Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MGM | ||
Entity Registrant Name | MGM Resorts International | ||
Entity Central Index Key | 789,570 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 566,367,426 | ||
Entity Public Float | $ 17.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 1,499,995 | $ 1,446,581 |
Accounts receivable, net | 540,545 | 542,924 |
Inventories | 102,292 | 97,733 |
Income tax receivable | 42,551 | 0 |
Prepaid expenses and other | 189,244 | 142,349 |
Total current assets | 2,374,627 | 2,229,587 |
Property and equipment, net | 19,635,459 | 18,425,023 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 1,034,161 | 1,220,443 |
Goodwill | 1,806,531 | 1,817,119 |
Other intangible assets, net | 3,877,960 | 4,087,706 |
Other long-term assets, net | 430,440 | 393,423 |
Total other assets | 7,149,092 | 7,518,691 |
Total assets | 29,159,178 | 28,173,301 |
Current liabilities | ||
Accounts payable | 255,028 | 250,477 |
Construction payable | 474,807 | 270,361 |
Income tax payable | 0 | 10,654 |
Current portion of long-term debt | 158,042 | 8,375 |
Accrued interest on long-term debt | 135,785 | 159,028 |
Other accrued liabilities | 2,068,720 | 1,594,526 |
Total current liabilities | 3,092,382 | 2,293,421 |
Deferred income taxes, net | 1,304,835 | 2,551,228 |
Long-term debt, net | 12,751,052 | 12,979,220 |
Other long-term obligations | 284,416 | 325,981 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests | 79,778 | 54,139 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 566,275,789 and 574,123,706 shares | 5,663 | 5,741 |
Capital in excess of par value | 5,357,709 | 5,653,575 |
Retained earnings | 2,252,890 | 545,811 |
Accumulated other comprehensive income (loss) | (3,610) | 15,053 |
Total MGM Resorts International stockholders' equity | 7,612,652 | 6,220,180 |
Noncontrolling interests | 4,034,063 | 3,749,132 |
Total stockholders' equity | 11,646,715 | 9,969,312 |
Total liabilities and stockholders' equity | $ 29,159,178 | $ 28,173,301 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized shares | 1,000,000,000 | 1,000,000,000 |
Common stock, issued shares | 566,275,789 | 574,123,706 |
Common stock, outstanding shares | 566,275,789 | 574,123,706 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Casino | $ 5,984,335 | $ 4,936,490 | $ 4,842,836 |
Rooms | 2,151,380 | 2,023,841 | 1,876,733 |
Food and beverage | 1,790,287 | 1,639,910 | 1,575,496 |
Entertainment | 542,706 | 517,433 | 539,318 |
Retail | 214,331 | 200,340 | 201,688 |
Other | 605,832 | 533,528 | 506,934 |
Reimbursed costs | 402,042 | 397,152 | 398,836 |
Total revenues, gross | 11,690,913 | 10,248,694 | 9,941,841 |
Less: Promotional allowances | (917,009) | (793,571) | (751,773) |
Total revenues, net | 10,773,904 | 9,455,123 | 9,190,068 |
Expenses | |||
Casino | 3,241,180 | 2,718,483 | 2,882,752 |
Rooms | 608,103 | 576,426 | 564,094 |
Food and beverage | 1,004,949 | 943,803 | 917,993 |
Entertainment | 430,981 | 411,657 | 410,284 |
Retail | 102,886 | 96,928 | 102,904 |
Other | 375,865 | 351,215 | 348,513 |
Reimbursed costs | 402,042 | 397,152 | 398,836 |
General and administrative | 1,559,915 | 1,378,617 | 1,309,104 |
Corporate expense | 356,875 | 312,774 | 274,551 |
NV Energy exit expense | (40,629) | 139,335 | 0 |
Preopening and start-up expenses | 118,475 | 140,075 | 71,327 |
Property transactions, net | 50,279 | 17,078 | 35,951 |
Goodwill impairment | 0 | 0 | 1,467,991 |
Gain on Borgata transaction | 0 | (430,118) | 0 |
Depreciation and amortization | 993,480 | 849,527 | 819,883 |
Total expenses | 9,204,401 | 7,902,952 | 9,604,183 |
Income from unconsolidated affiliates | 145,989 | 527,616 | 257,883 |
Operating income (loss) | 1,715,492 | 2,079,787 | (156,232) |
Non-operating income (expense) | |||
Interest expense, net of amounts capitalized | (668,745) | (694,773) | (797,579) |
Non-operating items from unconsolidated affiliates | (34,751) | (53,139) | (76,462) |
Other, net | (48,241) | (72,698) | (15,970) |
Total non-operating income (expense) | (751,737) | (820,610) | (890,011) |
Income (loss) before income taxes | 963,755 | 1,259,177 | (1,046,243) |
Benefit (provision) for income taxes | 1,132,663 | (22,299) | 6,594 |
Net income (loss) | 2,096,418 | 1,236,878 | (1,039,649) |
Less: Net (income) loss attributable to noncontrolling interests | (136,132) | (135,438) | 591,929 |
Net income (loss) attributable to MGM Resorts International | $ 1,960,286 | $ 1,101,440 | $ (447,720) |
Earnings per share | |||
Basic | $ 3.39 | $ 1.94 | $ (0.82) |
Diluted | $ 3.35 | $ 1.92 | $ (0.82) |
Weighted average common shares outstanding | |||
Basic | 572,253 | 568,134 | 542,873 |
Diluted | 578,795 | 573,317 | 542,873 |
Dividends declared per common share | $ 0.44 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 1,425,293 | $ 176,496 | $ 241,620 | $ 253,009 | $ 69,922 | $ 561,260 | $ 514,498 | $ 91,198 | $ 2,096,418 | $ 1,236,878 | $ (1,039,649) |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (43,188) | (2,680) | 3,727 | ||||||||
Unrealized gain on cash flow hedges | 7,995 | 1,879 | 0 | ||||||||
Other | 0 | 0 | (672) | ||||||||
Other comprehensive income (loss) | (35,193) | (801) | 3,055 | ||||||||
Comprehensive income (loss) | 2,061,225 | 1,236,077 | (1,036,594) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (119,700) | (134,680) | 589,905 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ 1,941,525 | $ 1,101,397 | $ (446,689) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income (loss) | $ 2,096,418 | $ 1,236,878 | $ (1,039,649) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 993,480 | 849,527 | 819,883 |
Amortization of debt discounts, premiums and issuance costs | 32,996 | 40,493 | 46,280 |
Loss on retirement of long-term debt | 45,696 | 66,933 | 1,924 |
Provision for doubtful accounts | 20,603 | 10,863 | 54,691 |
Stock-based compensation | 62,494 | 55,487 | 42,872 |
Property transactions, net | 50,279 | 17,078 | 35,951 |
Goodwill impairment | 0 | 0 | 1,467,991 |
Gain on Borgata transaction | 0 | (430,118) | 0 |
(Income) loss from unconsolidated affiliates | (111,238) | (471,309) | (177,946) |
Distributions from unconsolidated affiliates | 13,050 | 16,905 | 29,333 |
Deferred income taxes | (1,264,674) | (80,628) | (3,615) |
Change in operating assets and liabilities: | |||
Accounts receivable | (18,438) | (33,208) | (62,720) |
Inventories | (4,656) | 10,806 | (2,649) |
Income taxes receivable and payable, net | (53,204) | 13,385 | (5,946) |
Prepaid expenses and other | (46,974) | 20,192 | (13,694) |
Prepaid Cotai land concession premium | (7,765) | (22,376) | (22,427) |
Accounts payable and accrued liabilities | 419,525 | 272,828 | (139,069) |
Other | (21,181) | (39,764) | (26,131) |
Net cash provided by operating activities | 2,206,411 | 1,533,972 | 1,005,079 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (1,864,082) | (2,262,473) | (1,466,819) |
Dispositions of property and equipment | 718 | 3,944 | 8,032 |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | 15,000 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | 92,207 |
Acquisition of Borgata, net of cash acquired | 0 | (559,443) | 0 |
Investments in and advances to unconsolidated affiliates | (16,727) | (3,633) | (196,062) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 301,211 | 542,097 | 201,612 |
Investments in cash deposits - original maturities longer than 90 days | 0 | 0 | (200,205) |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 0 | 770,205 |
Other | (1,712) | (11,696) | (4,028) |
Net cash used in investing activities | (1,580,592) | (2,276,204) | (795,058) |
Cash flows from financing activities | |||
Net borrowings under bank credit facilities – maturities of 90 days or less | 15,001 | 491,032 | 977,275 |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 1,845,375 | 5,118,750 |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | (1,845,375) | (5,118,750) |
Issuance of long-term debt | 350,000 | 2,050,000 | 0 |
Retirement of senior notes | (502,669) | (2,258,053) | (875,504) |
Repayment of Borgata credit facility | 0 | (583,598) | 0 |
Debt issuance costs | (9,977) | (139,584) | (46,170) |
Issuance of MGM Growth Properties Class A shares in public offering | 404,685 | 1,207,500 | 0 |
MGM Growth Properties Class A share issuance costs | (17,137) | (75,032) | 0 |
Acquisition of MGM China shares | 0 | (100,000) | 0 |
Dividends paid to common shareholders | (252,014) | 0 | 0 |
Distributions to noncontrolling interest owners | (170,402) | (103,367) | (307,227) |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 47,325 | 6,250 |
Purchases of common stock | (327,500) | 0 | 0 |
Other | (58,765) | (16,801) | (12,503) |
Net cash provided by (used in) financing activities | (568,778) | 519,422 | (257,879) |
Effect of exchange rate on cash | (3,627) | (921) | 793 |
Cash and cash equivalents | |||
Net increase (decrease) for the period | 53,414 | (223,731) | (47,065) |
Change in cash related to assets held for sale | 0 | 0 | 3,662 |
Balance, beginning of period | 1,446,581 | 1,670,312 | 1,713,715 |
Balance, end of period | 1,499,995 | 1,446,581 | 1,670,312 |
Supplemental cash flow disclosures | |||
Interest paid, net of amounts capitalized | 658,637 | 661,166 | 776,540 |
Federal, state and foreign income taxes paid, net of refunds | 181,651 | 68,236 | 11,801 |
Non-cash investing and financing activities | |||
Common stock issued for acquisition of MGM China shares | 0 | 174,041 | 0 |
Deferred cash payment for acquisition of MGM China shares | 0 | 43,265 | 0 |
Conversion of convertible senior notes to equity | 0 | 0 | 1,449,499 |
Increase (decrease) in investment in and advances to CityCenter related to change in completion guarantee liability | 0 | 0 | (8,198) |
Increase in construction accounts payable | $ 204,446 | $ 20,241 | $ 79,681 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Borgata [Member] | MGM Growth Properties LLC [Member] | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | MGM China [Member] | Common Stock [Member] | Common Stock [Member]Borgata [Member] | Common Stock [Member]MGM Growth Properties LLC [Member] | Common Stock [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Common Stock [Member]MGM China [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Borgata [Member] | Capital in Excess of Par Value [Member]MGM Growth Properties LLC [Member] | Capital in Excess of Par Value [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Capital in Excess of Par Value [Member]MGM China [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Borgata [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM China [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Borgata [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM Growth Properties LLC [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM China [Member] | Total MGM Resorts International Stockholder's Equity [Member] | Total MGM Resorts International Stockholder's Equity [Member]Borgata [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM Growth Properties LLC [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM China [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]Borgata [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Non-Controlling Interests [Member]MGM China [Member] |
Beginning Balance at Dec. 31, 2014 | $ 7,628,274 | $ 4,913 | $ 4,180,922 | $ (107,909) | $ 12,991 | $ 4,090,917 | $ 3,537,357 | ||||||||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2014 | 491,292 | ||||||||||||||||||||||||||||||||||
Net income (loss) | (1,039,649) | $ 0 | 0 | (447,720) | 0 | (447,720) | (591,929) | ||||||||||||||||||||||||||||
Currency translation adjustment | 3,727 | 0 | 0 | 0 | 1,703 | 1,703 | 2,024 | ||||||||||||||||||||||||||||
Other comprehensive loss from unconsolidated affiliates, net | (672) | 0 | 0 | 0 | (672) | (672) | 0 | ||||||||||||||||||||||||||||
Stock-based compensation | 43,002 | 0 | 38,464 | 0 | 0 | 38,464 | 4,538 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (24,878) | $ 18 | (24,896) | 0 | 0 | (24,878) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 1,844 | ||||||||||||||||||||||||||||||||||
Conversion of convertible debt to common stock | 1,449,496 | $ 717 | 1,448,779 | 0 | 0 | 1,449,496 | 0 | ||||||||||||||||||||||||||||
Conversion of convertible debt to common stock, Shares | 71,703 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (307,494) | $ 0 | 0 | 0 | 0 | 0 | (307,494) | ||||||||||||||||||||||||||||
Issuance of performance share units | 4,872 | 0 | 4,872 | 0 | 0 | 4,872 | 0 | ||||||||||||||||||||||||||||
Other comprehensive income - cash flow hedges | 0 | ||||||||||||||||||||||||||||||||||
Other | 7,749 | 0 | 7,745 | 0 | 0 | 7,745 | 4 | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | 7,764,427 | $ 5,648 | 5,655,886 | (555,629) | 14,022 | 5,119,927 | 2,644,500 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2015 | 564,839 | ||||||||||||||||||||||||||||||||||
Net income (loss) | 1,236,342 | $ 0 | 0 | 1,101,440 | 0 | 1,101,440 | 134,902 | ||||||||||||||||||||||||||||
Currency translation adjustment | (2,680) | 0 | 0 | 0 | (1,477) | (1,477) | (1,203) | ||||||||||||||||||||||||||||
Other comprehensive loss from unconsolidated affiliates, net | 0 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 55,607 | 0 | 51,460 | 0 | 0 | 51,460 | 4,147 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (30,043) | $ 22 | (30,065) | 0 | 0 | (30,043) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,225 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (103,457) | $ (22,281) | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (103,457) | $ (22,281) | |||||||||||||||||||||
Issuance of performance share units | 5,817 | 0 | 5,817 | 0 | 0 | 5,817 | 0 | ||||||||||||||||||||||||||||
Share issuance | $ 1,183,838 | $ 0 | $ (150,414) | $ 0 | $ 0 | $ (150,414) | $ 1,334,252 | ||||||||||||||||||||||||||||
Acquisition transaction | $ 10,367 | $ (142,612) | $ 0 | $ 71 | $ (18,385) | $ 127,146 | $ 0 | $ 0 | $ 0 | $ 1,074 | $ (18,385) | $ 128,291 | $ 28,752 | $ (270,903) | |||||||||||||||||||||
Acquisition transaction, shares | 7,060 | ||||||||||||||||||||||||||||||||||
Other comprehensive income - cash flow hedges | 1,879 | 0 | 0 | 0 | 1,434 | 1,434 | 445 | ||||||||||||||||||||||||||||
Other | 12,108 | 0 | 12,130 | 0 | 0 | 12,130 | (22) | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2016 | 9,969,312 | $ 5,741 | 5,653,575 | 545,811 | 15,053 | 6,220,180 | 3,749,132 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2016 | 574,124 | ||||||||||||||||||||||||||||||||||
Net income (loss) | 2,088,606 | $ 0 | 0 | 1,960,286 | 0 | 1,960,286 | 128,320 | ||||||||||||||||||||||||||||
Currency translation adjustment | (43,188) | 0 | 0 | 0 | (23,995) | (23,995) | (19,193) | ||||||||||||||||||||||||||||
Other comprehensive loss from unconsolidated affiliates, net | 0 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 62,522 | 0 | 57,531 | 0 | 0 | 57,531 | 4,991 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (33,780) | $ 22 | (33,802) | 0 | 0 | (33,780) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,152 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (147,685) | (29,777) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (147,685) | (29,777) | |||||||||||||||||||||
Issuance of performance share units | 9,743 | 0 | 9,648 | 0 | 0 | 9,648 | 95 | ||||||||||||||||||||||||||||
Share issuance | $ 361,622 | $ 0 | $ 35,029 | $ 0 | $ 109 | $ 35,138 | $ 326,484 | ||||||||||||||||||||||||||||
Dividends paid to common shareholders | (252,014) | 0 | 0 | (252,014) | 0 | (252,014) | 0 | ||||||||||||||||||||||||||||
National Harbor transaction | 6,886 | 0 | (12,486) | 0 | (11) | (12,497) | 19,383 | ||||||||||||||||||||||||||||
Repurchase of common stock | (327,500) | $ (100) | (327,400) | 0 | 0 | (327,500) | 0 | ||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (10,000) | ||||||||||||||||||||||||||||||||||
Other comprehensive income - cash flow hedges | 7,995 | $ 0 | 0 | 0 | 5,234 | 5,234 | 2,761 | ||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | (18,280) | 0 | (18,280) | 0 | 0 | (18,280) | 0 | ||||||||||||||||||||||||||||
Other | (7,747) | 0 | (6,106) | (1,193) | 0 | (7,299) | (448) | ||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2017 | $ 11,646,715 | $ 5,663 | $ 5,357,709 | $ 2,252,890 | $ (3,610) | $ 7,612,652 | $ 4,034,063 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2017 | 566,276 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 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. On April 25, 2016, MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, completed its initial public offering (“IPO”) of 57,500,000 of its Class A shares representing limited liability company interests (inclusive of the full exercise by the underwriters of their option to purchase 7,500,000 Class A shares) at an initial offering price of $21 per share. In connection with the IPO, the Company and MGP entered into a series of transactions and several agreements that, among other things, set forth the terms and conditions of the IPO and provide a framework for the Company’s relationship with MGP. MGP is organized as an umbrella partnership REIT (commonly referred to as an “UPREIT”) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through its Operating Partnership subsidiary. 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 Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is also a subsidiary of MGP, which is 100% owned by MGP. 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. The Company and MGP’s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 13. As of December 31, 2017, the Company owned 73.4% of the Operating Partnership units, and MGP held the remaining 26.6% ownership interest in the Operating Partnership. Pursuant to a master contribution agreement entered into in connection with the IPO by and between the Company, MGP, and the Operating Partnership, the Company contributed the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit and Beau Rivage to newly formed subsidiaries and subsequently transferred 100% ownership in such subsidiaries to the Operating Partnership in exchange for a percentage ownership of Operating Partnership units. Concurrently, pursuant to a master lease agreement between a subsidiary of the Company (the “tenant”) and a subsidiary of the Operating Partnership (the “landlord”), the tenant leased the contributed real estate assets from the landlord. Subsequent to the Company completing its acquisition of Borgata in August 2016, as discussed in Note 4, MGP acquired Borgata’s real property from a subsidiary of the Company, and in October 2017, MGP also acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company. Amendments to the master lease agreement provides for the Company to lease the real estate assets of Borgata and MGM National Harbor from a subsidiary of the Operating Partnership. See Note 10, Note 13, and Note 18 for additional information related to MGP, its ownership and transactions, and certain other intercompany agreements and debt financing transactions entered into in connection therewith. The Company has an approximate 56% controlling interest in MGM China, which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concessions as well as MGM Cotai, an integrated casino, hotel and entertainment resort located on an 18 acre site on the Cotai Strip in Macau that opened on February 13, 2018. The Gaming Inspection and Coordination Bureau of Macau (“DICJ”) approved 100 gaming tables for the opening of MGM Cotai and 25 additional gaming tables effective for operation on January 1, 2019, for a total of 125 gaming tables in aggregate. In addition, the DICJ approved the initial transfer of 77 gaming tables from MGM Macau to MGM Cotai. 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 7 and Note 18 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 7 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 7 for additional information regarding the Company’s investment in Grand Victoria. A subsidiary of the Company was awarded a casino license to build and operate MGM Springfield in Springfield, Massachusetts. MGM Springfield is in the process of being 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. Construction of MGM Springfield is expected to be completed in the third quarter of 2018. The Company has two reportable segments: domestic resorts and MGM China. See Note 17 for additional information about the Company’s segments. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership of 26.6% as of December 31, 2017 as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2017, on a consolidated basis MGP had total assets of $10.4 billion, primarily related to its real estate investments, and total liabilities of $4.3 billion, primarily related to its indebtedness. R eclassifications. Certain reclassifications have been made to conform the prior period presentation. Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 10; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Borgata transaction. See Note 4; • Level 2 and Level 3 inputs when measuring the impairment of goodwill related to the MGM China reporting unit. See Note 8; and • Level 3 inputs when assessing the fair value of its investment in Grand Victoria. See Note 7 Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable or construction payable as applicable. Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2017, 35% of the Company’s casino receivables at its domestic resorts were due from customers residing in foreign countries and 8% of the Company’s casino receivables related to MGM China. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2017, no significant concentrations of credit risk existed for which an allowance had not already been recorded. Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2017 and 2016, the Company had accrued $28 million and $36 million for property and equipment within accounts payable and $34 million and $32 million related to construction retention within other long-term liabilities, respectively. Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 20 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period. Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 7 and Note 16 for results of the Company’s review of its investment in certain of its unconsolidated affiliates. Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2017 and 2016. An impairment of goodwill related to the MGM China reporting unit was recorded as a result of the annual impairment review in 2015. See Note 8. Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Effective January 1, 2017, the Company prospectively adopted accounting guidance that simplifies goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that impairment is identified. Instead, an impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. Revenue recognition and promotional allowances. Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs (“casino front money”) and for chips in the customers’ possession (“outstanding chip liability”). Hotel, food and beverage, entertainment, retail and other operating revenues are recognized as services are performed and goods are provided. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. Gaming revenues are recognized net of certain sales incentives, including discounts and points earned in point-loyalty programs. The retail value of hotel rooms, food and beverage, and other services furnished to guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated cost of providing promotional allowances is primarily included in casino expenses as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Rooms $ 139,992 $ 120,369 $ 112,313 Food and beverage 324,554 283,598 279,041 Entertainment, retail and other 42,357 39,611 39,388 $ 506,903 $ 443,578 $ 430,742 Gaming promoters. A significant portion of the high-end (“VIP”) gaming volume at MGM Macau is generated through the use of gaming promoters, also known as junket operators. These operators introduce VIP gaming players to MGM Macau, assist these customers with travel arrangements, and extend gaming credit to these players. VIP gaming at MGM Macau is conducted by the use of special purpose nonnegotiable gaming chips. Gaming promoters purchase these nonnegotiable chips from MGM Macau and in turn sell these chips to their players. The nonnegotiable chips allow MGM Macau to track the amount of wagering conducted by each gaming promoter’s clients in order to determine VIP gaming play volume, or rolling chip turnover, which is the amount of nonnegotiable chips wagered and lost. In exchange for the gaming promoters’ services, MGM Macau compensates the gaming promoters through revenue-sharing arrangements and rolling chip turnover-based commissions. The estimated portion of the gaming promoter commissions that represent amounts passed through to VIP customers is recorded as a reduction of casino revenue, and the estimated portion retained by the gaming promoter for its compensation is recorded as casino expense. Reimbursed costs. The Company recognizes costs reimbursed pursuant to management services as revenue in the period it incurs the costs. Reimbursed costs related primarily to the Company’s management of CityCenter. Loyalty programs. The Company’s primary loyalty program is “M life Rewards” and is available to patrons at most of the Company’s domestic resorts and CityCenter. Members may earn points and/or Express Comps for their gaming play which can be redeemed at restaurants, box offices or the M life Rewards front desk at participating properties. Points may also be redeemed for free slot play on participating machines. The Company records a liability based on the points earned multiplied by the redemption value, less an estimate for points not expected to be redeemed, and records a corresponding reduction in casino revenue. Customers also earn Express Comps based on their gaming play which can be redeemed for complimentary goods and services, including hotel rooms, food and beverage, and entertainment. The Company records a liability for the estimated costs of providing goods and services for Express Comps based on the Express Comps earned multiplied by a cost margin, less an estimate for Express Comps not expected to be redeemed and records a corresponding expense in the casino department. MGM Macau also has loyalty programs, including M life Rewards as well as the Golden Lion Club, which provides benefits to customers focused on gaming. Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $223 million, $171 million and $156 million for 2017, 2016 and 2015, respectively. Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 16 for a detailed discussion of these amounts. Redeemable noncontrolling interest. In 2015 and 2016, MGM National Harbor issued non-voting economic interests in MGM National Harbor (“Interests”) to noncontrolling interest parties for a total aggregate purchase price of $53 million. The Interests provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year. Beginning on December 31, 2019 the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their Interests for a purchase price based on a contractually agreed upon formula. Additionally, certain noncontrolling interest parties each have the right to sell back all or a portion of their Interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor. The Company has recorded the Interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. Interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. Income (loss) per share of common stock. The table below reconciles basic and diluted income (loss) per share of common stock. Diluted net income (loss) attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2017 2016 2015 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 $ (447,720 ) Adjustment related to redeemable noncontrolling interests (18,363 ) (28 ) — Net income (loss) available to common stockholders - basic 1,941,923 1,101,412 (447,720 ) Potentially dilutive effect due to MGP Omnibus Plan (90 ) (40 ) — Potentially dilutive effect due to MGM China Share Option Plan (178 ) (11 ) — Net income (loss) attributable to common stockholders - diluted $ 1,941,655 $ 1,101,361 $ (447,720 ) Denominator: Weighted-average common shares outstanding basic 572,253 568,134 542,873 Potential dilution from share-based awards 6,542 5,183 — Weighted-average common and common equivalent shares - diluted 578,795 573,317 542,873 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 2,601 4,207 18,276 Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate debt. The following table summarizes the changes in the accumulated balance of other comprehensive income: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balance, January 1, 2016 $ 14,022 $ — $ — $ 14,022 Other comprehensive income (loss) before reclassifications (2,680 ) 1,521 1,074 (85 ) Amounts reclassified from accumulated other comprehensive income to interest expense — 358 — 358 Other comprehensive income (loss), net of tax (2,680 ) 1,879 1,074 273 Other comprehensive income (loss) attributable to noncontrolling interest 1,203 (445 ) — 758 Balance, December 31, 2016 12,545 1,434 1,074 15,053 Other comprehensive income (loss) before reclassifications (43,188 ) (1,221 ) 98 (44,311 ) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense — 9,216 — 9,216 Other comprehensive income (loss), net of tax (43,188 ) 7,995 98 (35,095 ) Other comprehensive income (loss) attributable to noncontrolling interest 19,193 (2,761 ) — 16,432 Balance, December 31, 2017 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) Recently issued accounting standards. The Company adopted ASC 606 on a full retrospective basis, effective January 1, 2018, which will be reflected in future financial statements. The most significant impacts of adoption of the new accounting pronouncement are as follows: • Promotional Allowances: The Company is no longer 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, and accordingly the promotional allowances line item will be removed in future filings. The majority of such amounts previously included in promotional allowances will now offset casino revenues based on stand-alone selling price. This change will primarily result in a reclassification of revenue between revenue line items; • Loyalty Accounting: Accounting for Express Comps granted under the M life Rewards program and points granted under the Golden Lion Club 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) and an increase to the loyalty program liability representing outstanding performance obligations. Such amounts will be recognized as revenue in the line item of the corresponding good or service provided when the performance obligation is fulfilled. This change will result in a decrease to beginning retained earnings of approximately $41 million as a result of the initial application of the standard and will not have a significant impact to earnings; • Gaming Promoter Commission: Commissions paid to gaming promoters under MGM China’s incentive program will now be fully reflected as a reduction in casino revenue. This change will primarily result in a decrease in casino expense and a corresponding decrease in casino revenue; • Gross versus Net Presentation: Mandatory service charges on food and beverage and hotel offerings and wide area progressive operator fees will be recorded gross, that is, the amount received from the customer will be recorded as revenue with the corresponding amount paid as an expense. These changes will primarily result in an increase in revenue with a corresponding increase in expense; • Estimated Cost of Promotional Allowances: The Company will no longer reclassify the estimated cost of complimentaries provided to the gaming patron from other expense line items to the casino expense line item. This change will result in a reclassification of expense between expense line items which will reduce casino expense by $507 million, $444 million, and $431 million for the years ended December 31, 2017, 2016, and 2015, respectively, and increase Rooms, Food and beverage, Retail, Entertainment and Other expenses. Refer to the ‘Revenue recognition and promotional allowances’ section within this note for the historical amounts that will be reclassified back to each expense line item when the retrospective adoption to prior years is reflected in future filings. These changes, and other less significant adjustments that were required upon adoption, will not have an aggregate material impact on operating income, net income, or cash flows . 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 adoption of ASU 2016-15 did not have a material effect on the Company’s consolidated financial statements and footnote disclosures. In January 2017, the Company adopted ASU No. 2016-09, “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 – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. Under the amended guidance, the Company will perform its annual goodwill impairment tests (and interim tests if any are determined to be necessary) by comparing the fair value of its reporting units with their carryi |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable, Net | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: December 31, 2017 2016 (In thousands) Casino $ 343,869 $ 332,443 Hotel 146,931 169,321 Other 142,316 139,080 633,116 640,844 Less: Allowance for doubtful accounts (92,571 ) (97,920 ) $ 540,545 $ 542,924 |
Borgata Transaction
Borgata Transaction | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Borgata Transaction | NOTE 4— BORGATA TRANSACTION On August 1, 2016, the Company completed the acquisition of Boyd Gaming Corporation’s (“Boyd Gaming”) ownership interest in Borgata. Following the completion of the acquisition of Boyd Gaming’s interest, MGP acquired Borgata’s real property from the Company and leased back the real property to a subsidiary of the Company. As part of the purchase and sale agreement, the Company agreed to pay Boyd Gaming half of any net amount received or utilized by the Company as it relates to the Atlantic City property tax refund owed to Borgata at the time of the transaction. After taking into account the contingent consideration paid related to the property tax refunds realized by Borgata through the finalization of purchase price accounting, cash paid to Boyd Gaming for its interest in Borgata was $604 million. As further discussed in Note 12, Borgata subsequently entered into a property tax reimbursement agreement in February 2017 with the Department of Community Affairs of the State of New Jersey and Atlantic City and received the settlement amount of $72 million in June 2017, half of which the Company paid Boyd Gaming, net of fees and expenses. Through the acquisition of Boyd Gaming’s interest in Borgata, the Company obtained 100% of the equity interests in Borgata and therefore consolidated Borgata as of August 1, 2016. The Company recognized 100% of the assets and liabilities of Borgata at fair value at the date of the acquisition. Prior to the acquisition, the Company held a 50% ownership interest in Borgata, which was accounted for under the equity method. The fair value of the equity interests of Borgata was determined by the transaction price and equaled approximately $1.2 billion. The carrying value of the Company’s equity method investment was significantly less than its share of the fair value of Borgata at the acquisition date, resulting in a $430 gain on the acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The allocation of fair value for substantially all of the assets and liabilities has been finalized as of December 31, 2016. The following table sets forth the finalized allocation at December 31, 2016 (in thousands): Fair value of assets acquired and liabilities assumed: Current assets $ 112,221 Property and equipment and other long-term assets 1,373,567 Goodwill 386,892 Trade name 83,000 Customer list 22,000 Current liabilities (122,743 ) Long-term debt (583,187 ) Deferred taxes (12,124 ) Other long-term obligations (51,894 ) $ 1,207,732 As discussed above, the Company recognized the identifiable intangible assets of Borgata at fair value. The trade name and customer relationship intangible assets did not have historical cost bases at Borgata. The estimated fair values of the intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. Unfavorable lease liability. The Company has assumed the liability of a series of ground leases for a total of approximately 11 acres of land on which the Borgata employee parking garage, public space expansion, rooms expansion, modified surface parking lot, beer garden and outdoor pool reside. The Company recorded an unfavorable lease liability of $1 million in “Current liabilities” and $47 million in “Other long-term obligations” for the excess contractual lease obligations over the market value of the leases, which will be amortized on a straight-line basis over the term of the lease contracts through December 2070. Both a market and income approach using Level 2 and Level 3 inputs were utilized to determine the fair value of these leases. Deferred taxes. The Company recorded an additional net deferred tax liability of $89 million, of which $82 million and $7 million was recorded to income tax expense and goodwill, respectively. The net deferred tax liability represents the excess of the financial reporting amounts of the net assets of Borgata over their respective basis under U.S. and New Jersey tax law expected to be applied to taxable income in the periods such differences are expected to be realized. Consolidated results. Borgata’s net revenue for the period from August 1, 2016 through December 31, 2016 was $348 million, operating income was $39 million and net income was $8 million. Pro forma information. The operating results for Borgata are included in the accompanying consolidated statements of operations from the date of acquisition. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the $430 million gain discussed above. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015. Year Ended December 31, 2016 2015 (In thousands, except per share data) (unaudited) Net revenues $ 9,940,176 $ 9,993,718 Net income (loss) attributable to MGM Resorts International 819,278 (417,671 ) Basis net income (loss) per share $ 1.44 $ (0.77 ) Diluted net income (loss) per share $ 1.43 $ (0.77 ) |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Dispositions | NOTE 5 — DISPOSITIONS On April 1, 2015, the Company closed the sale of Railroad Pass. At closing, the Company received $8 million in cash proceeds. closed the sale of At closing, the Company received $12 million in cash proceeds . closed the sale received $80 million in cash proceeds and |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | NOTE 6 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: December 31, 2017 2016 (In thousands) Land $ 6,531,701 $ 6,530,988 Buildings, building improvements and land improvements 12,245,950 11,969,984 Furniture, fixtures and equipment 5,157,363 4,863,647 Construction in progress 3,950,635 2,628,603 27,885,649 25,993,222 Less: Accumulated depreciation (8,250,190 ) (7,568,199 ) $ 19,635,459 $ 18,425,023 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 7 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2017 2016 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 809,084 $ 1,007,358 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 124,342 123,585 Las Vegas Arena Company, LLC (42.5%) 76,619 80,339 Other 24,116 9,161 $ 1,034,161 $ 1,220,443 The Company recorded its share of the net income from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Income from unconsolidated affiliates $ 145,989 $ 527,616 $ 257,883 Preopening and start-up expenses — (3,168 ) (3,475 ) Non-operating items from unconsolidated affiliates (34,751 ) (53,139 ) (76,462 ) $ 111,238 $ 471,309 $ 177,946 CityCenter Crystals sale. In April 2016, CityCenter closed the sale of Crystals for approximately $1.1 billion. During the year ended December 31, 2016, CityCenter recognized a gain on the sale of Crystals of $400 million and the Company recognized a $401 million gain, which included $200 million representing its 50% share of the gain recorded by CityCenter and $201 million representing the reversal of certain basis differences. The basis differences primarily related to other-than-temporary impairment charges recorded on the Company’s investment in CityCenter that were allocated to Crystals’ building assets. 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. In April 2015, CityCenter declared a special distribution of $400 million, of which the Company received its 50% share of $200 million. CityCenter litigation settlement. During the first quarter of 2015, CityCenter recognized a $160 million gain as a result of the final resolution of its construction litigation and related settlements, of which the Company recorded $80 million, its 50% share of the gain. CityCenter credit facility. 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%. The term loan B facility requires CityCenter to make amortization payments of 0.25% of the original principal balance at each quarter end. Borgata As discussed in Note 4, the Company acquired Boyd Gaming’s ownership interest in Borgata on August 1, 2016, and therefore began to consolidate Borgata beginning on that date. Prior thereto, the Company’s investment in Borgata was accounted for under the equity method. Grand Victoria At December 31, 2015, the Company reviewed the carrying value of its Grand Victoria investment for impairment due to a greater than anticipated decline in operating results resulting in part from a continued loss of market share to video gaming terminals, as well as a decrease in forecasted cash flows compared to the prior forecast. The Company used a blended discounted cash flow analysis and guideline public company method to determine the estimated fair value from a market participant’s viewpoint. Key assumptions included in the discounted cash flow analysis were estimates of future cash flows including outflows for capital expenditures, a long-term growth rate of 2% and a discount rate of 10.5%. Key assumptions in the guideline public company method included business enterprise value multiples selected based on the range of multiples in Grand Victoria’s peer group. As a result of the analysis, the Company determined that it was necessary to record an other-than-temporary impairment charge of $17 million at December 31, 2015, based on an estimated fair value of $123 million for the Company’s 50% interest. The Company performed a sensitivity analysis surrounding its long-term growth rate assumption and noted that if a long-term growth rate of 1.5% had been used, the resulting estimated fair value of the Company’s 50% interest in Grand Victoria would have been approximately $120 million. The Company intends to, and believes it will be able to, retain its investment in Grand Victoria; however, due to the extent of the shortfall and the Company’s assessment of the uncertainty of fully recovering its investment, the Company has determined that the impairment was other-than-temporary. Las Vegas Arena Company, LLC Athena Arena transaction. On September 1, 2016, the Company and AEG each sold a 7.5% membership interest in the Las Vegas Arena Company, LLC to Athena Arena, LLC. As a result of this transaction, the Company received $15 million in proceeds and recorded a $3 million gain in “Property transactions, net”. Arena financing. As of December 31, 2017, the senior secured credit facility consisted of a $129 million term loan A and a $50 million term loan B. The senior secured credit facility matures in September 2019, is secured by substantially all the assets of the Las Vegas Arena Company, and contains certain financial covenants which became applicable upon the opening of the T-Mobile Arena in April 2016. See Note 12 for discussion of the Company’s repayment guarantee related to the Las Vegas Arena Company’s term loan B facility. Silver Legacy Silver Legacy sale. As discussed in Note 5, the Company closed the sale of its 50% interest in Silver Legacy on November 23, 2015, received proceeds of $58 million, and recorded a gain of $20 million. The Company’s investment in Silver Legacy was not classified as discontinued operations because the Company concluded that the sale would not have a major effect on the Company’s operations or its financial results and it did not represent a disposal of a major geographic segment or product line. Basis Differences The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2017 2016 (In thousands) Venture-level equity attributable to the Company $ 2,660,644 $ 2,883,324 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (532,501 ) (537,819 ) CityCenter capitalized interest (2) 206,065 215,467 CityCenter completion guarantee (3) 322,703 337,223 CityCenter deferred gain (4) (219,561 ) (221,638 ) CityCenter capitalized interest on sponsor notes (5) (40,258 ) (42,095 ) Other-than-temporary impairments of CityCenter investment (6) (1,504,161 ) (1,555,509 ) Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment (7) 99,619 99,619 Other adjustments 41,611 41,871 $ 1,034,161 $ 1,220,443 (1) Primarily relates to land and fixed assets. (2) Relates to interest capitalized on the Company’s investment balance during development and construction stages. (3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. (4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $379 million of impairments allocated to land. (7) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 8 — GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: December 31, 2017 2016 Goodwill: (In thousands) Domestic resorts $ 457,867 $ 457,867 MGM China 1,348,664 1,359,252 $ 1,806,531 $ 1,817,119 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 Trademarks, license rights and other 312,022 312,022 Total indefinite-lived intangible assets 410,120 410,120 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,478,911 4,514,073 Less: Accumulated amortization (1,180,908 ) (1,024,185 ) 3,298,003 3,489,888 MGM Macau land concession 84,076 84,736 Less: Accumulated amortization (27,870 ) (23,817 ) 56,206 60,919 MGM China customer lists 127,969 128,974 Borgata customer list 22,000 22,000 Less: Accumulated amortization (145,569 ) (135,574 ) 4,400 15,400 Maryland license, Massachusetts license and other intangible assets 136,127 136,127 Less: Accumulated amortization (26,896 ) (24,748 ) 109,231 111,379 Total finite-lived intangible assets, net 3,467,840 3,677,586 Total other intangible assets, net $ 3,877,960 $ 4,087,706 Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2017 and 2016: 2017 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 457,867 $ — $ — $ 457,867 MGM China 1,359,252 — (10,588 ) 1,348,664 $ 1,817,119 $ — $ (10,588 ) $ 1,806,531 2016 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 70,975 $ 386,892 $ — $ 457,867 MGM China 1,359,792 — (540 ) 1,359,252 $ 1,430,767 $ 386,892 $ (540 ) $ 1,817,119 Goodwill concerning domestic resorts relates to the acquisition of Mirage Resorts in 2001, the acquisition of Mandalay Resort Group in 2005, and the acquisition of Borgata in August 2016. See Note 4 for goodwill recognized in connection with the Borgata transaction. The Company recognized goodwill resulting from its acquisition of a controlling interest in MGM China in 2011. MGM China Goodwill Impairment. During the fourth quarter of 2015, the Company conducted its annual impairment tests of goodwill by reviewing each of its reporting units, including its MGM China reporting unit. The step one goodwill analysis of the MGM China reporting unit indicated the fair value was less than its carrying value by 4%. The decrease in fair value resulted from a decrease in forecasted cash flows based on then current market conditions and a sustained decline in the enterprise value multiples of the MGM China reporting unit as well as the multiples of the reporting unit’s peer group. As a result of the indication of impairment from its step one analysis, the Company performed a step two impairment analysis to measure the impairment loss. As such, the Company determined the fair values of all assets of the MGM China reporting unit, including its separately identifiable intangible assets. The fair values of each of the separately identifiable intangible assets exceeded their respective carrying values by a significant amount, leading to a lower implied fair value of goodwill. Therefore, the Company recorded a $1.5 billion non-cash impairment charge to reduce the historical carrying value of goodwill related to the MGM China reporting unit to its implied fair value. The carrying value of goodwill related to the MGM China reporting unit as of December 31, 2015 following the impairment charge was $1.4 billion. Indefinite-lived intangible assets. The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit, trademarks of which $210 million related to the Mandalay Resort Group trademarks and trade names, and $83 million related to the Borgata trade name, and license rights. MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A., a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. The Company cannot provide any assurance that the gaming subconcession will be extended beyond the original terms of the agreement; however, management believes that the gaming subconcession will be extended, given that the Cotai land concession agreement with the government extends significantly beyond the gaming subconcession. As such, the Company is amortizing the gaming subconcession intangible asset on a straight-line basis over the term of the Cotai land concession, ending in January 2038. MGM Macau land concession. MGM Grand Paradise entered into a contract with the Macau government to use the land under MGM Macau commencing from April 6, 2006. The land use right has an initial term through April 6, 2031, subject to renewal for additional periods. The land concession intangible asset is amortized on a straight-line basis over the remaining initial contractual term. Customer lists. The Company recognized an intangible asset related to MGM China’s customer lists, which was amortized on an accelerated basis over its estimated useful life of five years. The MGM China customer list intangible asset became fully amortized in 2016. The Company recognized an intangible asset related to the Borgata customer list, which is amortized on an accelerated basis over its estimated useful life of two years and five months. Gaming licenses. The Company was granted a license to operate a casino in Maryland. The consideration paid to the State of Maryland for the license fee of $22 million is considered a finite-lived intangible asset that is amortized on a straight-line basis over a period of 15 years, beginning in December 2016, when the casino started operations. The Company was granted a license to operate a casino in Massachusetts. The consideration paid to the State of Massachusetts for the license fee of $85 million is considered a finite-lived intangible asset that will be amortized over a period of 15 years beginning upon the opening of the casino resort. Other. The Company’s other finite–lived intangible assets consist primarily of lease acquisition costs amortized over the life of the related leases, and certain license rights amortized over their contractual life. Total amortization expense related to intangible assets was $173 million, $180 million and $199 million for 2017, 2016, and 2015, respectively. Estimated future amortization is as follows: Years ending December 31, (In thousands) 2018 $ 176,432 2019 176,755 2020 176,755 2021 176,755 2022 176,755 Thereafter 2,584,388 $ 3,467,840 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | NOTE 9 — OTHER ACCRUED LIABILITIES Other accrued liabilities consisted of the following: December 31, 2017 2016 (In thousands) Payroll and related $ 483,101 $ 483,194 Advance deposits and ticket sales 149,698 148,707 Casino outstanding chip liability 597,753 227,538 Casino front money deposits 304,652 214,727 MGM China gaming promoter commissions 23,651 31,445 Other gaming related accruals 131,109 119,446 Taxes, other than income taxes 170,639 166,916 MGP Dividend 29,777 22,281 Other 178,340 180,272 $ 2,068,720 $ 1,594,526 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 10 — LONG-TERM DEBT Long-term debt consisted of the following: December 31, 2017 2016 (In thousands) Senior credit facility $ 372,500 $ 250,000 Operating Partnership senior credit facility 2,091,375 2,133,250 MGM China credit facility 2,301,584 1,933,313 MGM National Harbor credit facility — 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% Operating Partnership senior notes, due 2024 1,050,000 1,050,000 $500 million 4.50% Operating Partnership senior notes, due 2026 500,000 500,000 $500 million 4.625% senior notes, due 2026 500,000 500,000 $350 million 4.50% Operating Partnership 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 13,018,276 13,144,380 Less: Premiums, discounts, and unamortized debt issuance costs, net (109,182 ) (156,785 ) 12,909,094 12,987,595 Less: Current portion (158,042 ) (8,375 ) $ 12,751,052 $ 12,979,220 Debt due within one year of the December 31, 2017 balance sheet 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 $158 million related to MGM China’s term loan amortization payments in excess of available borrowings under the MGM China revolving credit facility were classified as current. Debt due within one year of the December 31, 2016 balance sheet 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 $8 million of MGP’s quarterly amortization payments under its senior credit facility were classified as current because MGP used cash to make such amortization payments in January 2017. Interest expense, net consisted of the following: Year Ended December 31, 2017 2016 2015 (In thousands) Total interest incurred $ 779,855 $ 814,731 $ 862,377 Interest capitalized (111,110 ) (119,958 ) (64,798 ) $ 668,745 $ 694,773 $ 797,579 Senior credit facility. At December 31, 2017, the Company’s senior credit facility consisted of a $238 million term loan A facility and a $1.25 billion revolving facility. The term loan A facility and the revolving 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 $13 million of the term loan A facility for the year ended December 31, 2017 in accordance with the scheduled amortization. At December 31, 2017, $135 million was drawn on the revolving credit facility. At December 31, 2017, the interest rate on the term loan A facility was 3.82% and the interest rate on the revolving credit facility was 3.74%. For the year ended December 31, 2016, the Company incurred a loss on early retirement of its prior credit facility of approximately $28 million recorded in “Other, net” in the consolidated statements of operations. 