member] | U.S. treasury securities [Member] | Cotai land concession contract [Member] | CityCenter Holdings, LLC [Member] | Sales [Member] | CityCenter Holdings, LLC [Member] | mi | ||||||||
CityCenter Holdings, LLC [Member] | Elgin Riverboat Resort-Riverboat Casino - Grand Victoria [Member] | Silver Legacy [Member] | Boyd [Member] | Minimum [Member] | Maximum [Member] | acre | CityCenter Holdings, LLC [Member] | ||||||||||||
ORGANIZATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distance from Las Vegas Strip resorts (in miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 |
Number of reportable segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' |
Area of development site (in acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.8 | ' | ' | ' | ' |
Percentage of ownership interests | ' | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee as a percentage of revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Management fee received, percentage of EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Annual management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3 | ' |
Percentage of ownership interests, cost method investment | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period during which trustee is responsible for selling the trust property if the trust property is not sold during the mandated sale period | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trust assets | ' | ' | ' | ' | ' | ' | ' | ' | $110 | ' | $90 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '1 year | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 22, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
Level 1 [Member] | U.S. Federal [Member] | U.S. Federal [Member] | MGM Grand Paradise SA [Member] | MGM Grand Paradise SA [Member] | MGM Grand Paradise SA [Member] | ||
Recurring [Member] | Macau [Member] | Macau tax law [Member] | |||||
Borgata Trust [Member] | Macau [Member] | ||||||
U.S. treasury securities [Member] | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Fair value of investments | ' | $90 | ' | ' | ' | ' | ' |
Increase in provision for income taxes for deferred tax asset valuation allowance | ' | ' | 38 | 64 | ' | ' | ' |
Complementary tax rate (as a percent) | ' | ' | ' | ' | ' | ' | 12.00% |
Period exempted from complementary tax, second exemption period granted | ' | ' | ' | ' | '5 years | ' | ' |
Additional and third exemption period from complementary tax assumed based on third exemption period granted to a competitor | ' | ' | ' | ' | ' | '5 years | ' |
Increase in deferred tax liability/provision for income taxes | ' | ' | ' | ' | ' | 65 | ' |
Reduction in unrecognized tax benefits as a result of settlement | 28 | ' | ' | ' | ' | ' | ' |
Reduction in provision for income taxes as a result of settlement | $38 | ' | ' | ' | ' | ' | ' |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated affiliates | $1,416,462 | $1,444,547 |
CityCenter Holdings, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated affiliates | 1,224,622 | 1,220,741 |
Elgin Riverboat Resort-Riverboat Casino [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated affiliates | 169,822 | 206,296 |
Other [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated affiliates | $22,018 | $17,510 |
Investments_in_and_Advances_to3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
CityCenter Holdings, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percentage of ownership interests | 50.00% | 50.00% |
Elgin Riverboat Resort-Riverboat Casino [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Percentage of ownership interests | 50.00% | 50.00% |
Investments_in_and_Advances_to4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Results of Operations of Unconsolidated Affiliates (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' | ' |
Income (loss) from unconsolidated affiliates | $3,928 | ($37,943) | $26,954 | ($45,266) |
Preopening and start-up expenses | ' | -124 | -376 | -124 |
Non-operating items from unconsolidated affiliates | -22,673 | -20,901 | -83,616 | -68,603 |
Income (loss) from unconsolidated affiliates | ($18,745) | ($58,968) | ($57,038) | ($113,993) |
Investments_in_and_Advances_to5
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 6 Months Ended | |||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Grand Victoria [Member] | Grand Victoria [Member] | Grand Victoria [Member] | Grand Victoria [Member] | Grand Victoria [Member] | Grand Victoria [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | Discounted cash flow analysis [Member] | |||||
Level 3 [Member] | Level 3 [Member] | Statutory Interest Expense [Member] | Statutory Interest Expense [Member] | Mandarin Oriental residential inventory [Member] | Harmon [Member] | Subsequent Event [Member] | Senior secured credit facility [Member] | Revolving facility [Member] | Term loan B facility [Member] | Senior secured first lien notes [Member] | Senior secured second lien PIK toggle notes [Member] | Grand Victoria [Member] | |||||||||||||
Level 3 [Member] | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-operating expense | $22,673,000 | $20,901,000 | $83,616,000 | $68,603,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on retirement of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate impairment charges | 20,354,000 | ' | 20,354,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% |
Percentage of ownership interests | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Real estate impairment charges of unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Demolition cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | ' | ' | ' | ' | ' |
Demolition cost, proportionate share from equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term growth rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Other-than-temporary impairment charge | ' | ' | ' | ' | 37,000,000 | 85,000,000 | 36,607,000 | 85,009,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | 205,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,775,000,000 | 75,000,000 | 1,700,000,000 | ' | ' | ' |
Long-term debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-18 | 31-Oct-20 | ' | ' | ' |
