Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 06, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | MGM | |
Entity Registrant Name | MGM Resorts International | |
Entity Central Index Key | 789,570 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 566,138,245 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 1,986,688 | $ 1,446,581 |
Accounts receivable, net | 515,423 | 542,924 |
Inventories | 101,242 | 97,733 |
Prepaid expenses and other | 191,183 | 142,349 |
Total current assets | 2,794,536 | 2,229,587 |
Property and equipment, net | 19,134,748 | 18,425,023 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 1,007,584 | 1,220,443 |
Goodwill | 1,807,009 | 1,817,119 |
Other intangible assets, net | 3,924,566 | 4,087,706 |
Other long-term assets, net | 433,447 | 393,423 |
Total other assets | 7,172,606 | 7,518,691 |
Total assets | 29,101,890 | 28,173,301 |
Current liabilities | ||
Accounts payable | 242,604 | 250,477 |
Construction payable | 238,086 | 270,361 |
Income tax payable | 6,013 | 10,654 |
Current portion of long-term debt, net | 466,375 | 8,375 |
Accrued interest on long-term debt | 121,650 | 159,028 |
Other accrued liabilities | 1,661,032 | 1,594,526 |
Total current liabilities | 2,735,760 | 2,293,421 |
Deferred income taxes, net | 2,668,864 | 2,551,228 |
Long-term debt, net | 13,026,927 | 12,979,220 |
Other long-term obligations | 286,262 | 325,981 |
Commitments and contingencies (Note 7) | ||
Redeemable noncontrolling interest | 59,337 | 54,139 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 565,493,891 and 574,123,706 shares | 5,655 | 5,741 |
Capital in excess of par value | 5,390,071 | 5,653,575 |
Retained earnings | 922,657 | 545,811 |
Accumulated other comprehensive income (loss) | (9,840) | 15,053 |
Total MGM Resorts International stockholders' equity | 6,308,543 | 6,220,180 |
Noncontrolling interests | 4,016,197 | 3,749,132 |
Total stockholders' equity | 10,324,740 | 9,969,312 |
Total liabilities and stockholders' equity | $ 29,101,890 | $ 28,173,301 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 565,493,891 | 574,123,706 |
Common stock, outstanding shares | 565,493,891 | 574,123,706 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Casino | $ 1,543,693 | $ 1,307,827 | $ 4,454,145 | $ 3,569,587 |
Rooms | 564,476 | 530,331 | 1,669,213 | 1,518,721 |
Food and beverage | 481,656 | 448,666 | 1,392,671 | 1,238,537 |
Entertainment | 149,536 | 140,151 | 418,244 | 380,330 |
Retail | 59,141 | 52,724 | 163,947 | 150,629 |
Other | 162,318 | 148,470 | 464,260 | 400,115 |
Reimbursed costs | 102,380 | 99,316 | 301,888 | 301,160 |
Total revenues, gross | 3,063,200 | 2,727,485 | 8,864,368 | 7,559,079 |
Less: Promotional allowances | (236,460) | (212,370) | (687,712) | (564,776) |
Total revenues, net | 2,826,740 | 2,515,115 | 8,176,656 | 6,994,303 |
Expenses | ||||
Casino | 822,103 | 696,329 | 2,389,957 | 1,957,203 |
Rooms | 157,293 | 148,317 | 464,864 | 435,311 |
Food and beverage | 269,170 | 252,108 | 780,510 | 712,856 |
Entertainment | 118,234 | 108,464 | 326,791 | 299,579 |
Retail | 28,129 | 27,105 | 78,515 | 73,191 |
Other | 95,971 | 93,880 | 281,859 | 260,901 |
Reimbursed costs | 102,380 | 99,316 | 301,888 | 301,160 |
General and administrative | 402,134 | 371,950 | 1,145,432 | 1,001,900 |
Corporate expense | 88,506 | 87,782 | 241,087 | 240,833 |
NV Energy exit expense | 0 | 139,335 | (40,629) | 139,335 |
Preopening and start-up expenses | 29,349 | 31,660 | 65,508 | 78,444 |
Property transactions, net | 7,711 | (1,268) | 22,650 | 4,717 |
Gain on Borgata transaction | 0 | (429,778) | 0 | (429,778) |
Depreciation and amortization | 249,600 | 209,737 | 744,123 | 616,475 |
Total expenses | 2,370,580 | 1,834,937 | 6,802,555 | 5,692,127 |
Income from unconsolidated affiliates | 37,701 | 32,577 | 117,987 | 495,588 |
Operating income | 493,861 | 712,755 | 1,492,088 | 1,797,764 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (163,287) | (168,048) | (511,404) | (533,069) |
Non-operating items from unconsolidated affiliates | (8,825) | (11,132) | (26,302) | (45,229) |
Other, net | (30,138) | (17,310) | (31,706) | (67,715) |
Total non-operating income (expense) | (202,250) | (196,490) | (569,412) | (646,013) |
Income before income taxes | 291,611 | 516,265 | 922,676 | 1,151,751 |
Benefit (provision) for income taxes | (115,115) | 44,995 | (251,551) | 15,205 |
Net income | 176,496 | 561,260 | 671,125 | 1,166,956 |
Less: Net income attributable to noncontrolling interests | (27,381) | (25,641) | (104,552) | (90,185) |
Net income attributable to MGM Resorts International | $ 149,115 | $ 535,619 | $ 566,573 | $ 1,076,771 |
Net income per share of common stock attributable to MGM Resorts International | ||||
Basic | $ 0.26 | $ 0.94 | $ 0.99 | $ 1.90 |
Diluted | $ 0.26 | $ 0.93 | $ 0.97 | $ 1.88 |
Weighted average common shares outstanding | ||||
Basic | 573,527 | 568,125 | 574,262 | 566,220 |
Diluted | 580,676 | 573,812 | 580,941 | 571,350 |
Dividends declared per common share | $ 0.11 | $ 0 | $ 0.33 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 176,496 | $ 561,260 | $ 671,125 | $ 1,166,956 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (3,004) | 1,734 | (41,313) | (4,402) |
Unrealized gain (loss) on cash flow hedges | 1,316 | 0 | (2,641) | 0 |
Other comprehensive income (loss) | (1,688) | 1,734 | (43,954) | (4,402) |
Comprehensive income | 174,808 | 562,994 | 627,171 | 1,162,554 |
Less: Comprehensive income attributable to noncontrolling interests | (26,495) | (26,456) | (85,600) | (88,078) |
Comprehensive income attributable to MGM Resorts International | $ 148,313 | $ 536,538 | $ 541,571 | $ 1,074,476 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net income | $ 671,125 | $ 1,166,956 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 744,123 | 616,475 |
Amortization of debt discounts, premiums and issuance costs | 25,931 | 31,661 |
Loss on retirement of long-term debt | 31,345 | 66,904 |
Provision for doubtful accounts | 13,764 | 2,984 |
Stock-based compensation | 46,306 | 38,877 |
Property transactions, net | 22,650 | 4,717 |
Gain on Borgata transaction | 0 | (429,778) |
Income from unconsolidated affiliates | (91,685) | (447,191) |
Distributions from unconsolidated affiliates | 10,450 | 14,016 |
Deferred income taxes | 95,672 | (89,658) |
Change in operating assets and liabilities: | ||
Accounts receivable | 13,534 | 24,740 |
Inventories | (3,598) | 11,135 |
Income taxes receivable and payable, net | (4,639) | 2,073 |
Prepaid expenses and other | (50,253) | (15,619) |
Prepaid Cotai land concession premium | (9,492) | (24,113) |
Accounts payable and accrued liabilities | 3,120 | 88,630 |
Other | (6,444) | (13,804) |
Net cash provided by operating activities | 1,511,909 | 1,049,005 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (1,399,278) | (1,590,308) |
Dispositions of property and equipment | 371 | 3,290 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | 15,000 |
Acquisition of Borgata, net of cash acquired | 0 | (550,975) |
Investments in unconsolidated affiliates | (5,921) | (1,555) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 300,000 | 543,036 |
Other | (21,786) | (8,257) |
Net cash used in investing activities | (1,126,614) | (1,589,769) |
Cash flows from financing activities | ||
Net borrowings under bank credit facilities – maturities of 90 days or less | 618,734 | 298,448 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 1,845,375 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | (1,845,375) |
Issuance of long term debt | 350,000 | 2,050,000 |
Retirement of senior notes | (502,669) | (2,258,053) |
Repayment of Borgata credit facility | 0 | (583,598) |
Debt issuance costs | (9,760) | (138,454) |
Issuance of MGM Growth Properties common shares in public offering | 404,685 | 1,207,500 |
MGM Growth Properties common share issuance costs | (17,137) | (75,032) |
Acquisition of MGM China shares | 0 | (100,000) |
Dividends paid to common shareholders | (189,726) | 0 |
Distributions to noncontrolling interest owners | (139,670) | (78,690) |
Purchases of common stock | (327,500) | 0 |
Other | (28,937) | (4,409) |
Net cash provided by financing activities | 158,020 | 317,712 |
Effect of exchange rate on cash | (3,208) | (1,102) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | 540,107 | (224,154) |
Balance, beginning of period | 1,446,581 | 1,670,312 |
Balance, end of period | 1,986,688 | 1,446,158 |
Supplemental cash flow disclosures | ||
Interest paid, net of amounts capitalized | 522,851 | 551,345 |
Federal, state and foreign income taxes paid, net of refunds | 158,537 | 63,322 |
Non-cash investing and financing activities | ||
Common stock issued for acquisition of MGM China shares | 0 | 174,041 |
Deferred cash payment for acquisition of MGM China shares | $ 0 | $ 42,612 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 — ORGANIZATION Organization. MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. As discussed further below, the Company leases certain of its real estate assets from MGM Growth Properties Operating Partnership LP (the “Operating Partnership”), which is a consolidated subsidiary. 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. The Company operates and, along with local investors, owns MGM Grand Detroit in Detroit, Michigan and MGM National Harbor in Prince George’s County, Maryland. The Company also owns and operates the Borgata Hotel Casino & Spa (“Borgata”), located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns and operates The Park, a dining and entertainment district located between New York-New York and Monte Carlo, 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. MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, 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. 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%. 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. Subsequent to MGP closing its public offering of 13,225,000 Class A shares in September 2017, the Company indirectly owned 72.3% of the partnership units in the Operating Partnership, and MGP owned the remaining 27.7% ownership interest in the Operating Partnership. Prior to September 2017, the Company owned 76.3% of the Operating Partnership units and MGP owned the remaining 23.7% ownership interest in the Operating Partnership. MGP owns 100% of the general partner of the Operating Partnership. See Note 9 for additional information pertaining to the public offering of MGP’s Class A shares. In addition, as discussed further in Note 11, the Company indirectly acquired additional partnership units in connection with the closing of the National Harbor transaction in October 2017 and subsequently holds a 73.4% ownership interest in the Operating Partnership. Pursuant to a master lease agreement between a subsidiary of the Company (the “Tenant”) and a subsidiary of the Operating Partnership (the “Landlord”), the Company leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, The Park, Borgata, Gold Strike Tunica, MGM Grand Detroit and Beau Rivage from subsidiaries of the Operating Partnership. As discussed further in Note 11, MGP acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company in October 2017. An amendment to the master lease agreement executed in October 2017 provides for the Company to lease the real estate assets of MGM National Harbor from a subsidiary of the Operating Partnership. See Note 11 for additional information related to MGP and certain of the Company’s related intercompany agreements with MGP or the Operating Partnership. The Company has an approximately 56% 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 1,400 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 increased to $3.4 billion excluding development fees eliminated in consolidation, capitalized interest and land related costs as a result of the damage and delays caused by Typhoon Hato in August 2017. 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. See Note 4 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, and Athena Arena, LLC owns the remaining 15%. 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, basketball and bull riding, to high profile awards shows and top-name concerts, and is the home of the Vegas Golden Knights of the National Hockey League. Additionally, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company. See Note 4 for additional information regarding the Company’s investment in the Las Vegas Arena Company. 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 4 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 2,550 slots and 120 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 3,500 space parking garage, with an expected development and construction cost of approximately $960 million, excluding capitalized interest and land related costs. The Company has two reportable segments: domestic resorts and MGM China. See Note 10 for additional information about the Company’s segments. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2016 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. Principles of consolidation. 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 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 5); and • Level 2 inputs when measuring the fair value of its interest rate swaps (see Note 6). 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 and losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of September 30, 2017 and December 31, 2016, the Company had accrued $11 million and $36 million, respectively, for property and equipment within accounts payable and $34 million and $32 million, respectively, related to construction retention in other long-term liabilities. Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was 39.5% and 27.3% for the three and nine months ended September 30, 2017, respectively. The Company recognizes deferred tax assets, net of applicable reserves, related to tax loss and credit carryforwards and other temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. The Company has generated significant excess foreign tax credits that are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. As long as the exemption from Macau’s 12% complementary tax on gaming profits continues and the Company continues to receive distributions from MGM China, the Company expects that it will generate excess foreign tax credits in most years and that most of the excess foreign credits will not be utilized before the exemption expires. 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 assumed that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond March 31, 2020 and it will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset and the measurement of Macau deferred tax liabilities. 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 had 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 for distributions of profits earned through December 31, 2016. MGM China was not subject to the complementary tax on distributions covered by the annual fee arrangement. Annual payments of $2 million were required under the annual fee arrangement. MGM Grand Paradise has requested an extension of this agreement to cover distributions of profits earned through December 31, 2021. 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. Since 2017 earnings are not currently covered by an annual fee arrangement, the Company is providing deferred taxes on such earnings in estimating its annual effective tax rate for 2017. If an extension is granted in a future period, the Company will reverse all associated deferred taxes, which total $28 million as of September 30, 2017, resulting in a reduction in provision for income taxes in such period. The Company’s assessment of realization of its foreign tax credit deferred tax asset is based on available evidence, including assumptions about future profitability of and distributions from MGM China, as well as its assumption concerning renewals of the exemption from Macau’s 12% complementary tax on gaming profits and future profitability of its U.S. operations. As a result, significant judgment is required in assessing the possible need for and amount of valuation allowance and changes to such assumptions may have a material impact on the amount of the valuation allowance. For example, should the Company in a future period actually receive or be able to assume an additional five-year exemption, an additional valuation allowance would likely need to be provided on some portion or all of the foreign tax credit deferred tax asset, resulting in an increase in the provision for income taxes in such period, and such increase may be material. In addition, a change to forecasts of future profitability of, and distributions from, MGM China could also result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in such period. Recently issued accounting standards. 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),” (“ASU 2014-09”) outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. 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),” (“ASU 2016-08”) 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,” (“ASU 2016-10”) 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,” (“ASU 2016-12”) 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. 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 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, or entertainment). The Company also expects impacts related to its loyalty programs and gaming promoter incentive programs at MGM Macau, which will affect classification of revenues and expenses. The Company expects to adopt the above ASUs on a full retrospective basis. 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 the 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 did 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 did not have a material effect on the Company’s consolidated financial statements and footnote disclosures. In January 2017, the Company early adopted ASU No. 2017-04, “Intangibles – disclosures |
Borgata Acquisition