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 December 31, 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 MGM Grand Las Vegas and the Bellagio; and (iii) a pledge of the equity or limited liability company interests of the entities that own MGM Grand Las Vegas and the Bellagio. Mandatory prepayments of the credit facilities will be required upon the occurrence of certain events, including sales of certain assets, casualty events and the incurrence of certain additional indebtedness, subject to certain exceptions and reinvestment rights. Operating Partnership senior credit facility. At December 31, 2017, the Operating Partnership’s senior secured credit facility consisted of a $274 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 April 2021 and the term loan B facility will mature in April 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 $19 million of the term loan A facility and $23 million of the term loan B facility for the year ended December 31, 2017, in accordance with the scheduled amortization. At December 31, 2017, the interest rate on the term loan A facility was 4.32% and the interest rate on the term loan B facility was 3.82%. 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 December 31, 2017. The Operating Partnership senior credit facility is guaranteed by each of the Operating Partnership’s existing and subsequently acquired direct and indirect wholly owned material domestic restricted subsidiaries, and secured by a first priority lien security interest on substantially all of the Operating Partnership’s and such restricted subsidiaries’ material assets, including mortgages on its real estate, subject to customary exclusions, other than that of MGM National Harbor. The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior secured term loan B facility. As of December 31, 2017, the Operating Partnership pays a weighted average fixed rate of 1.844% on total notional amount of $1.2 billion and the variable rate received resets monthly to the one-month LIBOR with no minimum floor. Net unrealized gain on the interest rate swaps was $11 million as of December 31, 2017. 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. MGM China credit facility. At December 31, 2017, the MGM China credit facility consisted of $1.47 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 is scheduled to mature in April 2019 with the term loan facilities subject to amortization of principal in quarterly installments as a percentage of the original principal amount of 5% due in January 2018, 15% due in each of the subsequent quarters of 2018 and the first quarter of 2019, and the balance due at maturity in April 2019. The Company permanently repaid $77 million of term loans for the year ended December 31, 2017 in accordance with the scheduled amortization. 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. At December 31, 2017, $832 million was drawn on the revolving credit facility. At December 31, 2017, the weighted average interest rate on the term loans was 3.71% and the weighted average interest rate on the revolving credit facility was 3.57%. 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, 4.50 to 1.00 at September 30, 2018 and thereafter. MGM China was in compliance with its credit facility covenants at December 31, 2017. MGM China is in the process of amending its credit facility. The proposed amended facility extends the maturity date, extends the timing of and reduces the amount of scheduled amortization payments, and increases the maximum leverage ratio. MGM National Harbor credit agreement. In October 2017, the revolving credit facility was repaid and terminated by the Company and the $425 million in outstanding term loans were assumed, and immediately repaid, by a subsidiary of MGP in conjunction with the MGM National Harbor transaction. The Company incurred a $14 million loss on the early retirement of debt related to the MGM National Harbor credit facility recorded in “Other, net” in the consolidated statements of operations. Senior Notes. 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 recorded in “Other, net” in the consolidated statements of operations. In August 2016, the Company issued $500 million in aggregate principal amount of 4.625% senior notes due 2026 for net proceeds of $493 million. T he Company used the net proceeds, together with cash on hand, to redeem the $743 million outstanding aggregate principal amount of its 7.625% senior notes due 2017, in September 2016. The Company incurred a loss on early retirement of the 7.625% senior notes of approximately $16 million recorded in “Other, net” in the consolidated statements of operations. In connection with the closing of MGP’s IPO, on May 25, 2016 (the “Redemption Date”) the Company redeemed for cash all $1.23 billion aggregate principal amount of its outstanding 7.5% senior notes due 2016 and 10% senior notes due 2016 in accordance with the terms of the applicable indenture. The Company incurred a loss on early retirement of such notes of approximately $22 million recorded in “Other, net” in the consolidated statements of operations. Operating Partnership senior notes. In September 2017, the Operating Partnership issued $350 million in aggregate principal amount of 4.50% senior notes due 2028 for net proceeds of $346 million. I n August 2016, the Operating Partnership issued $500 million in aggregate principal amount of 4.5% senior notes due 2026 for net proceeds of $492 million. I n April 2016, a subsidiary of the Operating Partnership issued $1.05 billion in aggregate principal amount of 5.625% senior notes due 2024 and on MGP’s IPO date, the Operating Partnership entered into a supplemental indenture through which it assumed the obligations under the notes from such subsidiary (which merged into the Operating Partnership on such date) . Each series of the Operating Partnership's senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by all of the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s credit facilities, other than MGP Finance Co-Issuer, Inc., which is a co-issuer of the senior notes. The Operating Partnership may redeem all or part of the senior notes at a redemption price equal to 100% of the principal amount of the senior notes plus, to the extent the Operating Partnership is redeeming senior notes prior to the date that is three months prior to their maturity date, an applicable make whole premium, plus, in each case, accrued and unpaid interest. The indentures governing the senior notes contain customary covenants and events of default. These covenants are subject to a number of important exceptions and qualifications set forth in the applicable indentures governing the senior notes, including, with respect to the restricted payments covenants, the ability to make unlimited restricted payments to maintain the REIT status of MGP. Bridge Facilities. In connection with the Borgata transaction in August 2016, the Company borrowed $545 million under certain bridge facilities, the proceeds of which were used to repay existing Borgata debt. The bridge facilities were subsequently contributed to the Operating Partnership. The Operating Partnership immediately repaid the bridge facilities with a combination of cash on hand and a draw down on its revolving credit facility, which it subsequently refinanced with proceeds from its offering of its 4.5% senior notes due 2026. In connection with the master contribution agreement and related transactions in April 2016, the Company borrowed $4.0 billion under certain bridge facilities, the proceeds of which were used to repay its outstanding obligations under its prior senior credit facility and were used to repay its 7.5% senior notes due 2016 and its 10% senior notes due 2016 on the Redemption Date. The bridge facilities were subsequently assumed by the Operating Partnership pursuant to the master contribution agreement. The Operating Partnership repaid the bridge facilities with a combination of proceeds from financing its transactions and the proceeds from the IPO. Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2017 are as follows: Years ending December 31, (In thousands) 2018 $ 819,572 2019 2,424,013 2020 1,546,000 2021 1,832,250 2022 1,018,500 Thereafter 5,377,941 $ 13,018,276 Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $13.6 billion and $13.9 billion at December 31, 2017 and 2016, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 — INCOME TAXES The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2017 2016 2015 (In thousands) Domestic operations $ 750,055 $ 985,683 $ 155,296 Foreign operations 213,700 273,494 (1,201,539 ) $ 963,755 $ 1,259,177 $ (1,046,243 ) The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2017 2016 2015 Federal: (In thousands) Current $ (120,980 ) $ (97,502 ) $ (13,540 ) Deferred (excluding separate components) 203,674 (125,181 ) 280,220 Deferred – 994,249 — — Deferred – 101,443 222,688 (247,867 ) Other noncurrent 1,356 3,608 (590 ) Benefit for federal income taxes 1,179,742 3,613 18,223 State: Current (6,798 ) 4,069 (1,840 ) Deferred (excluding separate components) (25,233 ) 2,313 (2,768 ) Deferred – 44,242 (16,024 ) (2,263 ) Deferred – (40,078 ) 23,058 (4,465 ) Other noncurrent (3,875 ) (2,901 ) 7,153 Benefit (provision) for state income taxes (31,742 ) 10,515 (4,183 ) Foreign: Current (470 ) (2,015 ) (2,127 ) Deferred (excluding separate components) (40,653 ) (34,425 ) (5,832 ) Deferred – 4,688 2,988 10,472 Deferred – 21,098 (2,975 ) (9,959 ) Provision for foreign income taxes (15,337 ) (36,427 ) (7,446 ) $ 1,132,663 $ (22,299 ) $ 6,594 A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2017 2016 2015 Federal income tax statutory rate 35.0 % 35.0 % 35.0 % Change in enacted rates (103.1 ) — — Foreign tax credit (70.1 ) (10.5 ) 63.7 Repatriation of foreign earnings 35.3 5.2 (32.0 ) Foreign goodwill impairment — — (49.1 ) Federal valuation allowance (10.5 ) (17.7 ) (23.7 ) State taxes, net 2.4 — — Stock-based compensation (2.1 ) — — Gain on Borgata transaction — (5.4 ) — Foreign jurisdiction income/losses taxed at other than 35% (4.9 ) (3.8 ) 6.9 Permanent and other items 0.5 (1.0 ) (0.2 ) (117.5 )% 1.8 % 0.6 % The major tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2017 2016 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 25,432 $ 40,330 Deferred compensation 5,232 6,881 Net operating loss carryforward 46,702 9,669 Accruals, reserves and other 85,626 168,712 Investments in unconsolidated affiliates 84,006 152,092 Stock-based compensation 24,390 33,311 Tax credits 3,045,138 2,824,312 3,316,526 3,235,307 Less: Valuation allowance (2,462,272 ) (2,510,140 ) 854,254 725,167 Deferred tax assets – foreign: Bad debt reserve 821 895 Net operating loss carryforward 76,909 72,788 Accruals, reserves and other — 3,945 Stock-based compensation 4,423 3,830 82,153 81,458 Less: Valuation allowance (51,466 ) (73,134 ) 30,687 8,324 Total deferred tax assets $ 884,941 $ 733,491 Deferred tax liabilities – federal and state: Property and equipment $ (1,670,704 ) $ (2,657,230 ) Long-term debt (48,809 ) (146,018 ) Intangibles (79,167 ) (124,729 ) (1,798,680 ) (2,927,977 ) Deferred tax liabilities – foreign: Accruals, reserves and other (26,657 ) — Property and equipment (16,277 ) (4,691 ) Intangibles (348,162 ) (352,051 ) (391,096 ) (356,742 ) Total deferred tax liability $ (2,189,776 ) $ (3,284,719 ) Net deferred tax liability $ (1,304,835 ) $ (2,551,228 ) On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the U.S. Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that will generally be applicable to tax years beginning after December 31, 2017, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) adding a new provision designed to tax global intangible low-taxed income (GILTI), which allows for the possibility of using foreign tax credits (FTCs) and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (5) creating a new limitation on deductible interest expense; (6) imposing additional limitations on the deductibility of executive compensation and certain employee fringe benefits; and (7) increasing bonus depreciation to allow for full expensing of qualified property. The SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. In connection with its initial analysis of the impact of the Tax Act, the Company’s accounting for certain elements of the Tax Act is incomplete. However, the Company was able to make reasonable estimates of certain effects and, therefore, recorded a provisional discrete non-cash net tax benefit of $1.4 billion in the period ended December 31, 2017, consisting of a benefit of $994 million for the corporate rate reduction and a benefit of $438 million from its provisional re-assessment of the Tax Act’s impact on the valuation allowance on its foreign tax credit (“FTC”) carryovers. The Company did not provide tax expense for the transition tax on its unrepatriated earnings, which totaled $669 million without regard to actual 2017 distributions of $62 million, because such earnings are fully offset by FTCs. Furthermore, the Company has made an accounting policy decision to treat taxes due, if any, on future inclusions in U.S. taxable income under the GILTI provisions as a current period expense when incurred. Accordingly, the Company has not provided a deferred tax liability for any GILTI taxes that may result in future periods. The Company’s accounting for the impact of the Tax Act is incomplete. The Company was able to make a reasonable estimate of the impact on the valuation allowance against its FTC carryovers and provided the provisional adjustment described above. This amount may be adjusted during the measurement period as the Company gathers additional information and evaluates any future regulatory or other guidance on items that may impact the valuation allowance, including, but not limited to, the computations of foreign derived intangible income and allocations of interest and other expenses to active foreign source income. In addition, the Company was not able to make reasonable estimates and provided no provisional amounts for the potential impact, if any, of indirect costs of providing certain employee fringe benefits that may be subject to limitation under the Tax Act. The Company has recorded a provisional valuation allowance of $2.4 billion on its FTC carryover of $3.0 billion as of December 31, 2017 based upon its initial assessment of future realization under the Tax Act, resulting in an FTC net deferred tax asset of $618 million. The FTCs 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. While the Company generally does not expect to generate new FTC carryovers under the Tax Act, it will be able to utilize its existing FTC carryovers to the extent that it has active foreign source income during the 10-year FTC carryforward period. Such foreign source income includes the recapture, to the extent of U.S. taxable income, of overall domestic losses that totaled $2.3 billion at December 31, 2017. The Company relies on future U.S. source operating income in assessing utilization of the overall domestic losses and, by extension, future FTC realization during the 10-year FTC carryover period. The FTC carryovers will expire if not utilized as follows: $752 million in 2022; $976 million in 2023; $787 million in 2024; $331 million in 2025; and $199 million in 2027. The Company’s assessment of the realization of its FTC deferred tax asset is based on available evidence, including assumptions concerning future U.S. operating profits and its initial interpretations of the Tax Act in the absence of regulatory or other clarifying guidance. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change. Income generated from gaming operations of MGM Grand Paradise, which is owned by MGM China, is exempted from Macau’s 12% complementary tax, pursuant to approval from the Macau government. Absent this exemption, “Net income attributable to MGM Resorts International” would have decreased by $23 million and $25 million in 2017 and 2016, respectively, and diluted earnings per share would have decreased by $0.04 in each year. 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 has factored that assumption into the measurement of Macau deferred tax assets and liabilities. Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2017 a complementary tax net operating loss carryforward of $625 million resulting from non-gaming operations that will expire if not utilized against non-gaming income in years 2018 through 2020. 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, which required annual payments of $2 million through 2016. Since the earnings for 2017 were not covered by an annual fee arrangement as of December 31, 2017, the Company provided deferred taxes on such earnings, which total $41 million as of December 31, 2017. Subsequent to year-end, on February 27, 2018, MGM Grand Paradise was notified of the terms of an extension of the annual fee arrangement, which covers the distributions of profits earned for the period of January 1, 2017 through March 31, 2020. It will require annual payments of approximately $1 million for 2017 through 2019 and a payment of approximately $300,000 for the first quarter 2020. When the extension is executed, the Company will reverse the deferred taxes previously recorded on 2017 earnings, which is anticipated to be within the first quarter 2018, resulting in a reduction in provision for income taxes in such period that will be partially offset by the 2017 annual payment amount. The Company has net operating losses in certain of the states in which it operates that total $708 million as of December 31, 2017, which equates to deferred tax assets of $47 million after federal tax effect and before valuation allowance. These net operating loss carryforwards will expire if not utilized by 2021 through 2037. The Company has provided a valuation allowance of $36 million on certain of its state deferred tax assets, including the net operating losses described above. In addition, there is a valuation allowance of $49 million on certain Macau deferred tax assets, and a valuation allowance of $2 million on Hong Kong net operating losses because the Company believes these assets do not meet the “more likely than not” criteria for recognition. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Gross unrecognized tax benefits at January 1 $ 14,026 $ 13,724 $ 31,143 Gross decreases - prior period tax positions (2,280 ) (3,375 ) (14,158 ) Gross increases - current period tax positions 6,842 3,677 1,222 Settlements with taxing authorities — — (2,408 ) Lapse in Statutes of Limitations — — (2,075 ) Gross unrecognized tax benefits at December 31 $ 18,588 $ 14,026 $ 13,724 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $11 million and $9 The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense, which were not material as of December 31, 2017, 2016 or 2015. The Company does not anticipate that the total amounts of unrecognized tax benefits at December 31, 2017 will change materially within the next twelve months. The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. As of December 31, 2017, the IRS can no longer assess tax with respect to years ended prior to 2014; however the IRS may adjust NOLs generated in such years that were utilized in 2014. The Company’s 2014 U.S. consolidated federal income tax return and the 2014 U.S. income tax return of CityCenter Holdings, LLC, an unconsolidated affiliate treated as a partnership for income tax purposes are currently under examination by the IRS. During 2015, the Company received final approval from the Joint Committee on Taxation of the results of the IRS examination of the 2009 tax year and agreed to all IRS adjustments to the 2010 and 2011 tax years of CityCenter Holdings, LLC. The Company received a refund of $16 million of taxes and associated interest in connection with the settlement of these examinations, which are considered settled for financial accounting purposes. As of December 31, 2017, other than adjustments resulting from the federal income tax audits discussed above, the various state and local tax jurisdictions in which the Company files tax returns can no longer assess tax with respect to years ended prior to 2013. However, such jurisdictions may adjust NOLs generated in such years that are utilized in subsequent years. Subsequent to year-end, the state of Mississippi informed the Company that it would be opening an audit of the 2014 through 2016 Mississippi tax returns filed by the Company. During 2015, the state of New Jersey completed its examination of Marina District Development Holding Company, LLC for the 2003 through 2009 tax years. All adjustments were agreed to by the members of Marina District Development Holding Company, LLC and the examination is now considered settled for financial accounting purposes. The Company made a $1 million payment of tax and associated interest as a result of this settlement. No other state or local income tax returns are currently under examination. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12 – COMMITMENTS AND CONTINGENCIES Leases. The Company leases real estate and various equipment under operating and, to a lesser extent, capital lease arrangements. Certain real estate leases provide for escalation of rent based upon a specified price index and/or based upon periodic appraisals. At December 31, 2017, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows: Years ending December 31, (In thousands) 2018 $ 39,429 2019 35,525 2020 33,754 2021 35,293 2022 32,458 Thereafter 1,360,206 Total minimum lease payments $ 1,536,665 The table above excludes the Company’s future lease obligations to a subsidiary of the Operating Partnership pursuant to the master lease agreement discussed in Note 18 as these lease obligations are eliminated in consolidation. Rental expense for operating leases was $92 million, $80 million and $74 million for 2017, 2016 and 2015, respectively, which included short-term rentals charged to rent expense as well as $7 million in each of 2017, 2016, 2015 related to the amortization of the Cotai land concession. The Company accounts for the Cotai land concession contract as an operating lease for which the required upfront payments are amortized over the initial 25-year contract term. Amortization relating to the Cotai land concession is included in “Preopening and start-up expenses” prior to its opening. In August 2016, in connection with the Borgata transaction, the Company has assumed the liability of a series of ground leases for a total of approximately 11 acres of land on which the Borgata employee parking garage, public space expansion, rooms expansion, and modified surface parking lot reside. The Company recorded an unfavorable lease liability for the excess contractual lease obligations over the market value of the leases, which will be amortized on a straight-line basis over the term of the lease contracts through December 2070. The remaining balance of the unfavorable lease liability was $47 million and $48 million as of December 31, 2017 and 2016, respectively. The ground lease is accounted for as an operating lease with rental expense of $6 million and $2 million for the years ending December 31, 2017 and December 31, 2016, respectively. In April 2013, the Company entered into a ground lease agreement for an approximate 23 acre parcel of land in connection with the MGM National Harbor project. The ground lease has an initial term of 25 years and the right to extend for up to 13 additional six year periods with the first 7 of those additional periods considered to be reasonably assured. The Company therefore amortizes the lease on a straight line basis over a 67 year term. The ground lease is accounted for as an operating lease with rental expense of $16 million, $16 million and $19 million recorded Rent recognized for the ground lease was recorded in "Preopening and start-up expenses" prior to its opening in December 2016 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 recorded within “NV Energy exit expense” in the Company’s consolidated statements of operations for the year ended December 31, 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 December 31, 2017 and 2016, the Company has recorded an estimate of its remaining liability on a discounted basis of $10 million and $8 million, respectively, in “Other accrued liabilities” and $23 million and $63 million, respectively, in “Other long-term obligations.” Grand Paradise Macau deferred cash payment. On September 1, 2016, the Company purchased 188.1 million common shares of its MGM China subsidiary from Grand Paradise Macau (“GPM”), an entity controlled by Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”). As part of the consideration for the purchase, the Company agreed to pay GPM a deferred cash payment of $50 million, which will be paid in amounts equal to the ordinary dividends received on such shares, with a final lump sum payment due on the fifth anniversary of the closing date of the transaction if any portion of the deferred cash payment remains unpaid at that time. In 2017, the total amount paid under the deferred cash payment arrangement was $7 million. As of December 31, 2017, the Company recorded a remaining liability on a discounted basis of $39 million 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 December 31, 2017, the term loan B outstanding balance was $50 million. As of December 31, 2017, the Company does not believe it is probable that it will need to perform on the guarantee. 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, and MGM China’s credit facility limits the amount to $100 million. At December 31, 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 at December 31, 2017. The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit. 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 actions filed by multiple individuals in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. Some of the original actions have been voluntarily dismissed, and plaintiffs’ counsel indicate they anticipate re-filing the lawsuits in similar form. 