Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MGM | ||
Entity Registrant Name | MGM Resorts International | ||
Entity Central Index Key | 789570 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 491,313,258 | ||
Entity Public Float | $10.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $1,713,715 | $1,803,669 |
Cash deposits - original maturities longer than 90 days | 570,000 | |
Accounts receivable, net | 473,345 | 488,217 |
Inventories | 104,011 | 107,907 |
Income tax receivable | 14,675 | |
Deferred income taxes, net | 80,989 | |
Prepaid expenses and other | 151,414 | 238,657 |
Total current assets | 3,027,160 | 2,719,439 |
Property and equipment, net | 14,441,542 | 14,055,212 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 1,559,034 | 1,469,261 |
Goodwill | 2,897,110 | 2,897,442 |
Other intangible assets, net | 4,364,856 | 4,511,861 |
Other long-term assets, net | 412,809 | 431,395 |
Total other assets | 9,233,809 | 9,309,959 |
Total assets | 26,702,511 | 26,084,610 |
Current liabilities | ||
Accounts payable | 164,252 | 144,990 |
Construction payable | 170,439 | 96,202 |
Income taxes payable | 14,813 | |
Deferred income taxes, net | 62,142 | |
Current portion of long-term debt | 1,245,320 | |
Accrued interest on long-term debt | 191,155 | 188,522 |
Other accrued liabilities | 1,574,617 | 1,770,801 |
Total current liabilities | 3,407,925 | 2,215,328 |
Deferred income taxes, net | 2,621,860 | 2,419,967 |
Long-term debt | 12,913,882 | 13,447,230 |
Other long-term obligations | 130,570 | 141,590 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 491,292,117 and 490,360,628 shares | 4,913 | 4,904 |
Capital in excess of par value | 4,180,922 | 4,156,680 |
Retained earnings (accumulated deficit) | -107,909 | 41,964 |
Accumulated other comprehensive income | 12,991 | 12,503 |
Total MGM Resorts International stockholders' equity | 4,090,917 | 4,216,051 |
Noncontrolling interests | 3,537,357 | 3,644,444 |
Total stockholders' equity | 7,628,274 | 7,860,495 |
Total liabilities and stockholders' equity | $26,702,511 | $26,084,610 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 491,292,117 | 490,360,628 |
Common stock, outstanding shares | 491,292,117 | 490,360,628 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Casino | $5,878,775 | $5,875,782 | $5,319,489 |
Rooms | 1,768,012 | 1,646,303 | 1,588,770 |
Food and beverage | 1,558,937 | 1,469,582 | 1,472,382 |
Entertainment | 560,116 | 522,911 | 483,946 |
Retail | 191,351 | 194,602 | 196,938 |
Other | 507,639 | 490,349 | 482,547 |
Reimbursed costs | 383,434 | 364,664 | 357,597 |
Total revenues, gross | 10,848,264 | 10,564,193 | 9,901,669 |
Less: Promotional allowances | -766,280 | -754,530 | -740,825 |
Total revenues, net | 10,081,984 | 9,809,663 | 9,160,844 |
Expenses | |||
Casino | 3,643,881 | 3,684,810 | 3,396,752 |
Rooms | 548,993 | 516,605 | 507,856 |
Food and beverage | 908,916 | 844,431 | 844,629 |
Entertainment | 422,115 | 386,252 | 356,934 |
Retail | 99,455 | 107,249 | 112,732 |
Other | 361,904 | 354,705 | 344,782 |
Reimbursed costs | 383,434 | 364,664 | 357,597 |
General and administrative | 1,318,749 | 1,278,450 | 1,239,774 |
Corporate expense | 238,811 | 216,745 | 235,007 |
Preopening and start-up expenses | 39,257 | 13,314 | 2,127 |
Property transactions, net | 41,002 | 124,761 | 696,806 |
Depreciation and amortization | 815,765 | 849,225 | 927,697 |
Total expenses | 8,822,282 | 8,741,211 | 9,022,693 |
Income (loss) from unconsolidated affiliates | 63,836 | 68,829 | -16,800 |
Operating income | 1,323,538 | 1,137,281 | 121,351 |
Non-operating income (expense) | |||
Interest expense, net of amounts capitalized | -817,061 | -857,347 | -1,116,358 |
Non-operating items from unconsolidated affiliates | -87,794 | -208,682 | -130,845 |
Other, net | -7,797 | -9,062 | -608,361 |
Total non-operating income (expense) | -912,652 | -1,075,091 | -1,855,564 |
Income (loss) before income taxes | 410,886 | 62,190 | -1,734,213 |
Benefit (provision) for income taxes | -283,708 | -20,816 | 117,301 |
Net income (loss) | 127,178 | 41,374 | -1,616,912 |
Less: Net income attributable to noncontrolling interests | -277,051 | -213,108 | -150,779 |
Net loss attributable to MGM Resorts International | ($149,873) | ($171,734) | ($1,767,691) |
Net loss per share of common stock attributable to MGM Resorts International | |||
Basic | ($0.31) | ($0.35) | ($3.62) |
Diluted | ($0.31) | ($0.35) | ($3.62) |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | ($287,472) | $50,382 | $178,168 | $186,100 | $22,407 | $33,171 | ($36,401) | $22,197 | $127,178 | $41,374 | ($1,616,912) |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | -1,293 | -3,993 | 17,124 | ||||||||
Other | 1,250 | 115 | -445 | ||||||||
Other comprehensive income (loss) | -43 | -3,878 | 16,679 | ||||||||
Comprehensive income (loss) | 127,135 | 37,496 | -1,600,233 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | -276,520 | -211,030 | -159,133 | ||||||||
Comprehensive loss attributable to MGM Resorts International | ($149,385) | ($173,534) | ($1,759,366) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income (loss) | $127,178 | $41,374 | ($1,616,912) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 815,765 | 849,225 | 927,697 |
Amortization of debt discounts, premiums and issuance costs | 37,650 | 35,281 | 73,389 |
Loss on retirement of long-term debt | 3,801 | 563,292 | |
Provision for doubtful accounts | 46,698 | 14,969 | 57,068 |
Stock-based compensation | 37,264 | 32,332 | 39,560 |
Property transactions, net | 41,002 | 124,761 | 696,806 |
Loss from unconsolidated affiliates | 24,875 | 140,360 | 148,301 |
Distributions from unconsolidated affiliates | 15,568 | 16,928 | 21,277 |
Deferred income taxes | 331,833 | 48,470 | -117,203 |
Change in operating assets and liabilities: | |||
Accounts receivable | -32,435 | -59,842 | 1,260 |
Inventories | 3,167 | -336 | 5,183 |
Income taxes receivable and payable, net | -29,485 | 13,468 | -5,978 |
Prepaid expenses and other | 22,144 | -38,790 | -4,608 |
Prepaid Cotai land concession premium | -22,423 | -7,917 | -56,372 |
Accounts payable and accrued liabilities | -288,955 | 116,623 | 163,270 |
Other | 824 | -20,259 | 13,321 |
Net cash provided by operating activities | 1,130,670 | 1,310,448 | 909,351 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | -872,041 | -562,124 | -422,763 |
Dispositions of property and equipment | 7,651 | 18,030 | 426 |
Investments in and advances to unconsolidated affiliates | -103,040 | -28,953 | -54,300 |
Distributions from unconsolidated affiliates in excess of earnings | 132 | 110 | 1,723 |
Investments in treasury securities - maturities longer than 90 days | -123,133 | -219,546 | -285,469 |
Proceeds from treasury securities - maturities longer than 90 days | 210,300 | 252,592 | 315,438 |
Cash deposits - original maturities longer than 90 days | -570,000 | ||
Payments for gaming licenses | -85,000 | -21,600 | |
Other | 10,981 | 1,354 | -1,472 |
Net cash used in investing activities | -1,524,150 | -560,137 | -446,417 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities b maturities of 90 days or less | -28,000 | -28,000 | 1,779,262 |
Borrowings under bank credit facilities b maturities longer than 90 days | 5,171,250 | 2,793,000 | 1,350,000 |
Repayments under bank credit facilities b maturities longer than 90 days | -5,171,250 | -2,793,000 | -3,634,128 |
Issuance of senior notes | 1,250,750 | 500,000 | 4,100,000 |
Retirement of senior notes, including premiums paid | -508,900 | -612,262 | -4,009,117 |
Debt issuance costs | -13,681 | -23,576 | -160,245 |
Distributions to noncontrolling interest owners | -386,709 | -318,348 | -206,806 |
Other | -5,383 | -7,522 | -5,925 |
Net cash provided by (used in) financing activities | 308,077 | -489,708 | -786,959 |
Effect of exchange rate on cash | -889 | -443 | 1,621 |
Cash and cash equivalents | |||
Net increase (decrease) for the period | -86,292 | 260,160 | -322,404 |
Cash related to assets held for sale | -3,662 | ||
Balance, beginning of period | 1,803,669 | 1,543,509 | 1,865,913 |
Balance, end of period | 1,713,715 | 1,803,669 | 1,543,509 |
Supplemental cash flow disclosures | |||
Interest paid, net of amounts capitalized | 776,778 | 840,280 | 1,039,655 |
Federal, state and foreign income taxes paid, net of refunds | 42,272 | 835 | 6,982 |
Non-cash investing and financing activities | |||
Increase in investment in and advances to CityCenter related to change in completion guarantee liability | 83,106 | 92,956 | 84,190 |
Increase in construction accounts payable | $74,237 | $39,287 | $27,368 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income | Total MGM Resorts International Stockholder's Equity [Member] | Non-Controlling Interests [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2011 | $9,882,222 | $4,888 | $4,094,323 | $1,981,389 | $5,978 | $6,086,578 | $3,795,644 |
Beginning Balance, Shares at Dec. 31, 2011 | 488,835,000 | ||||||
Net income (loss) | -1,616,912 | -1,767,691 | -1,767,691 | 150,779 | |||
Currency translation adjustment | 17,124 | 8,770 | 8,770 | 8,354 | |||
Other comprehensive loss from unconsolidated affiliates, net | -445 | -445 | -445 | ||||
Stock-based compensation | 43,428 | 40,566 | 40,566 | 2,862 | |||
Change in excess tax benefit from stock-based compensation | -301 | -301 | -301 | ||||
Issuance of common stock pursuant to stock-based compensation awards | -1,930 | 4 | -1,934 | -1,930 | |||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 399,000 | ||||||
Cash distributions to noncontrolling interest owners | -207,171 | -207,171 | |||||
Other | 1 | 1 | 1 | ||||
Ending Balance at Dec. 31, 2012 | 8,116,016 | 4,892 | 4,132,655 | 213,698 | 14,303 | 4,365,548 | 3,750,468 |
Ending Balance, Shares at Dec. 31, 2012 | 489,234,000 | ||||||
Net income (loss) | 41,374 | -171,734 | -171,734 | 213,108 | |||
Currency translation adjustment | -3,993 | -1,915 | -1,915 | -2,078 | |||
Other comprehensive loss from unconsolidated affiliates, net | 115 | 115 | 115 | ||||
Stock-based compensation | 33,422 | 30,374 | 30,374 | 3,048 | |||
Change in excess tax benefit from stock-based compensation | 4,188 | 4,188 | 4,188 | ||||
Issuance of common stock pursuant to stock-based compensation awards | -8,694 | 12 | -8,706 | -8,694 | |||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 1,127,000 | ||||||
Cash distributions to noncontrolling interest owners | -318,344 | -318,344 | |||||
Other | -3,589 | -1,831 | -1,831 | -1,758 | |||
Ending Balance at Dec. 31, 2013 | 7,860,495 | 4,904 | 4,156,680 | 41,964 | 12,503 | 4,216,051 | 3,644,444 |
Ending Balance, Shares at Dec. 31, 2013 | 490,360,628 | 490,361,000 | |||||
Net income (loss) | 127,178 | -149,873 | -149,873 | 277,051 | |||
Currency translation adjustment | -1,293 | -762 | -762 | -531 | |||
Other comprehensive loss from unconsolidated affiliates, net | 1,250 | 1,250 | 1,250 | ||||
Stock-based compensation | 38,368 | 34,102 | 34,102 | 4,266 | |||
Change in excess tax benefit from stock-based compensation | -7,807 | -7,807 | -7,807 | ||||
Issuance of common stock pursuant to stock-based compensation awards | -8,884 | 9 | -8,893 | -8,884 | |||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 931,000 | ||||||
Cash distributions to noncontrolling interest owners | -387,211 | -387,211 | |||||
Other | 6,178 | 6,840 | 6,840 | -662 | |||
Ending Balance at Dec. 31, 2014 | $7,628,274 | $4,913 | $4,180,922 | ($107,909) | $12,991 | $4,090,917 | $3,537,357 |
Ending Balance, Shares at Dec. 31, 2014 | 491,292,117 | 491,292,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [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, owns and/or operates casino resorts. The Company owns and operates the following casino resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur and Circus Circus Las Vegas. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. Other Nevada operations include Circus Circus Reno, Gold Strike in Jean and Railroad Pass in Henderson. During 2014, the Company entered into separate agreements to sell Railroad Pass and Gold Strike in Jean, Nevada, as discussed in Note 4. Along with local investors, the Company owns and operates MGM Grand Detroit in Detroit, Michigan. The Company owns and operates two resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike Tunica. The Company also 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 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. MGM Grand Paradise has a land concession contract with the government of Macau to develop a second resort and casino on an approximately 18 acre site in Cotai, Macau (“MGM Cotai”). MGM Cotai will be an integrated casino, hotel and entertainment complex and is currently expected to have approximately 1,500 hotel rooms, 500 gaming tables and 1,500 slots. The total estimated project budget is $2.9 billion excluding development fees eliminated in consolidation, capitalized interest and land related costs. | |
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. See Note 6 and Note 17 for additional information related to CityCenter. | |
The Company owns 50% of the 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. See Note 6 for additional information regarding Borgata. The Company also 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, adjacent to Circus Circus Reno, and the other 50% is owned by Eldorado Resorts, Inc. See Note 6 for additional information related to Grand Victoria and Silver Legacy. | |
The Company has entered into management agreements for future non-gaming hotels, resorts and residential products in the Middle East, North Africa, India and the United States. In 2014, the Company and the Hakkasan Group formed MGM Hakkasan Hospitality (“MGM Hakkasan”), owned 50% by each member, to design, develop and manage luxury non-gaming hotels, resorts and residences under certain brands licensed from the Company and the Hakkasan Group. In October 2014, the Company contributed all of the management agreements for non-gaming hotels, resorts and residential projects (outside of the greater China region) that are currently under development to MGM Hakkasan. The Company will continue to develop and manage properties in the greater China region with Diaoyutai State Guesthouse, including MGM Grand Sanya. | |
The Maryland Video Lottery Facility Location Commission has awarded the Company’s subsidiary developing MGM National Harbor the license to build and operate a destination resort casino in Prince George’s County at National Harbor. The expected cost to develop and construct MGM National Harbor is approximately $1.2 billion, excluding capitalized interest and land related costs. The Company expects the resort to include a casino with approximately 3,600 slots, 160 table games including poker; a 300 suite hotel with luxury spa and rooftop pool; 79,000 square feet of high end branded retail and fine and casual dining; a dedicated 3,000 seat theater venue; 50,000 square feet of meeting and event space; and a 4,700 space parking garage. | |
The Company’s subsidiary that will develop MGM Springfield was awarded the Category One casino license in Region B, Western Massachusetts, one of three licensing regions designated by legislation, to build and operate MGM Springfield. MGM Springfield will be developed on 14.5 acres of land between Union and State streets, and Columbus Avenue and Main Street in Springfield, Massachusetts. The Company currently expects the cost to develop and construct MGM Springfield to be approximately $760 million, excluding capitalized interest and land related costs. The Company expects the resort will include a casino with approximately 3,000 slots and 100 table games including poker; 250 hotel rooms; 64,000 square feet of retail and restaurant space; 33,000 square feet of meeting and event space; and a 3,500 space parking garage. | |
In 2013, the Company formed Las Vegas Arena Company, LLC with a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) – a leader in sports, entertainment, and promotions – to design, construct, and operate the Las Vegas Arena which will be located on a parcel of the Company’s land between Frank Sinatra Drive and New York-New York, adjacent to the Las Vegas Strip. The Company and AEG each own 50% of Las Vegas Arena Company. The Las Vegas Arena is anticipated to seat between 18,000 – 20,000 people. Such development is estimated to cost approximately $350 million, excluding capitalized interest and land related costs. See Note 6 for additional information related to Las Vegas Arena Company. | |
The Company has two reportable segments: wholly owned domestic resorts and MGM China. See Note 16 for additional information about the Company’s segments. | |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation and Significant Accounting Policies | NOTE 2— BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Principles of consolidation. The consolidated financial statements include the accounts of the Company and its subsidiaries. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method. The Company does not have significant variable interests in variable interest entities. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
In September 2014, the Company resumed accounting for the investment in Borgata under the equity method and has adjusted prior period financial statements retroactively. See Note 6 for further discussion of our Borgata investment. | |||||||||||||
Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. | |||||||||||||
· | The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 9; and | ||||||||||||
· | The Company used Level 3 inputs when assessing the fair value of its investment in Grand Victoria. See Note 6. | ||||||||||||
Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable, construction payable, or other accrued liabilities, as applicable. | |||||||||||||
Cash deposits – original maturities longer than 90 days. At December 31, 2014, the Company had $570 million in certificates of deposit with original maturities longer than 90 days. Scheduled maturities are at or prior to March 31, 2015. The fair value of the certificates of deposit equals their carrying value. | |||||||||||||
Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2014, 70% of the Company’s casino receivables were due from customers residing in foreign countries. Business or economic conditions or other significant events in these countries could affect the collectibility of such receivables. | |||||||||||||
Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2014, no significant concentrations of credit risk existed for which an allowance had not already been recorded. | |||||||||||||
Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or market. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. | |||||||||||||
Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income. Maintenance costs are expensed as incurred. As of December 31, 2014, the Company had accrued $14 million for property and equipment within accounts payable and $24 million related to construction retention accrued in other long-term liabilities. | |||||||||||||
Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: | |||||||||||||
Buildings and improvements | 20 to 40 years | ||||||||||||
Land improvements | 10 to 20 years | ||||||||||||
Furniture and fixtures | 3 to 20 years | ||||||||||||
Equipment | 3 to 20 years | ||||||||||||
The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. See Note 15 for information on recorded impairment charges. | |||||||||||||
Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period. | |||||||||||||
Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. | |||||||||||||
The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 6 for results of the Company’s review of its investment in certain of its unconsolidated affiliates. | |||||||||||||
Special revenue bonds. The Company holds South Jersey Transportation Authority special revenue bonds, the original proceeds from which were used to provide funding for the Atlantic City/Brigantine Connector Project. The repayment of the remaining principal and interest for the bonds is supported by eligible investment alternative tax obligation payments made to the Casino Reinvestment Development Authority from future casino licensees on the Renaissance Pointe land owned by the Company. The Company assumed no future cash flows will be received to support the carrying value of the bonds, and recorded an other-than-temporary impairment of $47 million as of December 31, 2012, included in “Other, net.” Management believed the probability for casino development on Renaissance Pointe in the foreseeable future was remote due to the continued deterioration of the Atlantic City market and initial underperformance of a resort that opened in the market. | |||||||||||||
Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2014, 2013 and 2012. | |||||||||||||
Goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. The implied fair value of a reporting unit’s goodwill is compared to the carrying value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to its assets and liabilities and the amount remaining, if any, is the implied fair value of goodwill. If the implied fair value of goodwill is less than its carrying value then it must be written down to its implied fair value. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss must be recognized equal to the difference. | |||||||||||||
Revenue recognition and promotional allowances. Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs (“casino front money”) and for chips in the customers’ possession (“outstanding chip liability”). Hotel, food and beverage, entertainment, retail and other operating revenues are recognized as services are performed and goods are provided. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. | |||||||||||||
Gaming revenues are recognized net of certain sales incentives, including discounts and points earned in point-loyalty programs. The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated cost of providing promotional allowances is primarily included in casino expenses as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Rooms | $ | 115,463 | $ | 111,842 | $ | 109,713 | |||||||
Food and beverage | 295,667 | 294,555 | 298,111 | ||||||||||
Entertainment, retail and other | 39,673 | 39,606 | 35,643 | ||||||||||
$ | 450,803 | $ | 446,003 | $ | 443,467 | ||||||||
Gaming promoters. A significant portion of the high-end (“VIP”) gaming volume at MGM Macau is generated through the use of gaming promoters, also known as junket operators. These operators introduce high-end gaming players to MGM Macau, assist these customers with travel arrangements, and extend gaming credit to these players. VIP gaming at MGM Macau is conducted by the use of special purpose nonnegotiable gaming chips. Gaming promoters purchase these nonnegotiable chips from MGM Macau and in turn sell these chips to their players. The nonnegotiable chips allow MGM Macau to track the amount of wagering conducted by each gaming promoters’ clients in order to determine VIP gaming play volume, or rolling chip turnover, which is the amount of nonnegotiable chips wagered and lost. In exchange for the gaming promoters’ services, MGM Macau compensates the gaming promoters through revenue-sharing arrangements or rolling chip turnover-based commissions. The estimated portion of the gaming promoter commissions that represent amounts passed through to VIP customers is recorded as a reduction of casino revenue, and the estimated portion retained by the gaming promoter for its compensation is recorded as casino expense. | |||||||||||||
Reimbursed expenses. The Company recognizes costs reimbursed pursuant to management services as revenue in the period it incurs the costs. Reimbursed costs related primarily to the Company’s management of CityCenter. | |||||||||||||
Loyalty programs. The Company’s primary loyalty program is “M life” and is available to patrons at substantially all of the Company’s wholly owned and operated resorts and CityCenter. Customers earn points based on their slots play which can be redeemed for FREEPLAY at any of the Company’s participating resorts. The Company records a liability based on the points earned multiplied by the redemption value, less an estimate for points not expected to be redeemed, and records a corresponding reduction in casino revenue. Customers also earn “Express Comps” based on their gaming play which can be redeemed for complimentary goods and services, including hotel rooms, food and beverage, and entertainment. The Company records a liability for the estimated costs of providing goods and services for Express Comps based on the Express Comps earned multiplied by a cost margin, less an estimate for Express Comps not expected to be redeemed and records a corresponding expense in the casino department. MGM Macau also has a loyalty program, whereby patrons earn rewards that can be redeemed for complimentary services, including hotel rooms, food and beverage, and entertainment. | |||||||||||||
Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $156 million, $153 million and $139 million for 2014, 2013 and 2012, respectively. | |||||||||||||
Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. | |||||||||||||
Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. | |||||||||||||
Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 15 for a detailed discussion of these amounts. | |||||||||||||
Income (loss) per share of common stock. The table below reconciles basic and diluted income (loss) per share of common stock. Diluted net loss attributable to MGM Resorts International includes adjustments for the potentially dilutive effect on the Company’s equity interest in MGM China due to shares outstanding under the MGM China Share Option Plan. Diluted weighted-average common and common equivalent shares includes adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plans and the assumed conversion of convertible debt, unless the effect of inclusion of such shares would be antidilutive. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | (In thousands) | ||||||||||||
Net loss attributable to MGM Resorts International - basic | $ | (149,873 | ) | $ | (171,734 | ) | $ | (1,767,691 | ) | ||||
Potentially dilutive effect due to MGM China Share Option Plan | (340 | ) | (104 | ) | - | ||||||||
Net loss attributable to MGM Resorts International - diluted | $ | (150,213 | ) | $ | (171,838 | ) | $ | (1,767,691 | ) | ||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding - basic and diluted | 490,875 | 489,661 | 488,988 | ||||||||||
Antidilutive share-based awards excluded from the calculation of diluted | 19,254 | 18,468 | 25,041 | ||||||||||
earnings per share | |||||||||||||
The $300 million 4.25% senior convertible notes issued in June 2011 and the $1.15 billion 4.25% senior convertible notes issued in April 2010 were excluded from the calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 as their effect would be antidilutive. | |||||||||||||
Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). | |||||||||||||
Comprehensive income (loss). Comprehensive income includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity, and the cumulative balance of these elements consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Currency translation adjustments | $ | 23,440 | $ | 24,733 | |||||||||
Other comprehensive income (loss) from unconsolidated affiliates | 672 | (578 | ) | ||||||||||
Accumulated other comprehensive income | 24,112 | 24,155 | |||||||||||
Less: Currency translation adjustment attributable to noncontrolling interests | (11,121 | ) | (11,652 | ) | |||||||||
Accumulated other comprehensive income attributable to MGM Resorts | $ | 12,991 | $ | 12,503 | |||||||||
International | |||||||||||||
Recently issued accounting standards. During 2014, the Company early adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ”, (“ASU 2014-08”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. ASU 2014-08 amends the definition of a discontinued operation by requiring discontinued operations treatment for disposals of a component or group of components that represent a strategic shift that has or will have a major impact on an entity’s operations or financial results, and also expands the scope of ASC 205-20 to disposals of equity method investments and acquired businesses held for sale. Additionally, ASU 2014-08 requires enhanced disclosures about disposal transactions that do not meet the discontinued operations criteria. Based on application of ASU 2014-08, the Company determined that certain disposals did not qualify as discontinued operations. See Note 4 for further discussion. | |||||||||||||
During 2014, the Company implemented FASB Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” (“ASU 2013-11”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2013. ASU 2013-11 provides explicit guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. As a result of implementing ASU 2013-11, the Company recorded a reduction in liability for unrecognized tax benefits and a corresponding reduction in deferred tax assets of $19 million for the year ended December 31, 2014. | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of this new accounting guidance will have on its consolidated financial statements and footnote disclosures. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Accounts Receivable, Net | NOTE 3 — ACCOUNTS RECEIVABLE, NET | ||||||||
Accounts receivable, net consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Casino | $ | 307,152 | $ | 309,620 | |||||
Hotel | 149,268 | 156,201 | |||||||
Other | 106,527 | 104,109 | |||||||
562,947 | 569,930 | ||||||||
Less: Allowance for doubtful accounts | (89,602 | ) | (81,713 | ) | |||||
$ | 473,345 | $ | 488,217 | ||||||
Assets_Held_For_Sale
Assets Held For Sale | 12 Months Ended |
Dec. 31, 2014 | |
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] | |
Assets Held for Sale | NOTE 4 — ASSETS HELD FOR SALE |
In September 2014, the Company entered into an agreement to sell Railroad Pass for $8 million which is contingent upon regulatory approvals and other customary closing conditions. The assets and liabilities of Railroad Pass have been classified as held for sale as of December 31, 2014. The Company recognized a $1 million impairment charge recorded in “Property transactions, net” based on fair value less cost to sell the related assets and liabilities. Assets held for sale of $9 million, comprised predominantly of property, plant and equipment, are classified within “Prepaid expenses and other” and liabilities related to assets held for sale of $2 million, comprised of accounts payable and other accrued liabilities, are classified within “Other accrued liabilities.” | |
In October 2014, the Company entered into an agreement to sell Gold Strike and related assets in Jean, Nevada, for $12 million which is contingent upon regulatory approvals and other customary closing conditions. The assets and liabilities of Gold Strike have been classified as held for sale as of December 31, 2014. The Company recognized a $1 million impairment charge recorded in “Property transactions, net” based on fair value less cost to sell the related assets and liabilities. Assets held for sale of $14 million comprised predominantly of property, plant and equipment, are classified within “Prepaid expenses and other” and liabilities related to assets held for sale of $2 million, comprised of accounts payable and other accrued liabilities, are classified within “Other accrued liabilities. | |
Railroad Pass and Gold Strike have not been classified as discontinued operations because the Company has concluded that the sales will not have a major effect on the Company’s operations or its financial results and it does not represent a disposal of a major geographic segment or product line. |
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Property and Equipment, Net | NOTE 5 — PROPERTY AND EQUIPMENT, NET | ||||||||
Property and equipment, net consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Land | $ | 6,475,134 | $ | 6,477,489 | |||||
Buildings, building improvements and land improvements | 9,313,308 | 9,264,455 | |||||||
Furniture, fixtures and equipment | 4,178,723 | 4,040,887 | |||||||
Construction in progress | 999,616 | 437,434 | |||||||
20,966,781 | 20,220,265 | ||||||||
Less: Accumulated depreciation and amortization | (6,525,239 | ) | (6,165,053 | ) | |||||
$ | 14,441,542 | $ | 14,055,212 | ||||||
Investments_in_and_Advances_to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | |||||||||||||
Investments in and Advances to Unconsolidated Affiliates | NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES | ||||||||||||
Investments in and advances to unconsolidated affiliates consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
CityCenter Holdings, LLC – CityCenter (50%) | $ | 1,221,306 | $ | 1,172,087 | |||||||||
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) | 141,162 | 169,579 | |||||||||||
Marina District Development Company – Borgata (50%) | 109,252 | 94,425 | |||||||||||
Other | 87,314 | 33,170 | |||||||||||
$ | 1,559,034 | $ | 1,469,261 | ||||||||||
The Company recorded its share of the net income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income (loss) from unconsolidated affiliates | $ | 63,836 | $ | 68,829 | $ | (16,800 | ) | ||||||
Preopening and start-up expenses | (917 | ) | (507 | ) | (656 | ) | |||||||
Non-operating items from unconsolidated affiliates | (87,794 | ) | (208,682 | ) | (130,845 | ) | |||||||
$ | (24,875 | ) | $ | (140,360 | ) | $ | (148,301 | ) | |||||
CityCenter | |||||||||||||
Perini litigation settlement. During 2014, the Company and CityCenter entered into various settlement agreements related to its construction litigation with Perini, the remaining Perini subcontractors and relevant insurers, as discussed in Note 11. As a result, CityCenter recognized $48 million of property transactions, net during 2014, of which the Company recognized its share of $24 million. | |||||||||||||
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 bears interest at LIBOR plus 3.25% 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%/11.50% 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 recorded a charge of $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. During 2014, CityCenter permanently repaid $154 million of its term loan B facility. | |||||||||||||
In addition, in connection with the October 2013 debt restructuring, sponsor notes with a carrying value of approximately $738 million were converted to members’ equity. Subsequent to these transactions, CityCenter’s senior credit facility is its only remaining long-term debt. The senior secured credit facility is secured by substantially all the assets of CityCenter, and contains certain financial covenants including minimum interest coverage ratios and maximum leverage ratio requirements (as defined in the agreements). | |||||||||||||
Completion guarantee. In October 2013, the Company entered into an amended completion and cost overrun guarantee in connection with CityCenter’s restated senior credit facility agreement as discussed in Note 11. | |||||||||||||
Residential inventory impairment. CityCenter is required to carry its residential inventory at the lower of its carrying value or fair value less costs to sell. Fair value of the residential inventory is determined using a discounted cash flow analysis based on management’s current expectations of future cash flows. The key inputs in the discounted cash flow analysis include estimated sales prices of units currently under contract and new unit sales, the absorption rate over the sell-out period, and the discount rate. CityCenter recorded an impairment charge of $36 million in 2012. The Company recognized 50% of such impairment charges, resulting in a charge of approximately $18 million. | |||||||||||||
Harmon. CityCenter accrued $32 million in 2012 related to the estimated demolition cost of the Harmon. The Company recognized 50% of such charge, resulting in a charge of approximately $16 million. See Note 11 for additional information regarding Harmon. | |||||||||||||
Grand Victoria | |||||||||||||
At June 30, 2014, the Company reviewed the carrying value of its Grand Victoria investment for impairment due to a greater than anticipated decline in operating results, as well as a decrease in forecasted cash flows for the remainder of 2014 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 10.5%. Key assumptions in the guideline public company method included business enterprise value multiples selected based on the range of multiples in Grand Victoria’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 $29 million at June 30, 2014, based on an estimated fair value of $140 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, 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 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 Grand Victoria’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 based on an estimated fair value of $170 million for the Company’s 50% interest. | |||||||||||||
At June 30, 2012, the Company reviewed the carrying value of its Grand Victoria investment for impairment due to a decrease in operating results at the property and the loss of market share as a result of the opening of a new riverboat casino in the Illinois market, as well as a decrease in forecasted cash flows. The Company used a discounted cash flow analysis to determine the estimated fair value. Key assumptions included in the analysis were estimates of future cash flows including outflows for capital expenditures, a long-term growth rate of 2% and a discount rate of 10.5%. As a result of the discounted cash flow analysis, the Company determined that it was necessary to record an other-than-temporary impairment charge of $85 million based on an estimated fair value of $205 million for the Company’s 50% interest. | |||||||||||||
Borgata | |||||||||||||