Percentage of principal amount issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' |
Interest rate floor (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Long-term debt, interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.63% | 10.75% | ' |
Loss on retirement of long-term debt | ' | ' | -3,799,000 | -58,740,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -70,000,000 | ' | ' | ' | ' | ' | ' |
Debt restructuring, sponsor notes carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $738,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_in_and_Advances_to6
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) (CityCenter Holdings, LLC [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CityCenter Holdings, LLC [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current assets | $633,926 | $546,851 |
Property and other assets, net | 8,364,102 | 8,606,163 |
Current liabilities | 421,672 | 451,332 |
Long-term debt and other long-term obligations | 2,609,758 | 2,533,918 |
Equity | $5,966,598 | $6,167,764 |
Investments_in_and_Advances_to7
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) (CityCenter Holdings, LLC [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CityCenter Holdings, LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net revenues | $294,330 | $266,430 | $942,646 | $795,492 |
Operating expenses | -324,120 | -376,283 | -996,378 | -989,786 |
Operating loss | -29,790 | -109,853 | -53,732 | -194,294 |
Non-operating expense | -71,238 | -65,219 | -240,905 | -204,678 |
Net loss | ($101,028) | ($175,072) | ($294,637) | ($398,972) |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $13,034,518 | $13,589,283 |
Senior credit facility term loans, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 2,771,777 | 2,791,284 |
Revolving loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 80,000 | ' |
MGM Grand Paradise credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 553,123 | 553,531 |
6.75% senior notes, due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 462,226 |
7.625% senior subordinated debentures, due 2013, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 150,539 |
5.875% senior notes, due 2014, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 508,771 | 508,540 |
6.625% senior notes, due 2015, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 876,178 | 876,634 |
4.25% convertible senior notes, due 2015, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,457,323 | 1,460,780 |
6.875% senior notes, due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 242,900 | 242,900 |
7.5% senior notes, due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 732,749 | 732,749 |
10% senior notes, due 2016, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 496,758 | 496,110 |
7.625% senior notes, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 743,000 | 743,000 |
11.375% senior notes, due 2018, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 467,102 | 466,117 |
8.625% senior notes, due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 850,000 | 850,000 |
6.75% senior notes, due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,000,000 | 1,000,000 |
6.625% senior notes, due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,250,000 | 1,250,000 |
7.75% senior notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,000,000 | 1,000,000 |
7% debentures, due 2036, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 572 | 572 |
6.7% debentures, due 2096 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 4,265 | 4,265 |
Other notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | $36 |
LongTerm_Debt_Schedule_of_Long1
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Senior credit facility term loans, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | $2,779 | $2,800 |
6.75% senior notes, due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 462.2 | 462.2 |
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% |
Long-term debt, maturity year | '2013 | '2013 |
7.625% senior subordinated debentures, due 2013, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 150 | 150 |
Long-term debt, interest rate (as a percent) | 7.63% | 7.63% |
Long-term debt, maturity year | '2013 | '2013 |
5.875% senior notes, due 2014, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 508.9 | 508.9 |
Long-term debt, interest rate (as a percent) | 5.88% | 5.88% |
Long-term debt, maturity year | '2014 | '2014 |
6.625% senior notes, due 2015, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 875 | 875 |
Long-term debt, interest rate (as a percent) | 6.63% | 6.63% |
Long-term debt, maturity year | '2015 | '2015 |
4.25% convertible senior notes, due 2015, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 1,450 | 1,450 |
Long-term debt, interest rate (as a percent) | 4.25% | 4.25% |
Long-term debt, maturity year | '2015 | '2015 |
6.875% senior notes, due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 242.9 | 242.9 |
Long-term debt, interest rate (as a percent) | 6.88% | 6.88% |
Long-term debt, maturity year | '2016 | '2016 |
7.5% senior notes, due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 732.7 | 732.7 |
Long-term debt, interest rate (as a percent) | 7.50% | 7.50% |
Long-term debt, maturity year | '2016 | '2016 |
10% senior notes, due 2016, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 500 | 500 |
Long-term debt, interest rate (as a percent) | 10.00% | 10.00% |
Long-term debt, maturity year | '2016 | '2016 |
7.625% senior notes, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 743 | 743 |
Long-term debt, interest rate (as a percent) | 7.63% | 7.63% |
Long-term debt, maturity year | '2017 | '2017 |
11.375% senior notes, due 2018, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 475 | 475 |
Long-term debt, interest rate (as a percent) | 11.38% | 11.38% |
Long-term debt, maturity year | '2018 | '2018 |
8.625% senior notes, due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 850 | 850 |
Long-term debt, interest rate (as a percent) | 8.63% | 8.63% |
Long-term debt, maturity year | '2019 | '2019 |
6.75% senior notes, due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 1,000 | 1,000 |
