Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MGM | ||
Entity Registrant Name | MGM Resorts International | ||
Entity Central Index Key | 789,570 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 574,198,332 | ||
Entity Public Float | $ 8.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 1,446,581 | $ 1,670,312 |
Accounts receivable, net | 542,924 | 480,559 |
Inventories | 97,733 | 104,200 |
Income tax receivable | 0 | 15,993 |
Prepaid expenses and other | 142,349 | 137,685 |
Total current assets | 2,229,587 | 2,408,749 |
Property and equipment, net | 18,425,023 | 15,371,795 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 1,220,443 | 1,491,497 |
Goodwill | 1,817,119 | 1,430,767 |
Other intangible assets, net | 4,087,706 | 4,164,781 |
Other long-term assets, net | 393,423 | 347,589 |
Total other assets | 7,518,691 | 7,434,634 |
Total assets | 28,173,301 | 25,215,178 |
Current liabilities | ||
Accounts payable | 250,477 | 182,031 |
Construction payable | 270,361 | 250,120 |
Income taxes payable | 10,654 | 0 |
Current portion of long-term debt | 8,375 | 328,442 |
Accrued interest on long-term debt | 159,028 | 165,914 |
Other accrued liabilities | 1,594,526 | 1,311,444 |
Total current liabilities | 2,293,421 | 2,237,951 |
Deferred income taxes, net | 2,551,228 | 2,680,576 |
Long-term debt | 12,979,220 | 12,368,311 |
Other long-term obligations | 325,981 | 157,663 |
Commitments and contingencies (Note 13) | ||
Redeemable noncontrolling interests | 54,139 | 6,250 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 574,123,706 and 564,838,893 shares | 5,741 | 5,648 |
Capital in excess of par value | 5,653,575 | 5,655,886 |
Retained earnings (accumulated deficit) | 545,811 | (555,629) |
Accumulated other comprehensive income | 15,053 | 14,022 |
Total MGM Resorts International stockholders' equity | 6,220,180 | 5,119,927 |
Noncontrolling interests | 3,749,132 | 2,644,500 |
Total stockholders' equity | 9,969,312 | 7,764,427 |
Total liabilities and stockholders' equity | $ 28,173,301 | $ 25,215,178 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 1,000,000,000 | 1,000,000,000 |
Common stock, issued shares | 574,123,706 | 564,838,893 |
Common stock, outstanding shares | 574,123,706 | 564,838,893 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Casino | $ 4,936,490 | $ 4,842,836 | $ 5,878,775 |
Rooms | 2,023,841 | 1,876,733 | 1,768,012 |
Food and beverage | 1,639,910 | 1,575,496 | 1,558,937 |
Entertainment | 517,433 | 539,318 | 560,116 |
Retail | 200,340 | 201,688 | 191,351 |
Other | 533,528 | 506,934 | 507,639 |
Reimbursed costs | 397,152 | 398,836 | 383,434 |
Total revenues, gross | 10,248,694 | 9,941,841 | 10,848,264 |
Less: Promotional allowances | (793,571) | (751,773) | (766,280) |
Total revenues, net | 9,455,123 | 9,190,068 | 10,081,984 |
Expenses | |||
Casino | 2,718,483 | 2,882,752 | 3,643,881 |
Rooms | 576,426 | 564,094 | 548,993 |
Food and beverage | 943,803 | 917,993 | 908,916 |
Entertainment | 411,657 | 410,284 | 422,115 |
Retail | 96,928 | 102,904 | 99,455 |
Other | 351,215 | 348,513 | 361,904 |
Reimbursed costs | 397,152 | 398,836 | 383,434 |
General and administrative | 1,378,617 | 1,309,104 | 1,318,749 |
Corporate expense | 312,774 | 274,551 | 238,811 |
NV Energy exit expense | 139,335 | 0 | 0 |
Preopening and start-up expenses | 140,075 | 71,327 | 39,257 |
Property transactions, net | 17,078 | 35,951 | 41,002 |
Goodwill impairment | 0 | 1,467,991 | 0 |
Gain on Borgata transaction | (430,118) | 0 | 0 |
Depreciation and amortization | 849,527 | 819,883 | 815,765 |
Total expenses | 7,902,952 | 9,604,183 | 8,822,282 |
Income from unconsolidated affiliates | 527,616 | 257,883 | 63,836 |
Operating income (loss) | 2,079,787 | (156,232) | 1,323,538 |
Non-operating income (expense) | |||
Interest expense, net of amounts capitalized | (694,773) | (797,579) | (817,061) |
Non-operating items from unconsolidated affiliates | (53,139) | (76,462) | (87,794) |
Other, net | (72,698) | (15,970) | (7,797) |
Total non-operating income (expense) | (820,610) | (890,011) | (912,652) |
Income (loss) before income taxes | 1,259,177 | (1,046,243) | 410,886 |
Benefit (provision) for income taxes | (22,299) | 6,594 | (283,708) |
Net income (loss) | 1,236,878 | (1,039,649) | 127,178 |
Less: Net (income) loss attributable to noncontrolling interests | (135,438) | 591,929 | (277,051) |
Net income (loss) attributable to MGM Resorts International | $ 1,101,440 | $ (447,720) | $ (149,873) |
Net income (loss) per share of common stock attributable to MGM Resorts International | |||
Basic | $ 1.94 | $ (0.82) | $ (0.31) |
Diluted | $ 1.92 | $ (0.82) | $ (0.31) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 69,922 | $ 561,260 | $ 514,498 | $ 91,198 | $ (1,473,497) | $ 94,735 | $ 126,467 | $ 212,646 | $ 1,236,878 | $ (1,039,649) | $ 127,178 |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (2,680) | 3,727 | (1,293) | ||||||||
Unrealized gain on cash flow hedges | 1,879 | 0 | 0 | ||||||||
Other | 0 | (672) | 1,250 | ||||||||
Other comprehensive income (loss) | (801) | 3,055 | (43) | ||||||||
Comprehensive income (loss) | 1,236,077 | (1,036,594) | 127,135 | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (134,680) | 589,905 | (276,520) | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ 1,101,397 | $ (446,689) | $ (149,385) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income (loss) | $ 1,236,878 | $ (1,039,649) | $ 127,178 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 849,527 | 819,883 | 815,765 |
Amortization of debt discounts, premiums and issuance costs | 40,493 | 46,280 | 37,650 |
Loss on retirement of long-term debt | 66,933 | 1,924 | 0 |
Provision for doubtful accounts | 10,863 | 54,691 | 46,698 |
Stock-based compensation | 55,487 | 42,872 | 37,264 |
Property transactions, net | 17,078 | 35,951 | 41,002 |
Goodwill impairment | 0 | 1,467,991 | 0 |
Gain on Borgata transaction | (430,118) | 0 | 0 |
(Income) loss from unconsolidated affiliates | (471,309) | (177,946) | 24,875 |
Distributions from unconsolidated affiliates | 16,905 | 29,333 | 15,568 |
Deferred income taxes | (80,628) | (3,615) | 331,833 |
Change in operating assets and liabilities: | |||
Accounts receivable | (33,208) | (62,720) | (32,435) |
Inventories | 10,806 | (2,649) | 3,167 |
Income taxes receivable and payable, net | 13,385 | (5,946) | (29,485) |
Prepaid expenses and other | 20,192 | (13,694) | 22,144 |
Prepaid Cotai land concession premium | (22,376) | (22,427) | (22,423) |
Accounts payable and accrued liabilities | 272,828 | (139,069) | (288,955) |
Other | (39,764) | (26,131) | 824 |
Net cash provided by operating activities | 1,533,972 | 1,005,079 | 1,130,670 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (2,262,473) | (1,466,819) | (872,041) |
Dispositions of property and equipment | 3,944 | 8,032 | 7,651 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 15,000 | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 92,207 | 0 |
Acquisition of Borgata, net of cash acquired | (559,443) | 0 | 0 |
Investments in and advances to unconsolidated affiliates | (3,633) | (196,062) | (103,040) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 542,097 | 201,612 | 132 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | (123,133) |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 210,300 |
Investments in cash deposits - original maturities longer than 90 days | 0 | (200,205) | (570,000) |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 770,205 | 0 |
Payments for gaming licenses | 0 | 0 | (85,000) |
Other | (11,696) | (4,028) | 10,981 |
Net cash used in investing activities | (2,276,204) | (795,058) | (1,524,150) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 491,032 | 977,275 | (28,000) |
Borrowings under bank credit facilities – maturities longer than 90 days | 1,845,375 | 5,118,750 | 5,171,250 |
Repayments under bank credit facilities – maturities longer than 90 days | (1,845,375) | (5,118,750) | (5,171,250) |
Issuance of long-term debt | 2,050,000 | 0 | 1,250,750 |
Retirement of senior notes | (2,258,053) | (875,504) | (508,900) |
Repayment of Borgata credit facility | (583,598) | 0 | 0 |
Debt issuance costs | (139,584) | (46,170) | (13,681) |
Issuance of MGM Growth Properties Class A shares in public offering | 1,207,500 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | (75,032) | 0 | 0 |
Acquisition of MGM China shares | (100,000) | 0 | 0 |
Distributions to noncontrolling interest owners | (103,367) | (307,227) | (386,709) |
Excess tax benefit from exercise of stock options | 13,277 | 12,369 | 4,671 |
Proceeds from issuance of redeemable noncontrolling interests | 47,325 | 6,250 | 0 |
Other | (30,078) | (24,872) | (10,054) |
Net cash provided by (used in) financing activities | 519,422 | (257,879) | 308,077 |
Effect of exchange rate on cash | (921) | 793 | (889) |
Cash and cash equivalents | |||
Net decrease for the period | (223,731) | (47,065) | (86,292) |
Change in cash related to assets held for sale | 0 | 3,662 | (3,662) |
Balance, beginning of period | 1,670,312 | 1,713,715 | 1,803,669 |
Balance, end of period | 1,446,581 | 1,670,312 | 1,713,715 |
Supplemental cash flow disclosures | |||
Interest paid, net of amounts capitalized | 661,166 | 776,540 | 776,778 |
Federal, state and foreign income taxes paid, net of refunds | 68,236 | 11,801 | 42,272 |
Non-cash investing and financing activities | |||
Common stock issued for acquisition of MGM China shares | 174,041 | 0 | 0 |
Deferred cash payment for acquisition of MGM China shares | 43,265 | 0 | 0 |
Conversion of convertible senior notes to equity | 0 | 1,449,499 | 0 |
Increase (decrease) in investment in and advances to CityCenter related to change in completion guarantee liability | 0 | (8,198) | 83,106 |
Increase in construction accounts payable | $ 20,241 | $ 79,681 | $ 74,237 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Borgata [Member] | MGM Growth Properties LLC [Member] | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | MGM China [Member] | Common Stock [Member] | Common Stock [Member]Borgata [Member] | Common Stock [Member]MGM Growth Properties LLC [Member] | Common Stock [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Common Stock [Member]MGM China [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Borgata [Member] | Capital in Excess of Par Value [Member]MGM Growth Properties LLC [Member] | Capital in Excess of Par Value [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Capital in Excess of Par Value [Member]MGM China [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Borgata [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM China [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income [Member]Borgata [Member] | Accumulated Other Comprehensive Income [Member]MGM Growth Properties LLC [Member] | Accumulated Other Comprehensive Income [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Accumulated Other Comprehensive Income [Member]MGM China [Member] | Total MGM Resorts International Stockholder's Equity [Member] | Total MGM Resorts International Stockholder's Equity [Member]Borgata [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM Growth Properties LLC [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM China [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]Borgata [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Non-Controlling Interests [Member]MGM China [Member] |
Beginning Balance at Dec. 31, 2013 | $ 7,860,495 | $ 4,904 | $ 4,156,680 | $ 41,964 | $ 12,503 | $ 4,216,051 | $ 3,644,444 | ||||||||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2013 | 490,361 | ||||||||||||||||||||||||||||||||||
Net income (loss) | 127,178 | $ 0 | 0 | (149,873) | 0 | (149,873) | 277,051 | ||||||||||||||||||||||||||||
Currency translation adjustment | (1,293) | 0 | 0 | 0 | (762) | (762) | (531) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates, net | 1,250 | 0 | 0 | 0 | 1,250 | 1,250 | 0 | ||||||||||||||||||||||||||||
Stock-based compensation | 38,368 | 0 | 34,102 | 0 | 0 | 34,102 | 4,266 | ||||||||||||||||||||||||||||
Tax effect of stock-based compensation | (7,807) | 0 | (7,807) | 0 | 0 | (7,807) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (8,884) | $ 9 | (8,893) | 0 | 0 | (8,884) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 931 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (387,211) | $ 0 | 0 | 0 | 0 | 0 | (387,211) | ||||||||||||||||||||||||||||
Issuance of performance share units | 7,529 | 0 | 7,529 | 0 | 0 | 7,529 | 0 | ||||||||||||||||||||||||||||
Other comprehensive income - cash flow hedges | 0 | ||||||||||||||||||||||||||||||||||
Other | (1,351) | 0 | (689) | 0 | 0 | (689) | (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 | ||||||||||||||||||||||||||||||||||
Net income (loss) | (1,039,649) | $ 0 | 0 | (447,720) | 0 | (447,720) | (591,929) | ||||||||||||||||||||||||||||
Currency translation adjustment | 3,727 | 0 | 0 | 0 | 1,703 | 1,703 | 2,024 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates, net | (672) | 0 | 0 | 0 | (672) | (672) | 0 | ||||||||||||||||||||||||||||
Stock-based compensation | 43,002 | 0 | 38,464 | 0 | 0 | 38,464 | 4,538 | ||||||||||||||||||||||||||||
Tax effect of stock-based compensation | 7,740 | 0 | 7,740 | 0 | 0 | 7,740 | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (24,878) | $ 18 | (24,896) | 0 | 0 | (24,878) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 1,844 | ||||||||||||||||||||||||||||||||||
Conversion of convertible debt to common stock | 1,449,496 | $ 717 | 1,448,779 | 0 | 0 | 1,449,496 | 0 | ||||||||||||||||||||||||||||
Conversion of convertible debt to common stock, Shares | 71,703 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (307,494) | $ 0 | 0 | 0 | 0 | 0 | (307,494) | ||||||||||||||||||||||||||||
Issuance of performance share units | 4,872 | 0 | 4,872 | 0 | 0 | 4,872 | 0 | ||||||||||||||||||||||||||||
Other comprehensive income - cash flow hedges | 0 | ||||||||||||||||||||||||||||||||||
Other | 9 | 0 | 5 | 0 | 0 | 5 | 4 | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | 7,764,427 | $ 5,648 | 5,655,886 | (555,629) | 14,022 | 5,119,927 | 2,644,500 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2015 | 564,839 | ||||||||||||||||||||||||||||||||||
Net income (loss) | 1,236,342 | $ 0 | 0 | 1,101,440 | 0 | 1,101,440 | 134,902 | ||||||||||||||||||||||||||||
Currency translation adjustment | (2,680) | 0 | 0 | 0 | (1,477) | (1,477) | (1,203) | ||||||||||||||||||||||||||||
Other comprehensive income (loss) from unconsolidated affiliates, net | 0 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 55,607 | 0 | 51,460 | 0 | 0 | 51,460 | 4,147 | ||||||||||||||||||||||||||||
Tax effect of stock-based compensation | 13,580 | 0 | 13,580 | 0 | 0 | 13,580 | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (30,043) | $ 22 | (30,065) | 0 | 0 | (30,043) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 9,285 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (103,457) | $ (22,281) | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (103,457) | $ (22,281) | |||||||||||||||||||||
Issuance of performance share units | 5,817 | 0 | 5,817 | 0 | 0 | 5,817 | 0 | ||||||||||||||||||||||||||||
MGM Growth Properties IPO | $ 1,183,838 | $ 0 | $ (150,414) | $ 0 | $ 0 | $ (150,414) | $ 1,334,252 | ||||||||||||||||||||||||||||
Acquisition transaction | $ 10,367 | $ (142,612) | $ 0 | $ 71 | $ (18,385) | $ 127,146 | $ 0 | $ 0 | $ 0 | $ 1,074 | $ (18,385) | $ 128,291 | $ 28,752 | $ (270,903) | |||||||||||||||||||||
Other comprehensive income - cash flow hedges | 1,879 | 0 | 0 | 0 | 1,434 | 1,434 | 445 | ||||||||||||||||||||||||||||
Other | (1,472) | 0 | (1,450) | 0 | 0 | (1,450) | (22) | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2016 | $ 9,969,312 | $ 5,741 | $ 5,653,575 | $ 545,811 | $ 15,053 | $ 6,220,180 | $ 3,749,132 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2016 | 574,124 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 — ORGANIZATION Organization. MGM Resorts International (the “Company” together with its consolidated subsidiaries) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. The Company owns and operates the following integrated casino, hotel and entertainment 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. Along with local investors, the Company owns and operates MGM Grand Detroit in Detroit, Michigan. The Company owns and operates the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Subsequent to its acquisition on August 1, 2016, the Company owns and operates the Borgata Hotel Casino & Spa (“Borgata”), located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey. See Note 4 for additional information on the Borgata transaction. The Company owns and operates 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. Additionally , the Company owns and operates MGM National Harbor in Prince George’s County, Maryland, which opened on December 8, 2016. On April 25, 2016, MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, completed its initial public offering (“IPO”) of 57,500,000 of its Class A shares representing limited liability company interests (inclusive of the full exercise by the underwriters of their option to purchase 7,500,000 Class A shares) at an initial offering price of $21 per share. In connection with the IPO, the Company and MGP entered into a series of transactions and several agreements that, among other things, set forth the terms and conditions of the IPO and provide a framework for the Company’s relationship with MGP. MGP is organized as an umbrella partnership REIT (commonly referred to as an “UPREIT”) structure in which substantially all of its assets are owned by, and substantially all of its businesses are conducted through, its Operating Partnership subsidiary, MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP contributed the proceeds from the IPO to the Operating Partnership in exchange for 26.7% of the Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is also a subsidiary of MGP. MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. The Company owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. Pursuant to a master contribution agreement entered into in connection with the IPO by and between the Company, MGP and the Operating Partnership, the Company contributed the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit and Beau Rivage to newly formed subsidiaries and subsequently transferred 100% ownership interest in such subsidiaries to the Operating Partnership in exchange for 73.3% of the Operating Partnership units in the Operating Partnership on the closing date of the IPO. In addition, on August 1, 2016, the Company completed its acquisition of Borgata and subsequently contributed Borgata’s real estate assets to MGP, as discussed in Note 4. As a result of the Borgata transaction, as discussed in Note 20, the Company’s indirect ownership in the Operating Partnership units increased to 76.3% and MGP’s Class A shareholders’ ownership interest in Operating Partnership units was reduced to 23.7%. The Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the fair value of a Class A share. The determination of settlement method is at the option of MGP’s independent conflicts committee. See Note 10 and Note 19 for additional information related to MGP, the IPO and certain other intercompany agreements and debt financing transactions entered into in connection therewith. The Company acquired an additional 4.95% interest in MGM China Holdings Limited (“MGM China”) on September 1, 2016, which increased its ownership to approximately 56%. See Note 14 for additional information. The Company has a controlling interest in 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 concessions, and is in the process of developing an 18 acre site on the Cotai Strip in Macau (“MGM Cotai”). MGM Cotai will be an integrated casino, hotel and entertainment resort with capacity for up to 500 gaming tables and up to 1,500 slots, and featuring approximately 1,500 hotel rooms. The actual number of gaming tables allocated to MGM Cotai will be determined by the Macau government prior to opening, and such allocation is expected to be less than MGM Cotai’s 500 gaming table capacity. The total estimated project budget is $3.3 billion excluding development fees eliminated in consolidation, capitalized interest and land related costs. The Company owns 50% of and manages CityCenter Holdings, LLC (“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, an integrated casino, hotel and entertainment resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. In April 2016, CityCenter closed the sale of The Shops at Crystals (“Crystals”), a retail, dining and entertainment district. See Note 7 and Note 19 for additional information related to CityCenter. The Company and a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) each own 42.5% of the Las Vegas Arena Company, LLC (“Las Vegas Arena Company”), the entity which owns the T-Mobile Arena, subsequent to the sale of a 7.5% ownership interest by each of the Company and AEG to Athena Arena, LLC on September 1, 2016. The Company manages the T-Mobile Arena, which is 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 T-Mobile Arena is a 20,000 seat venue designed to host world-class events – from mixed martial arts, boxing, hockey, basketball and bull riding, to high profile awards shows and top-name concerts. T-Mobile Arena commenced operations in April 2016. Effective January 1, 2016, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company. See Note 7 and Note 13 for additional information regarding the Company’s investment in the Las Vegas Arena Company. In addition, the Company owns and operates The Park, a dining and entertainment district, which opened in April 2016 and which connects to T-Mobile Arena, New York-New York, Monte Carlo and the Park Theater, a 5,200 seat entertainment venue which opened in December 2016. The Company also has a 50% interest in Grand Victoria. 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. See Note 7 for additional information regarding the Company’s investment in Grand Victoria. A subsidiary of the Company was awarded a casino license to build and operate MGM Springfield in Springfield, Massachusetts. MGM Springfield will be developed on approximately 14 acres of land in downtown Springfield. The Company’s plans for the resort currently include a casino with approximately 3,000 slots and 100 table games including poker; a 250-room hotel; 100,000 square feet of retail and restaurant space; 44,000 square feet of meeting and event space; and a 3,375 space parking garage, with an expected development and construction cost of approximately $865 million, excluding capitalized interest and land related costs. The Company has two reportable segments: domestic resorts and MGM China. See Note 18 for additional information about the Company’s segments. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s 26.7% interest in the Operating Partnership prior to the Borgata transaction and 23.7% interest subsequent to the Borgata transaction as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2016, on a consolidated basis MGP had total assets of $9.5 billion, primarily related to its real estate investments, and total liabilities of $3.9 billion, primarily related to its indebtedness. 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 used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 10; • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 11; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Borgata transaction. See Note 4; • Level 2 and Level 3 inputs when measuring the impairment of goodwill related to the MGM China reporting unit. See Note 8; and • Level 3 inputs when assessing the fair value of its investment in Grand Victoria. See Note 7 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 or construction payable as applicable. 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, 2016, 47% of the Company’s casino receivables at its domestic resorts were due from customers residing in foreign countries and 9% of the Company’s casino receivables related to MGM China. Business or economic conditions or other significant events in these countries could affect the collectability 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 both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2016, 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 net realizable value. 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 or loss. Maintenance costs are expensed as incurred. As of December 31, 2016 and 2015, the Company had accrued $36 million and $17 million for property and equipment within accounts payable and $32 million and $44 million related to construction retention accrued in other long-term liabilities, respectively. 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 15 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 charge 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. 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 7 and Note 17 for results of the Company’s review of its investment in certain of its unconsolidated affiliates. 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 or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2016 and 2014. An impairment of goodwill related to the MGM China reporting unit was recorded as a result of the annual impairment review in 2015. See Note 8. Accounting guidance provides entities the option to perform a qualitative assessment of goodwill (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the entity would proceed to a two-step quantitative analysis. Under the two-step quantitative analysis, 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. If the carrying value of the reporting unit exceeds its fair value, an indication of impairment exists and the Company must proceed to measure an impairment loss, if any. To measure an impairment loss, 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 is 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 hotel rooms, 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, 2016 2015 2014 (In thousands) Rooms $ 120,369 $ 112,313 $ 115,463 Food and beverage 283,598 279,041 295,667 Entertainment, retail and other 39,611 39,388 39,673 $ 443,578 $ 430,742 $ 450,803 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 VIP 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 promoter’s 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 and 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 costs. 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 Rewards” and is available to patrons at most of the Company’s domestic resorts and CityCenter. Members may earn points and/or Express Comps for their gaming play which can be redeemed at restaurants, box offices or the M life Rewards front desk at participating properties. Points may also be redeemed for free slot play on participating machines. 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 $171 million for 2016 and $156 million for 2015 and 2014. 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 17 for a detailed discussion of these amounts. Redeemable noncontrolling interest. In 2015, MGM National Harbor issued non-voting economic interests in MGM National Harbor (“Interests”) to noncontrolling interest parties, for a total purchase price of $6 million. In 2016, MGM National Harbor issued Interests to noncontrolling interest parties for a purchase price of $47 million. Net income attributable to noncontrolling interests includes $0.5 million relating to redeemable noncontrolling interests for the year ended December 31, 2016. The Interests provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions will begin within ninety days after the end of the fiscal year in which the opening date of MGM National Harbor occurs, and after the end of each subsequent fiscal year. Also, beginning on the third anniversary of the last day of the calendar quarter in which the opening date of MGM National Harbor occurs (and on each subsequent anniversary thereof) the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their Interests for a purchase price based on a contractually agreed upon formula. Certain noncontrolling interest parties each have the right to sell back all or a portion of their Interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor. The Company has recorded the Interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. Interests are initially accounted for at fair value. Subsequently, the Company will recognize changes in the redemption value as they occur and adjust the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in retained earnings or accumulated deficit. Additionally the carrying amount of the redeemable noncontrolling interests is adjusted for annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. Income (loss) per share of common stock. The table below reconciles basic and diluted income (loss) per share of common stock. Diluted net income (loss) attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares includes adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2016 2015 2014 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ (447,720 ) $ (149,873 ) Adjustment related to redeemable noncontrolling interests (28 ) — — Net income (loss) available to common stockholders - basic 1,101,412 (447,720 ) (149,873 ) Potentially dilutive effect due to MGP Omnibus Plan (40 ) — — Potentially dilutive effect due to MGM China Share Option Plan (11 ) — (340 ) Net income (loss) attributable to common stockholders - diluted $ 1,101,361 $ (447,720 ) $ (150,213 ) Denominator: Weighted-average common shares outstanding basic 568,134 542,873 490,875 Potential dilution from share-based awards 5,183 — — Weighted-average common and common equivalent shares - diluted 573,317 542,873 490,875 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 4,207 18,276 19,254 The weighted-average common shares outstanding for the year ended December 31, 2015 included the weighted average impact of the $300 million 4.25% convertible senior notes issued in June 2011 and the $1.15 billion 4.25% convertible senior notes issued in April 2010 from the date of their conversion on April 15, 2015. The weighted-average impact of the assumed conversion of the convertible senior notes was excluded from the calculation of diluted earnings per share for the years ended December 31, 2015 and 2014 as their effect would be antidilutive. See Note 10 for additional information. 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). Derivative financial instruments. The Company reflects all derivative instruments at fair value as either assets or liabilities. For derivative instruments that are designated and qualify as hedging instruments, the effective portion of the gain or loss on the cash flow hedge instruments is recorded as a component of accumulated other comprehensive income. Any ineffective portion of a derivative’s change in fair value is immediately recognized within net income. As of December 31, 2016, all of the Company’s derivative financial instruments are interest rate swap agreements which have been designated as cash flow hedges and qualify for hedge accounting. Accumulated other comprehensive income (loss). Comprehensive income (loss) 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. The following table summarizes the changes in the accumulated balance of other comprehensive income: Currency translation adjustments Cash Flow Hedges Other Total (In thousands) Balance, December 31, 2014 $ 12,319 $ — $ 672 $ 12,991 Other comprehensive income (loss) before reclassifications 3,727 — (672 ) 3,055 Amounts reclassified from accumulated other comprehensive income — — — — Other comprehensive income (loss), net of tax 3,727 — (672 ) 3,055 Other comprehensive income (loss) attributable to noncontrolling interest (2,024 ) — — (2,024 ) Balance, December 31, 2015 14,022 — — 14,022 Other comprehensive income (loss) before reclassifications (2,680 ) 1,521 1,074 (85 ) Amounts reclassified from accumulated other comprehensive income — 358 — 358 Other comprehensive income (loss), net of tax (2,680 ) 1,879 1,074 273 Other comprehensive income (loss) attributable to noncontrolling interest 1,203 (445 ) — 758 Balance, December 31, 2016 $ 12,545 $ 1,434 $ 1,074 $ 15,053 Recently issued accounting standards. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40).” The guidance is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The Company adopted this guidance prospectively at the beginning of the fourth quarter of 2016. The adoption of this guidance did not have an effect on the Company’s financial condition, results of operations, cash flows, or disclosures. In 2015 and 2016, the FASB issued the following ASUs related to revenue recognition, effective for fiscal years beginning after December 15, 2017, pursuant to ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”: • ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” 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. ASU 2014-09 provides for a new revenue recognition model which includes a five-step analysis in determining when and how revenue is recognized, including identification of separate performance obligations for each contract with a customer. 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; • ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” clarifies the implementation guidance on principal versus agent considerations as it relates to ASU 2014-09. ASU 2016-08 provides guidance related to the assessment an entity is required to perform to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent) when another party is involved in providing goods or services to a customer; • ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” clarifies guidance related to identifying performance obligations and licensing implementation guidance as it relates to ASU 2014-09. ASU 2016-10 includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. It seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis; and • ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients,” addresses narrow-scope improvements to the guidance on collectability, noncash consideration and completed contracts at transition as it relates to ASU 2014-09. ASU 2016-12 provides for a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The Company is currently assessing the impact that the adoption of the above ASUs related to revenue recognition will have on its consolidated financial statements and footnote disclosures. However, the Company has identified a few significant impacts. Under the new guidance the Company expects it will no longer be permitted to recognize revenues for goods and services provided to customers for free as an inducement to gamble as gross revenue with a corresponding offset to promotional allowances to arrive at net revenues as discussed above. The Company expects the majority of such amounts will offset casino revenues. In addition, accounting for Express Comps granted under the Company’s M life Rewards program as outlined above will also change. Under the new guidance Express Comps earned by customers through past revenue transactions will be identified as separate performance obligations and recorded as a reduction in gaming revenues when earned at the retail value of such benefits owed to the customer (less estimated breakage). When customers redeem such benefits and the performance obligation is fulfilled by the Company, revenue will be recognized in the department that provides the goods or services (i.e. hotel, food and beverage, entertainment). In addition, given that M life Rewards is an aspirational loyalty program with multiple customer tiers which provide certain benefits to tier members, the Company will need to assess if such benefits are deemed to be separate perf |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable, Net | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: December 31, 2016 2015 (In thousands) Casino $ 332,443 $ 285,182 Hotel 169,321 157,489 Other 139,080 127,677 640,844 570,348 Less: Allowance for doubtful accounts (97,920 ) (89,789 ) $ 542,924 $ 480,559 |
Borgata Transaction