In September 2014, the New Jersey Casino Control Commission (“CCC”) approved the Company’s request for licensure in the State of New Jersey. The Company’s request for licensure was submitted pursuant to its amended settlement agreement with the New Jersey Division of Gaming Enforcement. Prior to receiving the approval, the Company’s Borgata interest was held in trust and the sale of the Company’s interest was mandated within a defined divestiture period pursuant to the amended settlement agreement. In connection with the approval of the Company’s request for licensure, the CCC agreed to terminate the amended settlement agreement and dissolve and terminate the divestiture trust. Upon dissolution of the trust, all of the trust assets, including $83 million of cash, were transferred to the Company. | |||||||||||||
Prior to dissolution, the Company had consolidated the trust because it was the sole economic beneficiary, and accounted for its interest in Borgata under the cost method. In connection with the dissolution of the trust, the Company regained significant influence in Borgata and therefore resumed accounting for its interest under the equity method. The Company’s investment in Borgata, current and prior period net income and retained earnings have been adjusted retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods in which the Company’s investment was held in trust. The impact of the retroactive adjustments on net loss for the year ended December 31, 2013 was an increase of $15 million. There was no net impact of the retroactive adjustments on net income for the year ended December 31, 2012. There was no cumulative impact resulting from the retroactive adjustments on retained earnings at January 1, 2012. | |||||||||||||
The Company determined that it was necessary to record an other-than-temporary impairment charge for its investment in Borgata of $54 million as of December 31, 2012 using an estimated fair value for its investment of $120 million based on a discounted cash flow analysis. Borgata’s 2012 operating results did not meet previous forecasts. While 2012 results for Borgata were significantly impacted by Hurricane Sandy, management believed the challenging environment in Atlantic City would continue and lowered 2013 estimates below what was previously forecasted. Additionally, the Company used a long-term growth rate of 2.5% and a discount rate of 10.5%, based on its assessment of risk associated with the estimated cash flows. | |||||||||||||
Las Vegas Arena | |||||||||||||
In September 2014, a wholly-owned subsidiary of Las Vegas Arena Company entered into a senior secured credit facility to finance construction of the Las Vegas Arena. The senior secured credit facility consists of a $125 million term loan A and a $75 million term loan B. The senior secured credit facility matures in October 2016, with an option to extend the maturity for three years. The senior secured credit facility is secured by substantially all the assets of the Las Vegas Arena Company, and contains certain financial covenants applicable upon opening of the Las Vegas Arena. The Company and AEG have agreed to contribute a total of $175 million in cash towards construction of the Arena, of which each party had contributed $38 million as of December 31, 2014. See Note 11 for discussion of the Company’s joint and several completion and payment guarantees. | |||||||||||||
Silver Legacy | |||||||||||||
Silver Legacy had approximately $143 million of outstanding senior secured notes that were due in March 2012. Silver Legacy did not repay its notes at maturity and filed for Chapter 11 bankruptcy protection in May 2012. These notes were non-recourse to the Company. In November 2012, Silver Legacy completed a consensual plan of reorganization pursuant to which the holders of the senior secured notes received a combination of cash and new second lien notes. Concurrently, Silver Legacy entered into an agreement for a new $70 million senior secured credit facility, which provided for a portion of the exit financing associated with the plan of reorganization. As part of the reorganization, the members invested $7.5 million each in the form of subordinated sponsor notes. The Company resumed the equity method of accounting for its investment in Silver Legacy subsequent to completion of the reorganization. In December 2013, Silver Legacy entered into a new senior credit facility and redeemed its outstanding second lien notes. Silver Legacy recognized a gain of $24 million in connection with these transactions. The Company recognized $12 million, its share of the gain, within non-operating items from unconsolidated affiliates. | |||||||||||||
Unconsolidated Affiliate Financial Information | |||||||||||||
Summarized balance sheet information of the unconsolidated affiliates is as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 772,412 | $ | 614,474 | |||||||||
Property and other assets, net | 9,394,703 | 9,754,247 | |||||||||||
Current liabilities | 683,452 | 627,598 | |||||||||||
Long-term debt and other long-term obligations | 2,409,478 | 2,604,629 | |||||||||||
Equity | 7,074,185 | 7,136,494 | |||||||||||
Summarized results of operations of the unconsolidated affiliates are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net revenues | $ | 2,299,698 | $ | 2,280,309 | $ | 2,213,577 | |||||||
Operating expenses | (2,278,039 | ) | (2,247,743 | ) | (2,361,027 | ) | |||||||
Operating income (loss) | 21,659 | 32,566 | (147,450 | ) | |||||||||
Interest expense | (164,055 | ) | (328,740 | ) | (360,021 | ) | |||||||
Non-operating expenses | (13,337 | ) | (146,898 | ) | (4,076 | ) | |||||||
Net loss | $ | (155,733 | ) | $ | (443,072 | ) | $ | (511,547 | ) | ||||
Basis Differences | |||||||||||||
The Company’s investments in unconsolidated affiliates do not equal the venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s venture-level equity and investment balances are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Venture-level equity | $ | 3,532,746 | $ | 3,563,232 | |||||||||
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts | (578,554 | ) | (583,946 | ) | |||||||||
International (1) | |||||||||||||
CityCenter capitalized interest (2) | 251,450 | 261,526 | |||||||||||
Completion guarantee (3) | 466,660 | 411,944 | |||||||||||
Advances to CityCenter, net of discount (4) | (49,892 | ) | (53,296 | ) | |||||||||
Other-than-temporary impairments of CityCenter investment (5) | (1,857,673 | ) | (1,915,153 | ) | |||||||||
Other-than-temporary impairments of Borgata investment (6) | (130,333 | ) | (134,217 | ) | |||||||||
Fair value adjustments upon acquisition of Grand Victoria investment (7) | 267,190 | 267,190 | |||||||||||
Other adjustments (8) | (342,560 | ) | (348,019 | ) | |||||||||
$ | 1,559,034 | $ | 1,469,261 | ||||||||||
-1 | Primarily relates to land and fixed assets. | ||||||||||||
-2 | Relates to interest capitalized on the Company’s investment balance during development and construction stages. | ||||||||||||
-3 | Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. | ||||||||||||
-4 | During 2013, the Company converted its CityCenter sponsor notes to equity, resolving the basis difference related to such notes which were previously recognized as long-term debt by CityCenter. The remaining basis difference relates to interest on the notes capitalized by CityCenter during development. | ||||||||||||
-5 | The impairment of the Company’s CityCenter investment includes $426 million of impairments allocated to land. | ||||||||||||
-6 | The impairment of the Company’s Borgata investment includes $90 million of impairments allocated to land. | ||||||||||||
-7 | Relates to indefinite-lived gaming license rights for Grand Victoria. | ||||||||||||
-8 | Other adjustments include the deferred gain on assets contributed to CityCenter upon formation of CityCenter and other-than-temporary impairments of the Company’s investment in Grand Victoria and Silver Legacy. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Other Intangible Assets | NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||
Goodwill and other intangible assets consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Goodwill: | (In thousands) | ||||||||
Wholly owned domestic resorts | $ | 70,975 | $ | 70,975 | |||||
MGM China | 2,826,135 | 2,826,467 | |||||||
$ | 2,897,110 | $ | 2,897,442 | ||||||
Indefinite-lived intangible assets: | |||||||||
Detroit development rights | $ | 98,098 | $ | 98,098 | |||||
Trademarks, license rights and other | 232,123 | 232,123 | |||||||
Total indefinite-lived intangible assets | 330,221 | 330,221 | |||||||
Finite-lived intangible assets: | |||||||||
MGM Grand Paradise gaming subconcession | 4,513,101 | 4,513,631 | |||||||
Less: Accumulated amortization | (692,047 | ) | (526,152 | ) | |||||
3,821,054 | 3,987,479 | ||||||||
MGM Macau land concession | 84,717 | 84,727 | |||||||
Less: Accumulated amortization | (15,272 | ) | (11,003 | ) | |||||
69,445 | 73,724 | ||||||||
MGM China customer lists | 128,946 | 128,961 | |||||||
Less: Accumulated amortization | (116,664 | ) | (101,240 | ) | |||||
12,282 | 27,721 | ||||||||
MGM China gaming promoter relationships | 180,524 | 180,545 | |||||||
Less: Accumulated amortization | (161,467 | ) | (116,335 | ) | |||||
19,057 | 64,210 | ||||||||
Maryland license, Massachusetts license and other intangible assets | 136,827 | 51,827 | |||||||
Less: Accumulated amortization | (24,030 | ) | (23,321 | ) | |||||
112,797 | 28,506 | ||||||||
Total finite-lived intangible assets, net | 4,034,635 | 4,181,640 | |||||||
Total other intangible assets, net | $ | 4,364,856 | $ | 4,511,861 | |||||
Goodwill related to wholly owned domestic resorts relates to the acquisition of Mirage Resorts in 2001 and the acquisition of Mandalay Resort Group in 2005. The Company recognized goodwill resulting from its acquisition of MGM China in 2011. | |||||||||
The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit, trademarks and license rights, of which $213 million consists of trademarks and trade names related to the Mandalay Resort Group acquisition. | |||||||||
MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A., a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. The Company cannot provide any assurance that the gaming subconcession will be extended beyond the original terms of the agreement; however, management believes that the gaming subconcession will be extended, given that the land concession agreement with the government extends significantly beyond the gaming subconcession. In addition, management believes that the fair value of MGM China reflected in the IPO pricing suggests that market participants have assumed the gaming subconcession will be extended beyond its initial term. As such, the Company was amortizing the gaming subconcession intangible asset on a straight-line basis over the initial term of the land concession through April 6, 2031. In January 2013, the Company’s Cotai land concession was gazetted by the Macau government at which time the Company determined that the estimated remaining useful life of its gaming subconcession would be extended through the initial 25-year term of the Cotai land concession, ending in January 2038. | |||||||||
MGM Macau land concession. MGM Grand Paradise entered into a contract with the Macau government to use the land under MGM Macau commencing from April 6, 2006. The land use right has an initial term through April 6, 2031, subject to renewal for additional periods. The land concession intangible asset is amortized on a straight-line basis over the remaining initial contractual term. | |||||||||
MGM China customer lists. The Company recognized an intangible asset related to customer lists, which is amortized on an accelerated basis over its estimated useful life of five years. | |||||||||
MGM China gaming promoter relationships. The Company recognized an intangible asset related to its relationships with gaming promoters, which is amortized on a straight-line basis over its estimated useful life of four years. | |||||||||
Maryland license. The Company was granted a license to operate a casino in Maryland. The consideration paid to the State of Maryland for the license fee of $22 million is considered a finite-lived intangible asset that will be amortized over a period of 15 years beginning upon the opening of the casino resort. | |||||||||
Massachusetts license. The Company was granted a license to operate a casino in Massachusetts. The consideration paid to the State of Massachusetts for the license fee of $85 million is considered a finite-lived intangible asset that will be amortized over a period of 15 years beginning upon the opening of the casino resort. | |||||||||
Other. The Company’s other finite–lived intangible assets consist primarily of lease acquisition costs amortized over the life of the related leases, and certain license rights amortized over their contractual life. | |||||||||
Total amortization expense related to intangible assets was $232 million, $243 million and $321 million for 2014, 2013, and 2012, respectively. Estimated future amortization is as follows: | |||||||||
Years ending December 31, | (In thousands) | ||||||||
2015 | $ | 199,256 | |||||||
2016 | 174,317 | ||||||||
2017 | 173,794 | ||||||||
2018 | 178,044 | ||||||||
2019 | 178,044 | ||||||||
Thereafter | 3,131,180 | ||||||||
$ | 4,034,635 | ||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Accrued Liabilities | NOTE 8 — OTHER ACCRUED LIABILITIES | ||||||||
Other accrued liabilities consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Payroll and related | $ | 369,497 | $ | 394,709 | |||||
Advance deposits and ticket sales | 103,440 | 104,504 | |||||||
Casino outstanding chip liability | 294,466 | 409,917 | |||||||
Casino front money deposits | 122,184 | 125,180 | |||||||
MGM China gaming promoter commissions | 74,754 | 118,122 | |||||||
Other gaming related accruals | 114,165 | 137,181 | |||||||
Taxes, other than income taxes | 201,562 | 236,991 | |||||||
Completion guarantee liability | 148,929 | 97,223 | |||||||
Other | 145,620 | 146,974 | |||||||
$ | 1,574,617 | $ | 1,770,801 | ||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Long-Term Debt | NOTE 9 — LONG-TERM DEBT | |||||||||||
Long-term debt consisted of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Senior credit facility: | (In thousands) | |||||||||||
$2,744 million ($2,772 million at December 31, 2013) term loans, net | $ | 2,738,118 | $ | 2,765,041 | ||||||||
MGM Grand Paradise credit facility | 553,177 | 553,242 | ||||||||||
$508.9 million 5.875% senior notes, due 2014, net | - | 508,848 | ||||||||||
$1,450 million 4.25% convertible senior notes, due 2015, net | 1,451,405 | 1,456,153 | ||||||||||
$875 million 6.625% senior notes, due 2015, net | 875,370 | 876,022 | ||||||||||
$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 | 497,955 | 496,987 | ||||||||||
$743 million 7.625% senior notes, due 2017 | 743,000 | 743,000 | ||||||||||
$475 million 11.375% senior notes, due 2018, net | 468,949 | 467,451 | ||||||||||
$850 million 8.625% senior notes, due 2019 | 850,000 | 850,000 | ||||||||||
$500 million 5.25% senior notes, due 2020 | 500,000 | 500,000 | ||||||||||
$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 | ||||||||||
$1,250 million 6% senior notes, due 2023, net | 1,250,742 | - | ||||||||||
$0.6 million 7% debentures, due 2036, net | 572 | 572 | ||||||||||
$4.3 million 6.7% debentures, due 2096 | 4,265 | 4,265 | ||||||||||
14,159,202 | 13,447,230 | |||||||||||
Less: Current portion | (1,245,320 | ) | - | |||||||||
$ | 12,913,882 | $ | 13,447,230 | |||||||||
As of December 31, 2014, the amount available under the Company’s revolving senior credit facility is less than current maturities related to the Company’s senior notes, convertible senior notes, and term loan credit facilities. The Company has excluded from the current portion of long-term debt the amount available for refinancing under its revolving credit facility. | ||||||||||||
Interest expense, net consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Total interest incurred | $ | 846,321 | $ | 862,417 | $ | 1,117,327 | ||||||
Interest capitalized | (29,260 | ) | (5,070 | ) | (969 | ) | ||||||
$ | 817,061 | $ | 857,347 | $ | 1,116,358 | |||||||
Senior credit facility. At December 31, 2014, the Company’s senior credit facility consisted of a $1.2 billion revolving credit facility, a $1.03 billion term loan A facility and a $1.72 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 December 31, 2014). 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%. As a result of the May 2013 re-pricing, the Company recorded a loss of $4 million during 2013 on retirement of debt in “Other, net.” 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 in an amount equal to 0.25% of the original principal balance. The Company permanently repaid $28 million in 2014, in accordance with the scheduled amortization. The Company had $1.1 billion of available borrowing capacity under its senior credit facility at December 31, 2014. At December 31, 2014, the interest rate on the term loan A was 2.9% and the interest rate on the term loan B was 3.50%. The Company’s senior credit facility was amended and restated in February 2012 and again in December 2012. In connection with these transactions the Company recorded losses on retirements of debt of $107 million in “Other, net” during 2012 related to previously recorded discounts and certain debt issuance costs. | ||||||||||||
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 (the “Restricted Group”) to maintain a minimum trailing four-quarter EBITDA and limits the ability of the Restricted Group to make capital expenditures and investments. As of December 31, 2014, the Restricted Group is required to maintain a minimum EBITDA (as defined) of $1.20 billion. The minimum EBITDA requirement increases to $1.25 billion for March 31, 2015 and June 30, 2015 and to $1.30 billion for September 30, 2015 and December 31, 2015, with periodic increases thereafter. EBITDA for the trailing four quarters ended December 31, 2014 calculated in accordance with the terms of the senior credit facility was $1.37 billion. The senior credit facility limits the Restricted Group to capital expenditures of $500 million per fiscal year, with unused amounts in any fiscal year rolling over to the next fiscal year, but not any fiscal year thereafter. The Restricted Group’s total capital expenditures allowable under the senior credit facility for fiscal year 2014, after giving effect to unused amounts from 2013, was $681 million. In addition, the senior credit facility limits the Restricted Group’s ability to make investments subject to certain thresholds and other important exceptions. The Restricted Group was within the limit of capital expenditures and other investments for the 2014 calendar year. | ||||||||||||
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 Grand Paradise credit facility. At December 31, 2014, the MGM Grand Paradise 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 December 31, 2014 was comprised solely of term loans. The interest rate on the facility fluctuates annually based on HIBOR plus a margin, which ranges between 1.75% and 2.50%, based on MGM China’s leverage ratio. The margin was 1.75% at December 31, 2014. MGM China is a joint and several co-borrower with MGM Grand Paradise. The MGM Grand Paradise credit facility is secured by MGM Grand Paradise’s interest in the Cotai land use right, and MGM China, MGM Grand Paradise and their guarantor subsidiaries have granted a security interest in substantially all of their assets to secure the facility. The credit facility will be used for general corporate purposes and for the development of MGM Cotai. | ||||||||||||
The MGM Grand Paradise 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 the credit facility covenants at December 31, 2014. | ||||||||||||
Senior Notes. During 2014, the Company repaid its $509 million 5.875% senior notes at maturity and issued $1.25 billion of 6% senior notes due 2023 for net proceeds of $1.24 billion. In 2013, the Company repaid its $462 million 6.75% senior notes and $150 million 7.625% senior subordinated debentures at maturity and issued $500 million of 5.25% senior notes due 2020 for net proceeds of $494 million. The senior notes are unsecured and otherwise rank equally in right of payment with the Company’s existing and future senior indebtedness. The senior notes are effectively subordinated to the Company’s existing and future secured obligations, primarily consisting of its senior credit facility, to the extent of the value of the assets securing such obligations. | ||||||||||||
Tender offers. In December 2012, the Company completed the early settlement of its tender offers for its 13% senior secured notes due 2013, 10.375% senior secured notes due 2014, 11.125% senior secured notes due 2017 and 9% senior secured notes due 2020 and called for redemption of all of the secured notes that were not purchased on the early settlement date and satisfied and discharged the indentures governing the secured notes. As a result of the redemption and the satisfaction and discharge of the secured notes indentures, the Company was released from its obligations under the indentures and all of the collateral securing those notes was released. The Company recorded a loss on retirement of the secured notes of $457 million in “Other, net” which included $379 million of premiums paid to redeem or discharge the debt, the write-off of $75 million of previously recorded discounts and debt issuance costs, and $3 million of other costs in 2012. | ||||||||||||
Senior convertible notes. In April 2010, the Company issued $1.15 billion of 4.25% convertible senior notes due 2015 for net proceeds to the Company of $1.12 billion. The notes are general unsecured obligations of the Company and rank equally in right of payment with the Company’s other existing senior unsecured indebtedness. The notes are convertible at an initial conversion rate of approximately 53.83 shares of the Company’s common stock per $1,000 principal amount of the notes, representing an initial conversion price of approximately $18.58 per share of the Company’s common stock. In connection with the offering, the Company entered into capped call transactions to reduce the potential dilution of the Company’s stock upon conversion of the notes. The capped call transactions have a cap price equal to approximately $21.86 per share. | ||||||||||||
In June 2011, the Company sold an additional $300 million in aggregate principal amount of 4.25% convertible senior notes due 2015 (the “Notes”) on terms that were consistent with those governing the Company’s existing convertible senior notes due 2015 for a purchase price of 103.805% of the principal amount. The Company received approximately $311 million in proceeds related to this transaction. The Notes were recorded at fair value determined by the trading price (105.872%) of the Company’s existing convertible notes on the date of issuance of the Notes, with the excess over the principal amount recorded as a premium to be recognized over the term of the Notes. | ||||||||||||
Maturities of long-term debt. Maturities of the Company’s long-term debt as of December 31, 2014 are as follows: | ||||||||||||
Years ending December 31, | (In thousands) | |||||||||||
2015 | $ | 2,353,000 | ||||||||||
2016 | 1,641,944 | |||||||||||
2017 | 2,183,382 | |||||||||||
2018 | 492,500 | |||||||||||
2019 | 2,495,000 | |||||||||||
Thereafter | 5,004,817 | |||||||||||
14,170,643 | ||||||||||||
Debt premiums and discounts, net | (11,441 | ) | ||||||||||
$ | 14,159,202 | |||||||||||
Fair value of long-term debt. The estimated fair value of the Company’s long-term debt at December 31, 2014 was approximately $15.1 billion. The estimated fair value of the Company’s long-term debt at December 31, 2013 was approximately $14.9 billion. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facility. Carrying value of the MGM Grand Paradise credit facility approximates fair value. | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 10 — INCOME TAXES | ||||||||||||
The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating loss tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. | |||||||||||||
Income (loss) before income taxes for domestic and foreign operations consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Domestic operations | $ | (168,135 | ) | $ | (444,891 | ) | $ | (2,048,868 | ) | ||||
Foreign operations | 579,021 | 507,081 | 314,655 | ||||||||||
$ | 410,886 | $ | 62,190 | $ | (1,734,213 | ) | |||||||
The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: | (In thousands) | ||||||||||||
Current | $ | (10,448 | ) | $ | 3,532 | $ | 1,636 | ||||||
Deferred (excluding separate components) | 785,225 | 963,919 | 1,011,881 | ||||||||||
Deferred – operating loss carryforward | (277,453 | ) | (305,760 | ) | 89,954 | ||||||||
Deferred – valuation allowance | (815,851 | ) | (634,190 | ) | (1,017,228 | ) | |||||||
Other noncurrent | 33,130 | 14,522 | (1,587 | ) | |||||||||
Benefit (provision) for federal income taxes | (285,397 | ) | 42,023 | 84,656 | |||||||||
State: | |||||||||||||
Current | (2,214 | ) | (1,812 | ) | (3,466 | ) | |||||||
Deferred (excluding separate components) | 4,338 | 4,056 | 24,104 | ||||||||||
Deferred – operating loss carryforward | 531 | 393 | 9,221 | ||||||||||
Deferred – valuation allowance | 412 | (4,374 | ) | (2,579 | ) | ||||||||
Other noncurrent | (547 | ) | 879 | (5,493 | ) | ||||||||
Benefit (provision) for state income taxes | 2,520 | (858 | ) | 21,787 | |||||||||
Foreign: | |||||||||||||
Current | (1,656 | ) | (2,214 | ) | (3,217 | ) | |||||||
Deferred (excluding separate components) | 1,726 | (70,440 | ) | 12,471 | |||||||||
Deferred – operating loss carryforward | 3,495 | 1,312 | (782 | ) | |||||||||
Deferred – valuation allowance | (4,396 | ) | 9,361 | 2,386 | |||||||||
Benefit (provision) for foreign income taxes | (831 | ) | (61,981 | ) | 10,858 | ||||||||
$ | (283,708 | ) | $ | (20,816 | ) | $ | 117,301 | ||||||
A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign tax credit | (222.0 | ) | (1,557.1 | ) | 45.2 | ||||||||
Repatriation of foreign earnings | 113.2 | 738.4 | (19.2 | ) | |||||||||
Federal valuation allowance | 198.6 | 1,019.80 | (58.7 | ) | |||||||||
State income tax, net of federal benefit and valuation allowance | (0.4 | ) | 0.8 | 0.8 | |||||||||
Settlements with taxing authorities | (7.6 | ) | (23.5 | ) | - | ||||||||
Macau deferred tax liability re-measurement | - | 96.1 | - | ||||||||||
Foreign jurisdiction income/losses taxed at other than 35% | (49.1 | ) | (281.8 | ) | 7 | ||||||||
Tax credits | (1.0 | ) | (13.1 | ) | 0.5 | ||||||||
Permanent and other items | 2.3 | 18.9 | (3.8 | ) | |||||||||
69 | % | 33.5 | % | 6.8 | % | ||||||||
The major tax-effected components of the Company’s net deferred tax liability are as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets – federal and state: | (In thousands) | ||||||||||||
Senior secured notes retirement | $ | - | $ | 647 | |||||||||
Bad debt reserve | 47,563 | 37,327 | |||||||||||
Deferred compensation | 4,074 | 3,680 | |||||||||||
Net operating loss carryforward | 21,555 | 304,077 | |||||||||||
Accruals, reserves and other | 129,311 | 148,303 | |||||||||||
Investments in unconsolidated affiliates | 236,528 | 268,896 | |||||||||||
Stock-based compensation | 34,449 | 31,185 | |||||||||||
Tax credits | 2,601,653 | 1,796,599 | |||||||||||
3,075,133 | 2,590,714 | ||||||||||||
Less: Valuation allowance | (2,498,299 | ) | (1,665,846 | ) | |||||||||
576,834 | 924,868 | ||||||||||||
Deferred tax assets – foreign: | |||||||||||||
Bad debt reserve | 1,456 | 333 | |||||||||||
Net operating loss carryforward | 59,329 | 55,834 | |||||||||||
Accruals, reserves and other | 64 | 154 | |||||||||||
Property and equipment | 10,687 | 11,204 | |||||||||||
71,536 | 67,525 | ||||||||||||
Less: Valuation allowance | (60,468 | ) | (56,071 | ) | |||||||||
11,068 | 11,454 | ||||||||||||
Total deferred tax assets | $ | 587,902 | $ | 936,322 | |||||||||
Deferred tax liabilities – federal and state: | |||||||||||||
Property and equipment | (2,549,866 | ) | (2,488,287 | ) | |||||||||
Long-term debt | (293,006 | ) | (360,666 | ) | |||||||||
Intangibles | (109,161 | ) | (105,231 | ) | |||||||||
(2,952,033 | ) | (2,954,184 | ) | ||||||||||
Deferred tax liabilities – foreign: | |||||||||||||
Intangibles | (319,871 | ) | (321,116 | ) | |||||||||
(319,871 | ) | (321,116 | ) | ||||||||||
Total deferred tax liability | $ | (3,271,904 | ) | $ | (3,275,300 | ) | |||||||
Net deferred tax liability | $ | (2,684,002 | ) | $ | (2,338,978 | ) | |||||||
Income generated from gaming operations of MGM Grand Paradise, which is wholly owned by MGM China, 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. Absent this exemption, “Net loss attributable to MGM Resorts International” would have increased by $47 million and $43 million for 2014 and 2013, respectively, and net loss per share (diluted) would have increased by $0.10 and $0.09 for 2014 and 2013, respectively. 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 re-measured during the first quarter of 2013 due to the extension of the amortization period of the Macau gaming subconcession 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 in 2013. | |||||||||||||
Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2014 a complementary tax net operating loss carryforward of $493 million resulting from non-gaming operations that will expire if not utilized against non-gaming income in years 2015 through 2017. The Macanese net operating loss carryforwards are fully offset by a valuation allowance. | |||||||||||||
MGM Grand Paradise’s exemption from the Macau 12% complementary tax on gaming profits does not apply to dividend distributions of such profits to MGM China. However, MGM Grand Paradise has entered into an agreement with the Macau government to settle the 12% complementary tax that would otherwise be due by its shareholder, MGM China, on distributions of its gaming profits by paying a flat annual payment (“annual fee arrangement”) regardless of the amount of distributable dividends. Such annual fee arrangement is effective until December 31, 2016. MGM China is not subject to the complementary tax on distributions it receives during the covered period as a result of the annual fee arrangement. Annual payments of $2 million are required under the annual fee arrangement. The $2 million annual payment for 2014 and 2013 was accrued and a corresponding provision for income taxes was recorded in each year. | |||||||||||||
The Company repatriated $390 and $312 million of foreign earnings and profits in 2014 and 2013, respectively. At December 31, 2014, there are approximately $270 million of unrepatriated foreign earnings and profits, all of which the Company anticipates will be repatriated without the incurrence of additional U.S. income tax expense. Accordingly, no deferred tax liability has been recorded for those earnings. Creditable foreign taxes associated with the repatriated earnings and profits increased the Company’s foreign tax credit carryover by $813 million and $976 million in 2014 and 2013, respectively. Such foreign taxes consist of the Macau Special Gaming Tax, which the Company believes qualifies as a tax paid in lieu of an income tax that is creditable against U.S. income taxes. The foreign tax credit carryovers expire as follows: $2 million in 2015; $785 million in 2022; $976 million in 2023; and $813 million in 2024. The foreign tax credit carryovers are subject to valuation allowance as described further below. | |||||||||||||
The Company has an alternative minimum tax credit carryforward of $23 million that will not expire and a general business tax credit carryforward of $2 million that will begin to expire in 2034. | |||||||||||||
For state income tax purposes, the Company has Illinois and New Jersey net operating loss carryforwards of $82 million and $231 million, respectively, which equates to deferred tax assets after federal tax effect and before valuation allowance, of $4 million and $13 million, respectively. The Illinois net operating loss carryforwards will expire if not utilized by 2021 through 2026. The New Jersey net operating loss carryforwards will expire if not utilized by 2015 through 2034. | |||||||||||||
As of December 31, 2014, the scheduled future reversal of existing U.S. federal taxable temporary differences exceeds the scheduled future reversal of existing U.S. federal deductible temporary differences. Consequently, the Company no longer applies a valuation allowance against its domestic deferred tax assets other than the foreign tax credit deferred tax asset. The Company has recorded a valuation allowance of $2.5 billion against the $2.6 billion foreign tax credit deferred tax asset at December 31, 2014. In addition, there is a $15 million valuation allowance, after federal effect, provided on certain state deferred tax assets and a valuation allowance of $60 million on certain Macau deferred tax assets because the Company believes these assets do not meet the “more likely than not” criteria for recognition. | |||||||||||||
The foreign tax credits are attributable to the Macau Special Gaming Tax which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. As long as the exemption from Macau’s 12% complementary tax on gaming profits continues, the Company expects that it will generate excess foreign tax credits on an annual basis and that none of the excess foreign credits will be utilized until the exemption expires. Although MGM Grand Paradise’s current five-year exemption from the Macau 12% complementary tax on gaming profits ends on December 31, 2016, the Company assumes that it will receive an additional five-year exemption beyond 2016 consistent with the assumption utilized for measurement of the net deferred tax liability of MGM Grand Paradise. For all periods beyond December 31, 2021, the Company has assumed that MGM Grand Paradise will be paying the Macau 12% complementary tax on gaming profits and will thus not be able to credit the Macau Special Gaming Tax in such years, and have factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset. Furthermore, the Company does not rely on future U.S source operating income in assessing future foreign tax credit realization due to its history of recent losses in the U.S. and therefore only relies on U.S. federal taxable temporary differences that it expects will reverse during the 10-year foreign tax credit carryover period. | |||||||||||||
The Company assesses its tax positions using a two-step process. A tax position is recognized if it meets a “more likely than not” threshold, and is measured at the largest amount of benefit that is greater than 50 percent likely of being realized. Uncertain tax positions must be reviewed at each balance sheet date. Liabilities recorded as a result of this analysis must generally be recorded separately from any current or deferred income tax accounts, and at December 31, 2014, the Company has classified $26 million as long-term in “Other long-term obligations,” based on the time until expected payment. | |||||||||||||
A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Gross unrecognized tax benefits at January 1 | $ | 106,246 | $ | 153,184 | $ | 145,799 | |||||||
Gross increases - prior period tax positions | 1,626 | 6,082 | 6,903 | ||||||||||
Gross decreases - prior period tax positions | (43,098 | ) | (35,508 | ) | (12,639 | ) | |||||||
Gross increases - current period tax positions | 5,066 | 4,064 | 13,121 | ||||||||||
Settlements with taxing authorities | (38,697 | ) | (21,576 | ) | - | ||||||||
Gross unrecognized tax benefits at December 31 | $ | 31,143 | $ | 106,246 | $ | 153,184 | |||||||
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $12 million and $32 million at December 31, 2014 and 2013, respectively. | |||||||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company had $4 million and $17 million in interest related to unrecognized tax benefits accrued at December 31, 2014 and 2013, respectively. No amounts were accrued for penalties as of either date. Income tax expense for the years ended December 31, 2014, 2013 and 2012 includes interest expense or benefit related to unrecognized tax benefits as follows: $13 million benefit in 2014, $12 million benefit in 2013 and $3 million expense in 2012. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. As of December 31, 2014, the Company is no longer subject to examination of its U.S. consolidated federal income tax returns filed for years ended prior to 2010. During the second quarter of 2014, the Company received final approval from the Joint Committee on Taxation of the results of the IRS examination of its consolidated federal income tax returns for the 2005 through 2009 tax years; the 2007 through 2008 tax years of CityCenter Holdings, LLC, an unconsolidated affiliate treated as a partnership for income tax purposes; the 2008 through 2009 tax years of MGM Grand Detroit, LLC, a subsidiary treated as a partnership for income tax purposes; and the 2005 through 2009 tax years of Marina District Development Holding Company, LLC an unconsolidated affiliate treated as a partnership for income tax purposes. These examinations are now considered settled for financial reporting purposes. The Company previously deposited $30 million with the IRS to cover the expected cash taxes and interest resulting from the tentatively agreed adjustments for these examinations. During 2013, the Company favorably settled all issues on appeal with IRS Appeals with respect to the examination of its consolidated federal income tax returns for the 2003 and 2004 tax years resulting in a refund of $2 million, including interest. | |||||||||||||
During the fourth quarter of 2013, the IRS opened an examination of the 2009 through 2011 tax years of CityCenter Holdings, LLC. The Company anticipates that this examination will be settled during 2015. | |||||||||||||