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% |
Long-term debt, maturity year | '2020 | '2020 |
6.625% senior notes, due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 1,250 | 1,250 |
Long-term debt, interest rate (as a percent) | 6.63% | 6.63% |
Long-term debt, maturity year | '2021 | '2021 |
7.75% senior notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 1,000 | 1,000 |
Long-term debt, interest rate (as a percent) | 7.75% | 7.75% |
Long-term debt, maturity year | '2022 | '2022 |
7% debentures, due 2036, net [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | 0.6 | 0.6 |
Long-term debt, interest rate (as a percent) | 7.00% | 7.00% |
Long-term debt, maturity year | '2036 | '2036 |
6.7% debentures, due 2096 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, principal amount | $4.30 | $4.30 |
Long-term debt, interest rate (as a percent) | 6.70% | 6.70% |
Long-term debt, maturity year | '2096 | '2096 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Debt Covenant Terms December Thirty One Two Thousand And Fourteen [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Senior credit facility term loan A [Member] | Senior credit facility term loan A [Member] | Senior credit facility term loan A [Member] | Senior credit facility term loan B [Member] | Senior credit facility term loan B [Member] | Senior credit facility term loans, net [Member] | Senior credit facility term loans, net [Member] | Revolving loans [Member] | MGM China credit facility, Term loans [Member] | MGM China credit facility, revolving credit facility [Member] | 6.75% senior notes, due 2013 [Member] | 6.75% senior notes, due 2013 [Member] | 6.75% senior notes, due 2013 [Member] | 7.625% senior subordinated debentures, due 2013, net [Member] | 7.625% senior subordinated debentures, due 2013, net [Member] | 7.625% senior subordinated debentures, due 2013, net [Member] | Senior credit facility [Member] | Senior credit facility [Member] | Senior credit facility [Member] | Senior credit facility [Member] | Senior credit facility [Member] | Amended and restated MGM China credit facility [Member] | Amended and restated MGM China credit facility [Member] | Amended and restated MGM China credit facility [Member] | Amended and restated MGM China credit facility [Member] | Amended and restated MGM China credit facility [Member] | Amended and restated MGM China credit facility [Member] | Amended and restated MGM China credit facility [Member] | Senior credit facility revolving loans [Member] | |||
Debt Covenant Terms March Thirty One Two Thousand And Fourteen [Member] | Debt Covenant Terms June Thirty Two Thousand And Fourteen [Member] | Debt Covenant Terms September Thirty Two Thousand And Fourteen [Member] | LIBOR [Member] | LIBOR [Member] | MGM China [Member] | MGM China [Member] | Collateralized land and assets of MGM Grand Detroit [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | HIBOR [Member] | HIBOR [Member] | Debt Covenant Terms Subsequent To First Anniversary Of MGM Cotai Opening [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||||||||||||||||||
MGM Grand Detroit, LLC [Member] | Collateralized land and assets of MGM Grand Las Vegas, Bellagio and The Mirage [Member] | Debt Covenant Terms 2013 [Member] | MGM China [Member] | MGM China [Member] | MGM China [Member] | HIBOR [Member] | Debt Covenant Terms Prior To First Anniversary Of MGM Cotai Opening [Member] | MGM China [Member] | HIBOR [Member] | ||||||||||||||||||||||||||
MGM China [Member] | MGM China [Member] | MGM China [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | $1,040,000,000 | $1,040,000,000 | ' | $1,740,000,000 | ' | ' | ' | ' | $550,000,000 | $1,450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000,000 |
Variable interest rate base | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'HIBOR | ' | ' | ' | ' | ' | ' | ' |
Interest rate margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.50% | ' | 2.50% | ' | ' | 1.75% | ' |
Interest rate floor (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate basis point | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, maturity date | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 | ' | 31-Dec-19 | ' | ' | ' | ' | ' | 30-Oct-17 | ' | 30-Apr-13 | ' | ' | 31-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 |
Amortization payments of original principal balance (as percent) | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 21,000,000 | ' | ' | ' | 462,000,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,090,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at the end of the period (as a percent) | ' | ' | ' | ' | ' | ' | 2.93% | 2.93% | ' | 3.50% | ' | ' | ' | 2.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | 3,350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | ' | ' | 1,200,000,000 | 1,100,000,000 | 1,100,000,000 | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,260,000,000 | ' | ' | ' | 1,050,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Annual capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated leverage ratio prior to first anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4.5 | ' | ' | ' |
Consolidated interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' |
Long-term debt, interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | 6.75% | ' | 7.63% | 7.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | '2013 | ' | '2013 | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | $14,200,000,000 | $14,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 09, 2013 | Oct. 18, 2012 | Sep. 30, 2013 | Oct. 01, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Apr. 30, 2010 | Mar. 31, 2010 | Sep. 30, 2013 |
Cotai land concession contract [Member] | Cotai land concession contract [Member] | Senior credit facility [Member] | Mgm Resorts International [Member] | MGM China [Member] | MGM China [Member] | MGM Grand Paradise SA [Member] | MGM Grand Paradise SA [Member] | Letters of credit [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | CityCenter Holdings, LLC [Member] | |