Borgata Acquisition | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Borgata Acquisition | NOTE 3 — BORGATA ACQUISITION 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. As part of the purchase and sale agreement to acquire Borgata, 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”) owed 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 did not pay the refunds due to Borgata. See Note 7 for information regarding the property tax reimbursement agreement Borgata entered into in February 2017 with the Department of Community Affairs of the State of New Jersey and Atlantic City, and the subsequent receipt of the settlement amount in June 2017. 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. 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 had occurred as of January 1, 2015. 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. Nine Months Ended September 30, 2016 (In thousands, except per share data) (unaudited) Net revenues $ 7,479,356 Net income attributable to MGM Resorts International 790,834 Basic net income per share $ 1.40 Diluted net income per share $ 1.38 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 4 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: September 30, December 31, 2017 2016 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 793,156 $ 1,007,358 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 123,008 123,585 Las Vegas Arena Company, LLC (42.5%) 77,011 80,339 Other 14,409 9,161 $ 1,007,584 $ 1,220,443 The Company recorded its share of net income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Income from unconsolidated affiliates $ 37,701 $ 32,577 $ 117,987 $ 495,588 Preopening and start-up expenses — (81 ) — (3,168 ) Non-operating items from unconsolidated affiliates (8,825 ) (11,132 ) (26,302 ) (45,229 ) $ 28,876 $ 21,364 $ 91,685 $ 447,191 CityCenter Summarized balance sheet information for CityCenter is as follows: September 30, December 31, 2017 2016 (In thousands) Current assets $ 309,444 $ 394,283 Property and other long-term assets, net 6,612,062 6,704,485 Current liabilities 289,038 295,822 Long-term debt, net and other long-term obligations 1,561,018 1,248,916 Equity 5,071,450 5,554,030 Summarized income statement information for CityCenter is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Net revenues $ 322,271 $ 308,467 $ 962,027 $ 898,994 Operating expenses (271,162 ) (301,240 ) (797,105 ) (919,329 ) Operating income (loss) 51,109 7,227 164,922 (20,335 ) Non-operating expenses (15,971 ) (14,582 ) (47,502 ) (49,739 ) Net income (loss) from continuing operations 35,138 (7,355 ) 117,420 (70,074 ) Discontinued operations — (521 ) — 399,514 Net income (loss) $ 35,138 $ (7,876 ) $ 117,420 $ 329,440 Crystals sale. In April 2016, CityCenter closed the sale of Crystals for approximately $1.1 billion. During the nine months ended September 30, 2016, CityCenter recognized a gain on the sale of Crystals of $392 million and the Company recognized a $397 million gain, which included $196 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 recorded on the Company’s investment in CityCenter that were allocated to Crystals’ building assets. The results of Crystals are classified as discontinued operations in the summarized income statement information. CityCenter credit facility. In April 2017, CityCenter completed a refinancing of its senior credit facility. The new senior credit facility consists of a $1.6 billion term loan B facility maturing in April 2024 and a $125 million revolving credit facility maturing in April 2022. The term loan B was issued at 99.5% and bears interest at LIBOR plus 2.50% with a LIBOR floor of 0.75%. The revolving facility bears interest at LIBOR plus 2.00%. CityCenter distributions. In April 2017, CityCenter paid a $600 million dividend, consisting of a $350 million dividend using proceeds from the upsized senior credit facilities and a $250 million dividend from cash on hand, of which $78 million was part of its annual dividend policy. MGM Resorts received its 50% share, or $300 million. 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. Borgata Borgata transaction. As discussed in Note 3, 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. 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” in the three and nine months ended September 30, 2016. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 5 — LONG-TERM DEBT Long-term debt consisted of the following: September 30, December 31, 2017 2016 (In thousands) Senior credit facility $ 540,625 $ 250,000 MGM Growth Properties senior credit facility 2,099,750 2,133,250 MGM China credit facility 2,251,771 1,933,313 MGM National Harbor credit facility 478,000 450,000 $475 million 11.375% senior notes, due 2018 — 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 1,050,000 $500 million 4.50% MGM Growth Properties senior notes, due 2026 500,000 500,000 $500 million 4.625% senior notes, due 2026 500,000 500,000 $350 million 4.50% MGM Growth Properties senior notes, due 2028 350,000 — $0.6 million 7% debentures, due 2036 552 552 $2.3 million 6.7% debentures, due 2096 2,265 2,265 13,622,963 13,144,380 Less: Premiums, discounts, and unamortized debt issuance costs, net (129,661 ) (156,785 ) 13,493,302 12,987,595 Less: Current portion, net (466,375 ) (8,375 ) $ 13,026,927 $ 12,979,220 Debt due within one year of the September 30, 2017 and December 31, 2016 balance sheets was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities, with the exception that $478 million, net of debt issuance costs, related to the MGM National Harbor credit facility was classified as current at September 30, 2017 because the outstanding amount was repaid in October 2017 and $8 million of MGP’s quarterly amortization payments under its senior credit facility were classified as current at December 31, 2016 because MGP used cash to make such amortization payments in January 2017 Senior credit facility. At September 30, 2017 , the Company’s senior credit facility consisted of a $241 million term loan A facility and a $1.25 billion revolving 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, with 5.0% of the initial aggregate principal amount of the term loan A facility to be payable each year. The Company permanently repaid $3 million and $9 million of the term loan A facility in the three and nine months ended September 30, 2017, respectively, in accordance with the scheduled amortization . At September 30, 2017, $300 million was drawn on the revolving credit facility. At September 30, 2017, the interest rate on the term loan A facility was 3.49% and the interest rate on the revolving credit facility was 3.44%. The senior credit facility 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 facility covenants at September 30, 2017. The senior credit facility 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 Mandatory prepayments MGM Growth Properties senior credit facility. At September 30, 2017, the Operating Partnership’s senior secured credit facility consisted of a $278 million term loan A facility, a $1.82 billion term loan B facility, and a $600 million revolving credit facility. 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%. Prior to February 2017, the term loan B facility bore interest at LIBOR plus 2.75% with a LIBOR floor of 0.75%. In February 2017, the Operating Partnership received a reduction of its term loan B interest rate to LIBOR plus 2.50%, with a LIBOR floor of 0.75% upon achieving a minimum corporate family rating of Ba3/BB-. On May 1, 2017, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.25% with a LIBOR floor of 0%. 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 Operating Partnership permanently repaid $4 million and $15 million of the term loan A facility in the three and nine months ended September 30, 2017, respectively, in accordance with the scheduled amortization, and the Operating Partnership permanently repaid $5 million and $19 million of the term loan B facility in the three and nine months ended September 30, 2017, respectively, in accordance with the scheduled amortization. At September 30, 2017, the interest rate on the term loan A facility was 3.99% and the interest rate on the term loan B facility was 3.49%. No amounts have been drawn on the revolving credit facility. The Operating Partnership credit facility 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 facility covenants at September 30, 2017. MGM China credit facility. At September 30, 2017, 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 September 30, 2017 was comprised of $1.55 billion of term loans and $704 million drawn on the revolving credit facility. At September 30, 2017, the weighted average interest rate on the term loans was 2.83% and the weighted average interest rate on the revolving credit facility was 2.67%. 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. 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 China was in compliance with its credit facility covenants at September 30, 2017. Due to the damage caused to MGM Cotai in August 2017 by Typhoon Hato and the resulting delay in the MGM Cotai opening date, MGM China is in the process of amending its credit facility to increase the maximum leverage ratio covenant for fiscal year 2018. MGM National Harbor credit facility. At September 30, 2017, the MGM National Harbor credit facility consisted of a $425 million term loan facility and a $100 million revolving credit facility. The term loan and revolving facilities bear interest at LIBOR plus an applicable rate determined by MGM National Harbor’s total leverage ratio (2.25% as of September 30, 2017). The outstanding balance at September 30, 2017 consisted of $425 million of term loans and $53 million drawn on the revolving credit facility. At September 30, 2017, the interest rate on the term loan A was 3.45% and the interest rate on the revolving credit facility was 3.44% . In October 2017, the revolving credit facility was repaid and terminated and the outstanding term loans were assumed by a subsidiary of MGP and repaid in conjunction with the MGM National Harbor transaction, as discussed below. The credit agreement contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM National Harbor and its restricted subsidiaries maintain compliance with a maximum total leverage ratio and a minimum interest coverage ratio. MGM National Harbor was in compliance with its credit agreement covenants at September 30, 2017. Senior notes. In September 2017, MGP issued $350 million in aggregate principal amount of 4.50% senior notes due 2028 for net proceeds of $346 million. In October 2017, MGP used the net proceeds of this offering, together with the net proceeds from the September 2017 public offering of MGP’s Class A shares, to pay a subsidiary of the Company a portion of the purchase price for the long-term leasehold interest and real property associated with MGM National Harbor and to repay the $425 million of term loans assumed in connection with the transaction. See Note 9 for additional information related to the public offering of MGP’s Class A shares. See Note 11 for additional information related to the MGM National Harbor transaction. In July 2017, the Company redeemed for cash all $475 million principal amount of its outstanding 11.375% senior notes due 2018. The Company incurred a $30 million loss on the early retirement of such notes. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $14.4 billion and $13.9 billion at September 30, 2017 and December 31, 2016, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 6 — 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. The Operating Partnership is party to interest rate swaps that are designated as cash flow hedges to mitigate the interest rate risk inherent in its senior secured term loan B facility. In May 2017, the Operating Partnership amended its outstanding interest rate swap agreements. Under the new agreements the Operating Partnership now pays a weighted average fixed rate of 1.844% on a total notional amount of $1.2 billion and the variable rate received will reset monthly to the one-month LIBOR, with no minimum floor. The principal terms at September 30, 2017 are as follows: Effective Date Maturity Date Notional Amount Weighted Average Fixed Rate Fair Value Asset (Liability) (In thousands) (In thousands) May 3, 2017 November 30, 2021 $ 500,000 1.764 % $ 1,045 May 3, 2017 November 30, 2021 700,000 1.901 % (2,380 ) $ 1,200,000 $ (1,335 ) As of December 31, 2016, the Operating Partnership had interest rate swaps with a notional amount of $500 million outstanding with a weighted average fixed rate of 1.825% and a net unrealized gain of $2 million. Interest rate swaps valued in net unrealized gain positions are recognized as asset balances within “Other long-term assets, net.” Interest rate swaps valued in net unrealized loss positions are recognized as liability balances within “Other long-term obligations.” For the three and nine months ended September 30, 2017, the amount recorded in other comprehensive income related to the derivative instruments was a net gain of $1 million and a net loss of $3 million, respectively, net of tax. There was no material ineffective portion of the change in fair value of the derivatives. During the three and nine months ended September 30, 2017, the Operating Partnership recorded interest expense of $2 million and $7 million, respectively, related to the swap agreements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 — COMMITMENTS AND CONTINGENCIES October 1 litigation. The Company and/or certain of its subsidiaries have been named as defendants in a number of lawsuits related to the October 1, 2017 shooting in Las Vegas. The matters involve in large degree the same legal and factual issues, in each case being filed on behalf of individuals who are seeking damages for emotional distress, physical injury, medical expenses, economic damages and/or wrongful death based on assertions that the Company and/or certain of its subsidiaries were negligent. Pending lawsuits were first filed in October 2017 and include two individual actions filed in the District Court of Clark County, Nevada and three individual actions and one putative class action filed in the Superior Court of Los Angeles County, California. Additional lawsuits related to this incident may be filed in the future. The Company is currently unable to reliably predict the developments in, outcome of, and economic costs and other consequences of pending or future litigation related to this matter. The Company will continue to investigate the factual and legal defenses, and evaluate these matters based on subsequent events, new information and future circumstances. The Company intends to defend against these lawsuits and ultimately believes it should prevail, but litigation of this type is inherently unpredictable. Although there are significant procedural, factual and legal issues to be resolved that could significantly affect the Company’s belief as to the possibility of liability, the Company currently believes that it is reasonably possible that it could incur liability in connection with certain of these lawsuits. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its affiliates. Given that these cases are in the early stages and in light of the uncertainties surrounding them, the Company does not currently possess sufficient information to determine a range of reasonably possible liability. In the event the Company incurs any liability, the Company believes it is unlikely it would incur losses in connection with these claims in excess of its insurance coverage. 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 was to be reimbursed $72 million as settlement for property tax refunds in satisfaction of 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 of approximately $65 million. In June 2017, Atlantic City and the State of New Jersey issued bonds and used the proceeds to pay the $72 million settlement in full. The Company recorded the amounts received pursuant to the reimbursement agreement as an offset to general and administrative expenses in the consolidated statements of operations. As required by the purchase and sale agreement to acquire Borgata in August 2016, the Company paid Boyd Gaming half of the settlement amount received by the Company, net of fees and expenses. Amounts paid to Boyd Gaming were recorded in general and administrative expenses in the consolidated statements of operations. NV Energy. In July 2016, the Company filed its notice to exit the fully bundled sales system of NV Energy and now purchases energy, capacity, and/or ancillary services from a provider other than NV Energy. The Company paid an upfront impact payment of $83 million, including $14 million related to CityCenter, in September 2016. Under the terms of the exit agreement, the Company and CityCenter were 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 extended through 2040 and each entity’s share of the costs of decommissioning and remediation of coal-fired power plants in Nevada. The Company’s initial estimate of its obligation related to non-bypassable charges was $71 million. The expense recognized related to the upfront payment and the initial accrual for the liability associated with the non-bypassable charges was recognized within “NV Energy exit expense” in the Company’s consolidated statements of operations in the three and nine months ended September 30, 2016. Subsequent accretion of the liability and changes in estimates are recognized within general and administrative expenses in the consolidated statement of operations. In the second quarter of 2017, the terms of the ongoing impact fee obligations were modified. Such modifications included a credit to be applied against future non-bypassable rate charges and substantially shortened the period over which the Company and CityCenter are responsible for such charges, with an end date in 2022. As such, the Company recognized a reduction in its liability for future charges of $41 million with a corresponding credit to “NV Energy exit expense”. Additionally, CityCenter recorded an $8 million reduction in liability and credit to expense. As of September 30, 2017 and December 31, 2016, the Company has recorded an estimate of its liability on a discounted basis of $9 million and $8 million, respectively, in “Other accrued liabilities” and $25 million and $63 million, respectively, in “Other long-term obligations.” T-Mobile Arena senior credit facility. The Company is party to a repayment guarantee for the term loan B facility under the Las Vegas Arena Company’s senior credit facility. As of September 30, 2017, the term loan B was $50 million. Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $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 September 30, 2017, $15 million in letters of credit were outstanding under the Company’s senior credit facility and $39 million in letters of credit were outstanding under MGM China’s credit facility. No letters of credit were outstanding under the MGP senior credit facility and the MGM National Harbor credit facility at September 30, 2017. The amounts of available borrowings under each of the credit facilities are 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. |
Income Per Share of Common Stoc