Borgata Transaction | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Borgata Transaction | NOTE 4 — BORGATA TRANSACTION On August 1, 2016, the Company completed the acquisition of Boyd Gaming Corporation’s (“Boyd Gaming”) ownership interest in Borgata. Following the completion of the acquisition of Boyd Gaming’s interest, MGP acquired Borgata’s real property from the Company and leased back the real property to a subsidiary of the Company. See Note 19 for additional information. As part of the purchase and sale agreement, the Company agreed to pay Boyd Gaming half of any net amount received or utilized by the Company as it relates to the Atlantic City property tax refund owed to Borgata at the time of the transaction. Pursuant to tax court judgments, The City of Atlantic City, New Jersey (“Atlantic City”) owes Borgata property tax refunds of approximately $106 million, plus interest, related to the over-assessment of property values for the 2009-2012 tax years. As a result of funding shortfalls, the City of Atlantic City has not paid the refunds due to Borgata and therefore, Borgata has withheld its current property tax obligations in satisfaction of the tax court judgment. Borgata applied $33 million of such credits as of December 31, 2016. After taking into account contingent consideration paid related to property tax refunds realized by Borgata, cash paid to Boyd Gaming for its interest in Borgata was $604 million. Through the acquisition of Boyd Gaming’s interest in Borgata, the Company obtained 100% of the equity interests in Borgata and therefore consolidated Borgata as of August 1, 2016. The Company recognized 100% of the assets and liabilities of Borgata at fair value at the date of the acquisition. Prior to the acquisition, the Company held a 50% ownership interest in Borgata, which was accounted for under the equity method. The fair value of the equity interests of Borgata was determined by the transaction price and equaled approximately $1.2 billion. The carrying value of the Company’s equity method investment was significantly less than its share of the fair value of Borgata at the acquisition date, resulting in a $430 million gain on the acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The allocation of fair value has been finalized as of December 31, 2016. The following table sets forth the finalized allocation at December 31, 2016 (in thousands): Fair value of assets acquired and liabilities assumed: Current assets $ 112,221 Property and equipment and other long-term assets 1,373,567 Goodwill 386,892 Trade name 83,000 Customer list 22,000 Current liabilities (122,743 ) Long-term debt (583,187 ) Deferred taxes (12,124 ) Other long-term obligations (51,894 ) $ 1,207,732 As discussed above, the Company recognized the identifiable intangible assets of Borgata at fair value. The trade name and customer relationship intangible assets did not have historical cost bases at Borgata. The estimated fair values of the intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. Unfavorable lease liability. The Company has assumed the liability of a series of ground leases for a total of approximately 11 acres of land on which the Borgata employee parking garage, public space expansion, rooms expansion, and modified surface parking lot. The Company recorded an unfavorable lease liability of $1 million in “Current liabilities” and $47 million in “Other long-term obligations” for the excess contractual lease obligations over the market value of the leases, which will be amortized on a straight-line basis over the term of the lease contracts through December 2070. Both a market and income approach using Level 2 and Level 3 inputs were utilized to determine the fair value of these leases. Deferred taxes. The Company recorded an additional net deferred tax liability of $89 million, of which $82 million and $7 million was recorded to income tax expense and goodwill, respectively. The net deferred tax liability represents the excess of the financial reporting amounts of the net assets of Borgata over their respective basis under U.S. and New Jersey tax law expected to be applied to taxable income in the periods such differences are expected to be realized. Consolidated results. Borgata’s net revenue for the period from August 1, 2016 through December 31, 2016 was $348 million, operating income was $39 million and net income was $8 million . Pro forma information. The operating results for Borgata are included in the accompanying consolidated statements of operations from the date of acquisition. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the transaction gain recognized by the Company. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015. Year Ended December 31, 2016 2015 (In thousands, except per share data) (unaudited) Net revenues $ 9,940,176 $ 9,993,718 Net income (loss) attributable to MGM Resorts International 819,278 (417,671 ) Basis net income (loss) per share $ 1.44 $ (0.77 ) Diluted net income (loss) per share $ 1.43 $ (0.77 ) |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Dispositions | NOTE 5 — DISPOSITIONS On April 1, 2015, the Company closed the sale of Railroad Pass. At closing, the Company received $8 million in cash proceeds. closed the sale of At closing, the Company received $12 million in cash proceeds . closed the sale received $80 million in cash proceeds and |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | NOTE 6 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: December 31, 2016 2015 (In thousands) Land $ 6,530,988 $ 6,495,391 Buildings, building improvements and land improvements 11,969,984 9,429,945 Furniture, fixtures and equipment 4,863,647 4,274,537 Construction in progress 2,628,603 2,111,860 25,993,222 22,311,733 Less: Accumulated depreciation and amortization (7,568,199 ) (6,939,938 ) $ 18,425,023 $ 15,371,795 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 7 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2016 2015 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 1,007,358 $ 1,136,452 Marina District Development Company – Borgata (0% at December 31, 2016; 50% at December 31, 2015) — 134,454 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 123,585 122,500 Las Vegas Arena Company, LLC (42.5% at December 31, 2016; 50% at December 31, 2015) 80,339 90,352 Other 9,161 7,739 $ 1,220,443 $ 1,491,497 The Company recorded its share of the net income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Income from unconsolidated affiliates $ 527,616 $ 257,883 $ 63,836 Preopening and start-up expenses (3,168 ) (3,475 ) (917 ) Non-operating items from unconsolidated affiliates (53,139 ) (76,462 ) (87,794 ) $ 471,309 $ 177,946 $ (24,875 ) CityCenter Crystals sale. In April 2016, CityCenter closed the sale of Crystals for approximately $1.1 billion. During the year ended December 31, 2016, CityCenter recognized a gain on the sale of Crystals of $400 million and the Company recognized a $401 million gain, which included $200 million representing its 50% share of the gain recorded by CityCenter and $201 million representing the reversal of certain basis differences. The basis differences primarily related to other-than-temporary impairment charges previously recorded on the Company’s investment in CityCenter that were allocated to Crystals’ building assets. CityCenter distribution. In March 2016, a $90 million distribution was declared in accordance with CityCenter’s annual distribution policy and in April 2016, CityCenter declared a $990 million special distribution in connection with the Crystals sale. The Company’s $540 million share of such distributions was paid in May 2016. In April 2015, CityCenter declared a special distribution of $400 million, of which the Company received its 50% share of $200 million. CityCenter litigation settlement. During the first quarter of 2015, CityCenter recognized a $160 million gain as a result of the final resolution of its construction litigation and related settlements, of which the Company recorded $80 million, its 50% share of the gain. CityCenter credit facility. CityCenter’s senior secured credit facility consisted of a $75 million revolving credit facility, maturing in October 2018 and a $1.2 billion term loan B facility maturing in October 2020. CityCenter used cash on hand to permanently repay $266 million of the term loan B facility during 2016. On January 27, 2017, CityCenter completed an amendment to re-price its $1.2 billion term loan B senior credit facility and re-price and extend its $75 million revolving facility. The term loan B facility was re-priced at par and will now bear interest at LIBOR plus 2.75%, with a LIBOR floor of 0.75% which represents a 50 basis point reduction compared to the prior rate and a 25 basis point reduction compared to the prior LIBOR floor . The revolving facility was re-priced at LIBOR plus 2.00%, which represents a 175 basis point reduction compared to the prior rate . The revolving facility was also extended to July 2020. All other principal provisions of the existing credit facility remain unchanged. Borgata As discussed in Note 4, the Company acquired Boyd Gaming’s ownership interest in Borgata on August 1, 2016, and therefore began to consolidate Borgata beginning on that date. Prior thereto, the Company’s investment in Borgata was accounted for under the equity method. Grand Victoria At December 31, 2015, the Company reviewed the carrying value of its Grand Victoria investment for impairment due to a greater than anticipated decline in operating results due in part to a continued loss of market share to video gaming terminals, 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 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 $17 million at December 31, 2015, based on an estimated fair value of $123 million for the Company’s 50% interest. The Company performed a sensitivity analysis surrounding its long-term growth rate assumption and noted that if a long-term growth rate of 1.5% had been used, the resulting estimated fair value of the Company’s 50% interest in Grand Victoria would have been approximately $120 million. The Company intends to, and believes it will be able to, retain its 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, 2014, the Company reviewed the carrying value of its Grand Victoria investment for impairment due to a greater than anticipated decline in operating results and loss of market share due to the proliferation of video gaming terminals 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 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. Las Vegas Arena Company, LLC Athena Arena transaction. On September 1, 2016, the Company and AEG each sold a 7.5% membership interest in the Las Vegas Arena Company, LLC to Athena Arena, LLC. As a result of this transaction, the Company received $15 million in proceeds and recorded a $3 million gain in “Property transactions, net”. Arena financing. In September 2014, a subsidiary of Las Vegas Arena Company entered into a senior secured credit facility to finance construction of the T-Mobile Arena. In connection with this senior credit facility, MGM Resorts International and AEG each entered into a repayment guarantee for the term loan B (which is subject to increases and decreases in the event of rebalancing of the principal amount of indebtedness between the term loan A and term loan B facilities). As of December 31, 2016, the senior secured credit facility consisted of a $150 million term loan A and a $50 million term loan B. The senior secured credit facility matures in September 2019. The senior secured credit facility is secured by substantially all the assets of the Las Vegas Arena Company, and contains certain financial covenants which became applicable upon the opening of the T-Mobile Arena in April 2016. I n accordance with the Las Vegas Arena Company’s senior secured credit facility, the Company and AEG contributed equal amounts totaling $175 million for construction, all of which had been contributed as of December 31, 2015. See Note 13 for discussion of the Company’s joint and several completion and repayment guarantees related to the Las Vegas Arena Company. Silver Legacy Silver Legacy sale. As discussed in Note 5, the Company closed the sale of its 50% interest in Silver Legacy on November 23, 2015, received proceeds of $58 million, and recorded a gain of $20 million. The Company’s investment in Silver Legacy was not classified as discontinued operations because the Company concluded that the sale would not have a major effect on the Company’s operations or its financial results and it did not represent a disposal of a major geographic segment or product line. Unconsolidated Affiliate Financial Information Summarized balance sheet information of the unconsolidated affiliates is as follows: December 31, 2016 2015 (In thousands) Current assets $ 518,632 $ 1,260,834 Property and other assets, net 7,106,361 8,460,915 Current liabilities 384,370 482,633 Long-term debt and other long-term obligations 1,454,575 2,268,157 Equity 5,786,048 6,970,959 As of December 31, 2015, assets held for sale related to Crystals of $668 million and associated liabilities of Crystals were classified as current within the summarized balance sheet information. Summarized results of operations of the unconsolidated affiliates are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Net revenues $ 1,944,127 $ 2,298,179 $ 2,238,419 Operating expenses (1,781,809 ) (1,901,044 ) (2,237,921 ) Operating income 162,318 397,135 498 Interest expense (92,014 ) (141,925 ) (163,723 ) Non-operating expenses (12,851 ) (14,942 ) (13,669 ) Net income (loss) 57,453 240,268 (176,894 ) Income from discontinued operations 407,187 22,681 21,161 Net income (loss) $ 464,640 $ 262,949 $ (155,733 ) Results of operations of the unconsolidated affiliates includes the results of Silver Legacy through the date of disposition on November 23, 2015 and the results of Borgata through the date of acquisition on August 1, 2016. The results of Crystals, including the gain on sale recognized in 2016, are classified as discontinued operations in the summarized results of operations for all periods presented. Basis Differences The Company’s investments in unconsolidated affiliates do not equal the Company’s share of 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 share of venture-level equity and investment balances are as follows: December 31, 2016 2015 (In thousands) Venture-level equity attributable to the Company $ 2,883,324 $ 3,486,117 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (537,819 ) (573,163 ) CityCenter capitalized interest (2) 215,467 241,374 CityCenter completion guarantee (3) 337,223 372,785 CityCenter deferred gain (4) (221,638 ) (236,327 ) CityCenter capitalized interest on sponsor notes (5) (42,095 ) (47,158 ) Other-than-temporary impairments of CityCenter investment (6) (1,555,509 ) (1,800,191 ) Other-than-temporary impairments of Borgata investment (7) — (126,446 ) Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment (8) 99,619 99,619 Other adjustments 41,871 74,887 $ 1,220,443 $ 1,491,497 (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) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $379 million and $426 million of impairments allocated to land as of December 31, 2016 and December 31, 2015, respectively. (7) The impairment of the Company’s Borgata investment included $90 million of impairments allocated to land as of December 31, 2015. (8) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 8 — GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: December 31, 2016 2015 Goodwill: (In thousands) Domestic resorts $ 457,867 $ 70,975 MGM China 1,359,252 1,359,792 $ 1,817,119 $ 1,430,767 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 Trademarks, license rights and other 312,022 229,022 Total indefinite-lived intangible assets 410,120 327,120 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,514,073 4,515,867 Less: Accumulated amortization (1,024,185 ) (858,531 ) 3,489,888 3,657,336 MGM Macau land concession 84,736 84,769 Less: Accumulated amortization (23,817 ) (19,554 ) 60,919 65,215 MGM China customer lists 128,974 129,025 Borgata customer list 22,000 — Less: Accumulated amortization (135,574 ) (126,003 ) 15,400 3,022 Maryland license, Massachusetts license and other intangible assets 136,127 136,127 Less: Accumulated amortization (24,748 ) (24,039 ) 111,379 112,088 Total finite-lived intangible assets, net 3,677,586 3,837,661 Total other intangible assets, net $ 4,087,706 $ 4,164,781 Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2016 and 2015: 2016 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 70,975 $ 386,892 $ — $ 457,867 MGM China 1,359,792 — (540 ) 1,359,252 $ 1,430,767 $ 386,892 $ (540 ) $ 1,817,119 2015 Balance at January 1 Acquisitions Impairments and currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 70,975 $ — $ — $ 70,975 MGM China 2,826,135 — (1,466,343 ) 1,359,792 $ 2,897,110 $ — $ (1,466,343 ) $ 1,430,767 Goodwill concerning domestic resorts relates to the acquisition of Mirage Resorts in 2001, the acquisition of Mandalay Resort Group in 2005, and the acquisition of Borgata in August 2016. See Note 4 for goodwill recognized in connection with the Borgata transaction. The Company recognized goodwill resulting from its acquisition of a controlling interest in MGM China in 2011. During the fourth quarter of 2015, the Company conducted its annual impairment tests of goodwill by reviewing each of its reporting units, including its MGM China reporting unit. The step one goodwill analysis of the MGM China reporting unit indicated the fair value was less than its carrying value by 4%. The decrease in fair value resulted from a decrease in forecasted cash flows based on then current market conditions and a sustained decline in the enterprise value multiples of the MGM China reporting unit as well as the multiples of the reporting unit’s peer group. As a result of the indication of impairment from its step one analysis, the Company performed a step two impairment analysis to measure the impairment loss. As such, the Company determined the fair values of all assets of the MGM China reporting unit, including its separately identifiable intangible assets. The fair values of each of the separately identifiable intangible assets exceeded their respective carrying values by a significant amount, leading to a lower implied fair value of goodwill. Therefore, the Company recorded a $1.5 billion non-cash impairment charge to reduce the historical carrying value of goodwill related to the MGM China reporting unit to its implied fair value. The carrying value of goodwill related to the MGM China reporting unit as of December 31, 2015 following the impairment charge was $1.4 billion. Indefinite-lived intangible assets. The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit, trademarks and license rights, of which $210 million consists of trademarks and trade names related to the Mandalay Resort Group acquisition and $83 million related to the Borgata trade name. 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 Cotai land concession agreement with the government extends significantly beyond the gaming subconcession. As such, the Company is amortizing the gaming subconcession intangible asset on a straight-line basis over the 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. Customer lists. The Company recognized an intangible asset related to MGM China’s customer lists, which was amortized on an accelerated basis over its estimated useful life of five years. The MGM China customer list intangible asset became fully amortized in 2016. The Company recognized an intangible asset related to the Borgata customer list, which is amortized on an accelerated basis over its estimated useful life of two years and five months. Gaming licenses. 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 is amortized on a straight-line basis over a period of 15 years, beginning in December 2016, when the casino started operations. 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 $180 million, $199 million and $232 million for 2016, 2015, and 2014, respectively. Estimated future amortization is as follows: Years ending December 31, (In thousands) 2017 $ 183,414 2018 177,758 2019 178,081 2020 178,081 2021 178,081 Thereafter 2,782,171 $ 3,677,586 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | NOTE 9 — OTHER ACCRUED LIABILITIES Other accrued liabilities consisted of the following: December 31, 2016 2015 (In thousands) Payroll and related $ 483,194 $ 370,672 Advance deposits and ticket sales 135,592 104,461 Casino outstanding chip liability 227,538 282,810 Casino front money deposits 214,727 127,947 MGM China gaming promoter commissions 31,445 33,064 Other gaming related accruals 119,446 91,318 Taxes, other than income taxes 166,916 153,531 Other 215,668 147,641 $ 1,594,526 $ 1,311,444 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 10 — LONG-TERM DEBT Long-term debt consisted of the following: December 31, 2016 2015 (In thousands) Senior credit facility term loans $ 250,000 $ 2,716,000 MGM Growth Properties senior credit facility 2,133,250 — MGM China credit facility 1,933,313 1,559,909 MGM National Harbor credit facility 450,000 — $242.9 million 6.875% senior notes, due 2016 — 242,900 $732.7 million 7.5% senior notes, due 2016 — 732,749 $500 million 10% senior notes, due 2016 — 500,000 $743 million 7.625% senior notes, due 2017 — 743,000 $475 million 11.375% senior notes, due 2018 475,000 475,000 $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 1,250,000 1,250,000 $1,050 million 5.625% MGM Growth Properties senior notes, due 2024 1,050,000 — $500 million 4.5% MGM Growth Properties senior notes, due 2026 500,000 — $500 million 4.625% senior notes, due 2026 500,000 — $0.6 million 7% debentures, due 2036 552 552 $2.3 million 6.7% debentures ($4.3 million at December 31, 2015), due 2096 2,265 4,265 13,144,380 12,824,375 Less: premiums, discounts, and unamortized debt issuance costs, net (156,785 ) (127,622 ) 12,987,595 12,696,753 Less: Current portion (8,375 ) (328,442 ) $ 12,979,220 $ 12,368,311 Debt due within one year of the December 31, 2016 balance sheet was classified as long-term as the Company has both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities with the exception that $8 million of MGP’s quarterly amortization payments under its senior credit facility were classified as current because MGP used cash to make such amortization payments in January 2017. At December 31, 2015, the amount available under the Company’s revolving senior credit facility was less than current maturities related to the Company’s term loan credit facilities and senior notes. The Company excluded from the December 31, 2015 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, 2016 2015 2014 (In thousands) Total interest incurred $ 814,731 $ 862,377 $ 846,321 Interest capitalized (119,958 ) (64,798 ) (29,260 ) $ 694,773 $ 797,579 $ 817,061 Senior credit facility. In April 2016, the Company entered into an amended and restated credit agreement comprised of a $1.25 billion revolving facility and a $250 million term loan A facility. The revolving facility and the term loan A facility bear interest determined by reference to a total net leverage ratio pricing grid which results in an interest rate of LIBOR plus 1.75% to 2.75%. Both the term loan A facility and the revolving facility will mature in April 2021. The term loan A facility is subject to amortization of principal in equal quarterly installments (commencing with the fiscal quarter ended March 31, 2017), with 5.0% of the initial aggregate principal amount of the term loan A facility to be payable each year. No amounts have been drawn on the revolving credit facility. The Company incurred a loss on early retirement of its prior credit facility of approximately $28 million recorded in “Other, net” in the consolidated statements of operations. At December 31, 2016, the interest rate on the term loan A facility was 3.02%. The amended and restated credit agreement contains representations and warranties, customary events of default, and positive, negative and financial covenants, including that the Company maintain compliance with a maximum total net leverage ratio, a maximum first lien net leverage ratio and a minimum interest coverage ratio. The Company was in compliance with its credit agreement covenants at December 31, 2016. The amended and restated credit agreement is secured by (i) a mortgage on the real properties comprising the MGM Grand Las Vegas and the Bellagio, (ii) a pledge of substantially all existing and future personal property of the subsidiaries of the Company that own the MGM Grand Las Vegas and the Bellagio; and (iii) a pledge of the equity or limited liability company interests of the entities that own MGM Grand Las Vegas and the Bellagio. Mandatory prepayments of the credit facilities will be required upon the occurrence of certain events, including sales of certain assets, casualty events and the incurrence of certain additional indebtedness, subject to certain exceptions and reinvestment rights. MGM Growth Properties senior credit facility. In April 2016, the Operating Partnership entered into a credit agreement comprised of a $300 million senior secured term loan A facility, a $1.85 billion senior secured term loan B facility, and a $600 million senior secured revolving credit facility. The term loan B facility was originally issued at 99.75% to initial lenders. The revolving credit facility and term loan A facility bear interest determined by reference to a total net leverage ratio pricing grid which results in an interest rate of LIBOR plus 2.25% to 2.75%. On October 26, 2016 the term loan B facility was re-priced at par and bore interest at LIBOR plus 2.75%, with a LIBOR floor of 0.75%, which represented a 50 basis point reduction compared to the prior rate. In addition, the Operating Partnership received a further reduction in pricing to LIBOR plus 2.50%, with a LIBOR floor of 0.75% as a result of it achieving a minimum corporate family rating of Ba3/BB- in February 2017. All other principal provisions of the existing credit facility remain unchanged. The revolving credit facility and the term loan A facility will mature in 2021 and the term loan B facility will mature in 2023. The term loan facilities are subject to amortization of principal in equal quarterly installments, with 5.0% of the initial aggregate principal amount of the term loan A facility and 1.0% of the initial aggregate principal amount of the term loan B facility to be payable each year. The Company permanently repaid $8 million of the term loan A facility and $9 million of the term loan B facility for the year ended December 31, 2016. At December 31, 2016, the term loan A facility had an amount outstanding of $293 million with an interest rate of 3.52% and the term loan B facility had an amount outstanding of $1.84 billion with an interest rate of 3.52%. No amounts were drawn on the revolving credit facility as of December 31, 2016. The credit agreement contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that the Operating Partnership maintain compliance with a maximum senior secured net debt to adjusted total assets ratio, maximum total net debt to adjusted assets ratio and a minimum interest coverage ratio. The Operating Partnership was in compliance with its credit agreement covenants at December 31, 2016. MGM China credit facility. At December 31, 2016, the MGM China credit facility consisted of $1.55 billion of term loans and a $1.45 billion revolving credit facility, which bear interest at a fluctuating rate per annum based on HIBOR plus a margin that ranges between 1.375% and 2.5% based on MGM China’s leverage ratio. The MGM China credit facility matures in April 2019, with scheduled amortization payments of the term loans beginning in October 2017. The MGM China 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 outstanding balance at December 31, 2016 was comprised of $1.56 billion of term loans and $374 million drawn on the revolving credit facility. At December 31, 2016, the weighted average interest rate on the term loans was 2.73% and the interest rate on the revolving credit facility was 2.50%. The MGM China credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its credit facility covenants at December 31, 2016. In February 2017, the MGM China credit facility was amended to increase the maximum total leverage ratio to 6.00 to 1.00 through December 31, 2017, declining to 5.50 to 1.00 at March 31, 2018, 5.00 to 1.00 at June 30, 2018 and 4.50 to 1.00 at September 30, 2018 and thereafter. MGM National Harbor credit agreement. In January 2016, MGM National Harbor, LLC entered into a credit agreement consisting of a $100 million revolving credit facility and a $425 million term loan facility. The revolving and term loan facilities bear interest at LIBOR plus an applicable rate determined by MGM National Harbor, LLC’s total leverage ratio (2.25% as of December 31, 2016). The term loan and revolving facilities are scheduled to mature in January 2021 and the term loan facilities are subject to scheduled amortization payments on the last day of each calendar quarter beginning the fourth full fiscal quarter following the opening date of MGM National Harbor, initially in an amount equal to 1.25% of the aggregate principal balance and increasing to 1.875% and 2.50% of the aggregate principal balance on the last day of the twelfth and sixteenth full fiscal quarters, respectively. The outstanding balance at December 31, 2016 was comprised of $425 million of term loans and $25 million drawn on the revolving credit facility. At December 31, 2016, the interest rate on the term loan was 3.02% and the interest rate on the revolving credit facility was 2.90%. The credit agreement is secured by a leasehold mortgage on MGM National Harbor and substantially all of the existing and future property of MGM National Harbor. Mandatory prepayments will be required upon the occurrence of certain events, including sales of certain assets, casualty events and the incurrence of certain additional indebtedness, subject to certain exceptions and reinvestment rights. In addition, to the extent MGM National Harbor generates excess cash flow (as defined in the credit agreement), a percentage of such excess cash flow (ranging from 0% to 50% based on a total leverage ratio) will be required to be used to prepay the term loan facilities commencing with the fiscal year ending 2017. The credit agreement contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM National Harbor, LLC and its restricted subsidiaries maintain compliance with a maximum total leverage ratio and a minimum interest coverage ratio. MGM National Harbor, LLC was in compliance with its credit agreement covenants at December 31, 2016. Senior Notes. On August 19, 2016, the Company issued $500 million in aggregate principal amount of 4.625% senior notes due 2026 for net proceeds of $493 million. I n September 2016, t he Company used the net proceeds, together with cash on hand, to redeem the $743 million outstanding aggregate principal amount of its 7.625% senior notes due 2017. T he Company incurred a loss on early retirement of the 7.625% senior notes of approximately $16 million recorded in “Other, net” in the consolidated statements of operations. In connection with the closing of the IPO, on May 25, 2016 (the “Redemption Date”) the Company redeemed for cash all $1.23 billion aggregate principal amount of its outstanding 7.5% senior notes due 2016 and 10% senior notes due 2016 in accordance with the terms of the applicable indenture. The Company incurred a loss on early retirement of such notes of approximately $22 million recorded in “Other, net” in the consolidated statements of operations. In 2015, the Company repaid its $875 million 6.625% senior notes at maturity. 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. Bridge Facilities. In connection with the Borgata transaction in August 2016, the Company borrowed $545 million under certain bridge facilities, which were subsequently contributed to the Operating Partnership. The Operating Partnership repaid the bridge facilities with a combination of cash on hand and a draw down on its revolving credit facility, which it subsequently refinanced with proceeds from its offering of its 4.5% senior notes due 2026. In connection with the closing of the IPO, the Company borrowed $4.0 billion under certain bridge facilities, the proceeds of which were used to repay its outstanding obligations under its prior senior credit facility and were used to repay its 7.5% senior notes due 2016 and its 10% senior notes due 2016 on the Redemption Date. The bridge facilities were subsequently assumed by the Operating Partnership pursuant to the master contribution agreement. The Operating Partnership repaid the bridge facilities with a combination of proceeds from its financing transactions described in Note 1 and the proceeds from the IPO. MGM Growth Properties senior notes. On August 12, 2016, the Operating Partnership and MGP Finance Co-Issuer, Inc. issued $500 million in aggregate principal amount of 4.5% senior notes due 2026 for net proceeds of $492 million. On April 20, 2016, a subsidiary of the Operating Partnership issued $1.05 billion in aggregate principal amount of 5.625% senior notes due 2024 and on April 25, 2016, the Operating Partnership entered into a supplemental indenture through which it assumed the obligations under the notes from such subsidiary (which merged into the Operating Partnership on such date) . Convertible senior notes. In April 2015, holders of substantially all of the $1.45 billion in aggregate principal amount of 4.25% convertible senior notes elected to convert the notes into approximately 78 million shares of the Company’s common stock. The notes were converted at 53.83 shares of common stock per $1,000 principal amount, which is equivalent to a conversion price of approximately $18.58 per share. In addition, the Company settled the capped call transactions entered into in connection with the initial issuance of $1.15 billion aggregate principal amount of notes and received approximately 6 million shares from such financial institutions. Such shares received in connection with the capped call transactions were subsequently retired. Maturities of long-term debt. Maturities of the principal amount of the Company’s long-term debt as of December 31, 2016 are as follows: Years ending December 31, (In thousands) 2017 $ 137,964 2018 1,323,143 2019 1,997,019 2020 1,582,563 2021 2,057,250 Thereafter 6,046,441 $ 13,144,380 Fair value of long-term debt. The estimated fair value of the Company’s long-term debt at December 31, 2016 was $13.9 billion. At December 31, 2015, the estimated fair value of the Company’s long-term debt was $13.1 billion. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facility. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 11 — DERIVATIVES AND HEDGING ACTIVITIES The Operating Partnership uses derivative instruments to mitigate the effects of interest rate volatility inherent in its variable rate debt, which could unfavorably impact its future earnings and forecasted cash flows. The Operating Partnership does not use derivative instruments for speculative or trading purposes. In December 2016, the Operating Partnership entered into interest rate swap agreements to mitigate the interest rate risk inherent in its senior secured term loan B facility. These interest rate swaps are designated as cash flow hedges and have a notional value of $500 million and mature on November 30, 2021. The weighted average fixed rate paid is 1.825%, and the variable rate received resets monthly to the one-month LIBOR subject to a minimum rate of 0.75%. The following table summarizes the fair value and the presentation in the Company’s balance sheet: Location on Balance Sheet December 31, 2016 (In thousands) Interest rate swaps - cash flow hedges Other long-term assets, net $ 1,879 As of December 31, 2016, all of the interest rate swaps were valued in net unrealized gain positions and recognized as asset balances within “Other long-term assets, net.” For the year ended December 31, 2016, the amount recorded in other comprehensive income related to the gain on derivative instruments was $2 million. For the year ended December 31, 2016, there was no ineffective portion of the change in fair value derivatives. During the fourth quarter of 2016, the Company recorded interest expense of $0.4 million related to the swap agreements. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the twelve months beginning January 1, 2017, the Company estimates that $4 million will be reclassified as an increase to interest expense. In January 2017, the Operating Partnership entered into additional interest rate swap agreements through November 2021 with a total $700 million notional amount to pay a fixed rate of 1.964%, and the variable rate received resets monthly to the one-month LIBOR, subject to a minimum rate of 0.75%, in order to mitigate the interest rate risk inherent in its senior secured term loan B facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 — INCOME TAXES The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2016 2015 2014 (In thousands) Domestic operations $ 985,683 $ 155,296 $ (168,135 ) Foreign operations 273,494 (1,201,539 ) 579,021 $ 1,259,177 $ (1,046,243 ) $ 410,886 The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2016 2015 2014 Federal: (In thousands) Current $ (97,502 ) $ (13,540 ) $ (10,448 ) Deferred (excluding separate components) (125,181 ) 280,220 785,225 Deferred – — — (277,453 ) Deferred – 222,688 (247,867 ) (815,851 ) Other noncurrent 3,608 (590 ) 33,130 Benefit (provision) for federal income taxes 3,613 18,223 (285,397 ) State: Current 4,069 (1,840 ) (2,214 ) Deferred (excluding separate components) 2,313 (2,768 ) 4,338 Deferred – (16,024 ) (2,263 ) 531 Deferred – 23,058 (4,465 ) 412 Other noncurrent (2,901 ) 7,153 (547 ) Benefit (provision) for state income taxes 10,515 (4,183 ) 2,520 Foreign: Current (2,015 ) (2,127 ) (1,656 ) Deferred (excluding separate components) (34,425 ) (5,832 ) 1,726 Deferred – 2,988 10,472 3,495 Deferred – (2,975 ) (9,959 ) (4,396 ) Provision for foreign income taxes (36,427 ) (7,446 ) (831 ) $ (22,299 ) $ 6,594 $ (283,708 ) A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2016 2015 2014 Federal income tax statutory rate 35.0 % 35.0 % 35.0 % Foreign tax credit (10.5 ) 63.7 (222.0 ) Repatriation of foreign earnings 5.2 (32.0 ) 113.2 Foreign goodwill impairment — (49.1 ) — Federal valuation allowance (17.7 ) (23.7 ) 198.6 Settlements with taxing authorities — 0.1 (7.6 ) Gain on Borgata transaction (5.4 ) — — Foreign jurisdiction income/losses taxed at other than 35% (3.8 ) 6.9 (49.1 ) Permanent and other items (1.0 ) (0.3 ) 0.9 1.8 % 0.6 % 69.0 % The major tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2016 2015 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 40,330 $ 42,133 Deferred compensation 6,881 4,719 Net operating loss carryforward 9,669 20,084 Capital loss carryforward — 2,827 Accruals, reserves and other 168,712 42,614 Investments in unconsolidated affiliates 152,092 198,594 Stock-based compensation 33,311 32,108 Tax credits 2,824,312 2,883,839 3,235,307 3,226,918 Less: Valuation allowance (2,510,140 ) (2,736,972 ) 725,167 489,946 Deferred tax assets – foreign: Bad debt reserve 895 976 Net operating loss carryforward 72,788 69,800 Accruals, reserves and other 3,945 1,270 Property and equipment — 2,837 Stock-based compensation 3,830 — 81,458 74,883 Less: Valuation allowance (73,134 ) (70,159 ) 8,324 4,724 Total deferred tax assets $ 733,491 $ 494,670 Deferred tax liabilities – federal and state: Property and equipment $ (2,657,230 ) $ (2,536,724 ) Long-term debt (146,018 ) (220,245 ) Intangibles (124,729 ) (99,419 ) (2,927,977 ) (2,856,388 ) Deferred tax liabilities – foreign: Property and equipment (4,691 ) — Intangibles (352,051 ) (318,858 ) (356,742 ) (318,858 ) Total deferred tax liability $ (3,284,719 ) $ (3,175,246 ) Net deferred tax liability $ (2,551,228 ) $ (2,680,576 ) Income generated from gaming operations of MGM Grand Paradise, which is owned by MGM China, is exempted from Macau’s 12% complementary tax, pursuant to approval from the Macau government. Absent this exemption, “Net income attributable to MGM Resorts International” would have decreased by $25 million in 2016, and “Net loss attributable to MGM Resorts International” would have increased by $25 million in 2015 and net income per share (diluted) would have decreased by $0.04 in 2016 and net loss per share (diluted) would have increased by $0.04 in 2015. Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2016 a complementary tax net operating loss carryforward of $593 million resulting from non-gaming operations that will expire if not utilized against non-gaming income in years 2017 through 2019. 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 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 was effective until December 31, 2016. MGM China was not subject to the complementary tax on distributions it received during the covered period as a result of the annual fee arrangement. Annual payments of $2 million were required under the annual fee arrangement. The $2 million annual payments for 2016 and 2015 were accrued and a corresponding provision for income taxes was recorded in each year. MGM Grand Paradise intends to file for an extension of this agreement in the first quarter of 2017. However, no assurance can be given that an extension will be granted or that the terms if granted will not be less favorable than the prior agreement. The Company repatriated $53 million and $304 million of foreign earnings and profits in 2016 and 2015, respectively. At December 31, 2016, there were approximately $363 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 due to creditable foreign taxes associated with such earnings and profits. 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. Accordingly, no deferred tax liability had been recorded for those earnings. The Company had foreign tax credit carryovers of $2.8 billion as of December 31, 2016 which will expire as follows: $731 million in 2022; $976 million in 2023; $786 million in 2024; and $331 million in 2025. The foreign tax credit carryovers are subject to valuation allowance as described further below. For state income tax purposes, the Company had Illinois, New Jersey, and Michigan net operating loss carryforwards of $93 million, $166 million, and $77 million at December 31, 2016, respectively, which equates to deferred tax assets after federal tax effect and before valuation allowance, of $5 million, $3 million, and $3 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 2029 through 2036. The Michigan net operating loss carryforwards will expire if not utilized by 2022 through 2024. The Company recorded a valuation allowance of $2.5 billion against the $2.8 billion foreign tax credit deferred tax asset at December 31, 2016. In addition, there was a $3 million valuation allowance, after federal effect, provided on certain state deferred tax assets, a valuation allowance of $71 million on certain Macau deferred tax assets, and a valuation allowance of $2 million on Hong Kong net operating losses 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. On September 7, 2016, MGM Grand Paradise was granted an additional extension of the complementary tax exemption through March 31, 2020, concurrent with the end of the term of its current gaming subconcession. A competitor of MGM Grand Paradise subsequently received an additional extension of its exemption through March 31, 2020, which also runs concurrent with the end of the term of its current gaming concession. Based upon these developments and the uncertainty concerning taxation after the concession renewal process, the Company has concluded that it can no longer assume that MGM Grand Paradise will be entitled to additional exemption periods beyond the end of the extension recently granted. Thus, for all periods beyond March 31, 2020, the Company has assumed that MGM Grand Paradise will pay 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 has factored that assumption into the assessment of the realization of the foreign tax credit deferred tax asset. This change resulted in a reduction in the valuation allowance against the foreign tax credit deferred tax asset in the amount of $169 Due to improvements in its U.S. operations, the Company has generated U.S. operating profits for the past eight consecutive quarters and as of June 30, 2016 no longer had cumulative U.S. losses in recent years. Consequently, during the quarter ended June 30, 2016 the Company began to rely on future U.S. source operating income in assessing future foreign tax credit realization during the 10-year foreign tax credit carryover period. This change resulted in a reduction in the valuation allowance and a corresponding reduction in the provision for income taxes of $85 A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Gross unrecognized tax benefits at January 1 $ 13,724 $ 31,143 $ 106,246 Gross increases - prior period tax positions — — 1,626 Gross decreases - prior period tax positions (3,375 ) (14,158 ) (43,098 ) Gross increases - current period tax positions 3,677 1,222 5,066 Settlements with taxing authorities — (2,408 ) (38,697 ) Lapse in Statutes of Limitations — (2,075 ) — Gross unrecognized tax benefits at December 31 $ 14,026 $ 13,724 $ 31,143 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $9 million and $8 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company accrued less than $1 million in interest related to unrecognized tax benefits at December 31, 2016 and 2015. No amounts were accrued for penalties as of either date. Income tax expense for the years ended December 31, 2016, 2015 and 2014 includes interest benefit and expense related to unrecognized tax benefits as follows: less than $1 million expense in 2016, $4 million benefit in 2015, and $13 million benefit in 2014. 