As of December 31, 2014, other than adjustments resulting from the federal income tax audits discussed above and the exceptions noted below, the Company was no longer subject to examination of its various state and local tax returns filed for years ended prior to 2010. The state of Michigan initiated during the second quarter of 2013 a review of the Michigan Business Tax returns of MGM Grand Detroit, LLC for the 2009 through 2011 tax years to determine whether to open an examination of one or more of these years and subsequently informed the Company that it would take no further actions with respect to these years. During 2010, the state of New Jersey began examination of Marina District Development Holding Company, LLC for the 2003 through 2006 tax years. The Company anticipates that this examination will be settled in 2015. No other state or local income tax returns are currently under examination. | |||||||||||||
The Company believes that it is reasonably possible that the total amounts of unrecognized tax benefits at December 31, 2014 may decrease by up to $10 million within the next twelve months on the expectation during such period of settlement of the IRS examination of the 2009 through 2011 federal income tax returns of CityCenter Holdings, LLC and the examination of the 2003 through 2006 New Jersey state tax returns of Marina District Development Holding Company, LLC. | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | NOTE 11 – COMMITMENTS AND CONTINGENCIES | ||||||||
Leases. The Company leases real estate and various equipment under operating and, to a lesser extent, capital lease arrangements. Certain real estate leases provide for escalation of rent based upon a specified price index and/or based upon periodic appraisals. | |||||||||
At December 31, 2014, the Company was obligated under non-cancellable operating leases and capital leases to make future minimum lease payments as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
Years ending December 31, | (In thousands) | ||||||||
2015 | $ | 53,380 | $ | 5,376 | |||||
2016 | 53,372 | 4,057 | |||||||
2017 | 24,333 | 3,143 | |||||||
2018 | 22,246 | 1,596 | |||||||
2019 | 20,300 | - | |||||||
Thereafter | 1,104,400 | - | |||||||
Total minimum lease payments | $ | 1,278,031 | 14,172 | ||||||
Less: Amounts representing interest | (1,214 | ) | |||||||
Total obligations under capital leases | 12,958 | ||||||||
Less: Amounts due within one year | (4,691 | ) | |||||||
Amounts due after one year | $ | 8,267 | |||||||
The current and long-term obligations under capital leases are included in “Other accrued liabilities” and “Other long-term obligations,” respectively. Rental expense for operating leases was $65 million for 2014, $41 million for 2013 and $33 million for 2012, which included short term rentals charged to rent expense. Rental expense includes $7 million related to the Cotai land concession for both 2014 and 2013. The Company accounts for the Cotai land concession contract as an operating lease for which the required upfront payments are amortized over the initial 25-year contract term. Rent recognized for the Cotai land concession is included in “Preopening and start-up expenses” prior to opening. | |||||||||
In April 2013, the Company entered into a ground lease agreement for an approximate 23 acre parcel of land in connection with the MGM National Harbor project. The ground lease has an initial term of 25 years and the right to extend for up to 13 additional six year periods with the first 7 of those additional periods considered to be reasonably assured. The Company therefore amortizes the lease on a straight line basis over a 67 year term. The ground lease will be accounted for as an operating lease with rental expense of $13 million recorded in 2014. Rent recognized for the ground lease is included in "Preopening and start-up expenses" prior to opening. | |||||||||
Cotai land concession contract. MGM Grand Paradise’s land concession contract for an approximate 18 acre site in Cotai, Macau became effective on January 9, 2013 and has an initial term of 25 years. The total 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 December 31, 2014, MGM China had paid $100 million of the contract premium, including interest due on the semi-annual payments, and the amount paid is recorded within “Other long-term assets, net.” In January 2015, MGM China paid the fourth semi-annual payment of $15 million under the land concession contract. Including interest on the four remaining semi-annual payments, MGM China has approximately $59 million remaining payable for the land concession contract. Under the terms of the land concession contract, MGM Grand Paradise is required to complete the development of the land by January 2018. | |||||||||
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, among other things, 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. | |||||||||
In April 2010, Perini served an amended complaint in this case which joined 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. 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). Prior to the Final Settlement, as defined below, CityCenter settled the claims of 219 first-tier Perini subcontractors (including the claims of any lower-tier subcontractors that might have claims through those first-tier subcontractors). As a result of these settlement agreements and the prior settlement agreements between Perini and CityCenter, most but not all of the components of Perini’s non-Harmon-related lien claim against CityCenter were resolved. On February 24, 2014, Perini filed a revised lien for $174 million as the amount claimed by Perini and the remaining Harmon-related subcontractors. | |||||||||
During 2013, 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, and relevant insurers. This settlement was approved by the court and CityCenter received proceeds of $38 million in 2014 related to both the Harmon and other components of the CityCenter project. | |||||||||
In 2014, CityCenter reached a settlement with builder’s risk insurers of a claim relating to damage alleged at the Harmon and received proceeds of $55 million. | |||||||||
In December 2014, the Perini matter was concluded through a global settlement among the Company, CityCenter, Perini, the remaining subcontractors, including those implicated in the Harmon work (and their affiliates), and relevant insurers, which followed the previously disclosed settlement agreements and an extra-judicial program for settlement of certain project subcontractor claims. This global settlement concluded all outstanding claims in the case (the “Final Settlement”). The effectiveness of the global settlement was made contingent upon CityCenter’s execution of certain indemnity and release agreements (which were executed in January 2015) and CityCenter’s procurement of replacement general liability insurance covering construction of the CityCenter development (which was obtained in January 2015). | |||||||||
The Final Settlement, together with previous settlement agreements relating to the non-Harmon related lien claims, resolved all of Perini’s and the remaining subcontractors’ lien claims against CityCenter, MGM Resorts International Design (formerly known as MGM MIRAGE Design Group), certain direct or indirect subsidiaries of CityCenter, and the Condo Owner Defendants. However, CityCenter expressly reserved any claims for latent or hidden defects as to any portion of CityCenter’s original construction (other than the Harmon) not known to CityCenter at the time of the agreement. The Company and CityCenter entered into the Final Settlement solely as a compromise and settlement and not in any way as an admission of liability or fault. | |||||||||
The key terms of the Final Settlement included: | |||||||||
With respect to its non-Harmon lien claims, Perini waived a specific portion of its lien claim against CityCenter, which combined with the prior non-Harmon agreement and accrued interest resulted in a total CityCenter payment to Perini of $153 million, approximately $14 million of which was paid in December 2014. The total payment to Perini was funded by the Company under the Company’s completion guarantee and included the application of approximately $58 million of condominium proceeds that were previously held in escrow by CityCenter to fund construction lien claims upon final resolution of the Perini litigation. | |||||||||
CityCenter’s recovery for its Harmon construction defect claims, when added to the Harmon-related proceeds from prior insurance settlements of $85 million, resulted in gross cash settlement proceeds to CityCenter of approximately $191 million (of which approximately $18 million was paid by the Company under the completion guarantee in February 2015). | |||||||||
In conjunction with the Final Settlement, the Company and an insurer participating in the OCIP resolved their arbitration dispute concerning such insurer’s claim for payments it made under the OCIP general liability coverage for contractor costs incurred in the Harmon litigation, premium adjustments and certain other costs and expenses. The Company settled this dispute for $38 million and funded the majority of such amounts under the completion guarantee in January 2015. In addition, the settlement requires future payments equivalent to fifty percent of any additional contractor costs paid by such insurer after November 30, 2014 in connection with the Harmon litigation, and claims handling fees, which the Company does not expect to be significant. This agreement also provided for specified reductions in the letters of credit the Company posted as collateral to secure the payment of its obligations under the disputed coverage agreements. | |||||||||
Please see below for further discussion on the Company’s completion guarantee obligation. | |||||||||
CityCenter completion guarantee. In October 2013, the Company entered into a third amended and restated completion and cost overrun guarantee, which is collateralized by substantially all of the assets of Circus Circus Las Vegas, as well as certain 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 December 31, 2014, CityCenter was holding approximately $58 million in a separate bank account representing the remaining condominium proceeds available to fund completion guarantee obligations. In February 2015, such amounts were used to fund a portion of the amount paid to Perini in conjunction with the Perini Settlement Agreement discussed above. | |||||||||
As of December 31, 2014, the Company has funded $747 million under the completion guarantee. The Company has accrued a liability of $149 million, which includes amounts yet to be paid as of December 31, 2014, in connection with the resolution of the Perini litigation and related settlement agreements discussed above as well as CityCenter’s associated legal costs. The Company’s estimated obligation was offset by the $58 million of condominium proceeds received and held by CityCenter as of December 31, 2014. The Company does not believe it is reasonably possible it will be liable for amounts in excess of what it has accrued under the completion guarantee. Subsequent to December 31, 2014, the Company funded $130 million to City Center to cover completion guarantee obligations. | |||||||||
Harmon demolition. As discussed above, a global settlement was reached in the Perini/CityCenter litigation in December 2014, which finally resolved all outstanding liens, claims and counterclaims between the Company and CityCenter and related parties on one hand and Perini, the remaining subcontractors and remaining insurers on the other hand. Among the matters resolved were CityCenter’s claims against Perini and other contractors and subcontractors with respect to construction at the Harmon. Pursuant to leave of court in 2014 CityCenter commenced demolition of the building. Based on current estimates, which are subject to change, CityCenter believes the demolition of the Harmon will cost approximately $32 million and is currently underway. 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. | |||||||||
Las Vegas Arena. In conjunction with the Las Vegas Arena Company’s senior secured credit facility, the Company and AEG each entered joint and several unlimited completion guarantees for the project, as well as a repayment guarantee for the term loan B. Additionally, in conjunction with the senior secured credit facility, the Company and AEG have pledged to contribute a total of $175 million for construction, of which $76 million has been contributed as of December 2014. | |||||||||
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 senior credit facility is reduced by any outstanding letters of credit. At December 31, 2014, the Company had provided $91 million of total letters of credit, $55 million of which represents an arbitration order for interim collateral related to the CityCenter project OCIP discussed above under “CityCenter completion guarantee.” In 2015, the Company reduced the interim collateral letter of credit by $31 million, as permitted under the arbitration settlement discussed above. MGM Grand Paradise’s senior credit facility limits the amount of letters of credit that can be issued to $100 million, and the amount of available borrowings under the senior credit facility is reduced by any outstanding letters of credit. At December 31, 2014 MGM China had provided approximately $39 million of guarantees under its credit facility. | |||||||||
In connection with the development of MGM Springfield as discussed in Note 1, the Company was required to either deposit 10% of the total investment proposed in the license application into an interest-bearing account, or secure a deposit bond insuring that 10% of the proposed capital investment shall be forfeited to the Commonwealth of Massachusetts if the Company’s subsidiary is unable to complete the gaming establishment. As a result, the Company obtained a surety bond for approximately $52 million during the fourth quarter of 2014 naming the Commonwealth of Massachusetts as beneficiary. | |||||||||
Other litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 — STOCKHOLDERS’ EQUITY |
Stock repurchases. Share repurchases are only conducted under repurchase programs approved by the Board of Directors and publicly announced. In April 2014, the Company terminated the May 2008 Stock Repurchase Program. The Company did not repurchase any shares of the Company’s common stock prior to the termination of the May 2008 Stock Repurchase Program during 2014, 2013 or 2012. | |
MGM China dividend. MGM China paid a $137 million interim dividend in September 2014, of which $70 million remained within the consolidated entity and $67 million was distributed to noncontrolling interests, a $127 million final dividend in June 2014, of which $65 million remained within the consolidated entity and $62 million was distributed to noncontrolling interests, and a $499 million special dividend in March 2014, of which $254 million remained within the consolidated entity and $245 million was distributed to noncontrolling interests. | |
MGM China paid a $113 million interim 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. | |
In February 2015, MGM China’s Board of Directors announced a special dividend of approximately $400 million, of which $204 million will remain within the consolidated entity. In addition, in February 2015, MGM China’s Board of Directors recommended a final dividend for 2014 of approximately $120 million, subject to approval at the 2015 annual shareholder meeting. If approved, the Company will receive $61 million, its 51% share of this dividend. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||
Stock-Based Compensation | NOTE 13 — STOCK-BASED COMPENSATION | ||||||||||||||||||||
2005 Omnibus Incentive Plan. The Company’s omnibus incentive plan, as amended (the “Omnibus Plan”), allows it to grant stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers and employees of the Company and its subsidiaries. The Omnibus Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors. The Committee has discretion under the Omnibus Plan regarding which type of awards to grant, the vesting and service requirements, exercise price and other conditions, in all cases subject to certain limits, including: | |||||||||||||||||||||
· | As amended, the Omnibus Plan allows for the issuance of up to 45 million shares or share-based awards; and | ||||||||||||||||||||
· | For stock options and SARs, the exercise price of the award must be at least equal to the fair market value of the stock on the date of grant and the maximum term of such an award is 10 years. | ||||||||||||||||||||
SARs granted under the Omnibus Plan generally have terms of seven years, and in most cases vest in four equal annual installments. RSUs granted vest ratably over four years, a portion of which are subject to achievement of a performance target based on operational results compared to budget in order for such RSUs to be eligible to vest. Expense is recognized primarily on a straight-line basis over the vesting period of the awards net of estimated forfeitures. Estimated forfeitures are updated periodically with actual forfeitures recognized currently to the extent they differ from the estimate. | |||||||||||||||||||||
PSUs granted vest subject to a market condition, in which a percentage of the target award granted vests based on the performance of the Company’s stock price in relation to the target price at the end of a three year performance period. Specifically, the ending average stock price must equal the target price, which is defined as 125% of the beginning average stock price, in order for the target award to vest. No shares are issued unless the ending average stock price is at least 60% of the target price, and the maximum payout is capped at 160% of the target award. If the ending average stock price is at least 60% or more of the target price, then the amount of units granted in the target award is multiplied by the stock performance multiplier. The stock performance multiplier equals the ending average stock price divided by the target price. For this purpose, the target and ending prices are based on the average closing price of the Company’s common stock over the 60 calendar day periods ending on the grant date and the third anniversary of the grant date. Expense is recognized on a graded basis over the performance period beginning on the date of grant. Estimated forfeitures are updated periodically with actual forfeitures recognized currently to the extent they differ from the estimate. | |||||||||||||||||||||
As of December 31, 2014, the Company had an aggregate of approximately 23 million shares of common stock available for grant as share-based awards under the Omnibus Plan. A summary of activity under the Company’s share-based payment plans for the year ended December 31, 2014 is presented below: | |||||||||||||||||||||
Stock options and stock appreciation rights | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||
Units | Exercise | Contractual | Value | ||||||||||||||||||
(000’s) | Price | Term | (000’s) | ||||||||||||||||||
Outstanding at January 1, 2014 | 16,074 | $ | 15.22 | ||||||||||||||||||
Granted | 2,385 | 22.29 | |||||||||||||||||||
Exercised | (1,837 | ) | 14.68 | ||||||||||||||||||
Forfeited or expired | (446 | ) | 48.95 | ||||||||||||||||||
Outstanding at December 31, 2014 | 16,176 | 15.27 | 3.53 | $ | 121,194 | ||||||||||||||||
Vested and expected to vest at December 31, 2014 | 15,796 | 15.14 | 3.47 | $ | 120,676 | ||||||||||||||||
Exercisable at December 31, 2014 | 10,750 | 14.1 | 2.43 | $ | 98,485 | ||||||||||||||||
As of December 31, 2014, there was a total of $34 million of unamortized compensation related to stock options and SARs expected to vest, which is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||||||||||
Restricted stock units and performance share units | |||||||||||||||||||||
RSUs | PSUs | ||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Units | Grant-Date | Units | Grant-Date | Target | |||||||||||||||||
(000’s) | Fair Value | (000’s) | Fair Value | Price | |||||||||||||||||
Nonvested at January 1, 2014 | 1,339 | $ | 13.85 | 1,055 | $ | 13.91 | $ | 16.95 | |||||||||||||
Granted | 603 | 22.51 | 400 | 18.39 | 29.8 | ||||||||||||||||
Vested | (552 | ) | 12.39 | - | - | - | |||||||||||||||
Forfeited | (32 | ) | 14.73 | - | - | - | |||||||||||||||
Nonvested at December 31, 2014 | 1,358 | 18.27 | 1,455 | 15.14 | 20.48 | ||||||||||||||||
As of December 31, 2014, there was a total of $20 million of unamortized compensation related to RSUs which is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||||||||||
The Company grants PSUs for the portion of any calculated bonus for a Section 16 officer of the Company that is in excess of such officer’s base salary (the “Bonus PSU Policy”). Awards granted under the Bonus PSU Policy have the same terms as the other PSUs granted under the Omnibus Plan with the exception that as of the grant date the awards will not be subject to forfeiture in the event of the officer’s termination. In March 2014, the Company granted 0.3 million PSUs pursuant to the Bonus PSU Policy with a target price of $31.72. Such awards are excluded from the table above. As of December 31, 2014, there was a total of $12 million of unamortized compensation related to PSUs which is expected to be recognized over a weighted-average period of 1.6 years. | |||||||||||||||||||||
The following table includes additional information related to stock options, SARs and RSUs: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Intrinsic value of share-based awards exercised or RSUs vested | $ | 31,613 | $ | 28,880 | $ | 6,451 | |||||||||||||||
Income tax benefit from share-based awards exercised or | 10,805 | 9,975 | 2,236 | ||||||||||||||||||
RSUs vested | |||||||||||||||||||||
The Company net settles stock option and SAR exercises, whereby shares of common stock are issued equivalent to the intrinsic value of the option or SAR less applicable taxes. | |||||||||||||||||||||
MGM China Share Option Plan. The Company’s subsidiary, MGM China, adopted an equity award plan in 2011 for grants of stock options to purchase ordinary shares of MGM China to eligible directors, employees and non-employees of MGM China and its subsidiaries (“MGM China Plan”). The MGM China Plan is administered by MGM China’s Board of Directors, which has the discretion to determine the exercise price and term of the award, as well as other conditions, in all cases subject to certain limits, including: | |||||||||||||||||||||
· | The maximum number of shares which may be issued upon exercise of all options to be granted under the MGM China Plan shall not in aggregate exceed 10% of the total number of shares in issue as of the date of the shareholders’ approval of the MGM China Plan; and | ||||||||||||||||||||
· | The exercise price of the award must be the higher of the closing price of the stock on the offer date, or the average of the closing price for the five business days immediately preceding the offer date, and the maximum term of the award must not exceed ten years. | ||||||||||||||||||||
Stock options currently granted under the MGM China Plan have a term of ten years, and vest in four equal annual installments. Expense is recognized on a straight-line basis over the vesting period of the awards net of estimated forfeitures. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. | |||||||||||||||||||||
As of December 31, 2014, MGM China had an aggregate of approximately 339 million shares of options available for grant as share-based awards. A summary of activity under the MGM China Plan for the year ended December 31, 2014 is presented below: | |||||||||||||||||||||
Stock options | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||
Units | Exercise | Contractual | Value | ||||||||||||||||||
(000’s) | Price | Term | (000’s) | ||||||||||||||||||
Outstanding at January 1, 2014 | 16,916 | $ | 2.06 | ||||||||||||||||||
Granted | 19,920 | 3.47 | |||||||||||||||||||
Exercised | (988 | ) | 1.98 | ||||||||||||||||||
Forfeited or expired | (790 | ) | 2.67 | ||||||||||||||||||
Outstanding at December 31, 2014 | 35,058 | 2.85 | 8.15 | $ | 8,084 | ||||||||||||||||
Vested and expected to vest at December 31, 2014 | 33,065 | 2.82 | 8.08 | $ | 8,022 | ||||||||||||||||
Exercisable at December 31, 2014 | 10,223 | 2.02 | 6.41 | $ | 5,506 | ||||||||||||||||
As of December 31, 2014, there was a total of $19 million of unamortized compensation related to stock options expected to vest, which is expected to be recognized over a weighted-average period of 3.0 years. | |||||||||||||||||||||
The intrinsic value of share-based awards exercised during the year ended December 31, 2014 was $2 million. When shares of common stock are issued pursuant to the exercise of share-based awards, MGM China repurchases and cancels an equivalent number of shares. For the year ended December 31, 2014, MGM China received proceeds of $2 million related to the exercise of share-based awards and expended $3 million to repurchase common stock for cancelation. | |||||||||||||||||||||
Recognition of compensation cost. Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Compensation cost: | (In thousands) | ||||||||||||||||||||
Omnibus Plan | $ | 29,662 | $ | 27,201 | $ | 37,588 | |||||||||||||||
MGM China Plan | 8,706 | 6,221 | 5,840 | ||||||||||||||||||
Total compensation cost | 38,368 | 33,422 | 43,428 | ||||||||||||||||||
Less: Reimbursed costs and other | (1,104 | ) | (1,090 | ) | (3,868 | ) | |||||||||||||||
Compensation cost recognized as expense | 37,264 | 32,332 | 39,560 | ||||||||||||||||||
Less: Related tax benefit | (9,822 | ) | - | (1,660 | ) | ||||||||||||||||
Compensation expense, net of tax benefit | $ | 27,442 | $ | 32,332 | $ | 37,900 | |||||||||||||||
Compensation cost for SARs granted under the Omnibus Plan is based on the fair value of each award, measured by applying the Black-Scholes model on the date of grant, using the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 40 | % | 54 | % | 65 | % | |||||||||||||||
Expected term | 4.9 yrs. | 4.9 yrs. | 5.0 yrs. | ||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 1.6 | % | 1.6 | % | 0.7 | % | |||||||||||||||
Weighted-average fair value of SARs granted | $ | 8.18 | $ | 9.44 | $ | 5.6 | |||||||||||||||
Expected volatility is based in part on historical volatility and in part on implied volatility based on traded options on the Company’s stock. The expected term considers the contractual term of the option as well as historical exercise and forfeiture behavior. The risk-free interest rate is based on the rates in effect on the grant date for U.S. Treasury instruments with maturities matching the relevant expected term of the award. | |||||||||||||||||||||
Compensation cost for PSUs granted under the Omnibus Plan is based on the fair value of each award, measured by applying a Monte Carlo simulation method on the date of grant, using the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 31 | % | 40 | % | 49 | % | |||||||||||||||
Expected term | 3.0 yrs. | 3.0 yrs. | 3.0 yrs. | ||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 1 | % | 0.6 | % | 0.4 | % | |||||||||||||||
Weighted-average fair value of PSUs granted | $ | 18.39 | $ | 21.01 | $ | 10.03 | |||||||||||||||
Expected volatility is based in part on historical volatility and in part on implied volatility based on traded options on the Company’s stock. The expected term is equal to the three year performance period. The risk-free interest rate is based on the rates in effect on the grant date for U.S. Treasury instruments with maturities matching the relevant expected term of the award. The table above excludes assumptions used to value PSUs granted under the Bonus PSU Policy. | |||||||||||||||||||||
Compensation cost for stock options granted under the MGM China Plan is based on the fair value of each award, measured by applying the Black-Scholes model on the date of grant, using the following weighted-average assumptions: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 39 | % | 46 | % | 60 | % | |||||||||||||||
Expected term | 7.9 yrs. | 8.0 yrs. | 8.0 yrs. | ||||||||||||||||||
Expected dividend yield | 1.6 | % | 1.2 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 1.8 | % | 1.7 | % | 2.1 | % | |||||||||||||||
Weighted-average fair value of options granted | $ | 1.06 | $ | 1.39 | $ | 1.13 | |||||||||||||||
Expected volatilities are based on a blend of historical volatility from a selection of companies in MGM China’s peer group and historical volatility of MGM China’s stock price. Expected term considers the contractual term of the option as well as historical exercise behavior of previously granted options. Dividend yield is based on the estimate of annual dividends expected to be paid at the time of the grant. The risk-free interest rate is based on rates in effect at the valuation date for the Hong Kong Exchange Fund Notes with maturities matching the relevant expected term of the award. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||
Employee Benefit Plans | NOTE 14 — EMPLOYEE BENEFIT PLANS | ||||||||||||
Multiemployer benefit plans. Employees of the Company who are members of various unions are covered by union-sponsored, collectively bargained, multiemployer health and welfare and defined benefit pension plans. Of these plans, the Company considers the Southern Nevada Culinary and Bartenders Pension Plan (the “Pension Plan”), under the terms of collective bargaining agreements with the Local Joint Executive Board of Las Vegas for and on behalf of Culinary Workers Union Local No. 226 and Bartenders Union Local No. 165 to be individually significant. The risk of participating in the Pension Plan differs from single-employer plans in the following aspects: | |||||||||||||
a) | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; | ||||||||||||
b) | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; | ||||||||||||
c) | If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; | ||||||||||||
d) | If the Pension Plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. | ||||||||||||
Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company’s participation in the Pension Plan is outlined in the table below. | |||||||||||||
Expiration Date | |||||||||||||
Pension Protection Act | of Collective | ||||||||||||
EIN/Pension | Zone Status (1) | Bargaining | |||||||||||
Pension Fund | Plan Number | 2013 | 2012 | Agreements (2) | |||||||||
Southern Nevada Culinary and | 88-6016617/001 | Green | Green | 11/12/14 - 5/31/18 | |||||||||
Bartenders Pension Plan | |||||||||||||
-1 | The trustees of the Pension Plan have elected to apply the extended amortization and the special ten year asset smoothing rules under the Pension Relief Act of 2010. | ||||||||||||
-2 | The Company is party to ten collective bargaining agreements that require contributions to the Pension Plan. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., MGM Grand Hotel, LLC and the Local Joint Executive Board of Las Vegas are the most significant because more than half of the Company’s employee participants in the Pension Plan are covered by those four agreements. The collective bargaining agreement covering approximately 4,300 employees at MGM Grand Las Vegas expired in 2014. The Company has signed an extension of such agreement and is currently negotiating a new agreement. | ||||||||||||
Contributions to the Company’s multiemployer pension plans and other multiemployer benefit plans were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Multiemployer Pension Plans | (In thousands) | ||||||||||||
Southern Nevada Culinary and Bartenders Pension Plan | $ | 33,927 | $ | 37,691 | $ | 35,556 | |||||||
Other pension plans not individually significant | 7,323 | 8,280 | 8,083 | ||||||||||
Total multiemployer pension plans | $ | 41,250 | $ | 45,971 | $ | 43,639 | |||||||
Multiemployer Benefit Plans Other Than Pensions | |||||||||||||
UNITE HERE Health | $ | 202,641 | $ | 167,494 | $ | 162,453 | |||||||
Other | 12,746 | 15,367 | 14,172 | ||||||||||
Total multiemployer benefit plans other than pensions | $ | 215,387 | $ | 182,861 | $ | 176,625 | |||||||
Contributions to the Pension Plan decreased during 2014 as a result of an amendment to the collective bargaining agreements to temporarily divert contributions from the Pension Plan to the Health Fund. Hours worked in 2013 increased approximately 3% compared to 2012 and the contribution rate to the Pension Plan increased in mid-2012 as defined under the collective bargaining agreements. Bellagio, Aria, Mandalay Bay and MGM Grand Las Vegas were listed in the Pension Plan’s Forms 5500 as providing more than 5% of the total contributions for the plan years ended December 31, 2013 and 2012. At the date the financial statements were issued, Form 5500 was not available for the plan year ending in 2014. No surcharges were imposed on the Company’s contributions to any of the plans. | |||||||||||||
Self-insurance. The Company is self-insured for most health care benefits and workers compensation for its non-union employees. The liability for health care claims filed and estimates of claims incurred but not reported was $20 million and $19 million at December 31, 2014 and 2013, respectively. The workers compensation liability for claims filed and estimates of claims incurred but not reported was $48 million and $42 million as of December 31, 2014 and 2013, respectively. Both liabilities are included in “Other accrued liabilities.” | |||||||||||||
Retirement savings plans. The Company has retirement savings plans under Section 401(k) of the IRC for eligible employees. The plans allow employees to defer, within prescribed limits, up to 30% of their income on a pre-tax basis through contributions to the plans. The Company suspended its matching contributions to the plan in 2009, though certain employees at MGM Grand Detroit and Four Seasons were still eligible for matching contributions. The Company reinstated a more limited 401(k) company contribution in 2012 and will continue to monitor the plan contributions as the economy changes. In the case of certain union employees, the Company contributions to the plan are based on hours worked. The Company recorded charges for 401(k) contributions of $17 million, $13 million and $12 million in 2014, 2013 and 2012, respectively. | |||||||||||||
The Company maintains nonqualified deferred retirement plans for certain key employees. The plans allow participants to defer, on a pre-tax basis, a portion of their salary and bonus and accumulate tax deferred earnings, plus investment earnings on the deferred balances, as a deferred tax savings. All employee deferrals vest immediately. In 2009, the Company suspended contributions to the plan. | |||||||||||||
The Company also maintains nonqualified supplemental executive retirement plans (“SERP”) for certain key employees. Until September 2008, the Company made quarterly contributions intended to provide a retirement benefit that is a fixed percentage of a participant’s estimated final five-year average annual salary, up to a maximum of 65%. The Company has indefinitely suspended these contributions. Employees do not make contributions under these plans. A portion of the Company contributions and investment earnings thereon vest after three years of SERP participation and the remaining portion vests after both five years of SERP participation and 10 years of continuous service. | |||||||||||||
MGM China. MGM China contributes to a retirement plan as part of an employee benefits package for eligible employees. Contributions to the retirement plan were $5 million, $5 million and $4 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Property_Transactions_Net
Property Transactions, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Property Transactions, Net | NOTE 15 — PROPERTY TRANSACTIONS, NET | ||||||||||||
Property transactions, net consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Grand Victoria investment impairment | $ | 28,789 | $ | 36,607 | $ | 85,009 | |||||||
Corporate buildings impairment | - | 44,510 | - | ||||||||||
Other Nevada land impairment | - | 20,354 | - | ||||||||||
Borgata investment impairment | - | - | 53,757 | ||||||||||
Las Vegas Strip land impairment | - | - | 366,406 | ||||||||||
Atlantic City land impairment | - | - | 166,569 | ||||||||||
Other property transactions, net | 12,213 | 23,290 | 25,065 | ||||||||||
$ | 41,002 | $ | 124,761 | $ | 696,806 | ||||||||
Grand Victoria Investment. See Note 6 for additional information related to the Grand Victoria investment impairment charges. | |||||||||||||
Corporate Buildings. During the second quarter of 2013, the Company recorded an impairment charge of $45 million related to corporate buildings which were removed from service in connection with the Las Vegas Arena project, of which the Company owns 50%, that is located on the land previously occupied by these buildings. | |||||||||||||
Other Nevada Land. The Company owns approximately 170 acres of land in Jean, Nevada and owned approximately 89 acres in and around Sloan, Nevada. In 2013, the Company recorded an impairment charge of $20 million based on an estimated fair value of $24 million, due to an increased probability of sale in which the Company did not believe it was likely that the carrying value of the land would be recovered. Fair value was determined based on recent indications from market participants. In the fourth quarter of 2013, the Company sold the Sloan land. | |||||||||||||
Borgata. See Note 6 for additional information related to the Borgata investment impairment charge. | |||||||||||||
Las Vegas Strip land. The Company owns 33.5 acres on the north end of the Las Vegas Strip, which it has been holding for future development. During 2012, the Company focused its development efforts on other jurisdictions, which led it to review its significant development land holdings for impairment indicators. Due to the Company’s focus on future development outside of the Las Vegas area, it did not believe it was likely it would recover the carrying value of its 33.5 acres of land on the north end of the Las Vegas Strip on an undiscounted basis. Therefore, the Company recorded an impairment charge of $366 million as of December 31, 2012 based on an estimated fair value of $214 million for the land. The Company determined fair value of the land using a market approach based on an assessment of comparable land sales in Las Vegas, adjusted for size and location factors based on comparisons to its land. | |||||||||||||