Income Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Share of Common Stock | NOTE 8 — INCOME PER SHARE OF COMMON STOCK The table below reconciles basic and diluted income per share of common stock. Diluted net income 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 include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 149,115 $ 535,619 $ 566,573 $ 1,076,771 Adjustment related to redeemable noncontrolling interests (28 ) — (83 ) — Net income available to common stockholders - basic 149,087 535,619 566,490 1,076,771 Potentially dilutive effect due to MGP Omnibus Plan (20 ) (15 ) (79 ) (18 ) Potentially dilutive effect due to MGM China Share Option Plan (22 ) — (96 ) — Net income attributable to common stockholders - diluted $ 149,045 $ 535,604 $ 566,315 $ 1,076,753 Denominator: Weighted-average common shares outstanding - basic 573,527 568,125 574,262 566,220 Potential dilution from share-based awards 7,149 5,687 6,679 5,130 Weighted-average common and common equivalent shares - diluted 580,676 573,812 580,941 571,350 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,989 3,362 2,424 4,314 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 9 — STOCKHOLDERS’ EQUITY MGM Resorts International dividends. On November 7, 2017, the Company’s Board of Directors approved a quarterly dividend of $0.11 per share, totaling $62 million, which is expected to be paid on December 15, 2017 to holders of record on December 11, 2017. In September, June and March 2017, the Company paid quarterly dividends of $0.11 per share, each totaling $63 million. MGM China dividends. MGM China paid an interim dividend of $56 million in September 2017. The Company received its 56% share of the dividend, or $32 million, of which $3 million was paid to Grand Paradise Macau under the deferred cash payment arrangement. MGM China paid a final dividend for 2016 of $78 million in June 2017. The Company received its 56% share of the dividend, or $44 million, of which $4 million was paid to Grand Paradise Macau under the deferred cash payment arrangement. MGM China paid a $58 million interim dividend in August 2016, of which $29 million was distributed to noncontrolling interests, and a $46 million final dividend in May 2016, of which $23 million was distributed to noncontrolling interests. MGP dividends. On September 15, 2017, MGP’s Board of Directors declared a quarterly dividend of $0.3950 per Class A share totaling $28 million, which was paid on October 13, 2017 to holders of record on September 29, 2017. The Company concurrently received a $73 million distribution attributable to its ownership of Operating Partnership units. In July 2017, MGP paid a quarterly dividend of $0.3950 per Class A share totaling $23 million, and the Company concurrently received a $73 million distribution attributable to its ownership of Operating Partnership units. In April 2017 and January 2017, MGP paid quarterly dividends of $0.3875 per Class A share, each totaling $22 million, and the Company concurrently received distributions attributable to its ownership of Operating Partnership units each totaling $72 million. In October 2016, MGP paid a quarterly dividend of $0.3875 per Class A share totaling $22 million, and the Company concurrently received a $72 million distribution attributable to its ownership of Operating Partnership units. In July 2016, MGP paid a pro-rated quarterly dividend of $0.2632 per Class A share totaling $15 million, and the Company concurrently received a $42 million distribution attributable its ownership of Operating Partnership units. Supplemental equity information. The following table presents the Company’s changes in stockholders’ equity for the nine months ended September 30, 2017: MGM Resorts International Total Stockholders' Noncontrolling Stockholders' Equity Interests Equity (In thousands) Balances, January 1, 2017 $ 6,220,180 $ 3,749,132 $ 9,969,312 Net income 566,573 98,901 665,474 Currency translation adjustment (23,005 ) (18,308 ) (41,313 ) Other comprehensive loss - cash flow hedges (1,997 ) (644 ) (2,641 ) Stock-based compensation 42,714 3,612 46,326 Issuance of common stock pursuant to stock-based compensation awards (20,352 ) — (20,352 ) Issuance of performance share units 9,648 95 9,743 Distributions to noncontrolling interest owners — (116,953 ) (116,953 ) Dividend paid to common shareholders (189,727 ) — (189,727 ) Dividend payable to noncontrolling interest owners — (28,004 ) (28,004 ) Repurchases of common stock (327,500 ) — (327,500 ) MGP Class A share issuance 35,138 326,484 361,622 Other (3,129 ) 1,882 (1,247 ) Balances, September 30, 2017 $ 6,308,543 $ 4,016,197 $ 10,324,740 Net income attributable to noncontrolling interests in the above table excludes $6 million related to redeemable noncontrolling interests in the nine months ended September 30, 2017. MGM Resorts International stock repurchase program. In September 2017, the Company’s Board of Directors authorized a $1.0 billion stock repurchase program (the “Stock Repurchase Program”). Under the Stock Repurchase Program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. In September 2017, the Company repurchased 10 million shares of its common stock at $32.75 per share for a total aggregate amount of $328 million. Repurchased shares were retired. The remaining availability under the Stock Repurchase Program was approximately $672 million as of September 30, 2017. MGP Class A Share issuance. In September 2017, MGP completed a public offering of 13,225,000 of its Class A shares, including 1,725,000 shares sold pursuant to the underwriters’ over-allotment option, at a public offering price of $30.60 per share for net proceeds of $388 million. In October 2017, MGP used the net proceeds of this offering, together with the net proceeds of the issuance of its 4.50% senior notes due 2028 and cash on hand, to pay a subsidiary of the Company a portion of the purchase price for the long-term leasehold interest and real property associated with MGM National Harbor, and to refinance the $425 million of term loans assumed in connection with the transaction. See Note 5 for additional information related to the issuance of MGP’s senior notes. See Note 11 for additional information regarding the MGM National Harbor transaction. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership's net assets, with an offsetting adjustment to additional paid in capital. Accumulated other comprehensive income. Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows: Currency Translation Cash Flow Adjustments Hedges Other Total (In thousands) Balance, January 1, 2017 $ 12,545 $ 1,434 $ 1,074 $ 15,053 Other comprehensive loss before reclassifications (41,313 ) (10,009 ) — (51,322 ) Amounts reclassified from accumulated other comprehensive income — 7,368 — 7,368 MGP Class A Share issuance adjustment — — 109 109 Other comprehensive income (loss), net of tax (41,313 ) (2,641 ) 109 (43,845 ) Less: Other comprehensive loss attributable to noncontrolling interest 18,308 644 — 18,952 Balance, September 30, 2017 $ (10,460 ) $ (563 ) $ 1,183 $ (9,840 ) |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 10 — SEGMENT INFORMATION The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Company’s principal operating activities occur in two geographic regions: the United States and Macau S.A.R. The Company has aggregated its operations into two reportable segments based on the similar characteristics of the operating segments: 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 Company’s omnibus incentive plan and MGP’s omnibus incentive 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 stock compensation 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, NV Energy exit expense, gain on Borgata transaction, preopening and start-up expenses, goodwill impairment charges and property transactions, net. The following tables present the Company’s segment information: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Net revenue Domestic resorts $ 2,235,165 $ 1,898,654 $ 6,392,493 $ 5,212,368 MGM China 470,775 499,822 1,421,892 1,420,802 Reportable segment net revenues 2,705,940 2,398,476 7,814,385 6,633,170 Corporate and other 120,800 116,639 362,271 361,133 $ 2,826,740 $ 2,515,115 $ 8,176,656 $ 6,994,303 Adjusted Property EBITDA Domestic resorts $ 713,589 $ 570,178 $ 2,019,026 $ 1,570,192 MGM China 118,237 149,868 377,539 383,187 Reportable segment Adjusted Property EBITDA 831,826 720,046 2,396,565 1,953,379 Other operating income (expense) Corporate and other (51,305 ) (57,605 ) (112,825 ) 253,578 NV Energy exit expense — (139,335 ) 40,629 (139,335 ) Preopening and start-up expenses (29,349 ) (31,660 ) (65,508 ) (78,444 ) Property transactions, net (7,711 ) 1,268 (22,650 ) (4,717 ) Gain on Borgata transaction — 429,778 — 429,778 Depreciation and amortization (249,600 ) (209,737 ) (744,123 ) (616,475 ) Operating income 493,861 712,755 1,492,088 1,797,764 Non-operating income (expense) Interest expense, net of amounts capitalized (163,287 ) (168,048 ) (511,404 ) (533,069 ) Non-operating items from unconsolidated affiliates (8,825 ) (11,132 ) (26,302 ) (45,229 ) Other, net (30,138 ) (17,310 ) (31,706 ) (67,715 ) (202,250 ) (196,490 ) (569,412 ) (646,013 ) Income before income taxes 291,611 516,265 922,676 1,151,751 Benefit (provision) for income taxes (115,115 ) 44,995 (251,551 ) 15,205 Net income 176,496 561,260 671,125 1,166,956 Less: Net income attributable to noncontrolling interests (27,381 ) (25,641 ) (104,552 ) (90,185 ) Net income attributable to MGM Resorts International $ 149,115 $ 535,619 $ 566,573 $ 1,076,771 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 11 — RELATED PARTY TRANSACTIONS MGM China. MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements, 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 $75 million in 2017 with a 20% increase per annum during the term of the agreement. During the three and nine months ended September 30, 2017, MGM China incurred total license fees of $8 million and $25 million, respectively. During the three and nine months ended September 30, 2016, MGM China incurred total license fees of $9 million and $25 million, respectively. Such amounts have been eliminated in consolidation. MGM China is party to a development services agreement with MGM Branding and Development whereby the latter will 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 all construction costs, 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, gaming concessions, financing charges and license fees. The development fee for each project is subject to an annual cap of $32 million for each of the years 2017, 2018, and 2019, and the aggregate total development fee cap over the duration of the MGM Cotai project is $70 million. Cumulative payments for the MGM Cotai project have totaled $56 million. During the three and nine months ended September 30, 2017, MGM China paid $0 and $13 million of fees, respectively, to MGM Branding and Development related to development services for MGM Cotai. During the three and nine months ended September 30, 2016, MGM China paid $0 and $12 million of fees, respectively, to MGM Branding and Development related to development services for MGM Cotai. Such amounts have been eliminated in consolidation. MGP. Pursuant to a master lease agreement by and between the Tenant, which is a subsidiary of the Company and the Landlord, which is a subsidiary of the Operating Partnership, the Tenant has leased MGP’s 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 the Company’s development property located in Springfield, Massachusetts, which the Landlord may exercise should the Company elect to sell this property in the future. In October 2017, MGP acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company in exchange for cash of $463 million, the assumption of $425 million of indebtedness and the issuance of 9.8 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 MGM National Harbor property. The annual rent payments due under the master lease for the first lease year ending March 31, 2017 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 second lease year commencing April 1, 2017, annual rent payments due under the master lease were $662 million, which included base rent of approximately $597 million and percentage rent of approximately $65 million. In October 2017, subsequent to MGP’s acquisition of MGM National Harbor’s real property, annual rent payments under the master lease increased to $757 million, prorated for the remainder of the second lease year. Base rent under the master lease increased to $682 million and the percentage rent increased to $75 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. The Company was in compliance with all applicable covenants as of September 30, 2017. All intercompany transactions, including transactions under the 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. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | NOTE 12 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of September 30, 2017, 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, MGM National Harbor, Blue Tarp redevelopment (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 consolidating financial information for the subsidiary guarantors and non-guarantors as of September 30, 2017 and December 31, 2016, and for the three and nine months ended September 30, 2017 and 2016 are presented below. Within the Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2017 and 2016, 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 collectively own 72.3% of the Operating Partnership units as of September 30, 2017, and each subsidiary accounts for its respective investment under the equity method within the condensed consolidating financial information presented below. For 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, 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. CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 24,162 $ 979,356 $ 1,147,668 $ 649,953 $ (6,603 ) $ 2,794,536 Property and equipment, net — 13,460,284 8,911,648 5,686,436 (8,923,620 ) 19,134,748 Investments in subsidiaries 21,375,643 3,407,745 — — (24,783,388 ) — Investments in MGP Operating Partnership — 3,520,856 — 629,474 (4,150,330 ) — Investments in and advances to unconsolidated affiliates — 977,305 — 5,279 25,000 1,007,584 Intercompany accounts — 5,953,567 — — (5,953,567 ) — Other non-current assets 49,842 915,289 51,108 5,191,685 (42,902 ) 6,165,022 $ 21,449,647 $ 29,214,402 $ 10,110,424 $ 12,162,827 $ (43,835,410 ) $ 29,101,890 Current liabilities $ 133,113 $ 1,307,341 $ 140,595 $ 1,333,446 $ (178,735 ) $ 2,735,760 Intercompany accounts 5,816,845 — 524 136,198 (5,953,567 ) — Deferred income taxes, net 2,309,461 — 25,368 359,403 (25,368 ) 2,668,864 Long-term debt, net 6,847,905 2,835 3,940,803 2,235,384 — 13,026,927 Other long-term obligations 33,780 7,283,433 162,787 1,047,228 (8,240,966 ) 286,262 Total liabilities 15,141,104 8,593,609 4,270,077 5,111,659 (14,398,636 ) 18,717,813 Redeemable noncontrolling interest — — — 59,337 — 59,337 MGM Resorts International stockholders' equity 6,308,543 20,620,793 4,217,534 4,598,447 (29,436,774 ) 6,308,543 Noncontrolling interests — — 1,622,813 2,393,384 — 4,016,197 Total stockholders' equity 6,308,543 20,620,793 5,840,347 6,991,831 (29,436,774 ) 10,324,740 $ 21,449,647 $ 29,214,402 $ 10,110,424 $ 12,162,827 $ (43,835,410 ) $ 29,101,890 At December 31, 2016 Guarantor Non-Guarantor Subsidiaries Parent 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, net 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 interest — — — 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 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 2,036,252 $ 182,798 $ 791,461 $ (183,771 ) $ 2,826,740 Equity in subsidiaries' earnings 419,054 33,441 — — (452,495 ) — Expenses Casino and hotel operations 2,656 1,092,973 — 498,625 (974 ) 1,593,280 General and administrative 2,210 310,418 18,983 89,506 (18,983 ) 402,134 Corporate expense 31,352 53,286 4,113 (74 ) (171 ) 88,506 Preopening and start-up expenses — 1,856 — 27,493 — 29,349 Property transactions, net — 6,855 1,662 (2,058 ) 1,252 7,711 Depreciation and amortization — 163,880 68,662 85,720 (68,662 ) 249,600 36,218 1,629,268 93,420 699,212 (87,538 ) 2,370,580 Income (loss) from unconsolidated affiliates — 38,551 — (850 ) — 37,701 Operating income 382,836 478,976 89,378 91,399 (548,728 ) 493,861 Interest expense, net of amounts capitalized (112,061 ) (178 ) (45,544 ) (5,504 ) — (163,287 ) Other, net (16,170 ) (59,478 ) 1,354 (19,931 ) 55,262 (38,963 ) Income before income taxes 254,605 419,320 45,188 65,964 (493,466 ) 291,611 Provision for income taxes (105,490 ) — (1,488 ) (8,137 ) — (115,115 ) Net income 149,115 419,320 43,700 57,827 (493,466 ) 176,496 Less: Net income attributable to noncontrolling interests — — (11,025 ) (16,356 ) — (27,381 ) Net income attributable to MGM Resorts International $ 149,115 $ 419,320 $ 32,675 $ 41,471 $ (493,466 ) $ 149,115 Net income $ 149,115 $ 419,320 $ 43,700 $ 57,827 $ (493,466 ) $ 176,496 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (1,635 ) (1,635 ) — (3,004 ) 3,270 (3,004 ) Unrealized gain on cash flow hedges 833 — 1,754 — (1,271 ) 1,316 Other comprehensive income (loss) (802 ) (1,635 ) 1,754 (3,004 ) 1,999 (1,688 ) Comprehensive income 148,313 417,685 45,454 54,823 (491,467 ) 174,808 Less: Comprehensive income attributable to noncontrolling interests — — (11,506 ) (14,989 ) — (26,495 ) Comprehensive income attributable to MGM Resorts International $ 148,313 $ 417,685 $ 33,948 $ 39,834 $ (491,467 ) $ 148,313 Nine Months Ended September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 5,798,594 $ 551,153 $ 2,380,885 $ (553,976 ) $ 8,176,656 Equity in subsidiaries' earnings 1,247,922 122,873 — — (1,370,795 ) — Expenses Casino and hotel operations 7,781 3,135,918 — 1,483,508 (2,823 ) 4,624,384 General and administrative 6,323 874,558 60,112 264,551 (60,112 ) 1,145,432 Corporate expense 86,233 145,885 9,797 (314 ) (514 ) 241,087 NV Energy exit expense — (40,629 ) — — — (40,629 ) Preopening and start-up expenses — 4,631 — 60,877 — 65,508 Property transactions, net — 21,462 19,104 1,188 (19,104 ) 22,650 Depreciation and amortization — 486,981 190,573 257,142 (190,573 ) 744,123 100,337 4,628,806 279,586 2,066,952 (273,126 ) 6,802,555 Income (loss) from unconsolidated affiliates — 118,931 — (944 ) — 117,987 Operating income 1,147,585 1,411,592 271,567 312,989 (1,651,645 ) 1,492,088 Interest expense, net of amounts capitalized (358,359 ) (812 ) (134,998 ) (17,235 ) — (511,404 ) Other, net 11,306 (287,665 ) 1,601 (77,386 ) 294,136 (58,008 ) Income before income taxes 800,532 1,123,115 138,170 218,368 (1,357,509 ) 922,676 Provision for income taxes (233,959 ) — (3,903 ) (13,689 ) — (251,551 ) Net income 566,573 1,123,115 134,267 204,679 (1,357,509 ) 671,125 Less: Net income attributable to noncontrolling interests — — (33,053 ) (71,499 ) — (104,552 ) Net income attributable to MGM Resorts International $ 566,573 $ 1,123,115 $ 101,214 $ 133,180 $ (1,357,509 ) $ 566,573 Net income $ 566,573 $ 1,123,115 $ 134,267 $ 204,679 $ (1,357,509 ) $ 671,125 Other comprehensive loss, net of tax: Foreign currency translation adjustment (23,005 ) (23,005 ) — (41,313 ) 46,010 (41,313 ) Unrealized loss on cash flow hedges (1,997 ) — (2,992 ) — 2,348 (2,641 ) Other comprehensive loss (25,002 ) (23,005 ) (2,992 ) (41,313 ) 48,358 (43,954 ) Comprehensive income 541,571 1,100,110 131,275 163,366 (1,309,151 ) 627,171 Less: Comprehensive income attributable to noncontrolling interests — — (32,409 ) (53,191 ) — (85,600 ) Comprehensive income attributable to MGM Resorts International $ 541,571 $ 1,100,110 $ 98,866 $ 110,175 $ (1,309,151 ) $ 541,571 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (492,009 ) $ 1,063,410 $ 363,855 $ 576,653 $ — $ 1,511,909 Cash flows from investing activities Capital expenditures, net of construction payable — (308,738 ) — (1,090,540 ) — (1,399,278 ) Dispositions of property and equipment — 174 — 197 — 371 Investments in unconsolidated affiliates — (5,921 ) — — — (5,921 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 300,000 — — — 300,000 Intercompany accounts — (1,156,854 ) — — 1,156,854 — Other — (9,982 ) — (11,804 ) — (21,786 ) Net cash used in investing activities — (1,181,321 ) — (1,102,147 ) 1,156,854 (1,126,614 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 290,625 — (33,500 ) 361,609 — 618,734 Issuance of long term debt — — 350,000 — — 350,000 Retirement of senior notes (502,669 ) — — — — (502,669 ) Debt issuance costs — — (5,381 ) (4,379 ) — (9,760 ) Issuance of MGM Growth Properties common shares in public offering — — 404,685 — — 404,685 MGM Growth Properties common share issuance costs — — (17,137 ) — — (17,137 ) Dividends paid to common shareholders (189,726 ) — — — — (189,726 ) MGP Operating Partnership distributions paid to consolidated subsidiaries — — (216,873 ) — 216,873 — Distributions to noncontrolling interest owners — — (67,340 ) (72,330 ) — (139,670 ) Purchases of common stock (327,500 ) — — — — (327,500 ) Intercompany accounts 1,165,419 102,198 — 106,110 (1,373,727 ) — Other (20,354 ) — — (8,583 ) — (28,937 ) Net cash provided by financing activities 415,795 102,198 414,454 382,427 (1,156,854 ) 158,020 Effect of exchange rate on cash — — — (3,208 ) — (3,208 ) Cash and cash equivalents Net increase (decrease) for the period (76,214 ) (15,713 ) 778,309 (146,275 ) — 540,107 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 23,781 $ 292,000 $ 1,138,801 $ 532,106 $ — $ 1,986,688 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2016 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 1,873,313 $ 172,499 $ 642,644 $ (173,341 ) $ 2,515,115 Equity in subsidiaries' earnings 610,002 48,309 — — (658,311 ) — Expenses Casino and hotel operations 2,128 1,034,706 — 389,527 (842 ) 1,425,519 General and administrative 1,575 317,104 17,690 53,271 (17,690 ) 371,950 Corporate expense 29,265 46,330 12,315 (14 ) (114 ) 87,782 