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, 2016, 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 2016, the IRS opened an examination of the Company’s 2014 U.S. consolidated federal income tax return and notified the Company that it would open an examination of the 2014 income tax return of CityCenter Holdings, LLC, an unconsolidated affiliate treated as a partnership for income tax purposes. During 2015, the Company received final approval from the Joint Committee on Taxation of the results of the IRS examination of the 2009 tax year and agreed to all IRS adjustments to the 2010 and 2011 tax years of CityCenter Holdings, LLC. The Company received a refund of $16 million of taxes and associated interest in connection with the settlement of these examinations, which are now considered settled for financial accounting purposes. During 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; 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 during such years. 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. As of December 31, 2016, other than adjustments resulting from the federal income tax audits discussed above, the Company was no longer subject to examination of its various state and local tax returns filed for years ended prior to 2012. During 2015, the state of New Jersey completed its examination of Marina District Development Holding Company, LLC for the 2003 through 2009 tax years. All adjustments were agreed to by the members of Marina District Development Holding Company, LLC and the examination is now considered settled for financial accounting purposes. The Company made a $1 million payment of tax and associated interest as a result of this settlement. No other state or local income tax returns are currently under examination. The Company does not anticipate that the total amounts of unrecognized tax benefits at December 31, 2016 will change materially within the next twelve months. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 13 – 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, 2016, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows: Years ending December 31, (In thousands) 2017 $ 37,173 2018 33,018 2019 29,722 2020 29,976 2021 32,416 Thereafter 1,380,274 Total minimum lease payments $ 1,542,579 The table above excludes the Company’s future lease obligations to a subsidiary of the Operating Partnership pursuant to the master lease agreement discussed in Note 19. The Company owns 76.3% of the Operating Partnership units as of December 31, 2016. The current obligations of $9 million under capital leases due within one year are included in “Other accrued liabilities” and the long-term obligations of $5 million under capital leases due after one year are included in “Other long-term obligations”. Rental expense for operating leases was $80 million, $74 million and $65 million for 2016, 2015 and 2014, respectively. Amounts included short term rentals charged to rent expense. Rental expense in 2016, 2015, and 2014 includes $7 million related to the Cotai land concession. 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 August 2016, in connection with the Borgata transaction, the Company has assumed the liability of a series of ground leases for a total of approximately 11 acres of land on which the Borgata employee parking garage, public space expansion, rooms expansion, and modified surface parking lot. The Company recorded an unfavorable lease liability for the excess contractual lease obligations over the market value of the leases, which will be amortized on a straight-line basis over the term of the lease contracts through December 2070. The ground lease is accounted for as an operating lease with rental expense of $2 million for the year ended December 31, 2016. 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 is accounted for as an operating lease with rental expense of $16 million, $19 million and $13 million recorded Rent recognized for the ground lease was included in "Preopening and start-up expenses" prior to opening Borgata property tax reimbursement agreement. On February 15, 2017, Borgata, the Department of Community Affairs of the State of New Jersey and Atlantic City entered into an agreement wherein Borgata will be reimbursed $72 million as settlement for property tax refunds subject to certain terms and conditions. The payment of the settlement amount is in satisfaction of existing New Jersey Tax Court and Superior Court judgments totaling approximately $106 million, plus interest for the 2009-2012 tax years and the settlement of pending tax appeals for the tax years 2013-2015. Those pending tax appeals could potentially have resulted in Borgata being awarded additional refunds due amounting to approximately $65 million. Under the terms of the agreement, Atlantic City will pay Borgata the reimbursement amount of $72 million in up to two installments, with the first installment of $52 million due on or before July 31, 2017 and the second installment for the remaining balance of $20 million due on or before October 1, 2017. In order to finance the reimbursement, Atlantic City and the State of New Jersey have agreed to use their best efforts to issue and sell bonds to pay the reimbursement. Should Atlantic City fail to pay either of the installment payments or petition for relief from creditors under state or federal law, or should any other event occur that would cause termination of the agreement, Borgata will be entitled to enforce a consent judgment that is being entered into as part of the settlement for the 2009-2015 tax years in an amount totaling $158 million. As part of the purchase and sale agreement, the Company agreed to pay Boyd Gaming half of any net amount received by the Company as it relates to the property tax refund owed to Borgata. The Company will recognize the amounts received pursuant to the reimbursement agreement and amounts paid to Boyd Gaming in current earnings in the periods in which payments are received and paid. NV Energy. In July 2016, the Company filed its notice to exit the fully bundled sales system of NV Energy and will purchase energy, capacity, and/or ancillary services from a provider other than NV Energy. The Company elected to pay the upfront impact payment of $83 million, including $14 million related to CityCenter. The upfront payments were made in September 2016. The Company and CityCenter are required to make ongoing payments to NV Energy for non-bypassable rate charges which primarily relate to each entity’s share of NV Energy’s portfolio of renewable energy contracts which extend through 2040 and each entity’s share of the costs of decommissioning and remediation of coal-fired power plants in Nevada. As of December 31, 2016, the Company recorded an estimate of such liability on a discounted basis of $8 million in “Other accrued liabilities” and $63 million in “Other long-term obligations.” The expense recognized related to the upfront payment and the initial accrual for the non-bypassable charges liability has been recognized within “NV Energy exit expense” in the accompanying consolidated statements of operations. Subsequent accretion of the liability and changes in estimates will be recognized within general and administrative expenses. Grand Paradise Macau deferred cash payment. On September 1, 2016, the Company purchased 188.1 million common shares of its MGM China subsidiary from Grand Paradise Macau (“GPM”), an entity controlled by Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”). As part of the consideration for the purchase, the Company agreed to pay GPM a deferred cash payment of $50 million, which will be paid in amounts equal to the ordinary dividends received on such shares, with a final lump sum payment due on the fifth anniversary of the closing date of the transaction if any portion of the deferred cash payment remains unpaid at that time. As of December 31, 2016, the Company recorded a liability on a discounted basis of $43 million in “Other long-term obligations.” Cotai land concession contract. MGM Grand Paradise’s land concession contract for an approximate 18 acre site on the Cotai Strip in 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, 2016, MGM China had paid $159 million of the contract’s premium, including interest due on the semi-annual installments, and the amount paid is recorded within “Other long-term assets, net.” In January 2017, MGM China paid the final semi-annual installment of $15 million under the contract . Under the terms of the land concession contract, MGM Grand Paradise is required to build and open MGM Cotai by January 2018. T-Mobile Arena. In conjunction with the Las Vegas Arena Company entering a senior secured credit facility in 2014, the Company and AEG each entered joint and several completion guarantees for the project, as well as a repayment guarantee for term loan B (which is subject to increases and decreases in the event of a rebalancing of the principal amount of indebtedness between the term loan A and term loan B facilities). As of December 31, 2016, term loan A was $150 million and term loan B was $50 million. The completion guarantees were terminated in February 2017. 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 $250 million, MGP’s senior credit facility limits the amount to $75 million, MGM China’s credit facility limits the amount to $100 million, and MGM National Harbor’s credit facility limits the amount to $30 million. At December 31, 2016, the Company had $15 million in letters of credit outstanding under the Company’s senior credit facility and $39 million in letters of credit outstanding under MGM China’s credit facility. No amounts were outstanding under the MGP senior credit facility and the MGM National Harbor credit facility at December 31, 2016. The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit. 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, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 14 — STOCKHOLDERS’ EQUITY The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest for the year ended December 31, 2016: (In thousands) Net income attributable to MGM Resorts International $ 1,101,440 Transfers to noncontrolling interest: MGP formation transactions (150,414 ) Borgata transaction (18,385 ) MGM China transaction (45,554 ) Net transfers to noncontrolling interest (214,353 ) Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ 887,087 MGM Growth Properties IPO. The Company adjusted the carrying value of the noncontrolling interests to reflect MGP’s Class A shareholders’ 26.7% initial ownership interest in the consolidated net assets of MGP related to the IPO and related transactions discussed in Note 1, with an offsetting adjustment to additional paid in capital. Borgata transaction. The Company has adjusted the carrying value of the noncontrolling interests as a result of the Borgata transaction to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, as discussed in Note 1, including assets and liabilities transferred as a part of the Borgata transaction, with an offsetting adjustment to additional paid in capital. MGM China common stock acquisition. In September 2016, the Company acquired 188.1 million ordinary shares of MGM China from GPM. As a result of the transaction, the Company owns approximately 56% of MGM China’s outstanding common shares and Ms. Ho owned approximately 22.5% immediately following the transaction. As consideration for the MGM China shares, the Company issued 7,060,492 shares of its common stock and paid $100 million to GPM. In addition, the Company agreed to pay GPM a deferred cash payment of $50 million. See Note 13 for additional information regarding the deferred cash payment. The Company adjusted the carrying value of the noncontrolling interest and accumulated other comprehensive income to reflect the change in MGM China’s noncontrolling ownership interest resulting from the transaction. The difference between the fair value of the consideration paid and the aforementioned adjustments was recognized as a reduction to additional paid in capital. MGM Resorts International dividends. On February 15, 2017 the Company’s Board of Directors approved a quarterly dividend to holders of record on March 10, 2017 of $0.11 per share, totaling $63 million, which will be paid on March 15, 2017. The Company intends to pay a quarterly dividend in each future quarter subject to the Company’s operating results, cash requirements and financial conditions, any applicable provisions of state law that may limit the amount of available funds, and compliance with covenants and financial ratios related to existing or future agreements governing the indebtedness at the Company’s subsidiaries and any limitations in other agreements such subsidiaries may have with third parties. MGM China dividends. MGM China paid the following dividends: • $46 million final dividend in May 2016, of which $23 million was distributed to noncontrolling interests; • $58 million interim dividend in August 2016, of which $29 million was distributed to noncontrolling interests; • $400 million special dividend in March 2015, of which $196 million was distributed to noncontrolling interests; • $120 million final dividend in June 2015, of which $59 million was distributed to noncontrolling interests; • $76 million interim dividend in August 2015, of which $37 million was distributed to noncontrolling interests; • $499 million special dividend in March 2014, of which $245 million was distributed to noncontrolling interests; • $127 million final dividend in June 2014, of which $62 million was distributed to noncontrolling interests; and • $137 million interim dividend in September 2014, of which $67 million was distributed to noncontrolling interests. On February 16, 2017, as part of its regular dividend policy, MGM China’s Board of Directors announced it will recommend a final dividend for 2016 of $78 million to MGM China shareholders subject to approval at the MGM China 2017 annual shareholders meeting to be held in May. If approved, the Company will receive its 56% share, or $44 million, of which $4 million will be paid to GPM under the deferred cash payment arrangement. See Note 13 for additional information. MGP dividends. In January 2017 and October 2016, MGP paid quarterly dividends of $0.3875 per Class A common share, each totaling $22 million. The Company concurrently received $72 million in distributions attributable to the Operating Partnership units owned by the Company from the Operating Partnership, which remained within the consolidated entity at each period. In July 2016 MGP paid a $15 million pro-rated quarterly dividend of $0.2632 per Class A common share. The Company concurrently received a $42 million distribution attributable to the Operating Partnership units owned by the Company from the Operating Partnership, which remained within the consolidated entity. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 15 — STOCK-BASED COMPENSATION MGM Resorts 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, respectively. 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, 2016, the Company had an aggregate of approximately 21 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, 2016 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, 2016 14,131 $ 14.82 Granted 2,557 25.91 Exercised (4,522 ) 11.52 Forfeited or expired (193 ) 20.90 Outstanding at December 31, 2016 11,973 18.33 4.27 $ 125,682 Vested and expected to vest at December 31, 2016 11,570 18.12 4.20 $ 123,841 Exercisable at December 31, 2016 6,478 14.16 2.90 $ 94,903 As of December 31, 2016, there was a total of $37 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 1.8 years. Restricted stock units and performance share units RSUs PSUs Weighted Weighted Weighted Average Target Average Average Units Grant-Date Units Grant-Date Target (000’s) Fair Value (000’s) Fair Value Price Nonvested at January 1, 2016 1,578 $ 20.05 1,818 $ 18.54 $ 26.18 Granted 776 26.06 785 24.94 31.05 Vested (624 ) 18.31 (397 ) 21.01 23.50 Forfeited (58 ) 20.70 — — — Nonvested at December 31, 2016 1,672 23.47 2,206 20.38 28.40 As of December 31, 2016, there was a total of $30 million of unamortized compensation related to RSUs which is expected to be recognized over a weighted-average period of 1.9 years. As of December 31, 2016, there was a total of $28 million of unamortized compensation related to PSUs which is expected to be recognized over a weighted-average period of 1.7 years. The Company grants PSUs for a 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 2016, 2015 and 2014, the Company granted 0.3 million, 0.2 million and 0.3 million PSUs pursuant to the Bonus PSU Policy with a target price of $23.87, $25.91 and $31.72, respectively. Additionally, the Company granted PSUs for certain employees of the Company in connection with the Profit Growth Plan (“Profit Growth Plan PSUs”). Profit Growth Plan PSUs have the same terms as the other PSUs granted under the Omnibus Plan with the exception of an additional service and performance condition tied to the results of the Profit Growth Plan which must be achieved for the awards to vest. In October 2015, the Company granted 0.3 million Profit Growth Plan PSUs with a target price of $25.76. As of December 31, 2016, the performance condition associated with the Profit Growth Plan PSUs has been met. Awards granted under the Bonus PSU Policy and in connection with the Profit Growth Plan are excluded from the table above. The following table includes additional information related to stock options, SARs and RSUs: Year Ended December 31, 2016 2015 2014 (In thousands) Intrinsic value of share-based awards exercised or RSUs and PSUs vested $ 86,216 $ 67,420 $ 31,613 Income tax benefit from share-based awards exercised or RSUs and PSUs vested 29,736 23,288 10,805 The Company net settles SAR exercises, whereby shares of common stock are issued equivalent to the intrinsic value of the SAR less applicable taxes. MGM Growth Properties 2016 Omnibus Incentive Plan. The Company’s subsidiary, MGP, adopted an omnibus incentive plan in 2016 for grants of share-based awards to eligible directors, officers and employees of MGP and its subsidiaries and affiliates, including the Company (“MGP Omnibus Plan”). The MGP Omnibus Plan is administered by MGP’s Board of Directors, which has the discretion to determine the type of awards to grant, the vesting and service requirements, exercise price and other conditions, in all cases subject to certain limits, including: • The MGP Omnibus Plan allows for the issuance of up to 2.5 million shares; and • Limits the maximum amount of shares to be granted, in the aggregate, to any individual participant within any fiscal year as well as limits the maximum aggregate grant date value (regardless of type(s) of award granted) in any fiscal year to any non-employee director of MGP. The majority of RSUs granted under the MGP Omnibus Plan vest ratably over four years with the exception of RSUs issued to MGM Resorts International employees in connection with the IPO, which vest ratably over one year. Expense is recognized 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. The RSUs are granted together with dividend equivalent rights that are subject to the same vesting and forfeiture terms as the underlying RSUs. Outstanding PSUs granted under the MGP Omnibus Plan vest subject to a market condition, in which a percentage of the target award granted vests based on MGP’s total shareholder return (“TSR”) relative to a select group of peer companies at the end of a three year performance period. Depending on MGP’s relative TSR at the end of the performance period, anywhere from 0% to 160% of the target award may vest. Should MGP’s TSR be negative during the performance period, then the maximum portion of the target award eligible for vesting is capped at 100%. 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. The PSUs are granted together with dividend equivalent rights that are subject to the same vesting and forfeiture terms as the underlying PSUs. As of December 31, 2016, MGP had an aggregate of 2 million shares of common stock available for grant as share-based awards under the MGP Omnibus Plan. A summary of the activity under the MGP Omnibus Plan for the period from April 19, 2016 (date of inception) to December 31, 2016 is presented below: Restricted share units and performance share units RSUs PSUs Weighted Weighted Average Target Average Units Grant-Date Units Grant-Date (000’s) Fair Value (000’s) Fair Value Granted 248 $ 21.18 46 $ 20.52 Outstanding at December 31, 2016 248 21.18 46 20.52 Shares granted in the above table include dividend equivalent rights related to RSUs and PSUs. As of December 31, 2016, there was a total of $1.8 million of unamortized compensation related to RSUs which is expected to be recognized over a weighted-average period of 0.8 years. As of December 31, 2016, there was a total of $0.7 million of unamortized compensation related to PSUs which is expected to be recognized over a weighted-average period of 2.3 years. 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. Estimated forfeitures are updated periodically with actual forfeitures recognized currently to the extent they differ from the estimate. As of December 31, 2016, MGM China had an aggregate of approximately 302 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, 2016 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, 2016 49,211 $ 2.54 Granted 30,156 1.45 Exercised (466 ) 1.83 Forfeited or expired (5,325 ) 2.31 Outstanding at December 31, 2016 73,576 2.11 7.96 $ 22,897 Vested and expected to vest at December 31, 2016 69,577 2.14 7.90 $ 20,954 Exercisable at December 31, 2016 24,501 2.53 6.09 $ 1,926 As of December 31, 2016, there was a total of $21 million of unamortized compensation related to stock options expected to vest, which is expected to be recognized over a weighted-average period of 2.7 years. Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2016 2015 2014 Compensation cost: (In thousands) Omnibus Plan $ 43,661 $ 33,742 $ 29,662 MGP Omnibus Plan 3,401 — — MGM China Plan 8,545 9,260 8,706 Total compensation cost 55,607 43,002 38,368 Less: Reimbursed costs and capitalized cost (1,350 ) (1,156 ) (1,104 ) Compensation cost after reimbursed costs and capitalized cost 54,257 41,846 37,264 Less: Related tax benefit (16,782 ) (11,230 ) (9,822 ) Compensation cost, net of tax benefit $ 37,475 $ 30,616 $ 27,442 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, 2016 2015 2014 Expected volatility 33 % 38 % 40 % Expected term 4.9 yrs. 4.9 yrs. 4.9 yrs. Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 1.9 % 1.8 % 1.6 % Weighted-average fair value of SARs granted $ 8.35 $ 7.27 $ 8.18 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, 2016 2015 2014 Expected volatility 33 % 39 % 31 % Expected term 3.0 yrs. 3.0 yrs. 3.0 yrs. Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 0.9 % 0.9 % 1.0 % Weighted-average fair value of PSUs granted $ 24.94 $ 17.73 $ 18.39 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. Compensation cost for RSUs granted under the MGP Omnibus plan is based on the fair value of MGP’s Class A shares on the date of grant. Compensation cost for PSUs granted under the MGP 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, 2016 Expected volatility 26 % Expected term 3.0 yrs. Expected dividend yield 0 % Risk-free interest rate 0.9 % Weighted-average fair value of PSUs granted $ 20.52 Expected volatility is based in part on historical volatility and in part on implied volatility based on traded shares of MGP’s Class A shares. 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. 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, 2016 2015 2014 Expected volatility 45 % 43 % 39 % Expected term 5.6 yrs. 5.8 yrs. 7.9 yrs. Expected dividend yield 3.1 % 2.4 % 1.6 % Risk-free interest rate 0.9 % 1.3 % 1.8 % Weighted-average fair value of options granted $ 0.44 $ 0.55 $ 1.06 Expected volatilities are based on the historical volatility of MGM China’s stock price. Expected term considers the contractual term of the option as well as historical exercise and forfeiture 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, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 16 — EMPLOYEE BENEFIT PLANS Multi-employer 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; and 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 2015 2014 Agreements (2) Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green 5/31/2018 (1) In 2014, the trustees of the Pension Plan 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. Contributions to the Company’s multi-employer pension plans and other multi-employer benefit plans were as follows: Year Ended December 31, 2016 2015 2014 Multi-employer Pension Plans (In thousands) Southern Nevada Culinary and Bartenders Pension Plan $ 44,001 $ 41,904 $ 33,927 Other pension plans not individually significant 8,592 9,680 7,323 Total multi-employer pension plans $ 52,593 $ 51,584 $ 41,250 Multi-employer Benefit Plans Other Than Pensions UNITE HERE Health $ 187,356 $ 191,733 $ 202,641 Other 11,513 12,840 12,746 Total multi-employer benefit plans other than pensions $ 198,869 $ 204,573 $ 215,387 Pension Plan contributions in 2016 increased when compared to 2015 due to the contribution rate to the Pension Plan increasing in mid-2016 as defined under the collective bargaining agreements, which was partially offset by a 3% decrease in hours worked in 2016 compared to 2015. During 2014 an amendment to the collective bargaining agreements to temporarily divert contributions from the Pension Plan to the Health Fund was in effect. As a result, contributions to the Pension Plan increased in 2015 compared to 2014 as the amendment ended in June of 2014. Borgata. The above disclosures exclude multi-employer defined benefit pension plans under terms of collective-bargaining agreements that cover union-represented employees at Borgata (acquired on August 1, 2016). These unions cover certain of its culinary, hotel and other trade workers. Borgata is obligated to make defined contributions under these plans and is also subject to the risks outlined above for the Company’s other multi-employer pension plans. Contributions, based on wages paid to covered employees, totaled $4 million, for the period from acquisition through December 31, 2016. Borgata’s most significant plan is the Legacy Plan of the National Retirement Fund, Former HEREIU and Local 54 (the “The Local 54 Pension Plan”), which has been listed in “critical status” (which means it is generally less than 65% funded) and a rehabilitation plan has been adopted. As a result, the Company is responsible for the payment of surcharges in addition to the contribution rate specified in the collective bargaining agreement. The Company estimates Borgata’s share of unfunded vested liabilities related to certain multi-employer pension plans is approximately $288 million as of January 1, 2016, which amount primarily relates to The Local 54 Pension Plan, and which amount is subject to change each year depending on the applicable plan ’ s employer contributions, investment performance and other factors. Borgata has no current intention to withdraw from these plans, which withdrawal could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal. 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 $30 million and $22 million at December 31, 2016 and 2015, respectively. The workers compensation liability for claims filed and estimates of claims incurred but not reported was $53 million and $43 million as of December 31, 2016 and 2015, 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 75% of their income on a pre-tax and/or after-tax basis through contributions to the plans. The Company matches 50% of the first 6% of eligible employee deferrals up to a specified annual maximum dollar amount. The Company recorded charges for 401(k) contributions of $20 million, $16 million and $17 million in 2016, 2015 and 2014, 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. The Company does not contribute 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. The Company recorded charges related to contributions in the retirement plan of $7 million, $7 million and $5 million for the years ended December 31, 2016, 2015, and 2014, respectively. |
Property Transactions, Net
Property Transactions, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property Transactions, Net | NOTE 17 — PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following: Year Ended December 31, 2016 2015 2014 (In thousands) Grand Victoria investment impairment $ — $ 17,050 $ 28,789 Gain on sale of Circus Circus Reno and Silver Legacy investment — (23,002 ) — Other property transactions, net 17,078 41,903 12,213 $ 17,078 $ 35,951 $ 41,002 Grand Victoria investment. See Note 7 for additional information related to the Grand Victoria investment impairment charges in 2015 and 2014. Circus Circus Reno and Silver Legacy investment sale. See Note 5 for additional information related to the sale of Circus Circus Reno and Note 7 for further discussion of the sale of the Company’s 50% investment in Silver Legacy in 2015. Other. Other property transactions, net includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, as well as a loss of $18 million in connection with the trade-in of Company aircraft in 2015. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 18 — 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: domestic resorts and MGM China. The Company’s operations related to investments in unconsolidated affiliates and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results. 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 and the MGP Omnibus Plan, which are not allocated to the reportable segments or each operating segment, as applicable. 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, NV Energy exit expense, gain on Borgata transaction, goodwill impairment charges, and property transactions, net. The following tables present the Company’s segment information: Year Ended December 31, 2016 2015 2014 (In thousands) Net Revenues Domestic resorts $ 7,055,718 $ 6,497,361 $ 6,342,084 MGM China 1,920,487 2,214,767 3,282,329 Reportable segment net revenues 8,976,205 8,712,128 9,624,413 Corporate and other 478,918 477,940 457,571 $ 9,455,123 $ 9,190,068 $ 10,081,984 Adjusted Property EBITDA Domestic resorts $ 2,063,016 $ 1,689,966 $ 1,518,307 MGM China 520,736 539,881 850,471 Reportable segment Adjusted Property EBITDA 2,583,752 2,229,847 2,368,778 Other operating income (expense) Corporate and other 211,932 9,073 (149,216 ) NV Energy exit expense (139,335 ) — — Preopening and start-up expenses (140,075 ) (71,327 ) (39,257 ) Property transactions, net (17,078 ) (35,951 ) (41,002 ) Goodwill impairment — (1,467,991 ) — Gain on Borgata transaction 430,118 — — Depreciation and amortization (849,527 ) (819,883 ) (815,765 ) Operating income (loss) 2,079,787 (156,232 ) 1,323,538 Non-operating income (expense) Interest expense, net of amounts capitalized (694,773 ) (797,579 ) (817,061 ) Non-operating items from unconsolidated affiliates (53,139 ) (76,462 ) (87,794 ) Other, net (72,698 ) (15,970 ) (7,797 ) (820,610 ) (890,011 ) (912,652 ) Income (loss) before income taxes 1,259,177 (1,046,243 ) 410,886 Benefit (provision) for income taxes (22,299 ) 6,594 (283,708 ) Net income (loss) 1,236,878 (1,039,649 ) 127,178 Less: Net (income) loss attributable to noncontrolling interests (135,438 ) 591,929 (277,051 ) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ (447,720 ) $ (149,873 ) December 31, 2016 2015 Total assets: (In thousands) Domestic resorts $ 16,451,461 $ 13,261,882 MGM China 8,443,411 7,895,376 Reportable segment total assets 24,894,872 21,157,258 Corporate and other 3,333,625 4,099,837 Eliminated in consolidation (55,196 ) (41,917 ) $ 28,173,301 $ 25,215,178 December 31, 2016 2015 Property and equipment, net: (In thousands) Domestic resorts $ 14,353,971 $ 11,853,802 MGM China 2,857,626 1,896,815 Reportable segment property and equipment, net 17,211,597 13,750,617 Corporate and other 1,268,622 1,663,095 Eliminated in consolidation (55,196 ) (41,917 ) $ 18,425,023 $ 15,371,795 Year Ended December 31, 2016 2015 2014 Capital expenditures: (In thousands) Domestic resorts $ 317,951 $ 383,367 $ 292,463 MGM China 984,355 590,968 347,338 Reportable segment capital expenditures 1,302,306 974,335 639,801 Corporate and other 973,446 504,398 233,173 Eliminated in consolidation (13,279 ) (11,914 ) (933 ) $ 2,262,473 $ 1,466,819 $ 872,041 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 19 — 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 $43 million, $41 million and $38 million for the years ended December 31, 2016, 2015 and 2014. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2016, 2015 and 2014, the Company incurred $387 million, $393 million and $380 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2016 and 2015, CityCenter owed the Company $77 million and $55 million, respectively, for management services and reimbursable costs recorded in “Accounts receivable, net” in the accompanying consolidated balance sheets. 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. For the years ended December 31, 2016, 2015 and 2014, the Company was reimbursed $2 million, $2 million, and $3 million, respectively, 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. Ho is a member of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. 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 $10 million, $16 million and $28 million for the years ended December 31, 2016, 2015 and 2014, respectively. MGM China recorded revenue of less than $1 million related to hotel rooms provided to Shun Tak for each of the years ended December 31, 2016, 2015 and 2014. As of December 31, 2016 and 2015, 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. Ho indirectly holds a noncontrolling interest, is party to a brand license agreement with MGM China. MGM China pays a license fee to MGM Branding and Development equal to 1.75% of MGM Macau’s consolidated net revenue, subject to an annual cap of $62 million in 2016 with a 20% increase per annum for each subsequent calendar year during the term of the agreement. During the years ended December 31, 2016, 2015 and 2014, MGM China incurred total license fees of $34 million, $39 million and $43 million, respectively. Such amounts have been eliminated in consolidation. MGM China is party to 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 casino resort 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 $29 million in 2016, which will increase by 10% per annum for each year during the term of the agreement. For the years ended December 31, 2016 and 2015, MGM China incurred $12 million and $10 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. Ho received distributions of $15 million, $15 million and $13 million during the years ended December 31, 2016, 2015 and 2014, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. MGP Pursuant to a master lease agreement by and between a subsidiary of the Company (the “Tenant”) and a subsidiary of the Operating Partnership (the “Landlord”), the Tenant has leased the contributed real estate assets from the Landlord. The master lease has an initial lease term of ten years with the potential to extend the term for four additional five-year terms thereafter at the option of the Tenant. The master lease provides that any extension of its term must apply to all of the real estate under the master lease at the time of the extension. The master lease has a triple-net structure, which requires the Tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the master lease provides the Landlord with a right of first offer with respect to MGM National Harbor and the Company’s development property located in Springfield, Massachusetts, which the Landlord may exercise should the Company elect to sell these properties in the future. Subsequent to the Company completing its acquisition of Borgata on August 1, 2016, MGP acquired Borgata’s real property from a subsidiary of the Company in exchange for MGP’s assumption of $545 million of indebtedness and the issuance of 27.4 million Operating Partnership units to a subsidiary of the Company. In connection with this transaction, the Tenant and Landlord entered into an amendment to the master lease to include the Borgata real property. The annual rent payments due under the master lease were $550 million prior to MGP’s acquisition of Borgata’s real property on August 1, 2016. Subsequent to the acquisition, annual rent payments under the master lease increased to $650 million, prorated for the remainder of the first lease year after the Borgata transaction. Rent under the master lease consists of a “base rent” component and a “percentage rent” component. For the first year, the base rent will represent 90% of the initial total rent payments due under the master lease and the percentage rent will represent 10% of the initial total rent payments due under the master lease. The base rent includes a fixed annual rent escalator of 2.0% for the second through the sixth lease years (as defined in the master lease). Thereafter, the annual escalator of 2.0% will be subject to the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the master lease (as determined in accordance with generally accepted accounting principles, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the Company’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average actual annual net revenues of the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant, from the leased properties subject to the master lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual net revenues, excluding net revenue attributable to certain scheduled subleases and, at the Landlord’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%). During the year ended December 31, 2016, the Company made rent payments to the Landlord in the amount of $418 million. Pursuant to the master lease, upon an event of default the Landlord may, at its option (i) terminate the master lease, repossess any leased property, relet any leased property to a third party and require that the Tenant pay damages; (ii) require that the Tenant pay to the Landlord rent and other sums payable with interest calculated at the overdue rate provided for in the master lease or terminate the Tenant’s right to possession of the leased property and seek damages; and/or (iii) seek any and all other rights and remedies available under law or in equity. An event of default will be deemed to occur upon certain events, including: (1) the failure by the Tenant to pay rent or other additional charges when due; (2) failure by the Tenant to comply with the covenants set forth in the master lease; (3) certain events of bankruptcy or insolvency with respect to a Tenant or the guarantor; (4) the occurrence of a default under the guaranty of the master lease; (5) the loss or suspension of a material license that causes cessation of gaming activity that would reasonably be expected to have a material adverse effect on the Tenant, the facilities or the leased properties taken as a whole; and (6) the failure of the Company, on a consolidated basis with Tenant, to maintain an EBITDAR to rent ratio (as described in the master lease) of at least 1.10:1.00 for two consecutive test periods, beginning with the test periods ending December 31, 2016 and March 31, 2017. The Company was in compliance with all applicable covenants as of December 31, 2016. Pursuant to a corporate services agreement, the Company provides MGP and its subsidiaries with financial, administrative and operational support services, including accounting and finance support, human resources support, legal and regulatory compliance support, insurance advisory services, internal audit services, governmental affairs monitoring and reporting services, information technology support, construction services, and various other support services. The Company is reimbursed for all costs it incurs directly related to providing the services thereunder. All intercompany transactions, including transactions under the corporate services agreement and master lease, have been eliminated in the Company’s consolidation of MGP. The public ownership of MGP’s Class A shares is recognized as non-controlling interests in the Company’s consolidated financial statements. T-Mobile Arena The Las Vegas Arena Company leases the land underlying the T-Mobile Arena from the Company under a 50 year operating lease, which commenced 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. For the years ended December 31, 2016, 2015 and 2014, the Company recorded income of $3 million, $3 million and $1 million, respectively, for the T-Mobile Arena ground lease. The Company leases the MGM Grand Garden Arena to Las Vegas Arena Company. For the year ended December 31, 2016, the Company recorded income of $2 million. |