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. In addition, the Company’s general liability insurance coverage provides, as part of the contractual “duty to defend”, payment of legal fees and associated costs incurred to defend covered lawsuits that are filed arising from the October 1, 2017 shooting in Las Vegas. Payment of such fees and costs is in addition to (and not limited by) the limits of the insurance policies and does not erode the total liability coverage available. The insurance carriers have not expressed any reservation of rights or coverage defenses that indicate they dispute coverage under the applicable policies. Other litigation. The Company is a party to various other legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 13 — STOCKHOLDERS’ EQUITY Noncontrolling interest The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest. For the Years Ended December 31, 2017 2016 (In thousands) Net income attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 Transfers from/(to) to noncontrolling interest: MGP formation transactions — (150,414 ) Borgata transaction — (18,385 ) MGP Class A share issuance 35,138 — MGM National Harbor transaction (12,497 ) — MGM China transaction — (45,554 ) Other (2,889 ) — Net transfers from/(to) noncontrolling interest 19,752 (214,353 ) Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ 1,980,038 $ 887,087 Noncontrolling interest ownership transactions MGP formation transactions. In 2016, the Company adjusted the carrying value of the noncontrolling interests to reflect MGP’s Class A shareholders’ initial 26.7% ownership interest in the consolidated net assets of MGP related to MGP’s IPO and related transactions discussed in Note 1, with an offsetting adjustment to capital in excess of par value. Subsequent to the MGP formation transactions, the Company indirectly owned 73.3% of partnership units in the Operating Partnership. Borgata transaction. In 2016, MGP acquired Borgata’s real property from a subsidiary of the Company in exchange for MGP’s assumption of $545 million of indebtedness and the issuance of 27.4 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with an offsetting adjustment to capital in excess of par value. Subsequent to the Borgata transaction, the Company indirectly owned 76.3% of partnership units in the Operating Partnership. 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. 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 offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to MGP’s issuance of the incremental shares, the Company indirectly owned 72.3% of partnership units in the Operating Partnership. MGM National Harbor transaction. 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, which was immediately repaid by MGP on the closing date, and the issuance of 9.8 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of noncontrolling interest to adjust for the change in noncontrolling interest ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the MGM National Harbor transaction, the Company indirectly owned 73.4% of the partnership units in the Operating Partnership. MGM China transaction. In September 2016, the Company acquired 188.1 million ordinary shares of MGM China from GPM. As a result of the transaction, the Company owns approximately 56% of MGM China’s outstanding common shares. Ms. Ho owned approximately 22.5% immediately following the transaction. As consideration for the MGM China shares, the Company issued 7,060,492 shares of its common stock and paid $100 million to GPM. In addition, the Company agreed to pay GPM a deferred cash payment of $50 million. See Note 12 for additional information regarding the deferred cash payment. The Company adjusted the carrying value of the noncontrolling interest and accumulated other comprehensive income to reflect the change in MGM China’s noncontrolling ownership interest resulting from the transaction. The difference between the fair value of the consideration paid and the aforementioned adjustments was recognized as a reduction to capital in excess of par value. Dividends MGM Resorts International dividends. The Company paid, or will pay, the following dividends: • $68 million quarterly dividend, or $0.12 per share, to be paid on March 15, 2018 to holders of record as of March 9, 2018; • $62 million quarterly dividend in December 2017, or $0.11 per share; and • $63 million quarterly dividend in each of September, June, and March 2017, or $0.11 per share. The Company intends to pay a quarterly dividend in each future quarter subject to the Company’s operating results, cash requirements and financial conditions, any applicable provisions of state law that may limit the amount of available funds, and compliance with covenants and financial ratios related to existing or future agreements governing the indebtedness at the Company’s subsidiaries and any limitations in other agreements such subsidiaries may have with third parties. Stock repurchase program 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 December 31, 2017. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 14 — STOCK-BASED COMPENSATION MGM Resorts 2005 Omnibus Incentive Plan. The Company’s omnibus incentive plan, as amended (the “Omnibus Plan”), allows it to grant up to 45 million shares or share-based awards, such as stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers and employees of the Company and its subsidiaries. As of December 31, 2017, the Company had an aggregate of approximately 21 million shares of common stock available for grant as share-based awards under the Omnibus Plan. Additionally, as of December 31, 2017, the Company had approximately 9 million aggregate stock options and SARs outstanding and approximately 6 million aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent rights related to RSUs and PSUs. Intrinsic value. The following table includes information related to the intrinsic value: Year ended December 31, 2017 (In thousands) Share-based awards exercised and RSUs and PSUs vested $ 100,264 Stock options and SARs outstanding 112,604 Stock options and SARs vested and expected to vest 111,284 Stock options and SARs exercisable 78,865 As of December 31, 2017, there was a total of $127 million of unamortized compensation related to stock options, SARs, RSUs, and PSUs, which is expected to be recognized over a weighted-average period of 2.1 years. MGM Growth Properties 2016 Omnibus Incentive Plan and MGM China Share Option Plan. The Company’s subsidiaries, MGP and MGM China, each adopted their own equity award plans for the issuance of share-based awards to each subsidiary’s eligible recipients. As of December 31, 2017, the MGP Omnibus Plan had approximately 244,000 aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent rights related to RSUs and PSUs. As of December 31, 2017, MGM China had approximately 77 million stock options outstanding. Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2017 2016 2015 Compensation cost: (In thousands) Omnibus Plan $ 49,383 $ 43,661 $ 33,742 MGM Growth Properties Omnibus Incentive Plan 2,568 3,401 — MGM China Share Option Plan 10,571 8,545 9,260 Total compensation cost 62,522 55,607 43,002 Less: Reimbursed costs and capitalized cost (1,398 ) (1,350 ) (1,156 ) Compensation cost after reimbursed costs and capitalized cost 61,124 54,257 41,846 Less: Related tax benefit (18,650 ) (16,782 ) (11,230 ) Compensation cost, net of tax benefit $ 42,474 $ 37,475 $ 30,616 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 15 — EMPLOYEE BENEFIT PLANS Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects: a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and d) If the plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. The Company’s participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands ) (4) Surcharge Expiration Dates of Collective Bargaining Pension Fund (1) Plan Number 2016 2015 Status (3) 2017 2016 2015 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 45,297 $ 44,001 $ 41,904 No 5/31/2018 (5) Legacy Plan of the National Retirement Fund (NRF) (6) 13-6130178/001 Red Red Yes $ 9,416 $ 3,788 $ — Yes 2/29/2020 (1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2016 and 2015 for the Southern Nevada Culinary and Bartenders Pension Plan and for the plan year 2016 for the NRF. At the date the financial statements were issued, Form 5500 was not available for the plan year 2017. (2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4) There have been no significant changes that affect the comparability of contributions, other than those for the Legacy Plan of the National Retirement Fund which reflect the period from acquisition of Borgata of August 1, 2016 through December 31, 2016 within the 2016 column and a full-year of contributions within the 2017 column. (5) The Company is party to ten collective bargaining agreements (CBA) that require contributions. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., MGM Grand Hotel, LLC and the Local Joint Executive Board of Las Vegas are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements. (6) In December 2017, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the NRF to the plan of the newly-formed UNITE HERE Retirement Fund (UHF). As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new UHF Plan. The terms of the UHF Plan are identical to the NRF. The spin-off was effective as of January 1, 2018. Multiemployer Benefit Plans Other Than Pensions . Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $183 million, $187 million, and $192 million to the Health Fund in the years ended December 31, 2017, 2016, and 2015, respectively. Self-insurance. The Company is self-insured for most health care benefits and workers compensation for its non-union employees. The liability for self-insurance was $87 million and $83 million at December 31, 2017 and 2016, respectively, which is included in “Other accrued liabilities.” |
Property Transactions, Net
Property Transactions, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property Transactions, Net | NOTE 16 — PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following: Year Ended December 31, 2017 2016 2015 (In thousands) Grand Victoria investment impairment $ — $ — $ 17,050 Gain on sale of Circus Circus Reno and Silver Legacy investment — — (23,002 ) Other property transactions, net 50,279 17,078 41,903 $ 50,279 $ 17,078 $ 35,951 Grand Victoria investment. See Note 7 for additional information related to the Grand Victoria investment impairment charge in 2015. Circus Circus Reno and Silver Legacy investment sale. See Note 5 for additional information related to the sale of Circus Circus Reno and Note 7 for further discussion of the sale of the Company’s 50% investment in Silver Legacy in 2015. Other. Other property transactions, net includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, including a loss of $34 million related to the rebranding of the Monte Carlo Resort and Casino to Park MGM and NoMad Las Vegas in 2017, and a loss of $18 million in connection with the trade-in of Company aircraft in 2015. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 17 — SEGMENT INFORMATION The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in two geographic regions: the United States and Macau S.A.R. The Company has aggregated its operations into two reportable segments based on the similar characteristics of the operating segments: domestic resorts and MGM China. The Company’s operations related to investments in unconsolidated affiliates and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results. The Company’s management utilizes Adjusted Property EBITDA as the primary profit measure for its reportable segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense related to the Omnibus Plan and the MGM Growth Properties 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 Share Option Plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, NV Energy exit expense, gain on Borgata transaction, goodwill impairment charges, and property transactions, net. The following tables present the Company’s segment information: Year Ended December 31, 2017 2016 2015 (In thousands) Net Revenues Domestic resorts $ 8,322,403 $ 7,055,718 $ 6,497,361 MGM China 1,970,494 1,920,487 2,214,767 Reportable segment net revenues 10,292,897 8,976,205 8,712,128 Corporate and other 481,007 478,918 477,940 $ 10,773,904 $ 9,455,123 $ 9,190,068 Adjusted Property EBITDA Domestic resorts $ 2,514,819 $ 2,063,016 $ 1,689,966 MGM China 524,953 520,736 539,881 Reportable segment Adjusted Property EBITDA 3,039,772 2,583,752 2,229,847 Other operating income (expense) Corporate and other (202,675 ) 211,932 9,073 NV Energy exit expense 40,629 (139,335 ) — Preopening and start-up expenses (118,475 ) (140,075 ) (71,327 ) Property transactions, net (50,279 ) (17,078 ) (35,951 ) Goodwill impairment — — (1,467,991 ) Gain on Borgata transaction — 430,118 — Depreciation and amortization (993,480 ) (849,527 ) (819,883 ) Operating income (loss) 1,715,492 2,079,787 (156,232 ) Non-operating income (expense) Interest expense, net of amounts capitalized (668,745 ) (694,773 ) (797,579 ) Non-operating items from unconsolidated affiliates (34,751 ) (53,139 ) (76,462 ) Other, net (48,241 ) (72,698 ) (15,970 ) (751,737 ) (820,610 ) (890,011 ) Income (loss) before income taxes 963,755 1,259,177 (1,046,243 ) Benefit (provision) for income taxes 1,132,663 (22,299 ) 6,594 Net income (loss) 2,096,418 1,236,878 (1,039,649 ) Less: Net (income) loss attributable to noncontrolling interests (136,132 ) (135,438 ) 591,929 Net income (loss) attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 $ (447,720 ) December 31, 2017 2016 2015 Total assets: (In thousands) Domestic resorts $ 16,428,885 $ 16,451,461 $ 13,261,882 MGM China 9,461,535 8,443,411 7,895,376 Reportable segment total assets 25,890,420 24,894,872 21,157,258 Corporate and other 3,338,882 3,333,625 4,099,837 Eliminated in consolidation (70,124 ) (55,196 ) (41,917 ) $ 29,159,178 $ 28,173,301 $ 25,215,178 December 31, 2017 2016 2015 Property and equipment, net: (In thousands) Domestic resorts $ 14,320,824 $ 14,353,971 $ 11,853,802 MGM China 3,827,391 2,857,626 1,896,815 Reportable segment property and equipment, net 18,148,215 17,211,597 13,750,617 Corporate and other 1,557,368 1,268,622 1,663,095 Eliminated in consolidation (70,124 ) (55,196 ) (41,917 ) $ 19,635,459 $ 18,425,023 $ 15,371,795 Year Ended December 31, 2017 2016 2015 Capital expenditures: (In thousands) Domestic resorts $ 486,611 $ 317,951 $ 383,367 MGM China 923,346 984,355 590,968 Reportable segment capital expenditures 1,409,957 1,302,306 974,335 Corporate and other 469,053 973,446 504,398 Eliminated in consolidation (14,928 ) (13,279 ) (11,914 ) $ 1,864,082 $ 2,262,473 $ 1,466,819 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 18 — RELATED PARTY TRANSACTIONS CityCenter Management agreements. The Company and CityCenter have entered into agreements whereby the Company is responsible for management of the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined) for Aria and Vdara and $3 million per year for Crystals. The Company earned fees of $49 million, $43 million and $41 million for the years ended December 31, 2017, 2016 and 2015, respectively. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2017, 2016 and 2015, the Company incurred $390 million, $387 million and $393 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2017 and 2016, CityCenter owed the Company $75 million and $77 million, respectively, for management services and reimbursable costs recorded in “Accounts receivable, net” in the accompanying consolidated balance sheets. MGM China Ms. Ho is a member of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. Ho is also the managing director of Shun Tak Holdings Limited (together with its subsidiaries “Shun Tak”), a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. Shun Tak provides various services and products, including ferry tickets, travel products, rental of hotel rooms, laundry services, advertising services and property cleaning services to MGM China. MGM China incurred expenses relating to Shun Tak of $13 million, $10 million and $16 million for the years ended December 31, 2017, 2016 and 2015, respectively. MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. Ho indirectly holds a noncontrolling interest, is party to a brand license agreement and a development services agreement with MGM China, for which the related amounts are eliminated in consolidation. An entity owned by Ms. Ho received distributions of $15 million during each of the years ended December 31, 2017, 2016 and 2015 in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. MGP As further described in Note 1, pursuant to the master lease, the tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit and Beau Rivage from the landlord. On August 1, 2016, Borgata was added to the existing master lease and, on October 5, 2017, MGM National Harbor was also added to the existing master lease. The master lease has an initial lease term of ten years beginning on April 25, 2016 (other than with respect to MGM National Harbor, as described below) 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 connection with the MGM National Harbor transaction, the master lease was amended to provide that the initial term with respect to MGM National Harbor ends on April 31, 2024. Thereafter, the initial term of the master lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the master lease or the next renewal term (depending on whether MGM elects to renew the other properties under the master lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the master Lease, the tenant would also lose the right to renew the master lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026. The initial annual rent under the master lease, for the first lease year commencing April 25, 2016, was $550 million. In connection with the Borgata transaction on August 1, 2016, total annual rent under the master lease increased to $650 million. In connection with the commencement of the second lease year on April 1, 2017, the total annual rent under the master lease increased to $662 million. Then, in connection with the MGM National Harbor Transaction on October 5, 2017, the total annual rent payments under the master lease for the second lease year increased to $757 million. Rent under the master lease consists of a “base rent” component and a “percentage rent” component. As of December 31, 2017, the base rent represents approximately 90% of the rent payments due under the master lease and the percentage rent represents approximately 10% of the rent payments due under the master lease. The master lease also provides for fixed annual escalators of 2% on the base rent in the second through sixth years and the possibility for additional 2% increases thereafter subject to the tenant meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease. 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 | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | NOTE 19 —CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of December 31, 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, LLC, MGM National Harbor, LLC and Blue Tarp reDevelopment, LLC (the company that will own and operate the Company’s casino in Springfield, Massachusetts), and each of their respective subsidiaries. The Company’s international subsidiaries, including MGM China and its subsidiaries, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015, are presented below. Within the Condensed Consolidating Statements of Cash Flows, 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 73.4% of the Operating Partnership units as of December 31, 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 in connection with the IPO, along with the related transactions, are reflected in the balance sheets of the MGM subsidiaries that contributed such assets. In addition, such subsidiaries recognized finance liabilities within “Other long-term obligations” related to rent payments due under the master lease and recognized the related interest expense component of such payments. These real estate assets are also reflected on the balance sheet of the MGP subsidiary that received such assets in connection with the contribution. The condensed consolidating financial information presented below therefore includes the accounting for such activity within the respective columns presented and in the elimination column. For all periods prior to the commencement of the master lease arrangement, the condensed consolidating financial information set forth herein has been retrospectively adjusted to conform prior periods to the current presentation, as the transactions occurred between entities, which are considered businesses under common control. Accordingly, the real estate assets and associated operations in all periods prior to the IPO date were reclassified to conform to the current organizational structure, and are reflected in the MGP subsidiary that currently has legal title to such assets. CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 78,909 $ 1,014,074 $ 266,627 $ 1,022,340 $ (7,323 ) $ 2,374,627 Property and equipment, net — 13,521,221 10,021,938 6,125,722 (10,033,422 ) 19,635,459 Investments in subsidiaries 21,085,194 3,318,836 — — (24,404,030 ) — Investments in the MGP Operating Partnership — 3,549,063 — 862,037 (4,411,100 ) — Investments in and advances to unconsolidated affiliates — 1,003,767 — 5,394 25,000 1,034,161 Intercompany accounts — 5,983,656 — — (5,983,656 ) — Other non-current assets 49,142 913,602 62,555 5,134,220 (44,588 ) 6,114,931 $ 21,213,245 $ 29,304,219 $ 10,351,120 $ 13,149,713 $ (44,859,119 ) $ 29,159,178 Current liabilities $ 153,159 $ 1,399,120 $ 144,537 $ 1,609,106 $ (213,540 ) $ 3,092,382 Intercompany accounts 5,783,579 — 962 199,115 (5,983,656 ) — Deferred income taxes, net 944,424 — 28,544 360,411 (28,544 ) 1,304,835 Long-term debt, net 6,682,571 2,835 3,934,628 2,131,018 — 12,751,052 Other long-term obligations 36,860 7,268,664 174,710 2,305,353 (9,501,171 ) 284,416 Total liabilities 13,600,593 8,670,619 4,283,381 6,605,003 (15,726,911 ) 17,432,685 Redeemable noncontrolling interests — — — 79,778 — 79,778 MGM Resorts International stockholders' equity 7,612,652 20,633,600 4,443,089 4,055,519 (29,132,208 ) 7,612,652 Noncontrolling interests — — 1,624,650 2,409,413 — 4,034,063 Total stockholders' equity 7,612,652 20,633,600 6,067,739 6,464,932 (29,132,208 ) 11,646,715 $ 21,213,245 $ 29,304,219 $ 10,351,120 $ 13,149,713 $ (44,859,119 ) $ 29,159,178 December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 103,934 $ 981,705 $ 368,622 $ 783,920 $ (8,594 ) $ 2,229,587 Property and equipment, net — 13,599,127 9,079,678 4,837,868 (9,091,650 ) 18,425,023 Investments in subsidiaries 18,907,988 3,338,752 — — (22,246,740 ) — Investments in the MGP Operating Partnership — 3,553,840 — 636,268 (4,190,108 ) — Investments in and advances to unconsolidated affiliates — 1,189,590 — 5,853 25,000 1,220,443 Intercompany accounts — 4,796,713 — — (4,796,713 ) — Other non-current assets 50,741 934,836 58,440 5,302,132 (47,901 ) 6,298,248 $ 19,062,663 $ 28,394,563 $ 9,506,740 $ 11,566,041 $ (40,356,706 ) $ 28,173,301 Current liabilities $ 184,281 $ 1,301,423 $ 139,099 $ 837,844 $ (169,226 ) $ 2,293,421 Intercompany accounts 3,406,699 — 166 1,389,848 (4,796,713 ) — Deferred income taxes, net 2,202,809 — 25,368 348,419 (25,368 ) 2,551,228 Long-term debt, 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 interests — — — 54,139 — 54,139 MGM Resorts International stockholders' equity 6,220,180 19,729,418 4,274,444 3,125,649 (27,129,511 ) 6,220,180 Noncontrolling interests — — 1,333,817 2,415,315 — 3,749,132 Total stockholders' equity 6,220,180 19,729,418 5,608,261 5,540,964 (27,129,511 ) 9,969,312 $ 19,062,663 $ 28,394,563 $ 9,506,740 $ 11,566,041 $ (40,356,706 ) $ 28,173,301 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 7,516,836 $ 765,695 $ 3,260,883 $ (769,510 ) $ 10,773,904 Equity in subsidiaries' earnings 1,394,690 157,348 — — (1,552,038 ) — Expenses Casino and hotel operations 10,784 4,127,270 — 2,031,768 (3,816 ) 6,166,006 General and administrative 8,742 1,181,329 84,348 369,844 (84,348 ) 1,559,915 Corporate expense 127,092 200,804 34,085 (515 ) (4,591 ) 356,875 NV Energy exit expense — (40,629 ) — — — (40,629 ) Preopening and start-up expenses — 8,258 — 110,217 — 118,475 Property transactions, net — 43,985 34,022 6,294 (34,022 ) 50,279 Depreciation and amortization — 649,676 260,455 343,804 (260,455 ) 993,480 146,618 6,170,693 412,910 2,861,412 (387,232 ) 9,204,401 Income (loss) from unconsolidated affiliates — 147,001 — (1,012 ) — 145,989 Operating income 1,248,072 1,650,492 352,785 398,459 (1,934,316 ) 1,715,492 Interest expense, net of amounts capitalized (466,907 ) (982 ) (184,175 ) (16,681 ) — (668,745 ) Other, net 26,215 (402,602 ) 2,286 (142,997 ) 434,106 (82,992 ) Income before income taxes 807,380 1,246,908 170,896 238,781 (1,500,210 ) 963,755 Benefit (provision) for income taxes 1,152,906 — (4,906 ) (15,337 ) — 1,132,663 Net income 1,960,286 1,246,908 165,990 223,444 (1,500,210 ) 2,096,418 Less: Net income attributable to noncontrolling interests — — (41,775 ) (94,357 ) — (136,132 ) Net income attributable to MGM Resorts International $ 1,960,286 $ 1,246,908 $ 124,215 $ 129,087 $ (1,500,210 ) $ 1,960,286 Net income $ 1,960,286 $ 1,246,908 $ 165,990 $ 223,444 $ (1,500,210 ) $ 2,096,418 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (23,995 ) (23,995 ) — (43,188 ) 47,990 (43,188 ) Unrealized gain on cash flow hedges 5,234 — 9,782 — (7,021 ) 7,995 Other comprehensive income (loss) (18,761 ) (23,995 ) 9,782 (43,188 ) 40,969 (35,193 ) Comprehensive income 1,941,525 1,222,913 175,772 180,256 (1,459,241 ) 2,061,225 Less: Comprehensive income attributable to noncontrolling interests — — (44,536 ) (75,164 ) — (119,700 ) Comprehensive income attributable to MGM Resorts International $ 1,941,525 $ 1,222,913 $ 131,236 $ 105,092 $ (1,459,241 ) $ 1,941,525 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (584,251 ) $ 1,150,814 $ 482,578 $ 1,157,270 $ — $ 2,206,411 Cash flows from investing activities Capital expenditures, net of construction payable — (482,024 ) (488 ) (1,381,570 ) — (1,864,082 ) Dispositions of property and equipment — 502 — 216 — 718 Acquisition of National Harbor, net of cash acquired — — (462,500 ) — 462,500 — Investments in and advances to unconsolidated affiliates — (16,727 ) — — — (16,727 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 301,211 — — — 301,211 Intercompany accounts 462,500 (1,186,942 ) — — 724,442 — Other — (1,754 ) — 42 — (1,712 ) Net cash provided by (used in) investing activities 462,500 (1,385,734 ) (462,988 ) (1,381,312 ) 1,186,942 (1,580,592 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 122,500 — (466,875 ) 359,376 — 15,001 Issuance of long-term debt — — 350,000 — — 350,000 Retirement of senior notes (502,669 ) — — — — (502,669 ) Debt issuance costs — — (5,598 ) (4,379 ) — (9,977 ) Issuance of MGM Growth Properties Class A shares in public offering — — 404,685 — — 404,685 MGM Growth Properties Class A share issuance costs — — (17,137 ) — — (17,137 ) Dividends paid to common shareholders (252,014 ) — — — — (252,014 ) MGP dividends paid to consolidated subsidiaries — — (290,091 ) — 290,091 — Distributions to noncontrolling interest owners — — (95,344 ) (75,058 ) — (170,402 ) Intercompany accounts 1,042,111 249,893 — 185,029 (1,477,033 ) — Purchases of common stock (327,500 ) — — — — (327,500 ) Other (33,802 ) (11,643 ) — (13,320 ) — (58,765 ) Net cash provided by (used in) financing activities 48,626 238,250 (120,360 ) 451,648 (1,186,942 ) (568,778 ) Effect of exchange rate on cash — — — (3,627 ) — (3,627 ) Cash and cash equivalents Net increase (decrease) for the period (73,125 ) 3,330 (100,770 ) 223,979 — 53,414 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 26,870 $ 311,043 $ 259,722 $ 902,360 $ — $ 1,499,995 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,918,748 $ 467,548 $ 2,539,794 $ (470,967 ) $ 9,455,123 Equity in subsidiaries' earnings 1,780,707 175,729 — — (1,956,436 ) — Expenses Casino and hotel operations 9,063 3,894,478 — 1,595,542 (3,419 ) 5,495,664 General and administrative 6,834 1,137,110 68,063 214,839 (48,229 ) 1,378,617 Corporate expense 131,938 160,956 20,360 (194 ) (286 ) 312,774 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 8,775 — 131,300 — 140,075 Property transactions, net — 16,449 4,684 (246 ) (3,809 ) 17,078 Gain on Borgata transaction — (430,118 ) — — — (430,118 ) Depreciation and amortization — 524,123 220,667 261,730 (156,993 ) 849,527 147,835 5,451,108 313,774 2,202,971 (212,736 ) 7,902,952 Income (loss) from unconsolidated affiliates — 527,934 — (318 ) — 527,616 Operating income 1,632,872 2,171,303 153,774 336,505 (2,214,667 ) 2,079,787 Interest expense, net of amounts capitalized (562,536 ) (1,500 ) (115,438 ) (15,299 ) — (694,773 ) Other, net (7,864 ) (324,141 ) (726 ) (93,145 ) 300,039 (125,837 ) Income before income taxes 1,062,472 1,845,662 37,610 228,061 (1,914,628 ) 1,259,177 Benefit (provision) for income taxes 38,968 (22,579 ) (2,264 ) (36,424 ) — (22,299 ) Net income 1,101,440 1,823,083 35,346 191,637 (1,914,628 ) 1,236,878 Less: Net income attributable to noncontrolling interests — — (29,938 ) (105,500 ) — (135,438 ) Net income attributable to MGM Resorts International $ 1,101,440 $ 1,823,083 $ 5,408 $ 86,137 $ (1,914,628 ) $ 1,101,440 Net income $ 1,101,440 $ 1,823,083 $ 35,346 $ 191,637 $ (1,914,628 ) $ 1,236,878 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (1,477 ) (1,477 ) — (2,680 ) 2,954 (2,680 ) Unrealized gain on cash flow hedges 1,434 — 1,879 — (1,434 ) 1,879 Other comprehensive income (loss) (43 ) (1,477 ) 1,879 (2,680 ) 1,520 (801 ) Comprehensive income 1,101,397 1,821,606 37,225 188,957 (1,913,108 ) 1,236,077 Less: Comprehensive income attributable to noncontrolling interests — — (30,383 ) (104,297 ) — (134,680 ) Comprehensive income attributable to MGM Resorts International $ 1,101,397 $ 1,821,606 $ 6,842 $ 84,660 $ (1,913,108 ) $ 1,101,397 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (603,136 ) $ 1,312,165 $ 297,781 $ 527,162 $ — $ 1,533,972 Cash flows from investing activities Capital expenditures, net of construction payable — (290,455 ) (138,987 ) (1,833,031 ) — (2,262,473 ) Dispositions of property and equipment — 1,940 — 2,004 — 3,944 Proceeds from partial disposition of investment in unconsolidated affiliates — 15,000 — — — 15,000 Acquisition of Borgata, net of cash acquired — (559,443 ) — — — (559,443 ) Investments in and advances to unconsolidated affiliates — (3,633 ) — — — (3,633 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 542,097 — — — 542,097 Intercompany accounts — (1,562,442 ) — — 1,562,442 — Other — (7,651 ) — (4,045 ) — (11,696 ) Net cash used in investing activities — (1,864,587 ) (138,987 ) (1,835,072 ) 1,562,442 (2,276,204 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (2,016,000 ) 4,094,850 (2,411,600 ) 823,782 — 491,032 Borrowings under bank credit facilities - maturities longer than 90 days 1,845,375 — — — — 1,845,375 Repayments under bank credit facilities - maturities longer than 90 days (1,845,375 ) — — — — (1,845,375 ) Issuance of long-term debt 500,000 — 1,550,000 — — 2,050,000 Retirement of senior notes (2,255,392 ) (2,661 ) — — — (2,258,053 ) Repayment of Borgata credit facility — (583,598 ) — — — (583,598 ) Debt issuance costs (29,871 ) — (77,163 ) (32,550 ) — (139,584 ) Issuance of MGM Growth Properties Class A shares in public offering — — 1,207,500 — — 1,207,500 MGM Growth Properties Class A share issuance costs — — (75,032 ) — — (75,032 ) Acquisition of MGM China shares (100,000 ) — — — — (100,000 ) MGP dividends paid to consolidated subsidiaries — — (113,414 ) — 113,414 — Distributions to noncontrolling interest owners — — (37,415 ) (65,952 ) — (103,367 ) Intercompany accounts 4,082,303 (2,952,624 ) 158,822 387,355 (1,675,856 ) — Proceeds from issuance of redeemable noncontrolling interests — — — 47,325 — 47,325 Other (16,765 ) — — (36 ) — (16,801 ) Net cash provided by financing activities 164,275 555,967 201,698 1,159,924 (1,562,442 ) 519,422 Effect of exchange rate on cash — — — (921 ) — (921 ) Cash and cash equivalents Net increase (decrease) for the period (438,861 ) 3,545 360,492 (148,907 ) — (223,731 ) Balance, beginning of period 538,856 304,168 — 827,288 — 1,670,312 Balance, end of period $ 99,995 $ 307,713 $ 360,492 $ 678,381 $ — $ 1,446,581 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,429,103 $ — $ 2,763,862 $ (2,897 ) $ 9,190,068 Equity in subsidiaries' earnings 376,074 (566,270 ) — — 190,196 — Expenses Casino and hotel operations 6,717 3,807,569 — 1,813,987 (2,897 ) 5,625,376 General and administrative 4,959 1,038,053 58,473 207,619 — 1,309,104 Corporate expense 120,615 154,424 — (488 ) — 274,551 Preopening and start-up expenses — 4,973 — 66,354 — 71,327 Property transactions, net — 24,688 6,665 1,472,589 — 1,503,942 Depreciation and amortization — 348,159 196,816 274,908 — 819,883 132,291 5,377,866 261,954 3,834,969 (2,897 ) 9,604,183 Income (loss) from unconsolidated affiliates — 259,002 — (1,119 ) — 257,883 Operating income (loss) 243,783 743,969 (261,954 ) (1,072,226 ) 190,196 (156,232 ) Interest expense, net of amounts capitalized (762,529 ) (1,057 ) — (33,993 ) — (797,579 ) Other, net 49,497 (84,958 ) — (56,971 ) — (92,432 ) Income (loss) before income taxes (469,249 ) 657,954 (261,954 ) (1,163,190 ) 190,196 (1,046,243 ) Benefit (provision) for income taxes 21,529 (7,125 ) — (7,810 ) — 6,594 Net income (loss) (447,720 ) 650,829 (261,954 ) (1,171,000 ) 190,196 (1,039,649 ) Less: Net loss attributable to noncontrolling interests — — — 591,929 — 591,929 Net income (loss) attributable to MGM Resorts International $ (447,720 ) $ 650,829 $ (261,954 ) $ (579,071 ) $ 190,196 $ (447,720 ) Net income (loss) $ (447,720 ) $ 650,829 $ (261,954 ) $ (1,171,000 ) $ 190,196 $ (1,039,649 ) Other comprehensive income, net of tax: Foreign currency translation adjustment 1,703 1,703 — 3,727 (3,406 ) 3,727 Other (672 ) (672 ) — — 672 (672 ) Other comprehensive income 1,031 1,031 — 3,727 (2,734 ) 3,055 Comprehensive income (loss) (446,689 ) 651,860 (261,954 ) (1,167,273 ) 187,462 (1,036,594 ) Less: Comprehensive loss attributable to noncontrolling interests — — — 589,905 — 589,905 Comprehensive income (loss) attributable to MGM Resorts International $ (446,689 ) $ 651,860 $ (261,954 ) $ (577,368 ) $ 187,462 $ (446,689 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (776,996 ) $ 1,375,703 $ (58,473 ) $ 464,845 $ — $ 1,005,079 Cash flows from investing activities Capital expenditures, net of construction payable — (353,245 ) (129,308 ) (984,266 ) — (1,466,819 ) Dispositions of property and equipment — 7,901 — 131 — 8,032 Proceeds from sale of business units and investment in unconsolidated affiliates — 92,207 — — — 92,207 Investments in and advances to unconsolidated affiliates (141,390 ) (54,672 ) — — — (196,062 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 201,612 — — — 201,612 Investments in cash deposits - maturities longer than 90 days (200,205 ) — — — — (200,205 ) Proceeds from cash deposits - maturities longer than 90 days 770,205 — — — — 770,205 Intercompany accounts — (1,059,181 ) — — 1,059,181 — Other — (7,516 ) — 3,488 — (4,028 ) Net cash provided by (used in) investing activities 428,610 (1,172,894 ) (129,308 ) (980,647 ) 1,059,181 (795,058 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (28,000 ) — — 1,005,275 — 977,275 Borrowings under bank credit facilities - maturities longer than 90 days 3,768,750 — — 1,350,000 — 5,118,750 Repayments under bank credit facilities - maturities longer than 90 days (3,768,750 ) — — (1,350,000 ) — (5,118,750 ) Retirement of senior notes (875,504 ) — — — — (875,504 ) Debt issuance costs — — — (46,170 ) — (46,170 ) Intercompany accounts 1,003,750 (157,958 ) 187,781 25,608 (1,059,181 ) — Distributions to noncontrolling interest owners — — — (307,227 ) — (307,227 ) Proceeds from issuance of redeemable noncontrolling interests — — — 6,250 — 6,250 Other (12,512 ) — — 9 — (12,503 ) Net cash provided by (used in) financing activities 87,734 (157,958 ) 187,781 683,745 (1,059,181 ) (257,879 ) Effect of exchange rate on cash — — — 793 — 793 Cash and cash equivalents — Net increase (decrease) for the period (260,652 ) 44,851 — 168,736 — (47,065 ) Change in cash related to assets held for sale — 3,662 — — — 3,662 Balance, beginning of period 799,508 255,655 — 658,552 — 1,713,715 Balance, end of period $ 538,856 $ 304,168 $ — $ 827,288 $ — $ 1,670,312 1 |
Selected Quarterly Financial Re
Selected Quarterly Financial Results (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Results (Unaudited) | NOTE 20 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED) Quarter First Second Third Fourth Total 2017 (In thousands, except per share data) Net revenues $ 2,708,179 $ 2,641,737 $ 2,826,740 $ 2,597,248 $ 10,773,904 Operating income 497,181 501,046 493,861 223,404 1,715,492 Net income 253,009 241,620 176,496 1,425,293 2,096,418 Net income attributable to MGM Resorts International 206,847 210,611 149,115 1,393,713 1,960,286 Earnings per share-basic $ 0.36 $ 0.37 $ 0.26 $ 2.43 $ 3.39 Earnings per share-diluted $ 0.36 $ 0.36 $ 0.26 $ 2.40 $ 3.35 2016 Net revenues $ 2,209,686 $ 2,269,502 $ 2,515,115 $ 2,460,820 $ 9,455,123 Operating income 315,954 769,055 712,755 282,023 2,079,787 Net income 91,198 514,498 561,260 69,922 1,236,878 Net income attributable to MGM Resorts International 66,799 474,353 535,619 24,669 1,101,440 Earnings per share-basic $ 0.12 $ 0.84 $ 0.94 $ 0.04 $ 1.94 Earnings per share-diluted $ 0.12 $ 0.83 $ 0.93 $ 0.04 $ 1.92 Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total earnings per share amounts for the year. T Certain items affecting comparability for the year ended December 31, 2017 are as follows: • First Quarter. None; • Second Quarter. The Company recorded a $41 million gain ($0.05 per share in the quarter and full year of 2017) related to a modification of the 2016 NV Energy exit fee. Additionally, the Company recorded a $36 million gain ($0.04 per share in the quarter and full year of 2017) related to Borgata’s share of a property tax settlement from Atlantic City; • Third Quarter. None; and • Fourth Quarter. The Company recorded a $1.4 billion tax benefit ($2.50 per share in the quarter and $2.47 per share for full year of 2017) related to the enactment of the Tax Act. Certain items affecting comparability for the year ended December 31, 2016 are as follows: • First Quarter. None; • Second Quarter. In the second quarter and the full year, the Company recorded a $406 million and a $401 million gain, respectively, ($0.57 and $0.56 per share in the quarter and full year of 2016, respectively) for its share of CityCenter’s gain related to the sale of Crystals; • Third Quarter. The Company recorded a $430 million gain ($0.60 and $0.61 per share in the quarter and full year of 2016, respectively) related to the acquisition of Borgata. Additionally, the Company recorded a $139 million charge ($0.18 loss per share in the quarter and full year of 2016) related to NV Energy exit expense and a $13 million charge ($0.02 loss per share in the quarter and full year of 2016) related to our share of CityCenter’s NV Energy exit expense associated with the Company’s strategic decision to exit the fully bundled sales system of NV Energy; and • Fourth Quarter. None. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | MGM RESORTS INTERNATIONAL SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Provision for Write-offs, Beginning of Doubtful Net of Balance at Period Accounts Recoveries End of Period Allowance for doubtful accounts: Year Ended December 31, 2017 $ 97,920 $ 20,603 $ (25,952 ) $ 92,571 Year Ended December 31, 2016 89,789 10,863 (2,732 ) 97,920 Year Ended December 31, 2015 89,602 54,691 (54,504 ) 89,789 Balance at Beginning of Balance at Period Increase Decrease End of Period Deferred income tax valuation allowance: Year Ended December 31, 2017 $ 2,583,274 $ — $ (69,536 ) $ 2,513,738 Year Ended December 31, 2016 2,807,131 2,975 (226,832 ) 2,583,274 Year Ended December 31, 2015 2,558,767 248,504 (140 ) 2,807,131 |
Basis of Presentation and Sig29
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership of 26.6% as of December 31, 2017 as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2017, on a consolidated basis MGP had total assets of $10.4 billion, primarily related to its real estate investments, and total liabilities of $4.3 billion, primarily related to its indebtedness. |
Reclassifications | R eclassifications. Certain reclassifications have been made to conform the prior period presentation. |
Management's use of estimates | Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair value measurements | Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 10; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Borgata transaction. See Note 4; • Level 2 and Level 3 inputs when measuring the impairment of goodwill related to the MGM China reporting unit. See Note 8; and • Level 3 inputs when assessing the fair value of its investment in Grand Victoria. See Note 7 |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable or construction payable as applicable. |
Accounts receivable and credit risk | Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2017, 35% of the Company’s casino receivables at its domestic resorts were due from customers residing in foreign countries and 8% of the Company’s casino receivables related to MGM China. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2017, no significant concentrations of credit risk existed for which an allowance had not already been recorded. |
Inventories | Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. |
Property and equipment | Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2017 and 2016, the Company had accrued $ 28 million and $36 million for property and equipment within accounts payable and $34 million and $32 million related to construction retention within other long-term liabilities, respectively. Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 20 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. |
Capitalized interest | Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period. |
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 7 and Note 16 for results of the Company’s review of its investment in certain of its unconsolidated affiliates. |
Goodwill and other intangible assets | Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2017 and 2016. An impairment of goodwill related to the MGM China reporting unit was recorded as a result of the annual impairment review in 2015. See Note 8. Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Effective January 1, 2017, the Company prospectively adopted accounting guidance that simplifies goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that impairment is identified. Instead, an impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. |
Revenue recognition and promotional allowances | Revenue recognition and promotional allowances. Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs (“casino front money”) and for chips in the customers’ possession (“outstanding chip liability”). Hotel, food and beverage, entertainment, retail and other operating revenues are recognized as services are performed and goods are provided. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. Gaming revenues are recognized net of certain sales incentives, including discounts and points earned in point-loyalty programs. The retail value of hotel rooms, food and beverage, and other services furnished to guests without charge is included in gross revenue and then deducted as promotional allowances. The estimated cost of providing promotional allowances is primarily included in casino expenses as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Rooms $ 139,992 $ 120,369 $ 112,313 Food and beverage 324,554 283,598 279,041 Entertainment, retail and other 42,357 39,611 39,388 $ 506,903 $ 443,578 $ 430,742 |
Gaming promoters | Gaming promoters. A significant portion of the high-end (“VIP”) gaming volume at MGM Macau is generated through the use of gaming promoters, also known as junket operators. These operators introduce VIP gaming players to MGM Macau, assist these customers with travel arrangements, and extend gaming credit to these players. VIP gaming at MGM Macau is conducted by the use of special purpose nonnegotiable gaming chips. Gaming promoters purchase these nonnegotiable chips from MGM Macau and in turn sell these chips to their players. The nonnegotiable chips allow MGM Macau to track the amount of wagering conducted by each gaming promoter’s clients in order to determine VIP gaming play volume, or rolling chip turnover, which is the amount of nonnegotiable chips wagered and lost. In exchange for the gaming promoters’ services, MGM Macau compensates the gaming promoters through revenue-sharing arrangements and rolling chip turnover-based commissions. The estimated portion of the gaming promoter commissions that represent amounts passed through to VIP customers is recorded as a reduction of casino revenue, and the estimated portion retained by the gaming promoter for its compensation is recorded as casino expense. |
Reimbursed costs | Reimbursed costs. The Company recognizes costs reimbursed pursuant to management services as revenue in the period it incurs the costs. Reimbursed costs related primarily to the Company’s management of CityCenter. |
Loyalty programs | Loyalty programs. The Company’s primary loyalty program is “M life Rewards” and is available to patrons at most of the Company’s domestic resorts and CityCenter. Members may earn points and/or Express Comps for their gaming play which can be redeemed at restaurants, box offices or the M life Rewards front desk at participating properties. Points may also be redeemed for free slot play on participating machines. The Company records a liability based on the points earned multiplied by the redemption value, less an estimate for points not expected to be redeemed, and records a corresponding reduction in casino revenue. Customers also earn Express Comps based on their gaming play which can be redeemed for complimentary goods and services, including hotel rooms, food and beverage, and entertainment. The Company records a liability for the estimated costs of providing goods and services for Express Comps based on the Express Comps earned multiplied by a cost margin, less an estimate for Express Comps not expected to be redeemed and records a corresponding expense in the casino department. MGM Macau also has loyalty programs, including M life Rewards as well as the Golden Lion Club, which provides benefits to customers focused on gaming. |
Advertising | Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $223 million, $171 million and $156 million for 2017, 2016 and 2015, respectively. |
Corporate expense | Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. |
Preopening and start-up expenses | Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. |
Property transactions, net | Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 16 for a detailed discussion of these amounts. |
Redeemable noncontrolling interest | Redeemable noncontrolling interest. In 2015 and 2016, MGM National Harbor issued non-voting economic interests in MGM National Harbor (“Interests”) to noncontrolling interest parties for a total aggregate purchase price of $ 53 million. The Interests provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year. Beginning on December 31, 2019 the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their Interests for a purchase price based on a contractually agreed upon formula. Additionally, certain noncontrolling interest parties each have the right to sell back all or a portion of their Interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor. The Company has recorded the Interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. Interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. |
Income (loss) per share of common stock | Income (loss) per share of common stock. The table below reconciles basic and diluted income (loss) per share of common stock. Diluted net income (loss) attributable to common stockholders includes adjustments for redeemable 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. Year Ended December 31, 2017 2016 2015 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 $ (447,720 ) Adjustment related to redeemable noncontrolling interests (18,363 ) (28 ) — Net income (loss) available to common stockholders - basic 1,941,923 1,101,412 (447,720 ) Potentially dilutive effect due to MGP Omnibus Plan (90 ) (40 ) — Potentially dilutive effect due to MGM China Share Option Plan (178 ) (11 ) — Net income (loss) attributable to common stockholders - diluted $ 1,941,655 $ 1,101,361 $ (447,720 ) Denominator: Weighted-average common shares outstanding basic 572,253 568,134 542,873 Potential dilution from share-based awards 6,542 5,183 — Weighted-average common and common equivalent shares - diluted 578,795 573,317 542,873 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 2,601 4,207 18,276 |
Currency translation | Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate debt. The following table summarizes the changes in the accumulated balance of other comprehensive income: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balance, January 1, 2016 $ 14,022 $ — $ — $ 14,022 Other comprehensive income (loss) before reclassifications (2,680 ) 1,521 1,074 (85 ) Amounts reclassified from accumulated other comprehensive income to interest expense — 358 — 358 Other comprehensive income (loss), net of tax (2,680 ) 1,879 1,074 273 Other comprehensive income (loss) attributable to noncontrolling interest 1,203 (445 ) — 758 Balance, December 31, 2016 12,545 1,434 1,074 15,053 Other comprehensive income (loss) before reclassifications (43,188 ) (1,221 ) 98 (44,311 ) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense — 9,216 — 9,216 Other comprehensive income (loss), net of tax (43,188 ) 7,995 98 (35,095 ) Other comprehensive income (loss) attributable to noncontrolling interest 19,193 (2,761 ) — 16,432 Balance, December 31, 2017 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) |
Recently issued accounting standards | Recently issued accounting standards. The Company adopted ASC 606 on a full retrospective basis, effective January 1, 2018, which will be reflected in future financial statements. The most significant impacts of adoption of the new accounting pronouncement are as follows: • Promotional Allowances: The Company is no longer 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, and accordingly the promotional allowances line item will be removed in future filings. The majority of such amounts previously included in promotional allowances will now offset casino revenues based on stand-alone selling price. This change will primarily result in a reclassification of revenue between revenue line items; • Loyalty Accounting: Accounting for Express Comps granted under the M life Rewards program and points granted under the Golden Lion Club 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) and an increase to the loyalty program liability representing outstanding performance obligations. Such amounts will be recognized as revenue in the line item of the corresponding good or service provided when the performance obligation is fulfilled. This change will result in a decrease to beginning retained earnings of approximately $41 million as a result of the initial application of the standard and will not have a significant impact to earnings; • Gaming Promoter Commission: Commissions paid to gaming promoters under MGM China’s incentive program will now be fully reflected as a reduction in casino revenue. This change will primarily result in a decrease in casino expense and a corresponding decrease in casino revenue; • Gross versus Net Presentation: Mandatory service charges on food and beverage and hotel offerings and wide area progressive operator fees will be recorded gross, that is, the amount received from the customer will be recorded as revenue with the corresponding amount paid as an expense. These changes will primarily result in an increase in revenue with a corresponding increase in expense; • Estimated Cost of Promotional Allowances: The Company will no longer reclassify the estimated cost of complimentaries provided to the gaming patron from other expense line items to the casino expense line item. This change will result in a reclassification of expense between expense line items which will reduce casino expense by $507 million, $444 million, and $431 million for the years ended December 31, 2017, 2016, and 2015, respectively, and increase Rooms, Food and beverage, Retail, Entertainment and Other expenses. Refer to the ‘Revenue recognition and promotional allowances’ section within this note for the historical amounts that will be reclassified back to each expense line item when the retrospective adoption to prior years is reflected in future filings. These changes, and other less significant adjustments that were required upon adoption, will not have an aggregate material impact on operating income, net income, or cash flows . 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 adoption of ASU 2016-15 did not have a material effect on the Company’s consolidated financial statements and footnote disclosures. In January 2017, the Company adopted ASU No. 2016-09, “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 – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. Under the amended guidance, the Company will perform its annual goodwill impairment tests (and interim tests if any are determined to be necessary) by comparing the fair value of its reporting units with their carrying value, and an impairment charge, if any, will be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The adoption of ASU 2017-04 did not have a material effect on the Company’s consolidated financial statements and footnote disclosures. |
Basis of Presentation and Sig30
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 20 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years |
Schedule of Estimated Cost of Providing Promotional Allowances | The estimated cost of providing promotional allowances is primarily included in casino expenses as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Rooms $ 139,992 $ 120,369 $ 112,313 Food and beverage 324,554 283,598 279,041 Entertainment, retail and other 42,357 39,611 39,388 $ 506,903 $ 443,578 $ 430,742 |
Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding | Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2017 2016 2015 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 $ (447,720 ) Adjustment related to redeemable noncontrolling interests (18,363 ) (28 ) — Net income (loss) available to common stockholders - basic 1,941,923 1,101,412 (447,720 ) Potentially dilutive effect due to MGP Omnibus Plan (90 ) (40 ) — Potentially dilutive effect due to MGM China Share Option Plan (178 ) (11 ) — Net income (loss) attributable to common stockholders - diluted $ 1,941,655 $ 1,101,361 $ (447,720 ) Denominator: Weighted-average common shares outstanding basic 572,253 568,134 542,873 Potential dilution from share-based awards 6,542 5,183 — Weighted-average common and common equivalent shares - diluted 578,795 573,317 542,873 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 2,601 4,207 18,276 |
Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in the accumulated balance of other comprehensive income: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balance, January 1, 2016 $ 14,022 $ — $ — $ 14,022 Other comprehensive income (loss) before reclassifications (2,680 ) 1,521 1,074 (85 ) Amounts reclassified from accumulated other comprehensive income to interest expense — 358 — 358 Other comprehensive income (loss), net of tax (2,680 ) 1,879 1,074 273 Other comprehensive income (loss) attributable to noncontrolling interest 1,203 (445 ) — 758 Balance, December 31, 2016 12,545 1,434 1,074 15,053 Other comprehensive income (loss) before reclassifications (43,188 ) (1,221 ) 98 (44,311 ) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense — 9,216 — 9,216 Other comprehensive income (loss), net of tax (43,188 ) 7,995 98 (35,095 ) Other comprehensive income (loss) attributable to noncontrolling interest 19,193 (2,761 ) — 16,432 Balance, December 31, 2017 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: December 31, 2017 2016 (In thousands) Casino $ 343,869 $ 332,443 Hotel 146,931 169,321 Other 142,316 139,080 633,116 640,844 Less: Allowance for doubtful accounts (92,571 ) (97,920 ) $ 540,545 $ 542,924 |
Borgata Transaction (Tables)
Borgata Transaction (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Finalized Allocation | The following table sets forth the finalized allocation at December 31, 2016 (in thousands): Fair value of assets acquired and liabilities assumed: Current assets $ 112,221 Property and equipment and other long-term assets 1,373,567 Goodwill 386,892 Trade name 83,000 Customer list 22,000 Current liabilities (122,743 ) Long-term debt (583,187 ) Deferred taxes (12,124 ) Other long-term obligations (51,894 ) $ 1,207,732 |
Schedule of Unaudited Pro Forma Consolidated Financial Information | The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the $430 million gain discussed above. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015. Year Ended December 31, 2016 2015 (In thousands, except per share data) (unaudited) Net revenues $ 9,940,176 $ 9,993,718 Net income (loss) attributable to MGM Resorts International 819,278 (417,671 ) Basis net income (loss) per share $ 1.44 $ (0.77 ) Diluted net income (loss) per share $ 1.43 $ (0.77 ) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2017 2016 (In thousands) Land $ 6,531,701 $ 6,530,988 Buildings, building improvements and land improvements 12,245,950 11,969,984 Furniture, fixtures and equipment 5,157,363 4,863,647 Construction in progress 3,950,635 2,628,603 27,885,649 25,993,222 Less: Accumulated depreciation (8,250,190 ) (7,568,199 ) $ 19,635,459 $ 18,425,023 |
Investments in and Advances t34
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Unconsolidated Affiliates | Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2017 2016 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 809,084 $ 1,007,358 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 124,342 123,585 Las Vegas Arena Company, LLC (42.5%) 76,619 80,339 Other 24,116 9,161 $ 1,034,161 $ 1,220,443 |
Schedule of Share of Net Income From Unconsolidated Affiliates | The Company recorded its share of the net income from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Income from unconsolidated affiliates $ 145,989 $ 527,616 $ 257,883 Preopening and start-up expenses — (3,168 ) (3,475 ) Non-operating items from unconsolidated affiliates (34,751 ) (53,139 ) (76,462 ) $ 111,238 $ 471,309 $ 177,946 |
Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances | Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2017 2016 (In thousands) Venture-level equity attributable to the Company $ 2,660,644 $ 2,883,324 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (532,501 ) (537,819 ) CityCenter capitalized interest (2) 206,065 215,467 CityCenter completion guarantee (3) 322,703 337,223 CityCenter deferred gain (4) (219,561 ) (221,638 ) CityCenter capitalized interest on sponsor notes (5) (40,258 ) (42,095 ) Other-than-temporary impairments of CityCenter investment (6) (1,504,161 ) (1,555,509 ) Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment (7) 99,619 99,619 Other adjustments 41,611 41,871 $ 1,034,161 $ 1,220,443 (1) Primarily relates to land and fixed assets. (2) Relates to interest capitalized on the Company’s investment balance during development and construction stages. (3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. (4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $379 million of impairments allocated to land. (7) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria. |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: December 31, 2017 2016 Goodwill: (In thousands) Domestic resorts $ 457,867 $ 457,867 MGM China 1,348,664 1,359,252 $ 1,806,531 $ 1,817,119 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 Trademarks, license rights and other 312,022 312,022 Total indefinite-lived intangible assets 410,120 410,120 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,478,911 4,514,073 Less: Accumulated amortization (1,180,908 ) (1,024,185 ) 3,298,003 3,489,888 MGM Macau land concession 84,076 84,736 Less: Accumulated amortization (27,870 ) (23,817 ) 56,206 60,919 MGM China customer lists 127,969 128,974 Borgata customer list 22,000 22,000 Less: Accumulated amortization (145,569 ) (135,574 ) 4,400 15,400 Maryland license, Massachusetts license and other intangible assets 136,127 136,127 Less: Accumulated amortization (26,896 ) (24,748 ) 109,231 111,379 Total finite-lived intangible assets, net 3,467,840 3,677,586 Total other intangible assets, net $ 3,877,960 $ 4,087,706 |
Summary of Changes in Company's Goodwill by Reportable Segment | Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2017 and 2016: 2017 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 457,867 $ — $ — $ 457,867 MGM China 1,359,252 — (10,588 ) 1,348,664 $ 1,817,119 $ — $ (10,588 ) $ 1,806,531 2016 Balance at January 1 Acquisitions Currency exchange Balance at December 31 (In thousands) Goodwill, net by reportable segment: Domestic resorts $ 70,975 $ 386,892 $ — $ 457,867 MGM China 1,359,792 — (540 ) 1,359,252 $ 1,430,767 $ 386,892 $ (540 ) $ 1,817,119 |
Schedule of Estimated Future Amortization | Estimated future amortization is as follows: Years ending December 31, (In thousands) 2018 $ 176,432 2019 176,755 2020 176,755 2021 176,755 2022 176,755 Thereafter 2,584,388 $ 3,467,840 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: December 31, 2017 2016 (In thousands) Payroll and related $ 483,101 $ 483,194 Advance deposits and ticket sales 149,698 148,707 Casino outstanding chip liability 597,753 227,538 Casino front money deposits 304,652 214,727 MGM China gaming promoter commissions 23,651 31,445 Other gaming related accruals 131,109 119,446 Taxes, other than income taxes 170,639 166,916 MGP Dividend 29,777 22,281 Other 178,340 180,272 $ 2,068,720 $ 1,594,526 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, 2017 2016 (In thousands) Senior credit facility $ 372,500 $ 250,000 Operating Partnership senior credit facility 2,091,375 2,133,250 MGM China credit facility 2,301,584 1,933,313 MGM National Harbor credit facility — 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% Operating Partnership senior notes, due 2024 1,050,000 1,050,000 $500 million 4.50% Operating Partnership senior notes, due 2026 500,000 500,000 $500 million 4.625% senior notes, due 2026 500,000 500,000 $350 million 4.50% Operating Partnership 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 13,018,276 13,144,380 Less: Premiums, discounts, and unamortized debt issuance costs, net (109,182 ) (156,785 ) 12,909,094 12,987,595 Less: Current portion (158,042 ) (8,375 ) $ 12,751,052 $ 12,979,220 |
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: Year Ended December 31, 2017 2016 2015 (In thousands) Total interest incurred $ 779,855 $ 814,731 $ 862,377 Interest capitalized (111,110 ) (119,958 ) (64,798 ) $ 668,745 $ 694,773 $ 797,579 |
Schedule of Maturities of Long-Term Debt | Maturities of long-term debt. The m aturities of the principal amount of the Company’s long-term debt as of December 31, 2017 are as follows: Years ending December 31, (In thousands) 2018 $ 819,572 2019 2,424,013 2020 1,546,000 2021 1,832,250 2022 1,018,500 Thereafter 5,377,941 $ 13,018,276 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations | Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2017 2016 2015 (In thousands) Domestic operations $ 750,055 $ 985,683 $ 155,296 Foreign operations 213,700 273,494 (1,201,539 ) $ 963,755 $ 1,259,177 $ (1,046,243 ) |
Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes | The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2017 2016 2015 Federal: (In thousands) Current $ (120,980 ) $ (97,502 ) $ (13,540 ) Deferred (excluding separate components) 203,674 (125,181 ) 280,220 Deferred – 994,249 — — Deferred – 101,443 222,688 (247,867 ) Other noncurrent 1,356 3,608 (590 ) Benefit for federal income taxes 1,179,742 3,613 18,223 State: Current (6,798 ) 4,069 (1,840 ) Deferred (excluding separate components) (25,233 ) 2,313 (2,768 ) Deferred – 44,242 (16,024 ) (2,263 ) Deferred – (40,078 ) 23,058 (4,465 ) Other noncurrent (3,875 ) (2,901 ) 7,153 Benefit (provision) for state income taxes (31,742 ) 10,515 (4,183 ) Foreign: Current (470 ) (2,015 ) (2,127 ) Deferred (excluding separate components) (40,653 ) (34,425 ) (5,832 ) Deferred – 4,688 2,988 10,472 Deferred – 21,098 (2,975 ) (9,959 ) Provision for foreign income taxes (15,337 ) (36,427 ) (7,446 ) $ 1,132,663 $ (22,299 ) $ 6,594 |
Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate | A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2017 2016 2015 Federal income tax statutory rate 35.0 % 35.0 % 35.0 % Change in enacted rates (103.1 ) — — Foreign tax credit (70.1 ) (10.5 ) 63.7 Repatriation of foreign earnings 35.3 5.2 (32.0 ) Foreign goodwill impairment — — (49.1 ) Federal valuation allowance (10.5 ) (17.7 ) (23.7 ) State taxes, net 2.4 — — Stock-based compensation (2.1 ) — — Gain on Borgata transaction — (5.4 ) — Foreign jurisdiction income/losses taxed at other than 35% (4.9 ) (3.8 ) 6.9 Permanent and other items 0.5 (1.0 ) (0.2 ) (117.5 )% 1.8 % 0.6 % |
Schedule of Major Tax-Effected Components of the Company's Net Deferred Tax Liability | The major tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2017 2016 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 25,432 $ 40,330 Deferred compensation 5,232 6,881 Net operating loss carryforward 46,702 9,669 Accruals, reserves and other 85,626 168,712 Investments in unconsolidated affiliates 84,006 152,092 Stock-based compensation 24,390 33,311 Tax credits 3,045,138 2,824,312 3,316,526 3,235,307 Less: Valuation allowance (2,462,272 ) (2,510,140 ) 854,254 725,167 Deferred tax assets – foreign: Bad debt reserve 821 895 Net operating loss carryforward 76,909 72,788 Accruals, reserves and other — 3,945 Stock-based compensation 4,423 3,830 82,153 81,458 Less: Valuation allowance (51,466 ) (73,134 ) 30,687 8,324 Total deferred tax assets $ 884,941 $ 733,491 Deferred tax liabilities – federal and state: Property and equipment $ (1,670,704 ) $ (2,657,230 ) Long-term debt (48,809 ) (146,018 ) Intangibles (79,167 ) (124,729 ) (1,798,680 ) (2,927,977 ) Deferred tax liabilities – foreign: Accruals, reserves and other (26,657 ) — Property and equipment (16,277 ) (4,691 ) Intangibles (348,162 ) (352,051 ) (391,096 ) (356,742 ) Total deferred tax liability $ (2,189,776 ) $ (3,284,719 ) Net deferred tax liability $ (1,304,835 ) $ (2,551,228 ) |
Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, 2017 2016 2015 (In thousands) Gross unrecognized tax benefits at January 1 $ 14,026 $ 13,724 $ 31,143 Gross decreases - prior period tax positions (2,280 ) (3,375 ) (14,158 ) Gross increases - current period tax positions 6,842 3,677 1,222 Settlements with taxing authorities — — (2,408 ) Lapse in Statutes of Limitations — — (2,075 ) Gross unrecognized tax benefits at December 31 $ 18,588 $ 14,026 $ 13,724 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases and Capital Leases | At December 31, 2017, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows: Years ending December 31, (In thousands) 2018 $ 39,429 2019 35,525 2020 33,754 2021 35,293 2022 32,458 Thereafter 1,360,206 Total minimum lease payments $ 1,536,665 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Net Income Attributable to and Transfers from Noncontrolling Interest | The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest. For the Years Ended December 31, 2017 2016 (In thousands) Net income attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 Transfers from/(to) to noncontrolling interest: MGP formation transactions — (150,414 ) Borgata transaction — (18,385 ) MGP Class A share issuance 35,138 — MGM National Harbor transaction (12,497 ) — MGM China transaction — (45,554 ) Other (2,889 ) — Net transfers from/(to) noncontrolling interest 19,752 (214,353 ) Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ 1,980,038 $ 887,087 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Information Related to Intrinsic Value | Intrinsic value. The following table includes information related to the intrinsic value: Year ended December 31, 2017 (In thousands) Share-based awards exercised and RSUs and PSUs vested $ 100,264 Stock options and SARs outstanding 112,604 Stock options and SARs vested and expected to vest 111,284 Stock options and SARs exercisable 78,865 |
Schedule of Compensation Cost Recognized | Recognition of compensation cost. Compensation c ost was recognized as follows: Year Ended December 31, 2017 2016 2015 Compensation cost: (In thousands) Omnibus Plan $ 49,383 $ 43,661 $ 33,742 MGM Growth Properties Omnibus Incentive Plan 2,568 3,401 — MGM China Share Option Plan 10,571 8,545 9,260 Total compensation cost 62,522 55,607 43,002 Less: Reimbursed costs and capitalized cost (1,398 ) (1,350 ) (1,156 ) Compensation cost after reimbursed costs and capitalized cost 61,124 54,257 41,846 Less: Related tax benefit (18,650 ) (16,782 ) (11,230 ) Compensation cost, net of tax benefit $ 42,474 $ 37,475 $ 30,616 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Table Outlining Company's Participation in Pension Plans | The Company’s participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands ) (4) Surcharge Expiration Dates of Collective Bargaining Pension Fund (1) Plan Number 2016 2015 Status (3) 2017 2016 2015 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 45,297 $ 44,001 $ 41,904 No 5/31/2018 (5) Legacy Plan of the National Retirement Fund (NRF) (6) 13-6130178/001 Red Red Yes $ 9,416 $ 3,788 $ — Yes 2/29/2020 (1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2016 and 2015 for the Southern Nevada Culinary and Bartenders Pension Plan and for the plan year 2016 for the NRF. At the date the financial statements were issued, Form 5500 was not available for the plan year 2017. (2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4) There have been no significant changes that affect the comparability of contributions, other than those for the Legacy Plan of the National Retirement Fund which reflect the period from acquisition of Borgata of August 1, 2016 through December 31, 2016 within the 2016 column and a full-year of contributions within the 2017 column. (5) The Company is party to ten collective bargaining agreements (CBA) that require contributions. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., MGM Grand Hotel, LLC and the Local Joint Executive Board of Las Vegas are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements. (6) In December 2017, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the NRF to the plan of the newly-formed UNITE HERE Retirement Fund (UHF). As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new UHF Plan. The terms of the UHF Plan are identical to the NRF. The spin-off was effective as of January 1, 2018. |
Property Transactions, Net (Tab
Property Transactions, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Transactions, Net | Property transactions, net consisted of the following: Year Ended December 31, 2017 2016 2015 (In thousands) Grand Victoria investment impairment $ — $ — $ 17,050 Gain on sale of Circus Circus Reno and Silver Legacy investment — — (23,002 ) Other property transactions, net 50,279 17,078 41,903 $ 50,279 $ 17,078 $ 35,951 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Year Ended December 31, 2017 2016 2015 (In thousands) Net Revenues Domestic resorts $ 8,322,403 $ 7,055,718 $ 6,497,361 MGM China 1,970,494 1,920,487 2,214,767 Reportable segment net revenues 10,292,897 8,976,205 8,712,128 Corporate and other 481,007 478,918 477,940 $ 10,773,904 $ 9,455,123 $ 9,190,068 Adjusted Property EBITDA Domestic resorts $ 2,514,819 $ 2,063,016 $ 1,689,966 MGM China 524,953 520,736 539,881 Reportable segment Adjusted Property EBITDA 3,039,772 2,583,752 2,229,847 Other operating income (expense) Corporate and other (202,675 ) 211,932 9,073 NV Energy exit expense 40,629 (139,335 ) — Preopening and start-up expenses (118,475 ) (140,075 ) (71,327 ) Property transactions, net (50,279 ) (17,078 ) (35,951 ) Goodwill impairment — — (1,467,991 ) Gain on Borgata transaction — 430,118 — Depreciation and amortization (993,480 ) (849,527 ) (819,883 ) Operating income (loss) 1,715,492 2,079,787 (156,232 ) Non-operating income (expense) Interest expense, net of amounts capitalized (668,745 ) (694,773 ) (797,579 ) Non-operating items from unconsolidated affiliates (34,751 ) (53,139 ) (76,462 ) Other, net (48,241 ) (72,698 ) (15,970 ) (751,737 ) (820,610 ) (890,011 ) Income (loss) before income taxes 963,755 1,259,177 (1,046,243 ) Benefit (provision) for income taxes 1,132,663 (22,299 ) 6,594 Net income (loss) 2,096,418 1,236,878 (1,039,649 ) Less: Net (income) loss attributable to noncontrolling interests (136,132 ) (135,438 ) 591,929 Net income (loss) attributable to MGM Resorts International $ 1,960,286 $ 1,101,440 $ (447,720 ) December 31, 2017 2016 2015 Total assets: (In thousands) Domestic resorts $ 16,428,885 $ 16,451,461 $ 13,261,882 MGM China 9,461,535 8,443,411 7,895,376 Reportable segment total assets 25,890,420 24,894,872 21,157,258 Corporate and other 3,338,882 3,333,625 4,099,837 Eliminated in consolidation (70,124 ) (55,196 ) (41,917 ) $ 29,159,178 $ 28,173,301 $ 25,215,178 December 31, 2017 2016 2015 Property and equipment, net: (In thousands) Domestic resorts $ 14,320,824 $ 14,353,971 $ 11,853,802 MGM China 3,827,391 2,857,626 1,896,815 Reportable segment property and equipment, net 18,148,215 17,211,597 13,750,617 Corporate and other 1,557,368 1,268,622 1,663,095 Eliminated in consolidation (70,124 ) (55,196 ) (41,917 ) $ 19,635,459 $ 18,425,023 $ 15,371,795 Year Ended December 31, 2017 2016 2015 Capital expenditures: (In thousands) Domestic resorts $ 486,611 $ 317,951 $ 383,367 MGM China 923,346 984,355 590,968 Reportable segment capital expenditures 1,409,957 1,302,306 974,335 Corporate and other 469,053 973,446 504,398 Eliminated in consolidation (14,928 ) (13,279 ) (11,914 ) $ 1,864,082 $ 2,262,473 $ 1,466,819 |
Condensed Consolidating Finan45
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 78,909 $ 1,014,074 $ 266,627 $ 1,022,340 $ (7,323 ) $ 2,374,627 Property and equipment, net — 13,521,221 10,021,938 6,125,722 (10,033,422 ) 19,635,459 Investments in subsidiaries 21,085,194 3,318,836 — — (24,404,030 ) — Investments in the MGP Operating Partnership — 3,549,063 — 862,037 (4,411,100 ) — Investments in and advances to unconsolidated affiliates — 1,003,767 — 5,394 25,000 1,034,161 Intercompany accounts — 5,983,656 — — (5,983,656 ) — Other non-current assets 49,142 913,602 62,555 5,134,220 (44,588 ) 6,114,931 $ 21,213,245 $ 29,304,219 $ 10,351,120 $ 13,149,713 $ (44,859,119 ) $ 29,159,178 Current liabilities $ 153,159 $ 1,399,120 $ 144,537 $ 1,609,106 $ (213,540 ) $ 3,092,382 Intercompany accounts 5,783,579 — 962 199,115 (5,983,656 ) — Deferred income taxes, net 944,424 — 28,544 360,411 (28,544 ) 1,304,835 Long-term debt, net 6,682,571 2,835 3,934,628 2,131,018 — 12,751,052 Other long-term obligations 36,860 7,268,664 174,710 2,305,353 (9,501,171 ) 284,416 Total liabilities 13,600,593 8,670,619 4,283,381 6,605,003 (15,726,911 ) 17,432,685 Redeemable noncontrolling interests — — — 79,778 — 79,778 MGM Resorts International stockholders' equity 7,612,652 20,633,600 4,443,089 4,055,519 (29,132,208 ) 7,612,652 Noncontrolling interests — — 1,624,650 2,409,413 — 4,034,063 Total stockholders' equity 7,612,652 20,633,600 6,067,739 6,464,932 (29,132,208 ) 11,646,715 $ 21,213,245 $ 29,304,219 $ 10,351,120 $ 13,149,713 $ (44,859,119 ) $ 29,159,178 |
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 7,516,836 $ 765,695 $ 3,260,883 $ (769,510 ) $ 10,773,904 Equity in subsidiaries' earnings 1,394,690 157,348 — — (1,552,038 ) — Expenses Casino and hotel operations 10,784 4,127,270 — 2,031,768 (3,816 ) 6,166,006 General and administrative 8,742 1,181,329 84,348 369,844 (84,348 ) 1,559,915 Corporate expense 127,092 200,804 34,085 (515 ) (4,591 ) 356,875 NV Energy exit expense — (40,629 ) — — — (40,629 ) Preopening and start-up expenses — 8,258 — 110,217 — 118,475 Property transactions, net — 43,985 34,022 6,294 (34,022 ) 50,279 Depreciation and amortization — 649,676 260,455 343,804 (260,455 ) 993,480 146,618 6,170,693 412,910 2,861,412 (387,232 ) 9,204,401 Income (loss) from unconsolidated affiliates — 147,001 — (1,012 ) — 145,989 Operating income 1,248,072 1,650,492 352,785 398,459 (1,934,316 ) 1,715,492 Interest expense, net of amounts capitalized (466,907 ) (982 ) (184,175 ) (16,681 ) — (668,745 ) Other, net 26,215 (402,602 ) 2,286 (142,997 ) 434,106 (82,992 ) Income before income taxes 807,380 1,246,908 170,896 238,781 (1,500,210 ) 963,755 Benefit (provision) for income taxes 1,152,906 — (4,906 ) (15,337 ) — 1,132,663 Net income 1,960,286 1,246,908 165,990 223,444 (1,500,210 ) 2,096,418 Less: Net income attributable to noncontrolling interests — — (41,775 ) (94,357 ) — (136,132 ) Net income attributable to MGM Resorts International $ 1,960,286 $ 1,246,908 $ 124,215 $ 129,087 $ (1,500,210 ) $ 1,960,286 Net income $ 1,960,286 $ 1,246,908 $ 165,990 $ 223,444 $ (1,500,210 ) $ 2,096,418 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (23,995 ) (23,995 ) — (43,188 ) 47,990 (43,188 ) Unrealized gain on cash flow hedges 5,234 — 9,782 — (7,021 ) 7,995 Other comprehensive income (loss) (18,761 ) (23,995 ) 9,782 (43,188 ) 40,969 (35,193 ) Comprehensive income 1,941,525 1,222,913 175,772 180,256 (1,459,241 ) 2,061,225 Less: Comprehensive income attributable to noncontrolling interests — — (44,536 ) (75,164 ) — (119,700 ) Comprehensive income attributable to MGM Resorts International $ 1,941,525 $ 1,222,913 $ 131,236 $ 105,092 $ (1,459,241 ) $ 1,941,525 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,918,748 $ 467,548 $ 2,539,794 $ (470,967 ) $ 9,455,123 Equity in subsidiaries' earnings 1,780,707 175,729 — — (1,956,436 ) — Expenses Casino and hotel operations 9,063 3,894,478 — 1,595,542 (3,419 ) 5,495,664 General and administrative 6,834 1,137,110 68,063 214,839 (48,229 ) 1,378,617 Corporate expense 131,938 160,956 20,360 (194 ) (286 ) 312,774 NV Energy exit expense — 139,335 — — — 139,335 Preopening and start-up expenses — 8,775 — 131,300 — 140,075 Property transactions, net — 16,449 4,684 (246 ) (3,809 ) 17,078 Gain on Borgata transaction — (430,118 ) — — — (430,118 ) Depreciation and amortization — 524,123 220,667 261,730 (156,993 ) 849,527 147,835 5,451,108 313,774 2,202,971 (212,736 ) 7,902,952 Income (loss) from unconsolidated affiliates — 527,934 — (318 ) — 527,616 Operating income 1,632,872 2,171,303 153,774 336,505 (2,214,667 ) 2,079,787 Interest expense, net of amounts capitalized (562,536 ) (1,500 ) (115,438 ) (15,299 ) — (694,773 ) Other, net (7,864 ) (324,141 ) (726 ) (93,145 ) 300,039 (125,837 ) Income before income taxes 1,062,472 1,845,662 37,610 228,061 (1,914,628 ) 1,259,177 Benefit (provision) for income taxes 38,968 (22,579 ) (2,264 ) (36,424 ) — (22,299 ) Net income 1,101,440 1,823,083 35,346 191,637 (1,914,628 ) 1,236,878 Less: Net income attributable to noncontrolling interests — — (29,938 ) (105,500 ) — (135,438 ) Net income attributable to MGM Resorts International $ 1,101,440 $ 1,823,083 $ 5,408 $ 86,137 $ (1,914,628 ) $ 1,101,440 Net income $ 1,101,440 $ 1,823,083 $ 35,346 $ 191,637 $ (1,914,628 ) $ 1,236,878 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (1,477 ) (1,477 ) — (2,680 ) 2,954 (2,680 ) Unrealized gain on cash flow hedges 1,434 — 1,879 — (1,434 ) 1,879 Other comprehensive income (loss) (43 ) (1,477 ) 1,879 (2,680 ) 1,520 (801 ) Comprehensive income 1,101,397 1,821,606 37,225 188,957 (1,913,108 ) 1,236,077 Less: Comprehensive income attributable to noncontrolling interests — — (30,383 ) (104,297 ) — (134,680 ) Comprehensive income attributable to MGM Resorts International $ 1,101,397 $ 1,821,606 $ 6,842 $ 84,660 $ (1,913,108 ) $ 1,101,397 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,429,103 $ — $ 2,763,862 $ (2,897 ) $ 9,190,068 Equity in subsidiaries' earnings 376,074 (566,270 ) — — 190,196 — Expenses Casino and hotel operations 6,717 3,807,569 — 1,813,987 (2,897 ) 5,625,376 General and administrative 4,959 1,038,053 58,473 207,619 — 1,309,104 Corporate expense 120,615 154,424 — (488 ) — 274,551 Preopening and start-up expenses — 4,973 — 66,354 — 71,327 Property transactions, net — 24,688 6,665 1,472,589 — 1,503,942 Depreciation and amortization — 348,159 196,816 274,908 — 819,883 132,291 5,377,866 261,954 3,834,969 (2,897 ) 9,604,183 Income (loss) from unconsolidated affiliates — 259,002 — (1,119 ) — 257,883 Operating income (loss) 243,783 743,969 (261,954 ) (1,072,226 ) 190,196 (156,232 ) Interest expense, net of amounts capitalized (762,529 ) (1,057 ) — (33,993 ) — (797,579 ) Other, net 49,497 (84,958 ) — (56,971 ) — (92,432 ) Income (loss) before income taxes (469,249 ) 657,954 (261,954 ) (1,163,190 ) 190,196 (1,046,243 ) Benefit (provision) for income taxes 21,529 (7,125 ) — (7,810 ) — 6,594 Net income (loss) (447,720 ) 650,829 (261,954 ) (1,171,000 ) 190,196 (1,039,649 ) Less: Net loss attributable to noncontrolling interests — — — 591,929 — 591,929 Net income (loss) attributable to MGM Resorts International $ (447,720 ) $ 650,829 $ (261,954 ) $ (579,071 ) $ 190,196 $ (447,720 ) Net income (loss) $ (447,720 ) $ 650,829 $ (261,954 ) $ (1,171,000 ) $ 190,196 $ (1,039,649 ) Other comprehensive income, net of tax: Foreign currency translation adjustment 1,703 1,703 — 3,727 (3,406 ) 3,727 Other (672 ) (672 ) — — 672 (672 ) Other comprehensive income 1,031 1,031 — 3,727 (2,734 ) 3,055 Comprehensive income (loss) (446,689 ) 651,860 (261,954 ) (1,167,273 ) 187,462 (1,036,594 ) Less: Comprehensive loss attributable to noncontrolling interests — — — 589,905 — 589,905 Comprehensive income (loss) attributable to MGM Resorts International $ (446,689 ) $ 651,860 $ (261,954 ) $ (577,368 ) $ 187,462 $ (446,689 ) |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (584,251 ) $ 1,150,814 $ 482,578 $ 1,157,270 $ — $ 2,206,411 Cash flows