Completion guarantee [Member] | Cotai land concession contract [Member] | MGM credit facility [Member] | Cotai land concession contract [Member] | Cotai land concession contract [Member] | Senior credit facility [Member] | Completion guarantee [Member] | Mgm Resorts International [Member] | Perini construction agreement [Member] | Perini construction agreement [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | ||||
Guarantees [Member] | Payments | acre | Completion guarantee [Member] | Mgm Resorts International [Member] | Perini construction agreement [Member] | Perini construction agreement [Member] | Perini construction agreement [Member] | Perini construction agreement [Member] | Perini construction agreement [Member] | |||||||||
Completion guarantee [Member] | Subcontractor | |||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages sought | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $167 | $191 | $491 | $490 | ' |
Number of claims resolved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215 |
Number of claims for further proceedings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 |
Amount liable with lawsuit for defendants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 143 | ' | ' | ' | ' | ' | ' |
Net residential proceeds to fund or reimburse construction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated obligation offset by condominium proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 72 | ' | ' | ' | ' | ' | ' |
Amount funded under completion guarantee | ' | ' | ' | 711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining estimated net obligation under the completion guarantee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' | ' | ' | ' | ' |
Area of development site (in acres) | ' | ' | ' | ' | ' | ' | ' | 17.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial term of contract | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable for land concession contract | ' | ' | ' | ' | 103 | ' | 161 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of semi-annual payments | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract premium,recorded within other long-term assets | ' | ' | ' | ' | 71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization of concession contract premium | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that can be issued | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total letters of credit | ' | ' | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees provided | ' | ' | ' | ' | ' | $39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Loss_Per_Share_of_Commo2
Income (Loss) Per Share of Common Stock - Schedule of Weighted-Average Number of Common and Common Equivalent Shares Used in the Calculation of Basic and Diluted Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net loss attributable to MGM Resorts International-basic | ($31,859) | ($181,159) | ($118,271) | ($543,864) |
Potentially dilutive effect due to MGM China Share Option Plan | -31 | ' | -25 | ' |
Net loss attributable to MGM Resorts International-diluted | ($31,890) | ($181,159) | ($118,296) | ($543,864) |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding-basic and diluted | 489,672 | 488,945 | 489,484 | 488,913 |
Anti-dilutive share-based awards excluded from the calculation of diluted earnings per share | 17,454 | 22,993 | 17,454 | 22,993 |
Stockholders_Equity_and_Noncon2
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | |
MGM China [Member] | MGM China [Member] | MGM China [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | ||
MGM China [Member] | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total distributions to non-controlling interests | $318,344,000 | ' | ' | ' | ' | ' | $318,344,000 | $207,000,000 | ' |
Dividends paid | ' | 113,000,000 | 500,000,000 | 400,000,000 | 55,000,000 | 245,000,000 | ' | ' | 196,000,000 |
Dividends paid | ' | $58,000,000 | $255,000,000 | $204,000,000 | ' | ' | ' | ' | ' |
Stockholders_Equity_and_Noncon3
Stockholders' Equity and Noncontrolling Interests - Changes in Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' |
Balances | ' | ' | $8,116,016 | ' |
Net income (loss) | 23,625 | -154,674 | 15,625 | -428,415 |
Foreign currency translation adjustment | 587 | 2,840 | -5,638 | 12,841 |
Other comprehensive income from unconsolidated affiliate, net | ' | ' | 115 | ' |
Stock-based compensation | ' | ' | 24,754 | ' |
Issuance of MGM Resorts common stock pursuant to stock-based compensation awards | ' | ' | -3,911 | ' |
Cash distributions to noncontrolling interest owners | ' | ' | -318,344 | ' |
Other | ' | ' | -1,446 | ' |
Balances | 7,827,171 | ' | 7,827,171 | ' |
Total MGM Resorts Stockholder's Equity [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' |
Balances | ' | ' | 4,365,548 | ' |
Net income (loss) | ' | ' | -118,271 | ' |
Foreign currency translation adjustment | ' | ' | -2,799 | ' |
Other comprehensive income from unconsolidated affiliate, net | ' | ' | 115 | ' |
Stock-based compensation | ' | ' | 22,413 | ' |
Issuance of MGM Resorts common stock pursuant to stock-based compensation awards | ' | ' | -3,911 | ' |
Cash distributions to noncontrolling interest owners | ' | ' | ' | ' |
Other | ' | ' | -738 | ' |
Balances | 4,262,357 | ' | 4,262,357 | ' |
Noncontrolling Interests [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' |
Balances | ' | ' | 3,750,468 | ' |
Net income (loss) | ' | ' | 133,896 | ' |
Foreign currency translation adjustment | ' | ' | -2,839 | ' |
Other comprehensive income from unconsolidated affiliate, net | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 2,341 | ' |
Issuance of MGM Resorts common stock pursuant to stock-based compensation awards | ' | ' | ' | ' |
Cash distributions to noncontrolling interest owners | ' | ' | -318,344 | -207,000 |
Other | ' | ' | -708 | ' |
Balances | $3,564,814 | ' | $3,564,814 | ' |
Stockholders_Equity_and_Noncon4
Stockholders' Equity and Noncontrolling Interests - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Changes in accumulated other comprehensive income (loss) | ' |
Balances, January 1, 2013 | $14,303 |
Current period other comprehensive income (loss) | -2,684 |
Balances at the end of the period | 11,619 |
Foreign Currency Translation Adjustment [Member] | ' |