Consolidating Condensed Financi
Consolidating Condensed Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidating Condensed Financial Information | NOTE 20 — CONSOLIDATING CONDENSED FINANCIAL INFORMATION As of December 31, 2016, all of the Company’s principal debt arrangements are guaranteed by each of its material domestic subsidiaries, other than MGP and the Operating Partnership, 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. The Company’s international subsidiaries, including MGM China and its subsidiaries, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of December 31, 2016 and 2015 and for the years ended December 31, 2016, 2015 and 2014, are presented below. Within the Condensed Consolidating Statements of Cash Flows for the periods ending December 31, 2016 and 2015, 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. Certain of the Company’s subsidiaries (“OPCOs”) collectively own 76.3% of the Operating Partnership units as of December 31, 2016, and each subsidiary accounts for its respective investment under the equity method within the condensed consolidating financial information presented below. At these subsidiaries, such investment constitutes continuing involvement, and accordingly, the contribution and leaseback of the real estate assets do not qualify for sale-leaseback accounting. The real estate assets that were contributed to and owned by the Operating Partnership in connection with the IPO, along with the related transactions, are reflected in the balance sheets of the MGM subsidiaries that contributed such assets. In addition, such subsidiaries recognized finance liabilities within “Other long-term obligations” related to rent payments due under the Master Lease and recognized the related interest expense component of such payments. These real estate assets are also reflected on the balance sheet of the MGP subsidiary that received such assets in connection with the contribution. The condensed consolidating financial information presented below therefore includes the accounting for such activity within the respective columns presented and in the elimination column. For all periods prior to the commencement of the Master Lease arrangement, the condensed consolidating financial information set forth herein has been retrospectively adjusted to conform prior periods to the current presentation, as the transactions occurred between entities, which are considered businesses under common control. Accordingly, the real estate assets and associated operations in all periods prior to the IPO date were reclassified to conform to the current organizational structure, and are reflected in the MGP subsidiary that currently has legal title to such assets. CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 103,934 $ 981,705 $ 368,622 $ 783,920 $ (8,594 ) $ 2,229,587 Property and equipment, net — 13,599,127 9,079,678 4,837,868 (9,091,650 ) 18,425,023 Investments in subsidiaries 18,907,988 3,338,752 — — (22,246,740 ) — Investments in the MGP Operating Partnership — 3,553,840 — 636,268 (4,190,108 ) — Investments in and advances to unconsolidated affiliates — 1,189,590 — 5,853 25,000 1,220,443 Intercompany accounts — 4,796,713 — — (4,796,713 ) — Other non-current assets 50,741 934,836 58,440 5,302,132 (47,901 ) 6,298,248 $ 19,062,663 $ 28,394,563 $ 9,506,740 $ 11,566,041 $ (40,356,706 ) $ 28,173,301 Current liabilities $ 184,281 $ 1,301,423 $ 139,099 $ 837,844 $ (169,226 ) $ 2,293,421 Intercompany accounts 3,406,699 — 166 1,389,848 (4,796,713 ) — Deferred income taxes, net 2,202,809 — 25,368 348,419 (25,368 ) 2,551,228 Long-term debt 7,019,745 2,835 3,613,567 2,343,073 — 12,979,220 Other long-term obligations 28,949 7,360,887 120,279 1,051,754 (8,235,888 ) 325,981 Total liabilities 12,842,483 8,665,145 3,898,479 5,970,938 (13,227,195 ) 18,149,850 Redeemable noncontrolling interests — — — 54,139 — 54,139 MGM Resorts International stockholders' equity 6,220,180 19,729,418 4,274,444 3,125,649 (27,129,511 ) 6,220,180 Noncontrolling interests — — 1,333,817 2,415,315 — 3,749,132 Total stockholders' equity 6,220,180 19,729,418 5,608,261 5,540,964 (27,129,511 ) 9,969,312 $ 19,062,663 $ 28,394,563 $ 9,506,740 $ 11,566,041 $ (40,356,706 ) $ 28,173,301 December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 561,310 $ 932,374 $ — $ 915,979 $ (914 ) $ 2,408,749 Property and equipment, net — 5,089,726 7,793,639 2,500,401 (11,971 ) 15,371,795 Investments in subsidiaries 18,491,578 2,956,404 — — (21,447,982 ) — Investments in and advances to unconsolidated affiliates — 1,460,084 — 6,413 25,000 1,491,497 Intercompany accounts — 3,234,271 — — (3,234,271 ) — Other non-current assets 38,577 444,333 — 5,460,227 — 5,943,137 $ 19,091,465 $ 14,117,192 $ 7,793,639 $ 8,883,020 $ (24,670,138 ) $ 25,215,178 Current liabilities $ 536,165 $ 994,570 $ — $ 708,130 $ (914 ) $ 2,237,951 Intercompany accounts 2,390,461 — — 843,810 (3,234,271 ) — Deferred income taxes, net 631,763 — 1,734,680 314,133 — 2,680,576 Long-term debt 10,393,197 4,837 — 1,970,277 — 12,368,311 Other long-term obligations 19,952 67,212 — 70,499 — 157,663 Total liabilities 13,971,538 1,066,619 1,734,680 3,906,849 (3,235,185 ) 17,444,501 Redeemable noncontrolling interests — — — 6,250 — 6,250 MGM Resorts International stockholders' equity 5,119,927 13,050,573 6,058,959 2,325,421 (21,434,953 ) 5,119,927 Noncontrolling interests — — — 2,644,500 — 2,644,500 Total stockholders' equity 5,119,927 13,050,573 6,058,959 4,969,921 (21,434,953 ) 7,764,427 $ 19,091,465 $ 14,117,192 $ 7,793,639 $ 8,883,020 $ (24,670,138 ) $ 25,215,178 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,918,748 $ 467,548 $ 2,539,794 $ (470,967 ) $ 9,455,123 Equity in subsidiaries' earnings 1,780,707 175,729 — — (1,956,436 ) — Expenses Casino and hotel operations 9,063 3,894,478 — 1,595,542 (3,419 ) 5,495,664 General and administrative 6,834 1,137,110 68,063 214,839 (48,229 ) 1,378,617 Corporate expense 131,938 160,956 20,360 (194 ) (286 ) 312,774 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 8,775 — 131,300 — 140,075 Property transactions, net — 16,449 4,684 (246 ) (3,809 ) 17,078 Gain on Borgata transaction — (430,118 ) — — — (430,118 ) Depreciation and amortization — 524,123 220,667 261,730 (156,993 ) 849,527 147,835 5,451,108 313,774 2,202,971 (212,736 ) 7,902,952 Income (loss) from unconsolidated affiliates — 527,934 — (318 ) — 527,616 Operating income (loss) 1,632,872 2,171,303 153,774 336,505 (2,214,667 ) 2,079,787 Interest expense, net of amounts capitalized (562,536 ) (1,500 ) (115,438 ) (15,299 ) — (694,773 ) Other, net (7,864 ) (324,141 ) (726 ) (93,145 ) 300,039 (125,837 ) Income (loss) before income taxes 1,062,472 1,845,662 37,610 228,061 (1,914,628 ) 1,259,177 Benefit (provision) for income taxes 38,968 (22,579 ) (2,264 ) (36,424 ) — (22,299 ) Net income (loss) 1,101,440 1,823,083 35,346 191,637 (1,914,628 ) 1,236,878 Less: Net income attributable to noncontrolling interests — — (29,938 ) (105,500 ) — (135,438 ) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ 1,823,083 $ 5,408 $ 86,137 $ (1,914,628 ) $ 1,101,440 Net income (loss) $ 1,101,440 $ 1,823,083 $ 35,346 $ 191,637 $ (1,914,628 ) $ 1,236,878 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (1,477 ) (1,477 ) — (2,680 ) 2,954 (2,680 ) Unrealized gain (loss) on cash flow hedges 1,434 — 1,879 — (1,434 ) 1,879 Other comprehensive income (loss) (43 ) (1,477 ) 1,879 (2,680 ) 1,520 (801 ) Comprehensive income (loss) 1,101,397 1,821,606 37,225 188,957 (1,913,108 ) 1,236,077 Less: Comprehensive income attributable to noncontrolling interests — — (30,383 ) (104,297 ) — (134,680 ) Comprehensive income (loss) attributable to MGM Resorts International $ 1,101,397 $ 1,821,606 $ 6,842 $ 84,660 $ (1,913,108 ) $ 1,101,397 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (603,136 ) $ 1,312,165 $ 297,781 $ 527,162 $ — $ 1,533,972 Cash flows from investing activities Capital expenditures, net of construction payable — (290,455 ) (138,987 ) (1,833,031 ) — (2,262,473 ) Dispositions of property and equipment — 1,940 — 2,004 — 3,944 Proceeds from partial disposition of investment in unconsolidated affiliates — 15,000 — — — 15,000 Acquisition of Borgata, net of cash acquired — (559,443 ) — — — (559,443 ) Investments in and advances to unconsolidated affiliates — (3,633 ) — — — (3,633 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 542,097 — — — 542,097 Intercompany accounts — (1,562,442 ) — — 1,562,442 — Other — (7,651 ) — (4,045 ) — (11,696 ) Net cash provided by (used in) investing activities — (1,864,587 ) (138,987 ) (1,835,072 ) 1,562,442 (2,276,204 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (2,016,000 ) 4,094,850 (2,411,600 ) 823,782 — 491,032 Borrowings under bank credit facilities - maturities longer than 90 days 1,845,375 — — — — 1,845,375 Repayments under bank credit facilities - maturities longer than 90 days (1,845,375 ) — — — — (1,845,375 ) Issuance of long-term debt 500,000 — 1,550,000 — — 2,050,000 Retirement of senior notes (2,255,392 ) (2,661 ) — — — (2,258,053 ) Repayment of Borgata credit facility — (583,598 ) — — — (583,598 ) Debt issuance costs (29,871 ) — (77,163 ) (32,550 ) — (139,584 ) Issuance of MGM Growth Properties common stock in public offering — — 1,207,500 — — 1,207,500 MGM Growth Properties Class A share issuance costs — — (75,032 ) — — (75,032 ) Acquisition of MGM China shares (100,000 ) — — — — (100,000 ) MGP dividends paid to consolidated subsidiaries — — (113,414 ) — 113,414 — Distributions to noncontrolling interest owners — — (37,415 ) (65,952 ) — (103,367 ) Excess tax benefit from exercise of stock options 13,277 — — — — 13,277 Intercompany accounts 4,082,303 (2,952,624 ) 158,822 387,355 (1,675,856 ) — Proceeds from issuance of redeemable noncontrolling interests — — — 47,325 — 47,325 Other (30,042 ) — — (36 ) — (30,078 ) Net cash provided by (used in) financing activities 164,275 555,967 201,698 1,159,924 (1,562,442 ) 519,422 Effect of exchange rate on cash — — — (921 ) — (921 ) Cash and cash equivalents Net increase (decrease) for the period (438,861 ) 3,545 360,492 (148,907 ) — (223,731 ) Balance, beginning of period 538,856 304,168 — 827,288 — 1,670,312 Balance, end of period $ 99,995 $ 307,713 $ 360,492 $ 678,381 $ — $ 1,446,581 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,429,103 $ — $ 2,763,862 $ (2,897 ) $ 9,190,068 Equity in subsidiaries' earnings 376,074 (566,270 ) — — 190,196 — Expenses Casino and hotel operations 6,717 3,807,569 — 1,813,987 (2,897 ) 5,625,376 General and administrative 4,959 1,038,053 58,473 207,619 — 1,309,104 Corporate expense 120,615 154,424 — (488 ) — 274,551 Preopening and start-up expenses — 4,973 — 66,354 — 71,327 Property transactions, net — 24,688 6,665 1,472,589 — 1,503,942 Depreciation and amortization — 348,159 196,816 274,908 — 819,883 132,291 5,377,866 261,954 3,834,969 (2,897 ) 9,604,183 Income (loss) from unconsolidated affiliates — 259,002 — (1,119 ) — 257,883 Operating income (loss) 243,783 743,969 (261,954 ) (1,072,226 ) 190,196 (156,232 ) Interest expense, net of amounts capitalized (762,529 ) (1,057 ) — (33,993 ) — (797,579 ) Other, net 49,497 (84,958 ) — (56,971 ) — (92,432 ) Income (loss) before income taxes (469,249 ) 657,954 (261,954 ) (1,163,190 ) 190,196 (1,046,243 ) Benefit (provision) for income taxes 21,529 (7,125 ) — (7,810 ) — 6,594 Net income (loss) (447,720 ) 650,829 (261,954 ) (1,171,000 ) 190,196 (1,039,649 ) Less: Net loss attributable to noncontrolling interests — — — 591,929 — 591,929 Net income (loss) attributable to MGM Resorts International $ (447,720 ) $ 650,829 $ (261,954 ) $ (579,071 ) $ 190,196 $ (447,720 ) Net income (loss) $ (447,720 ) $ 650,829 $ (261,954 ) $ (1,171,000 ) $ 190,196 $ (1,039,649 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 1,703 1,703 — 3,727 (3,406 ) 3,727 Other (672 ) (672 ) — — 672 (672 ) Other comprehensive income (loss) 1,031 1,031 — 3,727 (2,734 ) 3,055 Comprehensive income (loss) (446,689 ) 651,860 (261,954 ) (1,167,273 ) 187,462 (1,036,594 ) Less: Comprehensive loss attributable to noncontrolling interests — — — 589,905 — 589,905 Comprehensive income (loss) attributable to MGM Resorts International $ (446,689 ) $ 651,860 $ (261,954 ) $ (577,368 ) $ 187,462 $ (446,689 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (776,996 ) $ 1,375,703 $ (58,473 ) $ 464,845 $ — $ 1,005,079 Cash flows from investing activities Capital expenditures, net of construction payable — (353,245 ) (129,308 ) (984,266 ) — (1,466,819 ) Dispositions of property and equipment — 7,901 — 131 — 8,032 Proceeds from sale of business units and investment in unconsolidated affiliates — 92,207 — — — 92,207 Investments in and advances to unconsolidated affiliates (141,390 ) (54,672 ) — — — (196,062 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 201,612 — — — 201,612 Investments in cash deposits - maturities longer than 90 days (200,205 ) — — — — (200,205 ) Proceeds from cash deposits - maturities longer than 90 days 770,205 — — — — 770,205 Intercompany accounts — (1,059,181 ) — — 1,059,181 — Other — (7,516 ) — 3,488 — (4,028 ) Net cash provided by (used in) investing activities 428,610 (1,172,894 ) (129,308 ) (980,647 ) 1,059,181 (795,058 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (28,000 ) — — 1,005,275 — 977,275 Borrowings under bank credit facilities - maturities longer than 90 days 3,768,750 — — 1,350,000 — 5,118,750 Repayments under bank credit facilities - maturities longer than 90 days (3,768,750 ) — — (1,350,000 ) — (5,118,750 ) Retirement of senior notes (875,504 ) — — — — (875,504 ) Debt issuance costs — — — (46,170 ) — (46,170 ) Intercompany accounts 1,003,750 (157,958 ) 187,781 25,608 (1,059,181 ) — Distributions to noncontrolling interest owners — — — (307,227 ) — (307,227 ) Excess tax benefits from exercise of stock options 12,369 — — — — 12,369 Proceeds from issuance of redeemable noncontrolling interests — — — 6,250 — 6,250 Other (24,881 ) — — 9 — (24,872 ) Net cash provided by (used in) financing activities 87,734 (157,958 ) 187,781 683,745 (1,059,181 ) (257,879 ) Effect of exchange rate on cash — — — 793 — 793 Cash and cash equivalents Net increase (decrease) for the period (260,652 ) 44,851 — 168,736 — (47,065 ) Change in cash related to assets held for sale — 3,662 — — — 3,662 Balance, beginning of period 799,508 255,655 — 658,552 — 1,713,715 Balance, end of period $ 538,856 $ 304,168 $ — $ 827,288 $ — $ 1,670,312 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2014 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (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 1,046,803 59,980 207,223 — 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 — 329,589 186,262 299,914 — 815,765 82,341 5,380,037 246,242 3,116,122 (2,460 ) 8,822,282 Income (loss) from unconsolidated affiliates — 64,014 — (178 ) — 63,836 Operating income (loss) 856,371 1,293,997 (246,242 ) 697,436 (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 1,202,744 (246,242 ) 620,070 (1,278,024 ) 410,886 Provision for income taxes (262,211 ) (20,735 ) — (762 ) — (283,708 ) Net income (loss) (149,873 ) 1,182,009 (246,242 ) 619,308 (1,278,024 ) 127,178 Less: Net income attributable to noncontrolling interests — — — (277,051 ) — (277,051 ) Net income (loss) attributable to MGM Resorts International $ (149,873 ) $ 1,182,009 $ (246,242 ) $ 342,257 $ (1,278,024 ) $ (149,873 ) Net income (loss) $ (149,873 ) $ 1,182,009 $ (246,242 ) $ 619,308 $ (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 ) 1,182,497 (246,242 ) 618,015 (1,277,750 ) 127,135 Less: Comprehensive income attributable to noncontrolling interests — — — (276,520 ) — (276,520 ) Comprehensive income (loss) attributable to MGM Resorts International $ (149,385 ) $ 1,182,497 $ (246,242 ) $ 341,495 $ (1,277,750 ) $ (149,385 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2014 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (718,756 ) $ 1,163,402 $ (59,980 ) $ 721,004 $ 25,000 $ 1,130,670 Cash flows from investing activities Capital expenditures, net of construction payable — (289,431 ) (90,504 ) (492,106 ) — (872,041 ) Dispositions of property and equipment — 6,631 — 1,020 — 7,651 Investments in and advances to unconsolidated affiliates (31,400 ) (46,640 ) — — (25,000 ) (103,040 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 132 — — — 132 Investments in treasury securities - maturities longer than 90 days — (123,133 ) — — — (123,133 ) Proceeds from treasury securities - maturities longer than 90 days — 210,300 — — — 210,300 Investments in 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 ) (935,945 ) (90,504 ) (576,086 ) 679,785 (1,524,150 ) Cash flows from financing activities Net repayments under bank credit facilities - maturities of 90 days or less (28,000 ) — — — — (28,000 ) Borrowings under bank credit facilities - maturities longer than 90 days 3,821,250 — — 1,350,000 — 5,171,250 Repayments under bank credit facilities - maturities longer than 90 days (3,821,250 ) — — (1,350,000 ) — (5,171,250 ) Issuance of long-term debt 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 (204,794 ) 150,484 (285,953 ) (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 (205,597 ) 150,484 (673,029 ) (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 ) Change in 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 1 |
Selected Quarterly Financial Re
Selected Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Results (Unaudited) | NOTE 21 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) Quarter First Second Third Fourth Total 2016 (In thousands, except per share data) Net revenues $ 2,209,686 $ 2,269,502 $ 2,515,115 $ 2,460,820 $ 9,455,123 Operating income 315,954 769,055 712,755 282,023 2,079,787 Net income 91,198 514,498 561,260 69,922 1,236,878 Net income attributable to MGM Resorts International 66,799 474,353 535,619 24,669 1,101,440 Basic income per share $ 0.12 $ 0.84 $ 0.94 $ 0.04 $ 1.94 Diluted income per share $ 0.12 $ 0.83 $ 0.93 $ 0.04 $ 1.92 2015 Net revenues $ 2,332,244 $ 2,385,135 $ 2,280,816 $ 2,191,873 $ 9,190,068 Operating income (loss) 395,104 348,521 297,377 (1,197,234 ) (156,232 ) Net income (loss) 212,646 126,467 94,735 (1,473,497 ) (1,039,649 ) Net income (loss) attributable to MGM Resorts International 169,850 97,459 66,425 (781,454 ) (447,720 ) Basic income (loss) per share $ 0.35 $ 0.18 $ 0.12 $ (1.38 ) $ (0.82 ) Diluted income (loss) per share $ 0.33 $ 0.17 $ 0.12 $ (1.38 ) $ (0.82 ) 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. T Certain items affecting comparability for the year ended December 31, 2016 are as follows: • First Quarter. None; • Second Quarter. In the second quarter and the full year, the Company recorded a $406 million and a $401 million gain, respectively, ($0.57 and $0.56 per share in the quarter and full year of 2016, respectively) for its share of CityCenter’s gain related to the sale of Crystals; • Third Quarter. The Company recorded a $430 million ($0.60 and $0.61 per share in the quarter and full year of 2016, respectively) gain related to the acquisition of Borgata. Additionally, the Company recorded a $139 million ($0.18 loss per share in the quarter and full year of 2016) charge related to NV Energy exit expense and a $13 million ($0.02 loss per share in the quarter and full year of 2016) charge related to our share of CityCenter’s NV Energy exit expense associated with the Company’s strategic decision to exit the fully bundled sales system of NV Energy; and • Fourth Quarter. None . Certain items affecting comparability for the year ended December 31, 2015 are as follows: • First Quarter. The Company recorded an $80 million ($0.09 and $0.10 per share in the quarter and full year of 2015, respectively) gain for its share of CityCenter’s gain resulting from the final resolution of its construction litigation and related settlements; • Second Quarter. None; • Third Quarter. None; and • Fourth Quarter. The Company recorded a $1.5 billion ($1.33 and $1.38 loss per share in the quarter and full year of 2015, respectively) impairment charge related to goodwill of its MGM China reporting unit and a $17 million ($0.02 loss per share in the quarter and full year of 2015) impairment charge related to its investment in Grand Victoria. The Company recorded a $23 million ($0.03 per share in the quarter and full year of 2015) gain on sale of Circus Circus Reno , and the Company’s 50% interest in Silver Legacy and associated real property . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 $ 89,789 $ 10,863 $ (2,732 ) $ 97,920 Year Ended December 31, 2015 89,602 54,691 (54,504 ) 89,789 Year Ended December 31, 2014 81,713 46,698 (38,809 ) 89,602 Balance at Beginning of Balance at Period Increase Decrease End of Period Deferred income tax valuation allowance: Year Ended December 31, 2016 $ 2,807,131 $ 2,975 $ (226,832 ) $ 2,583,274 Year Ended December 31, 2015 2,558,767 248,504 (140 ) 2,807,131 Year Ended December 31, 2014 1,721,917 836,850 — 2,558,767 |
Basis of Presentation and Sig30
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s 26.7% interest in the Operating Partnership prior to the Borgata transaction and 23.7% interest subsequent to the Borgata transaction as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2016, on a consolidated basis MGP had total assets of $9.5 billion, primarily related to its real estate investments, and total liabilities of $3.9 billion, primarily related to its indebtedness. |
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, i nvestments 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 used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 10; • Level 2 inputs when measuring the fair value of its interest rate swaps. See Note 11; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Borgata transaction. See Note 4; • Level 2 and Level 3 inputs when measuring the impairment of goodwill related to the MGM China reporting unit. See Note 8; and • Level 3 inputs when assessing the fair value of its investment in Grand Victoria. See Note 7 |
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 or construction payable as applicable. |
Accounts receivable and credit risk | Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primaril y 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, 2016, 47% of the Company’s casino receivables at its domestic resorts were due from customers residing in foreign countries and 9% of the Company’s casino receivables related to MGM China. Business or economic conditions or other significant events in these countries could affect the collectability 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 both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2016, no significant concentrations of credit risk existed for which an allowance had not already been recorded. |
Inventories | Inventories. Inventories c onsist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. 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 or loss. Maintenance costs are expensed as incurred. As of December 31, 2016 and 2015, the Company had accrued $36 million and $17 million for property and equipment within accounts payable and $32 million and $44 million related to construction retention accrued in other long-term liabilities, respectively. 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 15 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 charge 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. |
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 n o 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, carryi ng 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 7 and Note 17 for results of the Company’s review of its investment in certain of its unconsolidated affiliates. |
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 or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2016 and 2014. An impairment of goodwill related to the MGM China reporting unit was recorded as a result of the annual impairment review in 2015. See Note 8. Accounting guidance provides entities the option to perform a qualitative assessment of goodwill (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the entity would proceed to a two-step quantitative analysis. Under the two-step quantitative analysis, 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. If the carrying value of the reporting unit exceeds its fair value, an indication of impairment exists and the Company must proceed to measure an impairment loss, if any. To measure an impairment loss, 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 is 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 liabili ties 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 hotel rooms, 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, 2016 2015 2014 (In thousands) Rooms $ 120,369 $ 112,313 $ 115,463 Food and beverage 283,598 279,041 295,667 Entertainment, retail and other 39,611 39,388 39,673 $ 443,578 $ 430,742 $ 450,803 |
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 VIP 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 promoter’s 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 and 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 costs | Reimbursed costs. 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 progra m is “M life Rewards” and is available to patrons at most of the Company’s domestic resorts and CityCenter. Members may earn points and/or Express Comps for their gaming play which can be redeemed at restaurants, box offices or the M life Rewards front desk at participating properties. Points may also be redeemed for free slot play on participating machines. 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 $171 million for 2016 and $156 million for 2015 and 2014. |
Corporate expense | Corporate expense. Corporate expense represents unall ocated 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 17 for a detailed discussion of these amounts. |
Redeemable noncontrolling interest | Redeemable noncontrolling interest. In 2015, MGM National Harbor issued non-voting economic interests in MGM National Harbor (“Interests”) to noncontrolling interest parties, for a total purchase price of $6 million. In 2016, MGM National Harbor issued Interests to noncontrolling interest parties for a purchase price of $47 million. Net income attributable to noncontrolling interests includes $0.5 million relating to redeemable noncontrolling interests for the year ended December 31, 2016. The Interests provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions will begin within ninety days after the end of the fiscal year in which the opening date of MGM National Harbor occurs, and after the end of each subsequent fiscal year. Also, beginning on the third anniversary of the last day of the calendar quarter in which the opening date of MGM National Harbor occurs (and on each subsequent anniversary thereof) the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their Interests for a purchase price based on a contractually agreed upon formula. Certain noncontrolling interest parties each have the right to sell back all or a portion of their Interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor. The Company has recorded the Interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. Interests are initially accounted for at fair value. Subsequently, the Company will recognize changes in the redemption value as they occur and adjust the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in retained earnings or accumulated deficit. Additionally the carrying amount of the redeemable noncontrolling interests is adjusted for annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. |
Income (loss) 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 income (loss) attributable to common stockholders includes adjustments for redeemable noncon trolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares includes adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2016 2015 2014 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ (447,720 ) $ (149,873 ) Adjustment related to redeemable noncontrolling interests (28 ) — — Net income (loss) available to common stockholders - basic 1,101,412 (447,720 ) (149,873 ) Potentially dilutive effect due to MGP Omnibus Plan (40 ) — — Potentially dilutive effect due to MGM China Share Option Plan (11 ) — (340 ) Net income (loss) attributable to common stockholders - diluted $ 1,101,361 $ (447,720 ) $ (150,213 ) Denominator: Weighted-average common shares outstanding basic 568,134 542,873 490,875 Potential dilution from share-based awards 5,183 — — Weighted-average common and common equivalent shares - diluted 573,317 542,873 490,875 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 4,207 18,276 19,254 The weighted-average common shares outstanding for the year ended December 31, 2015 included the weighted average impact of the $300 million 4.25% convertible senior notes issued in June 2011 and the $1.15 billion 4.25% convertible senior notes issued in April 2010 from the date of their conversion on April 15, 2015. The weighted-average impact of the assumed conversion of the convertible senior notes was excluded from the calculation of diluted earnings per share for the years ended December 31, 2015 and 2014 as their effect would be antidilutive. See Note 10 for additional information. |
Currency translation | Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. do llars. 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). |
Derivative financial instruments | Derivative financial instruments. The Company reflects all derivative instruments at fair value as either assets or liabilities. For derivative instruments that are designated and qualify as hedging instruments, the effective portion of the gain or loss on the cash flow hedge instruments is recorded as a component of accumulated other comprehensive income. Any ineffective portion of a derivative’s change in fair value is immediately recognized within net income. As of December 31, 2016, all of the Company’s derivative financial instruments are interest rate swap agreements which have been designated as cash flow hedges and qualify for hedge accounting. |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss). Comprehensive income (loss) 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. The following table summarizes the changes in the accumulated balance of other comprehensive income: Currency translation adjustments Cash Flow Hedges Other Total (In thousands) Balance, December 31, 2014 $ 12,319 $ — $ 672 $ 12,991 Other comprehensive income (loss) before reclassifications 3,727 — (672 ) 3,055 Amounts reclassified from accumulated other comprehensive income — — — — Other comprehensive income (loss), net of tax 3,727 — (672 ) 3,055 Other comprehensive income (loss) attributable to noncontrolling interest (2,024 ) — — (2,024 ) Balance, December 31, 2015 14,022 — — 14,022 Other comprehensive income (loss) before reclassifications (2,680 ) 1,521 1,074 (85 ) Amounts reclassified from accumulated other comprehensive income — 358 — 358 Other comprehensive income (loss), net of tax (2,680 ) 1,879 1,074 273 Other comprehensive income (loss) attributable to noncontrolling interest 1,203 (445 ) — 758 Balance, December 31, 2016 $ 12,545 $ 1,434 $ 1,074 $ 15,053 |
Recently issued accounting standards | Recently issued accounting standards. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40).” The guidance is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. This ASU provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The Company adopted this guidance prospectively at the beginning of the fourth quarter of 2016. The adoption of this guidance did not have an effect on the Company’s financial condition, results of operations, cash flows, or disclosures. In 2015 and 2016, the FASB issued the following ASUs related to revenue recognition, effective for fiscal years beginning after December 15, 2017, pursuant to ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”: • ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” 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. ASU 2014-09 provides for a new revenue recognition model which includes a five-step analysis in determining when and how revenue is recognized, including identification of separate performance obligations for each contract with a customer. 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; • ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” clarifies the implementation guidance on principal versus agent considerations as it relates to ASU 2014-09. ASU 2016-08 provides guidance related to the assessment an entity is required to perform to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent) when another party is involved in providing goods or services to a customer; • ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” clarifies guidance related to identifying performance obligations and licensing implementation guidance as it relates to ASU 2014-09. ASU 2016-10 includes targeted improvements based on input the FASB received from the Transition Resource Group for Revenue Recognition and other stakeholders. It seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis; and • ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients,” addresses narrow-scope improvements to the guidance on collectability, noncash consideration and completed contracts at transition as it relates to ASU 2014-09. ASU 2016-12 provides for a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers. The Company is currently assessing the impact that the adoption of the above ASUs related to revenue recognition will have on its consolidated financial statements and footnote disclosures. However, the Company has identified a few significant impacts. Under the new guidance the Company expects it will no longer be permitted to recognize revenues for goods and services provided to customers for free as an inducement to gamble as gross revenue with a corresponding offset to promotional allowances to arrive at net revenues as discussed above. The Company expects the majority of such amounts will offset casino revenues. In addition, accounting for Express Comps granted under the Company’s M life Rewards program as outlined above will also change. Under the new guidance Express Comps earned by customers through past revenue transactions will be identified as separate performance obligations and recorded as a reduction in gaming revenues when earned at the retail value of such benefits owed to the customer (less estimated breakage). When customers redeem such benefits and the performance obligation is fulfilled by the Company, revenue will be recognized in the department that provides the goods or services (i.e. hotel, food and beverage, entertainment). In addition, given that M life Rewards is an aspirational loyalty program with multiple customer tiers which provide certain benefits to tier members, the Company will need to assess if such benefits are deemed to be separate performance obligations under the new guidance. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” (“ASU 2016-02”), which replaces the existing guidance in Accounting Standards Codification (“ASC”) 840, “Leases.” ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASU 2016-02 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. The Company is currently assessing the impact that adoption of ASU 2016-02 will have on its consolidated financial statements and footnote disclosures. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force),” (“ASU 2016-15”), effective for fiscal years beginning after December 15, 2017. ASU 2016-15 amends the guidance of ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of ASU 2016-15 is to reduce the diversity in practice that has resulted from the lack of consistent principles, specifically clarifying the guidance on eight cash flow issues. The Company does not expect the adoption of ASU 2016-15 to have a material effect on its consolidated financial statements. In January 2017, the Company adopted ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718),” (“ASU 2016-09”). ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, accounting for forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 has separate transition guidance for each element of the new standard. The adoption of ASU 2016-09 will not have a material effect on the Company’s consolidated financial statements and footnote disclosures. In January 2017, the Company adopted ASU No. 2016-17, “Consolidation (Topic 810): Interests Held Through Related Parties that are Under Common Control,” (“ASU 2016-17”). The amendments affect the evaluation of whether to consolidate a VIE in certain situations involving entities under common control. Specifically, the amendments change the evaluation of whether an entity is the primary beneficiary of a VIE for an entity that is a single decision maker of a variable interest by changing how an entity treats indirect interests in the VIE held through related parties that are under common control with the reporting entity. The guidance in ASU 2016-17 must be applied retrospectively to all relevant periods. The adoption of ASU 2016-17 will not have a material effect on the Company’s consolidated financial statements and footnote disclosures. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The amended guidance simplifies the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. Under the amended guidance, the Company will perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying value, and an impairment charge will be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact and timing of adopting this guidance, but anticipates early adoption in 2017. |
Basis of Presentation and Sig31
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 15 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, 2016 2015 2014 (In thousands) Rooms $ 120,369 $ 112,313 $ 115,463 Food and beverage 283,598 279,041 295,667 Entertainment, retail and other 39,611 39,388 39,673 $ 443,578 $ 430,742 $ 450,803 |
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 plan. Year Ended December 31, 2016 2015 2014 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ (447,720 ) $ (149,873 ) Adjustment related to redeemable noncontrolling interests (28 ) — — Net income (loss) available to common stockholders - basic 1,101,412 (447,720 ) (149,873 ) Potentially dilutive effect due to MGP Omnibus Plan (40 ) — — Potentially dilutive effect due to MGM China Share Option Plan (11 ) — (340 ) Net income (loss) attributable to common stockholders - diluted $ 1,101,361 $ (447,720 ) $ (150,213 ) Denominator: Weighted-average common shares outstanding basic 568,134 542,873 490,875 Potential dilution from share-based awards 5,183 — — Weighted-average common and common equivalent shares - diluted 573,317 542,873 490,875 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 4,207 18,276 19,254 |
Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in the accumulated balance of other comprehensive income: Currency translation adjustments Cash Flow Hedges Other Total (In thousands) Balance, December 31, 2014 $ 12,319 $ — $ 672 $ 12,991 Other comprehensive income (loss) before reclassifications 3,727 — (672 ) 3,055 Amounts reclassified from accumulated other comprehensive income — — — — Other comprehensive income (loss), net of tax 3,727 — (672 ) 3,055 Other comprehensive income (loss) attributable to noncontrolling interest (2,024 ) — — (2,024 ) Balance, December 31, 2015 14,022 — — 14,022 Other comprehensive income (loss) before reclassifications (2,680 ) 1,521 1,074 (85 ) Amounts reclassified from accumulated other comprehensive income — 358 — 358 Other comprehensive income (loss), net of tax (2,680 ) 1,879 1,074 273 Other comprehensive income (loss) attributable to noncontrolling interest 1,203 (445 ) — 758 Balance, December 31, 2016 $ 12,545 $ 1,434 $ 1,074 $ 15,053 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: December 31, 2016 2015 (In thousands) Casino $ 332,443 $ 285,182 Hotel 169,321 157,489 Other 139,080 127,677 640,844 570,348 Less: Allowance for doubtful accounts (97,920 ) (89,789 ) $ 542,924 $ 480,559 |
Borgata Transaction (Tables)