from investing activities Capital expenditures, net of construction payable — (482,024 ) (488 ) (1,381,570 ) — (1,864,082 ) Dispositions of property and equipment — 502 — 216 — 718 Acquisition of National Harbor, net of cash acquired — — (462,500 ) — 462,500 — Investments in and advances to unconsolidated affiliates — (16,727 ) — — — (16,727 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 301,211 — — — 301,211 Intercompany accounts 462,500 (1,186,942 ) — — 724,442 — Other — (1,754 ) — 42 — (1,712 ) Net cash provided by (used in) investing activities 462,500 (1,385,734 ) (462,988 ) (1,381,312 ) 1,186,942 (1,580,592 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 122,500 — (466,875 ) 359,376 — 15,001 Issuance of long-term debt — — 350,000 — — 350,000 Retirement of senior notes (502,669 ) — — — — (502,669 ) Debt issuance costs — — (5,598 ) (4,379 ) — (9,977 ) Issuance of MGM Growth Properties Class A shares in public offering — — 404,685 — — 404,685 MGM Growth Properties Class A share issuance costs — — (17,137 ) — — (17,137 ) Dividends paid to common shareholders (252,014 ) — — — — (252,014 ) MGP dividends paid to consolidated subsidiaries — — (290,091 ) — 290,091 — Distributions to noncontrolling interest owners — — (95,344 ) (75,058 ) — (170,402 ) Intercompany accounts 1,042,111 249,893 — 185,029 (1,477,033 ) — Purchases of common stock (327,500 ) — — — — (327,500 ) Other (33,802 ) (11,643 ) — (13,320 ) — (58,765 ) Net cash provided by (used in) financing activities 48,626 238,250 (120,360 ) 451,648 (1,186,942 ) (568,778 ) Effect of exchange rate on cash — — — (3,627 ) — (3,627 ) Cash and cash equivalents Net increase (decrease) for the period (73,125 ) 3,330 (100,770 ) 223,979 — 53,414 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 26,870 $ 311,043 $ 259,722 $ 902,360 $ — $ 1,499,995 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (603,136 ) $ 1,312,165 $ 297,781 $ 527,162 $ — $ 1,533,972 Cash flows from investing activities Capital expenditures, net of construction payable — (290,455 ) (138,987 ) (1,833,031 ) — (2,262,473 ) Dispositions of property and equipment — 1,940 — 2,004 — 3,944 Proceeds from partial disposition of investment in unconsolidated affiliates — 15,000 — — — 15,000 Acquisition of Borgata, net of cash acquired — (559,443 ) — — — (559,443 ) Investments in and advances to unconsolidated affiliates — (3,633 ) — — — (3,633 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 542,097 — — — 542,097 Intercompany accounts — (1,562,442 ) — — 1,562,442 — Other — (7,651 ) — (4,045 ) — (11,696 ) Net cash used in investing activities — (1,864,587 ) (138,987 ) (1,835,072 ) 1,562,442 (2,276,204 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (2,016,000 ) 4,094,850 (2,411,600 ) 823,782 — 491,032 Borrowings under bank credit facilities - maturities longer than 90 days 1,845,375 — — — — 1,845,375 Repayments under bank credit facilities - maturities longer than 90 days (1,845,375 ) — — — — (1,845,375 ) Issuance of long-term debt 500,000 — 1,550,000 — — 2,050,000 Retirement of senior notes (2,255,392 ) (2,661 ) — — — (2,258,053 ) Repayment of Borgata credit facility — (583,598 ) — — — (583,598 ) Debt issuance costs (29,871 ) — (77,163 ) (32,550 ) — (139,584 ) Issuance of MGM Growth Properties Class A shares in public offering — — 1,207,500 — — 1,207,500 MGM Growth Properties Class A share issuance costs — — (75,032 ) — — (75,032 ) Acquisition of MGM China shares (100,000 ) — — — — (100,000 ) MGP dividends paid to consolidated subsidiaries — — (113,414 ) — 113,414 — Distributions to noncontrolling interest owners — — (37,415 ) (65,952 ) — (103,367 ) Intercompany accounts 4,082,303 (2,952,624 ) 158,822 387,355 (1,675,856 ) — Proceeds from issuance of redeemable noncontrolling interests — — — 47,325 — 47,325 Other (16,765 ) — — (36 ) — (16,801 ) Net cash provided by financing activities 164,275 555,967 201,698 1,159,924 (1,562,442 ) 519,422 Effect of exchange rate on cash — — — (921 ) — (921 ) Cash and cash equivalents Net increase (decrease) for the period (438,861 ) 3,545 360,492 (148,907 ) — (223,731 ) Balance, beginning of period 538,856 304,168 — 827,288 — 1,670,312 Balance, end of period $ 99,995 $ 307,713 $ 360,492 $ 678,381 $ — $ 1,446,581 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2015 Non-Guarantor Subsidiaries Parent Guarantor Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (776,996 ) $ 1,375,703 $ (58,473 ) $ 464,845 $ — $ 1,005,079 Cash flows from investing activities Capital expenditures, net of construction payable — (353,245 ) (129,308 ) (984,266 ) — (1,466,819 ) Dispositions of property and equipment — 7,901 — 131 — 8,032 Proceeds from sale of business units and investment in unconsolidated affiliates — 92,207 — — — 92,207 Investments in and advances to unconsolidated affiliates (141,390 ) (54,672 ) — — — (196,062 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 201,612 — — — 201,612 Investments in cash deposits - maturities longer than 90 days (200,205 ) — — — — (200,205 ) Proceeds from cash deposits - maturities longer than 90 days 770,205 — — — — 770,205 Intercompany accounts — (1,059,181 ) — — 1,059,181 — Other — (7,516 ) — 3,488 — (4,028 ) Net cash provided by (used in) investing activities 428,610 (1,172,894 ) (129,308 ) (980,647 ) 1,059,181 (795,058 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (28,000 ) — — 1,005,275 — 977,275 Borrowings under bank credit facilities - maturities longer than 90 days 3,768,750 — — 1,350,000 — 5,118,750 Repayments under bank credit facilities - maturities longer than 90 days (3,768,750 ) — — (1,350,000 ) — (5,118,750 ) Retirement of senior notes (875,504 ) — — — — (875,504 ) Debt issuance costs — — — (46,170 ) — (46,170 ) Intercompany accounts 1,003,750 (157,958 ) 187,781 25,608 (1,059,181 ) — Distributions to noncontrolling interest owners — — — (307,227 ) — (307,227 ) Proceeds from issuance of redeemable noncontrolling interests — — — 6,250 — 6,250 Other (12,512 ) — — 9 — (12,503 ) Net cash provided by (used in) financing activities 87,734 (157,958 ) 187,781 683,745 (1,059,181 ) (257,879 ) Effect of exchange rate on cash — — — 793 — 793 Cash and cash equivalents — Net increase (decrease) for the period (260,652 ) 44,851 — 168,736 — (47,065 ) Change in cash related to assets held for sale — 3,662 — — — 3,662 Balance, beginning of period 799,508 255,655 — 658,552 — 1,713,715 Balance, end of period $ 538,856 $ 304,168 $ — $ 827,288 $ — $ 1,670,312 |
Selected Quarterly Financial 46
Selected Quarterly Financial Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Results | Quarter First Second Third Fourth Total 2017 (In thousands, except per share data) Net revenues $ 2,708,179 $ 2,641,737 $ 2,826,740 $ 2,597,248 $ 10,773,904 Operating income 497,181 501,046 493,861 223,404 1,715,492 Net income 253,009 241,620 176,496 1,425,293 2,096,418 Net income attributable to MGM Resorts International 206,847 210,611 149,115 1,393,713 1,960,286 Earnings per share-basic $ 0.36 $ 0.37 $ 0.26 $ 2.43 $ 3.39 Earnings per share-diluted $ 0.36 $ 0.36 $ 0.26 $ 2.40 $ 3.35 2016 Net revenues $ 2,209,686 $ 2,269,502 $ 2,515,115 $ 2,460,820 $ 9,455,123 Operating income 315,954 769,055 712,755 282,023 2,079,787 Net income 91,198 514,498 561,260 69,922 1,236,878 Net income attributable to MGM Resorts International 66,799 474,353 535,619 24,669 1,101,440 Earnings per share-basic $ 0.12 $ 0.84 $ 0.94 $ 0.04 $ 1.94 Earnings per share-diluted $ 0.12 $ 0.83 $ 0.93 $ 0.04 $ 1.92 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Millions | Apr. 25, 2016$ / sharesshares | Oct. 31, 2017 | Sep. 30, 2017$ / sharesshares | Sep. 30, 2016 | Dec. 31, 2017USD ($)aft²gamesSlotRoomParking_garage_spaceSegment | Jan. 01, 2019games | Dec. 31, 2016 | Jul. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015Seat |
Organization Disclosure [Line Items] | ||||||||||
Number of reportable segments | Segment | 2 | |||||||||
CityCenter Holdings LLC As Investee [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 50.00% | 50.00% | ||||||||
Las Vegas Arena Company LLC As Investee [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 42.50% | 42.50% | ||||||||
Number of seats | Seat | 20,000 | |||||||||
Grand Victoria [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | |||||||
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 50.00% | |||||||||
Anschutz Entertainment Group, Inc [Member] | Las Vegas Arena Company LLC As Investee [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 42.50% | |||||||||
Athena Arena, LLC [Member] | Las Vegas Arena Company LLC As Investee [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 15.00% | |||||||||
Hyatt Gaming [Member] | Grand Victoria [Member] | Co-venturer [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 50.00% | |||||||||
Class A shares [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Common stock voting rights | one vote per share | |||||||||
MGM Growth Properties LLC [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Minimum ownership percentage required for majority voting interest | 30.00% | |||||||||
Partnership interest | 73.30% | 73.40% | 72.30% | 73.40% | ||||||
Percentage of minority interest | 26.60% | |||||||||
Percentage of partnership ownership interest | 100.00% | |||||||||
Ownership interest transferred | 100.00% | |||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
New issuance of shares | shares | 13,225,000 | |||||||||
Shares authorized to underwriters | shares | 1,725,000 | |||||||||
Initial offering price | $ / shares | $ 30.60 | |||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | Initial Public Offering [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
New issuance of shares | shares | 57,500,000 | |||||||||
Shares authorized to underwriters | shares | 7,500,000 | |||||||||
Initial offering price | $ / shares | $ 21 | |||||||||
Percentage of minority interest | 26.70% | |||||||||
Non-Guarantor MGP Subsidiaries [Member] | Class B shares [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Common stock voting rights | Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. | |||||||||
MGM China [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Percentage ownership interest | 56.00% | 56.00% | ||||||||
MGM Cotai [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Number of gaming tables | 100 | |||||||||
Number of gaming tables transferred | 77 | |||||||||
MGM Cotai [Member] | Forecast [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Number of additional gaming tables | 25 | |||||||||
Number of aggregate gaming tables | 125 | |||||||||
MGM Cotai [Member] | Macau [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Area of development site (in acres) | a | 18 | |||||||||
MGM Springfield [Member] | Massachusetts [Member] | ||||||||||
Organization Disclosure [Line Items] | ||||||||||
Area of development site (in acres) | a | 14 | |||||||||
Number of gaming tables | 120 | |||||||||
Expected development and construction cost, excluding capitalized and land related costs | $ | $ 960 | |||||||||
Number of slots | Slot | 2,550 | |||||||||
Number of hotel rooms | Room | 250 | |||||||||
Area of retail and restaurant space | ft² | 100,000 | |||||||||
Area of meeting and event space | ft² | 44,000 | |||||||||
Parking garage space | Parking_garage_space | 3,500 |
Basis of Presentation and Sig48
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership interest | 100.00% | ||
Total assets | $ 29,159,178,000 | $ 28,173,301,000 | $ 25,215,178,000 |
Total liabilities | 17,432,685,000 | 18,149,850,000 | |
Accrual for property and equipment | 28,000,000 | 36,000,000 | |
Construction retention within other long-term liabilities | 34,000,000 | 32,000,000 | |
Impairment charges | 0 | 0 | |
Advertising expense | 223,000,000 | 171,000,000 | 156,000,000 |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 47,325,000 | 6,250,000 |
Estimated cost of promotional allowances | 917,009,000 | 793,571,000 | 751,773,000 |
Casino Expenses [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated cost of promotional allowances | 506,903,000 | 443,578,000 | 430,742,000 |
Casino Expenses [Member] | Rooms, Food and beverage, Retail, Entertainment and Other expenses [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated cost of promotional allowances | 507,000,000 | 444,000,000 | 431,000,000 |
Accounting Standards Update 2014-09 [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Decrease to beginning retained earnings | $ 41,000,000 | ||
Foreign Countries [Member] | Accounts Receivable [Member] | Geographic Concentration [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of casino receivables | 35.00% | ||
MGM China [Member] | Accounts Receivable [Member] | Geographic Concentration [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of casino receivables | 8.00% | ||
MGM Growth Properties LLC [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of minority interest | 26.60% | ||
Total assets | $ 10,400,000,000 | ||
Total liabilities | $ 4,300,000,000 | ||
MGM National Harbor [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Proceeds from issuance of redeemable noncontrolling interests | $ 53,000,000 | $ 53,000,000 | |
Noncontrolling interest, description | In 2015 and 2016, MGM National Harbor issued non-voting economic interests in MGM National Harbor (“Interests”) to noncontrolling interest parties for a total aggregate purchase price of $53 million. |
Basis of Presentation and Sig49
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Minimum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Minimum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Basis of Presentation and Sig50
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | $ 917,009 | $ 793,571 | $ 751,773 |
Casino Expenses [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | 506,903 | 443,578 | 430,742 |
Casino Expenses [Member] | Rooms [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | 139,992 | 120,369 | 112,313 |
Casino Expenses [Member] | Food and beverage [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | 324,554 | 283,598 | 279,041 |
Casino Expenses [Member] | Entertainment retail and other [Member] | |||
Disclosure - Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Cost of Providing Promotional Allowances (Detail) [Line Items] | |||
Estimated cost of providing promotional allowances | $ 42,357 | $ 39,611 | $ 39,388 |
Basis of Presentation and Sig51
Basis of Presentation and Significant Accounting Policies - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income (loss) attributable to MGM Resorts International | $ 1,393,713 | $ 149,115 | $ 210,611 | $ 206,847 | $ 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | $ 1,960,286 | $ 1,101,440 | $ (447,720) |
Adjustment related to redeemable noncontrolling interests | (18,363) | (28) | 0 | ||||||||
Net income (loss) available to common stockholders - basic | 1,941,923 | 1,101,412 | (447,720) | ||||||||
Net income (loss) attributable to common stockholders - diluted | $ 1,941,655 | $ 1,101,361 | $ (447,720) | ||||||||
Denominator: | |||||||||||
Weighted-average common shares outstanding basic | 572,253 | 568,134 | 542,873 | ||||||||
Potential dilution from share-based awards | 6,542 | 5,183 | 0 | ||||||||
Weighted-average common and common equivalent shares - diluted | 578,795 | 573,317 | 542,873 | ||||||||
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 2,601 | 4,207 | 18,276 | ||||||||
MGP Omnibus Plan [Member] | |||||||||||
Numerator: | |||||||||||
Potentially dilutive effect due to plan | $ (90) | $ (40) | $ 0 | ||||||||
MGM China Share Option Plan [Member] | |||||||||||
Numerator: | |||||||||||
Potentially dilutive effect due to plan | $ (178) | $ (11) | $ 0 |
Basis of Presentation and Sig52
Basis of Presentation and Significant Accounting Policies - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 9,969,312 | $ 7,764,427 |
Other comprehensive income (loss) before reclassifications | (44,311) | (85) |
Amounts reclassified from accumulated other comprehensive income to interest expense | 9,216 | 358 |
Other comprehensive income (loss), net of tax | (35,095) | 273 |
Other comprehensive income (loss) attributable to noncontrolling interest | 16,432 | 758 |
Ending Balance | 11,646,715 | 9,969,312 |
Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 12,545 | 14,022 |
Other comprehensive income (loss) before reclassifications | (43,188) | (2,680) |
Amounts reclassified from accumulated other comprehensive income to interest expense | 0 | 0 |
Other comprehensive income (loss), net of tax | (43,188) | (2,680) |
Other comprehensive income (loss) attributable to noncontrolling interest | 19,193 | 1,203 |
Ending Balance | (11,450) | 12,545 |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 1,434 | 0 |
Other comprehensive income (loss) before reclassifications | (1,221) | 1,521 |
Amounts reclassified from accumulated other comprehensive income to interest expense | 9,216 | 358 |
Other comprehensive income (loss), net of tax | 7,995 | 1,879 |
Other comprehensive income (loss) attributable to noncontrolling interest | (2,761) | (445) |
Ending Balance | 6,668 | 1,434 |
Other [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 1,074 | 0 |
Other comprehensive income (loss) before reclassifications | 98 | 1,074 |
Amounts reclassified from accumulated other comprehensive income to interest expense | 0 | 0 |
Other comprehensive income (loss), net of tax | 98 | 1,074 |
Other comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 |
Ending Balance | 1,172 | 1,074 |
Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 15,053 | 14,022 |
Ending Balance | $ (3,610) | $ 15,053 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | $ 633,116 | $ 640,844 | ||
Less: Allowance for doubtful accounts | (92,571) | (97,920) | $ (89,789) | $ (89,602) |
Accounts receivable, net | 540,545 | 542,924 | ||
Casino [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | 343,869 | 332,443 | ||
Hotel [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | 146,931 | 169,321 | ||
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross | $ 142,316 | $ 139,080 |
Borgata Transaction - Additiona
Borgata Transaction - Additional Information (Detail) $ in Thousands | Aug. 01, 2016USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)a | Aug. 31, 2016a |
Business Acquisition [Line Items] | |||||
Deferred tax liabilities, net | $ 2,551,228 | $ 1,304,835 | |||
Borgata Property Tax Reimbursement Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Legal settlement amount received | $ 72,000 | ||||
Borgata [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash proceeds paid to Boyd Gaming | $ 604,000 | ||||
Business acquisition, pre-existing ownership percentage | 50.00% | ||||
Business acquisition, percentage of equity interest acquired | 100.00% | ||||
Business acquisition, ownership percentage after additional acquisition | 100.00% | ||||
Business acquisition, fair value of the equity interests | $ 1,200 | ||||
Gain on acquisition | $ 430,000 | ||||
Area of ground lease | a | 11 | 11 | |||
Lease expiration date | Dec. 31, 2070 | ||||
Deferred tax liabilities, net | 89,000 | ||||
Deferred tax liabilities, income tax expense | 82,000 | ||||
Deferred tax liability, goodwill | 7,000 | ||||
Net revenue included in consolidated results | 348,000 | ||||
Operating income included in consolidated results | 39,000 | ||||
Net income included in consolidated results | 8,000 | ||||
Borgata [Member] | Current liabilities [Member] | |||||
Business Acquisition [Line Items] | |||||
Unfavorable lease liability | 1,000 | ||||
Borgata [Member] | Other long-term obligations [Member] | |||||
Business Acquisition [Line Items] | |||||
Unfavorable lease liability | $ 47,000 |
Borgata Transaction - Schedule
Borgata Transaction - Schedule of Finalized Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value of assets acquired and liabilities assumed: | |||
Goodwill | $ 1,806,531 | $ 1,817,119 | $ 1,430,767 |
Borgata [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Current assets | 112,221 | ||
Property and equipment and other long-term assets | 1,373,567 | ||
Goodwill | 386,892 | ||
Current liabilities | (122,743) | ||
Long-term debt | (583,187) | ||
Deferred taxes | (12,124) | ||
Other long-term obligations | (51,894) | ||
Total consideration | 1,207,732 | ||
Borgata [Member] | Customer List [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Customer list | 22,000 | ||
Borgata [Member] | Trade Name [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Trade name | $ 83,000 |
Borgata Transaction - Schedul56
Borgata Transaction - Schedule of Unaudited Proforma Consolidated Financial Information (Detail) - Borgata [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Net revenues | $ 9,940,176 | $ 9,993,718 |
Net income (loss) attributable to MGM Resorts International | $ 819,278 | $ (417,671) |
Basis net income (loss) per share | $ 1.44 | $ (0.77) |
Diluted net income (loss) per share | $ 1.43 | $ (0.77) |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) - USD ($) $ in Millions | Nov. 23, 2015 | Jul. 07, 2015 | Apr. 30, 2015 | Apr. 01, 2015 |
Silver Legacy [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Percentage ownership interest | 50.00% | |||
Dispositions by Sale [Member] | Silver Legacy [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Consideration received | $ 80 | |||
Percentage ownership interest | 50.00% | 50.00% | ||
Gain from sale of discontinued operations | $ 23 | |||
Railroad Pass Hotel & Casino [Member] | Dispositions by Sale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Consideration received | $ 8 | |||
Gold Strike Hotel & Gambling Hall [Member] | Dispositions by Sale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Consideration received | $ 12 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 27,885,649 | $ 25,993,222 | |
Less: Accumulated depreciation | (8,250,190) | (7,568,199) | |
Property and equipment, net | 19,635,459 | 18,425,023 | $ 15,371,795 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 6,531,701 | 6,530,988 | |
Buildings, building improvements and land improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 12,245,950 | 11,969,984 | |
Furniture, fixtures and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,157,363 | 4,863,647 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 3,950,635 | $ 2,628,603 |
Investments in and Advances t59
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 1,034,161 | $ 1,220,443 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 809,084 | 1,007,358 |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 124,342 | 123,585 |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 76,619 | 80,339 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 24,116 | $ 9,161 |
Investments in and Advances t60
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Dec. 31, 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 t61
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Income from unconsolidated affiliates | $ 145,989 | $ 527,616 | $ 257,883 |
Preopening and start-up expenses | (3,168) | (3,475) | |
Non-operating items from unconsolidated affiliates | (34,751) | (53,139) | (76,462) |
Net income from unconsolidated affiliates | $ 111,238 | $ 471,309 | $ 177,946 |
Investments in and Advances t62
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2017 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Apr. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Distributions from unconsolidated affiliates | 50.00% | |||||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | $ 300,000 | $ 301,211,000 | $ 542,097,000 | $ 201,612,000 | ||||||
Crystals [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 406,000,000 | 401,000,000 | ||||||||
City Center Holdings LLC As a Legal Entity [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Dividend paid | 600,000,000 | |||||||||
Distribution declared in accordance with annual distribution policy | 78,000,000 | $ 90,000,000 | ||||||||
Special distribution declared | $ 400,000,000 | |||||||||
Gain related to litigation settlement | $ 160,000,000 | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | New Senior Credit Facility [Member] | Term Loan B [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% | |||||||||
Amortization payments of principal balance (as percent) | 0.25% | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | New Senior Credit Facility [Member] | Term Loan B [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] | Cash [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 Facilities [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Dividend paid | 350,000,000 | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Revolving Credit Facility [Member] | New Senior Credit Facility [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Credit facility amount | $ 125,000 | |||||||||
Credit facility, maturity date | Apr. 30, 2022 | |||||||||
City Center Holdings LLC As a Legal Entity [Member] | Revolving Credit Facility [Member] | New Senior 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 | 400,000,000 | |||||||||
Special distribution declared | $ 990,000,000 | |||||||||
CityCenter Holdings LLC As Investee [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Realized gain (loss) percentage | 50.00% | |||||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | $ 540,000,000 | $ 200,000,000 | ||||||||
Special dividend distribution received | 50.00% | |||||||||
Gain related to litigation settlement | $ 80,000,000 | |||||||||
CityCenter Holdings LLC As Investee [Member] | Crystals [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | 401,000,000 | |||||||||
Recognized gain on sale, unconsolidated affiliates | $ 200,000,000 | |||||||||
Realized gain (loss) percentage | 50.00% | |||||||||
Recognized gain on sale, reversal of certain basis differences | $ 201,000,000 |
Investments in and Advances t63
Investments in and Advances to Unconsolidated Affiliates - Additional Information 1 (Detail) - USD ($) $ in Thousands | Sep. 01, 2016 | Nov. 23, 2015 | Sep. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 07, 2015 |
Schedule Of Equity Method Investments [Line Items] | |||||||
Term loan | $ 12,909,094 | $ 12,987,595 | |||||
T-Mobile Arena [Member] | Las Vegas Arena Company, LLC [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Credit facility, maturity date | Sep. 30, 2019 | ||||||
T-Mobile Arena [Member] | Las Vegas Arena Company, LLC [Member] | Senior credit facility term loan A [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Term loan | 129,000 | ||||||
T-Mobile Arena [Member] | Las Vegas Arena Company, LLC [Member] | Senior credit facility term loan B [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Term loan | 50,000 | ||||||
Grand Victoria [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Investment impairment charge | $ 0 | $ 0 | $ 17,050 | ||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | ||||
Grand Victoria [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Estimated fair value | $ 123,000 | ||||||
Grand Victoria [Member] | Fair Value, Inputs, Level 3 [Member] | Discounted cash flow analysis [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Long-term growth rate (as a percent) | 2.00% | ||||||
Discount rate (as a percent) | 10.50% | ||||||