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 1,005 — 30,655 — 31,660 Property transactions, net — (120 ) 1,442 (1,148 ) (1,442 ) (1,268 ) Gain on Borgata transaction — (429,778 ) — — — (429,778 ) Depreciation and amortization — 145,631 54,260 64,106 (54,260 ) 209,737 32,968 1,254,213 85,707 536,397 (74,348 ) 1,834,937 Income from unconsolidated affiliates — 32,238 — 339 — 32,577 Operating income 577,034 699,647 86,792 106,586 (757,304 ) 712,755 Interest expense, net of amounts capitalized (123,836 ) (206 ) (42,839 ) (1,167 ) — (168,048 ) Other, net (996 ) (104,360 ) (367 ) (27,676 ) 104,957 (28,442 ) Income before income taxes 452,202 595,081 43,586 77,743 (652,347 ) 516,265 Benefit (provision) for income taxes 83,417 (748 ) (915 ) (36,759 ) — 44,995 Net income 535,619 594,333 42,671 40,984 (652,347 ) 561,260 Less: Net income attributable to noncontrolling interests — — (10,591 ) (15,050 ) — (25,641 ) Net income attributable to MGM Resorts International $ 535,619 $ 594,333 $ 32,080 $ 25,934 $ (652,347 ) $ 535,619 Net income $ 535,619 $ 594,333 $ 42,671 $ 40,984 $ (652,347 ) $ 561,260 Other comprehensive income, net of tax: Foreign currency translation adjustment 919 918 — 1,733 (1,836 ) 1,734 Other comprehensive income 919 918 — 1,733 (1,836 ) 1,734 Comprehensive income 536,538 595,251 42,671 42,717 (654,183 ) 562,994 Less: Comprehensive income attributable to noncontrolling interests — — (10,591 ) (15,865 ) — (26,456 ) Comprehensive income attributable to MGM Resorts International $ 536,538 $ 595,251 $ 32,080 $ 26,852 $ (654,183 ) $ 536,538 Nine Months Ended September 30, 2016 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 5,150,751 $ 283,402 $ 1,846,107 $ (285,957 ) $ 6,994,303 Equity in subsidiaries' earnings 1,589,882 125,283 — — (1,715,165 ) — Expenses Casino and hotel operations 6,191 2,879,139 — 1,157,426 (2,555 ) 4,040,201 General and administrative 4,776 823,290 47,174 154,000 (27,340 ) 1,001,900 Corporate expense 105,245 119,170 16,703 (171 ) (114 ) 240,833 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 7,232 — 71,212 — 78,444 Property transactions, net — 3,720 2,651 123 (1,777 ) 4,717 Gain on Borgata transaction — (429,778 ) — — — (429,778 ) Depreciation and amortization — 360,847 158,860 191,954 (95,186 ) 616,475 116,212 3,902,955 225,388 1,574,544 (126,972 ) 5,692,127 Income from unconsolidated affiliates — 495,427 — 161 — 495,588 Operating income 1,473,670 1,868,506 58,014 271,724 (1,874,150 ) 1,797,764 Interest expense, net of amounts capitalized (447,258 ) (564 ) (72,314 ) (12,933 ) — (533,069 ) Other, net (21,714 ) (212,828 ) (439 ) (65,459 ) 187,496 (112,944 ) Income (loss) before income taxes 1,004,698 1,655,114 (14,739 ) 193,332 (1,686,654 ) 1,151,751 Benefit (provision) for income taxes 72,073 (21,663 ) (915 ) (34,290 ) — 15,205 Net income (loss) 1,076,771 1,633,451 (15,654 ) 159,042 (1,686,654 ) 1,166,956 Less: Net income attributable to noncontrolling interests — — (17,544 ) (72,641 ) — (90,185 ) Net income (loss) attributable to MGM Resorts International $ 1,076,771 $ 1,633,451 $ (33,198 ) $ 86,401 $ (1,686,654 ) $ 1,076,771 Net income (loss) $ 1,076,771 $ 1,633,451 $ (15,654 ) $ 159,042 $ (1,686,654 ) $ 1,166,956 Other comprehensive loss, net of tax: Foreign currency translation adjustment (2,295 ) (2,295 ) — (4,402 ) 4,590 (4,402 ) Other comprehensive loss (2,295 ) (2,295 ) — (4,402 ) 4,590 (4,402 ) Comprehensive income (loss) 1,074,476 1,631,156 (15,654 ) 154,640 (1,682,064 ) 1,162,554 Less: Comprehensive income attributable to noncontrolling interests — — (17,544 ) (70,534 ) — (88,078 ) Comprehensive income (loss) attributable to MGM Resorts International $ 1,074,476 $ 1,631,156 $ (33,198 ) $ 84,106 $ (1,682,064 ) $ 1,074,476 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2016 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (593,124 ) $ 1,066,700 $ 182,421 $ 393,008 $ — $ 1,049,005 Cash flows from investing activities Capital expenditures, net of construction payable — (113,333 ) (138,987 ) (1,337,988 ) — (1,590,308 ) Dispositions of property and equipment — 1,682 — 1,608 — 3,290 Proceeds from partial disposition of investment in unconsolidated affiliate — 15,000 — — — 15,000 Acquisition of Borgata, net of cash acquired — (550,975 ) — — — (550,975 ) Investments in unconsolidated affiliates — (1,555 ) — — — (1,555 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 543,036 — — — 543,036 Intercompany accounts — (1,264,341 ) — — 1,264,341 — Other — (5,666 ) — (2,591 ) — (8,257 ) Net cash used in investing activities — (1,376,152 ) (138,987 ) (1,338,971 ) 1,264,341 (1,589,769 ) 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 ) 631,198 — 298,448 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 (28,254 ) (1,530 ) (76,120 ) (32,550 ) — (138,454 ) Issuance of MGM Growth Properties common shares in public offering — — 1,207,500 — — 1,207,500 MGM Growth Properties common share issuance costs — — (75,032 ) — — (75,032 ) Acquisition of MGM China shares (100,000 ) — — — — (100,000 ) MGP Operating Partnership distributions paid to consolidated subsidiaries 41,586 (41,586 ) — — — Distributions to noncontrolling interest owners — — (15,134 ) (63,556 ) — (78,690 ) Intercompany accounts 4,070,558 (3,225,641 ) 158,822 260,602 (1,264,341 ) — Other (4,377 ) (32 ) — — — (4,409 ) Net cash provided by financing activities 208,121 281,388 296,850 795,694 (1,264,341 ) 317,712 Effect of exchange rate on cash — — — (1,102 ) — (1,102 ) Cash and cash equivalents Net increase (decrease) for the period (385,003 ) (28,064 ) 340,284 (151,371 ) — (224,154 ) Balance, beginning of period 538,856 304,168 — 827,288 — 1,670,312 Balance, end of period $ 153,853 $ 276,104 $ 340,284 $ 675,917 $ — $ 1,446,158 |
Basis of Presentation and Sig19
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2016 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. |
Principles of consolidation | Principles of consolidation. 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 |
Fair value measurements | Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company 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 5); and • Level 2 inputs when measuring the fair value of its interest rate swaps (see Note 6). |
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 and losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of September 30, 2017 and December 31, 2016, the Company had accrued $ 11 million and $36 million, respectively, for property and equipment within accounts payable and $34 million and $32 million, respectively, related to construction retention in other long-term liabilities. |
Income tax provision | Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was 39.5% and 27.3% for the three and nine months ended September 30, 2017, respectively. The Company recognizes deferred tax assets, net of applicable reserves, related to tax loss and credit carryforwards and other temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. The Company has generated significant excess foreign tax credits that are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. As long as the exemption from Macau’s 12% complementary tax on gaming profits continues and the Company continues to receive distributions from MGM China, the Company expects that it will generate excess foreign tax credits in most years and that most of the excess foreign credits will not be utilized before the exemption expires. 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 assumed that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond March 31, 2020 and it will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset and the measurement of Macau deferred tax liabilities. 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 had 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 for distributions of profits earned through December 31, 2016. MGM China was not subject to the complementary tax on distributions covered by the annual fee arrangement. Annual payments of $2 million were required under the annual fee arrangement. MGM Grand Paradise has requested an extension of this agreement to cover distributions of profits earned through December 31, 2021. 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. Since 2017 earnings are not currently covered by an annual fee arrangement, the Company is providing deferred taxes on such earnings in estimating its annual effective tax rate for 2017. If an extension is granted in a future period, the Company will reverse all associated deferred taxes, which total $28 million as of September 30, 2017, resulting in a reduction in provision for income taxes in such period. The Company’s assessment of realization of its foreign tax credit deferred tax asset is based on available evidence, including assumptions about future profitability of and distributions from MGM China, as well as its assumption concerning renewals of the exemption from Macau’s 12% complementary tax on gaming profits and future profitability of its U.S. operations. As a result, significant judgment is required in assessing the possible need for and amount of valuation allowance and changes to such assumptions may have a material impact on the amount of the valuation allowance. For example, should the Company in a future period actually receive or be able to assume an additional five-year exemption, an additional valuation allowance would likely need to be provided on some portion or all of the foreign tax credit deferred tax asset, resulting in an increase in the provision for income taxes in such period, and such increase may be material. In addition, a change to forecasts of future profitability of, and distributions from, MGM China could also result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in such period. |
Recently issued accounting standards | Recently issued accounting standards. 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),” (“ASU 2014-09”) outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. 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),” (“ASU 2016-08”) 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,” (“ASU 2016-10”) 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,” (“ASU 2016-12”) 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. 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 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, or entertainment). The Company also expects impacts related to its loyalty programs and gaming promoter incentive programs at MGM Macau, which will affect classification of revenues and expenses. The Company expects to adopt the above ASUs on a full retrospective basis. 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 the 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 did 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 did not have a material effect on the Company’s consolidated financial statements and footnote disclosures. In January 2017, the Company early adopted ASU No. 2017-04, “Intangibles – disclosures |
Borgata Acquisition (Tables)
Borgata Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
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 had occurred as of January 1, 2015. 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. Nine Months Ended September 30, 2016 (In thousands, except per share data) (unaudited) Net revenues $ 7,479,356 Net income attributable to MGM Resorts International 790,834 Basic net income per share $ 1.40 Diluted net income per share $ 1.38 |
Investments in and Advances t21
Investments in and Advances to Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Investments in and Advances to Unconsolidated Affiliates | Investments in and advances to unconsolidated affiliates consisted of the following: September 30, December 31, 2017 2016 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 793,156 $ 1,007,358 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 123,008 123,585 Las Vegas Arena Company, LLC (42.5%) 77,011 80,339 Other 14,409 9,161 $ 1,007,584 $ 1,220,443 |
Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates | The Company recorded its share of net income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Income from unconsolidated affiliates $ 37,701 $ 32,577 $ 117,987 $ 495,588 Preopening and start-up expenses — (81 ) — (3,168 ) Non-operating items from unconsolidated affiliates (8,825 ) (11,132 ) (26,302 ) (45,229 ) $ 28,876 $ 21,364 $ 91,685 $ 447,191 |
City Center Holdings LLC As a Legal Entity [Member] | |
Summarized Balance Sheet Information | Summarized balance sheet information for CityCenter is as follows: September 30, December 31, 2017 2016 (In thousands) Current assets $ 309,444 $ 394,283 Property and other long-term assets, net 6,612,062 6,704,485 Current liabilities 289,038 295,822 Long-term debt, net and other long-term obligations 1,561,018 1,248,916 Equity 5,071,450 5,554,030 |
Summarized Income Statement Information | Summarized income statement information for CityCenter is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Net revenues $ 322,271 $ 308,467 $ 962,027 $ 898,994 Operating expenses (271,162 ) (301,240 ) (797,105 ) (919,329 ) Operating income (loss) 51,109 7,227 164,922 (20,335 ) Non-operating expenses (15,971 ) (14,582 ) (47,502 ) (49,739 ) Net income (loss) from continuing operations 35,138 (7,355 ) 117,420 (70,074 ) Discontinued operations — (521 ) — 399,514 Net income (loss) $ 35,138 $ (7,876 ) $ 117,420 $ 329,440 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: September 30, December 31, 2017 2016 (In thousands) Senior credit facility $ 540,625 $ 250,000 MGM Growth Properties senior credit facility 2,099,750 2,133,250 MGM China credit facility 2,251,771 1,933,313 MGM National Harbor credit facility 478,000 450,000 $475 million 11.375% senior notes, due 2018 — 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 1,050,000 $500 million 4.50% MGM Growth Properties senior notes, due 2026 500,000 500,000 $500 million 4.625% senior notes, due 2026 500,000 500,000 $350 million 4.50% MGM Growth Properties senior notes, due 2028 350,000 — $0.6 million 7% debentures, due 2036 552 552 $2.3 million 6.7% debentures, due 2096 2,265 2,265 13,622,963 13,144,380 Less: Premiums, discounts, and unamortized debt issuance costs, net (129,661 ) (156,785 ) 13,493,302 12,987,595 Less: Current portion, net (466,375 ) (8,375 ) $ 13,026,927 $ 12,979,220 |
Derivatives and Hedging Activ23
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Principle Terms of Interest Rate Swaps | The principal terms at September 30, 2017 are as follows: Effective Date Maturity Date Notional Amount Weighted Average Fixed Rate Fair Value Asset (Liability) (In thousands) (In thousands) May 3, 2017 November 30, 2021 $ 500,000 1.764 % $ 1,045 May 3, 2017 November 30, 2021 700,000 1.901 % (2,380 ) $ 1,200,000 $ (1,335 ) |
Income Per Share of Common St24
Income Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Number of Common and Common Equivalent Shares Used in the Calculation of Basic and Diluted Income Per Share | The table below reconciles basic and diluted income per share of common stock. Diluted net income 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 include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 149,115 $ 535,619 $ 566,573 $ 1,076,771 Adjustment related to redeemable noncontrolling interests (28 ) — (83 ) — Net income available to common stockholders - basic 149,087 535,619 566,490 1,076,771 Potentially dilutive effect due to MGP Omnibus Plan (20 ) (15 ) (79 ) (18 ) Potentially dilutive effect due to MGM China Share Option Plan (22 ) — (96 ) — Net income attributable to common stockholders - diluted $ 149,045 $ 535,604 $ 566,315 $ 1,076,753 Denominator: Weighted-average common shares outstanding - basic 573,527 568,125 574,262 566,220 Potential dilution from share-based awards 7,149 5,687 6,679 5,130 Weighted-average common and common equivalent shares - diluted 580,676 573,812 580,941 571,350 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,989 3,362 2,424 4,314 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Changes in Stockholders' Equity | The following table presents the Company’s changes in stockholders’ equity for the nine months ended September 30, 2017: MGM Resorts International Total Stockholders' Noncontrolling Stockholders' Equity Interests Equity (In thousands) Balances, January 1, 2017 $ 6,220,180 $ 3,749,132 $ 9,969,312 Net income 566,573 98,901 665,474 Currency translation adjustment (23,005 ) (18,308 ) (41,313 ) Other comprehensive loss - cash flow hedges (1,997 ) (644 ) (2,641 ) Stock-based compensation 42,714 3,612 46,326 Issuance of common stock pursuant to stock-based compensation awards (20,352 ) — (20,352 ) Issuance of performance share units 9,648 95 9,743 Distributions to noncontrolling interest owners — (116,953 ) (116,953 ) Dividend paid to common shareholders (189,727 ) — (189,727 ) Dividend payable to noncontrolling interest owners — (28,004 ) (28,004 ) Repurchases of common stock (327,500 ) — (327,500 ) MGP Class A share issuance 35,138 326,484 361,622 Other (3,129 ) 1,882 (1,247 ) Balances, September 30, 2017 $ 6,308,543 $ 4,016,197 $ 10,324,740 |
Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component | Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows: Currency Translation Cash Flow Adjustments Hedges Other Total (In thousands) Balance, January 1, 2017 $ 12,545 $ 1,434 $ 1,074 $ 15,053 Other comprehensive loss before reclassifications (41,313 ) (10,009 ) — (51,322 ) Amounts reclassified from accumulated other comprehensive income — 7,368 — 7,368 MGP Class A Share issuance adjustment — — 109 109 Other comprehensive income (loss), net of tax (41,313 ) (2,641 ) 109 (43,845 ) Less: Other comprehensive loss attributable to noncontrolling interest 18,308 644 — 18,952 Balance, September 30, 2017 $ (10,460 ) $ (563 ) $ 1,183 $ (9,840 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands) Net revenue Domestic resorts $ 2,235,165 $ 1,898,654 $ 6,392,493 $ 5,212,368 MGM China 470,775 499,822 1,421,892 1,420,802 Reportable segment net revenues 2,705,940 2,398,476 7,814,385 6,633,170 Corporate and other 120,800 116,639 362,271 361,133 $ 2,826,740 $ 2,515,115 $ 8,176,656 $ 6,994,303 Adjusted Property EBITDA Domestic resorts $ 713,589 $ 570,178 $ 2,019,026 $ 1,570,192 MGM China 118,237 149,868 377,539 383,187 Reportable segment Adjusted Property EBITDA 831,826 720,046 2,396,565 1,953,379 Other operating income (expense) Corporate and other (51,305 ) (57,605 ) (112,825 ) 253,578 NV Energy exit expense — (139,335 ) 40,629 (139,335 ) Preopening and start-up expenses (29,349 ) (31,660 ) (65,508 ) (78,444 ) Property transactions, net (7,711 ) 1,268 (22,650 ) (4,717 ) Gain on Borgata transaction — 429,778 — 429,778 Depreciation and amortization (249,600 ) (209,737 ) (744,123 ) (616,475 ) Operating income 493,861 712,755 1,492,088 1,797,764 Non-operating income (expense) Interest expense, net of amounts capitalized (163,287 ) (168,048 ) (511,404 ) (533,069 ) Non-operating items from unconsolidated affiliates (8,825 ) (11,132 ) (26,302 ) (45,229 ) Other, net (30,138 ) (17,310 ) (31,706 ) (67,715 ) (202,250 ) (196,490 ) (569,412 ) (646,013 ) Income before income taxes 291,611 516,265 922,676 1,151,751 Benefit (provision) for income taxes (115,115 ) 44,995 (251,551 ) 15,205 Net income 176,496 561,260 671,125 1,166,956 Less: Net income attributable to noncontrolling interests (27,381 ) (25,641 ) (104,552 ) (90,185 ) Net income attributable to MGM Resorts International $ 149,115 $ 535,619 $ 566,573 $ 1,076,771 |
Condensed Consolidating Finan27