Atlantic City land. The Company owns two sites for a total of approximately 86 acres in Atlantic City, which it has been holding for future development. The Company recorded an impairment charge of $167 million as of December 31, 2012 based on an estimated fair value of $125 million for the land. Due to the Company’s focus on future development outside of Atlantic City, the deterioration the Atlantic City market had experienced and the initial underperformance of a new resort that opened in 2012, it did not believe it was likely it would recover the carrying value of this land on an undiscounted basis. The Company determined fair value of the land using a market approach based on assessment of comparable land sales in Atlantic City, adjusted for size and location factors based on comparisons to its land. | |||||||||||||
Other. Other property transactions, net in 2014 and 2013 include miscellaneous asset disposals and demolition costs. Other property transactions, net in 2012 include write-downs related to the remodeling of the theatre at Mandalay Bay, the renovation of the IMAX theatre at Luxor and various other miscellaneous asset disposals and disposal costs. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | NOTE 16 — 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 measure defined as Adjusted EBITDA before corporate expense and stock compensation expense related to the Omnibus Plan, which are not allocated to the reportable segments. MGM China recognizes stock compensation expense related to the MGM China Plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net. | |||||||||||||
The following tables present the Company’s segment information: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net Revenues | |||||||||||||
Wholly owned domestic resorts | $ | 6,342,084 | $ | 6,052,644 | $ | 5,932,791 | |||||||
MGM China | 3,282,329 | 3,316,928 | 2,807,676 | ||||||||||
Reportable segment net revenues | 9,624,413 | 9,369,572 | 8,740,467 | ||||||||||
Corporate and other | 457,571 | 440,091 | 420,377 | ||||||||||
$ | 10,081,984 | $ | 9,809,663 | $ | 9,160,844 | ||||||||
Adjusted Property EBITDA | |||||||||||||
Wholly owned domestic resorts | $ | 1,518,307 | $ | 1,442,686 | $ | 1,325,220 | |||||||
MGM China | 850,471 | 814,109 | 679,345 | ||||||||||
Reportable segment Adjusted Property EBITDA | 2,368,778 | 2,256,795 | 2,004,565 | ||||||||||
Other operating expense | |||||||||||||
Corporate and other, net | (149,216 | ) | (132,214 | ) | (256,584 | ) | |||||||
Preopening and start-up expenses | (39,257 | ) | (13,314 | ) | (2,127 | ) | |||||||
Property transactions, net | (41,002 | ) | (124,761 | ) | (696,806 | ) | |||||||
Depreciation and amortization | (815,765 | ) | (849,225 | ) | (927,697 | ) | |||||||
Operating income | 1,323,538 | 1,137,281 | 121,351 | ||||||||||
Non-operating income (expense) | |||||||||||||
Interest expense, net of amounts capitalized | (817,061 | ) | (857,347 | ) | (1,116,358 | ) | |||||||
Non-operating items from unconsolidated affiliates | (87,794 | ) | (208,682 | ) | (130,845 | ) | |||||||
Other, net | (7,797 | ) | (9,062 | ) | (608,361 | ) | |||||||
(912,652 | ) | (1,075,091 | ) | (1,855,564 | ) | ||||||||
Income (loss) before income taxes | 410,886 | 62,190 | (1,734,213 | ) | |||||||||
Benefit (provision) for income taxes | (283,708 | ) | (20,816 | ) | 117,301 | ||||||||
Net income (loss) | 127,178 | 41,374 | (1,616,912 | ) | |||||||||
Less: Net income attributable to noncontrolling interests | (277,051 | ) | (213,108 | ) | (150,779 | ) | |||||||
Net loss attributable to MGM Resorts International | $ | (149,873 | ) | $ | (171,734 | ) | $ | (1,767,691 | ) | ||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Total assets: | (In thousands) | ||||||||||||
Wholly owned domestic resorts | $ | 13,336,737 | $ | 13,151,719 | |||||||||
MGM China | 8,842,949 | 9,203,742 | |||||||||||
Reportable segment total assets | 22,179,686 | 22,355,461 | |||||||||||
Corporate and other | 4,545,448 | 3,750,839 | |||||||||||
Eliminated in consolidation | (22,623 | ) | (21,690 | ) | |||||||||
$ | 26,702,511 | $ | 26,084,610 | ||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Property and equipment, net: | (In thousands) | ||||||||||||
Wholly owned domestic resorts | $ | 11,933,559 | $ | 11,787,880 | |||||||||
MGM China | 1,323,432 | 957,769 | |||||||||||
Reportable segment property and equipment, net | 13,256,991 | 12,745,649 | |||||||||||
Corporate and other | 1,207,174 | 1,331,253 | |||||||||||
Eliminated in consolidation | (22,623 | ) | (21,690 | ) | |||||||||
$ | 14,441,542 | $ | 14,055,212 | ||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Capital expenditures: | (In thousands) | ||||||||||||
Wholly owned domestic resorts | $ | 292,463 | $ | 216,147 | $ | 258,519 | |||||||
MGM China | 347,338 | 254,516 | 80,018 | ||||||||||
Reportable segment capital expenditures | 639,801 | 470,663 | 338,537 | ||||||||||
Corporate and other | 233,173 | 107,442 | 89,935 | ||||||||||
Eliminated in consolidation | (933 | ) | (15,981 | ) | (5,709 | ) | |||||||
$ | 872,041 | $ | 562,124 | $ | 422,763 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 17 — RELATED PARTY TRANSACTIONS |
CityCenter | |
Management agreements. The Company and CityCenter have entered into agreements whereby the Company is responsible for management of the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined) for Aria and Vdara and $3 million per year for Crystals. The Company earned fees of $38 million, $38 million and $32 million for the years ended December 31, 2014, 2013 and 2012. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2014, 2013 and 2012 the Company incurred $380 million, $364 million and $355 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2014 and 2013, CityCenter owed the Company $45 million and $49 million, respectively, for management services and reimbursable costs. | |
Other agreements. The Company entered into an agreement with CityCenter whereby the Company provides CityCenter the use of its aircraft on a time sharing basis. CityCenter is charged a rate that is based on Federal Aviation Administration regulations, which provides for reimbursement for specific costs incurred by the Company. During each of the years ended December 31, 2014, 2013 and 2012, the Company was reimbursed $3 million for aircraft related expenses. The Company has certain other arrangements with CityCenter for the provision of certain shared services, reimbursement of costs and other transactions undertaken in the ordinary course of business. | |
MGM China | |
Ms. Pansy Ho is member of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. Pansy Ho is also the managing director of Shun Tak Holdings Limited (together with its subsidiaries “Shun Tak”), a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. Shun Tak provides various services and products, including ferry tickets, travel products, rental of hotel rooms, laundry services, advertising services and property cleaning services to MGM China and MGM China provides rental of hotel rooms at wholesale room rates to Shun Tak and receives rebates for ferry tickets from Shun Tak. MGM China incurred expenses of $28 million, $18 million and $13 million for the years ended December 31, 2014, 2013 and 2012, respectively. MGM China recorded revenue of less than $1 million related to hotel rooms provided to Shun Tak for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, MGM China did not have a material payable to or receivable from Shun Tak. | |
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, entered into 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 $43 million with a 20% increase per annum for each subsequent calendar year during the term of the agreement. During the years ended December 31, 2014, 2013 and 2012, MGM China incurred total license fees of $43 million, $36 million and $30 million, respectively, equal to the cap for each annual period. Such amounts have been eliminated in consolidation. | |
MGM China entered into 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 is subject to an annual cap of $24 million in 2014, which will increase by 10% per annum for each year during the term of the agreement. For the years ended December 31, 2013 and 2012, MGM China incurred $15 million and $6 million of fees, respectively, to MGM Branding and Development related to development services. Such amount is eliminated in consolidation. No fee was paid for the year ended December 31, 2014. | |
An entity owned by Ms. Pansy Ho received distributions of $13 million, $18 million and $11 million during the years ended December 31, 2014, 2013 and 2012, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. | |
Las Vegas Arena | |
The Las Vegas Arena Company leases the land underlying the Las Vegas Arena from the Company under a 50 year operating lease, which commences upon the opening of the Arena. In conjunction with Las Vegas Arena Company obtaining financing and beginning construction in 2014, the Company began accruing rental income. During 2014, the Company recorded accrued income of $1 million for the Las Vegas Arena ground lease. | |
Consolidating_Condensed_Financ
Consolidating Condensed Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||
Consolidating Condensed Financial Information | NOTE 18 — CONSOLIDATING CONDENSED FINANCIAL INFORMATION | ||||||||||||||||||||
The Company’s domestic subsidiaries, excluding certain minor subsidiaries, its domestic insurance subsidiaries, MGM Grand Detroit, LLC, MGM National Harbor, LLC and Blue Tarp reDevelopment, LLC (the company that will own and operate the Company’s proposed casino in Springfield, Massachusetts), and each of their respective subsidiaries, 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 December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012, are presented below. Within the Condensed Consolidating Statements of Cash Flows for the period ending December 31, 2014, the Company has presented net changes in intercompany accounts as investing activities if the applicable entities have a net asset in intercompany accounts, and as a financing activity if the applicable entities have a net intercompany liability balance. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 1,390,806 | $ | 868,688 | $ | 768,335 | $ | (669 | ) | $ | 3,027,160 | ||||||||||
Property and equipment, net | - | 12,445,086 | 2,008,428 | (11,972 | ) | 14,441,542 | |||||||||||||||
Investments in subsidiaries | 20,430,160 | 3,896,365 | - | (24,326,525 | ) | - | |||||||||||||||
Investments in and advances to unconsolidated affiliates | - | 1,526,446 | 7,588 | 25,000 | 1,559,034 | ||||||||||||||||
Intercompany accounts | - | 2,175,091 | - | (2,175,091 | ) | - | |||||||||||||||
Other non-current assets | 141,035 | 414,801 | 7,118,939 | - | 7,674,775 | ||||||||||||||||
$ | 21,962,001 | $ | 21,326,477 | $ | 9,903,290 | $ | (26,489,257 | ) | $ | 26,702,511 | |||||||||||
Current liabilities | $ | 1,680,319 | $ | 953,179 | $ | 775,097 | $ | (670 | ) | $ | 3,407,925 | ||||||||||
Intercompany accounts | 1,932,780 | - | 242,311 | (2,175,091 | ) | - | |||||||||||||||
Deferred income taxes | 2,312,828 | - | 309,032 | - | 2,621,860 | ||||||||||||||||
Long-term debt | 11,907,534 | 4,837 | 1,001,511 | - | 12,913,882 | ||||||||||||||||
Other long-term obligations | 37,623 | 58,016 | 34,931 | - | 130,570 | ||||||||||||||||
Total liabilities | 17,871,084 | 1,016,032 | 2,362,882 | (2,175,761 | ) | 19,074,237 | |||||||||||||||
MGM Resorts stockholders' equity | 4,090,917 | 20,310,445 | 4,003,051 | (24,313,496 | ) | 4,090,917 | |||||||||||||||
Noncontrolling interests | - | - | 3,537,357 | - | 3,537,357 | ||||||||||||||||
Total stockholders' equity | 4,090,917 | 20,310,445 | 7,540,408 | (24,313,496 | ) | 7,628,274 | |||||||||||||||
$ | 21,962,001 | $ | 21,326,477 | $ | 9,903,290 | $ | (26,489,257 | ) | $ | 26,702,511 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 494,296 | $ | 903,537 | $ | 1,322,170 | $ | (564 | ) | $ | 2,719,439 | ||||||||||
Property and equipment, net | - | 12,552,828 | 1,514,356 | (11,972 | ) | 14,055,212 | |||||||||||||||
Investments in subsidiaries | 19,991,695 | 4,037,168 | - | (24,028,863 | ) | - | |||||||||||||||
Investments in and advances to unconsolidated affiliates | - | 1,461,496 | 7,765 | - | 1,469,261 | ||||||||||||||||
Other non-current assets | 167,552 | 422,259 | 7,250,887 | - | 7,840,698 | ||||||||||||||||
$ | 20,653,543 | $ | 19,377,288 | $ | 10,095,178 | $ | (24,041,399 | ) | $ | 26,084,610 | |||||||||||
Current liabilities | $ | 340,343 | $ | 959,118 | $ | 941,431 | $ | (25,564 | ) | $ | 2,215,328 | ||||||||||
Intercompany accounts | 1,446,952 | (1,470,305 | ) | 23,353 | - | - | |||||||||||||||
Deferred income taxes | 2,110,229 | - | 309,738 | - | 2,419,967 | ||||||||||||||||
Long-term debt | 12,441,112 | 4,836 | 1,001,282 | - | 13,447,230 | ||||||||||||||||
Other long-term obligations | 98,856 | 41,758 | 976 | - | 141,590 | ||||||||||||||||
Total liabilities | 16,437,492 | (464,593 | ) | 2,276,780 | (25,564 | ) | 18,224,115 | ||||||||||||||
MGM Resorts stockholders' equity | 4,216,051 | 19,841,881 | 4,173,954 | (24,015,835 | ) | 4,216,051 | |||||||||||||||
Noncontrolling interests | - | - | 3,644,444 | - | 3,644,444 | ||||||||||||||||
Total stockholders' equity | 4,216,051 | 19,841,881 | 7,818,398 | (24,015,835 | ) | 7,860,495 | |||||||||||||||
$ | 20,653,543 | $ | 19,377,288 | $ | 10,095,178 | $ | (24,041,399 | ) | $ | 26,084,610 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | - | $ | 6,270,708 | $ | 3,813,736 | $ | (2,460 | ) | $ | 10,081,984 | ||||||||||
Equity in subsidiaries' earnings | 938,712 | 339,312 | - | (1,278,024 | ) | - | |||||||||||||||
Expenses | |||||||||||||||||||||
Casino and hotel operations | 5,482 | 3,810,711 | 2,554,965 | (2,460 | ) | 6,368,698 | |||||||||||||||
General and administrative | 4,743 | 1,089,192 | 224,814 | - | 1,318,749 | ||||||||||||||||
Corporate expense | 72,116 | 150,938 | 15,757 | - | 238,811 | ||||||||||||||||
Preopening and start-up expenses | - | 5,384 | 33,873 | - | 39,257 | ||||||||||||||||
Property transactions, net | - | 36,612 | 4,390 | - | 41,002 | ||||||||||||||||
Depreciation and amortization | - | 500,401 | 315,364 | - | 815,765 | ||||||||||||||||
82,341 | 5,593,238 | 3,149,163 | (2,460 | ) | 8,822,282 | ||||||||||||||||
Income from unconsolidated affiliates | - | 64,014 | (178 | ) | - | 63,836 | |||||||||||||||
Operating income (loss) | 856,371 | 1,080,796 | 664,395 | (1,278,024 | ) | 1,323,538 | |||||||||||||||
Interest expense, net of amounts capitalized | (794,826 | ) | (574 | ) | (21,661 | ) | - | (817,061 | ) | ||||||||||||
Other, net | 50,793 | (90,679 | ) | (55,705 | ) | - | (95,591 | ) | |||||||||||||
Income (loss) before income taxes | 112,338 | 989,543 | 587,029 | (1,278,024 | ) | 410,886 | |||||||||||||||
Provision for income taxes | (262,211 | ) | (20,735 | ) | (762 | ) | - | (283,708 | ) | ||||||||||||
Net income (loss) | (149,873 | ) | 968,808 | 586,267 | (1,278,024 | ) | 127,178 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (277,051 | ) | - | (277,051 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts | $ | (149,873 | ) | $ | 968,808 | $ | 309,216 | $ | (1,278,024 | ) | $ | (149,873 | ) | ||||||||
International | |||||||||||||||||||||
Net income (loss) | $ | (149,873 | ) | $ | 968,808 | $ | 586,267 | $ | (1,278,024 | ) | $ | 127,178 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | (762 | ) | (762 | ) | (1,293 | ) | 1,524 | (1,293 | ) | ||||||||||||
Other | 1,250 | 1,250 | - | (1,250 | ) | 1,250 | |||||||||||||||
Other comprehensive income (loss) | 488 | 488 | (1,293 | ) | 274 | (43 | ) | ||||||||||||||
Comprehensive income (loss) | (149,385 | ) | 969,296 | 584,974 | (1,277,750 | ) | 127,135 | ||||||||||||||
Less: Comprehensive income attributable to | - | - | (276,520 | ) | - | (276,520 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (149,385 | ) | $ | 969,296 | $ | 308,454 | $ | (1,277,750 | ) | $ | (149,385 | ) | ||||||||
MGM Resorts International | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities | (In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (718,756 | ) | $ | 1,121,013 | $ | 703,413 | $ | 25,000 | $ | 1,130,670 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | - | (375,719 | ) | (496,322 | ) | - | (872,041 | ) | |||||||||||||
Dispositions of property and equipment | - | 6,631 | 1,020 | - | 7,651 | ||||||||||||||||
Investments in and advances to | (31,400 | ) | (46,640 | ) | - | (25,000 | ) | (103,040 | ) | ||||||||||||
unconsolidated affiliates | |||||||||||||||||||||
Distributions from unconsolidated affiliates | - | 132 | - | - | 132 | ||||||||||||||||
in excess of earnings | |||||||||||||||||||||
Investments in treasury securities - | - | (123,133 | ) | - | - | (123,133 | ) | ||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Proceeds from treasury securities - | - | 210,300 | - | - | 210,300 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Cash deposits - original maturities longer than 90 days | (570,000 | ) | - | - | - | (570,000 | ) | ||||||||||||||
Intercompany accounts | - | (704,785 | ) | - | 704,785 | - | |||||||||||||||
Payments for gaming licenses | - | - | (85,000 | ) | - | (85,000 | ) | ||||||||||||||
Other | - | 10,981 | - | - | 10,981 | ||||||||||||||||
Net cash provided by (used in) investing activities | (601,400 | ) | (1,022,233 | ) | (580,302 | ) | 679,785 | (1,524,150 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net repayments under bank credit facilities - | (28,000 | ) | - | - | - | (28,000 | ) | ||||||||||||||
maturities of 90 days or less | |||||||||||||||||||||
Borrowings under bank credit facilities - | 3,821,250 | - | 1,350,000 | - | 5,171,250 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Repayments under bank credit facilities - | (3,821,250 | ) | - | (1,350,000 | ) | - | (5,171,250 | ) | |||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Issuance of senior notes | 1,250,750 | - | - | - | 1,250,750 | ||||||||||||||||
Retirement of senior notes | (508,900 | ) | - | - | - | (508,900 | ) | ||||||||||||||
Debt issuance costs | (13,681 | ) | - | - | - | (13,681 | ) | ||||||||||||||
Intercompany accounts | 1,045,048 | (76,117 | ) | (264,146 | ) | (704,785 | ) | - | |||||||||||||
Distributions to noncontrolling interest owners | - | - | (386,709 | ) | - | (386,709 | ) | ||||||||||||||
Other | (4,213 | ) | (803 | ) | (367 | ) | - | (5,383 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 1,741,004 | (76,920 | ) | (651,222 | ) | (704,785 | ) | 308,077 | |||||||||||||
Effect of exchange rate on cash | - | - | (889 | ) | - | (889 | ) | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | 420,848 | 21,860 | (529,000 | ) | - | (86,292 | ) | ||||||||||||||
Cash related to assets held for sale | - | (3,662 | ) | - | - | (3,662 | ) | ||||||||||||||
Balance, beginning of period | 378,660 | 237,457 | 1,187,552 | - | 1,803,669 | ||||||||||||||||
Balance, end of period | $ | 799,508 | $ | 255,655 | $ | 658,552 | $ | - | $ | 1,713,715 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | - | $ | 5,955,001 | $ | 3,856,728 | $ | (2,066 | ) | $ | 9,809,663 | ||||||||||
Equity in subsidiaries' earnings | 638,030 | 289,384 | - | (927,414 | ) | - | |||||||||||||||
Expenses | |||||||||||||||||||||
Casino and hotel operations | 5,644 | 3,622,940 | 2,632,198 | (2,066 | ) | 6,258,716 | |||||||||||||||
General and administrative | 4,432 | 1,051,757 | 222,261 | - | 1,278,450 | ||||||||||||||||
Corporate expense | 66,307 | 125,500 | 41,938 | (17,000 | ) | 216,745 | |||||||||||||||
Preopening and start-up expenses | - | 4,205 | 9,109 | - | 13,314 | ||||||||||||||||
Property transactions, net | - | 126,773 | (2,012 | ) | - | 124,761 | |||||||||||||||
Depreciation and amortization | - | 522,900 | 326,325 | - | 849,225 | ||||||||||||||||
76,383 | 5,454,075 | 3,229,819 | (19,066 | ) | 8,741,211 | ||||||||||||||||
Income from unconsolidated affiliates | - | 68,807 | 22 | - | 68,829 | ||||||||||||||||
Operating income (loss) | 561,647 | 859,117 | 626,931 | (910,414 | ) | 1,137,281 | |||||||||||||||
Interest expense, net of amounts capitalized | (805,933 | ) | (6,333 | ) | (45,081 | ) | - | (857,347 | ) | ||||||||||||
Other, net | 39,524 | (212,065 | ) | (45,203 | ) | - | (217,744 | ) | |||||||||||||
Income (loss) before income taxes | (204,762 | ) | 640,719 | 536,647 | (910,414 | ) | 62,190 | ||||||||||||||
Benefit (provision) for income taxes | 33,028 | 11,111 | (64,955 | ) | - | (20,816 | ) | ||||||||||||||
Net income (loss) | (171,734 | ) | 651,830 | 471,692 | (910,414 | ) | 41,374 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (213,108 | ) | - | (213,108 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts | $ | (171,734 | ) | $ | 651,830 | $ | 258,584 | $ | (910,414 | ) | $ | (171,734 | ) | ||||||||
International | |||||||||||||||||||||
Net income (loss) | $ | (171,734 | ) | $ | 651,830 | $ | 471,692 | $ | (910,414 | ) | $ | 41,374 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | (1,915 | ) | (1,915 | ) | (3,993 | ) | 3,830 | (3,993 | ) | ||||||||||||
Other | 115 | 115 | - | (115 | ) | 115 | |||||||||||||||
Other comprehensive income (loss) | (1,800 | ) | (1,800 | ) | (3,993 | ) | 3,715 | (3,878 | ) | ||||||||||||
Comprehensive income (loss) | (173,534 | ) | 650,030 | 467,699 | (906,699 | ) | 37,496 | ||||||||||||||
Less: Comprehensive income attributable to | - | - | (211,030 | ) | - | (211,030 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (173,534 | ) | $ | 650,030 | $ | 256,669 | $ | (906,699 | ) | $ | (173,534 | ) | ||||||||
MGM Resorts International | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities | (In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (819,282 | ) | $ | 1,089,341 | $ | 1,040,389 | $ | - | $ | 1,310,448 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | - | (311,635 | ) | (250,489 | ) | - | (562,124 | ) | |||||||||||||
Dispositions of property and equipment | - | 11,648 | 6,382 | - | 18,030 | ||||||||||||||||
Investments in and advances to | (23,600 | ) | (5,353 | ) | - | - | (28,953 | ) | |||||||||||||
unconsolidated affiliates | |||||||||||||||||||||
Distributions from unconsolidated affiliates | - | 110 | - | - | 110 | ||||||||||||||||
in excess of earnings | |||||||||||||||||||||
Investments in treasury securities - | - | (219,546 | ) | - | - | (219,546 | ) | ||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Proceeds from treasury securities - | - | 252,592 | - | - | 252,592 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Payments for gaming licenses | - | - | (21,600 | ) | - | (21,600 | ) | ||||||||||||||
Other | - | 1,354 | - | - | 1,354 | ||||||||||||||||
Net cash used in investing activities | (23,600 | ) | (270,830 | ) | (265,707 | ) | - | (560,137 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net borrowings under bank credit facilities - | (28,000 | ) | - | - | - | (28,000 | ) | ||||||||||||||
maturities of 90 days or less | |||||||||||||||||||||
Borrowings under bank credit facilities - | 2,343,000 | - | 450,000 | - | 2,793,000 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Repayments under bank credit facilities - | (2,343,000 | ) | - | (450,000 | ) | - | (2,793,000 | ) | |||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Issuance of senior notes | 500,000 | - | - | - | 500,000 | ||||||||||||||||
Retirement of senior notes | (462,226 | ) | (150,036 | ) | - | - | (612,262 | ) | |||||||||||||
Debt issuance costs | (23,576 | ) | - | - | - | (23,576 | ) | ||||||||||||||
Intercompany accounts | 985,465 | (657,260 | ) | (328,205 | ) | - | - | ||||||||||||||
Distributions to noncontrolling interest owners | - | - | (318,348 | ) | - | (318,348 | ) | ||||||||||||||
Other | (4,506 | ) | - | (3,016 | ) | - | (7,522 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 967,157 | (807,296 | ) | (649,569 | ) | - | (489,708 | ) | |||||||||||||
Effect of exchange rate on cash | - | - | (443 | ) | - | (443 | ) | ||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase for the period | 124,275 | 11,215 | 124,670 | - | 260,160 | ||||||||||||||||
Balance, beginning of period | 254,385 | 226,242 | 1,062,882 | - | 1,543,509 | ||||||||||||||||
Balance, end of period | $ | 378,660 | $ | 237,457 | $ | 1,187,552 | $ | - | $ | 1,803,669 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | - | $ | 5,782,523 | $ | 3,379,891 | $ | (1,570 | ) | $ | 9,160,844 | ||||||||||
Equity in subsidiaries' earnings | (210,934 | ) | 220,354 | - | (9,420 | ) | - | ||||||||||||||
Expenses | |||||||||||||||||||||
Casino and hotel operations | 7,623 | 3,615,288 | 2,299,941 | (1,570 | ) | 5,921,282 | |||||||||||||||
General and administrative | 7,101 | 1,025,028 | 207,645 | - | 1,239,774 | ||||||||||||||||
Corporate expense | 66,285 | 168,863 | 7,859 | (8,000 | ) | 235,007 | |||||||||||||||
Preopening and start-up expenses | - | 1,486 | 641 | - | 2,127 | ||||||||||||||||
Property transactions, net | - | 693,519 | 3,287 | - | 696,806 | ||||||||||||||||
Depreciation and amortization | - | 519,074 | 408,623 | - | 927,697 | ||||||||||||||||
81,009 | 6,023,258 | 2,927,996 | (9,570 | ) | 9,022,693 | ||||||||||||||||
Income from unconsolidated affiliates | - | (16,861 | ) | 61 | - | (16,800 | ) | ||||||||||||||
Operating income (loss) | (291,943 | ) | (37,242 | ) | 451,956 | (1,420 | ) | 121,351 | |||||||||||||
Interest expense, net of amounts capitalized | (1,053,692 | ) | (10,986 | ) | (51,680 | ) | - | (1,116,358 | ) | ||||||||||||
Other, net | (526,606 | ) | (178,026 | ) | (34,574 | ) | - | (739,206 | ) | ||||||||||||
Income (loss) before income taxes | (1,872,241 | ) | (226,254 | ) | 365,702 | (1,420 | ) | (1,734,213 | ) | ||||||||||||
Benefit for income taxes | 104,550 | 1,892 | 10,859 | - | 117,301 | ||||||||||||||||
Net income (loss) | (1,767,691 | ) | (224,362 | ) | 376,561 | (1,420 | ) | (1,616,912 | ) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (150,779 | ) | - | (150,779 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts | $ | (1,767,691 | ) | $ | (224,362 | ) | $ | 225,782 | $ | (1,420 | ) | $ | (1,767,691 | ) | |||||||
International | |||||||||||||||||||||
Net income (loss) | $ | (1,767,691 | ) | $ | (224,362 | ) | $ | 376,561 | $ | (1,420 | ) | $ | (1,616,912 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 8,770 | 8,770 | 17,124 | (17,540 | ) | 17,124 | |||||||||||||||
Other | (445 | ) | (445 | ) | - | 445 | (445 | ) | |||||||||||||
Other comprehensive income (loss) | 8,325 | 8,325 | 17,124 | (17,095 | ) | 16,679 | |||||||||||||||
Comprehensive income (loss) | (1,759,366 | ) | (216,037 | ) | 393,685 | (18,515 | ) | (1,600,233 | ) | ||||||||||||
Less: Comprehensive income attributable to | - | - | (159,133 | ) | - | (159,133 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (1,759,366 | ) | $ | (216,037 | ) | $ | 234,552 | $ | (18,515 | ) | $ | (1,759,366 | ) | |||||||
MGM Resorts International | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities | (In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (952,653 | ) | $ | 989,144 | $ | 872,860 | $ | - | $ | 909,351 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | - | (332,089 | ) | (90,674 | ) | - | (422,763 | ) | |||||||||||||
Dispositions of property and equipment | - | 191 | 235 | - | 426 | ||||||||||||||||
Investments in and advances to | (46,800 | ) | (7,500 | ) | - | - | (54,300 | ) | |||||||||||||
unconsolidated affiliates | |||||||||||||||||||||
Distributions from unconsolidated affiliates | - | 1,723 | - | - | 1,723 | ||||||||||||||||
in excess of earnings | |||||||||||||||||||||
Investments in treasury securities - | - | (285,469 | ) | - | - | (285,469 | ) | ||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Proceeds from treasury securities - | - | 315,438 | - | - | 315,438 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Other | (1,973 | ) | 501 | - | - | (1,472 | ) | ||||||||||||||
Net cash used in investing activities | (48,773 | ) | (307,205 | ) | (90,439 | ) | - | (446,417 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net borrowings under bank credit facilities - | 1,331,500 | - | 447,762 | - | 1,779,262 | ||||||||||||||||
maturities of 90 days or less | |||||||||||||||||||||
Borrowings under bank credit facilities - | - | - | 1,350,000 | - | 1,350,000 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Repayments under bank credit facilities - | (1,834,128 | ) | - | (1,800,000 | ) | - | (3,634,128 | ) | |||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Issuance of senior notes | 4,100,000 | - | - | - | 4,100,000 | ||||||||||||||||
Retirement of senior notes | (4,009,117 | ) | - | - | - | (4,009,117 | ) | ||||||||||||||
Debt issuance costs | (119,197 | ) | - | (41,048 | ) | - | (160,245 | ) | |||||||||||||
Intercompany accounts | 996,462 | (685,752 | ) | (310,710 | ) | - | - | ||||||||||||||
Distributions to noncontrolling interest owners | - | - | (206,806 | ) | - | (206,806 | ) | ||||||||||||||
Other | (5,035 | ) | (833 | ) | (57 | ) | - | (5,925 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 460,485 | (686,585 | ) | (560,859 | ) | - | (786,959 | ) | |||||||||||||
Effect of exchange rate on cash | - | - | 1,621 | - | 1,621 | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | (540,941 | ) | (4,646 | ) | 223,183 | - | (322,404 | ) | |||||||||||||
Balance, beginning of period | 795,326 | 230,888 | 839,699 | - | 1,865,913 | ||||||||||||||||
Balance, end of period | $ | 254,385 | $ | 226,242 | $ | 1,062,882 | $ | - | $ | 1,543,509 | |||||||||||
Selected_Quarterly_Financial_R
Selected Quarterly Financial Results (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Selected Quarterly Financial Results (Unaudited) | NOTE 19 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) | ||||||||||||||||||||
Quarter | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
2014 | (In thousands, except per share data) | ||||||||||||||||||||
Net revenues | $ | 2,630,398 | $ | 2,581,033 | $ | 2,485,007 | $ | 2,385,546 | $ | 10,081,984 | |||||||||||
Operating income | 416,472 | 354,464 | 286,489 | 266,113 | 1,323,538 | ||||||||||||||||
Net income (loss) | 186,100 | 178,168 | 50,382 | (287,472 | ) | 127,178 | |||||||||||||||
Net income (loss) attributable to MGM Resorts | 102,652 | 110,008 | (20,270 | ) | (342,263 | ) | (149,873 | ) | |||||||||||||
International | |||||||||||||||||||||
Basic income (loss) per share | $ | 0.21 | $ | 0.22 | $ | (0.04 | ) | $ | (0.70 | ) | $ | (0.31 | ) | ||||||||
Diluted income (loss) per share | $ | 0.2 | $ | 0.22 | $ | (0.04 | ) | $ | (0.70 | ) | $ | (0.31 | ) | ||||||||
2013 | |||||||||||||||||||||
Net revenues | $ | 2,352,148 | $ | 2,481,265 | $ | 2,463,037 | $ | 2,513,213 | $ | 9,809,663 | |||||||||||
Operating income | 308,597 | 235,753 | 262,797 | 330,134 | 1,137,281 | ||||||||||||||||
Net income (loss) | 22,197 | (36,401 | ) | 33,171 | 22,407 | 41,374 | |||||||||||||||
Net income (loss) attributable to MGM Resorts | 6,165 | (98,781 | ) | (22,313 | ) | (56,805 | ) | (171,734 | ) | ||||||||||||
International | |||||||||||||||||||||
Basic income (loss) per share | $ | 0.01 | $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.35 | ) | |||||||
Diluted income (loss) per share | $ | 0.01 | $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.35 | ) | |||||||
Because income (loss) per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total loss per share amounts for the year. The financial information presented above has been adjusted for the retroactive application of the equity method of accounting for our investment in Borgata. See Note 6 for further discussion. In addition, the following sections list certain items affecting comparability of quarterly and year-to-date results and related per share amounts. Additional information related to these items is included elsewhere in the notes to the accompanying financial statements. | |||||||||||||||||||||
2014 certain items affecting comparability are as follows: | |||||||||||||||||||||
· | First Quarter. None; | ||||||||||||||||||||
· | Second Quarter. The Company recorded an impairment charge related to its investment in Grand Victoria of $29 million ($0.04 per share in the quarter and full year of 2014); | ||||||||||||||||||||
· | Third Quarter. None; and | ||||||||||||||||||||
· | Fourth Quarter. The Company recorded its 50% share of CityCenter’s Harmon-related property transactions of $18 million ($0.02 per share in the quarter and full year of 2014) primarily related to a settlement charge with an insurer participating in the owner controlled insurance program for CityCenter. | ||||||||||||||||||||
2013 certain items affecting comparability are as follows: | |||||||||||||||||||||
· | First Quarter. None; | ||||||||||||||||||||
· | Second Quarter. The Company recorded an impairment charge related to its investment in Grand Victoria of $37 million ($0.05 per share in the quarter and full year of 2013), and an impairment charge of $45 million related to corporate buildings which are expected to be removed from service ($0.06 per share in the quarter and full year of 2013); | ||||||||||||||||||||
· | Third Quarter. The Company recorded impairment charges of $26 million primarily related to land holdings in Jean and Sloan, Nevada ($0.03 per share in the quarter and full year); and | ||||||||||||||||||||
· | Fourth Quarter. The Company recorded a $70 million charge for its share of CityCenter’s loss on retirement of long-term debt ($0.09 per share in the quarter and full year), and a $12 million gain for its share of a gain on retirement of long-term debt related to Silver Legacy’s early redemption of its second lien notes ($0.02 per share in the quarter and full year of 2013). |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | MGM RESORTS INTERNATIONAL | ||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at | Provision for | Write-offs, | |||||||||||||||
Beginning of | Doubtful | Net of | Balance at | ||||||||||||||
Period | Accounts | Recoveries | End of Period | ||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year Ended December 31, 2014 | $ | 81,713 | $ | 46,698 | $ | (38,809 | ) | $ | 89,602 | ||||||||
Year Ended December 31, 2013 | 97,911 | 14,969 | (31,167 | ) | 81,713 | ||||||||||||
Year Ended December 31, 2012 | 101,207 | 57,068 | (60,364 | ) | 97,911 | ||||||||||||
Balance at | |||||||||||||||||
Beginning of | Balance at | ||||||||||||||||
Period | Increase | Decrease | End of Period | ||||||||||||||
Deferred income tax valuation allowance: | |||||||||||||||||
Year Ended December 31, 2014 | $ | 1,721,917 | $ | 836,850 | $ | - | $ | 2,558,767 | |||||||||
Year Ended December 31, 2013 | 1,093,398 | 633,423 | (4,904 | ) | 1,721,917 | ||||||||||||
Year Ended December 31, 2012 | 72,001 | 1,023,644 | (2,247 | ) | 1,093,398 | ||||||||||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Principles of consolidation | Principles of consolidation. The consolidated financial statements include the accounts of the Company and its subsidiaries. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method. The Company does not have significant variable interests in variable interest entities. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||
In September 2014, the Company resumed accounting for the investment in Borgata under the equity method and has adjusted prior period financial statements retroactively. See Note 6 for further discussion of our Borgata investment. | |||||||||||||
Management's use of estimates | Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Fair value measurements | Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. | ||||||||||||
· | The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 9; and | ||||||||||||
· | The Company used Level 3 inputs when assessing the fair value of its investment in Grand Victoria. See Note 6. | ||||||||||||
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable, construction payable, or other accrued liabilities, as applicable. | ||||||||||||
Cash deposits b original maturities longer than 90 days | Cash deposits – original maturities longer than 90 days. At December 31, 2014, the Company had $570 million in certificates of deposit with original maturities longer than 90 days. Scheduled maturities are at or prior to March 31, 2015. The fair value of the certificates of deposit equals their carrying value. | ||||||||||||
Accounts receivable and credit risk | Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2014, 70% of the Company’s casino receivables were due from customers residing in foreign countries. Business or economic conditions or other significant events in these countries could affect the collectibility of such receivables. | ||||||||||||
Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2014, no significant concentrations of credit risk existed for which an allowance had not already been recorded. | |||||||||||||
Inventories | Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or market. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. | ||||||||||||
Property and equipment | Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income. Maintenance costs are expensed as incurred. As of December 31, 2014, the Company had accrued $14 million for property and equipment within accounts payable and $24 million related to construction retention accrued in other long-term liabilities. | ||||||||||||
Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: | |||||||||||||
Buildings and improvements | 20 to 40 years | ||||||||||||
Land improvements | 10 to 20 years | ||||||||||||
Furniture and fixtures | 3 to 20 years | ||||||||||||
Equipment | 3 to 20 years | ||||||||||||
The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. See Note 15 for information on recorded impairment charges. | |||||||||||||
Capitalized interest | Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period. | ||||||||||||
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. | ||||||||||||