Changes in accumulated other comprehensive income (loss) | ' |
Balances, January 1, 2013 | 14,997 |
Current period other comprehensive income (loss) | -2,799 |
Balances at the end of the period | 12,198 |
Other Adjustments [Member] | ' |
Changes in accumulated other comprehensive income (loss) | ' |
Balances, January 1, 2013 | -694 |
Current period other comprehensive income (loss) | 115 |
Balances at the end of the period | ($579) |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Omnibus Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant as share-based awards | 16 |
MGM China Share Option Plan [Member] | Stock Options [Member] | MGM China [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares available for grant as share-based awards | 1,000 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options and Stock Appreciation Rights Activity (Detail) (Omnibus Plan [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Omnibus Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at the January 1, 2013 (in shares) | 22,929 |
Granted (in shares) | 120 |
Exercised (in shares) | -2,154 |
Forfeited or expired (in shares) | -5,449 |
Outstanding at the end of the period (in shares) | 15,446 |
Exercisable at the end of the period (in shares) | 9,042 |
Outstanding at the January 1, 2013 (in dollars per share) | $14.44 |
Granted (in dollars per share) | $14.67 |
Exercised (in dollars per share) | $9.94 |
Forfeited or expired (in dollars per share) | $15.85 |
Outstanding at the end of the period (in dollars per share) | $14.62 |
Exercisable at the end of the period (in dollars per share) | $17.64 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Units and Performance Share Units Activity (Detail) (Omnibus Plan [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested at January 1, 2013 (in shares) | 1,424 |
Granted (in shares) | 103 |
Vested (in shares) | -135 |
Forfeited (in shares) | -66 |
Nonvested at the end of the period (in shares) | 1,326 |
Nonvested at the January 1, 2013 (in dollars per share) | $10.17 |
Granted (in dollars per share) | $14.93 |
Vested (in dollars per share) | $12.49 |
Forfeited (in dollars per share) | $9.95 |
Nonvested at the end of the period (in dollars per share) | $10.31 |
PSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested at January 1, 2013 (in shares) | 688 |
Granted (in shares) | ' |
Vested (in shares) | ' |
Forfeited (in shares) | -6 |
Nonvested at the end of the period (in shares) | 682 |
Nonvested at the January 1, 2013 (in dollars per share) | $10.03 |
Granted (in dollars per share) | ' |
Vested (in dollars per share) | ' |
Forfeited (in dollars per share) | $10.03 |
Nonvested at the end of the period (in dollars per share) | $10.03 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (MGM China Share Option Plan [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
MGM China Share Option Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at the January 1, 2013 (in shares) | 19,235 |
Granted (in shares) | 360 |
Exercised (in shares) | -1,492 |
Forfeited or expired (in shares) | -675 |
Outstanding at the end of the period (in shares) | 17,428 |
Exercisable at the end of the period (in shares) | 7,656 |
Outstanding at the January 1, 2013 (in dollars per share) | $1.98 |
Granted (in dollars per share) | $2.56 |
Exercised (in dollars per share) | $1.99 |
Forfeited or expired (in dollars per share) | $2.06 |
Outstanding at the end of the period (in dollars per share) | $1.99 |
Exercisable at the end of the period (in dollars per share) | $1.97 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation cost | $7,620 | $10,349 | $24,754 | $33,200 |
Less: Reimbursed costs and other | -241 | -1,013 | -820 | -3,068 |
Compensation cost recognized as expense | 7,379 | 9,336 | 23,934 | 30,132 |
Less: Related tax expense | ' | -108 | ' | -525 |
Compensation expense, net of tax expense | 7,379 | 9,228 | 23,934 | 29,607 |
Omnibus Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation cost | 6,208 | 8,912 | 19,976 | 29,068 |
MGM China Share Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation cost | $1,412 | $1,437 | $4,778 | $4,132 |
Property_Transactions_Net_Sche
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Grand Victoria [Member] | Grand Victoria [Member] | Grand Victoria [Member] | Grand Victoria [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land impairment charge | $20,354 | ' | ' | $20,354 | ' | ' | ' | ' | ' |
Corporate buildings impairment charge | ' | 45,000 | ' | 44,510 | ' | ' | ' | ' | ' |
Investment impairment charge | ' | ' | ' | ' | ' | 37,000 | 85,000 | 36,607 | 85,009 |
Other property transactions, net | 5,773 | ' | 5,803 | 21,278 | 12,178 | ' | ' | ' | ' |
Property transactions, net | $26,127 | ' | $5,803 | $122,749 | $97,187 | ' | ' | ' | ' |
Property_Transactions_Net_Addi
Property Transactions, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Land impairment charge | $20,354,000 | ' | $20,354,000 |
Estimated fair value | 24,000,000 | ' | 24,000,000 |
Corporate buildings impairment charges | ' | $45,000,000 | $44,510,000 |
Other Joint Venture [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Percentage of ownership interests | ' | 50.00% | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Region | |
Segment Reporting [Abstract] | ' |
Number of geographic regions, where principal operating activities of the entity occur | 2 |
Number of reportable segments | 2 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | $2,463,037 | $2,254,978 | $7,296,450 | $6,866,333 |
Adjusted EBITDA | 489,851 | 372,383 | 1,555,613 | 1,304,200 |
Other operating expense: | ' | ' | ' | ' |
Preopening and start-up expenses | -4,279 | -765 | -9,931 | -765 |
Property transactions, net | -26,127 | -5,803 | -122,749 | -97,187 |
Depreciation and amortization | -211,682 | -228,414 | -641,751 | -700,866 |
Operating income | 247,763 | 137,401 | 781,182 | 505,382 |
Non-operating income (expense): | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -208,939 | -275,771 | -648,886 | -836,436 |
Non-operating items from unconsolidated affiliates | -22,673 | -20,901 | -83,616 | -68,603 |
Other, net | -676 | 2,012 | -6,909 | -55,518 |