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 24,162 $ 979,356 $ 1,147,668 $ 649,953 $ (6,603 ) $ 2,794,536 Property and equipment, net — 13,460,284 8,911,648 5,686,436 (8,923,620 ) 19,134,748 Investments in subsidiaries 21,375,643 3,407,745 — — (24,783,388 ) — Investments in MGP Operating Partnership — 3,520,856 — 629,474 (4,150,330 ) — Investments in and advances to unconsolidated affiliates — 977,305 — 5,279 25,000 1,007,584 Intercompany accounts — 5,953,567 — — (5,953,567 ) — Other non-current assets 49,842 915,289 51,108 5,191,685 (42,902 ) 6,165,022 $ 21,449,647 $ 29,214,402 $ 10,110,424 $ 12,162,827 $ (43,835,410 ) $ 29,101,890 Current liabilities $ 133,113 $ 1,307,341 $ 140,595 $ 1,333,446 $ (178,735 ) $ 2,735,760 Intercompany accounts 5,816,845 — 524 136,198 (5,953,567 ) — Deferred income taxes, net 2,309,461 — 25,368 359,403 (25,368 ) 2,668,864 Long-term debt, net 6,847,905 2,835 3,940,803 2,235,384 — 13,026,927 Other long-term obligations 33,780 7,283,433 162,787 1,047,228 (8,240,966 ) 286,262 Total liabilities 15,141,104 8,593,609 4,270,077 5,111,659 (14,398,636 ) 18,717,813 Redeemable noncontrolling interest — — — 59,337 — 59,337 MGM Resorts International stockholders' equity 6,308,543 20,620,793 4,217,534 4,598,447 (29,436,774 ) 6,308,543 Noncontrolling interests — — 1,622,813 2,393,384 — 4,016,197 Total stockholders' equity 6,308,543 20,620,793 5,840,347 6,991,831 (29,436,774 ) 10,324,740 $ 21,449,647 $ 29,214,402 $ 10,110,424 $ 12,162,827 $ (43,835,410 ) $ 29,101,890 At December 31, 2016 Guarantor Non-Guarantor Subsidiaries Parent 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, net 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 interest — — — 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 |
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 2,036,252 $ 182,798 $ 791,461 $ (183,771 ) $ 2,826,740 Equity in subsidiaries' earnings 419,054 33,441 — — (452,495 ) — Expenses Casino and hotel operations 2,656 1,092,973 — 498,625 (974 ) 1,593,280 General and administrative 2,210 310,418 18,983 89,506 (18,983 ) 402,134 Corporate expense 31,352 53,286 4,113 (74 ) (171 ) 88,506 Preopening and start-up expenses — 1,856 — 27,493 — 29,349 Property transactions, net — 6,855 1,662 (2,058 ) 1,252 7,711 Depreciation and amortization — 163,880 68,662 85,720 (68,662 ) 249,600 36,218 1,629,268 93,420 699,212 (87,538 ) 2,370,580 Income (loss) from unconsolidated affiliates — 38,551 — (850 ) — 37,701 Operating income 382,836 478,976 89,378 91,399 (548,728 ) 493,861 Interest expense, net of amounts capitalized (112,061 ) (178 ) (45,544 ) (5,504 ) — (163,287 ) Other, net (16,170 ) (59,478 ) 1,354 (19,931 ) 55,262 (38,963 ) Income before income taxes 254,605 419,320 45,188 65,964 (493,466 ) 291,611 Provision for income taxes (105,490 ) — (1,488 ) (8,137 ) — (115,115 ) Net income 149,115 419,320 43,700 57,827 (493,466 ) 176,496 Less: Net income attributable to noncontrolling interests — — (11,025 ) (16,356 ) — (27,381 ) Net income attributable to MGM Resorts International $ 149,115 $ 419,320 $ 32,675 $ 41,471 $ (493,466 ) $ 149,115 Net income $ 149,115 $ 419,320 $ 43,700 $ 57,827 $ (493,466 ) $ 176,496 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (1,635 ) (1,635 ) — (3,004 ) 3,270 (3,004 ) Unrealized gain on cash flow hedges 833 — 1,754 — (1,271 ) 1,316 Other comprehensive income (loss) (802 ) (1,635 ) 1,754 (3,004 ) 1,999 (1,688 ) Comprehensive income 148,313 417,685 45,454 54,823 (491,467 ) 174,808 Less: Comprehensive income attributable to noncontrolling interests — — (11,506 ) (14,989 ) — (26,495 ) Comprehensive income attributable to MGM Resorts International $ 148,313 $ 417,685 $ 33,948 $ 39,834 $ (491,467 ) $ 148,313 Nine Months Ended September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 5,798,594 $ 551,153 $ 2,380,885 $ (553,976 ) $ 8,176,656 Equity in subsidiaries' earnings 1,247,922 122,873 — — (1,370,795 ) — Expenses Casino and hotel operations 7,781 3,135,918 — 1,483,508 (2,823 ) 4,624,384 General and administrative 6,323 874,558 60,112 264,551 (60,112 ) 1,145,432 Corporate expense 86,233 145,885 9,797 (314 ) (514 ) 241,087 NV Energy exit expense — (40,629 ) — — — (40,629 ) Preopening and start-up expenses — 4,631 — 60,877 — 65,508 Property transactions, net — 21,462 19,104 1,188 (19,104 ) 22,650 Depreciation and amortization — 486,981 190,573 257,142 (190,573 ) 744,123 100,337 4,628,806 279,586 2,066,952 (273,126 ) 6,802,555 Income (loss) from unconsolidated affiliates — 118,931 — (944 ) — 117,987 Operating income 1,147,585 1,411,592 271,567 312,989 (1,651,645 ) 1,492,088 Interest expense, net of amounts capitalized (358,359 ) (812 ) (134,998 ) (17,235 ) — (511,404 ) Other, net 11,306 (287,665 ) 1,601 (77,386 ) 294,136 (58,008 ) Income before income taxes 800,532 1,123,115 138,170 218,368 (1,357,509 ) 922,676 Provision for income taxes (233,959 ) — (3,903 ) (13,689 ) — (251,551 ) Net income 566,573 1,123,115 134,267 204,679 (1,357,509 ) 671,125 Less: Net income attributable to noncontrolling interests — — (33,053 ) (71,499 ) — (104,552 ) Net income attributable to MGM Resorts International $ 566,573 $ 1,123,115 $ 101,214 $ 133,180 $ (1,357,509 ) $ 566,573 Net income $ 566,573 $ 1,123,115 $ 134,267 $ 204,679 $ (1,357,509 ) $ 671,125 Other comprehensive loss, net of tax: Foreign currency translation adjustment (23,005 ) (23,005 ) — (41,313 ) 46,010 (41,313 ) Unrealized loss on cash flow hedges (1,997 ) — (2,992 ) — 2,348 (2,641 ) Other comprehensive loss (25,002 ) (23,005 ) (2,992 ) (41,313 ) 48,358 (43,954 ) Comprehensive income 541,571 1,100,110 131,275 163,366 (1,309,151 ) 627,171 Less: Comprehensive income attributable to noncontrolling interests — — (32,409 ) (53,191 ) — (85,600 ) Comprehensive income attributable to MGM Resorts International $ 541,571 $ 1,100,110 $ 98,866 $ 110,175 $ (1,309,151 ) $ 541,571 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2016 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 1,873,313 $ 172,499 $ 642,644 $ (173,341 ) $ 2,515,115 Equity in subsidiaries' earnings 610,002 48,309 — — (658,311 ) — Expenses Casino and hotel operations 2,128 1,034,706 — 389,527 (842 ) 1,425,519 General and administrative 1,575 317,104 17,690 53,271 (17,690 ) 371,950 Corporate expense 29,265 46,330 12,315 (14 ) (114 ) 87,782 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 1,005 — 30,655 — 31,660 Property transactions, net — (120 ) 1,442 (1,148 ) (1,442 ) (1,268 ) Gain on Borgata transaction — (429,778 ) — — — (429,778 ) Depreciation and amortization — 145,631 54,260 64,106 (54,260 ) 209,737 32,968 1,254,213 85,707 536,397 (74,348 ) 1,834,937 Income from unconsolidated affiliates — 32,238 — 339 — 32,577 Operating income 577,034 699,647 86,792 106,586 (757,304 ) 712,755 Interest expense, net of amounts capitalized (123,836 ) (206 ) (42,839 ) (1,167 ) — (168,048 ) Other, net (996 ) (104,360 ) (367 ) (27,676 ) 104,957 (28,442 ) Income before income taxes 452,202 595,081 43,586 77,743 (652,347 ) 516,265 Benefit (provision) for income taxes 83,417 (748 ) (915 ) (36,759 ) — 44,995 Net income 535,619 594,333 42,671 40,984 (652,347 ) 561,260 Less: Net income attributable to noncontrolling interests — — (10,591 ) (15,050 ) — (25,641 ) Net income attributable to MGM Resorts International $ 535,619 $ 594,333 $ 32,080 $ 25,934 $ (652,347 ) $ 535,619 Net income $ 535,619 $ 594,333 $ 42,671 $ 40,984 $ (652,347 ) $ 561,260 Other comprehensive income, net of tax: Foreign currency translation adjustment 919 918 — 1,733 (1,836 ) 1,734 Other comprehensive income 919 918 — 1,733 (1,836 ) 1,734 Comprehensive income 536,538 595,251 42,671 42,717 (654,183 ) 562,994 Less: Comprehensive income attributable to noncontrolling interests — — (10,591 ) (15,865 ) — (26,456 ) Comprehensive income attributable to MGM Resorts International $ 536,538 $ 595,251 $ 32,080 $ 26,852 $ (654,183 ) $ 536,538 Nine Months Ended September 30, 2016 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 5,150,751 $ 283,402 $ 1,846,107 $ (285,957 ) $ 6,994,303 Equity in subsidiaries' earnings 1,589,882 125,283 — — (1,715,165 ) — Expenses Casino and hotel operations 6,191 2,879,139 — 1,157,426 (2,555 ) 4,040,201 General and administrative 4,776 823,290 47,174 154,000 (27,340 ) 1,001,900 Corporate expense 105,245 119,170 16,703 (171 ) (114 ) 240,833 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 7,232 — 71,212 — 78,444 Property transactions, net — 3,720 2,651 123 (1,777 ) 4,717 Gain on Borgata transaction — (429,778 ) — — — (429,778 ) Depreciation and amortization — 360,847 158,860 191,954 (95,186 ) 616,475 116,212 3,902,955 225,388 1,574,544 (126,972 ) 5,692,127 Income from unconsolidated affiliates — 495,427 — 161 — 495,588 Operating income 1,473,670 1,868,506 58,014 271,724 (1,874,150 ) 1,797,764 Interest expense, net of amounts capitalized (447,258 ) (564 ) (72,314 ) (12,933 ) — (533,069 ) Other, net (21,714 ) (212,828 ) (439 ) (65,459 ) 187,496 (112,944 ) Income (loss) before income taxes 1,004,698 1,655,114 (14,739 ) 193,332 (1,686,654 ) 1,151,751 Benefit (provision) for income taxes 72,073 (21,663 ) (915 ) (34,290 ) — 15,205 Net income (loss) 1,076,771 1,633,451 (15,654 ) 159,042 (1,686,654 ) 1,166,956 Less: Net income attributable to noncontrolling interests — — (17,544 ) (72,641 ) — (90,185 ) Net income (loss) attributable to MGM Resorts International $ 1,076,771 $ 1,633,451 $ (33,198 ) $ 86,401 $ (1,686,654 ) $ 1,076,771 Net income (loss) $ 1,076,771 $ 1,633,451 $ (15,654 ) $ 159,042 $ (1,686,654 ) $ 1,166,956 Other comprehensive loss, net of tax: Foreign currency translation adjustment (2,295 ) (2,295 ) — (4,402 ) 4,590 (4,402 ) Other comprehensive loss (2,295 ) (2,295 ) — (4,402 ) 4,590 (4,402 ) Comprehensive income (loss) 1,074,476 1,631,156 (15,654 ) 154,640 (1,682,064 ) 1,162,554 Less: Comprehensive income attributable to noncontrolling interests — — (17,544 ) (70,534 ) — (88,078 ) Comprehensive income (loss) attributable to MGM Resorts International $ 1,074,476 $ 1,631,156 $ (33,198 ) $ 84,106 $ (1,682,064 ) $ 1,074,476 |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (492,009 ) $ 1,063,410 $ 363,855 $ 576,653 $ — $ 1,511,909 Cash flows from investing activities Capital expenditures, net of construction payable — (308,738 ) — (1,090,540 ) — (1,399,278 ) Dispositions of property and equipment — 174 — 197 — 371 Investments in unconsolidated affiliates — (5,921 ) — — — (5,921 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 300,000 — — — 300,000 Intercompany accounts — (1,156,854 ) — — 1,156,854 — Other — (9,982 ) — (11,804 ) — (21,786 ) Net cash used in investing activities — (1,181,321 ) — (1,102,147 ) 1,156,854 (1,126,614 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 290,625 — (33,500 ) 361,609 — 618,734 Issuance of long term debt — — 350,000 — — 350,000 Retirement of senior notes (502,669 ) — — — — (502,669 ) Debt issuance costs — — (5,381 ) (4,379 ) — (9,760 ) Issuance of MGM Growth Properties common shares in public offering — — 404,685 — — 404,685 MGM Growth Properties common share issuance costs — — (17,137 ) — — (17,137 ) Dividends paid to common shareholders (189,726 ) — — — — (189,726 ) MGP Operating Partnership distributions paid to consolidated subsidiaries — — (216,873 ) — 216,873 — Distributions to noncontrolling interest owners — — (67,340 ) (72,330 ) — (139,670 ) Purchases of common stock (327,500 ) — — — — (327,500 ) Intercompany accounts 1,165,419 102,198 — 106,110 (1,373,727 ) — Other (20,354 ) — — (8,583 ) — (28,937 ) Net cash provided by financing activities 415,795 102,198 414,454 382,427 (1,156,854 ) 158,020 Effect of exchange rate on cash — — — (3,208 ) — (3,208 ) Cash and cash equivalents Net increase (decrease) for the period (76,214 ) (15,713 ) 778,309 (146,275 ) — 540,107 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 23,781 $ 292,000 $ 1,138,801 $ 532,106 $ — $ 1,986,688 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2016 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (593,124 ) $ 1,066,700 $ 182,421 $ 393,008 $ — $ 1,049,005 Cash flows from investing activities Capital expenditures, net of construction payable — (113,333 ) (138,987 ) (1,337,988 ) — (1,590,308 ) Dispositions of property and equipment — 1,682 — 1,608 — 3,290 Proceeds from partial disposition of investment in unconsolidated affiliate — 15,000 — — — 15,000 Acquisition of Borgata, net of cash acquired — (550,975 ) — — — (550,975 ) Investments in unconsolidated affiliates — (1,555 ) — — — (1,555 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 543,036 — — — 543,036 Intercompany accounts — (1,264,341 ) — — 1,264,341 — Other — (5,666 ) — (2,591 ) — (8,257 ) Net cash used in investing activities — (1,376,152 ) (138,987 ) (1,338,971 ) 1,264,341 (1,589,769 ) 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 ) 631,198 — 298,448 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 (28,254 ) (1,530 ) (76,120 ) (32,550 ) — (138,454 ) Issuance of MGM Growth Properties common shares in public offering — — 1,207,500 — — 1,207,500 MGM Growth Properties common share issuance costs — — (75,032 ) — — (75,032 ) Acquisition of MGM China shares (100,000 ) — — — — (100,000 ) MGP Operating Partnership distributions paid to consolidated subsidiaries 41,586 (41,586 ) — — — Distributions to noncontrolling interest owners — — (15,134 ) (63,556 ) — (78,690 ) Intercompany accounts 4,070,558 (3,225,641 ) 158,822 260,602 (1,264,341 ) — Other (4,377 ) (32 ) — — — (4,409 ) Net cash provided by financing activities 208,121 281,388 296,850 795,694 (1,264,341 ) 317,712 Effect of exchange rate on cash — — — (1,102 ) — (1,102 ) Cash and cash equivalents Net increase (decrease) for the period (385,003 ) (28,064 ) 340,284 (151,371 ) — (224,154 ) Balance, beginning of period 538,856 304,168 — 827,288 — 1,670,312 Balance, end of period $ 153,853 $ 276,104 $ 340,284 $ 675,917 $ — $ 1,446,158 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | Aug. 31, 2017 | Oct. 31, 2017 | Sep. 30, 2017aft²RoomgamesSlotParking_garage_spaceshares | Jun. 30, 2017 | Sep. 30, 2017USD ($)aft²RoomgamesSlotParking_garage_spaceSegmentshares | Dec. 31, 2016 | Oct. 31, 2015Seat |
Organization Disclosure [Line Items] | |||||||
Partnership interest | 76.30% | 72.30% | 72.30% | ||||
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% | 42.50% | ||||
Number of seats | Seat | 20,000 | ||||||
Grand Victoria [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Percentage ownership interest | 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% | |||||
Athena Arena, LLC [Member] | Las Vegas Arena Company LLC As Investee [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Percentage ownership interest | 15.00% | ||||||
Class A shares [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Common stock voting rights | one vote per share | ||||||
MGM National Harbor Transaction [Member] | Subsequent Event [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Partnership interest | 73.40% | ||||||
Co-venturer [Member] | Hyatt Gaming [Member] | Grand Victoria [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Percentage ownership interest | 50.00% | 50.00% | |||||
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 Growth Properties LLC [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Minimum ownership percentage required for majority voting interest | 30.00% | ||||||
Percentage of minority interest | 23.70% | 27.70% | 27.70% | ||||
Percentage of partnership ownership interest | 100.00% | ||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
New issuance of shares | shares | 13,225,000 | 13,225,000 | |||||
MGM China [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Percentage ownership interest | 56.00% | 56.00% | 56.00% | ||||
MGM Cotai [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Number of hotel rooms | Room | 1,400 | 1,400 | |||||
Expected development and construction cost, excluding capitalized and land related costs | $ | $ 3,400 | ||||||
MGM Cotai [Member] | Maximum [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
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 | |||||
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 | 120 | 120 | |||||
Number of slots | Slot | 2,550 | 2,550 | |||||
Expected development and construction cost, excluding capitalized and land related costs | $ | $ 960 | ||||||
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 | 3,500 | 3,500 |
Basis of Presentation and Sig29
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 100.00% | 100.00% | ||
Total assets, related to real estate investments | $ 29,101,890 | $ 29,101,890 | $ 28,173,301 | |
Total liabilities, related to indebtedness | 18,717,813 | 18,717,813 | 18,149,850 | |
Accrual for property and equipment | 11,000 | 11,000 | 36,000 | |
Construction retention accrued | $ 34,000 | $ 34,000 | 32,000 | |
Effective income tax rate | 39.50% | 27.30% | ||
Macau [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Special gaming tax rate | 35.00% | |||
MGM Growth Properties LLC [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of minority interest | 27.70% | 27.70% | 23.70% | |
Total assets, related to real estate investments | $ 10,100,000 | $ 10,100,000 | 9,500,000 | |
Total liabilities, related to indebtedness | $ 4,300,000 | $ 4,300,000 | $ 3,900,000 | |
MGM Grand Paradise SA [Member] | Macau [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Complementary tax rate | 12.00% | |||
Tax credit carryforward, description | 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 assumed that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond March 31, 2020 and it will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset and the measurement of Macau deferred tax liabilities. | |||
Annual payments required under the extended annual fee arrangement | $ 2,000 | |||
Expected reversal of deferred taxes | $ 28,000 | |||
MGM China [Member] | Macau [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Third exemption period from complementary tax assumed based on third exemption period granted to a competitor | 5 years |
Borgata Acquisition - Additiona
Borgata Acquisition - Additional Information (Detail) - Borgata [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Aug. 01, 2016 | |
Business Acquisition [Line Items] | ||
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% | |
City of Atlantic City, New Jersey [Member] | ||
Business Acquisition [Line Items] | ||
Property tax refunds plus interest | $ 106 |
Borgata Acquisition - Schedule
Borgata Acquisition - Schedule of Unaudited Proforma Consolidated Financial Information (Detail) - Borgata [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Net revenues | $ | $ 7,479,356 |
Net income attributable to MGM Resorts International | $ | $ 790,834 |
Basic net income per share | $ / shares | $ 1.40 |
Diluted net income per share | $ / shares | $ 1.38 |
Investments in and Advances t32
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 1,007,584 | $ 1,220,443 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 793,156 | 1,007,358 |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 123,008 | 123,585 |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 77,011 | 80,339 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 14,409 | $ 9,161 |
Investments in and Advances t33
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Sep. 30, 2017 | Dec. 31, 2016 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 42.50% | 42.50% |
Investments in and Advances t34
Investments in and Advances to Unconsolidated Affiliates - Schedule of Net Income (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Income from unconsolidated affiliates | $ 37,701 | $ 32,577 | $ 117,987 | $ 495,588 |
Preopening and start-up expenses | 0 | (81) | 0 | (3,168) |
Non-operating items from unconsolidated affiliates | (8,825) | (11,132) | (26,302) | (45,229) |
Net income (loss) from unconsolidated affiliates | $ 28,876 | $ 21,364 | $ 91,685 | $ 447,191 |
Investments in and Advances t35