The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 6 for results of the Company’s review of its investment in certain of its unconsolidated affiliates. | |||||||||||||
Special revenue bonds | Special revenue bonds. The Company holds South Jersey Transportation Authority special revenue bonds, the original proceeds from which were used to provide funding for the Atlantic City/Brigantine Connector Project. The repayment of the remaining principal and interest for the bonds is supported by eligible investment alternative tax obligation payments made to the Casino Reinvestment Development Authority from future casino licensees on the Renaissance Pointe land owned by the Company. The Company assumed no future cash flows will be received to support the carrying value of the bonds, and recorded an other-than-temporary impairment of $47 million as of December 31, 2012, included in “Other, net.” Management believed the probability for casino development on Renaissance Pointe in the foreseeable future was remote due to the continued deterioration of the Atlantic City market and initial underperformance of a resort that opened in the market. | ||||||||||||
Goodwill and other intangible assets | Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2014, 2013 and 2012. | ||||||||||||
Goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. The implied fair value of a reporting unit’s goodwill is compared to the carrying value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to its assets and liabilities and the amount remaining, if any, is the implied fair value of goodwill. If the implied fair value of goodwill is less than its carrying value then it must be written down to its implied fair value. License rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss must be recognized equal to the difference. | |||||||||||||
Revenue recognition and promotional allowances | Revenue recognition and promotional allowances. Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs (“casino front money”) and for chips in the customers’ possession (“outstanding chip liability”). Hotel, food and beverage, entertainment, retail and other operating revenues are recognized as services are performed and goods are provided. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. | ||||||||||||
Gaming revenues are recognized net of certain sales incentives, including discounts and points earned in point-loyalty programs. The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated cost of providing promotional allowances is primarily included in casino expenses as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Rooms | $ | 115,463 | $ | 111,842 | $ | 109,713 | |||||||
Food and beverage | 295,667 | 294,555 | 298,111 | ||||||||||
Entertainment, retail and other | 39,673 | 39,606 | 35,643 | ||||||||||
$ | 450,803 | $ | 446,003 | $ | 443,467 | ||||||||
Gaming promoters | Gaming promoters. A significant portion of the high-end (“VIP”) gaming volume at MGM Macau is generated through the use of gaming promoters, also known as junket operators. These operators introduce high-end gaming players to MGM Macau, assist these customers with travel arrangements, and extend gaming credit to these players. VIP gaming at MGM Macau is conducted by the use of special purpose nonnegotiable gaming chips. Gaming promoters purchase these nonnegotiable chips from MGM Macau and in turn sell these chips to their players. The nonnegotiable chips allow MGM Macau to track the amount of wagering conducted by each gaming promoters’ clients in order to determine VIP gaming play volume, or rolling chip turnover, which is the amount of nonnegotiable chips wagered and lost. In exchange for the gaming promoters’ services, MGM Macau compensates the gaming promoters through revenue-sharing arrangements or rolling chip turnover-based commissions. The estimated portion of the gaming promoter commissions that represent amounts passed through to VIP customers is recorded as a reduction of casino revenue, and the estimated portion retained by the gaming promoter for its compensation is recorded as casino expense. | ||||||||||||
Reimbursed expenses | Reimbursed expenses. The Company recognizes costs reimbursed pursuant to management services as revenue in the period it incurs the costs. Reimbursed costs related primarily to the Company’s management of CityCenter. | ||||||||||||
Loyalty programs | Loyalty programs. The Company’s primary loyalty program is “M life” and is available to patrons at substantially all of the Company’s wholly owned and operated resorts and CityCenter. Customers earn points based on their slots play which can be redeemed for FREEPLAY at any of the Company’s participating resorts. The Company records a liability based on the points earned multiplied by the redemption value, less an estimate for points not expected to be redeemed, and records a corresponding reduction in casino revenue. Customers also earn “Express Comps” based on their gaming play which can be redeemed for complimentary goods and services, including hotel rooms, food and beverage, and entertainment. The Company records a liability for the estimated costs of providing goods and services for Express Comps based on the Express Comps earned multiplied by a cost margin, less an estimate for Express Comps not expected to be redeemed and records a corresponding expense in the casino department. MGM Macau also has a loyalty program, whereby patrons earn rewards that can be redeemed for complimentary services, including hotel rooms, food and beverage, and entertainment. | ||||||||||||
Advertising | Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $156 million, $153 million and $139 million for 2014, 2013 and 2012, respectively. | ||||||||||||
Corporate expense | Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. | ||||||||||||
Preopening and start-up expenses | Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. | ||||||||||||
Property transactions, net | Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 15 for a detailed discussion of these amounts. | ||||||||||||
Income per share of common stock | Income (loss) per share of common stock. The table below reconciles basic and diluted income (loss) per share of common stock. Diluted net loss attributable to MGM Resorts International includes adjustments for the potentially dilutive effect on the Company’s equity interest in MGM China due to shares outstanding under the MGM China Share Option Plan. Diluted weighted-average common and common equivalent shares includes adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plans and the assumed conversion of convertible debt, unless the effect of inclusion of such shares would be antidilutive. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | (In thousands) | ||||||||||||
Net loss attributable to MGM Resorts International - basic | $ | (149,873 | ) | $ | (171,734 | ) | $ | (1,767,691 | ) | ||||
Potentially dilutive effect due to MGM China Share Option Plan | (340 | ) | (104 | ) | - | ||||||||
Net loss attributable to MGM Resorts International - diluted | $ | (150,213 | ) | $ | (171,838 | ) | $ | (1,767,691 | ) | ||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding - basic and diluted | 490,875 | 489,661 | 488,988 | ||||||||||
Antidilutive share-based awards excluded from the calculation of diluted | 19,254 | 18,468 | 25,041 | ||||||||||
earnings per share | |||||||||||||
The $300 million 4.25% senior convertible notes issued in June 2011 and the $1.15 billion 4.25% senior convertible notes issued in April 2010 were excluded from the calculation of diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 as their effect would be antidilutive. | |||||||||||||
Currency translation | Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). | ||||||||||||
Comprehensive income (loss) | Comprehensive income (loss). Comprehensive income includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity, and the cumulative balance of these elements consisted of the following: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Currency translation adjustments | $ | 23,440 | $ | 24,733 | |||||||||
Other comprehensive income (loss) from unconsolidated affiliates | 672 | (578 | ) | ||||||||||
Accumulated other comprehensive income | 24,112 | 24,155 | |||||||||||
Less: Currency translation adjustment attributable to noncontrolling interests | (11,121 | ) | (11,652 | ) | |||||||||
Accumulated other comprehensive income attributable to MGM Resorts | $ | 12,991 | $ | 12,503 | |||||||||
International | |||||||||||||
Recently issued accounting standards | Recently issued accounting standards. During 2014, the Company early adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ”, (“ASU 2014-08”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014. ASU 2014-08 amends the definition of a discontinued operation by requiring discontinued operations treatment for disposals of a component or group of components that represent a strategic shift that has or will have a major impact on an entity’s operations or financial results, and also expands the scope of ASC 205-20 to disposals of equity method investments and acquired businesses held for sale. Additionally, ASU 2014-08 requires enhanced disclosures about disposal transactions that do not meet the discontinued operations criteria. Based on application of ASU 2014-08, the Company determined that certain disposals did not qualify as discontinued operations. See Note 4 for further discussion. | ||||||||||||
During 2014, the Company implemented FASB Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” (“ASU 2013-11”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2013. ASU 2013-11 provides explicit guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. As a result of implementing ASU 2013-11, the Company recorded a reduction in liability for unrecognized tax benefits and a corresponding reduction in deferred tax assets of $19 million for the year ended December 31, 2014. | |||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of this new accounting guidance will have on its consolidated financial statements and footnote disclosures. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule of Estimated Useful Lives of Property and Equipment | Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: | ||||||||||||
Buildings and improvements | 20 to 40 years | ||||||||||||
Land improvements | 10 to 20 years | ||||||||||||
Furniture and fixtures | 3 to 20 years | ||||||||||||
Equipment | 3 to 20 years | ||||||||||||
Schedule of Estimated Cost of Providing Promotional Allowances | The estimated cost of providing promotional allowances is primarily included in casino expenses as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Rooms | $ | 115,463 | $ | 111,842 | $ | 109,713 | |||||||
Food and beverage | 295,667 | 294,555 | 298,111 | ||||||||||
Entertainment, retail and other | 39,673 | 39,606 | 35,643 | ||||||||||
$ | 450,803 | $ | 446,003 | $ | 443,467 | ||||||||
Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding | Diluted weighted-average common and common equivalent shares includes adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plans and the assumed conversion of convertible debt, unless the effect of inclusion of such shares would be antidilutive. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | (In thousands) | ||||||||||||
Net loss attributable to MGM Resorts International - basic | $ | (149,873 | ) | $ | (171,734 | ) | $ | (1,767,691 | ) | ||||
Potentially dilutive effect due to MGM China Share Option Plan | (340 | ) | (104 | ) | - | ||||||||
Net loss attributable to MGM Resorts International - diluted | $ | (150,213 | ) | $ | (171,838 | ) | $ | (1,767,691 | ) | ||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding - basic and diluted | 490,875 | 489,661 | 488,988 | ||||||||||
Antidilutive share-based awards excluded from the calculation of diluted | 19,254 | 18,468 | 25,041 | ||||||||||
earnings per share | |||||||||||||
Schedule of Accumulated Other Comprehensive Income | Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity, and the cumulative balance of these elements consisted of the following: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Currency translation adjustments | $ | 23,440 | $ | 24,733 | |||||||||
Other comprehensive income (loss) from unconsolidated affiliates | 672 | (578 | ) | ||||||||||
Accumulated other comprehensive income | 24,112 | 24,155 | |||||||||||
Less: Currency translation adjustment attributable to noncontrolling interests | (11,121 | ) | (11,652 | ) | |||||||||
Accumulated other comprehensive income attributable to MGM Resorts | $ | 12,991 | $ | 12,503 | |||||||||
International | |||||||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Casino | $ | 307,152 | $ | 309,620 | |||||
Hotel | 149,268 | 156,201 | |||||||
Other | 106,527 | 104,109 | |||||||
562,947 | 569,930 | ||||||||
Less: Allowance for doubtful accounts | (89,602 | ) | (81,713 | ) | |||||
$ | 473,345 | $ | 488,217 | ||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | |||||||||
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Land | $ | 6,475,134 | $ | 6,477,489 | |||||
Buildings, building improvements and land improvements | 9,313,308 | 9,264,455 | |||||||
Furniture, fixtures and equipment | 4,178,723 | 4,040,887 | |||||||
Construction in progress | 999,616 | 437,434 | |||||||
20,966,781 | 20,220,265 | ||||||||
Less: Accumulated depreciation and amortization | (6,525,239 | ) | (6,165,053 | ) | |||||
$ | 14,441,542 | $ | 14,055,212 | ||||||
Investments_in_and_Advances_to1
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of Investments in and Advances to Unconsolidated Affiliates | |||||||||||||
Investments in and advances to unconsolidated affiliates consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
CityCenter Holdings, LLC – CityCenter (50%) | $ | 1,221,306 | $ | 1,172,087 | |||||||||
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) | 141,162 | 169,579 | |||||||||||
Marina District Development Company – Borgata (50%) | 109,252 | 94,425 | |||||||||||
Other | 87,314 | 33,170 | |||||||||||
$ | 1,559,034 | $ | 1,469,261 | ||||||||||
Schedule of Net income (Loss) from Unconsolidated Affiliates, Including Adjustments for Basis Differences | The Company recorded its share of the net income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income (loss) from unconsolidated affiliates | $ | 63,836 | $ | 68,829 | $ | (16,800 | ) | ||||||
Preopening and start-up expenses | (917 | ) | (507 | ) | (656 | ) | |||||||
Non-operating items from unconsolidated affiliates | (87,794 | ) | (208,682 | ) | (130,845 | ) | |||||||
$ | (24,875 | ) | $ | (140,360 | ) | $ | (148,301 | ) | |||||
Tabular Disclosure of Differences between Venture-Level Equity and Investment Balances | Differences between the Company’s venture-level equity and investment balances are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Venture-level equity | $ | 3,532,746 | $ | 3,563,232 | |||||||||
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts | (578,554 | ) | (583,946 | ) | |||||||||
International (1) | |||||||||||||
CityCenter capitalized interest (2) | 251,450 | 261,526 | |||||||||||
Completion guarantee (3) | 466,660 | 411,944 | |||||||||||
Advances to CityCenter, net of discount (4) | (49,892 | ) | (53,296 | ) | |||||||||
Other-than-temporary impairments of CityCenter investment (5) | (1,857,673 | ) | (1,915,153 | ) | |||||||||
Other-than-temporary impairments of Borgata investment (6) | (130,333 | ) | (134,217 | ) | |||||||||
Fair value adjustments upon acquisition of Grand Victoria investment (7) | 267,190 | 267,190 | |||||||||||
Other adjustments (8) | (342,560 | ) | (348,019 | ) | |||||||||
$ | 1,559,034 | $ | 1,469,261 | ||||||||||
-1 | Primarily relates to land and fixed assets. | ||||||||||||
-2 | Relates to interest capitalized on the Company’s investment balance during development and construction stages. | ||||||||||||
-3 | Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. | ||||||||||||
-4 | During 2013, the Company converted its CityCenter sponsor notes to equity, resolving the basis difference related to such notes which were previously recognized as long-term debt by CityCenter. The remaining basis difference relates to interest on the notes capitalized by CityCenter during development. | ||||||||||||
-5 | The impairment of the Company’s CityCenter investment includes $426 million of impairments allocated to land. | ||||||||||||
-6 | The impairment of the Company’s Borgata investment includes $90 million of impairments allocated to land. | ||||||||||||
-7 | Relates to indefinite-lived gaming license rights for Grand Victoria. | ||||||||||||
-8 | Other adjustments include the deferred gain on assets contributed to CityCenter upon formation of CityCenter and other-than-temporary impairments of the Company’s investment in Grand Victoria and Silver Legacy. | ||||||||||||
Unconsolidated Affiliates [Member] | |||||||||||||
Summarized Balance Sheet Information | Summarized balance sheet information of the unconsolidated affiliates is as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 772,412 | $ | 614,474 | |||||||||
Property and other assets, net | 9,394,703 | 9,754,247 | |||||||||||
Current liabilities | 683,452 | 627,598 | |||||||||||
Long-term debt and other long-term obligations | 2,409,478 | 2,604,629 | |||||||||||
Equity | 7,074,185 | 7,136,494 | |||||||||||
Summarized Income Statement Information | Summarized results of operations of the unconsolidated affiliates are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net revenues | $ | 2,299,698 | $ | 2,280,309 | $ | 2,213,577 | |||||||
Operating expenses | (2,278,039 | ) | (2,247,743 | ) | (2,361,027 | ) | |||||||
Operating income (loss) | 21,659 | 32,566 | (147,450 | ) | |||||||||
Interest expense | (164,055 | ) | (328,740 | ) | (360,021 | ) | |||||||
Non-operating expenses | (13,337 | ) | (146,898 | ) | (4,076 | ) | |||||||
Net loss | $ | (155,733 | ) | $ | (443,072 | ) | $ | (511,547 | ) | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Goodwill: | (In thousands) | ||||||||
Wholly owned domestic resorts | $ | 70,975 | $ | 70,975 | |||||
MGM China | 2,826,135 | 2,826,467 | |||||||
$ | 2,897,110 | $ | 2,897,442 | ||||||
Indefinite-lived intangible assets: | |||||||||
Detroit development rights | $ | 98,098 | $ | 98,098 | |||||
Trademarks, license rights and other | 232,123 | 232,123 | |||||||
Total indefinite-lived intangible assets | 330,221 | 330,221 | |||||||
Finite-lived intangible assets: | |||||||||
MGM Grand Paradise gaming subconcession | 4,513,101 | 4,513,631 | |||||||
Less: Accumulated amortization | (692,047 | ) | (526,152 | ) | |||||
3,821,054 | 3,987,479 | ||||||||
MGM Macau land concession | 84,717 | 84,727 | |||||||
Less: Accumulated amortization | (15,272 | ) | (11,003 | ) | |||||
69,445 | 73,724 | ||||||||
MGM China customer lists | 128,946 | 128,961 | |||||||
Less: Accumulated amortization | (116,664 | ) | (101,240 | ) | |||||
12,282 | 27,721 | ||||||||
MGM China gaming promoter relationships | 180,524 | 180,545 | |||||||
Less: Accumulated amortization | (161,467 | ) | (116,335 | ) | |||||
19,057 | 64,210 | ||||||||
Maryland license, Massachusetts license and other intangible assets | 136,827 | 51,827 | |||||||
Less: Accumulated amortization | (24,030 | ) | (23,321 | ) | |||||
112,797 | 28,506 | ||||||||
Total finite-lived intangible assets, net | 4,034,635 | 4,181,640 | |||||||
Total other intangible assets, net | $ | 4,364,856 | $ | 4,511,861 | |||||
Schedule of Estimated Future Amortization | Estimated future amortization is as follows: | ||||||||
Years ending December 31, | (In thousands) | ||||||||
2015 | $ | 199,256 | |||||||
2016 | 174,317 | ||||||||
2017 | 173,794 | ||||||||
2018 | 178,044 | ||||||||
2019 | 178,044 | ||||||||
Thereafter | 3,131,180 | ||||||||
$ | 4,034,635 | ||||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Payroll and related | $ | 369,497 | $ | 394,709 | |||||
Advance deposits and ticket sales | 103,440 | 104,504 | |||||||
Casino outstanding chip liability | 294,466 | 409,917 | |||||||
Casino front money deposits | 122,184 | 125,180 | |||||||
MGM China gaming promoter commissions | 74,754 | 118,122 | |||||||
Other gaming related accruals | 114,165 | 137,181 | |||||||
Taxes, other than income taxes | 201,562 | 236,991 | |||||||
Completion guarantee liability | 148,929 | 97,223 | |||||||
Other | 145,620 | 146,974 | |||||||
$ | 1,574,617 | $ | 1,770,801 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Long-Term Debt | Long-term debt consisted of the following: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Senior credit facility: | (In thousands) | |||||||||||
$2,744 million ($2,772 million at December 31, 2013) term loans, net | $ | 2,738,118 | $ | 2,765,041 | ||||||||
MGM Grand Paradise credit facility | 553,177 | 553,242 | ||||||||||
$508.9 million 5.875% senior notes, due 2014, net | - | 508,848 | ||||||||||
$1,450 million 4.25% convertible senior notes, due 2015, net | 1,451,405 | 1,456,153 | ||||||||||
$875 million 6.625% senior notes, due 2015, net | 875,370 | 876,022 | ||||||||||
$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 | 497,955 | 496,987 | ||||||||||
$743 million 7.625% senior notes, due 2017 | 743,000 | 743,000 | ||||||||||
$475 million 11.375% senior notes, due 2018, net | 468,949 | 467,451 | ||||||||||
$850 million 8.625% senior notes, due 2019 | 850,000 | 850,000 | ||||||||||
$500 million 5.25% senior notes, due 2020 | 500,000 | 500,000 | ||||||||||
$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 | ||||||||||
$1,250 million 6% senior notes, due 2023, net | 1,250,742 | - | ||||||||||
$0.6 million 7% debentures, due 2036, net | 572 | 572 | ||||||||||
$4.3 million 6.7% debentures, due 2096 | 4,265 | 4,265 | ||||||||||
14,159,202 | 13,447,230 | |||||||||||
Less: Current portion | (1,245,320 | ) | - | |||||||||
$ | 12,913,882 | $ | 13,447,230 | |||||||||
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Total interest incurred | $ | 846,321 | $ | 862,417 | $ | 1,117,327 | ||||||
Interest capitalized | (29,260 | ) | (5,070 | ) | (969 | ) | ||||||
$ | 817,061 | $ | 857,347 | $ | 1,116,358 | |||||||
Schedule of Maturities of Long-Term Debt | Maturities of long-term debt. Maturities of the Company’s long-term debt as of December 31, 2014 are as follows: | |||||||||||
Years ending December 31, | (In thousands) | |||||||||||
2015 | $ | 2,353,000 | ||||||||||
2016 | 1,641,944 | |||||||||||
2017 | 2,183,382 | |||||||||||
2018 | 492,500 | |||||||||||
2019 | 2,495,000 | |||||||||||
Thereafter | 5,004,817 | |||||||||||
14,170,643 | ||||||||||||
Debt premiums and discounts, net | (11,441 | ) | ||||||||||
$ | 14,159,202 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations | Income (loss) before income taxes for domestic and foreign operations consisted of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Domestic operations | $ | (168,135 | ) | $ | (444,891 | ) | $ | (2,048,868 | ) | ||||
Foreign operations | 579,021 | 507,081 | 314,655 | ||||||||||
$ | 410,886 | $ | 62,190 | $ | (1,734,213 | ) | |||||||
Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes | The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: | (In thousands) | ||||||||||||
Current | $ | (10,448 | ) | $ | 3,532 | $ | 1,636 | ||||||
Deferred (excluding separate components) | 785,225 | 963,919 | 1,011,881 | ||||||||||
Deferred – operating loss carryforward | (277,453 | ) | (305,760 | ) | 89,954 | ||||||||
Deferred – valuation allowance | (815,851 | ) | (634,190 | ) | (1,017,228 | ) | |||||||
Other noncurrent | 33,130 | 14,522 | (1,587 | ) | |||||||||
Benefit (provision) for federal income taxes | (285,397 | ) | 42,023 | 84,656 | |||||||||
State: | |||||||||||||
Current | (2,214 | ) | (1,812 | ) | (3,466 | ) | |||||||
Deferred (excluding separate components) | 4,338 | 4,056 | 24,104 | ||||||||||
Deferred – operating loss carryforward | 531 | 393 | 9,221 | ||||||||||
Deferred – valuation allowance | 412 | (4,374 | ) | (2,579 | ) | ||||||||
Other noncurrent | (547 | ) | 879 | (5,493 | ) | ||||||||
Benefit (provision) for state income taxes | 2,520 | (858 | ) | 21,787 | |||||||||
Foreign: | |||||||||||||
Current | (1,656 | ) | (2,214 | ) | (3,217 | ) | |||||||
Deferred (excluding separate components) | 1,726 | (70,440 | ) | 12,471 | |||||||||
Deferred – operating loss carryforward | 3,495 | 1,312 | (782 | ) | |||||||||
Deferred – valuation allowance | (4,396 | ) | 9,361 | 2,386 | |||||||||
Benefit (provision) for foreign income taxes | (831 | ) | (61,981 | ) | 10,858 | ||||||||
$ | (283,708 | ) | $ | (20,816 | ) | $ | 117,301 | ||||||
Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate | A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Foreign tax credit | (222.0 | ) | (1,557.1 | ) | 45.2 | ||||||||
Repatriation of foreign earnings | 113.2 | 738.4 | (19.2 | ) | |||||||||
Federal valuation allowance | 198.6 | 1,019.80 | (58.7 | ) | |||||||||
State income tax, net of federal benefit and valuation allowance | (0.4 | ) | 0.8 | 0.8 | |||||||||
Settlements with taxing authorities | (7.6 | ) | (23.5 | ) | - | ||||||||
Macau deferred tax liability re-measurement | - | 96.1 | - | ||||||||||
Foreign jurisdiction income/losses taxed at other than 35% | (49.1 | ) | (281.8 | ) | 7 | ||||||||
Tax credits | (1.0 | ) | (13.1 | ) | 0.5 | ||||||||
Permanent and other items | 2.3 | 18.9 | (3.8 | ) | |||||||||
69 | % | 33.5 | % | 6.8 | % | ||||||||
Schedule of Major Tax-Effected Components of the Company's Net Deferred Tax Liability | The major tax-effected components of the Company’s net deferred tax liability are as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets – federal and state: | (In thousands) | ||||||||||||
Senior secured notes retirement | $ | - | $ | 647 | |||||||||
Bad debt reserve | 47,563 | 37,327 | |||||||||||
Deferred compensation | 4,074 | 3,680 | |||||||||||
Net operating loss carryforward | 21,555 | 304,077 | |||||||||||
Accruals, reserves and other | 129,311 | 148,303 | |||||||||||
Investments in unconsolidated affiliates | 236,528 | 268,896 | |||||||||||
Stock-based compensation | 34,449 | 31,185 | |||||||||||
Tax credits | 2,601,653 | 1,796,599 | |||||||||||
3,075,133 | 2,590,714 | ||||||||||||
Less: Valuation allowance | (2,498,299 | ) | (1,665,846 | ) | |||||||||
576,834 | 924,868 | ||||||||||||
Deferred tax assets – foreign: | |||||||||||||
Bad debt reserve | 1,456 | 333 | |||||||||||
Net operating loss carryforward | 59,329 | 55,834 | |||||||||||
Accruals, reserves and other | 64 | 154 | |||||||||||
Property and equipment | 10,687 | 11,204 | |||||||||||
71,536 | 67,525 | ||||||||||||
Less: Valuation allowance | (60,468 | ) | (56,071 | ) | |||||||||
11,068 | 11,454 | ||||||||||||
Total deferred tax assets | $ | 587,902 | $ | 936,322 | |||||||||
Deferred tax liabilities – federal and state: | |||||||||||||
Property and equipment | (2,549,866 | ) | (2,488,287 | ) | |||||||||
Long-term debt | (293,006 | ) | (360,666 | ) | |||||||||
Intangibles | (109,161 | ) | (105,231 | ) | |||||||||
(2,952,033 | ) | (2,954,184 | ) | ||||||||||
Deferred tax liabilities – foreign: | |||||||||||||
Intangibles | (319,871 | ) | (321,116 | ) | |||||||||
(319,871 | ) | (321,116 | ) | ||||||||||
Total deferred tax liability | $ | (3,271,904 | ) | $ | (3,275,300 | ) | |||||||
Net deferred tax liability | $ | (2,684,002 | ) | $ | (2,338,978 | ) | |||||||
Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Gross unrecognized tax benefits at January 1 | $ | 106,246 | $ | 153,184 | $ | 145,799 | |||||||
Gross increases - prior period tax positions | 1,626 | 6,082 | 6,903 | ||||||||||
Gross decreases - prior period tax positions | (43,098 | ) | (35,508 | ) | (12,639 | ) | |||||||
Gross increases - current period tax positions | 5,066 | 4,064 | 13,121 | ||||||||||
Settlements with taxing authorities | (38,697 | ) | (21,576 | ) | - | ||||||||
Gross unrecognized tax benefits at December 31 | $ | 31,143 | $ | 106,246 | $ | 153,184 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||
Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases and Capital Leases | At December 31, 2014, the Company was obligated under non-cancellable operating leases and capital leases to make future minimum lease payments as follows: | ||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
Years ending December 31, | (In thousands) | ||||||||
2015 | $ | 53,380 | $ | 5,376 | |||||
2016 | 53,372 | 4,057 | |||||||
2017 | 24,333 | 3,143 | |||||||
2018 | 22,246 | 1,596 | |||||||
2019 | 20,300 | - | |||||||
Thereafter | 1,104,400 | - | |||||||
Total minimum lease payments | $ | 1,278,031 | 14,172 | ||||||
Less: Amounts representing interest | (1,214 | ) | |||||||
Total obligations under capital leases | 12,958 | ||||||||
Less: Amounts due within one year | (4,691 | ) | |||||||
Amounts due after one year | $ | 8,267 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Schedule of Compensation Cost Recognized | Recognition of compensation cost. Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Compensation cost: | (In thousands) | ||||||||||||||||||||
Omnibus Plan | $ | 29,662 | $ | 27,201 | $ | 37,588 | |||||||||||||||
MGM China Plan | 8,706 | 6,221 | 5,840 | ||||||||||||||||||
Total compensation cost | 38,368 | 33,422 | 43,428 | ||||||||||||||||||
Less: Reimbursed costs and other | (1,104 | ) | (1,090 | ) | (3,868 | ) | |||||||||||||||
Compensation cost recognized as expense | 37,264 | 32,332 | 39,560 | ||||||||||||||||||
Less: Related tax benefit | (9,822 | ) | - | (1,660 | ) | ||||||||||||||||
Compensation expense, net of tax benefit | $ | 27,442 | $ | 32,332 | $ | 37,900 | |||||||||||||||
Omnibus Plan [Member] | |||||||||||||||||||||
Summary of Stock Options and Stock Appreciation Rights Activity | Stock options and stock appreciation rights | ||||||||||||||||||||
Weighted | |||||||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||
Units | Exercise | Contractual | Value | ||||||||||||||||||
(000’s) | Price | Term | (000’s) | ||||||||||||||||||
Outstanding at January 1, 2014 | 16,074 | $ | 15.22 | ||||||||||||||||||
Granted | 2,385 | 22.29 | |||||||||||||||||||
Exercised | (1,837 | ) | 14.68 | ||||||||||||||||||
Forfeited or expired | (446 | ) | 48.95 | ||||||||||||||||||
Outstanding at December 31, 2014 | 16,176 | 15.27 | 3.53 | $ | 121,194 | ||||||||||||||||
Vested and expected to vest at December 31, 2014 | 15,796 | 15.14 | 3.47 | $ | 120,676 | ||||||||||||||||
Exercisable at December 31, 2014 | 10,750 | 14.1 | 2.43 | $ | 98,485 | ||||||||||||||||
Schedule of Restricted Stock Units and Performance Share Units Activity | Restricted stock units and performance share units | ||||||||||||||||||||
RSUs | PSUs | ||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Units | Grant-Date | Units | Grant-Date | Target | |||||||||||||||||
(000’s) | Fair Value | (000’s) | Fair Value | Price | |||||||||||||||||
Nonvested at January 1, 2014 | 1,339 | $ | 13.85 | 1,055 | $ | 13.91 | $ | 16.95 | |||||||||||||
Granted | 603 | 22.51 | 400 | 18.39 | 29.8 | ||||||||||||||||
Vested | (552 | ) | 12.39 | - | - | - | |||||||||||||||
Forfeited | (32 | ) | 14.73 | - | - | - | |||||||||||||||
Nonvested at December 31, 2014 | 1,358 | 18.27 | 1,455 | 15.14 | 20.48 | ||||||||||||||||
Schedule of Additional Information Related to Stock Options, SARs and RSUs | The following table includes additional information related to stock options, SARs and RSUs: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Intrinsic value of share-based awards exercised or RSUs vested | $ | 31,613 | $ | 28,880 | $ | 6,451 | |||||||||||||||
Income tax benefit from share-based awards exercised or | 10,805 | 9,975 | 2,236 | ||||||||||||||||||
RSUs vested | |||||||||||||||||||||
Weighted Average Assumptions Utilized for SARs Grants | Compensation cost for SARs granted under the Omnibus Plan is based on the fair value of each award, measured by applying the Black-Scholes model on the date of grant, using the following weighted-average assumptions: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 40 | % | 54 | % | 65 | % | |||||||||||||||
Expected term | 4.9 yrs. | 4.9 yrs. | 5.0 yrs. | ||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 1.6 | % | 1.6 | % | 0.7 | % | |||||||||||||||
Weighted-average fair value of SARs granted | $ | 8.18 | $ | 9.44 | $ | 5.6 | |||||||||||||||
Weighted Average Assumptions Utilized for PSUs | Compensation cost for PSUs granted under the Omnibus Plan is based on the fair value of each award, measured by applying a Monte Carlo simulation method on the date of grant, using the following weighted-average assumptions: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 31 | % | 40 | % | 49 | % | |||||||||||||||
Expected term | 3.0 yrs. | 3.0 yrs. | 3.0 yrs. | ||||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 1 | % | 0.6 | % | 0.4 | % | |||||||||||||||
Weighted-average fair value of PSUs granted | $ | 18.39 | $ | 21.01 | $ | 10.03 | |||||||||||||||
MGM China Plan [Member] | |||||||||||||||||||||
Summary of Stock Option Activity | Stock options | ||||||||||||||||||||
Weighted | |||||||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||
Units | Exercise | Contractual | Value | ||||||||||||||||||
(000’s) | Price | Term | (000’s) | ||||||||||||||||||
Outstanding at January 1, 2014 | 16,916 | $ | 2.06 | ||||||||||||||||||
Granted | 19,920 | 3.47 | |||||||||||||||||||
Exercised | (988 | ) | 1.98 | ||||||||||||||||||
Forfeited or expired | (790 | ) | 2.67 | ||||||||||||||||||
Outstanding at December 31, 2014 | 35,058 | 2.85 | 8.15 | $ | 8,084 | ||||||||||||||||
Vested and expected to vest at December 31, 2014 | 33,065 | 2.82 | 8.08 | $ | 8,022 | ||||||||||||||||
Exercisable at December 31, 2014 | 10,223 | 2.02 | 6.41 | $ | 5,506 | ||||||||||||||||
Weighted Average Assumptions Utilized for Stock Option Grants | Compensation cost for stock options granted under the MGM China Plan is based on the fair value of each award, measured by applying the Black-Scholes model on the date of grant, using the following weighted-average assumptions: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected volatility | 39 | % | 46 | % | 60 | % | |||||||||||||||
Expected term | 7.9 yrs. | 8.0 yrs. | 8.0 yrs. | ||||||||||||||||||
Expected dividend yield | 1.6 | % | 1.2 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 1.8 | % | 1.7 | % | 2.1 | % | |||||||||||||||
Weighted-average fair value of options granted | $ | 1.06 | $ | 1.39 | $ | 1.13 | |||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||
Table Outlining Company's Participation in Pension Plan | The Company’s participation in the Pension Plan is outlined in the table below. | ||||||||||||
Expiration Date | |||||||||||||
Pension Protection Act | of Collective | ||||||||||||
EIN/Pension | Zone Status (1) | Bargaining | |||||||||||
Pension Fund | Plan Number | 2013 | 2012 | Agreements (2) | |||||||||
Southern Nevada Culinary and | 88-6016617/001 | Green | Green | 11/12/14 - 5/31/18 | |||||||||
Bartenders Pension Plan | |||||||||||||
-1 | The trustees of the Pension Plan have elected to apply the extended amortization and the special ten year asset smoothing rules under the Pension Relief Act of 2010. | ||||||||||||
-2 | The Company is party to ten collective bargaining agreements that require contributions to the Pension Plan. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., MGM Grand Hotel, LLC and the Local Joint Executive Board of Las Vegas are the most significant because more than half of the Company’s employee participants in the Pension Plan are covered by those four agreements. The collective bargaining agreement covering approximately 4,300 employees at MGM Grand Las Vegas expired in 2014. The Company has signed an extension of such agreement and is currently negotiating a new agreement. | ||||||||||||
Schedule of Contributions of Company's Multiemployer Pension and Other Multiemployer Benefit Plans | Contributions to the Company’s multiemployer pension plans and other multiemployer benefit plans were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Multiemployer Pension Plans | (In thousands) | ||||||||||||
Southern Nevada Culinary and Bartenders Pension Plan | $ | 33,927 | $ | 37,691 | $ | 35,556 | |||||||
Other pension plans not individually significant | 7,323 | 8,280 | 8,083 | ||||||||||
Total multiemployer pension plans | $ | 41,250 | $ | 45,971 | $ | 43,639 | |||||||
Multiemployer Benefit Plans Other Than Pensions | |||||||||||||
UNITE HERE Health | $ | 202,641 | $ | 167,494 | $ | 162,453 | |||||||
Other | 12,746 | 15,367 | 14,172 | ||||||||||
Total multiemployer benefit plans other than pensions | $ | 215,387 | $ | 182,861 | $ | 176,625 | |||||||
Property_Transactions_Net_Tabl
Property Transactions, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Schedule of Property Transactions, Net | Property transactions, net consisted of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Grand Victoria investment impairment | $ | 28,789 | $ | 36,607 | $ | 85,009 | |||||||
Corporate buildings impairment | - | 44,510 | - | ||||||||||
Other Nevada land impairment | - | 20,354 | - | ||||||||||
Borgata investment impairment | - | - | 53,757 | ||||||||||
Las Vegas Strip land impairment | - | - | 366,406 | ||||||||||
Atlantic City land impairment | - | - | 166,569 | ||||||||||
Other property transactions, net | 12,213 | 23,290 | 25,065 | ||||||||||
$ | 41,002 | $ | 124,761 | $ | 696,806 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Information | The following tables present the Company’s segment information: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net Revenues | |||||||||||||
Wholly owned domestic resorts | $ | 6,342,084 | $ | 6,052,644 | $ | 5,932,791 | |||||||
MGM China | 3,282,329 | 3,316,928 | 2,807,676 | ||||||||||
Reportable segment net revenues | 9,624,413 | 9,369,572 | 8,740,467 | ||||||||||
Corporate and other | 457,571 | 440,091 | 420,377 | ||||||||||
$ | 10,081,984 | $ | 9,809,663 | $ | 9,160,844 | ||||||||
Adjusted Property EBITDA | |||||||||||||
Wholly owned domestic resorts | $ | 1,518,307 | $ | 1,442,686 | $ | 1,325,220 | |||||||
MGM China | 850,471 | 814,109 | 679,345 | ||||||||||
Reportable segment Adjusted Property EBITDA | 2,368,778 | 2,256,795 | 2,004,565 | ||||||||||
Other operating expense | |||||||||||||