Total non-operating income (expense) | -232,288 | -294,660 | -739,411 | -960,557 |
Income (loss) before income taxes | 15,475 | -157,259 | 41,771 | -455,175 |
Benefit (provision) for income taxes | 8,150 | 2,585 | -26,146 | 26,760 |
Net income (loss) | 23,625 | -154,674 | 15,625 | -428,415 |
Less: Net income attributable to noncontrolling interests | -55,484 | -26,485 | -133,896 | -115,449 |
Net loss attributable to MGM Resorts International | -31,859 | -181,159 | -118,271 | -543,864 |
Wholly owned domestic resorts [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 1,548,113 | 1,486,155 | 4,573,297 | 4,470,981 |
Adjusted EBITDA | 350,060 | 324,764 | 1,086,700 | 990,894 |
MGM China [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 808,471 | 665,074 | 2,391,177 | 2,076,460 |
Adjusted EBITDA | 190,772 | 152,491 | 576,042 | 503,572 |
Reportable segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 2,356,584 | 2,151,229 | 6,964,474 | 6,547,441 |
Adjusted EBITDA | 540,832 | 477,255 | 1,662,742 | 1,494,466 |
Corporate and other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenues | 106,453 | 103,749 | 331,976 | 318,892 |
Adjusted EBITDA | ($50,981) | ($104,872) | ($107,129) | ($190,266) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
MGM Branding and Development and MGM China [Member] | Development services agreement [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Per annum percentage increase in development fee annual cap | ' | ' | 10.00% | ' |
Development fee as percentage of project cost | ' | ' | 2.63% | ' |
Development fee | ' | ' | $15 | $6 |
MGM Branding and Development and MGM China [Member] | Development services agreement [Member] | Maximum [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Development fee | ' | ' | 22 | ' |
MGM Branding and Development and MGM China [Member] | Brand license agreement [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
License fee as percentage of MGM China consolidated net revenue | ' | ' | 1.75% | ' |
License fee | 8 | 5 | 36 | 30 |
Per annum percentage increase in development fee annual cap | ' | ' | 20.00% | ' |
MGM Branding and Development and MGM China [Member] | Brand license agreement [Member] | Maximum [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
License fee | ' | ' | 36 | ' |
MGM Branding and Development [Member] | Ms. Pansy Ho [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Distribution made to noncontrolling interests | $4 | $3 | $18 | $11 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | $2,284,015 | $2,507,092 |
Property and equipment, net | 13,969,293 | 14,194,652 |
Investments in and advances to unconsolidated affiliates | 1,416,462 | 1,444,547 |
Other non-current assets | 7,989,065 | 8,138,447 |
Total assets | 25,658,835 | 26,284,738 |
Current liabilities | 2,161,470 | 1,925,671 |
Deferred income taxes | 2,478,063 | 2,473,889 |
Long-term debt | 13,034,518 | 13,589,283 |
Other long-term obligations | 157,613 | 179,879 |
Total liabilities | 17,831,664 | 18,168,722 |
MGM Resorts stockholders' equity | 4,262,357 | 4,365,548 |
Noncontrolling interests | 3,564,814 | 3,750,468 |
Total stockholders' equity | 7,827,171 | 8,116,016 |
Total liabilities and stockholders' equity | 25,658,835 | 26,284,738 |
Parent [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | 238,990 | 438,878 |
Investments in subsidiaries | 19,844,973 | 19,785,312 |
Other non-current assets | 156,045 | 163,372 |
Total assets | 20,240,008 | 20,387,562 |
Current liabilities | 287,998 | 272,138 |
Intercompany accounts | 1,383,052 | 960,610 |
Deferred income taxes | 2,161,744 | 2,222,823 |
Long-term debt | 12,028,590 | 12,432,581 |
Other long-term obligations | 116,267 | 133,862 |
Total liabilities | 15,977,651 | 16,022,014 |
MGM Resorts stockholders' equity | 4,262,357 | 4,365,548 |
Total stockholders' equity | 4,262,357 | 4,365,548 |
Total liabilities and stockholders' equity | 20,240,008 | 20,387,562 |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | 822,432 | 891,826 |
Property and equipment, net | 12,579,173 | 12,881,152 |
Investments in subsidiaries | 3,944,597 | 4,077,228 |
Investments in and advances to unconsolidated affiliates | 1,407,815 | 1,437,151 |
Other non-current assets | 538,599 | 541,634 |
Total assets | 19,292,616 | 19,828,991 |
Current liabilities | 969,278 | 989,864 |
Intercompany accounts | -1,411,879 | -983,288 |
Long-term debt | 4,836 | 155,413 |
Other long-term obligations | 40,453 | 45,303 |
Total liabilities | -397,312 | 207,292 |
MGM Resorts stockholders' equity | 19,689,928 | 19,621,699 |
Total stockholders' equity | 19,689,928 | 19,621,699 |
Total liabilities and stockholders' equity | 19,292,616 | 19,828,991 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | 1,222,945 | 1,176,844 |
Property and equipment, net | 1,402,092 | 1,325,472 |
Investments in and advances to unconsolidated affiliates | 8,647 | 7,396 |
Other non-current assets | 7,294,421 | 7,433,441 |
Total assets | 9,928,105 | 9,943,153 |
Current liabilities | 929,546 | 672,125 |
Intercompany accounts | 28,827 | 22,678 |
Deferred income taxes | 316,319 | 251,066 |
Long-term debt | 1,001,092 | 1,001,289 |
Other long-term obligations | 893 | 714 |
Total liabilities | 2,276,677 | 1,947,872 |
MGM Resorts stockholders' equity | 4,086,614 | 4,244,813 |
Noncontrolling interests | 3,564,814 | 3,750,468 |
Total stockholders' equity | 7,651,428 | 7,995,281 |
Total liabilities and stockholders' equity | 9,928,105 | 9,943,153 |
Elimination [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Current assets | -352 | -456 |
Property and equipment, net | -11,972 | -11,972 |
Investments in subsidiaries | -23,789,570 | -23,862,540 |
Total assets | -23,801,894 | -23,874,968 |
Current liabilities | -25,352 | -8,456 |
Total liabilities | -25,352 | -8,456 |
MGM Resorts stockholders' equity | -23,776,542 | -23,866,512 |
Total stockholders' equity | -23,776,542 | -23,866,512 |
Total liabilities and stockholders' equity | ($23,801,894) | ($23,874,968) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | $2,463,037 | $2,254,978 | $7,296,450 | $6,866,333 |
Expenses: | ' | ' | ' | ' |
Casino and hotel operations | 1,580,077 | 1,462,554 | 4,653,541 | 4,437,202 |