Borgata Transaction (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Finalized Allocation | The following table sets forth the finalized allocation at December 31, 2016 (in thousands): Fair value of assets acquired and liabilities assumed: Current assets $ 112,221 Property and equipment and other long-term assets 1,373,567 Goodwill 386,892 Trade name 83,000 Customer list 22,000 Current liabilities (122,743 ) Long-term debt (583,187 ) Deferred taxes (12,124 ) Other long-term obligations (51,894 ) $ 1,207,732 |
Schedule of Unaudited Pro Forma Consolidated Financial Information | The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the transaction gain recognized by the Company. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015. Year Ended December 31, 2016 2015 (In thousands, except per share data) (unaudited) Net revenues $ 9,940,176 $ 9,993,718 Net income (loss) attributable to MGM Resorts International 819,278 (417,671 ) Basis net income (loss) per share $ 1.44 $ (0.77 ) Diluted net income (loss) per share $ 1.43 $ (0.77 ) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2016 2015 (In thousands) Land $ 6,530,988 $ 6,495,391 Buildings, building improvements and land improvements 11,969,984 9,429,945 Furniture, fixtures and equipment 4,863,647 4,274,537 Construction in progress 2,628,603 2,111,860 25,993,222 22,311,733 Less: Accumulated depreciation and amortization (7,568,199 ) (6,939,938 ) $ 18,425,023 $ 15,371,795 |
Investments in and Advances t35
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Investments in and Advances to Unconsolidated Affiliates | Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2016 2015 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 1,007,358 $ 1,136,452 Marina District Development Company – Borgata (0% at December 31, 2016; 50% at December 31, 2015) — 134,454 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 123,585 122,500 Las Vegas Arena Company, LLC (42.5% at December 31, 2016; 50% at December 31, 2015) 80,339 90,352 Other 9,161 7,739 $ 1,220,443 $ 1,491,497 |
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, 2016 2015 2014 (In thousands) Income from unconsolidated affiliates $ 527,616 $ 257,883 $ 63,836 Preopening and start-up expenses (3,168 ) (3,475 ) (917 ) Non-operating items from unconsolidated affiliates (53,139 ) (76,462 ) (87,794 ) $ 471,309 $ 177,946 $ (24,875 ) |
Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances | Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2016 2015 (In thousands) Venture-level equity attributable to the Company $ 2,883,324 $ 3,486,117 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (537,819 ) (573,163 ) CityCenter capitalized interest (2) 215,467 241,374 CityCenter completion guarantee (3) 337,223 372,785 CityCenter deferred gain (4) (221,638 ) (236,327 ) CityCenter capitalized interest on sponsor notes (5) (42,095 ) (47,158 ) Other-than-temporary impairments of CityCenter investment (6) (1,555,509 ) (1,800,191 ) Other-than-temporary impairments of Borgata investment (7) — (126,446 ) Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment (8) 99,619 99,619 Other adjustments 41,871 74,887 $ 1,220,443 $ 1,491,497 (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) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $379 million and $426 million of impairments allocated to land as of December 31, 2016 and December 31, 2015, respectively. (7) The impairment of the Company’s Borgata investment included $90 million of impairments allocated to land as of December 31, 2015. (8) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria. |
Unconsolidated Affiliates [Member] | |
Summarized Balance Sheet Information | Summarized balance sheet information of the unconsolidated affiliates is as follows: December 31, 2016 2015 (In thousands) Current assets $ 518,632 $ 1,260,834 Property and other assets, net 7,106,361 8,460,915 Current liabilities 384,370 482,633 Long-term debt and other long-term obligations 1,454,575 2,268,157 Equity 5,786,048 6,970,959 |
Summarized Income Statement Information | Summarized results of operations of the unconsolidated affiliates are as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Net revenues $ 1,944,127 $ 2,298,179 $ 2,238,419 Operating expenses (1,781,809 ) (1,901,044 ) (2,237,921 ) Operating income 162,318 397,135 498 Interest expense (92,014 ) (141,925 ) (163,723 ) Non-operating expenses (12,851 ) (14,942 ) (13,669 ) Net income (loss) 57,453 240,268 (176,894 ) Income from discontinued operations 407,187 22,681 21,161 Net income (loss) $ 464,640 $ 262,949 $ (155,733 ) |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: December 31, 2016 2015 Goodwill: (In thousands) Domestic resorts $ 457,867 $ 70,975 MGM China 1,359,252 1,359,792 $ 1,817,119 $ 1,430,767 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 Trademarks, license rights and other 312,022 229,022 Total indefinite-lived intangible assets 410,120 327,120 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,514,073 4,515,867 Less: Accumulated amortization (1,024,185 ) (858,531 ) 3,489,888 3,657,336 MGM Macau land concession 84,736 84,769 Less: Accumulated amortization (23,817 ) (19,554 ) 60,919 65,215 MGM China customer lists 128,974 129,025 Borgata customer list 22,000 — Less: Accumulated amortization (135,574 ) (126,003 ) 15,400 3,022 Maryland license, Massachusetts license and other intangible assets 136,127 136,127 Less: Accumulated amortization (24,748 ) (24,039 ) 111,379 112,088 Total finite-lived intangible assets, net 3,677,586 3,837,661 Total other intangible assets, net $ 4,087,706 $ 4,164,781 |
Summary of Changes in Company's Goodwill by Reportable Segment | Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2 016 and 2015: 2016 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 70,975 $ 386,892 $ — $ 457,867 MGM China 1,359,792 — (540 ) 1,359,252 $ 1,430,767 $ 386,892 $ (540 ) $ 1,817,119 2015 Balance at January 1 Acquisitions Impairments and currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 70,975 $ — $ — $ 70,975 MGM China 2,826,135 — (1,466,343 ) 1,359,792 $ 2,897,110 $ — $ (1,466,343 ) $ 1,430,767 |
Schedule of Estimated Future Amortization | Estimated future amortization is as follows: Years ending December 31, (In thousands) 2017 $ 183,414 2018 177,758 2019 178,081 2020 178,081 2021 178,081 Thereafter 2,782,171 $ 3,677,586 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: December 31, 2016 2015 (In thousands) Payroll and related $ 483,194 $ 370,672 Advance deposits and ticket sales 135,592 104,461 Casino outstanding chip liability 227,538 282,810 Casino front money deposits 214,727 127,947 MGM China gaming promoter commissions 31,445 33,064 Other gaming related accruals 119,446 91,318 Taxes, other than income taxes 166,916 153,531 Other 215,668 147,641 $ 1,594,526 $ 1,311,444 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, 2016 2015 (In thousands) Senior credit facility term loans $ 250,000 $ 2,716,000 MGM Growth Properties senior credit facility 2,133,250 — MGM China credit facility 1,933,313 1,559,909 MGM National Harbor credit facility 450,000 — $242.9 million 6.875% senior notes, due 2016 — 242,900 $732.7 million 7.5% senior notes, due 2016 — 732,749 $500 million 10% senior notes, due 2016 — 500,000 $743 million 7.625% senior notes, due 2017 — 743,000 $475 million 11.375% senior notes, due 2018 475,000 475,000 $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 1,250,000 1,250,000 $1,050 million 5.625% MGM Growth Properties senior notes, due 2024 1,050,000 — $500 million 4.5% MGM Growth Properties senior notes, due 2026 500,000 — $500 million 4.625% senior notes, due 2026 500,000 — $0.6 million 7% debentures, due 2036 552 552 $2.3 million 6.7% debentures ($4.3 million at December 31, 2015), due 2096 2,265 4,265 13,144,380 12,824,375 Less: premiums, discounts, and unamortized debt issuance costs, net (156,785 ) (127,622 ) 12,987,595 12,696,753 Less: Current portion (8,375 ) (328,442 ) $ 12,979,220 $ 12,368,311 |
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: Year Ended December 31, 2016 2015 2014 (In thousands) Total interest incurred $ 814,731 $ 862,377 $ 846,321 Interest capitalized (119,958 ) (64,798 ) (29,260 ) $ 694,773 $ 797,579 $ 817,061 |
Schedule of Maturities of Long-Term Debt | Maturities of long-term debt. Maturities of the principal amount of the Company’s long-term debt as of December 31, 2016 are as follows: Years ending December 31, (In thousands) 2017 $ 137,964 2018 1,323,143 2019 1,997,019 2020 1,582,563 2021 2,057,250 Thereafter 6,046,441 $ 13,144,380 |
Derivatives and Hedging Activ39
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value and Presentation of Derivative Instruments in Balance Sheet | The following table summarizes the fair value and the presentation in the Company’s balance sheet: Location on Balance Sheet December 31, 2016 (In thousands) Interest rate swaps - cash flow hedges Other long-term assets, net $ 1,879 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 (In thousands) Domestic operations $ 985,683 $ 155,296 $ (168,135 ) Foreign operations 273,494 (1,201,539 ) 579,021 $ 1,259,177 $ (1,046,243 ) $ 410,886 |
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, 2016 2015 2014 Federal: (In thousands) Current $ (97,502 ) $ (13,540 ) $ (10,448 ) Deferred (excluding separate components) (125,181 ) 280,220 785,225 Deferred – — — (277,453 ) Deferred – 222,688 (247,867 ) (815,851 ) Other noncurrent 3,608 (590 ) 33,130 Benefit (provision) for federal income taxes 3,613 18,223 (285,397 ) State: Current 4,069 (1,840 ) (2,214 ) Deferred (excluding separate components) 2,313 (2,768 ) 4,338 Deferred – (16,024 ) (2,263 ) 531 Deferred – 23,058 (4,465 ) 412 Other noncurrent (2,901 ) 7,153 (547 ) Benefit (provision) for state income taxes 10,515 (4,183 ) 2,520 Foreign: Current (2,015 ) (2,127 ) (1,656 ) Deferred (excluding separate components) (34,425 ) (5,832 ) 1,726 Deferred – 2,988 10,472 3,495 Deferred – (2,975 ) (9,959 ) (4,396 ) Provision for foreign income taxes (36,427 ) (7,446 ) (831 ) $ (22,299 ) $ 6,594 $ (283,708 ) |
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, 2016 2015 2014 Federal income tax statutory rate 35.0 % 35.0 % 35.0 % Foreign tax credit (10.5 ) 63.7 (222.0 ) Repatriation of foreign earnings 5.2 (32.0 ) 113.2 Foreign goodwill impairment — (49.1 ) — Federal valuation allowance (17.7 ) (23.7 ) 198.6 Settlements with taxing authorities — 0.1 (7.6 ) Gain on Borgata transaction (5.4 ) — — Foreign jurisdiction income/losses taxed at other than 35% (3.8 ) 6.9 (49.1 ) Permanent and other items (1.0 ) (0.3 ) 0.9 1.8 % 0.6 % 69.0 % |
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, 2016 2015 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 40,330 $ 42,133 Deferred compensation 6,881 4,719 Net operating loss carryforward 9,669 20,084 Capital loss carryforward — 2,827 Accruals, reserves and other 168,712 42,614 Investments in unconsolidated affiliates 152,092 198,594 Stock-based compensation 33,311 32,108 Tax credits 2,824,312 2,883,839 3,235,307 3,226,918 Less: Valuation allowance (2,510,140 ) (2,736,972 ) 725,167 489,946 Deferred tax assets – foreign: Bad debt reserve 895 976 Net operating loss carryforward 72,788 69,800 Accruals, reserves and other 3,945 1,270 Property and equipment — 2,837 Stock-based compensation 3,830 — 81,458 74,883 Less: Valuation allowance (73,134 ) (70,159 ) 8,324 4,724 Total deferred tax assets $ 733,491 $ 494,670 Deferred tax liabilities – federal and state: Property and equipment $ (2,657,230 ) $ (2,536,724 ) Long-term debt (146,018 ) (220,245 ) Intangibles (124,729 ) (99,419 ) (2,927,977 ) (2,856,388 ) Deferred tax liabilities – foreign: Property and equipment (4,691 ) — Intangibles (352,051 ) (318,858 ) (356,742 ) (318,858 ) Total deferred tax liability $ (3,284,719 ) $ (3,175,246 ) Net deferred tax liability $ (2,551,228 ) $ (2,680,576 ) |
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, 2016 2015 2014 (In thousands) Gross unrecognized tax benefits at January 1 $ 13,724 $ 31,143 $ 106,246 Gross increases - prior period tax positions — — 1,626 Gross decreases - prior period tax positions (3,375 ) (14,158 ) (43,098 ) Gross increases - current period tax positions 3,677 1,222 5,066 Settlements with taxing authorities — (2,408 ) (38,697 ) Lapse in Statutes of Limitations — (2,075 ) — Gross unrecognized tax benefits at December 31 $ 14,026 $ 13,724 $ 31,143 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows: Years ending December 31, (In thousands) 2017 $ 37,173 2018 33,018 2019 29,722 2020 29,976 2021 32,416 Thereafter 1,380,274 Total minimum lease payments $ 1,542,579 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Net Income Attributable to and Transfers from Noncontrolling Interest | The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest for the year ended December 31, 2016: (In thousands) Net income attributable to MGM Resorts International $ 1,101,440 Transfers to noncontrolling interest: MGP formation transactions (150,414 ) Borgata transaction (18,385 ) MGM China transaction (45,554 ) Net transfers to noncontrolling interest (214,353 ) Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ 887,087 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Compensation Cost Recognized | Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2016 2015 2014 Compensation cost: (In thousands) Omnibus Plan $ 43,661 $ 33,742 $ 29,662 MGP Omnibus Plan 3,401 — — MGM China Plan 8,545 9,260 8,706 Total compensation cost 55,607 43,002 38,368 Less: Reimbursed costs and capitalized cost (1,350 ) (1,156 ) (1,104 ) Compensation cost after reimbursed costs and capitalized cost 54,257 41,846 37,264 Less: Related tax benefit (16,782 ) (11,230 ) (9,822 ) Compensation cost, net of tax benefit $ 37,475 $ 30,616 $ 27,442 |
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, 2016 14,131 $ 14.82 Granted 2,557 25.91 Exercised (4,522 ) 11.52 Forfeited or expired (193 ) 20.90 Outstanding at December 31, 2016 11,973 18.33 4.27 $ 125,682 Vested and expected to vest at December 31, 2016 11,570 18.12 4.20 $ 123,841 Exercisable at December 31, 2016 6,478 14.16 2.90 $ 94,903 |
Schedule of Restricted Stock Units and Performance Share Units Activity | Restricted stock units and performance share units RSUs PSUs Weighted Weighted Weighted Average Target Average Average Units Grant-Date Units Grant-Date Target (000’s) Fair Value (000’s) Fair Value Price Nonvested at January 1, 2016 1,578 $ 20.05 1,818 $ 18.54 $ 26.18 Granted 776 26.06 785 24.94 31.05 Vested (624 ) 18.31 (397 ) 21.01 23.50 Forfeited (58 ) 20.70 — — — Nonvested at December 31, 2016 1,672 23.47 2,206 20.38 28.40 |
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, 2016 2015 2014 (In thousands) Intrinsic value of share-based awards exercised or RSUs and PSUs vested $ 86,216 $ 67,420 $ 31,613 Income tax benefit from share-based awards exercised or RSUs and PSUs vested 29,736 23,288 10,805 |
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, 2016 2015 2014 Expected volatility 33 % 38 % 40 % Expected term 4.9 yrs. 4.9 yrs. 4.9 yrs. Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 1.9 % 1.8 % 1.6 % Weighted-average fair value of SARs granted $ 8.35 $ 7.27 $ 8.18 |
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, 2016 2015 2014 Expected volatility 33 % 39 % 31 % Expected term 3.0 yrs. 3.0 yrs. 3.0 yrs. Expected dividend yield 0 % 0 % 0 % Risk-free interest rate 0.9 % 0.9 % 1.0 % Weighted-average fair value of PSUs granted $ 24.94 $ 17.73 $ 18.39 |
MGP Omnibus Plan [Member] | |
Schedule of Restricted Stock Units and Performance Share Units Activity | Restricted share units and performance share units RSUs PSUs Weighted Weighted Average Target Average Units Grant-Date Units Grant-Date (000’s) Fair Value (000’s) Fair Value Granted 248 $ 21.18 46 $ 20.52 Outstanding at December 31, 2016 248 21.18 46 20.52 |
Weighted Average Assumptions Utilized for PSUs | Compensation cost for PSUs granted under the MGP 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, 2016 Expected volatility 26 % Expected term 3.0 yrs. Expected dividend yield 0 % Risk-free interest rate 0.9 % Weighted-average fair value of PSUs granted $ 20.52 |
MGM China Plan [Member] | |
Summary of Stock Options Activity | Stock options Weighted Weighted Average Aggregate Average Remaining Intrinsic Units Exercise Contractual Value (000’s) Price Term (000’s) Outstanding at January 1, 2016 49,211 $ 2.54 Granted 30,156 1.45 Exercised (466 ) 1.83 Forfeited or expired (5,325 ) 2.31 Outstanding at December 31, 2016 73,576 2.11 7.96 $ 22,897 Vested and expected to vest at December 31, 2016 69,577 2.14 7.90 $ 20,954 Exercisable at December 31, 2016 24,501 2.53 6.09 $ 1,926 |
Weighted Average Assumptions Utilized for Stock Option Grants | Expected volatility is based in part on historical volatility and in part on implied volatility based on traded shares of MGP’s Class A shares. 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. 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, 2016 2015 2014 Expected volatility 45 % 43 % 39 % Expected term 5.6 yrs. 5.8 yrs. 7.9 yrs. Expected dividend yield 3.1 % 2.4 % 1.6 % Risk-free interest rate 0.9 % 1.3 % 1.8 % Weighted-average fair value of options granted $ 0.44 $ 0.55 $ 1.06 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2015 2014 Agreements (2) Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green 5/31/2018 (1) In 2014, the trustees of the Pension Plan 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. |
Schedule of Contributions of Company's Multiemployer Pension and Other Multiemployer Benefit Plans | Contributions to the Company’s multi-employer pension plans and other multi-employer benefit plans were as follows: Year Ended December 31, 2016 2015 2014 Multi-employer Pension Plans (In thousands) Southern Nevada Culinary and Bartenders Pension Plan $ 44,001 $ 41,904 $ 33,927 Other pension plans not individually significant 8,592 9,680 7,323 Total multi-employer pension plans $ 52,593 $ 51,584 $ 41,250 Multi-employer Benefit Plans Other Than Pensions UNITE HERE Health $ 187,356 $ 191,733 $ 202,641 Other 11,513 12,840 12,746 Total multi-employer benefit plans other than pensions $ 198,869 $ 204,573 $ 215,387 |
Property Transactions, Net (Tab
Property Transactions, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Transactions, Net | Property transactions, net consisted of the following: Year Ended December 31, 2016 2015 2014 (In thousands) Grand Victoria investment impairment $ — $ 17,050 $ 28,789 Gain on sale of Circus Circus Reno and Silver Legacy investment — (23,002 ) — Other property transactions, net 17,078 41,903 12,213 $ 17,078 $ 35,951 $ 41,002 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Year Ended December 31, 2016 2015 2014 (In thousands) Net Revenues Domestic resorts $ 7,055,718 $ 6,497,361 $ 6,342,084 MGM China 1,920,487 2,214,767 3,282,329 Reportable segment net revenues 8,976,205 8,712,128 9,624,413 Corporate and other 478,918 477,940 457,571 $ 9,455,123 $ 9,190,068 $ 10,081,984 Adjusted Property EBITDA Domestic resorts $ 2,063,016 $ 1,689,966 $ 1,518,307 MGM China 520,736 539,881 850,471 Reportable segment Adjusted Property EBITDA 2,583,752 2,229,847 2,368,778 Other operating income (expense) Corporate and other 211,932 9,073 (149,216 ) NV Energy exit expense (139,335 ) — — Preopening and start-up expenses (140,075 ) (71,327 ) (39,257 ) Property transactions, net (17,078 ) (35,951 ) (41,002 ) Goodwill impairment — (1,467,991 ) — Gain on Borgata transaction 430,118 — — Depreciation and amortization (849,527 ) (819,883 ) (815,765 ) Operating income (loss) 2,079,787 (156,232 ) 1,323,538 Non-operating income (expense) Interest expense, net of amounts capitalized (694,773 ) (797,579 ) (817,061 ) Non-operating items from unconsolidated affiliates (53,139 ) (76,462 ) (87,794 ) Other, net (72,698 ) (15,970 ) (7,797 ) (820,610 ) (890,011 ) (912,652 ) Income (loss) before income taxes 1,259,177 (1,046,243 ) 410,886 Benefit (provision) for income taxes (22,299 ) 6,594 (283,708 ) Net income (loss) 1,236,878 (1,039,649 ) 127,178 Less: Net (income) loss attributable to noncontrolling interests (135,438 ) 591,929 (277,051 ) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ (447,720 ) $ (149,873 ) December 31, 2016 2015 Total assets: (In thousands) Domestic resorts $ 16,451,461 $ 13,261,882 MGM China 8,443,411 7,895,376 Reportable segment total assets 24,894,872 21,157,258 Corporate and other 3,333,625 4,099,837 Eliminated in consolidation (55,196 ) (41,917 ) $ 28,173,301 $ 25,215,178 December 31, 2016 2015 Property and equipment, net: (In thousands) Domestic resorts $ 14,353,971 $ 11,853,802 MGM China 2,857,626 1,896,815 Reportable segment property and equipment, net 17,211,597 13,750,617 Corporate and other 1,268,622 1,663,095 Eliminated in consolidation (55,196 ) (41,917 ) $ 18,425,023 $ 15,371,795 Year Ended December 31, 2016 2015 2014 Capital expenditures: (In thousands) Domestic resorts $ 317,951 $ 383,367 $ 292,463 MGM China 984,355 590,968 347,338 Reportable segment capital expenditures 1,302,306 974,335 639,801 Corporate and other 973,446 504,398 233,173 Eliminated in consolidation (13,279 ) (11,914 ) (933 ) $ 2,262,473 $ 1,466,819 $ 872,041 |
Consolidating Condensed Finan47
Consolidating Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 103,934 $ 981,705 $ 368,622 $ 783,920 $ (8,594 ) $ 2,229,587 Property and equipment, net — 13,599,127 9,079,678 4,837,868 (9,091,650 ) 18,425,023 Investments in subsidiaries 18,907,988 3,338,752 — — (22,246,740 ) — Investments in the MGP Operating Partnership — 3,553,840 — 636,268 (4,190,108 ) — Investments in and advances to unconsolidated affiliates — 1,189,590 — 5,853 25,000 1,220,443 Intercompany accounts — 4,796,713 — — (4,796,713 ) — Other non-current assets 50,741 934,836 58,440 5,302,132 (47,901 ) 6,298,248 $ 19,062,663 $ 28,394,563 $ 9,506,740 $ 11,566,041 $ (40,356,706 ) $ 28,173,301 Current liabilities $ 184,281 $ 1,301,423 $ 139,099 $ 837,844 $ (169,226 ) $ 2,293,421 Intercompany accounts 3,406,699 — 166 1,389,848 (4,796,713 ) — Deferred income taxes, net 2,202,809 — 25,368 348,419 (25,368 ) 2,551,228 Long-term debt 7,019,745 2,835 3,613,567 2,343,073 — 12,979,220 Other long-term obligations 28,949 7,360,887 120,279 1,051,754 (8,235,888 ) 325,981 Total liabilities 12,842,483 8,665,145 3,898,479 5,970,938 (13,227,195 ) 18,149,850 Redeemable noncontrolling interests — — — 54,139 — 54,139 MGM Resorts International stockholders' equity 6,220,180 19,729,418 4,274,444 3,125,649 (27,129,511 ) 6,220,180 Noncontrolling interests — — 1,333,817 2,415,315 — 3,749,132 Total stockholders' equity 6,220,180 19,729,418 5,608,261 5,540,964 (27,129,511 ) 9,969,312 $ 19,062,663 $ 28,394,563 $ 9,506,740 $ 11,566,041 $ (40,356,706 ) $ 28,173,301 December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 561,310 $ 932,374 $ — $ 915,979 $ (914 ) $ 2,408,749 Property and equipment, net — 5,089,726 7,793,639 2,500,401 (11,971 ) 15,371,795 Investments in subsidiaries 18,491,578 2,956,404 — — (21,447,982 ) — Investments in and advances to unconsolidated affiliates — 1,460,084 — 6,413 25,000 1,491,497 Intercompany accounts — 3,234,271 — — (3,234,271 ) — Other non-current assets 38,577 444,333 — 5,460,227 — 5,943,137 $ 19,091,465 $ 14,117,192 $ 7,793,639 $ 8,883,020 $ (24,670,138 ) $ 25,215,178 Current liabilities $ 536,165 $ 994,570 $ — $ 708,130 $ (914 ) $ 2,237,951 Intercompany accounts 2,390,461 — — 843,810 (3,234,271 ) — Deferred income taxes, net 631,763 — 1,734,680 314,133 — 2,680,576 Long-term debt 10,393,197 4,837 — 1,970,277 — 12,368,311 Other long-term obligations 19,952 67,212 — 70,499 — 157,663 Total liabilities 13,971,538 1,066,619 1,734,680 3,906,849 (3,235,185 ) 17,444,501 Redeemable noncontrolling interests — — — 6,250 — 6,250 MGM Resorts International stockholders' equity 5,119,927 13,050,573 6,058,959 2,325,421 (21,434,953 ) 5,119,927 Noncontrolling interests — — — 2,644,500 — 2,644,500 Total stockholders' equity 5,119,927 13,050,573 6,058,959 4,969,921 (21,434,953 ) 7,764,427 $ 19,091,465 $ 14,117,192 $ 7,793,639 $ 8,883,020 $ (24,670,138 ) $ 25,215,178 |
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,918,748 $ 467,548 $ 2,539,794 $ (470,967 ) $ 9,455,123 Equity in subsidiaries' earnings 1,780,707 175,729 — — (1,956,436 ) — Expenses Casino and hotel operations 9,063 3,894,478 — 1,595,542 (3,419 ) 5,495,664 General and administrative 6,834 1,137,110 68,063 214,839 (48,229 ) 1,378,617 Corporate expense 131,938 160,956 20,360 (194 ) (286 ) 312,774 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 8,775 — 131,300 — 140,075 Property transactions, net — 16,449 4,684 (246 ) (3,809 ) 17,078 Gain on Borgata transaction — (430,118 ) — — — (430,118 ) Depreciation and amortization — 524,123 220,667 261,730 (156,993 ) 849,527 147,835 5,451,108 313,774 2,202,971 (212,736 ) 7,902,952 Income (loss) from unconsolidated affiliates — 527,934 — (318 ) — 527,616 Operating income (loss) 1,632,872 2,171,303 153,774 336,505 (2,214,667 ) 2,079,787 Interest expense, net of amounts capitalized (562,536 ) (1,500 ) (115,438 ) (15,299 ) — (694,773 ) Other, net (7,864 ) (324,141 ) (726 ) (93,145 ) 300,039 (125,837 ) Income (loss) before income taxes 1,062,472 1,845,662 37,610 228,061 (1,914,628 ) 1,259,177 Benefit (provision) for income taxes 38,968 (22,579 ) (2,264 ) (36,424 ) — (22,299 ) Net income (loss) 1,101,440 1,823,083 35,346 191,637 (1,914,628 ) 1,236,878 Less: Net income attributable to noncontrolling interests — — (29,938 ) (105,500 ) — (135,438 ) Net income (loss) attributable to MGM Resorts International $ 1,101,440 $ 1,823,083 $ 5,408 $ 86,137 $ (1,914,628 ) $ 1,101,440 Net income (loss) $ 1,101,440 $ 1,823,083 $ 35,346 $ 191,637 $ (1,914,628 ) $ 1,236,878 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (1,477 ) (1,477 ) — (2,680 ) 2,954 (2,680 ) Unrealized gain (loss) on cash flow hedges 1,434 — 1,879 — (1,434 ) 1,879 Other comprehensive income (loss) (43 ) (1,477 ) 1,879 (2,680 ) 1,520 (801 ) Comprehensive income (loss) 1,101,397 1,821,606 37,225 188,957 (1,913,108 ) 1,236,077 Less: Comprehensive income attributable to noncontrolling interests — — (30,383 ) (104,297 ) — (134,680 ) Comprehensive income (loss) attributable to MGM Resorts International $ 1,101,397 $ 1,821,606 $ 6,842 $ 84,660 $ (1,913,108 ) $ 1,101,397 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,429,103 $ — $ 2,763,862 $ (2,897 ) $ 9,190,068 Equity in subsidiaries' earnings 376,074 (566,270 ) — — 190,196 — Expenses Casino and hotel operations 6,717 3,807,569 — 1,813,987 (2,897 ) 5,625,376 General and administrative 4,959 1,038,053 58,473 207,619 — 1,309,104 Corporate expense 120,615 154,424 — (488 ) — 274,551 Preopening and start-up expenses — 4,973 — 66,354 — 71,327 Property transactions, net — 24,688 6,665 1,472,589 — 1,503,942 Depreciation and amortization — 348,159 196,816 274,908 — 819,883 132,291 5,377,866 261,954 3,834,969 (2,897 ) 9,604,183 Income (loss) from unconsolidated affiliates — 259,002 — (1,119 ) — 257,883 Operating income (loss) 243,783 743,969 (261,954 ) (1,072,226 ) 190,196 (156,232 ) Interest expense, net of amounts capitalized (762,529 ) (1,057 ) — (33,993 ) — (797,579 ) Other, net 49,497 (84,958 ) — (56,971 ) — (92,432 ) Income (loss) before income taxes (469,249 ) 657,954 (261,954 ) (1,163,190 ) 190,196 (1,046,243 ) Benefit (provision) for income taxes 21,529 (7,125 ) — (7,810 ) — 6,594 Net income (loss) (447,720 ) 650,829 (261,954 ) (1,171,000 ) 190,196 (1,039,649 ) Less: Net loss attributable to noncontrolling interests — — — 591,929 — 591,929 Net income (loss) attributable to MGM Resorts International $ (447,720 ) $ 650,829 $ (261,954 ) $ (579,071 ) $ 190,196 $ (447,720 ) Net income (loss) $ (447,720 ) $ 650,829 $ (261,954 ) $ (1,171,000 ) $ 190,196 $ (1,039,649 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 1,703 1,703 — 3,727 (3,406 ) 3,727 Other (672 ) (672 ) — — 672 (672 ) Other comprehensive income (loss) 1,031 1,031 — 3,727 (2,734 ) 3,055 Comprehensive income (loss) (446,689 ) 651,860 (261,954 ) (1,167,273 ) 187,462 (1,036,594 ) Less: Comprehensive loss attributable to noncontrolling interests — — — 589,905 — 589,905 Comprehensive income (loss) attributable to MGM Resorts International $ (446,689 ) $ 651,860 $ (261,954 ) $ (577,368 ) $ 187,462 $ (446,689 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2014 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (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 1,046,803 59,980 207,223 — 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 — 329,589 186,262 299,914 — 815,765 82,341 5,380,037 246,242 3,116,122 (2,460 ) 8,822,282 Income (loss) from unconsolidated affiliates — 64,014 — (178 ) — 63,836 Operating income (loss) 856,371 1,293,997 (246,242 ) 697,436 (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 1,202,744 (246,242 ) 620,070 (1,278,024 ) 410,886 Provision for income taxes (262,211 ) (20,735 ) — (762 ) — (283,708 ) Net income (loss) (149,873 ) 1,182,009 (246,242 ) 619,308 (1,278,024 ) 127,178 Less: Net income attributable to noncontrolling interests — — — (277,051 ) — (277,051 ) Net income (loss) attributable to MGM Resorts International $ (149,873 ) $ 1,182,009 $ (246,242 ) $ 342,257 $ (1,278,024 ) $ (149,873 ) Net income (loss) $ (149,873 ) $ 1,182,009 $ (246,242 ) $ 619,308 $ (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 ) 1,182,497 (246,242 ) 618,015 (1,277,750 ) 127,135 Less: Comprehensive income attributable to noncontrolling interests — — — (276,520 ) — (276,520 ) Comprehensive income (loss) attributable to MGM Resorts International $ (149,385 ) $ 1,182,497 $ (246,242 ) $ 341,495 $ (1,277,750 ) $ (149,385 ) |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (603,136 ) $ 1,312,165 $ 297,781 $ 527,162 $ — $ 1,533,972 Cash flows from investing activities Capital expenditures, net of construction payable — (290,455 ) (138,987 ) (1,833,031 ) — (2,262,473 ) Dispositions of property and equipment — 1,940 — 2,004 — 3,944 Proceeds from partial disposition of investment in unconsolidated affiliates — 15,000 — — — 15,000 Acquisition of Borgata, net of cash acquired — (559,443 ) — — — (559,443 ) Investments in and advances to unconsolidated affiliates — (3,633 ) — — — (3,633 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 542,097 — — — 542,097 Intercompany accounts — (1,562,442 ) — — 1,562,442 — Other — (7,651 ) — (4,045 ) — (11,696 ) Net cash provided by (used in) investing activities — (1,864,587 ) (138,987 ) (1,835,072 ) 1,562,442 (2,276,204 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (2,016,000 ) 4,094,850 (2,411,600 ) 823,782 — 491,032 Borrowings under bank credit facilities - maturities longer than 90 days 1,845,375 — — — — 1,845,375 Repayments under bank credit facilities - maturities longer than 90 days (1,845,375 ) — — — — (1,845,375 ) Issuance of long-term debt 500,000 — 1,550,000 — — 2,050,000 Retirement of senior notes (2,255,392 ) (2,661 ) — — — (2,258,053 ) Repayment of Borgata credit facility — (583,598 ) — — — (583,598 ) Debt issuance costs (29,871 ) — (77,163 ) (32,550 ) — (139,584 ) Issuance of MGM Growth Properties common stock in public offering — — 1,207,500 — — 1,207,500 MGM Growth Properties Class A share issuance costs — — (75,032 ) — — (75,032 ) Acquisition of MGM China shares (100,000 ) — — — — (100,000 ) MGP dividends paid to consolidated subsidiaries — — (113,414 ) — 113,414 — Distributions to noncontrolling interest owners — — (37,415 ) (65,952 ) — (103,367 ) Excess tax benefit from exercise of stock options 13,277 — — — — 13,277 Intercompany accounts 4,082,303 (2,952,624 ) 158,822 387,355 (1,675,856 ) — Proceeds from issuance of redeemable noncontrolling interests — — — 47,325 — 47,325 Other (30,042 ) — — (36 ) — (30,078 ) Net cash provided by (used in) financing activities 164,275 555,967 201,698 1,159,924 (1,562,442 ) 519,422 Effect of exchange rate on cash — — — (921 ) — (921 ) Cash and cash equivalents Net increase (decrease) for the period (438,861 ) 3,545 360,492 (148,907 ) — (223,731 ) Balance, beginning of period 538,856 304,168 — 827,288 — 1,670,312 Balance, end of period $ 99,995 $ 307,713 $ 360,492 $ 678,381 $ — $ 1,446,581 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (776,996 ) $ 1,375,703 $ (58,473 ) $ 464,845 $ — $ 1,005,079 Cash flows from investing activities Capital expenditures, net of construction payable — (353,245 ) (129,308 ) (984,266 ) — (1,466,819 ) Dispositions of property and equipment — 7,901 — 131 — 8,032 Proceeds from sale of business units and investment in unconsolidated affiliates — 92,207 — — — 92,207 Investments in and advances to unconsolidated affiliates (141,390 ) (54,672 ) — — — (196,062 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 201,612 — — — 201,612 Investments in cash deposits - maturities longer than 90 days (200,205 ) — — — — (200,205 ) Proceeds from cash deposits - maturities longer than 90 days 770,205 — — — — 770,205 Intercompany accounts — (1,059,181 ) — — 1,059,181 — Other — (7,516 ) — 3,488 — (4,028 ) Net cash provided by (used in) investing activities 428,610 (1,172,894 ) (129,308 ) (980,647 ) 1,059,181 (795,058 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (28,000 ) — — 1,005,275 — 977,275 Borrowings under bank credit facilities - maturities longer than 90 days 3,768,750 — — 1,350,000 — 5,118,750 Repayments under bank credit facilities - maturities longer than 90 days (3,768,750 ) — — (1,350,000 ) — (5,118,750 ) Retirement of senior notes (875,504 ) — — — — (875,504 ) Debt issuance costs — — — (46,170 ) — (46,170 ) Intercompany accounts 1,003,750 (157,958 ) 187,781 25,608 (1,059,181 ) — Distributions to noncontrolling interest owners — — — (307,227 ) — (307,227 ) Excess tax benefits from exercise of stock options 12,369 — — — — 12,369 Proceeds from issuance of redeemable noncontrolling interests — — — 6,250 — 6,250 Other (24,881 ) — — 9 — (24,872 ) Net cash provided by (used in) financing activities 87,734 (157,958 ) 187,781 683,745 (1,059,181 ) (257,879 ) Effect of exchange rate on cash — — — 793 — 793 Cash and cash equivalents Net increase (decrease) for the period (260,652 ) 44,851 — 168,736 — (47,065 ) Change in cash related to assets held for sale — 3,662 — — — 3,662 Balance, beginning of period 799,508 255,655 — 658,552 — 1,713,715 Balance, end of period $ 538,856 $ 304,168 $ — $ 827,288 $ — $ 1,670,312 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2014 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (718,756 ) $ 1,163,402 $ (59,980 ) $ 721,004 $ 25,000 $ 1,130,670 Cash flows from investing activities Capital expenditures, net of construction payable — (289,431 ) (90,504 ) (492,106 ) — (872,041 ) Dispositions of property and equipment — 6,631 — 1,020 — 7,651 Investments in and advances to unconsolidated affiliates (31,400 ) (46,640 ) — — (25,000 ) (103,040 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 132 — — — 132 Investments in treasury securities - maturities longer than 90 days — (123,133 ) — — — (123,133 ) Proceeds from treasury securities - maturities longer than 90 days — 210,300 — — — 210,300 Investments in 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 ) (935,945 ) (90,504 ) (576,086 ) 679,785 (1,524,150 ) Cash flows from financing activities Net repayments under bank credit facilities - maturities of 90 days or less (28,000 ) — — — — (28,000 ) Borrowings under bank credit facilities - maturities longer than 90 days 3,821,250 — — 1,350,000 — 5,171,250 Repayments under bank credit facilities - maturities longer than 90 days (3,821,250 ) — — (1,350,000 ) — (5,171,250 ) Issuance of long-term debt 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 (204,794 ) 150,484 (285,953 ) (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 (205,597 ) 150,484 (673,029 ) (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 ) Change in 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 |
Selected Quarterly Financial 48
Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Results | Quarter First Second Third Fourth Total 2016 (In thousands, except per share data) Net revenues $ 2,209,686 $ 2,269,502 $ 2,515,115 $ 2,460,820 $ 9,455,123 Operating income 315,954 769,055 712,755 282,023 2,079,787 Net income 91,198 514,498 561,260 69,922 1,236,878 Net income attributable to MGM Resorts International 66,799 474,353 535,619 24,669 1,101,440 Basic income per share $ 0.12 $ 0.84 $ 0.94 $ 0.04 $ 1.94 Diluted income per share $ 0.12 $ 0.83 $ 0.93 $ 0.04 $ 1.92 2015 Net revenues $ 2,332,244 $ 2,385,135 $ 2,280,816 $ 2,191,873 $ 9,190,068 Operating income (loss) 395,104 348,521 297,377 (1,197,234 ) (156,232 ) Net income (loss) 212,646 126,467 94,735 (1,473,497 ) (1,039,649 ) Net income (loss) attributable to MGM Resorts International 169,850 97,459 66,425 (781,454 ) (447,720 ) Basic income (loss) per share $ 0.35 $ 0.18 $ 0.12 $ (1.38 ) $ (0.82 ) Diluted income (loss) per share $ 0.33 $ 0.17 $ 0.12 $ (1.38 ) $ (0.82 ) |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Millions | Dec. 31, 2016aft²gamesSlotRoomSeatParking_garage_space | Sep. 01, 2016 | Apr. 25, 2016$ / sharesshares | Sep. 30, 2016 | Dec. 31, 2016USD ($)aft²gamesSlotRoomSeatParking_garage_spaceSegment | Jul. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015Seat | Jun. 30, 2014 |
Organization Disclosure [Line Items] | |||||||||
Partnership interest | 76.30% | 73.30% | 76.30% | ||||||
Number of reportable segments | Segment | 2 | ||||||||
CityCenter Holdings LLC As Investee [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | ||||||
Las Vegas Arena Company LLC As Investee [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage ownership interest | 42.50% | 42.50% | 50.00% | ||||||
Sale of interest in joint venture | 7.50% | ||||||||
Number of seats | Seat | 20,000 | ||||||||
Las Vegas Arena Company LLC As Investee [Member] | The Park [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Number of seats | Seat | 5,200 | 5,200 | |||||||
Grand Victoria [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 50.00% | |||||||
Anschutz Entertainment Group, Inc [Member] | Las Vegas Arena Company LLC As Investee [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage ownership interest | 42.50% | 42.50% | |||||||
Hyatt Gaming [Member] | Grand Victoria [Member] | Co-venturer [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 50.00% | |||||||
Borgata [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Business acquisition, Date of acquisition | Aug. 1, 2016 | ||||||||
Class A shares [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Common stock voting rights | one vote per share | ||||||||
Description of operating partnership units exchangeable into Class A shares | one-to-one basis | ||||||||
MGM Growth Properties LLC [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Percentage of minority interest | 23.70% | 23.70% | 26.70% | ||||||
Minimum ownership percentage required for majority voting interest | 30.00% | ||||||||
Ownership interest transferred | 100.00% | ||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | Initial Public Offering [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
New issuance of shares | shares | 57,500,000 | ||||||||
Shares authorized to underwriters | shares | 7,500,000 | ||||||||
Initial offering price | $ / shares | $ 21 | ||||||||
Percentage of minority interest | 23.70% | 23.70% | 26.70% | ||||||
Non-Guarantor MGP Subsidiaries [Member] | Class B shares [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Common stock voting rights | Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30% | ||||||||
MGM China [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Additional interest acquired | 4.95% | ||||||||
Percentage ownership interest | 56.00% | 56.00% | |||||||
MGM Cotai [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Expected development and construction cost, excluding capitalized and land related costs | $ | $ 3,300 | ||||||||
MGM Cotai [Member] | Maximum [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Number of hotel rooms | Room | 1,500 | 1,500 | |||||||
Number of gaming tables | games | 500 | 500 | |||||||
Number of slots | Slot | 1,500 | 1,500 | |||||||
MGM Cotai [Member] | Macau [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Area of development site (in acres) | a | 18 | 18 | |||||||
Athena Arena, LLC [Member] | Las Vegas Arena Company LLC As Investee [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Sale of interest in joint venture | 7.50% | ||||||||
MGM Springfield [Member] | Massachusetts [Member] | |||||||||
Organization Disclosure [Line Items] | |||||||||
Area of development site (in acres) | a | 14 | 14 | |||||||
Number of hotel rooms | Room | 250 | 250 | |||||||
Number of gaming tables | games | 100 | 100 | |||||||
Number of slots | Slot | 3,000 | 3,000 | |||||||
Expected development and construction cost, excluding capitalized and land related costs | $ | $ 865 | ||||||||
Area of retail and restaurant space | ft² | 100,000 | 100,000 | |||||||
Area of meeting and event space | ft² | 44,000 | 44,000 | |||||||
Parking garage space | Parking_garage_space | 3,375 | 3,375 |
Basis of Presentation and Sig50