Corporate and other, net | (149,216 | ) | (132,214 | ) | (256,584 | ) | |||||||
Preopening and start-up expenses | (39,257 | ) | (13,314 | ) | (2,127 | ) | |||||||
Property transactions, net | (41,002 | ) | (124,761 | ) | (696,806 | ) | |||||||
Depreciation and amortization | (815,765 | ) | (849,225 | ) | (927,697 | ) | |||||||
Operating income | 1,323,538 | 1,137,281 | 121,351 | ||||||||||
Non-operating income (expense) | |||||||||||||
Interest expense, net of amounts capitalized | (817,061 | ) | (857,347 | ) | (1,116,358 | ) | |||||||
Non-operating items from unconsolidated affiliates | (87,794 | ) | (208,682 | ) | (130,845 | ) | |||||||
Other, net | (7,797 | ) | (9,062 | ) | (608,361 | ) | |||||||
(912,652 | ) | (1,075,091 | ) | (1,855,564 | ) | ||||||||
Income (loss) before income taxes | 410,886 | 62,190 | (1,734,213 | ) | |||||||||
Benefit (provision) for income taxes | (283,708 | ) | (20,816 | ) | 117,301 | ||||||||
Net income (loss) | 127,178 | 41,374 | (1,616,912 | ) | |||||||||
Less: Net income attributable to noncontrolling interests | (277,051 | ) | (213,108 | ) | (150,779 | ) | |||||||
Net loss attributable to MGM Resorts International | $ | (149,873 | ) | $ | (171,734 | ) | $ | (1,767,691 | ) | ||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Total assets: | (In thousands) | ||||||||||||
Wholly owned domestic resorts | $ | 13,336,737 | $ | 13,151,719 | |||||||||
MGM China | 8,842,949 | 9,203,742 | |||||||||||
Reportable segment total assets | 22,179,686 | 22,355,461 | |||||||||||
Corporate and other | 4,545,448 | 3,750,839 | |||||||||||
Eliminated in consolidation | (22,623 | ) | (21,690 | ) | |||||||||
$ | 26,702,511 | $ | 26,084,610 | ||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Property and equipment, net: | (In thousands) | ||||||||||||
Wholly owned domestic resorts | $ | 11,933,559 | $ | 11,787,880 | |||||||||
MGM China | 1,323,432 | 957,769 | |||||||||||
Reportable segment property and equipment, net | 13,256,991 | 12,745,649 | |||||||||||
Corporate and other | 1,207,174 | 1,331,253 | |||||||||||
Eliminated in consolidation | (22,623 | ) | (21,690 | ) | |||||||||
$ | 14,441,542 | $ | 14,055,212 | ||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Capital expenditures: | (In thousands) | ||||||||||||
Wholly owned domestic resorts | $ | 292,463 | $ | 216,147 | $ | 258,519 | |||||||
MGM China | 347,338 | 254,516 | 80,018 | ||||||||||
Reportable segment capital expenditures | 639,801 | 470,663 | 338,537 | ||||||||||
Corporate and other | 233,173 | 107,442 | 89,935 | ||||||||||
Eliminated in consolidation | (933 | ) | (15,981 | ) | (5,709 | ) | |||||||
$ | 872,041 | $ | 562,124 | $ | 422,763 | ||||||||
Consolidating_Condensed_Financ1
Consolidating Condensed Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 1,390,806 | $ | 868,688 | $ | 768,335 | $ | (669 | ) | $ | 3,027,160 | ||||||||||
Property and equipment, net | - | 12,445,086 | 2,008,428 | (11,972 | ) | 14,441,542 | |||||||||||||||
Investments in subsidiaries | 20,430,160 | 3,896,365 | - | (24,326,525 | ) | - | |||||||||||||||
Investments in and advances to unconsolidated affiliates | - | 1,526,446 | 7,588 | 25,000 | 1,559,034 | ||||||||||||||||
Intercompany accounts | - | 2,175,091 | - | (2,175,091 | ) | - | |||||||||||||||
Other non-current assets | 141,035 | 414,801 | 7,118,939 | - | 7,674,775 | ||||||||||||||||
$ | 21,962,001 | $ | 21,326,477 | $ | 9,903,290 | $ | (26,489,257 | ) | $ | 26,702,511 | |||||||||||
Current liabilities | $ | 1,680,319 | $ | 953,179 | $ | 775,097 | $ | (670 | ) | $ | 3,407,925 | ||||||||||
Intercompany accounts | 1,932,780 | - | 242,311 | (2,175,091 | ) | - | |||||||||||||||
Deferred income taxes | 2,312,828 | - | 309,032 | - | 2,621,860 | ||||||||||||||||
Long-term debt | 11,907,534 | 4,837 | 1,001,511 | - | 12,913,882 | ||||||||||||||||
Other long-term obligations | 37,623 | 58,016 | 34,931 | - | 130,570 | ||||||||||||||||
Total liabilities | 17,871,084 | 1,016,032 | 2,362,882 | (2,175,761 | ) | 19,074,237 | |||||||||||||||
MGM Resorts stockholders' equity | 4,090,917 | 20,310,445 | 4,003,051 | (24,313,496 | ) | 4,090,917 | |||||||||||||||
Noncontrolling interests | - | - | 3,537,357 | - | 3,537,357 | ||||||||||||||||
Total stockholders' equity | 4,090,917 | 20,310,445 | 7,540,408 | (24,313,496 | ) | 7,628,274 | |||||||||||||||
$ | 21,962,001 | $ | 21,326,477 | $ | 9,903,290 | $ | (26,489,257 | ) | $ | 26,702,511 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 494,296 | $ | 903,537 | $ | 1,322,170 | $ | (564 | ) | $ | 2,719,439 | ||||||||||
Property and equipment, net | - | 12,552,828 | 1,514,356 | (11,972 | ) | 14,055,212 | |||||||||||||||
Investments in subsidiaries | 19,991,695 | 4,037,168 | - | (24,028,863 | ) | - | |||||||||||||||
Investments in and advances to unconsolidated affiliates | - | 1,461,496 | 7,765 | - | 1,469,261 | ||||||||||||||||
Other non-current assets | 167,552 | 422,259 | 7,250,887 | - | 7,840,698 | ||||||||||||||||
$ | 20,653,543 | $ | 19,377,288 | $ | 10,095,178 | $ | (24,041,399 | ) | $ | 26,084,610 | |||||||||||
Current liabilities | $ | 340,343 | $ | 959,118 | $ | 941,431 | $ | (25,564 | ) | $ | 2,215,328 | ||||||||||
Intercompany accounts | 1,446,952 | (1,470,305 | ) | 23,353 | - | - | |||||||||||||||
Deferred income taxes | 2,110,229 | - | 309,738 | - | 2,419,967 | ||||||||||||||||
Long-term debt | 12,441,112 | 4,836 | 1,001,282 | - | 13,447,230 | ||||||||||||||||
Other long-term obligations | 98,856 | 41,758 | 976 | - | 141,590 | ||||||||||||||||
Total liabilities | 16,437,492 | (464,593 | ) | 2,276,780 | (25,564 | ) | 18,224,115 | ||||||||||||||
MGM Resorts stockholders' equity | 4,216,051 | 19,841,881 | 4,173,954 | (24,015,835 | ) | 4,216,051 | |||||||||||||||
Noncontrolling interests | - | - | 3,644,444 | - | 3,644,444 | ||||||||||||||||
Total stockholders' equity | 4,216,051 | 19,841,881 | 7,818,398 | (24,015,835 | ) | 7,860,495 | |||||||||||||||
$ | 20,653,543 | $ | 19,377,288 | $ | 10,095,178 | $ | (24,041,399 | ) | $ | 26,084,610 | |||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | - | $ | 6,270,708 | $ | 3,813,736 | $ | (2,460 | ) | $ | 10,081,984 | ||||||||||
Equity in subsidiaries' earnings | 938,712 | 339,312 | - | (1,278,024 | ) | - | |||||||||||||||
Expenses | |||||||||||||||||||||
Casino and hotel operations | 5,482 | 3,810,711 | 2,554,965 | (2,460 | ) | 6,368,698 | |||||||||||||||
General and administrative | 4,743 | 1,089,192 | 224,814 | - | 1,318,749 | ||||||||||||||||
Corporate expense | 72,116 | 150,938 | 15,757 | - | 238,811 | ||||||||||||||||
Preopening and start-up expenses | - | 5,384 | 33,873 | - | 39,257 | ||||||||||||||||
Property transactions, net | - | 36,612 | 4,390 | - | 41,002 | ||||||||||||||||
Depreciation and amortization | - | 500,401 | 315,364 | - | 815,765 | ||||||||||||||||
82,341 | 5,593,238 | 3,149,163 | (2,460 | ) | 8,822,282 | ||||||||||||||||
Income from unconsolidated affiliates | - | 64,014 | (178 | ) | - | 63,836 | |||||||||||||||
Operating income (loss) | 856,371 | 1,080,796 | 664,395 | (1,278,024 | ) | 1,323,538 | |||||||||||||||
Interest expense, net of amounts capitalized | (794,826 | ) | (574 | ) | (21,661 | ) | - | (817,061 | ) | ||||||||||||
Other, net | 50,793 | (90,679 | ) | (55,705 | ) | - | (95,591 | ) | |||||||||||||
Income (loss) before income taxes | 112,338 | 989,543 | 587,029 | (1,278,024 | ) | 410,886 | |||||||||||||||
Provision for income taxes | (262,211 | ) | (20,735 | ) | (762 | ) | - | (283,708 | ) | ||||||||||||
Net income (loss) | (149,873 | ) | 968,808 | 586,267 | (1,278,024 | ) | 127,178 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (277,051 | ) | - | (277,051 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts | $ | (149,873 | ) | $ | 968,808 | $ | 309,216 | $ | (1,278,024 | ) | $ | (149,873 | ) | ||||||||
International | |||||||||||||||||||||
Net income (loss) | $ | (149,873 | ) | $ | 968,808 | $ | 586,267 | $ | (1,278,024 | ) | $ | 127,178 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | (762 | ) | (762 | ) | (1,293 | ) | 1,524 | (1,293 | ) | ||||||||||||
Other | 1,250 | 1,250 | - | (1,250 | ) | 1,250 | |||||||||||||||
Other comprehensive income (loss) | 488 | 488 | (1,293 | ) | 274 | (43 | ) | ||||||||||||||
Comprehensive income (loss) | (149,385 | ) | 969,296 | 584,974 | (1,277,750 | ) | 127,135 | ||||||||||||||
Less: Comprehensive income attributable to | - | - | (276,520 | ) | - | (276,520 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (149,385 | ) | $ | 969,296 | $ | 308,454 | $ | (1,277,750 | ) | $ | (149,385 | ) | ||||||||
MGM Resorts International | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | - | $ | 5,955,001 | $ | 3,856,728 | $ | (2,066 | ) | $ | 9,809,663 | ||||||||||
Equity in subsidiaries' earnings | 638,030 | 289,384 | - | (927,414 | ) | - | |||||||||||||||
Expenses | |||||||||||||||||||||
Casino and hotel operations | 5,644 | 3,622,940 | 2,632,198 | (2,066 | ) | 6,258,716 | |||||||||||||||
General and administrative | 4,432 | 1,051,757 | 222,261 | - | 1,278,450 | ||||||||||||||||
Corporate expense | 66,307 | 125,500 | 41,938 | (17,000 | ) | 216,745 | |||||||||||||||
Preopening and start-up expenses | - | 4,205 | 9,109 | - | 13,314 | ||||||||||||||||
Property transactions, net | - | 126,773 | (2,012 | ) | - | 124,761 | |||||||||||||||
Depreciation and amortization | - | 522,900 | 326,325 | - | 849,225 | ||||||||||||||||
76,383 | 5,454,075 | 3,229,819 | (19,066 | ) | 8,741,211 | ||||||||||||||||
Income from unconsolidated affiliates | - | 68,807 | 22 | - | 68,829 | ||||||||||||||||
Operating income (loss) | 561,647 | 859,117 | 626,931 | (910,414 | ) | 1,137,281 | |||||||||||||||
Interest expense, net of amounts capitalized | (805,933 | ) | (6,333 | ) | (45,081 | ) | - | (857,347 | ) | ||||||||||||
Other, net | 39,524 | (212,065 | ) | (45,203 | ) | - | (217,744 | ) | |||||||||||||
Income (loss) before income taxes | (204,762 | ) | 640,719 | 536,647 | (910,414 | ) | 62,190 | ||||||||||||||
Benefit (provision) for income taxes | 33,028 | 11,111 | (64,955 | ) | - | (20,816 | ) | ||||||||||||||
Net income (loss) | (171,734 | ) | 651,830 | 471,692 | (910,414 | ) | 41,374 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (213,108 | ) | - | (213,108 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts | $ | (171,734 | ) | $ | 651,830 | $ | 258,584 | $ | (910,414 | ) | $ | (171,734 | ) | ||||||||
International | |||||||||||||||||||||
Net income (loss) | $ | (171,734 | ) | $ | 651,830 | $ | 471,692 | $ | (910,414 | ) | $ | 41,374 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | (1,915 | ) | (1,915 | ) | (3,993 | ) | 3,830 | (3,993 | ) | ||||||||||||
Other | 115 | 115 | - | (115 | ) | 115 | |||||||||||||||
Other comprehensive income (loss) | (1,800 | ) | (1,800 | ) | (3,993 | ) | 3,715 | (3,878 | ) | ||||||||||||
Comprehensive income (loss) | (173,534 | ) | 650,030 | 467,699 | (906,699 | ) | 37,496 | ||||||||||||||
Less: Comprehensive income attributable to | - | - | (211,030 | ) | - | (211,030 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (173,534 | ) | $ | 650,030 | $ | 256,669 | $ | (906,699 | ) | $ | (173,534 | ) | ||||||||
MGM Resorts International | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net revenues | $ | - | $ | 5,782,523 | $ | 3,379,891 | $ | (1,570 | ) | $ | 9,160,844 | ||||||||||
Equity in subsidiaries' earnings | (210,934 | ) | 220,354 | - | (9,420 | ) | - | ||||||||||||||
Expenses | |||||||||||||||||||||
Casino and hotel operations | 7,623 | 3,615,288 | 2,299,941 | (1,570 | ) | 5,921,282 | |||||||||||||||
General and administrative | 7,101 | 1,025,028 | 207,645 | - | 1,239,774 | ||||||||||||||||
Corporate expense | 66,285 | 168,863 | 7,859 | (8,000 | ) | 235,007 | |||||||||||||||
Preopening and start-up expenses | - | 1,486 | 641 | - | 2,127 | ||||||||||||||||
Property transactions, net | - | 693,519 | 3,287 | - | 696,806 | ||||||||||||||||
Depreciation and amortization | - | 519,074 | 408,623 | - | 927,697 | ||||||||||||||||
81,009 | 6,023,258 | 2,927,996 | (9,570 | ) | 9,022,693 | ||||||||||||||||
Income from unconsolidated affiliates | - | (16,861 | ) | 61 | - | (16,800 | ) | ||||||||||||||
Operating income (loss) | (291,943 | ) | (37,242 | ) | 451,956 | (1,420 | ) | 121,351 | |||||||||||||
Interest expense, net of amounts capitalized | (1,053,692 | ) | (10,986 | ) | (51,680 | ) | - | (1,116,358 | ) | ||||||||||||
Other, net | (526,606 | ) | (178,026 | ) | (34,574 | ) | - | (739,206 | ) | ||||||||||||
Income (loss) before income taxes | (1,872,241 | ) | (226,254 | ) | 365,702 | (1,420 | ) | (1,734,213 | ) | ||||||||||||
Benefit for income taxes | 104,550 | 1,892 | 10,859 | - | 117,301 | ||||||||||||||||
Net income (loss) | (1,767,691 | ) | (224,362 | ) | 376,561 | (1,420 | ) | (1,616,912 | ) | ||||||||||||
Less: Net income attributable to noncontrolling interests | - | - | (150,779 | ) | - | (150,779 | ) | ||||||||||||||
Net income (loss) attributable to MGM Resorts | $ | (1,767,691 | ) | $ | (224,362 | ) | $ | 225,782 | $ | (1,420 | ) | $ | (1,767,691 | ) | |||||||
International | |||||||||||||||||||||
Net income (loss) | $ | (1,767,691 | ) | $ | (224,362 | ) | $ | 376,561 | $ | (1,420 | ) | $ | (1,616,912 | ) | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||
Foreign currency translation adjustment | 8,770 | 8,770 | 17,124 | (17,540 | ) | 17,124 | |||||||||||||||
Other | (445 | ) | (445 | ) | - | 445 | (445 | ) | |||||||||||||
Other comprehensive income (loss) | 8,325 | 8,325 | 17,124 | (17,095 | ) | 16,679 | |||||||||||||||
Comprehensive income (loss) | (1,759,366 | ) | (216,037 | ) | 393,685 | (18,515 | ) | (1,600,233 | ) | ||||||||||||
Less: Comprehensive income attributable to | - | - | (159,133 | ) | - | (159,133 | ) | ||||||||||||||
noncontrolling interests | |||||||||||||||||||||
Comprehensive income (loss) attributable to | $ | (1,759,366 | ) | $ | (216,037 | ) | $ | 234,552 | $ | (18,515 | ) | $ | (1,759,366 | ) | |||||||
MGM Resorts International | |||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities | (In thousands) | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (952,653 | ) | $ | 989,144 | $ | 872,860 | $ | - | $ | 909,351 | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures, net of construction payable | - | (332,089 | ) | (90,674 | ) | - | (422,763 | ) | |||||||||||||
Dispositions of property and equipment | - | 191 | 235 | - | 426 | ||||||||||||||||
Investments in and advances to | (46,800 | ) | (7,500 | ) | - | - | (54,300 | ) | |||||||||||||
unconsolidated affiliates | |||||||||||||||||||||
Distributions from unconsolidated affiliates | - | 1,723 | - | - | 1,723 | ||||||||||||||||
in excess of earnings | |||||||||||||||||||||
Investments in treasury securities - | - | (285,469 | ) | - | - | (285,469 | ) | ||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Proceeds from treasury securities - | - | 315,438 | - | - | 315,438 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Other | (1,973 | ) | 501 | - | - | (1,472 | ) | ||||||||||||||
Net cash used in investing activities | (48,773 | ) | (307,205 | ) | (90,439 | ) | - | (446,417 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Net borrowings under bank credit facilities - | 1,331,500 | - | 447,762 | - | 1,779,262 | ||||||||||||||||
maturities of 90 days or less | |||||||||||||||||||||
Borrowings under bank credit facilities - | - | - | 1,350,000 | - | 1,350,000 | ||||||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Repayments under bank credit facilities - | (1,834,128 | ) | - | (1,800,000 | ) | - | (3,634,128 | ) | |||||||||||||
maturities longer than 90 days | |||||||||||||||||||||
Issuance of senior notes | 4,100,000 | - | - | - | 4,100,000 | ||||||||||||||||
Retirement of senior notes | (4,009,117 | ) | - | - | - | (4,009,117 | ) | ||||||||||||||
Debt issuance costs | (119,197 | ) | - | (41,048 | ) | - | (160,245 | ) | |||||||||||||
Intercompany accounts | 996,462 | (685,752 | ) | (310,710 | ) | - | - | ||||||||||||||
Distributions to noncontrolling interest owners | - | - | (206,806 | ) | - | (206,806 | ) | ||||||||||||||
Other | (5,035 | ) | (833 | ) | (57 | ) | - | (5,925 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 460,485 | (686,585 | ) | (560,859 | ) | - | (786,959 | ) | |||||||||||||
Effect of exchange rate on cash | - | - | 1,621 | - | 1,621 | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Net increase (decrease) for the period | (540,941 | ) | (4,646 | ) | 223,183 | - | (322,404 | ) | |||||||||||||
Balance, beginning of period | 795,326 | 230,888 | 839,699 | - | 1,865,913 | ||||||||||||||||
Balance, end of period | $ | 254,385 | $ | 226,242 | $ | 1,062,882 | $ | - | $ | 1,543,509 | |||||||||||
Selected_Quarterly_Financial_R1
Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Selected Quarterly Financial Results | |||||||||||||||||||||
Quarter | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
2014 | (In thousands, except per share data) | ||||||||||||||||||||
Net revenues | $ | 2,630,398 | $ | 2,581,033 | $ | 2,485,007 | $ | 2,385,546 | $ | 10,081,984 | |||||||||||
Operating income | 416,472 | 354,464 | 286,489 | 266,113 | 1,323,538 | ||||||||||||||||
Net income (loss) | 186,100 | 178,168 | 50,382 | (287,472 | ) | 127,178 | |||||||||||||||
Net income (loss) attributable to MGM Resorts | 102,652 | 110,008 | (20,270 | ) | (342,263 | ) | (149,873 | ) | |||||||||||||
International | |||||||||||||||||||||
Basic income (loss) per share | $ | 0.21 | $ | 0.22 | $ | (0.04 | ) | $ | (0.70 | ) | $ | (0.31 | ) | ||||||||
Diluted income (loss) per share | $ | 0.2 | $ | 0.22 | $ | (0.04 | ) | $ | (0.70 | ) | $ | (0.31 | ) | ||||||||
2013 | |||||||||||||||||||||
Net revenues | $ | 2,352,148 | $ | 2,481,265 | $ | 2,463,037 | $ | 2,513,213 | $ | 9,809,663 | |||||||||||
Operating income | 308,597 | 235,753 | 262,797 | 330,134 | 1,137,281 | ||||||||||||||||
Net income (loss) | 22,197 | (36,401 | ) | 33,171 | 22,407 | 41,374 | |||||||||||||||
Net income (loss) attributable to MGM Resorts | 6,165 | (98,781 | ) | (22,313 | ) | (56,805 | ) | (171,734 | ) | ||||||||||||
International | |||||||||||||||||||||
Basic income (loss) per share | $ | 0.01 | $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.35 | ) | |||||||
Diluted income (loss) per share | $ | 0.01 | $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.12 | ) | $ | (0.35 | ) | |||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Segment | ||||||
Organization Disclosure [Line Items] | ||||||
Number of reportable segments | 2 | |||||
Boyd [Member] | Borgata [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | |||||
CityCenter Holdings, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | 50.00% | ||||
Annual management fee | 38,000,000 | $38,000,000 | $32,000,000 | |||
Marina District Development Company [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | 50.00% | ||||
Grand Victoria [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | ||
Silver Legacy [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | |||||
MGM Hakkasan Hospitality [Member] | MGM Hakkasan [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | |||||
Las Vegas Arena Company, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | |||||
Maximum [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 50.00% | |||||
Scenario, Forecast [Member] | Las Vegas Arena Company, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Expected development and construction cost, excluding capitalized and land related costs | 350,000,000 | |||||
Scenario, Forecast [Member] | Maximum [Member] | Las Vegas Arena Company, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Number of seats | 20,000 | |||||
Scenario, Forecast [Member] | Minimum [Member] | Las Vegas Arena Company, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Number of seats | 18,000 | |||||
MGM China [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Percentage ownership interest | 51.00% | |||||
MGM Cotai [Member] | Scenario, Forecast [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Expected development and construction cost, excluding capitalized and land related costs | 2,900,000,000 | |||||
MGM Cotai [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Number of hotel rooms | 1,500 | |||||
Number of gaming tables | 500 | |||||
Number of slots | 1,500 | |||||
Crystals [Member] | CityCenter Holdings, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Annual management fee | 3,000,000 | |||||
Aria and Vdara [Member] | CityCenter Holdings, LLC [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Management fee as a percentage of revenues | 2.00% | |||||
Management fee received, percentage of EBITDA | 5.00% | |||||
Mgm National Harbor [Member] | Scenario, Forecast [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Number of hotel rooms | 300 | |||||
Number of gaming tables | 160 | |||||
Number of slots | 3,600 | |||||
Expected development and construction cost, excluding capitalized and land related costs | 1,200,000,000 | |||||
Number of seats | 3,000 | |||||
Area of retail and restaurant space | 79,000 | |||||
Area of meeting and event space | 50,000 | |||||
Parking garage space | 4,700 | |||||
Mississippi [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Number of resorts owned and operated | 2 | |||||
Macau [Member] | MGM Cotai [Member] | Scenario, Forecast [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Area of development site (in acres) | 18 | |||||
Massachusetts [Member] | Mgm Springfield [Member] | Scenario, Forecast [Member] | ||||||
Organization Disclosure [Line Items] | ||||||
Area of development site (in acres) | 14.5 | |||||
Number of hotel rooms | 250 | |||||
Number of gaming tables | 100 | |||||
Number of slots | 3,000 | |||||
Expected development and construction cost, excluding capitalized and land related costs | 760,000,000 | |||||
Area of retail and restaurant space | 64,000 | |||||
Area of meeting and event space | 33,000 | |||||
Parking garage space | 3,500 |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Apr. 30, 2010 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Cash deposits - original maturities longer than 90 days | $570,000,000 | ||||
Accrual for property and equipment | 14,000,000 | ||||
Construction retention accrued | 24,000,000 | ||||
Impairment charges | 0 | 0 | 0 | ||
Advertising expense | 156,000,000 | 153,000,000 | 139,000,000 | ||
Reduction in deferred tax assets | -19,000,000 | ||||
Reduction in unrecognized tax benefits | -19,000,000 | ||||
4.25% convertible senior notes, due 2015, net [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Debt Instrument Face Amount | 1,450,000,000 | 1,450,000,000 | 300,000,000 | 1,150,000,000 | |
Long-term debt, interest rate (as a percent) | 4.25% | 4.25% | 4.25% | 4.25% | |
South Jersey Transportation Authority special revenue bonds [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Other-than-temporary impairment of owned investment | $47,000,000 | ||||
Foreign Country [Member] | Accounts Receivable [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of casino receivables were due from customers residing in foreign countries | 70.00% | ||||
Maximum [Member] | |||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage ownership interest | 50.00% |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Minimum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Minimum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Casino | $3,643,881 | $3,684,810 | $3,396,752 |
Cost Of Promotional Allowances | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Casino | 450,803 | 446,003 | 443,467 |
Cost Of Promotional Allowances | Rooms [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Casino | 115,463 | 111,842 | 109,713 |
Cost Of Promotional Allowances | Food and beverage [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Casino | 295,667 | 294,555 | 298,111 |
Cost Of Promotional Allowances | Entertainment retail and other [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Casino | $39,673 | $39,606 | $35,643 |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||
Net loss attributable to MGM Resorts International - basic | ($149,873) | ($171,734) | ($1,767,691) |
Potentially dilutive effect due to MGM China Share Option Plan | -340 | -104 | |
Net loss attributable to MGM Resorts International - diluted | ($150,213) | ($171,838) | ($1,767,691) |
Denominator: | |||
Weighted-average common shares outstanding - basic and diluted | 490,875 | 489,661 | 488,988 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 19,254 | 18,468 | 25,041 |
Basis_of_Presentation_and_Sign7
Basis of Presentation and Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Currency translation adjustments | $23,440 | $24,733 |
Other comprehensive income (loss) from unconsolidated affiliates | 672 | -578 |
Accumulated other comprehensive income | 24,112 | 24,155 |
Less: Currency translation adjustment attributable to noncontrolling interests | -11,121 | -11,652 |
Accumulated other comprehensive income attributable to MGM Resorts International | $12,991 | $12,503 |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $562,947 | $569,930 |
Less: Allowance for doubtful accounts | -89,602 | -81,713 |
Accounts receivable, net | 473,345 | 488,217 |
Casino [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 307,152 | 309,620 |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 149,268 | 156,201 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $106,527 | $104,109 |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (Assets Held-for-sale [Member], USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Oct. 31, 2014 | Dec. 31, 2014 |
Railroad Pass Hotel & Casino [Member] | |||
Long Lived Assets Held For Sale [Line Items] | |||
Contingent upon regulatory approvals and other customary closing conditions | $8 | ||
Impairment charges | 1 | ||
Assets held for sale | 9 | ||
Liabilities held for sale | 2 | ||
Gold Strike Hotel & Gambling Hall [Member] | |||
Long Lived Assets Held For Sale [Line Items] | |||
Contingent upon regulatory approvals and other customary closing conditions | 12 | ||
Impairment charges | 1 | ||
Assets held for sale | 14 | ||
Liabilities held for sale | $2 |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $20,966,781 | $20,220,265 |
Less: Accumulated depreciation and amortization | -6,525,239 | -6,165,053 |
Property and equipment, net | 14,441,542 | 14,055,212 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,475,134 | 6,477,489 |
Buildings, building improvements and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,313,308 | 9,264,455 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,178,723 | 4,040,887 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $999,616 | $437,434 |
Investments_in_and_Advances_to2
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $1,559,034 | $1,469,261 |
CityCenter Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 1,221,306 | 1,172,087 |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 141,162 | 169,579 |
Marina District Development Company [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 109,252 | 94,425 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $87,314 | $33,170 |
Investments_in_and_Advances_to3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
CityCenter Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Marina District Development Company [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Investments_in_and_Advances_to4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Net Income (Loss) from Unconsolidated Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investments And Joint Ventures [Abstract] | |||
Income (loss) from unconsolidated affiliates | $63,836 | $68,829 | ($16,800) |
Preopening and start-up expenses | -917 | -507 | -656 |
Non-operating items from unconsolidated affiliates | -87,794 | -208,682 | -130,845 |
Net income (loss) from unconsolidated affiliates | ($24,875) | ($140,360) | ($148,301) |
Investments_in_and_Advances_to5
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Loss on retirement of long-term debt | $3,801,000 | $563,292,000 | |||
Maximum [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage ownership interest | 50.00% | ||||
CityCenter Holdings, LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Recognized property transactions, net | 24,000,000 | ||||
Loss on retirement of long-term debt | 70,000,000 | 70,000,000 | |||
Debt restructuring, sponsor notes carrying value | 738,000,000 | ||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | ||
CityCenter Holdings, LLC [Member] | Harmon [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Percentage ownership interest | 50.00% | 50.00% | |||
Demolition cost | 32,000,000 | ||||
Demolition cost, proportionate share from equity method investee | 16,000,000 | ||||
CityCenter Holdings, LLC [Member] | Residential Inventory [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Real estate impairment charges | 36,000,000 | ||||
Percentage ownership interest | 50.00% | ||||
Real estate impairment charges of unconsolidated affiliates | 18,000,000 | ||||
CityCenter Holdings, LLC [Member] | Senior Secured First Lien Notes [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 7.63% | ||||
CityCenter Holdings, LLC [Member] | Senior Secured Credit Facility [Member] | Former Credit Facilities | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Credit facility amount | 1,775,000,000 | ||||
CityCenter Holdings, LLC [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Credit facility amount | 75,000,000 | ||||
Debt Instrument face amount | 16-Oct-18 | ||||
CityCenter Holdings, LLC [Member] | Senior Secured Credit Facility [Member] | Term Loan B Facility [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Debt Instrument Face Amount | 1,700,000,000 | ||||
Credit facility, maturity date | 16-Oct-20 | ||||
Percentage of principal amount issued | 99.00% | ||||
Interest rate margin (as a percent) | 3.25% | ||||
Interest rate floor (as a percent) | 1.00% | ||||
Repayments | 154,000,000 | ||||
CityCenter Holdings, LLC [Member] | Minimum [Member] | Senior Secured Second Lien PIK Toggle Notes [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 10.75% | ||||
CityCenter Holdings, LLC [Member] | Maximum [Member] | Senior Secured Second Lien PIK Toggle Notes [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 11.50% | ||||
CityCenter Holdings, LLC [Member] | Perini construction agreement [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Recognized property transactions, net | $48,000,000 |
Investments_in_and_Advances_to6
Investments in and Advances to Unconsolidated Affiliates - Additional Information 1 (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 30, 2012 | Jan. 01, 2012 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Trust asset distribution | $83,000,000 | |||||||||||||
Retroactive adjustments on net income (loss) | 15,000,000 | 0 | ||||||||||||
Retroactive adjustments on retained earnings | 0 | |||||||||||||
Term loan | 13,447,230,000 | 13,447,230,000 | 14,159,202,000 | |||||||||||
Cash contributed towards construction of Arena | 38,000,000 | |||||||||||||
Gain on redeemed outstanding second lien notes | 12,000,000 | |||||||||||||
Grand Victoria [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Investment impairment charge | 36,607,000 | 85,009,000 | 85,000,000 | 29,000,000 | 37,000,000 | 29,000,000 | 37,000,000 | 28,789,000 | ||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||||
Grand Victoria [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Estimated fair value | 205,000,000 | 140,000,000 | 170,000,000 | 140,000,000 | 170,000,000 | 140,000,000 | ||||||||
Grand Victoria [Member] | Fair Value, Inputs, Level 3 [Member] | Discounted cash flow analysis [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Long-term growth rate (as a percent) | 2.00% | 2.00% | 2.00% | |||||||||||
Discount rate (as a percent) | 10.50% | 11.00% | 10.50% | |||||||||||
Borgata [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Impairment charges on cost method investments | 54,000,000 | |||||||||||||
Borgata [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Estimated fair value | 120,000,000 | |||||||||||||
Borgata [Member] | Fair Value, Inputs, Level 3 [Member] | Discounted cash flow analysis [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Discount rate (as a percent) | 10.50% | |||||||||||||
Long-term growth rate (as a percent) | 2.50% | |||||||||||||
Las Vegas Arena Company, LLC [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Percentage ownership interest | 50.00% | |||||||||||||
Credit facility, maturity date | 31-Oct-16 | |||||||||||||
Cash to be contributed towards construction of Arena | 175,000,000 | |||||||||||||
Cash contributed towards construction of Arena | 38,000,000 | |||||||||||||
Las Vegas Arena Company, LLC [Member] | Amendment Option | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Line of credit facility extending option | 3 years | |||||||||||||
Las Vegas Arena Company, LLC [Member] | Term Loan A | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Term loan | 125,000,000 | 125,000,000 | ||||||||||||
Las Vegas Arena Company, LLC [Member] | Term Loan B Facility [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Term loan | 75,000,000 | 75,000,000 | ||||||||||||
Silver Legacy [Member] | Senior Secured Credit Facility [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Credit facility amount | 70,000,000 | |||||||||||||
Gain on redeemed outstanding second lien notes | 24,000,000 | |||||||||||||
Silver Legacy [Member] | Senior Notes Due March 2012 [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Outstanding senior notes | 143,000,000 | |||||||||||||
Silver Legacy [Member] | Subordinated Sponsor Notes [Member] | ||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||
Investment by each partner as part of reorganization | $7,500,000 |
Investments_in_and_Advances_to7
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) (Unconsolidated Affiliates [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Unconsolidated Affiliates [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $772,412 | $614,474 |
Property and other assets, net | 9,394,703 | 9,754,247 |
Current liabilities | 683,452 | 627,598 |
Long-term debt and other long-term obligations | 2,409,478 | 2,604,629 |
Equity | $7,074,185 | $7,136,494 |
Investments_in_and_Advances_to8
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) (Unconsolidated Affiliates [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unconsolidated Affiliates [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | $2,299,698 | $2,280,309 | $2,213,577 |
Operating expenses | -2,278,039 | -2,247,743 | -2,361,027 |
Operating income (loss) | 21,659 | 32,566 | -147,450 |
Interest expense | -164,055 | -328,740 | -360,021 |
Non-operating expenses | -13,337 | -146,898 | -4,076 |
Net loss | ($155,733) | ($443,072) | ($511,547) |
Investments_in_and_Advances_to9
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Venture-Level Equity and Investment Balances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Equity Method Investments [Line Items] | ||
Venture-level equity | $3,532,746 | $3,563,232 |
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International | -578,554 | -583,946 |
CityCenter capitalized interest | 251,450 | 261,526 |
Completion guarantee | 466,660 | 411,944 |
Advances to CityCenter, net of discount | -49,892 | -53,296 |
Fair value adjustments upon acquisition of Grand Victoria investment | 267,190 | 267,190 |
Other adjustments | -342,560 | -348,019 |
Investment balance | 1,559,034 | 1,469,261 |
CityCenter Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | -1,857,673 | -1,915,153 |
Investment balance | 1,221,306 | 1,172,087 |
Borgata [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | ($130,333) | ($134,217) |
Recovered_Sheet1
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Venture-Level Equity and Investment Balances (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CityCenter Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | ($1,857,673) | ($1,915,153) |
Borgata [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | -130,333 | -134,217 |
Land [Member] | CityCenter Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | 426,000 | |
Land [Member] | Borgata [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $90,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $2,897,110 | $2,897,442 |
Total indefinite-lived intangible assets | 330,221 | 330,221 |
Finite-lived intangible assets, net | 4,034,635 | 4,181,640 |
Total other intangible assets, net | 4,364,856 | 4,511,861 |
Wholly Owned Domestic Resorts [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 70,975 | 70,975 |
MGM China [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 2,826,135 | 2,826,467 |
Detroit Development Rights [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Total indefinite-lived intangible assets | 98,098 | 98,098 |
Trademarks, License Rights and Other [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Total indefinite-lived intangible assets | 232,123 | 232,123 |
MGM Grand Paradise, Gaming Subconcession [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 4,513,101 | 4,513,631 |
Less: Accumulated amortization | -692,047 | -526,152 |
Finite-lived intangible assets, net | 3,821,054 | 3,987,479 |
MGM Macau, Land Concession [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 84,717 | 84,727 |
Less: Accumulated amortization | -15,272 | -11,003 |
Finite-lived intangible assets, net | 69,445 | 73,724 |
MGM China, Customer Lists [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 128,946 | 128,961 |
Less: Accumulated amortization | -116,664 | -101,240 |
Finite-lived intangible assets, net | 12,282 | 27,721 |
MGM China, Gaming Promoter Relationships [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 180,524 | 180,545 |
Less: Accumulated amortization | -161,467 | -116,335 |
Finite-lived intangible assets, net | 19,057 | 64,210 |
Maryland License, Massachusetts License and Other Intangible Assets [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 136,827 | 51,827 |
Less: Accumulated amortization | -24,030 | -23,321 |
Finite-lived intangible assets, net | $112,797 | $28,506 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Apr. 20, 2005 | |