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) - City Center Holdings LLC As a Legal Entity [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $ 309,444 | $ 394,283 |
Property and other long-term assets, net | 6,612,062 | 6,704,485 |
Current liabilities | 289,038 | 295,822 |
Long-term debt, net and other long-term obligations | 1,561,018 | 1,248,916 |
Equity | $ 5,071,450 | $ 5,554,030 |
Investments in and Advances t36
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - City Center Holdings LLC As a Legal Entity [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Net revenues | $ 322,271 | $ 308,467 | $ 962,027 | $ 898,994 |
Operating expenses | (271,162) | (301,240) | (797,105) | (919,329) |
Operating income (loss) | 51,109 | 7,227 | 164,922 | (20,335) |
Non-operating expenses | (15,971) | (14,582) | (47,502) | (49,739) |
Net income (loss) from continuing operations | 35,138 | (7,355) | 117,420 | (70,074) |
Discontinued operations | 0 | (521) | 0 | 399,514 |
Net income (loss) | $ 35,138 | $ (7,876) | $ 117,420 | $ 329,440 |
Investments in and Advances t37
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) | Sep. 01, 2016 | Apr. 30, 2017 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||||||||
Dividend paid | $ 189,727,000 | |||||||
Distributions from unconsolidated affiliates | $ 300,000,000 | $ 543,036,000 | ||||||
City Center Holdings LLC As a Legal Entity [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Dividend paid | $ 600,000,000 | |||||||
Distribution declared in accordance with annual distribution policy | 78,000,000 | $ 90,000,000 | ||||||
City Center Holdings LLC As a Legal Entity [Member] | Cash on Hand [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Dividend paid | 250,000,000 | |||||||
City Center Holdings LLC As a Legal Entity [Member] | Upsized Senior Credit Facility [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Dividend paid | 350,000,000 | |||||||
City Center Holdings LLC As a Legal Entity [Member] | New Senior Credit Facility [Member] | Term Loan B Facility [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Credit facility amount | $ 1,600,000,000 | |||||||
Credit facility, maturity date | Apr. 30, 2024 | |||||||
Debt Instrument, issued price percentage | 99.50% | |||||||
City Center Holdings LLC As a Legal Entity [Member] | New Senior Credit Facility [Member] | Term Loan B Facility [Member] | LIBOR [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Interest rate margin (as a percent) | 2.50% | |||||||
Interest rate floor (as a percent) | 0.75% | |||||||
City Center Holdings LLC As a Legal Entity [Member] | New Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Credit facility amount | $ 125,000,000 | |||||||
Credit facility, maturity date | Apr. 30, 2022 | |||||||
City Center Holdings LLC As a Legal Entity [Member] | New Senior Credit Facility [Member] | Revolving Credit Facility [Member] | LIBOR [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 | 392,000,000 | |||||||
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% | |||||||
Distributions from unconsolidated affiliates | $ 300,000,000 | $ 540,000,000 | ||||||
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 | 397,000,000 | |||||||
Recognized gain on sale, unconsolidated affiliates | $ 196,000,000 | |||||||
Realized gain (loss) percentage | 50.00% | |||||||
Recognized gain on sale, reversal of certain basis differences | $ 201,000,000 | |||||||
Las Vegas Arena Company LLC As Investee [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Sale of interest in joint venture | 7.50% | 0.00% | ||||||
Proceeds from sale of equity method investments | $ 15,000,000 | $ 15,000,000 | ||||||
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 | $ 3,000,000 | $ 3,000,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 13,622,963 | $ 13,144,380 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (129,661) | (156,785) |
Long-term debt | 13,493,302 | 12,987,595 |
Less: Current portion, net | (466,375) | (8,375) |
Long-term debt | 13,026,927 | 12,979,220 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 540,625 | 250,000 |
MGM Growth Properties Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,099,750 | 2,133,250 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,251,771 | 1,933,313 |
MGM National Harbor Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 478,000 | 450,000 |
11.375% senior notes, due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 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 |
5.625% MGM Growth Properties senior notes, due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,050,000 | 1,050,000 |
4.50% MGM Growth Properties senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
4.625% senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
4.50% MGM Growth Properties senior notes, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | 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 | $ 2,265 |
Long-Term Debt - Schedule of 39
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | |
11.375% senior notes, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal amount | $ 475 | ||
Long-term debt, interest rate (as a percent) | 11.375% | 11.375% | |
Long-term debt, maturity year | 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 | |
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 | |
5.625% MGM Growth Properties senior notes, due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal amount | $ 1,050 | $ 1,050 | |
Long-term debt, interest rate (as a percent) | 5.625% | 5.625% | |
Long-term debt, maturity year | 2,024 | 2,024 | |
4.50% MGM Growth Properties senior notes, due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal amount | $ 500 | $ 500 | |
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | |
Long-term debt, maturity year | 2,026 | 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 | 2,026 | |
4.50% MGM Growth Properties senior notes, due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, principal amount | $ 350 | ||
Long-term debt, interest rate (as a percent) | 4.50% | ||
Long-term debt, maturity year | 2,028 | ||
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 | $ 2.3 | |
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) - USD ($) | May 01, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Jul. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 466,375,000 | $ 466,375,000 | $ 466,375,000 | $ 8,375,000 | ||||||
Credit facility amount | 13,622,963,000 | 13,622,963,000 | 13,622,963,000 | 13,144,380,000 | ||||||
Repayment of term loan | 0 | $ 583,598,000 | ||||||||
Loss on retirement of long-term debt | (31,345,000) | $ (66,904,000) | ||||||||
Long-term debt, fair value | 14,400,000,000 | 14,400,000,000 | 14,400,000,000 | $ 13,900,000,000 | ||||||
Term loans [Member] | MGM Growth Properties LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | 425,000,000 | 425,000,000 | $ 425,000,000 | |||||||
Term loans [Member] | Subsequent Event [Member] | MGM Growth Properties LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | $ 425,000,000 | |||||||||
Repayment of term loan | $ 425,000,000 | |||||||||
4.50% MGM Growth Properties senior notes, due 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, maturity year | 2,028 | |||||||||
Long-term debt, principal amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | 4.50% | |||||||
Net proceeds from senior notes | $ 346,000,000 | |||||||||
11.375% senior notes, due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, maturity year | 2,018 | |||||||||
Long-term debt, principal amount | $ 475,000,000 | |||||||||
Long-term debt, interest rate (as a percent) | 11.375% | 11.375% | ||||||||
Redemption of senior notes | $ 475,000,000 | |||||||||
Loss on retirement of long-term debt | $ 30,000,000 | |||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility | 1,250,000,000 | $ 1,250,000,000 | $ 1,250,000,000 | |||||||
Credit facility, maturity date | 2021-04 | |||||||||
Line of credit facility drawn | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||
Debt instrument, interest rate | 3.44% | 3.44% | 3.44% | |||||||
Senior Credit Facility [Member] | Term Loan A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | $ 241,000,000 | $ 241,000,000 | $ 241,000,000 | |||||||
Variable interest rate base | LIBOR | |||||||||
Credit facility, maturity date | 2021-04 | |||||||||
Term loan repayment percentage of initial aggregate principal amount | 5.00% | |||||||||
Repayments of term loan | $ 3,000,000 | $ 9,000,000 | ||||||||
Debt instrument, interest rate | 3.49% | 3.49% | 3.49% | |||||||
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% | |||||||||
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 National Harbor Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 478,000,000 | $ 478,000,000 | $ 478,000,000 | |||||||
Interest rate margin (as a percent) | 2.25% | |||||||||
MGM National Harbor Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility | 100,000,000 | 100,000,000 | $ 100,000,000 | |||||||
Variable interest rate base | LIBOR | |||||||||
Line of credit facility drawn | $ 53,000,000 | $ 53,000,000 | $ 53,000,000 | |||||||
Debt instrument, interest rate | 3.44% | 3.44% | 3.44% | |||||||
MGM National Harbor Credit Facility [Member] | Term loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | |||||||
Variable interest rate base | LIBOR | |||||||||
MGM National Harbor Credit Facility [Member] | Term Loan A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | |||||||
Debt instrument, interest rate | 3.45% | 3.45% | 3.45% | |||||||
MGM Growth Properties Senior Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 8,000,000 | |||||||||
MGM Growth Properties Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |||||||
Line of credit facility drawn | 0 | 0 | $ 0 | |||||||
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% | |||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | $ 278,000,000 | $ 278,000,000 | $ 278,000,000 | |||||||
Term loan repayment percentage of initial aggregate principal amount | 5.00% | |||||||||
Debt instrument, interest rate | 3.99% | 3.99% | 3.99% | |||||||
Long-term debt, maturity year | 2,021 | |||||||||
Repayments of term loan | $ 4,000,000 | $ 15,000,000 | ||||||||
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 | $ 1,820,000,000 | $ 1,820,000,000 | $ 1,820,000,000 | |||||||
Term loan repayment percentage of initial aggregate principal amount | 1.00% | |||||||||
Debt instrument, interest rate | 3.49% | 3.49% | 3.49% | |||||||
Long-term debt, maturity year | 2,023 | |||||||||
Repayments of term loan | $ 5,000,000 | $ 19,000,000 | ||||||||
MGM Growth Properties Senior Credit Facility [Member] | Term Loan B [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margin (as a percent) | 2.25% | 2.50% | 2.75% | |||||||
Interest rate floor (as a percent) | 0.00% | 0.75% | 0.75% | |||||||
MGM China Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, 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] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility | $ 1,450,000,000 | 1,450,000,000 | $ 1,450,000,000 | |||||||
Line of credit facility drawn | $ 704,000,000 | $ 704,000,000 | $ 704,000,000 | |||||||
Debt instrument, interest rate | 2.67% | 2.67% | 2.67% | |||||||
MGM China Credit Facility [Member] | Term loans [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility amount | $ 1,550,000,000 | $ 1,550,000,000 | $ 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) | 2.83% | 2.83% | 2.83% | |||||||
MGM China Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Debt Covenant Terms Through December Thirty One Two Thousand And Seventeen [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] | ||||||||||
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] | ||||||||||
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] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Leverage ratio | 450.00% |
Derivatives and Hedging Activ41
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | May 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Net gain (loss) on derivative instruments, net of tax | $ 1,000,000 | $ (3,000,000) | ||||
Ineffective portion due to change in fair value of derivatives | 0 | |||||
Interest expense | 163,287,000 | $ 168,048,000 | 511,404,000 | $ 533,069,000 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional value | 1,200,000,000 | 1,200,000,000 | ||||
Interest Rate Swap [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest expense | $ 2,000,000 | $ 7,000,000 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Weighted average fixed rate of interest | 1.825% | 1.844% | ||||
Notional value | $ 500,000,000 | $ 1,200,000,000 | ||||
Net unrealized gain | $ 2,000,000 | |||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | LIBOR [Member] | Minimum [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Variable rate of interest | 0.00% |
Derivatives and Hedging Activ42
Derivatives and Hedging Activities - Summary of Principle Terms (Detail) - Designated as Hedging Instrument [Member] - Cash Flow Hedges [Member] | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,200,000,000 |
Fair Value Asset (Liability) | $ (1,335,000) |
Interest Rate Swap Effective Date May 3, 2017 [Member] | |
Derivative [Line Items] | |
Derivative, Effective Date | May 3, 2017 |
Derivative, Maturity Date | Nov. 30, 2021 |
Derivative, Notional Amount | $ 500,000,000 |
Weighted average fixed rate of interest | 1.764% |
Fair Value Asset (Liability) | $ 1,045,000 |
Interest Rate Swap Effective Date May 3, 2017 [Member] | |
Derivative [Line Items] | |
Derivative, Effective Date | May 3, 2017 |
Derivative, Maturity Date | Nov. 30, 2021 |
Derivative, Notional Amount | $ 700,000,000 |
Weighted average fixed rate of interest | 1.901% |
Fair Value Asset (Liability) | $ (2,380,000) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Feb. 15, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||||||||
Other long-term obligations | $ 286,262,000 | $ 286,262,000 | $ 325,981,000 | |||||
Business exit expense (credit) | 0 | $ 139,335,000 | (40,629,000) | $ 139,335,000 | ||||
Senior credit facility [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility outstanding | 15,000,000 | 15,000,000 | ||||||
Letters of credit [Member] | Senior credit facility [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility amount | 250,000,000 | 250,000,000 | ||||||
MGP Senior Credit Facility [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility outstanding | 0 | 0 | ||||||
MGP Senior Credit Facility [Member] | Letters of credit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility amount | 75,000,000 | 75,000,000 | ||||||
MGM National Harbor Credit Facility [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility outstanding | 0 | 0 | ||||||
MGM National Harbor Credit Facility [Member] | Letters of credit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility amount | 30,000,000 | 30,000,000 | ||||||
MGM China Credit Facility [Member] | Guarantee Type, Other [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility outstanding | 39,000,000 | 39,000,000 | ||||||
MGM China Credit Facility [Member] | Letters of credit [Member] | Standby Letters of Credit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Credit facility amount | 100,000,000 | 100,000,000 | ||||||
T-Mobile Arena [Member] | Senior credit facility term loan B [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payment guarantee | 50,000,000 | 50,000,000 | ||||||
NV Energy Exit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Upfront impact payment and related costs | $ 83,000,000 | |||||||
Estimated obligation related to non-bypassable charges | 71,000,000 | 71,000,000 | ||||||
Other accrued liabilities | 9,000,000 | 9,000,000 | 8,000,000 | |||||
Other long-term obligations | $ 25,000,000 | 25,000,000 | $ 63,000,000 | |||||
Business exit expense (credit) | $ (41,000,000) | |||||||
City Center Holdings LLC As a Legal Entity [Member] | NV Energy Exit [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Upfront impact payment and related costs | $ 14,000,000 | |||||||
Business exit expense (credit) | $ (8,000,000) | |||||||
Borgata Property Tax Reimbursement Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Property tax refunds plus interest | $ 106,000,000 | |||||||
Additional tax refunds due | 65,000,000 | |||||||
Payment of settlement for property tax refunds | 72,000,000 | |||||||
Borgata [Member] | City of Atlantic City, New Jersey [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Property tax refunds plus interest | $ 106,000,000 | |||||||
Borgata [Member] | City of Atlantic City, New Jersey [Member] | Borgata Property Tax Reimbursement Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reimbursement of property tax - Total amount | $ 72,000,000 |
Income Per Share of Common St44
Income Per Share of Common Stock - Schedule of Weighted-Average Number of Common and Common Equivalent Shares Used in the Calculation of Basic and Diluted Income Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||||
Net income attributable to MGM Resorts International | $ 149,115 | $ 535,619 | $ 566,573 | $ 1,076,771 |
Adjustment related to redeemable noncontrolling interests | (28) | 0 | (83) | 0 |
Net income available to common stockholders - basic | 149,087 | 535,619 | 566,490 | 1,076,771 |
Net income attributable to common stockholders - diluted | $ 149,045 | $ 535,604 | $ 566,315 | $ 1,076,753 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 573,527 | 568,125 | 574,262 | 566,220 |
Potential dilution from share-based awards | 7,149 | 5,687 | 6,679 | 5,130 |
Weighted-average common and common equivalent shares - diluted | 580,676 | 573,812 | 580,941 | 571,350 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 1,989 | 3,362 | 2,424 | 4,314 |
MGP Omnibus Plan [Member] | ||||
Numerator: | ||||
Potentially dilutive effect due to plan | $ (20) | $ (15) | $ (79) | $ (18) |
MGM China Plan [Member] | ||||
Numerator: | ||||
Potentially dilutive effect due to plan | $ (22) | $ 0 | $ (96) | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Nov. 07, 2017 | Sep. 15, 2017 | Sep. 30, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | May 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 31, 2017 | Dec. 31, 2016 |
Stockholders Equity Note [Line Items] | ||||||||||||||||
Dividends paid per share | $ 0.11 | $ 0.11 | $ 0.11 | |||||||||||||
Dividends paid | $ 63,000,000 | $ 63,000,000 | $ 63,000,000 | |||||||||||||
Dividend remained within the consolidated entity | $ 0 | $ 0 | ||||||||||||||
Distributions to noncontrolling interest owners | 139,670,000 | 78,690,000 | ||||||||||||||
Net income attributable to redeemable noncontrolling interests | 6,000,000 | |||||||||||||||
Repurchase of common stock | 327,500,000 | |||||||||||||||
Net proceeds from public offering | 404,685,000 | $ 1,207,500,000 | ||||||||||||||
Credit facility amount | $ 13,622,963,000 | $ 13,622,963,000 | $ 13,144,380,000 | |||||||||||||
4.50% MGM Growth Properties senior notes, due 2028 [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | ||||||||||||||
Long-term debt, maturity year | 2,028 | |||||||||||||||
Share Repurchase Program [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Authorized amount of stock repurchase | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||
Repurchase of common stock, remaining amount | $ 672,000,000 | $ 672,000,000 | ||||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Common stock repurchases, Shares | 10,000,000 | |||||||||||||||
Stock repuchased/issued price per share | $ 32.75 | $ 32.75 | ||||||||||||||
Repurchase of common stock | $ 328,000,000 | |||||||||||||||
MGM China [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Percentage ownership interest | 56.00% | 56.00% | 56.00% | |||||||||||||
MGM China [Member] | Interim Dividend [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Dividends paid | $ 56,000,000 | $ 58,000,000 | ||||||||||||||