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2016 | Jun. 30, 2011 | Apr. 30, 2010 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of ownership interest | 100.00% | |||||
Total assets, related to real estate investments | $ 28,173,301,000 | $ 25,215,178,000 | ||||
Total liabilities, related to indebtedness | 18,149,850,000 | 17,444,501,000 | ||||
Accrual for property and equipment | 36,000,000 | 17,000,000 | ||||
Construction retention accrued | 32,000,000 | 44,000,000 | ||||
Impairment charges | 0 | $ 0 | ||||
Advertising expense | 171,000,000 | 156,000,000 | $ 156,000,000 | |||
Redeemable noncontrolling interests | $ 54,139,000 | 6,250,000 | ||||
4.25% convertible senior notes, due 2015, net [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Debt Instrument Face Amount | $ 300,000,000 | $ 1,150,000,000 | ||||
Long-term debt, interest rate (as a percent) | 4.25% | 4.25% | ||||
Foreign Countries [Member] | Accounts Receivable [Member] | Geographic Concentration [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of casino receivables | 47.00% | |||||
MGM China [Member] | Accounts Receivable [Member] | Geographic Concentration [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of casino receivables | 9.00% | |||||
MGM Growth Properties LLC [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of minority interest | 23.70% | 26.70% | ||||
Total assets, related to real estate investments | $ 9,500,000,000 | |||||
Total liabilities, related to indebtedness | 3,900,000,000 | |||||
MGM National Harbor [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Redeemable noncontrolling interests | $ 47,000,000 | $ 6,000,000 | ||||
Noncontrolling interest, description | In 2016, MGM National Harbor issued Interests to noncontrolling interest parties for a purchase price of $47 million. | |||||
Net income attributable to noncontrolling interests relating to redeemable noncontrolling interests | $ 500,000 |
Basis of Presentation and Sig51
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
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 | 15 years |
Basis of Presentation and Sig52
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | $ 793,571 | $ 751,773 | $ 766,280 |
Casino Expenses [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | 443,578 | 430,742 | 450,803 |
Casino Expenses [Member] | Rooms [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | 120,369 | 112,313 | 115,463 |
Casino Expenses [Member] | Food and beverage [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | 283,598 | 279,041 | 295,667 |
Casino Expenses [Member] | Entertainment retail and other [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | $ 39,611 | $ 39,388 | $ 39,673 |
Basis of Presentation and Sig53
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 ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income (loss) attributable to MGM Resorts International | $ 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | $ (781,454) | $ 66,425 | $ 97,459 | $ 169,850 | $ 1,101,440 | $ (447,720) | $ (149,873) |
Adjustment related to redeemable noncontrolling interests | (28) | 0 | 0 | ||||||||
Net income (loss) available to common stockholders - basic | 1,101,412 | (447,720) | (149,873) | ||||||||
Net income (loss) attributable to common stockholders - diluted | $ 1,101,361 | $ (447,720) | $ (150,213) | ||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding basic | 568,134 | 542,873 | 490,875 | ||||||||
Potential dilution from share-based awards | 5,183 | 0 | 0 | ||||||||
Weighted-average common and common equivalent shares - diluted | 573,317 | 542,873 | 490,875 | ||||||||
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 4,207 | 18,276 | 19,254 | ||||||||
MGP Omnibus Plan [Member] | |||||||||||
Numerator: | |||||||||||
Potentially dilutive effect due to plan | $ (40) | $ 0 | $ 0 | ||||||||
MGM China Share Option Plan [Member] | |||||||||||
Numerator: | |||||||||||
Potentially dilutive effect due to plan | $ (11) | $ 0 | $ (340) |
Basis of Presentation and Sig54
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 7,764,427 | $ 7,628,274 |
Other comprehensive income (loss) before reclassifications | (85) | 3,055 |
Amounts reclassified from accumulated other comprehensive income | 358 | 0 |
Other comprehensive income (loss), net of tax | 273 | 3,055 |
Other comprehensive income (loss) attributable to noncontrolling interest | 758 | (2,024) |
Ending Balance | 9,969,312 | 7,764,427 |
Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 14,022 | 12,319 |
Other comprehensive income (loss) before reclassifications | (2,680) | 3,727 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income (loss), net of tax | (2,680) | 3,727 |
Other comprehensive income (loss) attributable to noncontrolling interest | 1,203 | (2,024) |
Ending Balance | 12,545 | 14,022 |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 1,521 | 0 |
Amounts reclassified from accumulated other comprehensive income | 358 | 0 |
Other comprehensive income (loss), net of tax | 1,879 | 0 |
Other comprehensive income (loss) attributable to noncontrolling interest | (445) | 0 |
Ending Balance | 1,434 | 0 |
Other [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 0 | 672 |
Other comprehensive income (loss) before reclassifications | 1,074 | (672) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive income (loss), net of tax | 1,074 | (672) |
Other comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 |
Ending Balance | 1,074 | 0 |
Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 14,022 | 12,991 |
Ending Balance | $ 15,053 | $ 14,022 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | $ 640,844 | $ 570,348 | ||
Less: Allowance for doubtful accounts | (97,920) | (89,789) | $ (89,602) | $ (81,713) |
Accounts receivable, net | 542,924 | 480,559 | ||
Casino [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | 332,443 | 285,182 | ||
Hotel [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | 169,321 | 157,489 | ||
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | $ 139,080 | $ 127,677 |
Borgata Transaction - Additiona
Borgata Transaction - Additional Information (Detail) $ in Thousands | Aug. 01, 2016USD ($) | Dec. 31, 2016USD ($)a | Dec. 31, 2016USD ($)a | Aug. 31, 2016a | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Deferred tax liabilities, net | $ 2,551,228 | $ 2,551,228 | $ 2,680,576 | ||
Borgata [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash proceeds paid to Boyd Gaming | 604,000 | ||||
Property tax credit | $ 33,000 | $ 33,000 | |||
Business acquisition, pre-existing ownership percentage | 50.00% | ||||
Business acquisition, percentage of equity interest acquired | 100.00% | ||||
Business acquisition, ownership percentage after additional acquisition | 100.00% | ||||
Business acquisition, fair value of the equity interests | $ 1,200,000 | ||||
Gain on acquisition | $ 430,000 | ||||
Area of ground lease | a | 11 | 11 | 11 | ||
Lease expiration date | Dec. 31, 2070 | ||||
Deferred tax liabilities, net | $ 89,000 | $ 89,000 | |||
Deferred tax liabilities, income tax expense | 82,000 | 82,000 | |||
Deferred tax liability, goodwill | 7,000 | 7,000 | |||
Net revenue included in consolidated results | 348,000 | ||||
Operating income included in consolidated results | 39,000 | ||||
Net income included in consolidated results | 8,000 | ||||
Borgata [Member] | Current liabilities [Member] | |||||
Business Acquisition [Line Items] | |||||
Unfavorable lease liability | 1,000 | 1,000 | |||
Borgata [Member] | Other long-term obligations [Member] | |||||
Business Acquisition [Line Items] | |||||
Unfavorable lease liability | $ 47,000 | 47,000 | |||
Borgata [Member] | City of Atlantic City, New Jersey [Member] | |||||
Business Acquisition [Line Items] | |||||
Property tax refunds plus interest | $ 106,000 |
Borgata Transaction - Schedule
Borgata Transaction - Schedule of Finalized Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value of assets acquired and liabilities assumed: | |||
Goodwill | $ 1,817,119 | $ 1,430,767 | $ 2,897,110 |
Borgata [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Current assets | 112,221 | ||
Property and equipment and other long-term assets | 1,373,567 | ||
Goodwill | 386,892 | ||
Current liabilities | (122,743) | ||
Long-term debt | (583,187) | ||
Deferred taxes | (12,124) | ||
Other long-term obligations | (51,894) | ||
Total consideration | 1,207,732 | ||
Borgata [Member] | Customer List [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Customer list | 22,000 | ||
Borgata [Member] | Trade Name [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Trade name | $ 83,000 |
Borgata Transaction - Schedul58
Borgata Transaction - Schedule of Unaudited Proforma Consolidated Financial Information (Detail) - Borgata [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net revenues | $ 9,940,176 | $ 9,993,718 |
Net income (loss) attributable to MGM Resorts International | $ 819,278 | $ (417,671) |
Basis net income (loss) per share | $ 1.44 | $ (0.77) |
Diluted net income (loss) per share | $ 1.43 | $ (0.77) |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) $ in Millions | Nov. 23, 2015 | Jul. 07, 2015 | Apr. 30, 2015 | Apr. 01, 2015 |
Silver Legacy [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Percentage ownership interest | 50.00% | |||
Dispositions by Sale [Member] | Silver Legacy [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Consideration received | $ 80 | |||
Percentage ownership interest | 50.00% | 50.00% | ||
Gain from sale of discontinued operations | $ 23 | |||
Railroad Pass Hotel & Casino [Member] | Dispositions by Sale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Consideration received | $ 8 | |||
Gold Strike Hotel & Gambling Hall [Member] | Dispositions by Sale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Consideration received | $ 12 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 25,993,222 | $ 22,311,733 |
Less: Accumulated depreciation and amortization | (7,568,199) | (6,939,938) |
Property and equipment, net | 18,425,023 | 15,371,795 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,530,988 | 6,495,391 |
Buildings, building improvements and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 11,969,984 | 9,429,945 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,863,647 | 4,274,537 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,628,603 | $ 2,111,860 |
Investments in and Advances t61
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 1,220,443 | $ 1,491,497 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 1,007,358 | 1,136,452 |
Marina District Development Company [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 0 | 134,454 |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 123,585 | 122,500 |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 80,339 | 90,352 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 9,161 | $ 7,739 |
Investments in and Advances t62
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
CityCenter Holdings LLC As Investee [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 | 0.00% | 50.00% |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 42.50% | 50.00% |
Investments in and Advances t63
Investments in and Advances to Unconsolidated Affiliates - Schedule of Net Income (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Income from unconsolidated affiliates | $ 527,616 | $ 257,883 | $ 63,836 |
Preopening and start-up expenses | (3,168) | (3,475) | (917) |
Non-operating items from unconsolidated affiliates | (53,139) | (76,462) | (87,794) |
Net income (loss) from unconsolidated affiliates | $ 471,309 | $ 177,946 | $ (24,875) |
Investments in and Advances t64
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) | Jan. 27, 2017 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Apr. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Distributions from unconsolidated affiliates | $ 542,097,000 | $ 201,612,000 | $ 132,000 | |||||||
Gain related to litigation settlement | $ 80,000,000 | |||||||||
Repayments | 583,598,000 | $ 0 | $ 0 | |||||||
Crystals [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 406,000,000 | 401,000,000 | ||||||||
City Center Holdings LLC As a Legal Entity [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Special distribution declared | $ 90,000,000 | $ 400,000,000 | ||||||||
Gain related to litigation settlement | $ 160,000,000 | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Senior Secured Credit Facility [Member] | Term Loan B Facility [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Debt Instrument Face Amount | $ 1,200,000,000 | |||||||||
Debt instrument, maturity date | Oct. 16, 2020 | |||||||||
Repayments | $ 266,000,000 | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Senior Secured Credit Facility [Member] | Term Loan B Facility [Member] | Subsequent Event [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Debt Instrument Face Amount | $ 1,200,000,000 | |||||||||
Basis points reduction | 0.50% | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Senior Secured Credit Facility [Member] | Term Loan B Facility [Member] | LIBOR [Member] | Subsequent Event [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Interest rate margin (as a percent) | 2.75% | |||||||||
Interest rate floor (as a percent) | 0.75% | |||||||||
Basis points reduction | 0.25% | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Credit facility amount | $ 75,000,000 | |||||||||
Credit facility, maturity date | Oct. 16, 2018 | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Credit facility amount | $ 75,000,000 | |||||||||
Credit facility, maturity date | Jul. 31, 2020 | |||||||||
Basis points reduction | 1.75% | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Senior Secured Credit Facility [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Subsequent Event [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Interest rate margin (as a percent) | 2.00% | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Crystals [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Consideration received from sale of discontinued operations | $ 1,100,000,000 | |||||||||
Recognized gain on sale | $ 400,000,000 | |||||||||
Special distribution declared | $ 990,000,000 | |||||||||
CityCenter Holdings LLC As Investee [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Realized gain (loss) percentage | 50.00% | 50.00% | ||||||||
Distributions from unconsolidated affiliates | $ 540,000,000 | $ 200,000,000 | ||||||||
Gain related to litigation settlement | $ 80,000,000 | |||||||||
CityCenter Holdings LLC As Investee [Member] | Crystals [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | 401,000,000 | |||||||||
Recognized gain on sale, unconsolidated affiliates | $ 200,000,000 | |||||||||
Realized gain (loss) percentage | 50.00% | |||||||||
Recognized gain on sale, reversal of certain basis differences | $ 201,000,000 |
Investments in and Advances t65
Investments in and Advances to Unconsolidated Affiliates - Additional Information 1 (Detail) - USD ($) $ in Thousands | Sep. 01, 2016 | Nov. 23, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 07, 2015 |
Schedule Of Equity Method Investments [Line Items] | |||||||||
Term loan | $ 12,696,753 | $ 12,987,595 | $ 12,696,753 | ||||||
Crystals [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Carrying value of net assets | 668,000 | 668,000 | |||||||
T-Mobile Arena [Member] | Las Vegas Arena Company, LLC [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Credit facility, maturity date | Sep. 30, 2019 | ||||||||
T-Mobile Arena [Member] | Las Vegas Arena Company, LLC [Member] | Senior credit facility term loan A [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Term loan | 150,000 | ||||||||
T-Mobile Arena [Member] | Las Vegas Arena Company, LLC [Member] | Senior credit facility term loan B [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Term loan | 50,000 | ||||||||
Grand Victoria [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Investment impairment charge | $ 29,000 | $ 17,000 | $ 0 | $ 17,050 | $ 28,789 | ||||
Percentage ownership interest | 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 | $ 140,000 | $ 123,000 | $ 123,000 | ||||||
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% | |||||||
Discount rate (as a percent) | 10.50% | 10.50% | |||||||
Las Vegas Arena Company LLC As Investee [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 42.50% | 50.00% | ||||||
Sale of interest in joint venture | 7.50% | ||||||||
Proceeds from sale of equity method investments | $ 15,000 | ||||||||
Las Vegas Arena Company LLC As Investee [Member] | Property Transactions, Net [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Recognized gain on sale, unconsolidated affiliates | $ 3,000 | ||||||||
Las Vegas Arena Company LLC As Investee [Member] | T-Mobile Arena [Member] | MGM and AEG [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Cash contributed towards construction of Arena | $ 175,000 | ||||||||
Silver Legacy [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Percentage ownership interest | 50.00% | ||||||||
Silver Legacy [Member] | Disposal Group, Disposed of By Sale, Not Discontinued Operations [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 50.00% | |||||||
Proceeds from sale of equity method investments | $ 58,000 | ||||||||
Recognized gain on sale, unconsolidated affiliates | $ 20,000 | ||||||||
If Long Term Growth Rate Of One Point Five Percent Had Been Used | Grand Victoria [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Percentage ownership interest | 50.00% | 50.00% | |||||||
If Long Term Growth Rate Of One Point Five Percent Had Been Used | Grand Victoria [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||
Long-term growth rate (as a percent) | 1.50% | ||||||||
Estimated fair value | $ 120,000 | $ 120,000 |
Investments in and Advances t66
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) - Unconsolidated Affiliates [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $ 518,632 | $ 1,260,834 |
Property and other assets, net | 7,106,361 | 8,460,915 |
Current liabilities | 384,370 | 482,633 |
Long-term debt and other long-term obligations | 1,454,575 | 2,268,157 |
Equity | $ 5,786,048 | $ 6,970,959 |
Investments in and Advances t67
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - Unconsolidated Affiliates [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | $ 1,944,127 | $ 2,298,179 | $ 2,238,419 |
Operating expenses | (1,781,809) | (1,901,044) | (2,237,921) |
Operating income | 162,318 | 397,135 | 498 |
Interest expense | (92,014) | (141,925) | (163,723) |
Non-operating expenses | (12,851) | (14,942) | (13,669) |
Net income (loss) | 57,453 | 240,268 | (176,894) |
Income from discontinued operations | 407,187 | 22,681 | 21,161 |
Net income (loss) | $ 464,640 | $ 262,949 | $ (155,733) |
Investments in and Advances t68
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Equity Method Investments [Line Items] | ||
Venture-level equity attributable to the Company | $ 2,883,324 | $ 3,486,117 |
Other adjustments | 41,871 | 74,887 |
Investment balance | 1,220,443 | 1,491,497 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International | (537,819) | (573,163) |
CityCenter capitalized interest | 215,467 | 241,374 |
CityCenter completion guarantee | 337,223 | 372,785 |
CityCenter deferred gain | (221,638) | (236,327) |
CityCenter capitalized interest on sponsor notes | (42,095) | (47,158) |
Other-than-temporary impairments of investment | (1,555,509) | (1,800,191) |
Investment balance | 1,007,358 | 1,136,452 |
Borgata [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | 0 | (126,446) |
Grand Victoria [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment | $ 99,619 | $ 99,619 |
Investments in and Advances t69
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ (1,555,509) | $ (1,800,191) |
Borgata [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | 0 | (126,446) |
Land [Member] | CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ 379,000 | 426,000 |
Land [Member] | Borgata [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ 90,000 |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 1,817,119 | $ 1,430,767 | $ 2,897,110 |
Total indefinite-lived intangible assets | 410,120 | 327,120 | |
Finite-lived intangible assets, net | 3,677,586 | 3,837,661 | |
Total other intangible assets, net | 4,087,706 | 4,164,781 | |
Trademarks, License Rights and Other [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 312,022 | 229,022 | |
Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Less: Accumulated amortization | (135,574) | (126,003) | |
Maryland License, Massachusetts License and Other Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 136,127 | 136,127 | |
Less: Accumulated amortization | (24,748) | (24,039) | |
Finite-lived intangible assets, net | 111,379 | 112,088 | |
Borgata [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | 386,892 | ||
Borgata [Member] | Trademarks, License Rights and Other [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 83,000 | ||
Borgata [Member] | Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 22,000 | 0 | |
Detroit Wholly Owned Subsidiary | Development Rights [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 98,098 | 98,098 | |
MGM Grand Paradise [Member] | Gaming Subconcession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 4,514,073 | 4,515,867 | |
Less: Accumulated amortization | (1,024,185) | (858,531) | |
Finite-lived intangible assets, net | 3,489,888 | 3,657,336 | |
MGM Macau [Member] | Land Concession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 84,736 | 84,769 | |
Less: Accumulated amortization | (23,817) | (19,554) | |
Finite-lived intangible assets, net | 60,919 | 65,215 | |
Domestic Resorts [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | 457,867 | 70,975 | 70,975 |
MGM China [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | 1,359,252 | 1,359,792 | $ 2,826,135 |
MGM China [Member] | Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 128,974 | 129,025 | |
Finite-lived intangible assets, net | $ 15,400 | $ 3,022 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets - Summary of Changes in Company's Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | $ 1,430,767 | $ 2,897,110 |
Acquisitions | 386,892 | |
Currency exchange | (540) | |
Impairments and currency exchange | (1,466,343) | |
Goodwill, ending balance | 1,817,119 | 1,430,767 |
Domestic Resorts [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 70,975 | 70,975 |
Acquisitions | 386,892 | |
Goodwill, ending balance | 457,867 | 70,975 |
MGM China [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 1,359,792 | 2,826,135 |
Currency exchange | (540) | |
Impairments and currency exchange | (1,466,343) | |
Goodwill, ending balance | $ 1,359,252 | $ 1,359,792 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 20, 2005 | Jan. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite Lived Intangible Assets [Line Items] | |||||
Non cash impairment charge | $ 0 | $ 1,467,991 | $ 0 | ||
Goodwill | 1,817,119 | 1,430,767 | 2,897,110 | ||
Indefinite-lived intangible assets | 410,120 | 327,120 | |||
Consideration paid for license fee | 0 | 0 | 85,000 | ||
Amortization expense related to intangible assets | $ 180,000 | 199,000 | 232,000 | ||
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 | ||||
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 | ||||
MGM Grand Paradise [Member] | Gaming Subconcession [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated remaining useful life of gaming subconcession | 15 years | 25 years | |||
Trademarks, License Rights and Other [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 312,022 | $ 229,022 | |||
Mandalay Resort Group Acquisition (2005) [Member] | Trademarks, License Rights and Other [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | 210,000 | ||||
Borgata [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 386,892 | ||||
Borgata [Member] | Customer Lists [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 2 years 5 months | ||||
Borgata [Member] | Trademarks, License Rights and Other [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets | $ 83,000 | ||||
MGM China [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Percentage of fair value less than its carrying value | 4.00% | ||||
Non cash impairment charge | $ 1,467,991 | ||||
Goodwill | $ 1,359,252 | $ 1,359,792 | $ 2,826,135 | ||
MGM China [Member] | Customer Lists [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Estimated useful life of intangible assets | 5 years |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Estimated future amortization | ||
2,017 | $ 183,414 | |
2,018 | 177,758 | |
2,019 | 178,081 | |
2,020 | 178,081 | |
2,021 | 178,081 | |
Thereafter | 2,782,171 | |
Finite-lived intangible assets, net | $ 3,677,586 | $ 3,837,661 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related | $ 483,194 | $ 370,672 |
Advance deposits and ticket sales | 135,592 | 104,461 |
Casino outstanding chip liability | 227,538 | 282,810 |
Casino front money deposits | 214,727 | 127,947 |
MGM China gaming promoter commissions | 31,445 | 33,064 |
Other gaming related accruals | 119,446 | 91,318 |
Taxes, other than income taxes | 166,916 | 153,531 |
Other | 215,668 | 147,641 |
Other accrued liabilities | $ 1,594,526 | $ 1,311,444 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 13,144,380 | $ 12,824,375 |
Less: premiums, discounts, and unamortized debt issuance costs, net | (156,785) | (127,622) |
Long-term debt | 12,987,595 | 12,696,753 |
Less: Current portion | (8,375) | (328,442) |
Long-term debt | 12,979,220 | 12,368,311 |
Senior Credit Facility Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 250,000 | 2,716,000 |
MGM Growth Properties Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,133,250 | 0 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 1,933,313 | 1,559,909 |
MGM National Harbor Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 450,000 | 0 |
6.875% senior notes, due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 242,900 |
7.5% senior notes, due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 732,749 |
10% senior notes, due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 500,000 |
7.625% senior notes, due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 743,000 |
11.375% senior notes, due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 475,000 | 475,000 |
8.625% senior notes, due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 850,000 | 850,000 |
5.25% senior notes, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
6.75% senior notes, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 1,000,000 |
6.625% senior notes, due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,250,000 | 1,250,000 |
7.75% senior notes, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 1,000,000 |
6% senior notes, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,250,000 | 1,250,000 |
4.5% MGM Growth Properties senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 0 |
5.625% MGM Growth Properties senior notes, due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,050,000 | 0 |
7% debentures, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 552 | 552 |
6.7% debentures, due 2096 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 2,265 | 4,265 |
4.625% senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 500,000 | $ 0 |
Long-Term Debt - Schedule of 76
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Aug. 19, 2016 | May 25, 2016 | |
6.875% senior notes, due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 242.9 | ||||
Long-term debt, interest rate (as a percent) | 6.875% | ||||
Long-term debt, maturity year | 2,016 | ||||
7.5% senior notes, due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 732.7 | ||||
Long-term debt, interest rate (as a percent) | 7.50% | 7.50% | |||
Long-term debt, maturity year | 2,016 | 2,016 | |||
10% senior notes, due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 500 | ||||
Long-term debt, interest rate (as a percent) | 10.00% | 10.00% | |||
Long-term debt, maturity year | 2,016 | 2,016 | |||
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) | 7.625% | 7.625% | 7.625% | ||
Long-term debt, maturity year | 2,017 | 2,017 | |||
11.375% senior notes, due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 475 | $ 475 | |||
Long-term debt, interest rate (as a percent) | 11.375% | 11.375% | |||
Long-term debt, maturity year | 2,018 | 2,018 | |||
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) | 8.625% | 8.625% | |||
Long-term debt, maturity year | 2,019 | 2,019 | |||
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 | 2,020 | 2,020 | |||
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 | 2,020 | 2,020 | |||
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) | 6.625% | 6.625% | |||
Long-term debt, maturity year | 2,021 | 2,021 | |||
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 | 2,022 | 2,022 | |||
5.625% MGM Growth Properties senior notes, due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 1,050 | ||||
Long-term debt, interest rate (as a percent) | 5.625% | ||||
Long-term debt, maturity year | 2,024 | ||||
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 | 2,023 | 2,023 | |||
4.5% MGM Growth Properties senior notes, due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 500 | ||||
Long-term debt, interest rate (as a percent) | 4.50% | ||||
Long-term debt, maturity year | 2,026 | ||||
4.625% senior notes, due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 500 | $ 500 | |||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | |||
Long-term debt, maturity year | 2,026 | ||||
7% debentures, due 2036 [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 | 2,036 | 2,036 | |||
6.7% debentures, due 2096 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 2.3 | $ 4.3 | |||
Long-term debt, interest rate (as a percent) | 6.70% | 6.70% | |||
Long-term debt, maturity year | 2,096 | 2,096 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ / shares in Units, shares in Millions | Oct. 26, 2016 | Aug. 19, 2016USD ($) | Aug. 12, 2016USD ($) | May 25, 2016USD ($) | Feb. 28, 2017 | Sep. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Apr. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2016USD ($) | Aug. 01, 2016USD ($) | Apr. 20, 2016USD ($) | Apr. 30, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Current portion of long-term debt | $ 8,375,000 | $ 328,442,000 | ||||||||||||||
Credit facility amount | 13,144,380,000 | 12,824,375,000 | ||||||||||||||
Loss on retirement of long-term debt | $ (66,933,000) | (1,924,000) | $ 0 | |||||||||||||
Senior Notes Redemption Date | May 25, 2016 | |||||||||||||||
Repayments | $ 583,598,000 | 0 | $ 0 | |||||||||||||
Long-term debt, fair value | $ 13,900,000,000 | $ 13,100,000,000 | ||||||||||||||
Borgata [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 545,000,000 | |||||||||||||||
Other, net [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss on retirement of long-term debt | $ (22,000,000) | |||||||||||||||
4.625% senior notes, due 2026 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,026 | |||||||||||||||
Long-term debt, principal amount | $ 500,000,000 | $ 500,000,000 | ||||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | ||||||||||||||
Net proceeds from senior notes | $ 493,000,000 | |||||||||||||||
7.625% senior notes, due 2017 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,017 | 2,017 | ||||||||||||||
Long-term debt, principal amount | $ 743,000,000 | $ 743,000,000 | ||||||||||||||
Long-term debt, interest rate (as a percent) | 7.625% | 7.625% | 7.625% | |||||||||||||
Redemption of aggregate principal amount | $ 743,000,000 | |||||||||||||||
7.625% senior notes, due 2017 [Member] | Other, net [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss on retirement of long-term debt | $ (16,000,000) | |||||||||||||||
7.5% senior notes, due 2016 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,016 | 2,016 | ||||||||||||||
Long-term debt, principal amount | $ 732,700,000 | |||||||||||||||
Long-term debt, interest rate (as a percent) | 7.50% | 7.50% | ||||||||||||||
Redemption of aggregate principal amount | $ 1,230,000,000 | |||||||||||||||
10% senior notes, due 2016 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,016 | 2,016 | ||||||||||||||
Long-term debt, principal amount | $ 500,000,000 | |||||||||||||||
Long-term debt, interest rate (as a percent) | 10.00% | 10.00% | ||||||||||||||
Redemption of aggregate principal amount | $ 1,230,000,000 | |||||||||||||||
6.625% senior notes, due 2015, net [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.625% | |||||||||||||||
Repayments | $ 875,000,000 | |||||||||||||||
5.625% senior notes, due 2024 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,024 | |||||||||||||||
Long-term debt, interest rate (as a percent) | 5.625% | |||||||||||||||
4.25% convertible senior notes, due 2015, net [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, principal amount | $ 1,450,000,000 | $ 1,150,000,000 | ||||||||||||||
Long-term debt, interest rate (as a percent) | 4.25% | |||||||||||||||
Common stock shares issued | shares | 78 | |||||||||||||||
Conversion ratio, number of shares per $1,000 principal amount, numerator | 53.83 | |||||||||||||||
Initial conversion price of shares (in dollars per share) | $ / shares | $ 18.58 | |||||||||||||||
Share received upon capped call transactions | shares | 6 | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Current portion of long-term debt | $ 8,000,000 | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan A [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 293,000,000 | |||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 5.00% | |||||||||||||||
Interest rate at the end of the period (as a percent) | 3.52% | |||||||||||||||
Line of credit facility | $ 300,000,000 | |||||||||||||||
Long-term debt, maturity year | 2,021 | |||||||||||||||
Repayments of term loan | $ 8,000,000 | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan A [Member] | Minimum [Member] | After Six Months [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.25% | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan A [Member] | Maximum [Member] | After Six Months [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.75% | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan B [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 1,840,000,000 | |||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 1.00% | |||||||||||||||
Interest rate at the end of the period (as a percent) | 3.52% | |||||||||||||||
Line of credit facility | 1,850,000,000 | |||||||||||||||
Long-term debt, maturity year | 2,023 | |||||||||||||||
Percentage of credit facility issued to lenders | 99.75% | |||||||||||||||
Basis points reduction | 0.50% | |||||||||||||||
Repayments of term loan | $ 9,000,000 | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan B [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.75% | |||||||||||||||
Interest rate floor (as a percent) | 0.75% | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan B [Member] | LIBOR [Member] | Corporate Family Ratings, Ba3/BB- [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.50% | |||||||||||||||
Interest rate floor (as a percent) | 0.75% | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility drawn | $ 0 | |||||||||||||||
Line of credit facility | 600,000,000 | |||||||||||||||
Long-term debt, maturity year | 2,021 | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | After Six Months [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.25% | |||||||||||||||
MGM Growth Properties Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | After Six Months [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.75% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Other, net [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss on retirement of long-term debt | (28,000,000) | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Term Loan A [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 250,000,000 | |||||||||||||||
Credit facility, maturity date | 2021-04 | |||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 5.00% | |||||||||||||||
Interest rate at the end of the period (as a percent) | 3.02% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Term Loan A [Member] | Minimum [Member] | After Six Months [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 1.75% | |||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 1,250,000,000 | |||||||||||||||
Credit facility, maturity date | 2021-04 | |||||||||||||||
Line of credit facility drawn | $ 0 | |||||||||||||||
MGM China Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maturity date | Apr. 30, 2019 | |||||||||||||||
MGM China Credit Facility [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Variable interest rate base | HIBOR | |||||||||||||||
MGM China Credit Facility [Member] | Minimum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 1.375% | |||||||||||||||
MGM China Credit Facility [Member] | Maximum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.50% | |||||||||||||||
MGM China Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Debt Covenant Terms Through December Thirty One Two Thousand And Seventeen [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 600.00% | |||||||||||||||
MGM China Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Debt Covenant Terms March Thirty One Two Thousand And Eighteen [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 550.00% | |||||||||||||||
MGM China Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Debt Covenant Terms June Thirty Two Thousand And Eighteen [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 500.00% | |||||||||||||||
MGM China Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Debt Covenant Terms September Thirty Two Thousand And Eighteen And Thereafter [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Leverage ratio | 450.00% | |||||||||||||||
MGM China Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility drawn | $ 374,000,000 | |||||||||||||||
Interest rate at the end of the period (as a percent) | 2.50% | |||||||||||||||
Line of credit facility | $ 1,450,000,000 | |||||||||||||||
MGM China Credit Facility [Member] | Term loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | 1,560,000,000 | |||||||||||||||
Line of credit facility | $ 1,550,000,000 | |||||||||||||||
Amortization payments of term loan beginning date | Oct. 31, 2017 | |||||||||||||||
Weighted average interest rate at the end of the period (as a percent) | 2.73% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate margin (as a percent) | 2.25% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | Twelfth Full Fiscal Quarter [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amortization payments of aggregate principal balance (as percent) | 1.875% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | Sixteenth Full Fiscal Quarter [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amortization payments of aggregate principal balance (as percent) | 2.50% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repayment excess cash, percentage | 0.00% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repayment excess cash, percentage | 50.00% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility drawn | $ 25,000,000 | |||||||||||||||
Interest rate at the end of the period (as a percent) | 2.90% | |||||||||||||||
Line of credit facility | $ 100,000,000 | |||||||||||||||
Variable interest rate base | LIBOR | |||||||||||||||
Debt instrument, maturity date | Jan. 31, 2021 | |||||||||||||||
Amortization payments of aggregate principal balance (as percent) | 1.25% | |||||||||||||||
MGM National Harbor Credit Agreement [Member] | Term loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 425,000,000 | $ 425,000,000 | ||||||||||||||
Interest rate at the end of the period (as a percent) | 3.02% | |||||||||||||||
Variable interest rate base | LIBOR | |||||||||||||||
Debt instrument, maturity date | Jan. 31, 2021 | |||||||||||||||
Bridge Facilities [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 4,000,000,000 | |||||||||||||||
Bridge Facilities [Member] | Borgata [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility amount | $ 545,000,000 | |||||||||||||||
Bridge Facilities [Member] | 7.5% senior notes, due 2016 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 7.50% | |||||||||||||||
Bridge Facilities [Member] | 10% senior notes, due 2016 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 10.00% | |||||||||||||||
Bridge Facilities [Member] | 4.5% senior notes, due 2026 [Member] | Borgata [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,026 | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.50% | |||||||||||||||