Finite Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | $330,221,000 | $330,221,000 | |||
Consideration paid for license fee | 85,000,000 | 21,600,000 | |||
Amortization expense related to intangible assets | 232,000,000 | 243,000,000 | 321,000,000 | ||
MGM Grand Paradise, Gaming Subconcession [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated remaining useful life of gaming subconcession | 25 years | ||||
MGM China, Customer Lists [Member] | MGM China [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 5 years | ||||
MGM China, Gaming Promoter Relationships [Member] | MGM China [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 4 years | ||||
License [Member] | Maryland [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 15 years | ||||
Consideration paid for license fee | 22,000,000 | ||||
License [Member] | Massachusetts [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 15 years | ||||
Consideration paid for license fee | 85,000,000 | ||||
Trademarks, License Rights and Other [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 232,123,000 | 232,123,000 | |||
Mandalay Resort Group Acquisition (2005) [Member] | Trademarks, License Rights and Other [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | $213,000,000 | ||||
MGM Grand Paradise SA [Member] | MGM Grand Paradise, Gaming Subconcession [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Period for the right to operate casino games of chance and other casino games | 15 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2015 | $199,256 | |
2016 | 174,317 | |
2017 | 173,794 | |
2018 | 178,044 | |
2019 | 178,044 | |
Thereafter | 3,131,180 | |
Finite-lived intangible assets, net | $4,034,635 | $4,181,640 |
Other_Accrued_Liabilities_Sche
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Payroll and related | $369,497 | $394,709 |
Advance deposits and ticket sales | 103,440 | 104,504 |
Casino outstanding chip liability | 294,466 | 409,917 |
Casino front money deposits | 122,184 | 125,180 |
MGM China gaming promoter commissions | 74,754 | 118,122 |
Other gaming related accruals | 114,165 | 137,181 |
Taxes, other than income taxes | 201,562 | 236,991 |
Completion guarantee liability | 148,929 | 97,223 |
Other | 145,620 | 146,974 |
Other accrued liabilities | $1,574,617 | $1,770,801 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $14,159,202 | $13,447,230 |
Less: Current portion | -1,245,320 | |
Long-term debt | 12,913,882 | 13,447,230 |
Term loans [Member] | Senior credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,738,118 | 2,765,041 |
MGM Grand Paradise credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 553,177 | 553,242 |
5.875% senior notes, due 2014, net [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 508,848 | |
4.25% convertible senior notes, due 2015, net [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,451,405 | 1,456,153 |
6.625% senior notes, due 2015, net [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 875,370 | 876,022 |
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 | 497,955 | 496,987 |
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 | 468,949 | 467,451 |
8.625% senior notes, due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 850,000 | 850,000 |
5.25% senior notes, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 500,000 | 500,000 |
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 |
6% senior notes, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,250,742 | |
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 |
LongTerm_Debt_Schedule_of_Long1
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2011 | Apr. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 |
5.875% senior notes, due 2014, net [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $508.90 | $508.90 | ||
Long-term debt, interest rate (as a percent) | 5.88% | 5.88% | ||
Long-term debt, maturity year | 2014 | 2014 | ||
4.25% convertible senior notes, due 2015, net [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | 300 | 1,150 | 1,450 | 1,450 |
Long-term debt, interest rate (as a percent) | 4.25% | 4.25% | 4.25% | 4.25% |
Long-term debt, maturity year | 2015 | 2015 | 2015 | 2015 |
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 | ||
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 | ||
5.25% senior notes, due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | 500 | 500 | ||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | ||
Long-term debt, maturity year | 2020 | 2020 | ||
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 | ||
6% senior notes, due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | 1,250 | 1,250 | ||
Long-term debt, interest rate (as a percent) | 6.00% | 6.00% | ||
Long-term debt, maturity year | 2023 | 2023 | ||
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 | 4.3 | 4.3 | ||
Long-term debt, interest rate (as a percent) | 6.70% | 6.70% | ||
Long-term debt, maturity year | 2096 | 2096 | ||
Senior credit facility [Member] | Term loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $2,744 | $2,772 |
LongTerm_Debt_Schedule_of_Inte
Long-Term Debt - Schedule of Interest Expense, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Total interest incurred | $846,321 | $862,417 | $1,117,327 |
Interest capitalized | -29,260 | -5,070 | -969 |
Interest expense, net | $817,061 | $857,347 | $1,116,358 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Apr. 30, 2010 | 31-May-13 | |
Debt Instrument [Line Items] | ||||||
Loss on retirement of long-term debt | $3,801,000 | $563,292,000 | ||||
Issuance of senior notes | 1,250,750,000 | 500,000,000 | 4,100,000,000 | |||
Long-term debt, fair value | 15,100,000,000 | 14,900,000,000 | ||||
MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maturity date | 31-Oct-17 | |||||
Maximum [Member] | MGM Grand Paradise credit facility [Member] | Debt Covenant Terms Prior to First Anniversary of MGM Cotai Opening [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio | 4.5 | |||||
Maximum [Member] | MGM Grand Paradise credit facility [Member] | Debt Covenant Terms Subsequent to First Anniversary of MGM Cotai Opening [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio | 4 | |||||
Minimum [Member] | MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated interest coverage ratio | 2.5 | |||||
5.875% senior notes, due 2014, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments | 509,000,000 | |||||
Long-term debt, interest rate (as a percent) | 5.88% | 5.88% | ||||
Long-term debt, maturity year | 2014 | 2014 | ||||
Long-term debt, principal amount | 508,900,000 | 508,900,000 | ||||
6.75% senior notes, due 2013, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments | 462,000,000 | |||||
Long-term debt, interest rate (as a percent) | 6.75% | |||||
Long-term debt, maturity year | 2013 | |||||
7.625% senior notes, due 2013, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments | 150,000,000 | |||||
Long-term debt, interest rate (as a percent) | 7.63% | |||||
Long-term debt, maturity year | 2013 | |||||
6% senior notes, due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 6.00% | |||||
Long-term debt, maturity year | 2023 | |||||
Issuance of senior notes | 1,250,000,000 | |||||
Net proceeds from senior notes | 1,240,000,000 | |||||
5.25% senior notes, due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | ||||
Long-term debt, maturity year | 2020 | 2020 | ||||
Issuance of senior notes | 500,000,000 | |||||
Net proceeds from senior notes | 494,000,000 | |||||
Long-term debt, principal amount | 500,000,000 | 500,000,000 | ||||
Senior Secured Notes [Member] | Tender offers [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on retirement of long-term debt | 457,000,000 | |||||
Premiums paid to redeem or discharge debt | 379,000,000 | |||||
Write-off of previously recorded discounts and debt issuance cost | 75,000,000 | |||||
Other cost | 3,000,000 | |||||
13% senior secured notes, due 2013, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 13.00% | |||||
Long-term debt, maturity year | 2013 | |||||
10.375% senior secured notes, due 2014, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 10.38% | |||||
Long-term debt, maturity year | 2014 | |||||
11.125% senior secured notes, due 2017, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 11.13% | |||||
Long-term debt, maturity year | 2017 | |||||
9% senior secured notes, due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 9.00% | |||||
Long-term debt, maturity year | 2020 | |||||
4.25% convertible senior notes, due 2015, net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 4.25% | 4.25% | 4.25% | 4.25% | ||
Long-term debt, maturity year | 2015 | 2015 | 2015 | 2015 | ||
Long-term debt, principal amount | 1,450,000,000 | 1,450,000,000 | 300,000,000 | 1,150,000,000 | ||
Proceeds From Convertible Debt | 311,000,000 | 1,120,000,000 | ||||
Conversion ratio, number of shares per $1,000 principal amount, numerator | 53.83 | |||||
Initial conversion price of shares (in dollars per share) | $18.58 | |||||
Cap price of capped call transactions (in dollars per share) | $21.86 | |||||
Percentage of purchase price to principal amount | 103.81% | |||||
Trading price as a percentage of principal | 105.87% | |||||
HIBOR [Member] | MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate base | HIBOR | |||||
Interest rate margin (as a percent) | 1.75% | |||||
HIBOR [Member] | Maximum [Member] | MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin (as a percent) | 2.50% | |||||
HIBOR [Member] | Minimum [Member] | MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin (as a percent) | 1.75% | |||||
Revolving Credit Facility | HIBOR [Member] | MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility amount | 1,450,000,000 | |||||
Senior credit facility term loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility amount | 1,030,000,000 | |||||
Credit facility, maturity date | 20-Dec-17 | |||||
Amortization payments of original principal balance (as percent) | 0.25% | |||||
Interest rate at the end of the period (as a percent) | 2.90% | |||||
Senior credit facility term loan A [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate base | LIBOR | |||||
Senior credit facility term loan B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility amount | 1,720,000,000 | |||||
Interest rate floor (as a percent) | 1.00% | |||||
Credit facility, maturity date | 20-Dec-19 | |||||
Amortization payments of original principal balance (as percent) | 0.25% | |||||
Interest rate at the end of the period (as a percent) | 3.50% | |||||
Senior credit facility term loan B [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate base | LIBOR | |||||
Interest rate margin (as a percent) | 2.50% | |||||
Term loans [Member] | MGM Grand Paradise credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility amount | 550,000,000 | |||||
Senior credit facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on retirement of long-term debt | 107,000,000 | 4,000,000 | ||||
Annual capital expenditures | 500,000,000 | |||||
Annual capital expenditures after giving effect to unused amounts from prior year | 681,000,000 | |||||
Senior credit facility [Member] | Collateralized land and assets of MGM Grand Detroit [Member] | MGM Grand Detroit, LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, collateral amount | 450,000,000 | |||||
Senior credit facility [Member] | Maximum [Member] | Collateralized land and assets of MGM Grand Las Vegas, Bellagio and The Mirage [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, collateral amount | 3,350,000,000 | |||||
Senior credit facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,200,000,000 | |||||
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms March Thirty One Two Thousand And Fifteen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,250,000,000 | |||||
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms June Thirty Two Thousand And Fifteen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,250,000,000 | |||||
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms September Thirty Two Thousand And Fifteen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,300,000,000 | |||||
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms December Thirty One Two Thousand And Fifteen [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,300,000,000 | |||||
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,370,000,000 | |||||
Senior credit facility [Member] | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility amount | 1,200,000,000 | |||||
Credit facility, maturity date | 20-Dec-17 | |||||
Available borrowing capacity | 1,100,000,000 | |||||
Senior credit facility [Member] | Revolving Credit Facility | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate base | LIBOR | |||||
Interest rate margin (as a percent) | 2.75% | |||||
Senior credit facility [Member] | Term loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments | 28,000,000 | |||||
Long-term debt, principal amount | $2,744,000,000 | $2,772,000,000 |
LongTerm_Debt_Schedule_of_Matu
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $2,353,000 | |
2016 | 1,641,944 | |
2017 | 2,183,382 | |
2018 | 492,500 | |
2019 | 2,495,000 | |
Thereafter | 5,004,817 | |
Long-term debt, carrying amount | 14,170,643 | |
Debt premiums and discounts, net | -11,441 | |
Long-term debt | $14,159,202 | $13,447,230 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic operations | ($168,135) | ($444,891) | ($2,048,868) |
Foreign operations | 579,021 | 507,081 | 314,655 |
Income (loss) before income taxes | $410,886 | $62,190 | ($1,734,213) |
Income_Taxes_Schedule_of_Benef
Income Taxes - Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal: | |||
Current | ($10,448) | $3,532 | $1,636 |
Deferred (excluding separate components) | 785,225 | 963,919 | 1,011,881 |
Deferred b operating loss carryforward | -277,453 | -305,760 | 89,954 |
Deferred b valuation allowance | -815,851 | -634,190 | -1,017,228 |
Other noncurrent | 33,130 | 14,522 | -1,587 |
Benefit (provision) for federal income taxes | -285,397 | 42,023 | 84,656 |
State: | |||
Current | -2,214 | -1,812 | -3,466 |
Deferred (excluding separate components) | 4,338 | 4,056 | 24,104 |
Deferred b operating loss carryforward | 531 | 393 | 9,221 |
Deferred b valuation allowance | 412 | -4,374 | -2,579 |
Other noncurrent | -547 | 879 | -5,493 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 2,520 | -858 | 21,787 |
Foreign: | |||
Current | -1,656 | -2,214 | -3,217 |
Deferred (excluding separate components) | 1,726 | -70,440 | 12,471 |
Deferred b operating loss carryforward | 3,495 | 1,312 | -782 |
Deferred b valuation allowance | -4,396 | 9,361 | 2,386 |
Benefit (provision) for foreign income taxes | -831 | -61,981 | 10,858 |
Income tax provision (benefit) | ($283,708) | ($20,816) | $117,301 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
Foreign tax credit | -222.00% | -1557.10% | 45.20% |
Repatriation of foreign earnings | 113.20% | 738.40% | -19.20% |
Federal valuation allowance | 198.60% | 1019.80% | -58.70% |
State income tax, net of federal benefit and valuation allowance | -0.40% | 0.80% | 0.80% |
Settlements with taxing authorities | -7.60% | -23.50% | |
Macau deferred tax liability re-measurement | 96.10% | ||
Foreign jurisdiction income/losses taxed at other than 35% | -49.10% | -281.80% | 7.00% |
Tax credits | -1.00% | -13.10% | 0.50% |
Permanent and other items | 2.30% | 18.90% | -3.80% |
Provision for income taxes (as a percent) | 69.00% | 33.50% | 6.80% |
Income_Taxes_Schedule_of_Major
Income Taxes - Schedule of Major Tax-Effected Components of the Company's Net Deferred Tax Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ||
Deferred tax assets, net | $587,902 | $936,322 |
Deferred tax liabilities | ||
Total deferred tax liability | -3,271,904 | -3,275,300 |
Net deferred tax liability | -2,684,002 | -2,338,978 |
Federal and state [Member] | ||
Deferred tax assets | ||
Senior secured notes retirement | 647 | |
Bad debt reserve | 47,563 | 37,327 |
Deferred compensation | 4,074 | 3,680 |
Net operating loss carryforward | 21,555 | 304,077 |
Accruals, reserves and other | 129,311 | 148,303 |
Investments in unconsolidated affiliates | 236,528 | 268,896 |
Stock-based compensation | 34,449 | 31,185 |
Tax credits | 2,601,653 | 1,796,599 |
Deferred tax assets, gross | 3,075,133 | 2,590,714 |
Less: Valuation allowance | -2,498,299 | -1,665,846 |
Deferred tax assets, net | 576,834 | 924,868 |
Deferred tax liabilities | ||
Property and equipment | -2,549,866 | -2,488,287 |
Long-term debt | -293,006 | -360,666 |
Intangibles | -109,161 | -105,231 |
Total deferred tax liability | -2,952,033 | -2,954,184 |
Foreign [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 1,456 | 333 |
Net operating loss carryforward | 59,329 | 55,834 |
Accruals, reserves and other | 64 | 154 |
Deferred tax assets, gross | 71,536 | 67,525 |
Less: Valuation allowance | -60,468 | -56,071 |
Deferred tax assets, net | 11,068 | 11,454 |
Property and equipment | 10,687 | 11,204 |
Deferred tax liabilities | ||
Intangibles | -319,871 | -321,116 |
Total deferred tax liability | ($319,871) | ($321,116) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Line Items] | ||
Unrepatriated foreign earnings and profits to be repatriated | $270 | |
Deferred tax liability of repatriate | 0 | |
MGM China [Member] | ||
Income Tax Disclosure [Line Items] | ||
Repatriation of foreign earnings and profits | 390 | 312 |
MGM Grand Paradise SA [Member] | ||
Income Tax Disclosure [Line Items] | ||
Increase in provision for income taxes | 65 | |
Complementary tax | 493 | |
Macau [Member] | MGM Grand Paradise SA [Member] | ||
Income Tax Disclosure [Line Items] | ||
Macau's complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | |
Period of exempted complementary tax rate granted by Macau government | Five-year | |
Increase in net loss attributable to MGM Resorts International | 47 | 43 |
Per share increase in net loss attributable to MGM Resorts International | $0.10 | $0.09 |
Additional period of exempted complementary tax rate granted by Macau government | 5 years | |
Annual payments required under the extended annual fee arrangement | 2 | |
Macau [Member] | MGM Grand Paradise SA [Member] | MGM China [Member] | ||
Income Tax Disclosure [Line Items] | ||
Annual payments accrued for extended annual fee arrangement | 2 | 2 |
Foreign [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign tax credit carryovers amount | 813 | 976 |
Foreign [Member] | 2015 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign tax credit carryovers expiration amount | 2 | |
Foreign [Member] | 2022 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign tax credit carryovers expiration amount | 785 | |
Foreign [Member] | 2023 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign tax credit carryovers expiration amount | 976 | |
Foreign [Member] | 2024 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Foreign tax credit carryovers expiration amount | $813 |
Income_Taxes_Additional_Inform1
Income Taxes - Additional Information1 (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | |||
Deferred tax asset, foreign tax credit | $2,600,000,000 | ||
Tax benefit threshold limit | 50.00% | ||
Uncertain tax positions, long-term | 26,000,000 | ||
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 12,000,000 | 32,000,000 | |
Interest related to unrecognized tax benefits accrued | 4,000,000 | 17,000,000 | |
Accrued penalties | 0 | 0 | 0 |
Interest related to unrecognized tax benefits | -13,000,000 | -12,000,000 | 3,000,000 |
Deposited $30 million with the IRS to cover the expected cash taxes and interest | 30,000,000 | ||
Income tax refund | 2,000,000 | ||
Reasonably possible, decrease in liability for uncertain tax positions, high end of range | 10,000,000 | ||
MGM Grand Paradise SA [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 493,000,000 | ||
Macau [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | 60,000,000 | ||
Special gaming tax rate | 35.00% | ||
Macau [Member] | MGM Grand Paradise SA [Member] | |||
Income Tax Disclosure [Line Items] | |||
Complementary tax exemption expiration date | 31-Dec-16 | ||
Tax credit carryforward, description | MGM Grand Paradisebs current five-year exemption from the Macau 12% complementary tax on gaming profits ends on December 31, 2016, the Company assumes that it will receive an additional five-year exemption beyond 2016 consistent with the assumption utilized for measurement of the net deferred tax liability of MGM Grand Paradise. For all periods beyond December 31, 2021, the Company has assumed that MGM Grand Paradise will be paying the Macau 12% complementary tax on gaming profits and will thus not be able to credit the Macau Special Gaming Tax in such years, and have factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset. Furthermore, the Company does not rely on future U.S source operating income in assessing future foreign tax credit realization due to its history of recent losses in the U.S. and therefore only relies on U.S. federal taxable temporary differences that it expects will reverse during the 10-year foreign tax credit carryover period. | ||
Foreign Tax Credit Carry Forward Expiration Period | 10 years | ||
New Jersey [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2034 | ||
U.S. federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Estimated alternative minimum tax credit carryforward | 23,000,000 | ||
Estimated alternative minimum tax credit carryforward | 2,000,000 | ||
Tax credit carryforward expiration date, federal | 2034 | ||
Deferred tax assets, valuation allowance | 2,500,000,000 | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | 15,000,000 | ||
State [Member] | Illinois [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 82,000,000 | ||
Deferred tax assets after federal tax effect and before valuation allowance | 4,000,000 | ||
State [Member] | Illinois [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2021 | ||
State [Member] | Illinois [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2026 | ||
State [Member] | New Jersey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 231,000,000 | ||
Deferred tax assets after federal tax effect and before valuation allowance | $13,000,000 | ||
State [Member] | New Jersey [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2015 |
Income_Taxes_Schedule_of_Recon1
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at January 1 | $106,246 | $153,184 | $145,799 |
Gross increases - prior period tax positions | 1,626 | 6,082 | 6,903 |
Gross decreases - prior period tax positions | -43,098 | -35,508 | -12,639 |
Gross increases - current period tax positions | 5,066 | 4,064 | 13,121 |
Settlements with taxing authorities | -38,697 | -21,576 | |
Gross unrecognized tax benefits at December 31 | $31,143 | $106,246 | $153,184 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases and Capital Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $53,380 |
2016 | 53,372 |
2017 | 24,333 |
2018 | 22,246 |
2019 | 20,300 |
Thereafter | 1,104,400 |
Total minimum lease payments | 1,278,031 |
2015 | 5,376 |
2016 | 4,057 |
2017 | 3,143 |
2018 | 1,596 |
Total minimum lease payments | 14,172 |
Less: Amounts representing interest | -1,214 |
Total obligations under capital leases | 12,958 |
Less: Amounts due within one year | -4,691 |
Amounts due after one year | $8,267 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2014 | Feb. 24, 2014 | Apr. 30, 2010 | Mar. 31, 2010 | Feb. 28, 2015 | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 09, 2013 | |
acre | Payments | |||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Rental expense for operating leases | $65,000,000 | $41,000,000 | $33,000,000 | |||||||||
Initial term of contract | 25 years | |||||||||||
Completion guarantee liability | 148,929,000 | 97,223,000 | 148,929,000 | |||||||||
Senior credit facility [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Letter of credit outstanding | 91,000,000 | 91,000,000 | ||||||||||
Decrease in collateral letter of credit | 31,000,000 | |||||||||||
Senior credit facility [Member] | Letters of credit [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount that can be issued | 500,000,000 | 500,000,000 | ||||||||||
Harmon | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Demolition cost | 32,000,000 | |||||||||||
Perini Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Proceeds from sale of condominiums | 58,000,000 | |||||||||||
CityCenter Holdings, LLC [Member] | Completion guarantee [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Net residential proceeds to fund or reimburse construction costs | 72,000,000 | |||||||||||
CityCenter Holdings, LLC [Member] | Builders Risk [Member] | Harmon | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Proceeds from insurance settlements | 55,000,000 | |||||||||||
CityCenter Holdings, LLC [Member] | Construction Defect [Member] | Harmon | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Proceeds from insurance settlements | 85,000,000 | |||||||||||
CityCenter Holdings, LLC [Member] | Perini Litigation | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments for legal settlements | 153,000,000 | 14,000,000 | ||||||||||
CityCenter Holdings, LLC [Member] | Perini Litigation | Harmon | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Gross proceeds to City Center | 191,000,000 | |||||||||||
CityCenter Holdings, LLC [Member] | Perini Litigation | Perini construction agreement [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Damages sought | 174,000,000 | 491,000,000 | 490,000,000 | |||||||||
Number of claims resolved | 219 | |||||||||||
Other Components Of City Center Project | Harmon | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Proceeds from legal settlements | 38,000,000 | |||||||||||
City Center Completion Guarantee | Senior credit facility [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Collateral posted for arbitration | 55,000,000 | 55,000,000 | ||||||||||
Subsequent Event [Member] | Perini Litigation | Harmon | Guarantee Obligations [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments for legal settlements | 18,000,000 | |||||||||||
Massachusetts [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Secure deposit on capital investment, description | the Company was required to either deposit 10% of the total investment proposed in the license application into an interest-bearing account, or secure a deposit bond insuring that 10% of the proposed capital investment shall be forfeited to the Commonwealth of Massachusetts if the Companybs subsidiary is unable to complete the gaming establishment. | |||||||||||
MGM National Harbor Project [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Rental expense for operating leases | 13,000,000 | |||||||||||
Land lease agreement | 23 | |||||||||||
Initial lease term | 25 years | |||||||||||
Number of lease extension periods | 13 | 13 | ||||||||||
Number of reasonably assured lease extensions | 7 | 7 | ||||||||||
Length of each potential extension period for operating leases | 6 years | |||||||||||
Operating lease term | 67 years | |||||||||||
MGM China [Member] | Guarantee Type, Other | Senior credit facility [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Letter of credit outstanding | 39,000,000 | 39,000,000 | ||||||||||
Insurer Owner Controlled Insurance Program Arbitration [Member] | Subsequent Event [Member] | CityCenter Holdings, LLC [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Settlement amount | 38,000,000 | |||||||||||
MGM Resorts International [Member] | Completion guarantee [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount funded under completion guarantee | 747,000,000 | 747,000,000 | ||||||||||
MGM Resorts International [Member] | CityCenter Holdings, LLC [Member] | Completion guarantee [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated obligation offset by condominium proceeds | 58,000,000 | 58,000,000 | ||||||||||
MGM Resorts International [Member] | CityCenter Holdings, LLC [Member] | Perini construction agreement [Member] | Completion guarantee [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Estimated obligation offset by condominium proceeds | 58,000,000 | 58,000,000 | ||||||||||
Completion guarantee liability | 149,000,000 | 149,000,000 | ||||||||||
MGM Resorts International [Member] | Subsequent Event [Member] | CityCenter Holdings, LLC [Member] | Perini construction agreement [Member] | Completion guarantee [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount funded under completion guarantee | 130,000,000 | |||||||||||
Las Vegas Arena Company, LLC [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payments to acquire equity method investments | 76,000,000 | |||||||||||
Las Vegas Arena Company, LLC [Member] | Maximum [Member] | Anschutz Entertainment Group, Inc [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Other commitment for construction | 175,000,000 | 175,000,000 | ||||||||||
M G M Grand Paradise Senior Credit Facility | Standby Letters of Credit | Senior credit facility [Member] | Letters of credit [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Amount that can be issued | 100,000,000 | 100,000,000 | ||||||||||
Mgm Springfield [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of total investment proposed into interest-bearing account | 10.00% | 10.00% | ||||||||||
Percentage of secure deposit on capital investment | 10.00% | 10.00% | ||||||||||
Mgm Springfield [Member] | Surety Bond | Scenario, Forecast [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Expected amount on surety deposit bond | 52,000,000 | 52,000,000 | ||||||||||
Mgm Springfield [Member] | Massachusetts [Member] | Scenario, Forecast [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Area of development site (in acres) | 14.5 | 14.5 | ||||||||||
Cotai Land Concession Contract [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Rental expense for operating leases | 7,000,000 | 7,000,000 | ||||||||||
Cotai Land Concession Contract [Member] | MGM Grand Paradise SA [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Initial term of contract | 25 years | |||||||||||
Payable for land concession contract | 161,000,000 | |||||||||||
Remaining number of semi-annual payments | 8 | |||||||||||
Cotai Land Concession Contract [Member] | MGM Grand Paradise SA [Member] | Macau [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Area of development site (in acres) | 18 | 18 | ||||||||||
Cotai Land Concession Contract [Member] | MGM China [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Contract premium, recorded within other long-term assets | 100,000,000 | 100,000,000 | ||||||||||
Cotai Land Concession Contract [Member] | MGM China [Member] | Subsequent Event [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Payable for land concession contract | 59,000,000 | |||||||||||
Remaining number of semi-annual payments | 4 | |||||||||||
Cash Paid For Fourth Semi Annual Payment Of Contractual Obligations | $15,000,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Feb. 28, 2015 | |
Stockholders Equity Note [Line Items] | |||||||||
Distributions to noncontrolling interest owners | $386,709,000 | $318,348,000 | $206,806,000 | ||||||
MGM China [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividend remained within the consolidated entity | 70,000,000 | 65,000,000 | 254,000,000 | 58,000,000 | 255,000,000 | ||||
Distributions to noncontrolling interest owners | 67,000,000 | 62,000,000 | 245,000,000 | 55,000,000 | 245,000,000 | ||||
Percentage ownership interest | 51.00% | ||||||||
MGM China [Member] | Interim Dividend [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividends paid | 137,000,000 | 113,000,000 | |||||||
MGM China [Member] | Final Dividend [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividends paid | 127,000,000 | ||||||||
MGM China [Member] | Final Dividend [Member] | Subsequent Event [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividends recommended | 120,000,000 | ||||||||
Dividends recommended, parent portion | 61,000,000 | ||||||||
MGM China [Member] | Special Dividend [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividends paid | 499,000,000 | 500,000,000 | |||||||
MGM China [Member] | Special Dividend [Member] | Subsequent Event [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividends declared | 400,000,000 | ||||||||
Dividend remained within the consolidated entity | $204,000,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
MGM China [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds related to the exercise of share-based awards | $2 | |
Expenses to repurchase common stock for cancelation | 3 | |
Bonus PSU Policy [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 300,000 | |
Granted, target price (in dollars per share) | $31.72 | |
Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares to be issued | 45,000,000 | |
Number of shares available for grant as share-based awards | 23,000,000 | |
Omnibus Plan [Member] | Stock Options and SARs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized compensation | 34 | |
Weighted-average period over which compensation cost is expected to be recognized | 1 year 8 months 12 days | |
Omnibus Plan [Member] | Stock Options and SARs [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of award | 10 years | |
Omnibus Plan [Member] | SARs [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of award | 7 years | |
Vesting period | 4 years | |
Omnibus Plan [Member] | RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unamortized compensation | 20 | |
Weighted-average period over which compensation cost is expected to be recognized | 1 year 8 months 12 days | |
Granted (in shares) | 603,000 | |
Omnibus Plan [Member] | RSUs [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Omnibus Plan [Member] | PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance period | 3 years | |
Ending average price that must equal target price, defined as a percentage of beginning average stock price | 125.00% | |
Shares issued | 0 | |
Period of average closing price of common stock on which beginning and ending prices are based | 60 days | |
Unamortized compensation | 12 | |
Weighted-average period over which compensation cost is expected to be recognized | 1 year 7 months 6 days | |
Granted (in shares) | 400,000 | |
Granted, target price (in dollars per share) | $29.80 | |
Omnibus Plan [Member] | PSUs [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Capped payout as a percentage of the target award | 160.00% | |
Omnibus Plan [Member] | PSUs [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Ending price required for issuance of shares as a percentage of target price | 60.00% | |
MGM China Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance period | 3 years | |
Intrinsic value of share-based awards exercised | 2 | |
MGM China Plan [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Number of shares available for grant as share-based awards | 339,000,000 | |
Unamortized compensation | $19 | |
Weighted-average period over which compensation cost is expected to be recognized | 3 years | |
Business days immediately preceding the offer date for which average closing price is considered | 5 days | |
MGM China Plan [Member] | Stock Options [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of award | 10 years | |
Shares issuable upon exercise as percentage of issued shares as of plan approval date | 10.00% |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options and Stock Appreciation Rights Activity (Detail) (Omnibus Plan [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the beginning of the period (in shares) | 16,074 |
Granted (in shares) | 2,385 |
Exercised (in shares) | -1,837 |
Forfeited or expired (in shares) | -446 |
Outstanding at the end of the period (in shares) | 16,176 |
Vested and expected to vest at the end of the period (in shares) | 15,796 |
Exercisable at the end of the period (in shares) | 10,750 |
Outstanding at the beginning of the period (in dollars per share) | $15.22 |
Granted (in dollars per share) | $22.29 |
Exercised (in dollars per share) | $14.68 |
Forfeited or expired (in dollars per share) | $48.95 |
Outstanding at the end of the period (in dollars per share) | $15.27 |
Vested and expected to vest at the end of the period (in dollars per share) | $15.14 |
Exercisable at the end of the period (in dollars per share) | $14.10 |
Outstanding at the end of the period | 3 years 6 months 11 days |
Vested and expected to vest at the end of the period | 3 years 5 months 19 days |
Exercisable at the end of the period | 2 years 5 months 5 days |
Outstanding at the end of the period (in dollars) | $121,194 |
Vested and expected to vest at the end of the period (in dollars) | 120,676 |
Exercisable at the end of the period (in dollars) | $98,485 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Restricted Stock Units and Performance Share Units (Detail) (Omnibus Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested at the beginning of the period (in shares) | 1,339,000 | ||
Granted (in shares) | 603,000 | ||
Vested (in shares) | -552,000 | ||
Forfeited (in shares) | -32,000 | ||
Nonvested at the end of the period (in shares) | 1,358,000 | ||
Nonvested at the beginning of the period (in dollars per share) | $13.85 | ||
Granted (in dollars per share) | $22.51 | ||
Vested (in dollars per share) | $12.39 | ||
Forfeited (in dollars per share) | $14.73 | ||
Nonvested at the end of the period (in dollars per share) | $18.27 | ||
PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested at the beginning of the period (in shares) | 1,055,000 | ||
Granted (in shares) | 400,000 | ||
Nonvested at the end of the period (in shares) | 1,455,000 | 1,055,000 | |
Nonvested at the beginning of the period (in dollars per share) | $13.91 | ||
Granted (in dollars per share) | $18.39 | $21.01 | $10.03 |
Nonvested at the end of the period (in dollars per share) | $15.14 | $13.91 | |
Nonvested at the beginning of period, Weighted Average Target Price (in dollars per share) | $16.95 | ||