Dividend remained within the consolidated entity | 32,000,000 | |||||||||||||||
Distributions to noncontrolling interest owners | $ 29,000,000 | |||||||||||||||
MGM China [Member] | Final Dividend [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Dividends paid | $ 78,000,000 | $ 46,000,000 | ||||||||||||||
Dividend remained within the consolidated entity | 44,000,000 | |||||||||||||||
Distributions to noncontrolling interest owners | $ 23,000,000 | |||||||||||||||
Grand Paradise Macau [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Deferred cash payment to Grand Paradise Macau | 3,000,000 | $ 4,000,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Dividends paid | $ 23,000,000 | $ 22,000,000 | $ 22,000,000 | $ 22,000,000 | $ 15,000,000 | |||||||||||
Dividend record date | Sep. 29, 2017 | |||||||||||||||
Dividends declared per share | $ 0.3950 | $ 0.3950 | $ 0.3875 | $ 0.3875 | $ 0.3875 | $ 0.2632 | ||||||||||
Dividends declared | $ 28,000,000 | |||||||||||||||
Dividend distribution date | Oct. 13, 2017 | |||||||||||||||
Dividends received | $ 73,000,000 | $ 72,000,000 | $ 72,000,000 | $ 72,000,000 | $ 42,000,000 | $ 73,000,000 | ||||||||||
MGM Growth Properties LLC [Member] | Term loans [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Credit facility amount | $ 425,000,000 | $ 425,000,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Stock repuchased/issued price per share | $ 30.60 | $ 30.60 | ||||||||||||||
New issuance of shares | 13,225,000 | 13,225,000 | ||||||||||||||
Shares authorized to underwriters | 1,725,000 | 1,725,000 | ||||||||||||||
Net proceeds from public offering | $ 388,000,000 | |||||||||||||||
MGM Growth Properties LLC [Member] | Final Dividend [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Dividends paid | $ 28,000,000 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Dividend record date | Dec. 11, 2017 | |||||||||||||||
Dividends declared per share | $ 0.11 | |||||||||||||||
Dividends declared | $ 62,000,000 | |||||||||||||||
Dividend distribution date | Dec. 15, 2017 | |||||||||||||||
Subsequent Event [Member] | MGM Growth Properties LLC [Member] | Term loans [Member] | ||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||
Credit facility amount | $ 425,000,000 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Class Of Stock [Line Items] | ||||
Balances, January 1, 2017 | $ 9,969,312 | |||
Balances, January 1, 2017 | 6,220,180 | |||
Balances, January 1, 2017 | 3,749,132 | |||
Net income attributable to MGM Resorts International | $ 149,115 | $ 535,619 | 566,573 | $ 1,076,771 |
Net income | 665,474 | |||
Currency translation adjustment | (3,004) | 1,734 | (41,313) | (4,402) |
Other comprehensive loss - cash flow hedges | 1,316 | $ 0 | (2,641) | $ 0 |
Stock-based compensation | 46,326 | |||
Issuance of common stock pursuant to stock-based compensation awards | (20,352) | |||
Issuance of performance share units | 9,743 | |||
Distributions to noncontrolling interest owners | (116,953) | |||
Dividend paid to common shareholders | (189,727) | |||
Dividend payable to noncontrolling interest owners | (28,004) | |||
Repurchases of common stock | (327,500) | |||
Other | (1,247) | |||
Balances, September 30, 2017 | 10,324,740 | 10,324,740 | ||
Balances, September 30, 2017 | 6,308,543 | 6,308,543 | ||
Balances, September 30, 2017 | 4,016,197 | 4,016,197 | ||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Class Of Stock [Line Items] | ||||
MGP Class A share issuance | 361,622 | |||
MGM Resorts Stockholders' Equity [Member] | ||||
Class Of Stock [Line Items] | ||||
Balances, January 1, 2017 | 6,220,180 | |||
Net income attributable to MGM Resorts International | 566,573 | |||
Currency translation adjustment | (23,005) | |||
Other comprehensive loss - cash flow hedges | (1,997) | |||
Stock-based compensation | 42,714 | |||
Issuance of common stock pursuant to stock-based compensation awards | (20,352) | |||
Issuance of performance share units | 9,648 | |||
Distributions to noncontrolling interest owners | 0 | |||
Dividend paid to common shareholders | (189,727) | |||
Dividend payable to noncontrolling interest owners | 0 | |||
Repurchases of common stock | (327,500) | |||
Other | (3,129) | |||
Balances, September 30, 2017 | 6,308,543 | 6,308,543 | ||
MGM Resorts Stockholders' Equity [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Class Of Stock [Line Items] | ||||
MGP Class A share issuance | 35,138 | |||
Non-controlling Interests [Member] | ||||
Class Of Stock [Line Items] | ||||
Balances, January 1, 2017 | 3,749,132 | |||
Net income | 98,901 | |||
Currency translation adjustment | (18,308) | |||
Other comprehensive loss - cash flow hedges | (644) | |||
Stock-based compensation | 3,612 | |||
Issuance of common stock pursuant to stock-based compensation awards | 0 | |||
Issuance of performance share units | 95 | |||
Distributions to noncontrolling interest owners | (116,953) | |||
Dividend paid to common shareholders | 0 | |||
Dividend payable to noncontrolling interest owners | (28,004) | |||
Repurchases of common stock | 0 | |||
Other | 1,882 | |||
Balances, September 30, 2017 | $ 4,016,197 | 4,016,197 | ||
Non-controlling Interests [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Class Of Stock [Line Items] | ||||
MGP Class A share issuance | $ 326,484 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2017 | $ 9,969,312 |
Other comprehensive loss before reclassifications | (51,322) |
Amounts reclassified from accumulated other comprehensive income | 7,368 |
Other comprehensive income (loss), net of tax | (43,845) |
Less: Other comprehensive loss attributable to noncontrolling interest | 18,952 |
Balances, September 30, 2017 | 10,324,740 |
MGM Growth Properties LLC [Member] | Class A shares [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
MGP Class A Share issuance adjustment | 109 |
Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2017 | 12,545 |
Other comprehensive loss before reclassifications | (41,313) |
Amounts reclassified from accumulated other comprehensive income | 0 |
Other comprehensive income (loss), net of tax | (41,313) |
Less: Other comprehensive loss attributable to noncontrolling interest | 18,308 |
Balances, September 30, 2017 | (10,460) |
Currency Translation Adjustments [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
MGP Class A Share issuance adjustment | 0 |
Cash Flow Hedges [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2017 | 1,434 |
Other comprehensive loss before reclassifications | (10,009) |
Amounts reclassified from accumulated other comprehensive income | 7,368 |
Other comprehensive income (loss), net of tax | (2,641) |
Less: Other comprehensive loss attributable to noncontrolling interest | 644 |
Balances, September 30, 2017 | (563) |
Cash Flow Hedges [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
MGP Class A Share issuance adjustment | 0 |
Other [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2017 | 1,074 |
Other comprehensive loss before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Other comprehensive income (loss), net of tax | 109 |
Less: Other comprehensive loss attributable to noncontrolling interest | 0 |
Balances, September 30, 2017 | 1,183 |
Other [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
MGP Class A Share issuance adjustment | 109 |
Accumulated Other Comprehensive Income [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2017 | 15,053 |
Balances, September 30, 2017 | $ (9,840) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017SegmentRegion | |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 2,826,740 | $ 2,515,115 | $ 8,176,656 | $ 6,994,303 |
Other operating income (expense) | ||||
NV Energy exit expense | 0 | (139,335) | 40,629 | (139,335) |
Preopening and start-up expenses | (29,349) | (31,660) | (65,508) | (78,444) |
Property transactions, net | (7,711) | 1,268 | (22,650) | (4,717) |
Gain on Borgata transaction | 0 | 429,778 | 0 | 429,778 |
Depreciation and amortization | (249,600) | (209,737) | (744,123) | (616,475) |
Operating income | 493,861 | 712,755 | 1,492,088 | 1,797,764 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (163,287) | (168,048) | (511,404) | (533,069) |
Non-operating items from unconsolidated affiliates | (8,825) | (11,132) | (26,302) | (45,229) |
Other, net | (30,138) | (17,310) | (31,706) | (67,715) |
Total non-operating income (expense) | (202,250) | (196,490) | (569,412) | (646,013) |
Income before income taxes | 291,611 | 516,265 | 922,676 | 1,151,751 |
Benefit (provision) for income taxes | (115,115) | 44,995 | (251,551) | 15,205 |
Net income | 176,496 | 561,260 | 671,125 | 1,166,956 |
Less: Net income attributable to noncontrolling interests | (27,381) | (25,641) | (104,552) | (90,185) |
Net income attributable to MGM Resorts International | 149,115 | 535,619 | 566,573 | 1,076,771 |
Reportable segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 2,705,940 | 2,398,476 | 7,814,385 | 6,633,170 |
Adjusted Property EBITDA | 831,826 | 720,046 | 2,396,565 | 1,953,379 |
Reportable segments [Member] | Domestic Resorts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 2,235,165 | 1,898,654 | 6,392,493 | 5,212,368 |
Adjusted Property EBITDA | 713,589 | 570,178 | 2,019,026 | 1,570,192 |
Reportable segments [Member] | MGM China [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 470,775 | 499,822 | 1,421,892 | 1,420,802 |
Adjusted Property EBITDA | 118,237 | 149,868 | 377,539 | 383,187 |
Corporate and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 120,800 | 116,639 | 362,271 | 361,133 |
Other operating income (expense) | ||||
Corporate and other | $ (51,305) | $ (57,605) | $ (112,825) | $ 253,578 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) shares in Millions | Apr. 01, 2017USD ($) | Aug. 02, 2016USD ($) | Oct. 31, 2017USD ($)shares | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Term | Sep. 30, 2016USD ($) | Dec. 31, 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 | $ 13,622,963,000 | $ 13,622,963,000 | $ 13,144,380,000 | ||||||
Adjusted net revenue to rent ratio | 625.00% | ||||||||
Rent multiplier percentage of operating subsidiary subleases | 1.40% | ||||||||
Rent payments to MGP | $ 165,000,000 | $ 493,000,000 | |||||||
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 U.S. GAAP, 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%). | ||||||||
Master Lease [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Annual rent payments under master lease of properties | $ 662,000,000 | $ 650,000,000 | $ 550,000,000 | ||||||
Base Rent [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Annual rent payments under master lease of properties | 597,000,000 | ||||||||
Fixed annual rent escalator percentage | 2.00% | 2.00% | |||||||
Percentage Rent [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Annual rent payments under master lease of properties | $ 65,000,000 | ||||||||
Subsequent Event [Member] | Master Lease [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Increase in initial rent | $ 757,000,000 | ||||||||
Subsequent Event [Member] | Base Rent [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Annual rent payments under master lease of properties | 682,000,000 | ||||||||
Subsequent Event [Member] | Percentage Rent [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Annual rent payments under master lease of properties | 75,000,000 | ||||||||
Minimum [Member] | Master Lease [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
EBITDAR to rent ratio | 110.00% | ||||||||
MGM China [Member] | 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 | $ 8,000,000 | $ 9,000,000 | $ 25,000,000 | $ 25,000,000 | |||||
MGM China [Member] | Brand License Agreement [Member] | Maximum [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
License fee cap | $ 75,000,000 | ||||||||
MGM China [Member] | Development Services Agreement [Member] | Ms Ho Pansy Catilina Chiu King | |||||||||
Related Party Transaction [Line Items] | |||||||||
Development fee as percentage of project cost | 2.625% | ||||||||
Development fees | 0 | $ 0 | $ 13,000,000 | $ 12,000,000 | |||||
Cumulative payments for development | 56,000,000 | ||||||||
MGM China [Member] | Development Services Agreement [Member] | Maximum [Member] | Ms Ho Pansy Catilina Chiu King | |||||||||
Related Party Transaction [Line Items] | |||||||||
Development fees | 70,000,000 | ||||||||
MGM China [Member] | Development Services Agreement [Member] | Maximum [Member] | 2017 [Member] | Ms Ho Pansy Catilina Chiu King | |||||||||
Related Party Transaction [Line Items] | |||||||||
Development fees | 32,000,000 | ||||||||
MGM China [Member] | Development Services Agreement [Member] | Maximum [Member] | 2018 [Member] | Ms Ho Pansy Catilina Chiu King | |||||||||
Related Party Transaction [Line Items] | |||||||||
Development fees | 32,000,000 | ||||||||
MGM China [Member] | Development Services Agreement [Member] | Maximum [Member] | 2019 [Member] | Ms Ho Pansy Catilina Chiu King | |||||||||
Related Party Transaction [Line Items] | |||||||||
Development fees | 32,000,000 | ||||||||
MGM Growth Properties LLC [Member] | Term loans [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Long-term debt, Gross | $ 425,000,000 | $ 425,000,000 | |||||||
MGM Growth Properties LLC [Member] | Subsequent Event [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cash in exchange | $ 463,000,000 | ||||||||
Issuance of operating partnership units | shares | 9.8 | ||||||||
MGM Growth Properties LLC [Member] | Subsequent Event [Member] | Term loans [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Long-term debt, Gross | $ 425,000,000 |
Condensed Consolidating Finan51
Condensed Consolidating Financial Information - Additional Information (Detail) | Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2017 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||
Partnership interest | 76.30% | 72.30% | 72.30% |
Condensed Consolidating Finan52
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | $ 2,794,536 | $ 2,229,587 |
Property and equipment, net | 19,134,748 | 18,425,023 |
Investments in subsidiaries | 0 | 0 |
Investments in MGP Operating Partnership | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 1,007,584 | 1,220,443 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 6,165,022 | 6,298,248 |
Total assets | 29,101,890 | 28,173,301 |
Current liabilities | 2,735,760 | 2,293,421 |
Intercompany accounts | 0 | 0 |
Deferred income taxes, net | 2,668,864 | 2,551,228 |
Long-term debt, net | 13,026,927 | 12,979,220 |
Other long-term obligations | 286,262 | 325,981 |
Total liabilities | 18,717,813 | 18,149,850 |
Redeemable noncontrolling interest | 59,337 | 54,139 |
MGM Resorts International stockholders' equity | 6,308,543 | 6,220,180 |
Noncontrolling interests | 4,016,197 | 3,749,132 |
Total stockholders' equity | 10,324,740 | 9,969,312 |
Total liabilities and stockholders' equity | 29,101,890 | 28,173,301 |
Reportable Legal Entities [Member] | Parent [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 24,162 | 103,934 |
Property and equipment, net | 0 | 0 |
Investments in subsidiaries | 21,375,643 | 18,907,988 |
Investments in MGP Operating Partnership | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 49,842 | 50,741 |
Total assets | 21,449,647 | 19,062,663 |
Current liabilities | 133,113 | 184,281 |
Intercompany accounts | 5,816,845 | 3,406,699 |
Deferred income taxes, net | 2,309,461 | 2,202,809 |
Long-term debt, net | 6,847,905 | 7,019,745 |
Other long-term obligations | 33,780 | 28,949 |
Total liabilities | 15,141,104 | 12,842,483 |
Redeemable noncontrolling interest | 0 | 0 |
MGM Resorts International stockholders' equity | 6,308,543 | 6,220,180 |
Noncontrolling interests | 0 | 0 |
Total stockholders' equity | 6,308,543 | 6,220,180 |
Total liabilities and stockholders' equity | 21,449,647 | 19,062,663 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 979,356 | 981,705 |
Property and equipment, net | 13,460,284 | 13,599,127 |
Investments in subsidiaries | 3,407,745 | 3,338,752 |
Investments in MGP Operating Partnership | 3,520,856 | 3,553,840 |
Investments in and advances to unconsolidated affiliates | 977,305 | 1,189,590 |
Intercompany accounts | 5,953,567 | 4,796,713 |
Other non-current assets | 915,289 | 934,836 |
Total assets | 29,214,402 | 28,394,563 |
Current liabilities | 1,307,341 | 1,301,423 |
Intercompany accounts | 0 | 0 |
Deferred income taxes, net | 0 | 0 |
Long-term debt, net | 2,835 | 2,835 |
Other long-term obligations | 7,283,433 | 7,360,887 |
Total liabilities | 8,593,609 | 8,665,145 |
Redeemable noncontrolling interest | 0 | 0 |
MGM Resorts International stockholders' equity | 20,620,793 | 19,729,418 |
Noncontrolling interests | 0 | 0 |
Total stockholders' equity | 20,620,793 | 19,729,418 |
Total liabilities and stockholders' equity | 29,214,402 | 28,394,563 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 1,147,668 | 368,622 |
Property and equipment, net | 8,911,648 | 9,079,678 |
Investments in subsidiaries | 0 | 0 |
Investments in MGP Operating Partnership | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 51,108 | 58,440 |
Total assets | 10,110,424 | 9,506,740 |
Current liabilities | 140,595 | 139,099 |
Intercompany accounts | 524 | 166 |
Deferred income taxes, net | 25,368 | 25,368 |
Long-term debt, net | 3,940,803 | 3,613,567 |
Other long-term obligations | 162,787 | 120,279 |
Total liabilities | 4,270,077 | 3,898,479 |
Redeemable noncontrolling interest | 0 | 0 |
MGM Resorts International stockholders' equity | 4,217,534 | 4,274,444 |
Noncontrolling interests | 1,622,813 | 1,333,817 |
Total stockholders' equity | 5,840,347 | 5,608,261 |
Total liabilities and stockholders' equity | 10,110,424 | 9,506,740 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 649,953 | 783,920 |
Property and equipment, net | 5,686,436 | 4,837,868 |
Investments in subsidiaries | 0 | 0 |
Investments in MGP Operating Partnership | 629,474 | 636,268 |
Investments in and advances to unconsolidated affiliates | 5,279 | 5,853 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 5,191,685 | 5,302,132 |
Total assets | 12,162,827 | 11,566,041 |
Current liabilities | 1,333,446 | 837,844 |
Intercompany accounts | 136,198 | 1,389,848 |
Deferred income taxes, net | 359,403 | 348,419 |
Long-term debt, net | 2,235,384 | 2,343,073 |
Other long-term obligations | 1,047,228 | 1,051,754 |
Total liabilities | 5,111,659 | 5,970,938 |
Redeemable noncontrolling interest | 59,337 | 54,139 |
MGM Resorts International stockholders' equity | 4,598,447 | 3,125,649 |
Noncontrolling interests | 2,393,384 | 2,415,315 |
Total stockholders' equity | 6,991,831 | 5,540,964 |
Total liabilities and stockholders' equity | 12,162,827 | 11,566,041 |
Elimination [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | (6,603) | (8,594) |
Property and equipment, net | (8,923,620) | (9,091,650) |
Investments in subsidiaries | (24,783,388) | (22,246,740) |
Investments in MGP Operating Partnership | (4,150,330) | (4,190,108) |
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 |
Intercompany accounts | (5,953,567) | (4,796,713) |
Other non-current assets | (42,902) | (47,901) |
Total assets | (43,835,410) | (40,356,706) |
Current liabilities | (178,735) | (169,226) |
Intercompany accounts | (5,953,567) | (4,796,713) |
Deferred income taxes, net | (25,368) | (25,368) |
Long-term debt, net | 0 | 0 |
Other long-term obligations | (8,240,966) | (8,235,888) |
Total liabilities | (14,398,636) | (13,227,195) |
Redeemable noncontrolling interest | 0 | 0 |
MGM Resorts International stockholders' equity | (29,436,774) | (27,129,511) |
Noncontrolling interests | 0 | 0 |
Total stockholders' equity | (29,436,774) | (27,129,511) |
Total liabilities and stockholders' equity | $ (43,835,410) | $ (40,356,706) |