General and administrative | 342,847 | 319,106 | 961,072 | 931,873 |
Corporate expense | 54,190 | 62,992 | 153,178 | 147,792 |
Preopening and start-up expenses | 4,279 | 765 | 9,931 | 765 |
Property transactions, net | 26,127 | 5,803 | 122,749 | 97,187 |
Depreciation and amortization | 211,682 | 228,414 | 641,751 | 700,866 |
Total expenses | 2,219,202 | 2,079,634 | 6,542,222 | 6,315,685 |
Income (loss) from unconsolidated affiliates | 3,928 | -37,943 | 26,954 | -45,266 |
Operating income | 247,763 | 137,401 | 781,182 | 505,382 |
Interest expense, net of amounts capitalized | -208,939 | -275,771 | -648,886 | -836,436 |
Other, net | -23,349 | -18,889 | -90,525 | -124,121 |
Income (loss) before income taxes | 15,475 | -157,259 | 41,771 | -455,175 |
Benefit (provision) for income taxes | 8,150 | 2,585 | -26,146 | 26,760 |
Net income (loss) | 23,625 | -154,674 | 15,625 | -428,415 |
Less: Net income attributable to noncontrolling interests | -55,484 | -26,485 | -133,896 | -115,449 |
Net income (loss) attributable to MGM Resorts International | -31,859 | -181,159 | -118,271 | -543,864 |
Net income (loss) | 23,625 | -154,674 | 15,625 | -428,415 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 587 | 2,840 | -5,638 | 12,841 |
Other | ' | ' | 115 | ' |
Other comprehensive income (loss) | 587 | 2,840 | -5,523 | 12,841 |
Comprehensive income (loss) | 24,212 | -151,834 | 10,102 | -415,574 |
Less: Comprehensive income attributable to noncontrolling interests | -55,760 | -27,838 | -131,057 | -121,735 |
Comprehensive income (loss) attributable to MGM Resorts International | -31,548 | -179,672 | -120,955 | -537,309 |
Parent [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Equity in subsidiaries' earnings | 166,187 | 89,705 | 470,383 | 317,428 |
Expenses: | ' | ' | ' | ' |
Casino and hotel operations | 1,337 | 1,676 | 4,213 | 5,919 |
General and administrative | 1,028 | 1,853 | 3,155 | 5,683 |
Corporate expense | 16,881 | 14,390 | 46,335 | 46,719 |
Total expenses | 19,246 | 17,919 | 53,703 | 58,321 |
Operating income | 146,941 | 71,786 | 416,680 | 259,107 |
Interest expense, net of amounts capitalized | -198,362 | -261,094 | -607,027 | -791,003 |
Other, net | 10,310 | 6,904 | 38,071 | -23,811 |
Income (loss) before income taxes | -41,111 | -182,404 | -152,276 | -555,707 |
Benefit (provision) for income taxes | 9,252 | 1,245 | 34,005 | 11,843 |
Net income (loss) | -31,859 | -181,159 | -118,271 | -543,864 |
Net income (loss) attributable to MGM Resorts International | -31,859 | -181,159 | -118,271 | -543,864 |
Net income (loss) | -31,859 | -181,159 | -118,271 | -543,864 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 311 | 1,487 | -2,799 | 6,555 |
Other | ' | ' | 115 | ' |
Other comprehensive income (loss) | 311 | 1,487 | -2,684 | 6,555 |
Comprehensive income (loss) | -31,548 | -179,672 | -120,955 | -537,309 |
Comprehensive income (loss) attributable to MGM Resorts International | -31,548 | -179,672 | -120,955 | -537,309 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 1,521,159 | 1,450,101 | 4,498,816 | 4,356,937 |
Equity in subsidiaries' earnings | 72,986 | 47,759 | 181,568 | 160,260 |
Expenses: | ' | ' | ' | ' |
Casino and hotel operations | 934,853 | 904,578 | 2,741,255 | 2,733,100 |
General and administrative | 278,538 | 265,040 | 791,015 | 771,581 |
Corporate expense | 31,811 | 48,524 | 89,925 | 101,216 |
Preopening and start-up expenses | 1,993 | 124 | 3,013 | 124 |
Property transactions, net | 26,109 | 5,319 | 122,384 | 94,356 |
Depreciation and amortization | 131,660 | 128,466 | 395,378 | 389,651 |
Total expenses | 1,404,964 | 1,352,051 | 4,142,970 | 4,090,028 |
Income (loss) from unconsolidated affiliates | 3,979 | -37,919 | 25,937 | -45,131 |
Operating income | 193,160 | 107,890 | 563,351 | 382,038 |
Interest expense, net of amounts capitalized | -510 | -2,730 | -6,209 | -8,238 |
Other, net | -23,241 | -20,170 | -85,093 | -66,909 |
Income (loss) before income taxes | 169,409 | 84,990 | 472,049 | 306,891 |
Benefit (provision) for income taxes | -508 | 1,436 | 6,904 | 463 |
Net income (loss) | 168,901 | 86,426 | 478,953 | 307,354 |
Net income (loss) attributable to MGM Resorts International | 168,901 | 86,426 | 478,953 | 307,354 |
Net income (loss) | 168,901 | 86,426 | 478,953 | 307,354 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 311 | 1,487 | -2,799 | 6,555 |
Other | ' | ' | 115 | ' |
Other comprehensive income (loss) | 311 | 1,487 | -2,684 | 6,555 |
Comprehensive income (loss) | 169,212 | 87,913 | 476,269 | 313,909 |
Comprehensive income (loss) attributable to MGM Resorts International | 169,212 | 87,913 | 476,269 | 313,909 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | 942,315 | 805,535 | 2,799,016 | 2,510,591 |
Expenses: | ' | ' | ' | ' |
Casino and hotel operations | 644,324 | 556,958 | 1,909,455 | 1,699,378 |
General and administrative | 63,281 | 52,213 | 166,902 | 154,609 |
Corporate expense | 22,498 | 8,078 | 33,918 | 7,857 |
Preopening and start-up expenses | 2,286 | 641 | 6,918 | 641 |
Property transactions, net | 18 | 484 | 365 | 2,831 |
Depreciation and amortization | 80,022 | 99,948 | 246,373 | 311,215 |
Total expenses | 812,429 | 718,322 | 2,363,931 | 2,176,531 |
Income (loss) from unconsolidated affiliates | -51 | -24 | 1,017 | -135 |
Operating income | 129,835 | 87,189 | 436,102 | 333,925 |
Interest expense, net of amounts capitalized | -10,067 | -11,947 | -35,650 | -37,195 |
Other, net | -10,418 | -5,623 | -43,503 | -33,401 |
Income (loss) before income taxes | 109,350 | 69,619 | 356,949 | 263,329 |
Benefit (provision) for income taxes | -594 | -96 | -67,055 | 14,454 |
Net income (loss) | 108,756 | 69,523 | 289,894 | 277,783 |
Less: Net income attributable to noncontrolling interests | -55,484 | -26,485 | -133,896 | -115,449 |
Net income (loss) attributable to MGM Resorts International | 53,272 | 43,038 | 155,998 | 162,334 |
Net income (loss) | 108,756 | 69,523 | 289,894 | 277,783 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | 587 | 2,840 | -5,638 | 12,841 |
Other comprehensive income (loss) | 587 | 2,840 | -5,638 | 12,841 |
Comprehensive income (loss) | 109,343 | 72,363 | 284,256 | 290,624 |