Granted, Weighted Average Target Price (in dollars per share) | $29.80 | ||
Nonvested at the end of period, Weighted Average Target Price (in dollars per share) | $20.48 | $16.95 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Additional Information Related to Stock Options, SARs and RSUs (Detail) (Omnibus Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of share-based awards exercised or RSUs vested | $31,613 | $28,880 | $6,451 |
Income tax benefit from share-based awards exercised or RSUs vested | $10,805 | $9,975 | $2,236 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (MGM China Plan [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
MGM China Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at the beginning of the period (in shares) | 16,916 |
Granted (in shares) | 19,920 |
Exercised (in shares) | -988 |
Forfeited or expired (in shares) | -790 |
Outstanding at the end of the period (in shares) | 35,058 |
Vested and expected to vest at the end of the period (in shares) | 33,065 |
Exercisable at the end of the period (in shares) | 10,223 |
Outstanding at the beginning of the period (in dollars per share) | $2.06 |
Granted (in dollars per share) | $3.47 |
Exercised (in dollars per share) | $1.98 |
Forfeited or expired (in dollars per share) | $2.67 |
Outstanding at the end of the period (in dollars per share) | $2.85 |
Vested and expected to vest at the end of the period (in dollars per share) | $2.82 |
Exercisable at the end of the period (in dollars per share) | $2.02 |
Outstanding at the end of the period | 8 years 1 month 24 days |
Vested and expected to vest at the end of the period | 8 years 29 days |
Exercisable at the end of the period | 6 years 4 months 28 days |
Outstanding at the end of the period (in dollars) | $8,084 |
Vested and expected to vest at the end of the period (in dollars) | 8,022 |
Exercisable at the end of the period (in dollars) | $5,506 |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $38,368 | $33,422 | $43,428 |
Less: Reimbursed costs and other | -1,104 | -1,090 | -3,868 |
Compensation cost recognized as expense | 37,264 | 32,332 | 39,560 |
Less: Related tax benefit | -9,822 | -1,660 | |
Compensation expense, net of tax benefit | 27,442 | 32,332 | 37,900 |
Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 29,662 | 27,201 | 37,588 |
MGM China Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $8,706 | $6,221 | $5,840 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted Average Assumptions Utilized for SARs Grants (Detail) (Omnibus Plan [Member], SARs [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Plan [Member] | SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 40.00% | 54.00% | 65.00% |
Expected term | 4 years 10 months 24 days | 4 years 10 months 24 days | 5 years |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Risk-free interest rate (as a percent) | 1.60% | 1.60% | 0.70% |
Weighted-average fair value of SARs granted (in dollars per share) | $8.18 | $9.44 | $5.60 |
StockBased_Compensation_Weight1
Stock-Based Compensation - Weighted Average Assumptions Utilized for PSUs (Detail) (Omnibus Plan [Member], PSUs [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Plan [Member] | PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 31.00% | 40.00% | 49.00% |
Expected term | 3 years | 3 years | 3 years |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Risk-free interest rate (as a percent) | 1.00% | 0.60% | 0.40% |
Weighted-average fair value of PSUs granted (in dollars per share) | $18.39 | $21.01 | $10.03 |
StockBased_Compensation_Weight2
Stock-Based Compensation - Weighted Average Assumptions Utilized for Stock Option Grants (Detail) (MGM China Plan [Member], Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
MGM China Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 39.00% | 46.00% | 60.00% |
Expected term | 7 years 10 months 24 days | 8 years | 8 years |
Expected dividend yield (as a percent) | 1.60% | 1.20% | 0.00% |
Risk-free interest rate (as a percent) | 1.80% | 1.70% | 2.10% |
Weighted-average fair value of options granted (in dollars per share) | $1.06 | $1.39 | $1.13 |
Employee_Benefit_Plans_Table_O
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plan (Detail) (Southern Nevada Culinary and Bartenders Pension Plan [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer identification number | 886016617 | ||
Pension plan number | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
Expiration Date of Collective Bargaining Agreements, First | 12-Nov-14 | ||
Expiration Date of Collective Bargaining Agreements, Last | 31-May-18 |
Employee_Benefit_Plans_Table_O1
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plan (Parenthetical) (Detail) (Multiemployer Benefit Plans [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Agreement | |
Employee | |
Multiemployer Benefit Plans [Member] | |
Multiemployer Plans [Line Items] | |
Number of collective-bargaining agreements that require contributions to the Pension Plan | 10 |
Number of employees covered under collective-bargaining agreement | 4,300 |
Collective-bargaining agreement expiration year | 2014 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Contributions of Company's Multiemployer Pension Plans and Other Multiemployer Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multiemployer Pension Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | $41,250 | $45,971 | $43,639 |
Multiemployer Pension Plans [Member] | Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 33,927 | 37,691 | 35,556 |
Multiemployer Pension Plans [Member] | Other pension plans not individually significant [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 7,323 | 8,280 | 8,083 |
Multiemployer Benefit Plans Other Than Pensions [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 215,387 | 182,861 | 176,625 |
Multiemployer Benefit Plans Other Than Pensions [Member] | UNITE HERE Health [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 202,641 | 167,494 | 162,453 |
Multiemployer Benefit Plans Other Than Pensions [Member] | Other benefit plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | $12,746 | $15,367 | $14,172 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Percentage increase in hours worked by employees | 3.00% | |||
Liability for health care claims | $20 | $19 | ||
Workers compensation liability | 48 | 42 | ||
Amount of charges recorded for 401(k) contributions | 17 | 13 | 12 | |
Employee contribution limit per calendar year as a percentage of compensation | 30.00% | |||
Maximum retirement benefit as a percentage of participant's estimated average annual salary | 65.00% | |||
Period for estimated average annual salary to provide a retirement benefit | 5 years | |||
Vesting, plan participation only portion, plan participation period | 3 years | |||
Vesting, plan participation and continuous service portion, plan participation period | 5 years | |||
Vesting, plan participation and continuous service portion, continuous service period | 10 years | |||
Contributions to retirement plan | $5 | $5 | $4 | |
Bellagio Aria Mandalay Bay and MGM Grand Las Vegas [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% |
Property_Transactions_Net_Sche
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ||||||||
Other property transactions, net | $12,213 | $23,290 | $25,065 | |||||
Property transactions, net | 41,002 | 124,761 | 696,806 | |||||
Grand Victoria [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Investment impairment charge | 85,000 | 29,000 | 37,000 | 29,000 | 37,000 | 28,789 | 36,607 | 85,009 |
Corporate Buildings [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Corporate buildings impairment charges | 44,510 | 44,510 | ||||||
Other Nevada Land [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Real estate impairment charges | 20,354 | |||||||
North Las Vegas Strip Land [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Real estate impairment charges | 366,406 | |||||||
Atlantic City Land [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Real estate impairment charges | 166,569 | |||||||
Borgata Trust [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment charges on cost method investments | $53,757 |
Property_Transactions_Net_Addi
Property Transactions, Net - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2014 | |
acre | acre | |||
Other Nevada Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Real estate impairment charges | $20,354,000 | |||
Estimated fair value | 24,000,000 | |||
Other Nevada Land [Member] | Jean Nevada [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land (in acres) | 170 | |||
Other Nevada Land [Member] | Sloan Nevada [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land (in acres) | 89 | |||
North Las Vegas Strip Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land (in acres) | 33.5 | |||
Real estate impairment charges | 366,406,000 | |||
North Las Vegas Strip Land [Member] | Nonrecurring Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 and 3 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated fair value | 214,000,000 | |||
Atlantic City Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of land (in acres) | 86 | |||
Real estate impairment charges | 166,569,000 | |||
Atlantic City Land [Member] | Nonrecurring Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 and 3 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated fair value | 125,000,000 | |||
Corporate Buildings [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Corporate buildings impairment charges | $44,510,000 | $44,510,000 | ||
Las Vegas Arena Company, LLC [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage ownership interest | 50.00% |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | $2,385,546 | $2,485,007 | $2,581,033 | $2,630,398 | $2,513,213 | $2,463,037 | $2,481,265 | $2,352,148 | $10,081,984 | $9,809,663 | $9,160,844 |
Other operating expense | |||||||||||
Preopening and start-up expenses | -39,257 | -13,314 | -2,127 | ||||||||
Property transactions, net | -41,002 | -124,761 | -696,806 | ||||||||
Depreciation and amortization | -815,765 | -849,225 | -927,697 | ||||||||
Operating income | 266,113 | 286,489 | 354,464 | 416,472 | 330,134 | 262,797 | 235,753 | 308,597 | 1,323,538 | 1,137,281 | 121,351 |
Non-operating income (expense) | |||||||||||
Interest expense, net of amounts capitalized | -817,061 | -857,347 | -1,116,358 | ||||||||
Non-operating items from unconsolidated affiliates | -87,794 | -208,682 | -130,845 | ||||||||
Other, net | -7,797 | -9,062 | -608,361 | ||||||||
Total non-operating income (expense) | -912,652 | -1,075,091 | -1,855,564 | ||||||||
Income (loss) before income taxes | 410,886 | 62,190 | -1,734,213 | ||||||||
Benefit (provision) for income taxes | -283,708 | -20,816 | 117,301 | ||||||||
Net income (loss) | -287,472 | 50,382 | 178,168 | 186,100 | 22,407 | 33,171 | -36,401 | 22,197 | 127,178 | 41,374 | -1,616,912 |
Less: Net income attributable to noncontrolling interests | -277,051 | -213,108 | -150,779 | ||||||||
Net loss attributable to MGM Resorts International | -342,263 | -20,270 | 110,008 | 102,652 | -56,805 | -22,313 | -98,781 | 6,165 | -149,873 | -171,734 | -1,767,691 |
Total assets | 26,702,511 | 26,084,610 | 26,702,511 | 26,084,610 | |||||||
Property and equipment, net | 14,441,542 | 14,055,212 | 14,441,542 | 14,055,212 | |||||||
Capital expenditures | 872,041 | 562,124 | 422,763 | ||||||||
Reportable segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 9,624,413 | 9,369,572 | 8,740,467 | ||||||||
Adjusted Property EBITDA | 2,368,778 | 2,256,795 | 2,004,565 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 22,179,686 | 22,355,461 | 22,179,686 | 22,355,461 | |||||||
Property and equipment, net | 13,256,991 | 12,745,649 | 13,256,991 | 12,745,649 | |||||||
Capital expenditures | 639,801 | 470,663 | 338,537 | ||||||||
Reportable segments [Member] | Wholly Owned Domestic Resorts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 6,342,084 | 6,052,644 | 5,932,791 | ||||||||
Adjusted Property EBITDA | 1,518,307 | 1,442,686 | 1,325,220 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 13,336,737 | 13,151,719 | 13,336,737 | 13,151,719 | |||||||
Property and equipment, net | 11,933,559 | 11,787,880 | 11,933,559 | 11,787,880 | |||||||
Capital expenditures | 292,463 | 216,147 | 258,519 | ||||||||
Reportable segments [Member] | MGM China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 3,282,329 | 3,316,928 | 2,807,676 | ||||||||
Adjusted Property EBITDA | 850,471 | 814,109 | 679,345 | ||||||||
Reportable segments [Member] | MGM China [Member] | |||||||||||
Non-operating income (expense) | |||||||||||
Total assets | 8,842,949 | 9,203,742 | 8,842,949 | 9,203,742 | |||||||
Property and equipment, net | 1,323,432 | 957,769 | 1,323,432 | 957,769 | |||||||
Capital expenditures | 347,338 | 254,516 | 80,018 | ||||||||
Corporate and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 457,571 | 440,091 | 420,377 | ||||||||
Other operating expense | |||||||||||
Corporate and other, net | -149,216 | -132,214 | -256,584 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 4,545,448 | 3,750,839 | 4,545,448 | 3,750,839 | |||||||
Property and equipment, net | 1,207,174 | 1,331,253 | 1,207,174 | 1,331,253 | |||||||
Capital expenditures | 233,173 | 107,442 | 89,935 | ||||||||
Intersegment Eliminations | |||||||||||
Non-operating income (expense) | |||||||||||
Total assets | -22,623 | -21,690 | -22,623 | -21,690 | |||||||
Property and equipment, net | -22,623 | -21,690 | -22,623 | -21,690 | |||||||
Capital expenditures | ($933) | ($15,981) | ($5,709) |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
MGM China [Member] | Brand License Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
License fee as percentage of MGM China consolidated net revenue | 1.75% | ||
Per annum percentage increase in development fee annual cap | 20.00% | ||
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 fees | $0 | $15 | $6 |
MGM China [Member] | Maximum [Member] | Brand License Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
License fee cap | 43 | ||
MGM China [Member] | Maximum [Member] | Development services agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Development fees | 24 | ||
MGM China [Member] | Shun Tak [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred | 28 | 18 | 13 |
MGM China [Member] | Shun Tak [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue related to hotel rooms provided | 1 | 1 | 1 |
MGM China [Member] | Ms. Pansy Ho [Member] | Brand License Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
License fees initial year annual cap | 43 | 36 | 30 |
MGM Branding and Development [Member] | Ms. Pansy Ho [Member] | |||
Related Party Transaction [Line Items] | |||
Distribution made to noncontrolling interests | 13 | 18 | 11 |
CityCenter Holdings, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Annual management fee | 38 | 38 | 32 |
CityCenter Holdings, LLC [Member] | Aria and Vdara [Member] | |||
Related Party Transaction [Line Items] | |||
Management fee as a percentage of revenue | 2.00% | ||
Management fee received, percentage of EBITDA | 5.00% | ||
CityCenter Holdings, LLC [Member] | Crystals [Member] | |||
Related Party Transaction [Line Items] | |||
Annual management fee | 3 | ||
CityCenter Holdings, LLC [Member] | Management Services and Reimbursable Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursable costs for support services provided | 380 | 364 | 355 |
Receivable related to management services and reimbursable costs | 45 | 49 | |
CityCenter Holdings, LLC [Member] | Aircraft Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursable costs for support services provided | 3 | 3 | 3 |
Las Vegas Arena Company, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Operating leases term of contract | 50 years | ||
Accrued investment income receivable | $1 |
Consolidating_Condensed_Financ2
Consolidating Condensed Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Current assets | $3,027,160 | $2,719,439 | ||
Property and equipment, net | 14,441,542 | 14,055,212 | ||
Investments in and advances to unconsolidated affiliates | 1,559,034 | 1,469,261 | ||
Other non-current assets | 7,674,775 | 7,840,698 | ||
Total assets | 26,702,511 | 26,084,610 | ||
Current liabilities | 3,407,925 | 2,215,328 | ||
Deferred income taxes, net | 2,621,860 | 2,419,967 | ||
Long-term debt | 12,913,882 | 13,447,230 | ||
Other long-term obligations | 130,570 | 141,590 | ||
Total liabilities | 19,074,237 | 18,224,115 | ||
MGM Resorts stockholders' equity | 4,090,917 | 4,216,051 | ||
Noncontrolling interests | 3,537,357 | 3,644,444 | ||
Total stockholders' equity | 7,628,274 | 7,860,495 | 8,116,016 | 9,882,222 |
Total liabilities and stockholders' equity | 26,702,511 | 26,084,610 | ||
Parent [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Current assets | 1,390,806 | 494,296 | ||
Investments in subsidiaries | 20,430,160 | 19,991,695 | ||
Other non-current assets | 141,035 | 167,552 | ||
Total assets | 21,962,001 | 20,653,543 | ||
Current liabilities | 1,680,319 | 340,343 | ||
Intercompany accounts | 1,932,780 | 1,446,952 | ||
Deferred income taxes, net | 2,312,828 | 2,110,229 | ||
Long-term debt | 11,907,534 | 12,441,112 | ||
Other long-term obligations | 37,623 | 98,856 | ||
Total liabilities | 17,871,084 | 16,437,492 | ||
MGM Resorts stockholders' equity | 4,090,917 | 4,216,051 | ||
Total stockholders' equity | 4,090,917 | 4,216,051 | ||
Total liabilities and stockholders' equity | 21,962,001 | 20,653,543 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Current assets | 868,688 | 903,537 | ||
Property and equipment, net | 12,445,086 | 12,552,828 | ||
Investments in subsidiaries | 3,896,365 | 4,037,168 | ||
Investments in and advances to unconsolidated affiliates | 1,526,446 | 1,461,496 | ||
Intercompany accounts | 2,175,090 | |||
Other non-current assets | 414,801 | 422,259 | ||
Total assets | 21,326,477 | 19,377,288 | ||
Current liabilities | 953,179 | 959,118 | ||
Intercompany accounts | -1,470,305 | |||
Long-term debt | 4,837 | 4,836 | ||
Other long-term obligations | 58,016 | 41,758 | ||
Total liabilities | 1,016,032 | -464,593 | ||
MGM Resorts stockholders' equity | 20,310,445 | 19,841,881 | ||
Total stockholders' equity | 20,310,445 | 19,841,881 | ||
Total liabilities and stockholders' equity | 21,326,477 | 19,377,288 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Current assets | 768,335 | 1,322,170 | ||
Property and equipment, net | 2,008,428 | 1,514,356 | ||
Investments in and advances to unconsolidated affiliates | 7,588 | 7,765 | ||
Other non-current assets | 7,118,939 | 7,250,887 | ||
Total assets | 9,903,290 | 10,095,178 | ||
Current liabilities | 775,097 | 941,431 | ||
Intercompany accounts | 242,311 | 23,353 | ||
Deferred income taxes, net | 309,032 | 309,738 | ||
Long-term debt | 1,001,511 | 1,001,282 | ||
Other long-term obligations | 34,931 | 976 | ||
Total liabilities | 2,362,882 | 2,276,780 | ||
MGM Resorts stockholders' equity | 4,003,051 | 4,173,954 | ||
Noncontrolling interests | 3,537,357 | 3,644,444 | ||
Total stockholders' equity | 7,540,408 | 7,818,398 | ||
Total liabilities and stockholders' equity | 9,903,290 | 10,095,178 | ||
Elimination [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Current assets | -669 | -564 | ||
Property and equipment, net | -11,972 | -11,972 | ||
Investments in subsidiaries | -24,326,525 | -24,028,863 | ||
Investments in and advances to unconsolidated affiliates | 25,000 | |||
Intercompany accounts | -2,175,090 | |||
Total assets | -26,489,257 | -24,041,399 | ||
Current liabilities | -670 | -25,564 | ||
Intercompany accounts | -2,175,091 | |||
Total liabilities | -2,175,761 | -25,564 | ||
MGM Resorts stockholders' equity | -24,313,496 | -24,015,835 | ||
Total stockholders' equity | -24,313,496 | -24,015,835 | ||
Total liabilities and stockholders' equity | ($26,489,257) | ($24,041,399) |
Consolidating_Condensed_Financ3
Consolidating Condensed Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Revenues | $2,385,546 | $2,485,007 | $2,581,033 | $2,630,398 | $2,513,213 | $2,463,037 | $2,481,265 | $2,352,148 | $10,081,984 | $9,809,663 | $9,160,844 |
Expenses | |||||||||||
Casino and hotel operations | 6,368,698 | 6,258,716 | 5,921,282 | ||||||||
General and administrative | 1,318,749 | 1,278,450 | 1,239,774 | ||||||||
Corporate expense | 238,811 | 216,745 | 235,007 | ||||||||
Preopening and start-up expenses | 39,257 | 13,314 | 2,127 | ||||||||
Property transactions, net | 41,002 | 124,761 | 696,806 | ||||||||
Depreciation and amortization | 815,765 | 849,225 | 927,697 | ||||||||
Total expenses | 8,822,282 | 8,741,211 | 9,022,693 | ||||||||
Income (loss) from unconsolidated affiliates | 63,836 | 68,829 | -16,800 | ||||||||
Operating income (loss) | 266,113 | 286,489 | 354,464 | 416,472 | 330,134 | 262,797 | 235,753 | 308,597 | 1,323,538 | 1,137,281 | 121,351 |
Interest expense, net of amounts capitalized | -817,061 | -857,347 | -1,116,358 | ||||||||
Other, net | -95,591 | -217,744 | -739,206 | ||||||||
Income (loss) before income taxes | 410,886 | 62,190 | -1,734,213 | ||||||||
Benefit (provision) for income taxes | -283,708 | -20,816 | 117,301 | ||||||||
Net income (loss) | -287,472 | 50,382 | 178,168 | 186,100 | 22,407 | 33,171 | -36,401 | 22,197 | 127,178 | 41,374 | -1,616,912 |
Less: Net income attributable to noncontrolling interests | -277,051 | -213,108 | -150,779 | ||||||||
Net loss attributable to MGM Resorts International | -342,263 | -20,270 | 110,008 | 102,652 | -56,805 | -22,313 | -98,781 | 6,165 | -149,873 | -171,734 | -1,767,691 |
Net income (loss) | -287,472 | 50,382 | 178,168 | 186,100 | 22,407 | 33,171 | -36,401 | 22,197 | 127,178 | 41,374 | -1,616,912 |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | -1,293 | -3,993 | 17,124 | ||||||||
Other | 1,250 | 115 | -445 | ||||||||
Other comprehensive income (loss) | -43 | -3,878 | 16,679 | ||||||||
Comprehensive income (loss) | 127,135 | 37,496 | -1,600,233 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | -276,520 | -211,030 | -159,133 | ||||||||
Comprehensive loss attributable to MGM Resorts International | -149,385 | -173,534 | -1,759,366 | ||||||||
Parent [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in subsidiaries' earnings | 938,712 | 638,030 | -210,934 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 5,482 | 5,644 | 7,623 | ||||||||
General and administrative | 4,743 | 4,432 | 7,101 | ||||||||
Corporate expense | 72,116 | 66,307 | 66,285 | ||||||||
Total expenses | 82,341 | 76,383 | 81,009 | ||||||||
Operating income (loss) | 856,371 | 561,647 | -291,943 | ||||||||
Interest expense, net of amounts capitalized | -794,826 | -805,933 | -1,053,692 | ||||||||
Other, net | 50,793 | 39,524 | -526,606 | ||||||||
Income (loss) before income taxes | 112,338 | -204,762 | -1,872,241 | ||||||||
Benefit (provision) for income taxes | -262,211 | 33,028 | 104,550 | ||||||||
Net income (loss) | -149,873 | -171,734 | -1,767,691 | ||||||||
Net loss attributable to MGM Resorts International | -149,873 | -171,734 | -1,767,691 | ||||||||
Net income (loss) | -149,873 | -171,734 | -1,767,691 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | -762 | -1,915 | 8,770 | ||||||||
Other | 1,250 | 115 | -445 | ||||||||
Other comprehensive income (loss) | 488 | -1,800 | 8,325 | ||||||||
Comprehensive income (loss) | -149,385 | -173,534 | -1,759,366 | ||||||||
Comprehensive loss attributable to MGM Resorts International | -149,385 | -173,534 | -1,759,366 | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Revenues | 6,270,708 | 5,955,001 | 5,782,523 | ||||||||
Equity in subsidiaries' earnings | 339,312 | 289,384 | 220,354 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 3,810,711 | 3,622,940 | 3,615,288 | ||||||||
General and administrative | 1,089,192 | 1,051,757 | 1,025,028 | ||||||||
Corporate expense | 150,938 | 125,500 | 168,863 | ||||||||
Preopening and start-up expenses | 5,384 | 4,205 | 1,486 | ||||||||
Property transactions, net | 36,612 | 126,773 | 693,519 | ||||||||
Depreciation and amortization | 500,401 | 522,900 | 519,074 | ||||||||
Total expenses | 5,593,238 | 5,454,075 | 6,023,258 | ||||||||
Income (loss) from unconsolidated affiliates | 64,014 | 68,807 | -16,861 | ||||||||
Operating income (loss) | 1,080,796 | 859,117 | -37,242 | ||||||||
Interest expense, net of amounts capitalized | -574 | -6,333 | -10,986 | ||||||||
Other, net | -90,679 | -212,065 | -178,026 | ||||||||
Income (loss) before income taxes | 989,543 | 640,719 | -226,254 | ||||||||
Benefit (provision) for income taxes | -20,735 | 11,111 | 1,892 | ||||||||
Net income (loss) | 968,808 | 651,830 | -224,362 | ||||||||
Net loss attributable to MGM Resorts International | 968,808 | 651,830 | -224,362 | ||||||||
Net income (loss) | 968,808 | 651,830 | -224,362 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | -762 | -1,915 | 8,770 | ||||||||
Other | 1,250 | 115 | -445 | ||||||||
Other comprehensive income (loss) | 488 | -1,800 | 8,325 | ||||||||
Comprehensive income (loss) | 969,296 | 650,030 | -216,037 | ||||||||
Comprehensive loss attributable to MGM Resorts International | 969,296 | 650,030 | -216,037 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Revenues | 3,813,736 | 3,856,728 | 3,379,891 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 2,554,965 | 2,632,198 | 2,299,941 | ||||||||
General and administrative | 224,814 | 222,261 | 207,645 | ||||||||
Corporate expense | 15,757 | 41,938 | 7,859 | ||||||||
Preopening and start-up expenses | 33,873 | 9,109 | 641 | ||||||||
Property transactions, net | 4,390 | -2,012 | 3,287 | ||||||||
Depreciation and amortization | 315,364 | 326,325 | 408,623 | ||||||||
Total expenses | 3,149,163 | 3,229,819 | 2,927,996 | ||||||||
Income (loss) from unconsolidated affiliates | -178 | 22 | 61 | ||||||||
Operating income (loss) | 664,395 | 626,931 | 451,956 | ||||||||
Interest expense, net of amounts capitalized | -21,661 | -45,081 | -51,680 | ||||||||
Other, net | -55,705 | -45,203 | -34,574 | ||||||||
Income (loss) before income taxes | 587,029 | 536,647 | 365,702 | ||||||||
Benefit (provision) for income taxes | -762 | -64,955 | 10,859 | ||||||||
Net income (loss) | 586,267 | 471,692 | 376,561 | ||||||||
Less: Net income attributable to noncontrolling interests | -277,051 | -213,108 | -150,779 | ||||||||
Net loss attributable to MGM Resorts International | 309,216 | 258,584 | 225,782 | ||||||||
Net income (loss) | 586,267 | 471,692 | 376,561 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | -1,293 | -3,993 | 17,124 | ||||||||
Other comprehensive income (loss) | -1,293 | -3,993 | 17,124 | ||||||||
Comprehensive income (loss) | 584,974 | 467,699 | 393,685 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | -276,520 | -211,030 | -159,133 | ||||||||
Comprehensive loss attributable to MGM Resorts International | 308,454 | 256,669 | 234,552 | ||||||||
Elimination [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net Revenues | -2,460 | -2,066 | -1,570 | ||||||||
Equity in subsidiaries' earnings | -1,278,024 | -927,414 | -9,420 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | -2,460 | -2,066 | -1,570 | ||||||||
Corporate expense | -17,000 | -8,000 | |||||||||
Total expenses | -2,460 | -19,066 | -9,570 | ||||||||
Operating income (loss) | -1,278,024 | -910,414 | -1,420 | ||||||||
Income (loss) before income taxes | -1,278,024 | -910,414 | -1,420 | ||||||||
Net income (loss) | -1,278,024 | -910,414 | -1,420 | ||||||||
Net loss attributable to MGM Resorts International | -1,278,024 | -910,414 | -1,420 | ||||||||
Net income (loss) | -1,278,024 | -910,414 | -1,420 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | 1,524 | 3,830 | -17,540 | ||||||||
Other | -1,250 | -115 | 445 | ||||||||
Other comprehensive income (loss) | 274 | 3,715 | -17,095 | ||||||||
Comprehensive income (loss) | -1,277,750 | -906,699 | -18,515 | ||||||||
Comprehensive loss attributable to MGM Resorts International | ($1,277,750) | ($906,699) | ($18,515) |
Consolidating_Condensed_Financ4
Consolidating Condensed Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | $1,130,670 | $1,310,448 | $909,351 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | -872,041 | -562,124 | -422,763 |
Dispositions of property and equipment | 7,651 | 18,030 | 426 |
Investments in and advances to unconsolidated affiliates | -103,040 | -28,953 | -54,300 |
Distributions from unconsolidated affiliates in excess of earnings | 132 | 110 | 1,723 |
Investments in treasury securities - maturities longer than 90 days | -123,133 | -219,546 | -285,469 |
Proceeds from treasury securities - maturities longer than 90 days | 210,300 | 252,592 | 315,438 |
Cash deposits - original maturities longer than 90 days | -570,000 | ||
Payments for gaming licenses | -85,000 | -21,600 | |
Other | 10,981 | 1,354 | -1,472 |
Net cash used in investing activities | -1,524,150 | -560,137 | -446,417 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities b maturities of 90 days or less | -28,000 | -28,000 | 1,779,262 |
Borrowings under bank credit facilities b maturities longer than 90 days | 5,171,250 | 2,793,000 | 1,350,000 |
Repayments under bank credit facilities b maturities longer than 90 days | -5,171,250 | -2,793,000 | -3,634,128 |
Issuance of senior notes | 1,250,750 | 500,000 | 4,100,000 |
Retirement of senior notes, including premiums paid | -508,900 | -612,262 | -4,009,117 |
Debt issuance costs | -13,681 | -23,576 | -160,245 |
Distributions to noncontrolling interest owners | -386,709 | -318,348 | -206,806 |
Other | -5,383 | -7,522 | -5,925 |
Net cash provided by (used in) financing activities | 308,077 | -489,708 | -786,959 |
Effect of exchange rate on cash | -889 | -443 | 1,621 |
Cash and cash equivalents | |||
Net increase (decrease) for the period | -86,292 | 260,160 | -322,404 |
Cash related to assets held for sale | -3,662 | ||
Balance, beginning of period | 1,803,669 | 1,543,509 | 1,865,913 |
Balance, end of period | 1,713,715 | 1,803,669 | 1,543,509 |
Parent [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | -718,756 | -819,282 | -952,653 |
Cash flows from investing activities | |||
Investments in and advances to unconsolidated affiliates | -31,400 | -23,600 | -46,800 |
Cash deposits - original maturities longer than 90 days | -570,000 | ||
Other | -1,973 | ||
Net cash used in investing activities | -601,400 | -23,600 | -48,773 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities b maturities of 90 days or less | -28,000 | -28,000 | 1,331,500 |
Borrowings under bank credit facilities b maturities longer than 90 days | 3,821,250 | 2,343,000 | |
Repayments under bank credit facilities b maturities longer than 90 days | -3,821,250 | -2,343,000 | -1,834,128 |
Issuance of senior notes | 1,250,750 | 500,000 | 4,100,000 |
Retirement of senior notes, including premiums paid | -508,900 | -462,226 | -4,009,117 |
Debt issuance costs | -13,681 | -23,576 | -119,197 |
Intercompany accounts | 1,045,048 | 985,465 | 996,462 |
Other | -4,213 | -4,506 | -5,035 |
Net cash provided by (used in) financing activities | 1,741,004 | 967,157 | 460,485 |
Cash and cash equivalents | |||
Net increase (decrease) for the period | 420,848 | 124,275 | -540,941 |
Balance, beginning of period | 378,660 | 254,385 | 795,326 |
Balance, end of period | 799,508 | 378,660 | 254,385 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 1,121,013 | 1,089,341 | 989,144 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | -375,719 | -311,635 | -332,089 |
Dispositions of property and equipment | 6,631 | 11,648 | 191 |
Investments in and advances to unconsolidated affiliates | -46,640 | -5,353 | -7,500 |
Distributions from unconsolidated affiliates in excess of earnings | 132 | 110 | 1,723 |
Investments in treasury securities - maturities longer than 90 days | -123,133 | -219,546 | -285,469 |
Proceeds from treasury securities - maturities longer than 90 days | 210,300 | 252,592 | 315,438 |
Intercompany accounts | -704,785 | ||
Other | 10,981 | 1,354 | 501 |
Net cash used in investing activities | -1,022,233 | -270,830 | -307,205 |
Cash flows from financing activities | |||
Retirement of senior notes, including premiums paid | -150,036 | ||
Intercompany accounts | -76,117 | -657,260 | -685,752 |
Other | -803 | -833 | |
Net cash provided by (used in) financing activities | -76,920 | -807,296 | -686,585 |
Cash and cash equivalents | |||
Net increase (decrease) for the period | 21,860 | 11,215 | -4,646 |
Cash related to assets held for sale | -3,662 | ||
Balance, beginning of period | 237,457 | 226,242 | 230,888 |
Balance, end of period | 255,655 | 237,457 | 226,242 |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 703,413 | 1,040,389 | 872,860 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | -496,322 | -250,489 | -90,674 |
Dispositions of property and equipment | 1,020 | 6,382 | 235 |
Payments for gaming licenses | -85,000 | -21,600 | |
Net cash used in investing activities | -580,302 | -265,707 | -90,439 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities b maturities of 90 days or less | 447,762 | ||
Borrowings under bank credit facilities b maturities longer than 90 days | 1,350,000 | 450,000 | 1,350,000 |
Repayments under bank credit facilities b maturities longer than 90 days | -1,350,000 | -450,000 | -1,800,000 |
Debt issuance costs | -41,048 | ||
Intercompany accounts | -264,146 | -328,205 | -310,710 |
Distributions to noncontrolling interest owners | -386,709 | -318,348 | -206,806 |
Other | -367 | -3,016 | -57 |
Net cash provided by (used in) financing activities | -651,222 | -649,569 | -560,859 |
Effect of exchange rate on cash | -889 | -443 | 1,621 |
Cash and cash equivalents | |||
Net increase (decrease) for the period | -529,000 | 124,670 | 223,183 |
Balance, beginning of period | 1,187,552 | 1,062,882 | 839,699 |
Balance, end of period | 658,552 | 1,187,552 | 1,062,882 |
Elimination [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 25,000 | ||
Cash flows from investing activities | |||
Investments in and advances to unconsolidated affiliates | -25,000 | ||
Intercompany accounts | 704,785 | ||
Net cash used in investing activities | 679,785 | ||
Cash flows from financing activities | |||
Intercompany accounts | -704,785 | ||
Net cash provided by (used in) financing activities | ($704,785) |
Selected_Quarterly_Financial_R2
Selected Quarterly Financial Results (Unaudited) - Schedule of Selected Quarterly Financial Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $2,385,546 | $2,485,007 | $2,581,033 | $2,630,398 | $2,513,213 | $2,463,037 | $2,481,265 | $2,352,148 | $10,081,984 | $9,809,663 | $9,160,844 |
Operating income | 266,113 | 286,489 | 354,464 | 416,472 | 330,134 | 262,797 | 235,753 | 308,597 | 1,323,538 | 1,137,281 | 121,351 |
Net income (loss) | -287,472 | 50,382 | 178,168 | 186,100 | 22,407 | 33,171 | -36,401 | 22,197 | 127,178 | 41,374 | -1,616,912 |
Net income (loss) attributable to MGM Resorts International | ($342,263) | ($20,270) | $110,008 | $102,652 | ($56,805) | ($22,313) | ($98,781) | $6,165 | ($149,873) | ($171,734) | ($1,767,691) |
Basic income (loss) per share | ($0.70) | ($0.04) | $0.22 | $0.21 | ($0.12) | ($0.05) | ($0.20) | $0.01 | ($0.31) | ($0.35) | ($3.62) |
Diluted income (loss) per share | ($0.70) | ($0.04) | $0.22 | $0.20 | ($0.12) | ($0.05) | ($0.20) | $0.01 | ($0.31) | ($0.35) | ($3.62) |
Selected_Quarterly_Financial_R3
Selected Quarterly Financial Results - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | |
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Loss on retirement of long-term debt | $3,801,000 | $563,292,000 | ||||||||||
Corporate Buildings [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Corporate buildings impairment charges | 44,510,000 | 44,510,000 | ||||||||||
Impact of real estate impairment charges on diluted loss per share | $0.06 | |||||||||||
Grand Victoria [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Investment impairment charge | 36,607,000 | 85,009,000 | 37,000,000 | 85,000,000 | 29,000,000 | 29,000,000 | 37,000,000 | 28,789,000 | ||||
Impact of equity method investment impairment charges on diluted loss per share | $0.05 | $0.05 | $0.04 | $0.04 | ||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Grand Victoria [Member] | Corporate Buildings [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Impact of real estate impairment charges on diluted loss per share | $0.06 | |||||||||||
CityCenter Holdings, LLC [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
Loss on retirement of long-term debt | 70,000,000 | 70,000,000 | ||||||||||
Impact of loss on retirement of debt on diluted loss per share | $0.09 | $0.09 | ||||||||||
CityCenter Holdings, LLC [Member] | Harmon [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | |||||||||
Property transactions settlement charge | 18,000,000 | |||||||||||
Impact of litigation settlement charge on diluted earnings per share | $0.02 | $0.02 | ||||||||||
Jean and Sloan, Nevada [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Impact of real estate impairment charges on diluted loss per share | $0.03 | $0.03 | ||||||||||
Real estate impairment charges | 26,000,000 | |||||||||||
Silver Legacy [Member] | ||||||||||||
Selected Quarterly Financial Results (Unaudited) | ||||||||||||
Percentage ownership interest | 50.00% | 50.00% | ||||||||||
Share of (gain) loss on retirement of debt | ($12,000,000) | |||||||||||
Gain on retirement of debt, per share | $0.02 | $0.02 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | $81,713 | ||
Provision for Doubtful Accounts | 46,698 | 14,969 | 57,068 |
Balance at End of Period | 89,602 | 81,713 | |
Allowance for doubtful accounts [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 81,713 | 97,911 | 101,207 |
Provision for Doubtful Accounts | 46,698 | 14,969 | 57,068 |
Write-offs, Net of Recoveries | -38,809 | -31,167 | -60,364 |
Balance at End of Period | 89,602 | 81,713 | 97,911 |
Deferred income tax valuation allowance [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 1,721,917 | 1,093,398 | 72,001 |
Increase | 836,850 | 633,423 | 1,023,644 |
Decrease | -4,904 | -2,247 | |
Balance at End of Period | $2,558,767 | $1,721,917 | $1,093,398 |