MGP Growth Properties Senior Notes [Member] | 4.5% senior unsecured notes, due 2026 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, maturity year | 2,026 | |||||||||||||||
Long-term debt, principal amount | $ 500,000,000 | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.50% | |||||||||||||||
Net proceeds from senior notes | $ 492,000,000 | |||||||||||||||
MGP Growth Properties Senior Notes [Member] | 5.625% senior notes, due 2024 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt, principal amount | $ 1,050,000,000 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 814,731 | $ 862,377 | $ 846,321 |
Interest capitalized | (119,958) | (64,798) | (29,260) |
Interest expense, net | $ 694,773 | $ 797,579 | $ 817,061 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 137,964 | |
2,018 | 1,323,143 | |
2,019 | 1,997,019 | |
2,020 | 1,582,563 | |
2,021 | 2,057,250 | |
Thereafter | 6,046,441 | |
Long-term debt, Gross | $ 13,144,380 | $ 12,824,375 |
Derivatives and Hedging Activ80
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Gain on derivative instruments | $ 2,000,000 | ||||
Ineffective portion due to change in fair value of derivatives | 0 | ||||
Interest expense | 694,773,000 | $ 797,579,000 | $ 817,061,000 | ||
Estimated increase in interest expense due to reclassification during the next twelve months | $ 4,000,000 | $ 4,000,000 | |||
Interest Rate Swap [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Maturity date | Nov. 30, 2021 | ||||
Weighted average fixed rate of interest | 1.825% | 1.825% | |||
Interest expense | $ 400,000 | ||||
Interest Rate Swap [Member] | Subsequent Event [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Maturity period | 2021-11 | ||||
Fixed rate of interest | 1.964% | ||||
Interest Rate Swap [Member] | LIBOR [Member] | Minimum [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Weighted average variable rate of interest | 0.75% | 0.75% | |||
Interest Rate Swap [Member] | LIBOR [Member] | Minimum [Member] | Subsequent Event [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Variable rate of interest | 0.75% | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Notional value | $ 500,000,000 | $ 500,000,000 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Subsequent Event [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Notional value | $ 700,000,000 |
Derivatives and Hedging Activ81
Derivatives and Hedging Activities - Summary of Fair Value and Presentation of Derivative Instruments in Balance Sheet (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Interest Rate Swap [Member] | Other Long-term Assets, Net [Member] | |
Derivatives Fair Value [Line Items] | |
Fair value of derivative instruments | $ 1,879 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ 985,683 | $ 155,296 | $ (168,135) |
Foreign operations | 273,494 | (1,201,539) | 579,021 |
Income (loss) before income taxes | $ 1,259,177 | $ (1,046,243) | $ 410,886 |
Income Taxes - Schedule of Bene
Income Taxes - Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal: | |||
Current | $ (97,502) | $ (13,540) | $ (10,448) |
Deferred (excluding separate components) | (125,181) | 280,220 | 785,225 |
Deferred – operating loss carryforward | 0 | 0 | (277,453) |
Deferred – valuation allowance | 222,688 | (247,867) | (815,851) |
Other noncurrent | 3,608 | (590) | 33,130 |
Benefit (provision) for federal income taxes | 3,613 | 18,223 | (285,397) |
State: | |||
Current | 4,069 | (1,840) | (2,214) |
Deferred (excluding separate components) | 2,313 | (2,768) | 4,338 |
Deferred – operating loss carryforward | (16,024) | (2,263) | 531 |
Deferred – valuation allowance | 23,058 | (4,465) | 412 |
Other noncurrent | (2,901) | 7,153 | (547) |
Benefit (provision) for state income taxes | 10,515 | (4,183) | 2,520 |
Foreign: | |||
Current | (2,015) | (2,127) | (1,656) |
Deferred (excluding separate components) | (34,425) | (5,832) | 1,726 |
Deferred – operating loss carryforward | 2,988 | 10,472 | 3,495 |
Deferred – valuation allowance | (2,975) | (9,959) | (4,396) |
Provision for foreign income taxes | (36,427) | (7,446) | (831) |
Benefit (provision) for income taxes | $ (22,299) | $ 6,594 | $ (283,708) |
Income Taxes - Schedule of Reco
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
Foreign tax credit | (10.50%) | 63.70% | (222.00%) |
Repatriation of foreign earnings | 5.20% | (32.00%) | 113.20% |
Foreign goodwill impairment | 0.00% | (49.10%) | 0.00% |
Federal valuation allowance | (17.70%) | (23.70%) | 198.60% |
Settlements with taxing authorities | 0.00% | 0.10% | (7.60%) |
Gain on Borgata transaction | (5.40%) | 0.00% | 0.00% |
Foreign jurisdiction income/losses taxed at other than 35% | (3.80%) | 6.90% | (49.10%) |
Permanent and other items | (1.00%) | (0.30%) | 0.90% |
Provision for income taxes (as a percent) | 1.80% | 0.60% | 69.00% |
Income Taxes - Schedule of Majo
Income Taxes - Schedule of Major Tax-Effected Components of the Company's Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Deferred tax assets, net | $ 733,491 | $ 494,670 |
Deferred tax liabilities | ||
Total deferred tax liability | (3,284,719) | (3,175,246) |
Net deferred tax liability | (2,551,228) | (2,680,576) |
Federal and state [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 40,330 | 42,133 |
Deferred compensation | 6,881 | 4,719 |
Net operating loss carryforward | 9,669 | 20,084 |
Capital loss carryforward | 0 | 2,827 |
Accruals, reserves and other | 168,712 | 42,614 |
Investments in unconsolidated affiliates | 152,092 | 198,594 |
Stock-based compensation | 33,311 | 32,108 |
Tax credits | 2,824,312 | 2,883,839 |
Deferred tax assets, gross | 3,235,307 | 3,226,918 |
Less: Valuation allowance | (2,510,140) | (2,736,972) |
Deferred tax assets, net | 725,167 | 489,946 |
Deferred tax liabilities | ||
Property and equipment | (2,657,230) | (2,536,724) |
Long-term debt | (146,018) | (220,245) |
Intangibles | (124,729) | (99,419) |
Total deferred tax liability | (2,927,977) | (2,856,388) |
Foreign [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 895 | 976 |
Net operating loss carryforward | 72,788 | 69,800 |
Accruals, reserves and other | 3,945 | 1,270 |
Property and equipment | 0 | 2,837 |
Stock-based compensation | 3,830 | 0 |
Deferred tax assets, gross | 81,458 | 74,883 |
Less: Valuation allowance | (73,134) | (70,159) |
Deferred tax assets, net | 8,324 | 4,724 |
Deferred tax liabilities | ||
Property and equipment | (4,691) | 0 |
Intangibles | (352,051) | (318,858) |
Total deferred tax liability | $ (356,742) | $ (318,858) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | ||
Unrepatriated foreign earnings and profits to be repatriated | $ 363 | |
Deferred tax liability of repatriate | 0 | |
MGM China [Member] | ||
Income Tax Disclosure [Line Items] | ||
Repatriation of foreign earnings and profits | 53 | $ 304 |
MGM Grand Paradise SA [Member] | ||
Income Tax Disclosure [Line Items] | ||
Complementary tax | $ 593 | |
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% | |
Increase (decrease) in net income (loss) attributable to MGM Resorts International | $ (25) | $ (25) |
Per share increase (decrease) in net income (loss) attributable to MGM Resorts International | $ (0.04) | $ (0.04) |
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 | 2,800 | |
Foreign tax credit carryovers expiration amount in 2022 | 731 | |
Foreign tax credit carryovers expiration amount in 2023 | 976 | |
Foreign tax credit carryovers expiration amount in 2024 | 786 | |
Foreign tax credit carryovers expiration amount in 2025 | $ 331 |
Income Taxes - Additional Inf87
Income Taxes - Additional Information1 (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||
Deferred tax asset, foreign tax credit | $ 2,800,000,000 | ||
Decrease in valuation allowance | (169,000,000) | ||
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 9,000,000 | $ 8,000,000 | |
Accrued penalties | 0 | 0 | $ 0 |
Unrecognized Tax Benefits Interest On Income Taxes Expense (Benefit) | (4,000,000) | $ (13,000,000) | |
Cash deposit to cover expected cash taxes and interest resulting adjustments for the examinations | 30,000,000 | ||
Income tax refund (payment) and associated interest as a result of settlement | 16,000,000 | ||
Marina District Development Company [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax refund (payment) and associated interest as a result of settlement | 1,000,000 | ||
MGM Grand Paradise SA [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 593,000,000 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Interest related to unrecognized tax benefits accrued | 1,000,000 | $ 1,000,000 | |
Unrecognized Tax Benefits Interest On Income Taxes Expense (Benefit) | 1,000,000 | ||
Hong Kong [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses, valuation allowance | 2,000,000 | ||
Macau [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 71,000,000 | ||
Special gaming tax rate | 35.00% | ||
Macau [Member] | MGM Grand Paradise SA [Member] | |||
Income Tax Disclosure [Line Items] | |||
Complementary tax exemption expiration date | Dec. 31, 2016 | ||
Tax credit carryforward, description | 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. On September 7, 2016, MGM Grand Paradise was granted an additional extension of the complementary tax exemption through March 31, 2020, concurrent with the end of the term of its current gaming subconcession. A competitor of MGM Grand Paradise subsequently received an additional extension of its exemption through March 31, 2020, which also runs concurrent with the end of the term of its current gaming concession. Based upon these developments and the uncertainty concerning taxation after the concession renewal process, the Company has concluded that it can no longer assume that MGM Grand Paradise will be entitled to additional exemption periods beyond the end of the extension recently granted. Thus, for all periods beyond March 31, 2020, the Company has assumed that MGM Grand Paradise will pay 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 has factored that assumption into the assessment of the realization of the foreign tax credit deferred tax asset. | ||
Foreign Tax Credit Carry Forward Expiration Period | 10 years | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 3,000,000 | ||
State [Member] | Illinois [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 93,000,000 | ||
Deferred tax assets after federal tax effect and before valuation allowance | $ 5,000,000 | ||
State [Member] | Illinois [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,021 | ||
State [Member] | Illinois [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,026 | ||
State [Member] | New Jersey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 166,000,000 | ||
Deferred tax assets after federal tax effect and before valuation allowance | $ 3,000,000 | ||
State [Member] | New Jersey [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,029 | ||
State [Member] | New Jersey [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,036 | ||
State [Member] | Michigan [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 77,000,000 | ||
Deferred tax assets after federal tax effect and before valuation allowance | $ 3,000,000 | ||
State [Member] | Michigan [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,022 | ||
State [Member] | Michigan [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,024 | ||
U.S. federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 2,500,000,000 | ||
Decrease in valuation allowance | $ (85,000,000) |
Income Taxes - Schedule of Re88
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at January 1 | $ 13,724 | $ 31,143 | $ 106,246 |
Gross increases - prior period tax positions | 0 | 0 | 1,626 |
Gross decreases - prior period tax positions | (3,375) | (14,158) | (43,098) |
Gross increases - current period tax positions | 3,677 | 1,222 | 5,066 |
Settlements with taxing authorities | 0 | (2,408) | (38,697) |
Lapse in Statutes of Limitations | 0 | (2,075) | 0 |
Gross unrecognized tax benefits at December 31 | $ 14,026 | $ 13,724 | $ 31,143 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases Future Payments | |
2,017 | $ 37,173 |
2,018 | 33,018 |
2,019 | 29,722 |
2,020 | 29,976 |
2,021 | 32,416 |
Thereafter | 1,380,274 |
Total minimum lease payments | $ 1,542,579 |
Commitments and Contingencies90
Commitments and Contingencies - Additional Information (Detail) | Feb. 15, 2017USD ($)Installment | Dec. 31, 2016USD ($)a | Sep. 01, 2016USD ($)shares | Jul. 31, 2016USD ($) | Apr. 25, 2016 | Jan. 09, 2013USD ($)aPayments | Oct. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Feb. 16, 2017USD ($) | Sep. 30, 2016USD ($)shares | Apr. 30, 2013aAgreement | Dec. 31, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 31, 2017USD ($) | Aug. 31, 2016a |
Loss Contingencies [Line Items] | ||||||||||||||||
Partnership interest | 76.30% | 73.30% | 76.30% | |||||||||||||
Current obligations under capital leases | $ 9,000,000 | $ 9,000,000 | ||||||||||||||
Long-term obligations under capital leases | 5,000,000 | 5,000,000 | ||||||||||||||
Rental expense for operating leases | $ 80,000,000 | $ 74,000,000 | $ 65,000,000 | |||||||||||||
Initial term of contract | 25 years | |||||||||||||||
Upfront impact payment and related costs | $ 83,000,000 | |||||||||||||||
Other | 215,668,000 | $ 215,668,000 | 147,641,000 | |||||||||||||
Other long-term obligations | 325,981,000 | 325,981,000 | 157,663,000 | |||||||||||||
MGP Senior Credit Facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility outstanding | 0 | 0 | ||||||||||||||
MGM National Harbor Credit Facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility outstanding | 0 | 0 | ||||||||||||||
Senior credit facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility outstanding | 15,000,000 | 15,000,000 | ||||||||||||||
Letters of credit [Member] | MGP Senior Credit Facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility amount | 75,000,000 | 75,000,000 | ||||||||||||||
Letters of credit [Member] | MGM China Credit Facility [Member] | Standby Letters of Credit [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility amount | 100,000,000 | 100,000,000 | ||||||||||||||
Letters of credit [Member] | MGM National Harbor Credit Facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility amount | 30,000,000 | 30,000,000 | ||||||||||||||
Letters of credit [Member] | Senior credit facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility amount | 250,000,000 | 250,000,000 | ||||||||||||||
City Center Holdings LLC As a Legal Entity [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Upfront impact payment and related costs | $ 14,000,000 | |||||||||||||||
T-Mobile Arena [Member] | Term Loan A [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payment guarantee | 150,000,000 | 150,000,000 | ||||||||||||||
T-Mobile Arena [Member] | Term Loan B Facility [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payment guarantee | 50,000,000 | 50,000,000 | ||||||||||||||
MGM National Harbor Project [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Rental expense for operating leases | 16,000,000 | 19,000,000 | 13,000,000 | |||||||||||||
Area of ground lease | a | 23 | |||||||||||||||
Initial lease term | 25 years | |||||||||||||||
Number of lease extension periods | Agreement | 13 | |||||||||||||||
Number of reasonably assured lease extensions | Agreement | 7 | |||||||||||||||
Length of each potential extension period for operating leases | 6 years | |||||||||||||||
Operating lease term | 67 years | |||||||||||||||
NV Energy [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Other | 8,000,000 | 8,000,000 | ||||||||||||||
Other long-term obligations | 63,000,000 | 63,000,000 | ||||||||||||||
MGM China [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Ordinary shares acquired | shares | 188,100,000 | 188,100,000 | ||||||||||||||
MGM China [Member] | Guarantee Type, Other [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Credit facility outstanding | 39,000,000 | 39,000,000 | ||||||||||||||
GPM [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Other long-term obligations | $ 43,000,000 | 43,000,000 | ||||||||||||||
Deferred cash payment to GPM | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
GPM [Member] | Subsequent Event [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Deferred cash payment to GPM | $ 4,000,000 | |||||||||||||||
Borgata [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Rental expense for operating leases | $ 2,000,000 | |||||||||||||||
Area of ground lease | a | 11 | 11 | 11 | |||||||||||||
Lease expiration date | Dec. 31, 2070 | |||||||||||||||
Borgata [Member] | City of Atlantic City, New Jersey [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Property tax refunds plus interest | $ 106,000,000 | |||||||||||||||
Cotai land concession contract [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Rental expense for operating leases | 7,000,000 | $ 7,000,000 | $ 7,000,000 | |||||||||||||
Cotai land concession contract [Member] | MGM China [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Contract premium, recorded within other long-term assets | $ 159,000,000 | $ 159,000,000 | ||||||||||||||
Cotai land concession contract [Member] | MGM China [Member] | Subsequent Event [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Cash paid for final semi-annual installment of contractual obligations | $ 15,000,000 | |||||||||||||||
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 | |||||||||||||||
Number of semi-annual payments | Payments | 8 | |||||||||||||||
Cotai land concession contract [Member] | MGM Grand Paradise SA [Member] | Macau [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Area of development site (in acres) | a | 18 | |||||||||||||||
Borgata Property Tax Reimbursement Agreement [Member] | Scenario Forecast [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Reimbursement of property tax - First installment | $ 52,000,000 | |||||||||||||||
Reimbursement of property tax - Second installment | $ 20,000,000 | |||||||||||||||
Borgata Property Tax Reimbursement Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Property tax refunds plus interest | $ 106,000,000 | |||||||||||||||
Additional tax refunds due | $ 65,000,000 | |||||||||||||||
Number of installments on reimbursement | Installment | 2 | |||||||||||||||
Consent judgment settlement amount | $ 158,000,000 | |||||||||||||||
Borgata Property Tax Reimbursement Agreement [Member] | Borgata [Member] | City of Atlantic City, New Jersey [Member] | Subsequent Event [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Reimbursement of property tax - Total amount | $ 72,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Net Income Attributable to and Transfers from Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity Note [Line Items] | |||||||||||
Net income (loss) attributable to MGM Resorts International | $ 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | $ (781,454) | $ 66,425 | $ 97,459 | $ 169,850 | $ 1,101,440 | $ (447,720) | $ (149,873) |
Transfers to noncontrolling interest: | |||||||||||
Net transfers to noncontrolling interest | (214,353) | ||||||||||
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest | 887,087 | ||||||||||
MGM Growth Properties LLC [Member] | |||||||||||
Transfers to noncontrolling interest: | |||||||||||
Net transfers to noncontrolling interest | (150,414) | ||||||||||
MGM China [Member] | |||||||||||
Transfers to noncontrolling interest: | |||||||||||
Net transfers to noncontrolling interest | (45,554) | ||||||||||
Borgata [Member] | |||||||||||
Transfers to noncontrolling interest: | |||||||||||
Net transfers to noncontrolling interest | $ (18,385) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 15, 2017 | Sep. 01, 2016 | Feb. 16, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | May 31, 2016 | Aug. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Common stock issued to GPM's subsidiary | 574,123,706 | 564,838,893 | ||||||||||||||||
Consideration paid of issuance | $ 100,000 | $ 0 | $ 0 | |||||||||||||||
Distributions to noncontrolling interest owners | $ 103,367 | $ 307,227 | $ 386,709 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Dividend record date | Mar. 10, 2017 | |||||||||||||||||
Dividends declared per share | $ 0.11 | |||||||||||||||||
Dividends declared | $ 63,000 | |||||||||||||||||
Dividend distribution date | Mar. 15, 2017 | |||||||||||||||||
MGM Growth Properties LLC [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Percentage of minority interest | 26.70% | 23.70% | ||||||||||||||||
Dividends declared per share | $ 0.3875 | $ 0.2632 | ||||||||||||||||
Dividends paid | $ 22,000 | $ 15,000 | ||||||||||||||||
Dividends received | $ 72,000 | $ 42,000 | ||||||||||||||||
MGM Growth Properties LLC [Member] | Subsequent Event [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Dividends declared per share | $ 0.3875 | |||||||||||||||||
Dividends paid | $ 22,000 | |||||||||||||||||
Dividends received | $ 72,000 | |||||||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | Initial Public Offering [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Percentage of minority interest | 26.70% | 23.70% | ||||||||||||||||
MGM China [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Ordinary shares acquired | 188,100,000 | 188,100,000 | ||||||||||||||||
Percentage ownership interest | 56.00% | 56.00% | ||||||||||||||||
MGM China [Member] | Interim Dividend | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Dividends paid | $ 58,000 | $ 76,000 | $ 137,000 | |||||||||||||||
Distributions to noncontrolling interest owners | $ 29,000 | $ 37,000 | $ 67,000 | |||||||||||||||
MGM China [Member] | Final Dividend [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Dividends paid | $ 46,000 | $ 120,000 | $ 127,000 | |||||||||||||||
Distributions to noncontrolling interest owners | $ 23,000 | $ 59,000 | $ 62,000 | |||||||||||||||
MGM China [Member] | Special Dividend [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Dividends paid | $ 400,000 | $ 499,000 | ||||||||||||||||
Distributions to noncontrolling interest owners | $ 196,000 | $ 245,000 | ||||||||||||||||
MGM China [Member] | Subsequent Event [Member] | Final Dividend [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Dividends recommended | $ 78,000 | |||||||||||||||||
Dividends recommended, parent portion | 44,000 | |||||||||||||||||
MGM China [Member] | Ms Ho Pansy Catilina Chiu King | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Percentage ownership interest | 22.50% | |||||||||||||||||
GPM [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Common stock issued to GPM's subsidiary | 7,060,492 | |||||||||||||||||
Consideration paid of issuance | $ 100,000 | |||||||||||||||||
Deferred cash payment to GPM | $ 50,000 | $ 50,000 | ||||||||||||||||
GPM [Member] | Subsequent Event [Member] | ||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||
Deferred cash payment to GPM | $ 4,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Oct. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | |
Bonus PSU Policy [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Granted (in shares) | 300,000 | 200,000 | 300,000 | |||
Granted, target price (in dollars per share) | $ 23.87 | $ 25.91 | $ 31.72 | |||
Profit Growth Plan PSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Granted (in shares) | 300,000 | |||||
Granted, target price (in dollars per share) | $ 25.76 | |||||
Omnibus Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum number of shares to be issued | 45,000,000 | 45,000,000 | ||||
Number of shares available for grant as share-based awards | 21,000,000 | 21,000,000 | ||||
Omnibus Plan [Member] | Stock Options and SARs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unamortized compensation | $ 37 | $ 37 | ||||
Weighted-average period over which compensation cost is expected to be recognized | 1 year 9 months 18 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 | 30 | $ 30 | ||||
Weighted-average period over which compensation cost is expected to be recognized | 1 year 10 months 24 days | |||||
Granted (in shares) | 776,000 | |||||
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 | $ 28 | $ 28 | ||||
Weighted-average period over which compensation cost is expected to be recognized | 1 year 8 months 12 days | |||||
Granted (in shares) | 785,000 | |||||
Granted, target price (in dollars per share) | $ 31.05 | |||||
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% | |||||
MGP Omnibus Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum number of shares to be issued | 2,500,000 | 2,500,000 | ||||
Performance period | 3 years | |||||
MGP Omnibus Plan [Member] | MGM Growth Properties LLC [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for grant as share-based awards | 2,000,000 | 2,000,000 | ||||
MGP Omnibus Plan [Member] | RSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Unamortized compensation | $ 1.8 | $ 1.8 | ||||
Weighted-average period over which compensation cost is expected to be recognized | 9 months 18 days | |||||
Granted (in shares) | 248,000 | |||||
MGP Omnibus Plan [Member] | RSUs [Member] | Initial Public Offering [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
MGP Omnibus Plan [Member] | PSUs [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
Unamortized compensation | $ 0.7 | $ 0.7 | ||||
Weighted-average period over which compensation cost is expected to be recognized | 2 years 3 months 18 days | |||||
Granted (in shares) | 46,000 | |||||
MGP Omnibus Plan [Member] | PSUs [Member] | Maximum [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 | 160.00% | |||||
Capped payout as a percentage of the target award | 100.00% | |||||
MGP 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 | 0.00% | |||||
MGM China Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
MGM China Plan [Member] | Stock Options [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Unamortized compensation | $ 21 | $ 21 | ||||
Weighted-average period over which compensation cost is expected to be recognized | 2 years 8 months 12 days | |||||
Shares issuable upon exercise as percentage of issued shares as of plan approval date | 10.00% | |||||
Business days immediately preceding the offer date for which average closing price is considered | 5 days | |||||
MGM China Plan [Member] | Stock Options [Member] | MGM China [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares available for grant as share-based awards | 302,000,000 | 302,000,000 | ||||
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 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options and Stock Appreciation Rights Activity (Detail) - Omnibus Plan [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding at the beginning of the period (in shares) | shares | 14,131 |
Granted (in shares) | shares | 2,557 |
Exercised (in shares) | shares | (4,522) |
Forfeited or expired (in shares) | shares | (193) |
Outstanding at the end of the period (in shares) | shares | 11,973 |
Vested and expected to vest at the end of the period (in shares) | shares | 11,570 |
Exercisable at the end of the period (in shares) | shares | 6,478 |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 14.82 |
Granted (in dollars per share) | $ / shares | 25.91 |
Exercised (in dollars per share) | $ / shares | 11.52 |
Forfeited or expired (in dollars per share) | $ / shares | 20.90 |
Outstanding at the end of the period (in dollars per share) | $ / shares | 18.33 |
Vested and expected to vest at the end of the period (in dollars per share) | $ / shares | 18.12 |
Exercisable at the end of the period (in dollars per share) | $ / shares | $ 14.16 |
Outstanding at the end of the period | 4 years 3 months 7 days |
Vested and expected to vest at the end of the period | 4 years 2 months 12 days |
Exercisable at the end of the period | 2 years 10 months 24 days |
Outstanding at the end of the period (in dollars) | $ | $ 125,682 |
Vested and expected to vest at the end of the period (in dollars) | $ | 123,841 |
Exercisable at the end of the period (in dollars) | $ | $ 94,903 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Restricted Stock Units and Performance Share Units Activity (Detail) - Omnibus Plan [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
RSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested at the beginning of the period (in shares) | 1,578 | ||
Granted (in shares) | 776 | ||
Vested (in shares) | (624) | ||
Forfeited (in shares) | (58) | ||
Nonvested at the end of the period (in shares) | 1,672 | 1,578 | |
Nonvested at the beginning of the period (in dollars per share) | $ 20.05 | ||
Granted (in dollars per share) | 26.06 | ||
Vested (in dollars per share) | 18.31 | ||
Forfeited (in dollars per share) | 20.70 | ||
Nonvested at the end of the period (in dollars per share) | $ 23.47 | $ 20.05 | |
PSUs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Nonvested at the beginning of the period (in shares) | 1,818 | ||
Granted (in shares) | 785 | ||
Vested (in shares) | (397) | ||
Forfeited (in shares) | 0 | ||
Nonvested at the end of the period (in shares) | 2,206 | 1,818 | |
Nonvested at the beginning of the period (in dollars per share) | $ 18.54 | ||
Granted (in dollars per share) | 24.94 | $ 17.73 | $ 18.39 |
Vested (in dollars per share) | 21.01 | ||
Forfeited (in dollars per share) | 0 | ||
Nonvested at the end of the period (in dollars per share) | 20.38 | 18.54 | |
Nonvested at the beginning of period, Weighted Average Target Price (in dollars per share) | 26.18 | ||
Granted, Weighted Average Target Price (in dollars per share) | 31.05 | ||
Vested, Weighted Average Target Price (in dollars per share) | 23.50 | ||
Nonvested at the end of period, Weighted Average Target Price (in dollars per share) | $ 28.40 | $ 26.18 |
Stock-Based Compensation - Sc96
Stock-Based Compensation - Schedule of Additional Information Related to Stock Options, SARs and RSUs (Detail) - Omnibus Plan [Member] - Restricted Stock Units and Performance Shares [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value of share-based awards exercised or RSUs and PSUs vested | $ 86,216 | $ 67,420 | $ 31,613 |
Income tax benefit from share-based awards exercised or RSUs and PSUs vested | $ 29,736 | $ 23,288 | $ 10,805 |
Stock-Based Compensation - Sc97
Stock-Based Compensation - Schedule of Restricted Share Units and Performance Share Units Activity (Detail) - MGP Omnibus Plan [Member] - $ / shares shares in Thousands | 8 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2016 | |
RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted (in shares) | 248 | |
Nonvested at the end of the period (in shares) | 248 | 248 |
Granted (in dollars per share) | $ 21.18 | |
Nonvested at the end of the period (in dollars per share) | $ 21.18 | $ 21.18 |
PSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted (in shares) | 46 | |
Nonvested at the end of the period (in shares) | 46 | 46 |
Granted (in dollars per share) | $ 20.52 | $ 20.52 |
Nonvested at the end of the period (in dollars per share) | $ 20.52 | $ 20.52 |
Stock-Based Compensation - Su98
Stock-Based Compensation - Summary of Stock Options Activity (Detail) - MGM China Plan [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding at the beginning of the period (in shares) | shares | 49,211 |
Granted (in shares) | shares | 30,156 |
Exercised (in shares) | shares | (466) |
Forfeited or expired (in shares) | shares | (5,325) |
Outstanding at the end of the period (in shares) | shares | 73,576 |
Vested and expected to vest at the end of the period (in shares) | shares | 69,577 |
Exercisable at the end of the period (in shares) | shares | 24,501 |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 2.54 |
Granted (in dollars per share) | $ / shares | 1.45 |
Exercised (in dollars per share) | $ / shares | 1.83 |
Forfeited or expired (in dollars per share) | $ / shares | 2.31 |
Outstanding at the end of the period (in dollars per share) | $ / shares | 2.11 |
Vested and expected to vest at the end of the period (in dollars per share) | $ / shares | 2.14 |
Exercisable at the end of the period (in dollars per share) | $ / shares | $ 2.53 |
Outstanding at the end of the period | 7 years 11 months 16 days |
Vested and expected to vest at the end of the period | 7 years 10 months 24 days |
Exercisable at the end of the period | 6 years 1 month 2 days |
Outstanding at the end of the period (in dollars) | $ | $ 22,897 |
Vested and expected to vest at the end of the period (in dollars) | $ | 20,954 |
Exercisable at the end of the period (in dollars) | $ | $ 1,926 |
Stock-Based Compensation - Sc99
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 55,607 | $ 43,002 | $ 38,368 |
Less: Reimbursed costs and capitalized cost | (1,350) | (1,156) | (1,104) |
Compensation cost after reimbursed costs and capitalized cost | 54,257 | 41,846 | 37,264 |
Less: Related tax benefit | (16,782) | (11,230) | (9,822) |
Compensation cost, net of tax benefit | 37,475 | 30,616 | 27,442 |
Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 43,661 | 33,742 | 29,662 |
MGP Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 3,401 | 0 | 0 |
MGM China Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 8,545 | $ 9,260 | $ 8,706 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Assumptions Utilized for SARs Grants (Detail) - Omnibus Plan [Member] - SARs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 33.00% | 38.00% | 40.00% |
Expected term | 4 years 10 months 24 days | 4 years 10 months 24 days | 4 years 10 months 24 days |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Risk-free interest rate (as a percent) | 1.90% | 1.80% | 1.60% |
Weighted-average fair value of SARs granted (in dollars per share) | $ 8.35 | $ 7.27 | $ 8.18 |
Stock-Based Compensation - W101
Stock-Based Compensation - Weighted Average Assumptions Utilized for PSUs (Detail) - PSUs [Member] - $ / shares | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Omnibus Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility (as a percent) | 33.00% | 39.00% | 31.00% | |
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) | 0.90% | 0.90% | 1.00% | |
Weighted-average fair value of PSUs granted (in dollars per share) | $ 24.94 | $ 17.73 | $ 18.39 | |
MGP Omnibus Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility (as a percent) | 26.00% | |||
Expected term | 3 years | |||
Expected dividend yield (as a percent) | 0.00% | |||
Risk-free interest rate (as a percent) | 0.90% | |||
Weighted-average fair value of PSUs granted (in dollars per share) | $ 20.52 | $ 20.52 |
Stock-Based Compensation - W102
Stock-Based Compensation - Weighted Average Assumptions Utilized for Stock Option Grants (Detail) - MGM China Plan [Member] - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 45.00% | 43.00% | 39.00% |
Expected term | 5 years 6 months | 5 years 9 months 18 days | 7 years 10 months 24 days |
Expected dividend yield (as a percent) | 3.10% | 2.40% | 1.60% |
Risk-free interest rate (as a percent) | 0.90% | 1.30% | 1.80% |
Weighted-average fair value of options granted (in dollars per share) | $ 0.44 | $ 0.55 | $ 1.06 |
Employee Benefit Plans - Table
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Plans [Line Items] | |||
Employer identification number | 886,016,617 | ||
Pension plan number | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
Expiration Date of Collective Bargaining Agreements, Last | May 31, 2018 |
Employee Benefit Plans - Tab104
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plan (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014Agreement | |
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |
Multiemployer Plans [Line Items] | |
Number of collective-bargaining agreements that require contributions to the Pension Plan | 10 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Contributions of Company's Multiemployer Pension Plans and Other Multiemployer Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Multiemployer Pension Plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | $ 52,593 | $ 51,584 | $ 41,250 |
Multiemployer Pension Plans [Member] | Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 44,001 | 41,904 | 33,927 |
Multiemployer Pension Plans [Member] | Other pension plans not individually significant [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 8,592 | 9,680 | 7,323 |
Multiemployer Benefit Plans Other Than Pensions [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 198,869 | 204,573 | 215,387 |
Multiemployer Benefit Plans Other Than Pensions [Member] | UNITE HERE Health [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | 187,356 | 191,733 | 202,641 |
Multiemployer Benefit Plans Other Than Pensions [Member] | Other benefit plans [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions | $ 11,513 | $ 12,840 | $ 12,746 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||
Sep. 30, 2008 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Percentage decrease in hours worked by employees | 3.00% | ||||
Amount of charges recorded for 401(k) contributions | $ 20,000 | $ 16,000 | $ 17,000 | ||
Employee contribution limit per calendar year as a percentage of compensation | 75.00% | ||||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | ||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 6.00% | ||||
MGM China [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Contributions to retirement plan | $ 7,000 | 7,000 | 5,000 | ||
Supplemental Executive Retirement Plans [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
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 | ||||
Other Accrued Liabilities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Liability for health care claims | $ 30,000 | $ 30,000 | 22,000 | ||
Workers compensation liability | 53,000 | 53,000 | 43,000 | ||
Multiemployer Pension Plans [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Contributions | $ 52,593 | 51,584 | $ 41,250 | ||
Multiemployer Pension Plans [Member] | Local 54 Pension Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Contributions | $ 4,000 | ||||
Unfunded vested liabilities | $ 288,000 | ||||
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% | |||
Surcharges imposed on Company's contributions | No | No |
Property Transactions, Net - Sc
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||||
Other property transactions, net | $ 17,078 | $ 41,903 | $ 12,213 | ||
Property transactions, net | 17,078 | 35,951 | 41,002 | ||
Grand Victoria [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Investment impairment charge | $ 29,000 | $ 17,000 | 0 | 17,050 | 28,789 |
Circus Circus Reno and Silver Legacy [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale of Circus Circus Reno and Silver Legacy investment | $ 0 | $ (23,002) | $ 0 |
Property Transactions, Net - Ad
Property Transactions, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 23, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Other property transactions, net | $ (17,078) | $ (41,903) | $ (12,213) | |
Trade-in of Aircraft [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Other property transactions, net | $ (18,000) | |||
Silver Legacy [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage ownership interest | 50.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016SegmentRegion | |
Segment Reporting [Abstract] | |
Number of geographic regions, where principal operating activities of the entity occur | Region | 2 |
Number of reportable segments | Segment | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | $ 2,460,820 | $ 2,515,115 | $ 2,269,502 | $ 2,209,686 | $ 2,191,873 | $ 2,280,816 | $ 2,385,135 | $ 2,332,244 | $ 9,455,123 | $ 9,190,068 | $ 10,081,984 |
Other operating income (expense) | |||||||||||
NV Energy exit expense | (139,335) | 0 | 0 | ||||||||
Preopening and start-up expenses | (140,075) | (71,327) | (39,257) | ||||||||
Property transactions, net | (17,078) | (35,951) | (41,002) | ||||||||
Goodwill impairment | 0 | (1,467,991) | 0 | ||||||||
Gain on Borgata transaction | 430,118 | 0 | 0 | ||||||||
Depreciation and amortization | (849,527) | (819,883) | (815,765) | ||||||||
Operating income (loss) | 282,023 | 712,755 | 769,055 | 315,954 | (1,197,234) | 297,377 | 348,521 | 395,104 | 2,079,787 | (156,232) | 1,323,538 |
Non-operating income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (694,773) | (797,579) | (817,061) | ||||||||
Non-operating items from unconsolidated affiliates | (53,139) | (76,462) | (87,794) | ||||||||
Other, net | (72,698) | (15,970) | (7,797) | ||||||||
Total non-operating income (expense) | (820,610) | (890,011) | (912,652) | ||||||||
Income (loss) before income taxes | 1,259,177 | (1,046,243) | 410,886 | ||||||||
Benefit (provision) for income taxes | (22,299) | 6,594 | (283,708) | ||||||||
Net income (loss) | 69,922 | 561,260 | 514,498 | 91,198 | (1,473,497) | 94,735 | 126,467 | 212,646 | 1,236,878 | (1,039,649) | 127,178 |