Less: Comprehensive income attributable to noncontrolling interests | -55,760 | -27,838 | -131,057 | -121,735 |
Comprehensive income (loss) attributable to MGM Resorts International | 53,583 | 44,525 | 153,199 | 168,889 |
Elimination [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net revenues | -437 | -658 | -1,382 | -1,195 |
Equity in subsidiaries' earnings | -239,173 | -137,464 | -651,951 | -477,688 |
Expenses: | ' | ' | ' | ' |
Casino and hotel operations | -437 | -658 | -1,382 | -1,195 |
Corporate expense | -17,000 | -8,000 | -17,000 | -8,000 |
Total expenses | -17,437 | -8,658 | -18,382 | -9,195 |
Operating income | -222,173 | -129,464 | -634,951 | -469,688 |
Income (loss) before income taxes | -222,173 | -129,464 | -634,951 | -469,688 |
Net income (loss) | -222,173 | -129,464 | -634,951 | -469,688 |
Net income (loss) attributable to MGM Resorts International | -222,173 | -129,464 | -634,951 | -469,688 |
Net income (loss) | -222,173 | -129,464 | -634,951 | -469,688 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | -622 | -2,974 | 5,598 | -13,110 |
Other | ' | ' | -115 | ' |
Other comprehensive income (loss) | -622 | -2,974 | 5,483 | -13,110 |
Comprehensive income (loss) | -222,795 | -132,438 | -629,468 | -482,798 |
Comprehensive income (loss) attributable to MGM Resorts International | ($222,795) | ($132,438) | ($629,468) | ($482,798) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | $1,095,757 | $887,262 |
Cash flows from investing activities | ' | ' |
Capital expenditures, net of construction payable | -379,573 | -316,757 |
Dispositions of property and equipment | 546 | 236 |
Investments in and advances to unconsolidated affiliates | -23,853 | -37,000 |
Distributions from unconsolidated affiliates in excess of earnings | ' | 1,347 |
Investments in treasury securities - maturities longer than 90 days | -174,446 | -195,313 |
Proceeds from treasury securities - maturities longer than 90 days | 204,394 | 225,301 |
Other | 1,580 | -1,221 |
Net cash used in investing activities | -371,352 | -323,407 |
Cash flows from financing activities | ' | ' |
Net borrowings under bank credit facilities - maturities of 90 days or less | 59,000 | -205,926 |
Borrowings under bank credit facilities - maturities longer than 90 days | 2,793,000 | 900,000 |
Repayments under bank credit facilities - maturities longer than 90 days | -2,793,000 | -2,734,128 |
Issuance of senior notes | ' | 2,850,000 |
Retirement of senior notes | -612,262 | -534,650 |
Debt issuance costs | -17,061 | -54,459 |
Distributions to noncontrolling interest owners | -318,348 | -206,806 |
Other | -3,211 | -1,733 |
Net cash provided by (used in) financing activities | -891,882 | 12,298 |
Effect of exchange rate on cash | -629 | 1,093 |
Cash and cash equivalents | ' | ' |
Net increase (decrease) for the period | -168,106 | 577,246 |
Balance, beginning of period | 1,543,509 | 1,865,913 |
Balance, end of period | 1,375,403 | 2,443,159 |
Parent [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | -618,561 | -655,726 |
Cash flows from investing activities | ' | ' |
Investments in and advances to unconsolidated affiliates | -18,500 | -37,000 |
Net cash used in investing activities | -18,500 | -37,000 |
Cash flows from financing activities | ' | ' |
Net borrowings under bank credit facilities - maturities of 90 days or less | 59,000 | -192,100 |
Borrowings under bank credit facilities - maturities longer than 90 days | 2,343,000 | ' |
Repayments under bank credit facilities - maturities longer than 90 days | -2,343,000 | -1,834,128 |
Issuance of senior notes | ' | 2,850,000 |
Retirement of senior notes | -462,226 | -534,650 |
Debt issuance costs | -17,061 | -54,459 |
Intercompany accounts | 886,519 | 591,602 |
Other | -2,111 | -843 |
Net cash provided by (used in) financing activities | 464,121 | 825,422 |
Cash and cash equivalents | ' | ' |
Net increase (decrease) for the period | -172,940 | 132,696 |
Balance, beginning of period | 254,385 | 795,326 |
Balance, end of period | 81,445 | 928,022 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 868,219 | 771,165 |
Cash flows from investing activities | ' | ' |
Capital expenditures, net of construction payable | -187,116 | -254,852 |
Dispositions of property and equipment | 347 | 135 |
Investments in and advances to unconsolidated affiliates | -5,353 | ' |
Distributions from unconsolidated affiliates in excess of earnings | ' | 1,347 |
Investments in treasury securities - maturities longer than 90 days | -174,446 | -195,313 |
Proceeds from treasury securities - maturities longer than 90 days | 204,394 | 225,301 |
Other | 1,580 | -1,221 |
Net cash used in investing activities | -160,594 | -224,603 |
Cash flows from financing activities | ' | ' |
Retirement of senior notes | -150,036 | ' |
Intercompany accounts | -579,560 | -548,791 |
Other | ' | -833 |
Net cash provided by (used in) financing activities | -729,596 | -549,624 |
Cash and cash equivalents | ' | ' |
Net increase (decrease) for the period | -21,971 | -3,062 |
Balance, beginning of period | 226,242 | 230,888 |
Balance, end of period | 204,271 | 227,826 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 846,099 | 771,823 |
Cash flows from investing activities | ' | ' |
Capital expenditures, net of construction payable | -192,457 | -61,905 |
Dispositions of property and equipment | 199 | 101 |
Net cash used in investing activities | -192,258 | -61,804 |
Cash flows from financing activities | ' | ' |
Net borrowings under bank credit facilities - maturities of 90 days or less | ' | -13,826 |
Borrowings under bank credit facilities - maturities longer than 90 days | 450,000 | 900,000 |
Repayments under bank credit facilities - maturities longer than 90 days | -450,000 | -900,000 |
Intercompany accounts | -306,959 | -42,811 |
Distributions to noncontrolling interest owners | -318,348 | -206,806 |
Other | -1,100 | -57 |
Net cash provided by (used in) financing activities | -626,407 | -263,500 |
Effect of exchange rate on cash | -629 | 1,093 |
Cash and cash equivalents | ' | ' |
Net increase (decrease) for the period | 26,805 | 447,612 |
Balance, beginning of period | 1,062,882 | 839,699 |
Balance, end of period | $1,089,687 | $1,287,311 |