Condensed Consolidating Finan53
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Income Statements Captions [Line Items] | ||||
Net revenues | $ 2,826,740 | $ 2,515,115 | $ 8,176,656 | $ 6,994,303 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Expenses | ||||
Casino and hotel operations | 1,593,280 | 1,425,519 | 4,624,384 | 4,040,201 |
General and administrative | 402,134 | 371,950 | 1,145,432 | 1,001,900 |
Corporate expense | 88,506 | 87,782 | 241,087 | 240,833 |
NV Energy exit expense | 139,335 | (40,629) | 139,335 | |
Preopening and start-up expenses | 29,349 | 31,660 | 65,508 | 78,444 |
Property transactions, net | 7,711 | (1,268) | 22,650 | 4,717 |
Gain on Borgata transaction | 0 | (429,778) | 0 | (429,778) |
Depreciation and amortization | 249,600 | 209,737 | 744,123 | 616,475 |
Total expenses | 2,370,580 | 1,834,937 | 6,802,555 | 5,692,127 |
Income (loss) from unconsolidated affiliates | 37,701 | 32,577 | 117,987 | 495,588 |
Operating income | 493,861 | 712,755 | 1,492,088 | 1,797,764 |
Interest expense, net of amounts capitalized | (163,287) | (168,048) | (511,404) | (533,069) |
Other, net | (38,963) | (28,442) | (58,008) | (112,944) |
Income before income taxes | 291,611 | 516,265 | 922,676 | 1,151,751 |
Benefit (provision) for income taxes | (115,115) | 44,995 | (251,551) | 15,205 |
Net income | 176,496 | 561,260 | 671,125 | 1,166,956 |
Less: Net income attributable to noncontrolling interests | (27,381) | (25,641) | (104,552) | (90,185) |
Net income attributable to MGM Resorts International | 149,115 | 535,619 | 566,573 | 1,076,771 |
Net income (loss) | 176,496 | 561,260 | 671,125 | 1,166,956 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (3,004) | 1,734 | (41,313) | (4,402) |
Unrealized gain (loss) on cash flow hedges | 1,316 | (2,641) | ||
Other comprehensive income (loss) | (1,688) | 1,734 | (43,954) | (4,402) |
Comprehensive income | 174,808 | 562,994 | 627,171 | 1,162,554 |
Less: Comprehensive income attributable to noncontrolling interests | (26,495) | (26,456) | (85,600) | (88,078) |
Comprehensive income attributable to MGM Resorts International | 148,313 | 536,538 | 541,571 | 1,074,476 |
Reportable Legal Entities [Member] | Parent [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Equity in subsidiaries' earnings | 419,054 | 610,002 | 1,247,922 | 1,589,882 |
Expenses | ||||
Casino and hotel operations | 2,656 | 2,128 | 7,781 | 6,191 |
General and administrative | 2,210 | 1,575 | 6,323 | 4,776 |
Corporate expense | 31,352 | 29,265 | 86,233 | 105,245 |
NV Energy exit expense | 0 | 0 | 0 | |
Preopening and start-up expenses | 0 | 0 | 0 | 0 |
Property transactions, net | 0 | 0 | 0 | 0 |
Gain on Borgata transaction | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total expenses | 36,218 | 32,968 | 100,337 | 116,212 |
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Operating income | 382,836 | 577,034 | 1,147,585 | 1,473,670 |
Interest expense, net of amounts capitalized | (112,061) | (123,836) | (358,359) | (447,258) |
Other, net | (16,170) | (996) | 11,306 | (21,714) |
Income before income taxes | 254,605 | 452,202 | 800,532 | 1,004,698 |
Benefit (provision) for income taxes | (105,490) | 83,417 | (233,959) | 72,073 |
Net income | 149,115 | 535,619 | 566,573 | 1,076,771 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to MGM Resorts International | 149,115 | 535,619 | 566,573 | 1,076,771 |
Net income (loss) | 149,115 | 535,619 | 566,573 | 1,076,771 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (1,635) | 919 | (23,005) | (2,295) |
Unrealized gain (loss) on cash flow hedges | 833 | (1,997) | ||
Other comprehensive income (loss) | (802) | 919 | (25,002) | (2,295) |
Comprehensive income | 148,313 | 536,538 | 541,571 | 1,074,476 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 148,313 | 536,538 | 541,571 | 1,074,476 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Net revenues | 2,036,252 | 1,873,313 | 5,798,594 | 5,150,751 |
Equity in subsidiaries' earnings | 33,441 | 48,309 | 122,873 | 125,283 |
Expenses | ||||
Casino and hotel operations | 1,092,973 | 1,034,706 | 3,135,918 | 2,879,139 |
General and administrative | 310,418 | 317,104 | 874,558 | 823,290 |
Corporate expense | 53,286 | 46,330 | 145,885 | 119,170 |
NV Energy exit expense | 139,335 | (40,629) | 139,335 | |
Preopening and start-up expenses | 1,856 | 1,005 | 4,631 | 7,232 |
Property transactions, net | 6,855 | (120) | 21,462 | 3,720 |
Gain on Borgata transaction | (429,778) | (429,778) | ||
Depreciation and amortization | 163,880 | 145,631 | 486,981 | 360,847 |
Total expenses | 1,629,268 | 1,254,213 | 4,628,806 | 3,902,955 |
Income (loss) from unconsolidated affiliates | 38,551 | 32,238 | 118,931 | 495,427 |
Operating income | 478,976 | 699,647 | 1,411,592 | 1,868,506 |
Interest expense, net of amounts capitalized | (178) | (206) | (812) | (564) |
Other, net | (59,478) | (104,360) | (287,665) | (212,828) |
Income before income taxes | 419,320 | 595,081 | 1,123,115 | 1,655,114 |
Benefit (provision) for income taxes | 0 | (748) | 0 | (21,663) |
Net income | 419,320 | 594,333 | 1,123,115 | 1,633,451 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to MGM Resorts International | 419,320 | 594,333 | 1,123,115 | 1,633,451 |
Net income (loss) | 419,320 | 594,333 | 1,123,115 | 1,633,451 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (1,635) | 918 | (23,005) | (2,295) |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | ||
Other comprehensive income (loss) | (1,635) | 918 | (23,005) | (2,295) |
Comprehensive income | 417,685 | 595,251 | 1,100,110 | 1,631,156 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 417,685 | 595,251 | 1,100,110 | 1,631,156 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Net revenues | 182,798 | 172,499 | 551,153 | 283,402 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Expenses | ||||
Casino and hotel operations | 0 | 0 | 0 | 0 |
General and administrative | 18,983 | 17,690 | 60,112 | 47,174 |
Corporate expense | 4,113 | 12,315 | 9,797 | 16,703 |
NV Energy exit expense | 0 | 0 | 0 | |
Preopening and start-up expenses | 0 | 0 | 0 | 0 |
Property transactions, net | 1,662 | 1,442 | 19,104 | 2,651 |
Gain on Borgata transaction | 0 | 0 | ||
Depreciation and amortization | 68,662 | 54,260 | 190,573 | 158,860 |
Total expenses | 93,420 | 85,707 | 279,586 | 225,388 |
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Operating income | 89,378 | 86,792 | 271,567 | 58,014 |
Interest expense, net of amounts capitalized | (45,544) | (42,839) | (134,998) | (72,314) |
Other, net | 1,354 | (367) | 1,601 | (439) |
Income before income taxes | 45,188 | 43,586 | 138,170 | (14,739) |
Benefit (provision) for income taxes | (1,488) | (915) | (3,903) | (915) |
Net income | 43,700 | 42,671 | 134,267 | (15,654) |
Less: Net income attributable to noncontrolling interests | (11,025) | (10,591) | (33,053) | (17,544) |
Net income attributable to MGM Resorts International | 32,675 | 32,080 | 101,214 | (33,198) |
Net income (loss) | 43,700 | 42,671 | 134,267 | (15,654) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on cash flow hedges | 1,754 | (2,992) | ||
Other comprehensive income (loss) | 1,754 | 0 | (2,992) | 0 |
Comprehensive income | 45,454 | 42,671 | 131,275 | (15,654) |
Less: Comprehensive income attributable to noncontrolling interests | (11,506) | (10,591) | (32,409) | (17,544) |
Comprehensive income attributable to MGM Resorts International | 33,948 | 32,080 | 98,866 | (33,198) |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Net revenues | 791,461 | 642,644 | 2,380,885 | 1,846,107 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Expenses | ||||
Casino and hotel operations | 498,625 | 389,527 | 1,483,508 | 1,157,426 |
General and administrative | 89,506 | 53,271 | 264,551 | 154,000 |
Corporate expense | (74) | (14) | (314) | (171) |
NV Energy exit expense | 0 | 0 | 0 | |
Preopening and start-up expenses | 27,493 | 30,655 | 60,877 | 71,212 |
Property transactions, net | (2,058) | (1,148) | 1,188 | 123 |
Gain on Borgata transaction | 0 | 0 | ||
Depreciation and amortization | 85,720 | 64,106 | 257,142 | 191,954 |
Total expenses | 699,212 | 536,397 | 2,066,952 | 1,574,544 |
Income (loss) from unconsolidated affiliates | (850) | 339 | (944) | 161 |
Operating income | 91,399 | 106,586 | 312,989 | 271,724 |
Interest expense, net of amounts capitalized | (5,504) | (1,167) | (17,235) | (12,933) |
Other, net | (19,931) | (27,676) | (77,386) | (65,459) |
Income before income taxes | 65,964 | 77,743 | 218,368 | 193,332 |
Benefit (provision) for income taxes | (8,137) | (36,759) | (13,689) | (34,290) |
Net income | 57,827 | 40,984 | 204,679 | 159,042 |
Less: Net income attributable to noncontrolling interests | (16,356) | (15,050) | (71,499) | (72,641) |
Net income attributable to MGM Resorts International | 41,471 | 25,934 | 133,180 | 86,401 |
Net income (loss) | 57,827 | 40,984 | 204,679 | 159,042 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (3,004) | 1,733 | (41,313) | (4,402) |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | ||
Other comprehensive income (loss) | (3,004) | 1,733 | (41,313) | (4,402) |
Comprehensive income | 54,823 | 42,717 | 163,366 | 154,640 |
Less: Comprehensive income attributable to noncontrolling interests | (14,989) | (15,865) | (53,191) | (70,534) |
Comprehensive income attributable to MGM Resorts International | 39,834 | 26,852 | 110,175 | 84,106 |
Elimination [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Net revenues | (183,771) | (173,341) | (553,976) | (285,957) |
Equity in subsidiaries' earnings | (452,495) | (658,311) | (1,370,795) | (1,715,165) |
Expenses | ||||
Casino and hotel operations | (974) | (842) | (2,823) | (2,555) |
General and administrative | (18,983) | (17,690) | (60,112) | (27,340) |
Corporate expense | (171) | (114) | (514) | (114) |
NV Energy exit expense | 0 | 0 | 0 | |
Preopening and start-up expenses | 0 | 0 | 0 | 0 |
Property transactions, net | 1,252 | (1,442) | (19,104) | (1,777) |
Gain on Borgata transaction | 0 | 0 | ||
Depreciation and amortization | (68,662) | (54,260) | (190,573) | (95,186) |
Total expenses | (87,538) | (74,348) | (273,126) | (126,972) |
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Operating income | (548,728) | (757,304) | (1,651,645) | (1,874,150) |
Interest expense, net of amounts capitalized | 0 | 0 | 0 | 0 |
Other, net | 55,262 | 104,957 | 294,136 | 187,496 |
Income before income taxes | (493,466) | (652,347) | (1,357,509) | (1,686,654) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net income | (493,466) | (652,347) | (1,357,509) | (1,686,654) |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to MGM Resorts International | (493,466) | (652,347) | (1,357,509) | (1,686,654) |
Net income (loss) | (493,466) | (652,347) | (1,357,509) | (1,686,654) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 3,270 | (1,836) | 46,010 | 4,590 |
Unrealized gain (loss) on cash flow hedges | (1,271) | 2,348 | ||
Other comprehensive income (loss) | 1,999 | (1,836) | 48,358 | 4,590 |
Comprehensive income | (491,467) | (654,183) | (1,309,151) | (1,682,064) |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | $ (491,467) | $ (654,183) | $ (1,309,151) | $ (1,682,064) |
Condensed Consolidating Finan54
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | $ 1,511,909 | $ 1,049,005 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (1,399,278) | (1,590,308) |
Dispositions of property and equipment | 371 | 3,290 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | 15,000 |
Acquisition of Borgata, net of cash acquired | 0 | (550,975) |
Investments in unconsolidated affiliates | (5,921) | (1,555) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 300,000 | 543,036 |
Intercompany accounts | 0 | 0 |
Other | (21,786) | (8,257) |
Net cash used in investing activities | (1,126,614) | (1,589,769) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 618,734 | 298,448 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 1,845,375 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | (1,845,375) |
Issuance of long term debt | 350,000 | 2,050,000 |
Retirement of senior notes | (502,669) | (2,258,053) |
Repayment of Borgata credit facility | 0 | (583,598) |
Debt issuance costs | (9,760) | (138,454) |
Issuance of MGM Growth Properties common shares in public offering | 404,685 | 1,207,500 |
MGM Growth Properties common share issuance costs | (17,137) | (75,032) |
Acquisition of MGM China shares | 0 | (100,000) |
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | (139,670) | (78,690) |
Dividends paid to common shareholders | (189,726) | 0 |
Purchases of common stock | (327,500) | 0 |
Intercompany accounts | 0 | 0 |
Other | (28,937) | (4,409) |
Net cash provided by financing activities | 158,020 | 317,712 |
Effect of exchange rate on cash | (3,208) | (1,102) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | 540,107 | (224,154) |
Balance, beginning of period | 1,446,581 | 1,670,312 |
Balance, end of period | 1,986,688 | 1,446,158 |
Reportable Legal Entities [Member] | Parent [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | (492,009) | (593,124) |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | 0 | 0 |
Dispositions of property and equipment | 0 | 0 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 290,625 | (2,016,000) |
Borrowings under bank credit facilities – maturities longer than 90 days | 1,845,375 | |
Repayments under bank credit facilities – maturities longer than 90 days | (1,845,375) | |
Issuance of long term debt | 0 | 500,000 |
Retirement of senior notes | (502,669) | (2,255,392) |
Repayment of Borgata credit facility | 0 | |
Debt issuance costs | 0 | (28,254) |
Issuance of MGM Growth Properties common shares in public offering | 0 | 0 |
MGM Growth Properties common share issuance costs | 0 | 0 |
Acquisition of MGM China shares | (100,000) | |
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 41,586 |
Distributions to noncontrolling interest owners | 0 | 0 |
Dividends paid to common shareholders | (189,726) | |
Purchases of common stock | (327,500) | |
Intercompany accounts | 1,165,419 | 4,070,558 |
Other | (20,354) | (4,377) |
Net cash provided by financing activities | 415,795 | 208,121 |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (76,214) | (385,003) |
Balance, beginning of period | 99,995 | 538,856 |
Balance, end of period | 23,781 | 153,853 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 1,063,410 | 1,066,700 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (308,738) | (113,333) |
Dispositions of property and equipment | 174 | 1,682 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 15,000 | |
Acquisition of Borgata, net of cash acquired | (550,975) | |
Investments in unconsolidated affiliates | (5,921) | (1,555) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 300,000 | 543,036 |
Intercompany accounts | (1,156,854) | (1,264,341) |
Other | (9,982) | (5,666) |
Net cash used in investing activities | (1,181,321) | (1,376,152) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 0 | 4,094,850 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | |
Issuance of long term debt | 0 | 0 |
Retirement of senior notes | 0 | (2,661) |
Repayment of Borgata credit facility | (583,598) | |
Debt issuance costs | 0 | (1,530) |
Issuance of MGM Growth Properties common shares in public offering | 0 | 0 |
MGM Growth Properties common share issuance costs | 0 | 0 |
Acquisition of MGM China shares | 0 | |
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 |
Dividends paid to common shareholders | 0 | |
Purchases of common stock | 0 | |
Intercompany accounts | 102,198 | (3,225,641) |
Other | 0 | (32) |
Net cash provided by financing activities | 102,198 | 281,388 |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (15,713) | (28,064) |
Balance, beginning of period | 307,713 | 304,168 |
Balance, end of period | 292,000 | 276,104 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 363,855 | 182,421 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | 0 | (138,987) |
Dispositions of property and equipment | 0 | 0 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | 0 | (138,987) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | (33,500) | (2,411,600) |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | |
Issuance of long term debt | 350,000 | 1,550,000 |
Retirement of senior notes | 0 | 0 |
Repayment of Borgata credit facility | 0 | |
Debt issuance costs | (5,381) | (76,120) |
Issuance of MGM Growth Properties common shares in public offering | 404,685 | 1,207,500 |
MGM Growth Properties common share issuance costs | (17,137) | (75,032) |
Acquisition of MGM China shares | 0 | |
MGP Operating Partnership distributions paid to consolidated subsidiaries | (216,873) | (41,586) |
Distributions to noncontrolling interest owners | (67,340) | (15,134) |
Dividends paid to common shareholders | 0 | |
Purchases of common stock | 0 | |
Intercompany accounts | 0 | 158,822 |
Other | 0 | 0 |
Net cash provided by financing activities | 414,454 | 296,850 |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | 778,309 | 340,284 |
Balance, beginning of period | 360,492 | 0 |
Balance, end of period | 1,138,801 | 340,284 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 576,653 | 393,008 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (1,090,540) | (1,337,988) |
Dispositions of property and equipment | 197 | 1,608 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other | (11,804) | (2,591) |
Net cash used in investing activities | (1,102,147) | (1,338,971) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 361,609 | 631,198 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | |
Issuance of long term debt | 0 | 0 |
Retirement of senior notes | 0 | 0 |
Repayment of Borgata credit facility | 0 | |
Debt issuance costs | (4,379) | (32,550) |
Issuance of MGM Growth Properties common shares in public offering | 0 | 0 |
MGM Growth Properties common share issuance costs | 0 | 0 |
Acquisition of MGM China shares | 0 | |
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | (72,330) | (63,556) |
Dividends paid to common shareholders | 0 | |
Purchases of common stock | 0 | |
Intercompany accounts | 106,110 | 260,602 |
Other | (8,583) | 0 |
Net cash provided by financing activities | 382,427 | 795,694 |
Effect of exchange rate on cash | (3,208) | (1,102) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (146,275) | (151,371) |
Balance, beginning of period | 678,381 | 827,288 |
Balance, end of period | 532,106 | 675,917 |
Elimination [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | 0 | 0 |
Dispositions of property and equipment | 0 | 0 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |
Acquisition of Borgata, net of cash acquired | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 |
Intercompany accounts | 1,156,854 | 1,264,341 |
Other | 0 | 0 |
Net cash used in investing activities | 1,156,854 | 1,264,341 |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 0 | 0 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | |
Issuance of long term debt | 0 | 0 |
Retirement of senior notes | 0 | 0 |
Repayment of Borgata credit facility | 0 | |
Debt issuance costs | 0 | 0 |
Issuance of MGM Growth Properties common shares in public offering | 0 | 0 |
MGM Growth Properties common share issuance costs | 0 | 0 |
Acquisition of MGM China shares | 0 | |
MGP Operating Partnership distributions paid to consolidated subsidiaries | 216,873 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 |
Dividends paid to common shareholders | 0 | |
Purchases of common stock | 0 | |
Intercompany accounts | (1,373,727) | (1,264,341) |
Other | 0 | 0 |
Net cash provided by financing activities | (1,156,854) | (1,264,341) |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | $ 0 | $ 0 |