Less: Net (income) loss attributable to noncontrolling interests | (135,438) | 591,929 | (277,051) | ||||||||
Net income (loss) attributable to MGM Resorts International | 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | (781,454) | $ 66,425 | $ 97,459 | $ 169,850 | 1,101,440 | (447,720) | (149,873) |
Total assets | 28,173,301 | 25,215,178 | 28,173,301 | 25,215,178 | |||||||
Property and equipment, net | 18,425,023 | 15,371,795 | 18,425,023 | 15,371,795 | |||||||
Capital expenditures | 2,262,473 | 1,466,819 | 872,041 | ||||||||
MGM China [Member] | |||||||||||
Other operating income (expense) | |||||||||||
Goodwill impairment | (1,467,991) | ||||||||||
Reportable segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 8,976,205 | 8,712,128 | 9,624,413 | ||||||||
Adjusted Property EBITDA | 2,583,752 | 2,229,847 | 2,368,778 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 24,894,872 | 21,157,258 | 24,894,872 | 21,157,258 | |||||||
Property and equipment, net | 17,211,597 | 13,750,617 | 17,211,597 | 13,750,617 | |||||||
Capital expenditures | 1,302,306 | 974,335 | 639,801 | ||||||||
Reportable segments [Member] | Domestic Resorts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 7,055,718 | 6,497,361 | 6,342,084 | ||||||||
Adjusted Property EBITDA | 2,063,016 | 1,689,966 | 1,518,307 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 16,451,461 | 13,261,882 | 16,451,461 | 13,261,882 | |||||||
Property and equipment, net | 14,353,971 | 11,853,802 | 14,353,971 | 11,853,802 | |||||||
Capital expenditures | 317,951 | 383,367 | 292,463 | ||||||||
Reportable segments [Member] | MGM China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 1,920,487 | 2,214,767 | 3,282,329 | ||||||||
Adjusted Property EBITDA | 520,736 | 539,881 | 850,471 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 8,443,411 | 7,895,376 | 8,443,411 | 7,895,376 | |||||||
Property and equipment, net | 2,857,626 | 1,896,815 | 2,857,626 | 1,896,815 | |||||||
Capital expenditures | 984,355 | 590,968 | 347,338 | ||||||||
Corporate and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 478,918 | 477,940 | 457,571 | ||||||||
Other operating income (expense) | |||||||||||
Corporate and other | 211,932 | 9,073 | (149,216) | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 3,333,625 | 4,099,837 | 3,333,625 | 4,099,837 | |||||||
Property and equipment, net | 1,268,622 | 1,663,095 | 1,268,622 | 1,663,095 | |||||||
Capital expenditures | 973,446 | 504,398 | 233,173 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Non-operating income (expense) | |||||||||||
Total assets | (55,196) | (41,917) | (55,196) | (41,917) | |||||||
Property and equipment, net | $ (55,196) | $ (41,917) | (55,196) | (41,917) | |||||||
Capital expenditures | $ (13,279) | $ (11,914) | $ (933) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Aug. 02, 2016USD ($)shares | Jul. 31, 2016USD ($) | Dec. 31, 2016USD ($)Term | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 01, 2016USD ($) |
Related Party Transaction [Line Items] | ||||||
Initial lease term | 10 years | |||||
Company initial lease can be extended | Term | 4 | |||||
Company initial lease additional extension option | 5 years | |||||
Long-term debt, Gross | $ 13,144,380,000 | $ 12,824,375,000 | ||||
Adjusted net revenue to rent ratio | 625.00% | |||||
Leasing arrangement description of rent | Thereafter, the annual escalator of 2.0% will be subject to the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the master lease (as determined in accordance with generally accepted accounting principles, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the Company’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average actual annual net revenues of the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant, from the leased properties subject to the master lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual net revenues, excluding net revenue attributable to certain scheduled subleases and, at the Landlord’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%). | |||||
Rent multiplier percentage of operating subsidiary subleases | 1.40% | |||||
Payments for rent | $ 418,000,000 | |||||
Master Lease [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual rent payments under master lease before Acquisition of Borgata' real property | $ 650,000,000 | $ 550,000,000 | ||||
Base Rent [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of initial total rent payments due | 90.00% | |||||
Fixed annual rent escalator percentage | 2.00% | |||||
Percentage Rent [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of initial total rent payments due | 10.00% | |||||
Borgata [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Long-term debt, Gross | $ 545,000,000 | |||||
Issuance of operating partnership units | shares | 27,400,000 | |||||
Minimum [Member] | Master Lease [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
EBITDAR to rent ratio | 110.00% | |||||
MGM Grand Garden Arena [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Rental income recorded | $ 2,000,000 | |||||
MGM China [Member] | Shun Tak | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses incurred | 10,000,000 | 16,000,000 | $ 28,000,000 | |||
Revenue related to hotel rooms provided | $ 1,000,000 | 1,000,000 | 1,000,000 | |||
MGM China [Member] | Ms Ho Pansy Catilina Chiu King | Brand License Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
License fee as percentage of MGM Macau's consolidated net revenue | 1.75% | |||||
Per annum percentage increase in development fee annual cap | 20.00% | |||||
License fees | $ 34,000,000 | 39,000,000 | 43,000,000 | |||
MGM China [Member] | Ms Ho Pansy Catilina Chiu King | Brand License Agreement [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
License fee cap | $ 62,000,000 | |||||
MGM China [Member] | Ms Ho Pansy Catilina Chiu King | 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 | 2.625% | |||||
Development fees | $ 12,000,000 | 10,000,000 | 0 | |||
MGM China [Member] | Ms Ho Pansy Catilina Chiu King | Development Services Agreement [Member] | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Development fees | 29,000,000 | |||||
MGM Branding and Development [Member] | Ms Ho Pansy Catilina Chiu King | ||||||
Related Party Transaction [Line Items] | ||||||
Distribution made to noncontrolling interests | 15,000,000 | 15,000,000 | 13,000,000 | |||
City Center Holdings LLC As a Legal Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual management fee | $ 43,000,000 | 41,000,000 | 38,000,000 | |||
City Center Holdings LLC As a Legal Entity [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% | |||||
City Center Holdings LLC As a Legal Entity [Member] | Crystals [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual management fee | $ 3,000,000 | |||||
City Center Holdings LLC As a Legal Entity [Member] | Management Services and Reimbursable Costs [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reimbursable costs for support services provided | 387,000,000 | 393,000,000 | 380,000,000 | |||
Receivable related to management services and reimbursable costs | 77,000,000 | 55,000,000 | ||||
City Center Holdings LLC As a Legal Entity [Member] | Aircraft Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reimbursable costs for support services provided | $ 2,000,000 | 2,000,000 | 3,000,000 | |||
T-Mobile Arena [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Lease initial term | 50 years | |||||
Rental income recorded | $ 3,000,000 | $ 3,000,000 | $ 1,000,000 |
Consolidating Condensed Fina112
Consolidating Condensed Financial Information - Additional Information (Detail) | Dec. 31, 2016 | Apr. 25, 2016 | Dec. 31, 2016 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Partnership interest | 76.30% | 73.30% | 76.30% |
Consolidating Condensed Fina113
Consolidating Condensed Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | $ 2,229,587 | $ 2,408,749 | ||
Property and equipment, net | 18,425,023 | 15,371,795 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 1,220,443 | 1,491,497 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 6,298,248 | 5,943,137 | ||
Total assets | 28,173,301 | 25,215,178 | ||
Current liabilities | 2,293,421 | 2,237,951 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 2,551,228 | 2,680,576 | ||
Long-term debt | 12,979,220 | 12,368,311 | ||
Other long-term obligations | 325,981 | 157,663 | ||
Total liabilities | 18,149,850 | 17,444,501 | ||
Redeemable noncontrolling interests | 54,139 | 6,250 | ||
MGM Resorts International stockholders' equity | 6,220,180 | 5,119,927 | ||
Noncontrolling interests | 3,749,132 | 2,644,500 | ||
Total stockholders' equity | 9,969,312 | 7,764,427 | $ 7,628,274 | $ 7,860,495 |
Total liabilities and stockholders' equity | 28,173,301 | 25,215,178 | ||
Reportable Legal Entities [Member] | Parent [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 103,934 | 561,310 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 18,907,988 | 18,491,578 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 50,741 | 38,577 | ||
Total assets | 19,062,663 | 19,091,465 | ||
Current liabilities | 184,281 | 536,165 | ||
Intercompany accounts | 3,406,699 | 2,390,461 | ||
Deferred income taxes, net | 2,202,809 | 631,763 | ||
Long-term debt | 7,019,745 | 10,393,197 | ||
Other long-term obligations | 28,949 | 19,952 | ||
Total liabilities | 12,842,483 | 13,971,538 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 6,220,180 | 5,119,927 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 6,220,180 | 5,119,927 | ||
Total liabilities and stockholders' equity | 19,062,663 | 19,091,465 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 981,705 | 932,374 | ||
Property and equipment, net | 13,599,127 | 5,089,726 | ||
Investments in subsidiaries | 3,338,752 | 2,956,404 | ||
Investments in the MGP Operating Partnership | 3,553,840 | 0 | ||
Investments in and advances to unconsolidated affiliates | 1,189,590 | 1,460,084 | ||
Intercompany accounts | 4,796,713 | 3,234,271 | ||
Other non-current assets | 934,836 | 444,333 | ||
Total assets | 28,394,563 | 14,117,192 | ||
Current liabilities | 1,301,423 | 994,570 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 0 | 0 | ||
Long-term debt | 2,835 | 4,837 | ||
Other long-term obligations | 7,360,887 | 67,212 | ||
Total liabilities | 8,665,145 | 1,066,619 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 19,729,418 | 13,050,573 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 19,729,418 | 13,050,573 | ||
Total liabilities and stockholders' equity | 28,394,563 | 14,117,192 | ||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 368,622 | 0 | ||
Property and equipment, net | 9,079,678 | 7,793,639 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 58,440 | 0 | ||
Total assets | 9,506,740 | 7,793,639 | ||
Current liabilities | 139,099 | 0 | ||
Intercompany accounts | 166 | 0 | ||
Deferred income taxes, net | 25,368 | 1,734,680 | ||
Long-term debt | 3,613,567 | 0 | ||
Other long-term obligations | 120,279 | 0 | ||
Total liabilities | 3,898,479 | 1,734,680 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 4,274,444 | 6,058,959 | ||
Noncontrolling interests | 1,333,817 | 0 | ||
Total stockholders' equity | 5,608,261 | 6,058,959 | ||
Total liabilities and stockholders' equity | 9,506,740 | 7,793,639 | ||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 783,920 | 915,979 | ||
Property and equipment, net | 4,837,868 | 2,500,401 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 636,268 | 0 | ||
Investments in and advances to unconsolidated affiliates | 5,853 | 6,413 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 5,302,132 | 5,460,227 | ||
Total assets | 11,566,041 | 8,883,020 | ||
Current liabilities | 837,844 | 708,130 | ||
Intercompany accounts | 1,389,848 | 843,810 | ||
Deferred income taxes, net | 348,419 | 314,133 | ||
Long-term debt | 2,343,073 | 1,970,277 | ||
Other long-term obligations | 1,051,754 | 70,499 | ||
Total liabilities | 5,970,938 | 3,906,849 | ||
Redeemable noncontrolling interests | 54,139 | 6,250 | ||
MGM Resorts International stockholders' equity | 3,125,649 | 2,325,421 | ||
Noncontrolling interests | 2,415,315 | 2,644,500 | ||
Total stockholders' equity | 5,540,964 | 4,969,921 | ||
Total liabilities and stockholders' equity | 11,566,041 | 8,883,020 | ||
Elimination [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | (8,594) | (914) | ||
Property and equipment, net | (9,091,650) | (11,971) | ||
Investments in subsidiaries | (22,246,740) | (21,447,982) | ||
Investments in the MGP Operating Partnership | (4,190,108) | 0 | ||
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 | ||
Intercompany accounts | (4,796,713) | (3,234,271) | ||
Other non-current assets | (47,901) | 0 | ||
Total assets | (40,356,706) | (24,670,138) | ||
Current liabilities | (169,226) | (914) | ||
Intercompany accounts | (4,796,713) | (3,234,271) | ||
Deferred income taxes, net | (25,368) | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term obligations | (8,235,888) | 0 | ||
Total liabilities | (13,227,195) | (3,235,185) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | (27,129,511) | (21,434,953) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | (27,129,511) | (21,434,953) | ||
Total liabilities and stockholders' equity | $ (40,356,706) | $ (24,670,138) |
Consolidating Condensed Fina114
Consolidating Condensed Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Net Revenues | $ 2,460,820 | $ 2,515,115 | $ 2,269,502 | $ 2,209,686 | $ 2,191,873 | $ 2,280,816 | $ 2,385,135 | $ 2,332,244 | $ 9,455,123 | $ 9,190,068 | $ 10,081,984 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 5,495,664 | 5,625,376 | 6,368,698 | ||||||||
General and administrative | 1,378,617 | 1,309,104 | 1,318,749 | ||||||||
Corporate expense | 312,774 | 274,551 | 238,811 | ||||||||
NV Energy exit expense | 139,335 | 0 | 0 | ||||||||
Preopening and start-up expenses | 140,075 | 71,327 | 39,257 | ||||||||
Property transactions, net | 17,078 | 1,503,942 | 41,002 | ||||||||
Gain on Borgata transaction | (430,118) | 0 | 0 | ||||||||
Depreciation and amortization | 849,527 | 819,883 | 815,765 | ||||||||
Total expenses | 7,902,952 | 9,604,183 | 8,822,282 | ||||||||
Income (loss) from unconsolidated affiliates | 527,616 | 257,883 | 63,836 | ||||||||
Operating income (loss) | 282,023 | 712,755 | 769,055 | 315,954 | (1,197,234) | 297,377 | 348,521 | 395,104 | 2,079,787 | (156,232) | 1,323,538 |
Interest expense, net of amounts capitalized | (694,773) | (797,579) | (817,061) | ||||||||
Other, net | (125,837) | (92,432) | (95,591) | ||||||||
Income (loss) before income taxes | 1,259,177 | (1,046,243) | 410,886 | ||||||||
Benefit (provision) for income taxes | (22,299) | 6,594 | (283,708) | ||||||||
Net income (loss) | 69,922 | 561,260 | 514,498 | 91,198 | (1,473,497) | 94,735 | 126,467 | 212,646 | 1,236,878 | (1,039,649) | 127,178 |
Less: Net (income) loss attributable to noncontrolling interests | (135,438) | 591,929 | (277,051) | ||||||||
Net income (loss) attributable to MGM Resorts International | 24,669 | 535,619 | 474,353 | 66,799 | (781,454) | 66,425 | 97,459 | 169,850 | 1,101,440 | (447,720) | (149,873) |
Net income (loss) | $ 69,922 | $ 561,260 | $ 514,498 | $ 91,198 | $ (1,473,497) | $ 94,735 | $ 126,467 | $ 212,646 | 1,236,878 | (1,039,649) | 127,178 |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (2,680) | 3,727 | (1,293) | ||||||||
Unrealized gain (loss) on cash flow hedges | 1,879 | 0 | 0 | ||||||||
Other | 0 | (672) | 1,250 | ||||||||
Other comprehensive income (loss) | (801) | 3,055 | (43) | ||||||||
Comprehensive income (loss) | 1,236,077 | (1,036,594) | 127,135 | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (134,680) | 589,905 | (276,520) | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 1,101,397 | (446,689) | (149,385) | ||||||||
Reportable Legal Entities [Member] | Parent [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net Revenues | 0 | 0 | 0 | ||||||||
Equity in subsidiaries' earnings | 1,780,707 | 376,074 | 938,712 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 9,063 | 6,717 | 5,482 | ||||||||
General and administrative | 6,834 | 4,959 | 4,743 | ||||||||
Corporate expense | 131,938 | 120,615 | 72,116 | ||||||||
NV Energy exit expense | 0 | 0 | 0 | ||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 0 | 0 | 0 | ||||||||
Gain on Borgata transaction | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total expenses | 147,835 | 132,291 | 82,341 | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income (loss) | 1,632,872 | 243,783 | 856,371 | ||||||||
Interest expense, net of amounts capitalized | (562,536) | (762,529) | (794,826) | ||||||||
Other, net | (7,864) | 49,497 | 50,793 | ||||||||
Income (loss) before income taxes | 1,062,472 | (469,249) | 112,338 | ||||||||
Benefit (provision) for income taxes | 38,968 | 21,529 | (262,211) | ||||||||
Net income (loss) | 1,101,440 | (447,720) | (149,873) | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | 1,101,440 | (447,720) | (149,873) | ||||||||
Net income (loss) | 1,101,440 | (447,720) | (149,873) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (1,477) | 1,703 | (762) | ||||||||
Unrealized gain (loss) on cash flow hedges | 1,434 | 0 | 0 | ||||||||
Other | 0 | (672) | 1,250 | ||||||||
Other comprehensive income (loss) | (43) | 1,031 | 488 | ||||||||
Comprehensive income (loss) | 1,101,397 | (446,689) | (149,385) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 1,101,397 | (446,689) | (149,385) | ||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net Revenues | 6,918,748 | 6,429,103 | 6,270,708 | ||||||||
Equity in subsidiaries' earnings | 175,729 | (566,270) | 339,312 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 3,894,478 | 3,807,569 | 3,810,711 | ||||||||
General and administrative | 1,137,110 | 1,038,053 | 1,046,803 | ||||||||
Corporate expense | 160,956 | 154,424 | 150,938 | ||||||||
NV Energy exit expense | 139,335 | 0 | 0 | ||||||||
Preopening and start-up expenses | 8,775 | 4,973 | 5,384 | ||||||||
Property transactions, net | 16,449 | 24,688 | 36,612 | ||||||||
Gain on Borgata transaction | (430,118) | 0 | 0 | ||||||||
Depreciation and amortization | 524,123 | 348,159 | 329,589 | ||||||||
Total expenses | 5,451,108 | 5,377,866 | 5,380,037 | ||||||||
Income (loss) from unconsolidated affiliates | 527,934 | 259,002 | 64,014 | ||||||||
Operating income (loss) | 2,171,303 | 743,969 | 1,293,997 | ||||||||
Interest expense, net of amounts capitalized | (1,500) | (1,057) | (574) | ||||||||
Other, net | (324,141) | (84,958) | (90,679) | ||||||||
Income (loss) before income taxes | 1,845,662 | 657,954 | 1,202,744 | ||||||||
Benefit (provision) for income taxes | (22,579) | (7,125) | (20,735) | ||||||||
Net income (loss) | 1,823,083 | 650,829 | 1,182,009 | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | 1,823,083 | 650,829 | 1,182,009 | ||||||||
Net income (loss) | 1,823,083 | 650,829 | 1,182,009 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (1,477) | 1,703 | (762) | ||||||||
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | ||||||||
Other | 0 | (672) | 1,250 | ||||||||
Other comprehensive income (loss) | (1,477) | 1,031 | 488 | ||||||||
Comprehensive income (loss) | 1,821,606 | 651,860 | 1,182,497 | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 1,821,606 | 651,860 | 1,182,497 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net Revenues | 467,548 | 0 | 0 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 0 | 0 | 0 | ||||||||
General and administrative | 68,063 | 58,473 | 59,980 | ||||||||
Corporate expense | 20,360 | 0 | 0 | ||||||||
NV Energy exit expense | 0 | 0 | 0 | ||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 4,684 | 6,665 | 0 | ||||||||
Gain on Borgata transaction | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 220,667 | 196,816 | 186,262 | ||||||||
Total expenses | 313,774 | 261,954 | 246,242 | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income (loss) | 153,774 | (261,954) | (246,242) | ||||||||
Interest expense, net of amounts capitalized | (115,438) | 0 | 0 | ||||||||
Other, net | (726) | 0 | 0 | ||||||||
Income (loss) before income taxes | 37,610 | (261,954) | (246,242) | ||||||||
Benefit (provision) for income taxes | (2,264) | 0 | 0 | ||||||||
Net income (loss) | 35,346 | (261,954) | (246,242) | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | (29,938) | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | 5,408 | (261,954) | (246,242) | ||||||||
Net income (loss) | 35,346 | (261,954) | (246,242) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Unrealized gain (loss) on cash flow hedges | 1,879 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss) | 1,879 | 0 | 0 | ||||||||
Comprehensive income (loss) | 37,225 | (261,954) | (246,242) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (30,383) | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 6,842 | (261,954) | (246,242) | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net Revenues | 2,539,794 | 2,763,862 | 3,813,736 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 1,595,542 | 1,813,987 | 2,554,965 | ||||||||
General and administrative | 214,839 | 207,619 | 207,223 | ||||||||
Corporate expense | (194) | (488) | 15,757 | ||||||||
NV Energy exit expense | 0 | 0 | 0 | ||||||||
Preopening and start-up expenses | 131,300 | 66,354 | 33,873 | ||||||||
Property transactions, net | (246) | 1,472,589 | 4,390 | ||||||||
Gain on Borgata transaction | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 261,730 | 274,908 | 299,914 | ||||||||
Total expenses | 2,202,971 | 3,834,969 | 3,116,122 | ||||||||
Income (loss) from unconsolidated affiliates | (318) | (1,119) | (178) | ||||||||
Operating income (loss) | 336,505 | (1,072,226) | 697,436 | ||||||||
Interest expense, net of amounts capitalized | (15,299) | (33,993) | (21,661) | ||||||||
Other, net | (93,145) | (56,971) | (55,705) | ||||||||
Income (loss) before income taxes | 228,061 | (1,163,190) | 620,070 | ||||||||
Benefit (provision) for income taxes | (36,424) | (7,810) | (762) | ||||||||
Net income (loss) | 191,637 | (1,171,000) | 619,308 | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | (105,500) | 591,929 | (277,051) | ||||||||
Net income (loss) attributable to MGM Resorts International | 86,137 | (579,071) | 342,257 | ||||||||
Net income (loss) | 191,637 | (1,171,000) | 619,308 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (2,680) | 3,727 | (1,293) | ||||||||
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss) | (2,680) | 3,727 | (1,293) | ||||||||
Comprehensive income (loss) | 188,957 | (1,167,273) | 618,015 | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (104,297) | 589,905 | (276,520) | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 84,660 | (577,368) | 341,495 | ||||||||
Elimination [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net Revenues | (470,967) | (2,897) | (2,460) | ||||||||
Equity in subsidiaries' earnings | (1,956,436) | 190,196 | (1,278,024) | ||||||||
Expenses | |||||||||||
Casino and hotel operations | (3,419) | (2,897) | (2,460) | ||||||||
General and administrative | (48,229) | 0 | 0 | ||||||||
Corporate expense | (286) | 0 | 0 | ||||||||
NV Energy exit expense | 0 | 0 | 0 | ||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | (3,809) | 0 | 0 | ||||||||
Gain on Borgata transaction | 0 | 0 | 0 | ||||||||
Depreciation and amortization | (156,993) | 0 | 0 | ||||||||
Total expenses | (212,736) | (2,897) | (2,460) | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income (loss) | (2,214,667) | 190,196 | (1,278,024) | ||||||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | ||||||||
Other, net | 300,039 | 0 | 0 | ||||||||
Income (loss) before income taxes | (1,914,628) | 190,196 | (1,278,024) | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | (1,914,628) | 190,196 | (1,278,024) | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | (1,914,628) | 190,196 | (1,278,024) | ||||||||
Net income (loss) | (1,914,628) | 190,196 | (1,278,024) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | 2,954 | (3,406) | 1,524 | ||||||||
Unrealized gain (loss) on cash flow hedges | (1,434) | 0 | 0 | ||||||||
Other | 0 | 672 | (1,250) | ||||||||
Other comprehensive income (loss) | 1,520 | (2,734) | 274 | ||||||||
Comprehensive income (loss) | (1,913,108) | 187,462 | (1,277,750) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ (1,913,108) | $ 187,462 | $ (1,277,750) |
Consolidating Condensed Fina115
Consolidating Condensed Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | $ 1,533,972 | $ 1,005,079 | $ 1,130,670 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (2,262,473) | (1,466,819) | (872,041) |
Dispositions of property and equipment | 3,944 | 8,032 | 7,651 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 15,000 | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 92,207 | 0 |
Acquisition of Borgata, net of cash acquired | (559,443) | 0 | 0 |
Investments in and advances to unconsolidated affiliates | (3,633) | (196,062) | (103,040) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 542,097 | 201,612 | 132 |
Investments in cash deposits - original maturities longer than 90 days | 0 | (200,205) | (570,000) |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 770,205 | 0 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | (123,133) |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 210,300 |
Intercompany accounts | 0 | 0 | 0 |
Payments for gaming licenses | 0 | 0 | (85,000) |
Other | (11,696) | (4,028) | 10,981 |
Net cash used in investing activities | (2,276,204) | (795,058) | (1,524,150) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 491,032 | 977,275 | (28,000) |
Borrowings under bank credit facilities – maturities longer than 90 days | 1,845,375 | 5,118,750 | 5,171,250 |
Repayments under bank credit facilities – maturities longer than 90 days | (1,845,375) | (5,118,750) | (5,171,250) |
Issuance of senior notes | 0 | 0 | |
Issuance of long-term debt | 2,050,000 | 0 | 1,250,750 |
Retirement of senior notes | (2,258,053) | (875,504) | (508,900) |
Repayment of Borgata credit facility | (583,598) | 0 | 0 |
Debt issuance costs | (139,584) | (46,170) | (13,681) |
Issuance of MGM Growth Properties Class A shares in public offering | 1,207,500 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | (75,032) | 0 | 0 |
Acquisition of MGM China shares | (100,000) | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | (103,367) | (307,227) | (386,709) |
Excess tax benefit from exercise of stock options | 13,277 | 12,369 | 4,671 |
Intercompany accounts | 0 | 0 | 0 |
Proceeds from issuance of redeemable noncontrolling interests | 47,325 | 6,250 | 0 |
Other | (30,078) | (24,872) | (5,383) |
Net cash provided by (used in) financing activities | 519,422 | (257,879) | 308,077 |
Effect of exchange rate on cash | (921) | 793 | (889) |
Cash and cash equivalents | |||
Net decrease for the period | (223,731) | (47,065) | (86,292) |
Change in cash related to assets held for sale | 0 | 3,662 | (3,662) |
Balance, beginning of period | 1,670,312 | 1,713,715 | 1,803,669 |
Balance, end of period | 1,446,581 | 1,670,312 | 1,713,715 |
Reportable Legal Entities [Member] | Parent [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | (603,136) | (776,996) | (718,756) |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | 0 | 0 | 0 |
Dispositions of property and equipment | 0 | 0 | 0 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | (141,390) | (31,400) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 |
Investments in cash deposits - original maturities longer than 90 days | 0 | (200,205) | (570,000) |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 770,205 | 0 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 0 |
Payments for gaming licenses | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 428,610 | (601,400) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (2,016,000) | (28,000) | (28,000) |
Borrowings under bank credit facilities – maturities longer than 90 days | 1,845,375 | 3,768,750 | 3,821,250 |
Repayments under bank credit facilities – maturities longer than 90 days | (1,845,375) | (3,768,750) | (3,821,250) |
Issuance of senior notes | 0 | 0 | |
Issuance of long-term debt | 500,000 | 0 | 1,250,750 |
Retirement of senior notes | (2,255,392) | (875,504) | (508,900) |
Repayment of Borgata credit facility | 0 | 0 | 0 |
Debt issuance costs | (29,871) | 0 | (13,681) |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | 0 | 0 | 0 |
Acquisition of MGM China shares | (100,000) | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 | 0 |
Excess tax benefit from exercise of stock options | 13,277 | 12,369 | |
Intercompany accounts | 4,082,303 | 1,003,750 | 1,045,048 |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | 0 |
Other | (30,042) | (24,881) | (4,213) |
Net cash provided by (used in) financing activities | 164,275 | 87,734 | 1,741,004 |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash and cash equivalents | |||
Net decrease for the period | (438,861) | (260,652) | 420,848 |
Change in cash related to assets held for sale | 0 | 0 | |
Balance, beginning of period | 538,856 | 799,508 | 378,660 |
Balance, end of period | 99,995 | 538,856 | 799,508 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 1,312,165 | 1,375,703 | 1,163,402 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (290,455) | (353,245) | (289,431) |
Dispositions of property and equipment | 1,940 | 7,901 | 6,631 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 15,000 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 92,207 | 0 | |
Acquisition of Borgata, net of cash acquired | (559,443) | 0 | 0 |
Investments in and advances to unconsolidated affiliates | (3,633) | (54,672) | (46,640) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 542,097 | 201,612 | 132 |
Investments in cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | (123,133) |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 210,300 |
Intercompany accounts | (1,562,442) | (1,059,181) | (704,785) |
Payments for gaming licenses | 0 | 0 | 0 |
Other | (7,651) | (7,516) | 10,981 |
Net cash used in investing activities | (1,864,587) | (1,172,894) | (935,945) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 4,094,850 | 0 | 0 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 0 | 0 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Issuance of long-term debt | 0 | 0 | 0 |
Retirement of senior notes | (2,661) | 0 | 0 |
Repayment of Borgata credit facility | (583,598) | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | 0 | 0 | 0 |
Acquisition of MGM China shares | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 | 0 |
Excess tax benefit from exercise of stock options | 0 | 0 | |
Intercompany accounts | (2,952,624) | (157,958) | (204,794) |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | 0 |
Other | 0 | 0 | (803) |
Net cash provided by (used in) financing activities | 555,967 | (157,958) | (205,597) |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash and cash equivalents | |||
Net decrease for the period | 3,545 | 44,851 | 21,860 |
Change in cash related to assets held for sale | 3,662 | (3,662) | |
Balance, beginning of period | 304,168 | 255,655 | 237,457 |
Balance, end of period | 307,713 | 304,168 | 255,655 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 297,781 | (58,473) | (59,980) |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (138,987) | (129,308) | (90,504) |
Dispositions of property and equipment | 0 | 0 | 0 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 |
Investments in cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 0 |
Payments for gaming licenses | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash used in investing activities | (138,987) | (129,308) | (90,504) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (2,411,600) | 0 | 0 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 0 | 0 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Issuance of long-term debt | 1,550,000 | 0 | 0 |
Retirement of senior notes | 0 | 0 | 0 |
Repayment of Borgata credit facility | 0 | 0 | 0 |
Debt issuance costs | (77,163) | 0 | 0 |
Issuance of MGM Growth Properties Class A shares in public offering | 1,207,500 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | (75,032) | 0 | 0 |
Acquisition of MGM China shares | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | (113,414) | 0 | 0 |
Distributions to noncontrolling interest owners | (37,415) | 0 | 0 |
Excess tax benefit from exercise of stock options | 0 | 0 | |
Intercompany accounts | 158,822 | 187,781 | 150,484 |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 201,698 | 187,781 | 150,484 |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash and cash equivalents | |||
Net decrease for the period | 360,492 | 0 | 0 |
Change in cash related to assets held for sale | 0 | 0 | |
Balance, beginning of period | 0 | 0 | 0 |
Balance, end of period | 360,492 | 0 | 0 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 527,162 | 464,845 | 721,004 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (1,833,031) | (984,266) | (492,106) |
Dispositions of property and equipment | 2,004 | 131 | 1,020 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 |
Investments in cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Intercompany accounts | 0 | 0 | 0 |
Payments for gaming licenses | 0 | 0 | (85,000) |
Other | (4,045) | 3,488 | 0 |
Net cash used in investing activities | (1,835,072) | (980,647) | (576,086) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 823,782 | 1,005,275 | 0 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 1,350,000 | 1,350,000 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | (1,350,000) | (1,350,000) |
Issuance of senior notes | 0 | 0 | |
Issuance of long-term debt | 0 | 0 | 0 |
Retirement of senior notes | 0 | 0 | 0 |
Repayment of Borgata credit facility | 0 | 0 | 0 |
Debt issuance costs | (32,550) | (46,170) | 0 |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | 0 | 0 | 0 |
Acquisition of MGM China shares | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | 0 |
Distributions to noncontrolling interest owners | (65,952) | (307,227) | (386,709) |
Excess tax benefit from exercise of stock options | 0 | 0 | |
Intercompany accounts | 387,355 | 25,608 | (285,953) |
Proceeds from issuance of redeemable noncontrolling interests | 47,325 | 6,250 | 0 |
Other | (36) | 9 | (367) |
Net cash provided by (used in) financing activities | 1,159,924 | 683,745 | (673,029) |
Effect of exchange rate on cash | (921) | 793 | (889) |
Cash and cash equivalents | |||
Net decrease for the period | (148,907) | 168,736 | (529,000) |
Change in cash related to assets held for sale | 0 | 0 | |
Balance, beginning of period | 827,288 | 658,552 | 1,187,552 |
Balance, end of period | 678,381 | 827,288 | 658,552 |
Consolidation, Eliminations | |||
Cash flows from operating activities | |||
Net cash provided by (used in) operating activities | 0 | 0 | 25,000 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | 0 | 0 | 0 |
Dispositions of property and equipment | 0 | 0 | 0 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | ||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | 0 | (25,000) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 |
Investments in cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 0 | 0 |
Investments in treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Proceeds from treasury securities - maturities longer than 90 days | 0 | 0 | 0 |
Intercompany accounts | 1,562,442 | 1,059,181 | 704,785 |
Payments for gaming licenses | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash used in investing activities | 1,562,442 | 1,059,181 | 679,785 |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 0 | 0 | 0 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 0 | 0 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | 0 | 0 |
Issuance of senior notes | 0 | 0 | |
Issuance of long-term debt | 0 | 0 | 0 |
Retirement of senior notes | 0 | 0 | 0 |
Repayment of Borgata credit facility | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | 0 |
MGM Growth Properties Class A share issuance costs | 0 | 0 | 0 |
Acquisition of MGM China shares | 0 | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 113,414 | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 | 0 |
Excess tax benefit from exercise of stock options | 0 | 0 | |
Intercompany accounts | (1,675,856) | (1,059,181) | (704,785) |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (1,562,442) | (1,059,181) | (704,785) |
Effect of exchange rate on cash | 0 | 0 | 0 |
Cash and cash equivalents | |||
Net decrease for the period | 0 | 0 | 0 |
Change in cash related to assets held for sale | 0 | 0 | |
Balance, beginning of period | 0 | 0 | 0 |
Balance, end of period | $ 0 | $ 0 | $ 0 |
Selected Quarterly Financial116
Selected Quarterly Financial Results (Unaudited) - Schedule of Selected Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 2,460,820 | $ 2,515,115 | $ 2,269,502 | $ 2,209,686 | $ 2,191,873 | $ 2,280,816 | $ 2,385,135 | $ 2,332,244 | $ 9,455,123 | $ 9,190,068 | $ 10,081,984 |
Operating income (loss) | 282,023 | 712,755 | 769,055 | 315,954 | (1,197,234) | 297,377 | 348,521 | 395,104 | 2,079,787 | (156,232) | 1,323,538 |
Net income (loss) | 69,922 | 561,260 | 514,498 | 91,198 | (1,473,497) | 94,735 | 126,467 | 212,646 | 1,236,878 | (1,039,649) | 127,178 |
Net income (loss) attributable to MGM Resorts International | $ 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | $ (781,454) | $ 66,425 | $ 97,459 | $ 169,850 | $ 1,101,440 | $ (447,720) | $ (149,873) |
Basic income (loss) per share | $ 0.04 | $ 0.94 | $ 0.84 | $ 0.12 | $ (1.38) | $ 0.12 | $ 0.18 | $ 0.35 | $ 1.94 | $ (0.82) | $ (0.31) |
Diluted income (loss) per share | $ 0.04 | $ 0.93 | $ 0.83 | $ 0.12 | $ (1.38) | $ 0.12 | $ 0.17 | $ 0.33 | $ 1.92 | $ (0.82) | $ (0.31) |
Selected Quarterly Financial117
Selected Quarterly Financial Results - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2014 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 23, 2015 |
Selected Quarterly Financial Results (Unaudited) | |||||||||
Gain on acquisition | $ 430,118 | $ 0 | $ 0 | ||||||
NV Energy exit expense | $ 139,335 | $ 0 | 0 | ||||||
Gain related to litigation settlement | $ 80,000 | ||||||||
Impact of litigation settlement charge on diluted earnings per share | $ 0.09 | $ 0.10 | |||||||
Borgata [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Gain on acquisition | $ 430,000 | ||||||||
Gain on acquisition per share | $ 0.60 | $ 0.61 | |||||||
NV Energy [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
NV Energy exit expense | $ 139,000 | ||||||||
NV Energy exit expense per share | $ 0.18 | $ 0.18 | |||||||
CityCenter Holdings LLC As Investee [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Gain related to litigation settlement | $ 80,000 | ||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | ||||||
CityCenter Holdings LLC As Investee [Member] | NV Energy [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
NV Energy exit expense | $ 13,000 | ||||||||
NV Energy exit expense per share | $ 0.02 | $ 0.02 | |||||||
MGM China [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Investment impairment charge | $ 1,500,000 | ||||||||
Impact of equity method investment impairment charges on diluted loss per share | $ 1.33 | $ 1.38 | |||||||
Grand Victoria [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Investment impairment charge | $ 29,000 | $ 17,000 | $ 0 | $ 17,050 | $ 28,789 | ||||
Impact of equity method investment impairment charges on diluted loss per share | $ 0.02 | $ 0.02 | |||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Circus Circus Reno [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Gain on sale of investment | $ 23,000 | ||||||||
Impact of sale of investment on diluted loss per share | $ 0.03 | $ 0.03 | |||||||
Silver Legacy [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Percentage ownership interest | 50.00% | ||||||||
Crystals [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Gain on sale of business | $ 406,000 | $ 401,000 | |||||||
Gain on sale of business per share | $ 0.57 | $ 0.56 | |||||||
Crystals [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||||
Selected Quarterly Financial Results (Unaudited) | |||||||||
Gain on sale of business | $ 401,000 | ||||||||
Gain on sale of investment | $ 200,000 |
Schedule II - Valuation and 118
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 89,789 | $ 89,602 | $ 81,713 |
Provision for Doubtful Accounts | 10,863 | 54,691 | 46,698 |
Write-offs, Net of Recoveries | (2,732) | (54,504) | (38,809) |
Balance at End of Period | 97,920 | 89,789 | 89,602 |
Deferred income tax valuation allowance [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,807,131 | 2,558,767 | 1,721,917 |
Increase | 2,975 | 248,504 | 836,850 |
Decrease | (226,832) | (140) | 0 |
Balance at End of Period | $ 2,583,274 | $ 2,807,131 | $ 2,558,767 |