Las Vegas Arena Company LLC As Investee [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Percentage ownership interest | 42.50% | 42.50% | |||||
Sale of interest in joint venture | 7.50% | ||||||
Proceeds from sale of equity method investments | $ 15,000 | ||||||
Las Vegas Arena Company LLC As Investee [Member] | Property Transactions, Net [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Recognized gain on sale, unconsolidated affiliates | $ 3,000 | ||||||
Silver Legacy [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Percentage ownership interest | 50.00% | ||||||
Silver Legacy [Member] | Disposal Group, Disposed of By Sale, Not Discontinued Operations [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Percentage ownership interest | 50.00% | 50.00% | |||||
Proceeds from sale of equity method investments | $ 58,000 | ||||||
Recognized gain on sale, unconsolidated affiliates | $ 20,000 | ||||||
If Long Term Growth Rate Of One Point Five Percent Had Been Used | Grand Victoria [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Percentage ownership interest | 50.00% | ||||||
If Long Term Growth Rate Of One Point Five Percent Had Been Used | Grand Victoria [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Long-term growth rate (as a percent) | 1.50% | ||||||
Estimated fair value | $ 120,000 |
Investments in and Advances t64
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Venture-level equity attributable to the Company | $ 2,660,644 | $ 2,883,324 |
Other adjustments | 41,611 | 41,871 |
Investment balance | 1,034,161 | 1,220,443 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International | (532,501) | (537,819) |
CityCenter capitalized interest | 206,065 | 215,467 |
CityCenter completion guarantee | 322,703 | 337,223 |
CityCenter deferred gain | (219,561) | (221,638) |
CityCenter capitalized interest on sponsor notes | (40,258) | (42,095) |
Other-than-temporary impairments of investment | (1,504,161) | (1,555,509) |
Investment balance | 809,084 | 1,007,358 |
Grand Victoria [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment | $ 99,619 | $ 99,619 |
Investments in and Advances t65
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Parenthetical) (Detail) - CityCenter Holdings LLC As Investee [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ (1,504,161) | $ (1,555,509) |
Land [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ 379,000 | $ 379,000 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 1,806,531 | $ 1,817,119 | $ 1,430,767 |
Total indefinite-lived intangible assets | 410,120 | 410,120 | |
Finite-lived intangible assets, net | 3,467,840 | 3,677,586 | |
Total other intangible assets, net | 3,877,960 | 4,087,706 | |
Trademarks, License Rights and Other [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 312,022 | 312,022 | |
Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Less: Accumulated amortization | (145,569) | (135,574) | |
Maryland License, Massachusetts License and Other Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 136,127 | 136,127 | |
Less: Accumulated amortization | (26,896) | (24,748) | |
Finite-lived intangible assets, net | 109,231 | 111,379 | |
Borgata [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | 386,892 | ||
Borgata [Member] | Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 22,000 | 22,000 | |
Detroit Wholly Owned Subsidiary | Development Rights [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 98,098 | 98,098 | |
MGM Grand Paradise [Member] | Gaming Subconcession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 4,478,911 | 4,514,073 | |
Less: Accumulated amortization | (1,180,908) | (1,024,185) | |
Finite-lived intangible assets, net | 3,298,003 | 3,489,888 | |
MGM Macau [Member] | Land Concession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 84,076 | 84,736 | |
Less: Accumulated amortization | (27,870) | (23,817) | |
Finite-lived intangible assets, net | 56,206 | 60,919 | |
Domestic Resorts [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | 457,867 | 457,867 | 70,975 |
MGM China [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | 1,348,664 | 1,359,252 | $ 1,359,792 |
MGM China [Member] | Customer Lists [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 127,969 | 128,974 | |
Finite-lived intangible assets, net | $ 4,400 | $ 15,400 |
Goodwill and Other Intangible67
Goodwill and Other Intangible Assets - Summary of Changes in Company's Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | $ 1,817,119 | $ 1,430,767 |
Acquisitions | 0 | 386,892 |
Currency exchange | (10,588) | (540) |
Goodwill, ending balance | 1,806,531 | 1,817,119 |
Domestic Resorts [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 457,867 | 70,975 |
Acquisitions | 0 | 386,892 |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 457,867 | 457,867 |
MGM China [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 1,359,252 | 1,359,792 |
Acquisitions | 0 | 0 |
Currency exchange | (10,588) | (540) |
Goodwill, ending balance | $ 1,348,664 | $ 1,359,252 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 20, 2005 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets [Line Items] | ||||
Non cash impairment charge | $ 0 | $ 0 | $ 1,467,991 | |
Goodwill | 1,806,531 | 1,817,119 | 1,430,767 | |
Indefinite-lived intangible assets | 410,120 | 410,120 | ||
Amortization expense related to intangible assets | 173,000 | $ 180,000 | $ 199,000 | |
License [Member] | Maryland [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 15 years | |||
Consideration paid for license fee | $ 22,000 | |||
License [Member] | Massachusetts [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 15 years | |||
Consideration paid for license fee | $ 85,000 | |||
MGM Grand Paradise [Member] | Gaming Subconcession [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Estimated remaining useful life of gaming subconcession | 15 years | |||
Mandalay Resort Group (2005) [Member] | Trademarks And Trade Names [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | 210,000 | |||
Borgata [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 386,892 | |||
Borgata [Member] | Customer Lists [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 2 years 5 months | |||
Borgata [Member] | Trade Name And License Rights [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | 83,000 | |||
MGM China [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Percentage of fair value less than its carrying value | 4.00% | |||
Non cash impairment charge | $ 1,500,000 | |||
Goodwill | $ 1,348,664 | $ 1,359,252 | $ 1,359,792 | |
MGM China [Member] | Customer Lists [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Estimated useful life of intangible assets | 5 years |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Estimated future amortization | ||
2,018 | $ 176,432 | |
2,019 | 176,755 | |
2,020 | 176,755 | |
2,021 | 176,755 | |
2,022 | 176,755 | |
Thereafter | 2,584,388 | |
Finite-lived intangible assets, net | $ 3,467,840 | $ 3,677,586 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related | $ 483,101 | $ 483,194 |
Advance deposits and ticket sales | 149,698 | 148,707 |
Casino outstanding chip liability | 597,753 | 227,538 |
Casino front money deposits | 304,652 | 214,727 |
MGM China gaming promoter commissions | 23,651 | 31,445 |
Other gaming related accruals | 131,109 | 119,446 |
Taxes, other than income taxes | 170,639 | 166,916 |
MGP Dividend | 29,777 | 22,281 |
Other | 178,340 | 180,272 |
Other accrued liabilities | $ 2,068,720 | $ 1,594,526 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 13,018,276 | $ 13,144,380 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (109,182) | (156,785) |
Long-term debt | 12,909,094 | 12,987,595 |
Less: Current portion | (158,042) | (8,375) |
Long-term debt, net | 12,751,052 | 12,979,220 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 372,500 | 250,000 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,091,375 | 2,133,250 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,301,584 | 1,933,313 |
Less: Current portion | (158,000) | |
MGM National Harbor Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 0 | 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% Operating Partnership senior notes, due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,050,000 | 1,050,000 |
4.50% Operating Partnership senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
4.50% Operating Partnership senior notes, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | 0 |
4.625% senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
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 72
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | Aug. 31, 2016 | |
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% Operating Partnership 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% Operating Partnership 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 | $ 500 | |
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | 4.625% | |
Long-term debt, maturity year | 2,026 | 2,026 | ||
4.50% Operating Partnership 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 | May 25, 2016 | Jan. 31, 2018 | Oct. 31, 2017 | Sep. 30, 2017 | Jul. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2016 | Jan. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2016 |
Debt Instrument [Line Items] | |||||||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 158,042,000 | $ 8,375,000 | |||||||||||||
Credit facility amount | 13,018,276,000 | 13,144,380,000 | |||||||||||||
Loss on retirement of long-term debt | (45,696,000) | (66,933,000) | $ (1,924,000) | ||||||||||||
Net gain (loss) on derivative instruments, net of tax | 11,000,000 | 2,000,000 | |||||||||||||
Senior Notes Redemption Date | May 25, 2016 | ||||||||||||||
Long-term debt, fair value | 13,600,000,000 | 13,900,000,000 | |||||||||||||
Borgata [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | 545,000,000 | ||||||||||||||
Other, net [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on retirement of long-term debt | $ (22,000,000) | ||||||||||||||
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notional amount | $ 1,200,000,000 | $ 500,000,000 | |||||||||||||
Fixed interest rate | 1.844% | 1.825% | |||||||||||||
Term Loan B [Member] | LIBOR [Member] | Minimum [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Derivative basis spread on variable rate | 0.00% | ||||||||||||||
11.375% senior notes, due 2018 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on retirement of long-term debt | $ (30,000,000) | ||||||||||||||
Redemption of senior notes | $ 475,000,000 | ||||||||||||||
Long-term debt, interest rate (as a percent) | 11.375% | 11.375% | |||||||||||||
Long-term debt, principal amount | $ 475,000,000 | ||||||||||||||
Long-term debt, maturity year | 2,018 | ||||||||||||||
4.625% senior notes, due 2026 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | 4.625% | ||||||||||||
Long-term debt, principal amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Long-term debt, maturity year | 2,026 | 2,026 | |||||||||||||
Net proceeds from senior notes | $ 493,000,000 | ||||||||||||||
7.625% senior notes, due 2017 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 7.625% | ||||||||||||||
Long-term debt, maturity year | 2,017 | ||||||||||||||
Redemption of aggregate principal amount | $ 743,000,000 | ||||||||||||||
7.625% senior notes, due 2017 [Member] | Other, net [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on retirement of long-term debt | $ (16,000,000) | ||||||||||||||
7.5% senior notes, due 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 7.50% | ||||||||||||||
Long-term debt, maturity year | 2,016 | ||||||||||||||
Redemption of aggregate principal amount | $ 1,230,000,000 | ||||||||||||||
10% senior notes, due 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 10.00% | ||||||||||||||
Long-term debt, maturity year | 2,016 | ||||||||||||||
Redemption of aggregate principal amount | $ 1,230,000,000 | ||||||||||||||
5.625% senior notes, due 2024 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 5.625% | ||||||||||||||
Long-term debt, maturity year | 2,024 | ||||||||||||||
Senior Credit Facility [Member] | Term Loan A [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | $ 238,000,000 | ||||||||||||||
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 | $ 13,000,000 | ||||||||||||||
Debt instrument, interest rate | 3.82% | ||||||||||||||
Senior Credit Facility [Member] | Term Loan A [Member] | After Six Months [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 1.75% | ||||||||||||||
MGM China Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current portion of long-term debt, net of debt issuance costs | $ 158,000,000 | ||||||||||||||
Credit facility amount | 2,301,584,000 | $ 1,933,313,000 | |||||||||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,250,000,000 | ||||||||||||||
Credit facility, maturity date | 2021-04 | ||||||||||||||
Line of credit facility drawn | $ 135,000,000 | ||||||||||||||
Debt instrument, interest rate | 3.74% | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Current portion of long-term debt, net of debt issuance costs | 8,000,000 | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Term Loan A [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | $ 274,000,000 | ||||||||||||||
Credit facility, maturity date | 2021-04 | ||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 5.00% | ||||||||||||||
Debt instrument, interest rate | 4.32% | ||||||||||||||
Repayments of term loan | $ 19,000,000 | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Term Loan A [Member] | After Six Months [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 2.25% | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Term Loan A [Member] | After Six Months [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 2.75% | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Term Loan B [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | $ 1,820,000,000 | ||||||||||||||
Credit facility, maturity date | 2023-04 | ||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 1.00% | ||||||||||||||
Debt instrument, interest rate | 3.82% | ||||||||||||||
Repayments of term loan | $ 23,000,000 | ||||||||||||||
Operating Partnership 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% | ||||||||||||
Operating Partnership Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 600,000,000 | ||||||||||||||
Credit facility, maturity date | 2021-04 | ||||||||||||||
Line of credit facility drawn | $ 0 | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Revolving Credit Facility [Member] | After Six Months [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 2.25% | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Revolving Credit Facility [Member] | After Six Months [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 2.75% | ||||||||||||||
Amended and Restated Senior Credit Facility [Member] | Senior Credit Facility [Member] | Other, net [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on retirement of long-term debt | $ (28,000,000) | ||||||||||||||
MGM China Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of term loan | $ 77,000,000 | ||||||||||||||
Long-term debt, maturity date | Apr. 30, 2019 | ||||||||||||||
Due date of balloon payment | Apr. 30, 2019 | ||||||||||||||
MGM China Credit Facility [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 5.00% | ||||||||||||||
MGM China Credit Facility [Member] | Forecast [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Term loan repayment percentage of initial aggregate principal amount | 15.00% | ||||||||||||||
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] | Hong Kong Interbank Offered Rate HIBOR [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 1.375% | ||||||||||||||
MGM China Credit Facility [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate margin (as a percent) | 2.50% | ||||||||||||||
MGM China Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Debt Covenant Terms Through December Thirty One Two Thousand And Seventeen [Member] | |||||||||||||||
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% | ||||||||||||||
MGM China Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,450,000,000 | ||||||||||||||
Line of credit facility drawn | $ 832,000,000 | ||||||||||||||
Debt instrument, interest rate | 3.57% | ||||||||||||||
MGM China Credit Facility [Member] | Term loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility | $ 1,470,000,000 | ||||||||||||||
Amortization payments of term loan beginning date | Jan. 31, 2018 | ||||||||||||||
Weighted average interest rate at the end of the period (as a percent) | 3.71% | ||||||||||||||
MGM National Harbor Credit Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Loss on retirement of long-term debt | $ (14,000,000) | ||||||||||||||
MGM National Harbor Credit Agreement [Member] | Term loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | $ 425,000,000 | ||||||||||||||
MGP Growth Properties Senior Notes [Member] | 4.5% senior unsecured notes, due 2028 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.50% | ||||||||||||||
Long-term debt, principal amount | $ 350,000,000 | ||||||||||||||
Long-term debt, maturity year | 2,028 | ||||||||||||||
Net proceeds from senior notes | $ 346,000,000 | ||||||||||||||
MGP Growth Properties Senior Notes [Member] | 4.5% senior unsecured notes, due 2026 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.50% | ||||||||||||||
Long-term debt, principal amount | $ 500,000,000 | ||||||||||||||
Long-term debt, maturity year | 2,026 | ||||||||||||||
Net proceeds from senior notes | 492,000,000 | ||||||||||||||
MGP Growth Properties Senior Notes [Member] | 5.625% senior notes, due 2024 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, principal amount | $ 1,050,000,000 | ||||||||||||||
Bridge Facilities [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | $ 4,000,000,000 | ||||||||||||||
Bridge Facilities [Member] | Borgata [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Credit facility amount | $ 545,000,000 | ||||||||||||||
Bridge Facilities [Member] | 7.5% senior notes, due 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 7.50% | ||||||||||||||
Bridge Facilities [Member] | 10% senior notes, due 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 10.00% | ||||||||||||||
Bridge Facilities [Member] | 4.5% senior notes, due 2026 [Member] | Borgata [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.50% | ||||||||||||||
Long-term debt, maturity year | 2,026 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 779,855 | $ 814,731 | $ 862,377 |
Interest capitalized | (111,110) | (119,958) | (64,798) |
Interest expense, net | $ 668,745 | $ 694,773 | $ 797,579 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 819,572 | |
2,019 | 2,424,013 | |
2,020 | 1,546,000 | |
2,021 | 1,832,250 | |
2,022 | 1,018,500 | |
Thereafter | 5,377,941 | |
Long-term debt, Gross | $ 13,018,276 | $ 13,144,380 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ 750,055 | $ 985,683 | $ 155,296 |
Foreign operations | 213,700 | 273,494 | (1,201,539) |
Income (loss) before income taxes | $ 963,755 | $ 1,259,177 | $ (1,046,243) |
Income Taxes - Schedule of Bene
Income Taxes - Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal: | |||
Current | $ (120,980) | $ (97,502) | $ (13,540) |
Deferred (excluding separate components) | 203,674 | (125,181) | 280,220 |
Deferred – change in enacted rates | 994,249 | 0 | 0 |
Deferred – valuation allowance | 101,443 | 222,688 | (247,867) |
Other noncurrent | 1,356 | 3,608 | (590) |
Benefit for federal income taxes | 1,179,742 | 3,613 | 18,223 |
State: | |||
Current | (6,798) | 4,069 | (1,840) |
Deferred (excluding separate components) | (25,233) | 2,313 | (2,768) |
Deferred – operating loss carryforward | 44,242 | (16,024) | (2,263) |
Deferred – valuation allowance | (40,078) | 23,058 | (4,465) |
Other noncurrent | (3,875) | (2,901) | 7,153 |
Benefit (provision) for state income taxes | (31,742) | 10,515 | (4,183) |
Foreign: | |||
Current | (470) | (2,015) | (2,127) |
Deferred (excluding separate components) | (40,653) | (34,425) | (5,832) |
Deferred – operating loss carryforward | 4,688 | 2,988 | 10,472 |
Deferred – valuation allowance | 21,098 | (2,975) | (9,959) |
Provision for foreign income taxes | (15,337) | (36,427) | (7,446) |
Benefit (provision) for income taxes | $ 1,132,663 | $ (22,299) | $ 6,594 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% |
Change in enacted rates | (103.10%) | 0.00% | 0.00% |
Foreign tax credit | (70.10%) | (10.50%) | 63.70% |
Repatriation of foreign earnings | 35.30% | 5.20% | (32.00%) |
Foreign goodwill impairment | 0.00% | 0.00% | (49.10%) |
Federal valuation allowance | (10.50%) | (17.70%) | (23.70%) |
State taxes, net | 2.40% | 0.00% | 0.00% |
Stock-based compensation | (2.10%) | 0.00% | 0.00% |
Gain on Borgata transaction | 0.00% | (5.40%) | 0.00% |
Foreign jurisdiction income/losses taxed at other than 35% | (4.90%) | (3.80%) | 6.90% |
Permanent and other items | 0.50% | (1.00%) | (0.20%) |
Provision for income taxes (as a percent) | (117.50%) | 1.80% | 0.60% |
Income Taxes - Schedule of Majo
Income Taxes - Schedule of Major Tax-Effected Components of the Company's Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Deferred tax assets, net | $ 884,941 | $ 733,491 |
Deferred tax liabilities | ||
Total deferred tax liability | (2,189,776) | (3,284,719) |
Net deferred tax liability | (1,304,835) | (2,551,228) |
Federal and state [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 25,432 | 40,330 |
Deferred compensation | 5,232 | 6,881 |
Net operating loss carryforward | 46,702 | 9,669 |
Accruals, reserves and other | 85,626 | 168,712 |
Investments in unconsolidated affiliates | 84,006 | 152,092 |
Stock-based compensation | 24,390 | 33,311 |
Tax credits | 3,045,138 | 2,824,312 |
Deferred tax assets, gross | 3,316,526 | 3,235,307 |
Less: Valuation allowance | (2,462,272) | (2,510,140) |
Deferred tax assets, net | 854,254 | 725,167 |
Deferred tax liabilities | ||
Property and equipment | (1,670,704) | (2,657,230) |
Long-term debt | (48,809) | (146,018) |
Intangibles | (79,167) | (124,729) |
Total deferred tax liability | (1,798,680) | (2,927,977) |
Foreign [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 821 | 895 |
Net operating loss carryforward | 76,909 | 72,788 |
Accruals, reserves and other | 0 | 3,945 |
Stock-based compensation | 4,423 | 3,830 |
Deferred tax assets, gross | 82,153 | 81,458 |
Less: Valuation allowance | (51,466) | (73,134) |
Deferred tax assets, net | 30,687 | 8,324 |
Deferred tax liabilities | ||
Accruals, reserves and other | (26,657) | 0 |
Property and equipment | (16,277) | (4,691) |
Intangibles | (348,162) | (352,051) |
Total deferred tax liability | $ (391,096) | $ (356,742) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | ||||||
Federal income tax statutory rate | 35.00% | 35.00% | 35.00% | |||
Tax Cuts and Jobs Act of 2017, provisional discrete non-cash net tax benefit | $ 1,400,000 | |||||
Tax Cuts and Jobs Act of 2017, Tax benefit due to change in corporate tax rate | 994,000 | |||||
Tax cuts and jobs Act of 2017, Tax benefit on re-assessment of foreign tax credit valuation allowance | 438,000 | |||||
Foreign unrepatriated earnings | 669,000 | |||||
Foreign earnings distributions during the period | 62,000 | |||||
Deferred Taxes for annual fee | 41 | |||||
MGM Grand Paradise SA [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Complementary tax | $ 625,000 | |||||
Macau [Member] | MGM Grand Paradise SA [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Macau's complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | |||||
Decrease in net income attributable to MGM Resorts International | $ (23,000) | $ (25,000) | ||||
Per share decrease in net income attributable to MGM Resorts International | $ (0.04) | $ (0.04) | ||||
Annual payments required under the extended annual fee arrangement | $ 1,000 | $ 2,000 | ||||
Forecast [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Federal income tax statutory rate | 21.00% | |||||
Forecast [Member] | Macau [Member] | MGM Grand Paradise SA [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Annual payments required under the extended annual fee arrangement | $ 1,000 | $ 1,000 | ||||
Payments required under the extended annual fee arrangement | $ 300 | |||||
Maximum [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Deduction percentage to offset income tax liability | 50.00% |
Income Taxes - Additional Inf81
Income Taxes - Additional Information1 (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||
Tax credit carry forward period | 10 years | ||
Domestic losses recaptured in foreign tax credit carry forward. | $ 2,300 | ||
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 11 | $ 9 | |
Income tax refund (payment) and associated interest as a result of settlement | $ 16 | ||
Marina District Development Company [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax refund (payment) and associated interest as a result of settlement | $ 1 | ||
Macau [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | 49 | ||
Hong Kong [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating losses, valuation allowance | 2 | ||
2022 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward expiration amount | $ 752 | ||
Foreign tax credit carryforward, expiration date | Dec. 31, 2022 | ||
2023 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward expiration amount | $ 976 | ||
Foreign tax credit carryforward, expiration date | Dec. 31, 2023 | ||
2024 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward expiration amount | $ 787 | ||
Foreign tax credit carryforward, expiration date | Dec. 31, 2024 | ||
2025 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward expiration amount | $ 331 | ||
Foreign tax credit carryforward, expiration date | Dec. 31, 2025 | ||
2027 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward expiration amount | $ 199 | ||
Foreign tax credit carryforward, expiration date | Dec. 31, 2027 | ||
Macau [Member] | |||
Income Tax Disclosure [Line Items] | |||
Provisional valuation allowance on foreign tax credit | $ 2,400 | ||
Foreign tax credit carryover | $ 3,000 | ||
Special gaming tax rate | 35.00% | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Complementary tax | $ 708 | ||
Deferred tax assets after federal tax effect and before valuation allowance | 47 | ||
Deferred tax assets, valuation allowance | $ 36 | ||
State [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,021 | ||
State [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards expire | 2,037 |
Income Taxes - Schedule of Re82
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at January 1 | $ 14,026 | $ 13,724 | $ 31,143 |
Gross decreases - prior period tax positions | (2,280) | (3,375) | (14,158) |
Gross increases - current period tax positions | 6,842 | 3,677 | 1,222 |
Settlements with taxing authorities | 0 | 0 | (2,408) |
Lapse in Statutes of Limitations | 0 | 0 | (2,075) |
Gross unrecognized tax benefits at December 31 | $ 18,588 | $ 14,026 | $ 13,724 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases Future Payments | |
2,018 | $ 39,429 |
2,019 | 35,525 |
2,020 | 33,754 |
2,021 | 35,293 |
2,022 | 32,458 |
Thereafter | 1,360,206 |
Total minimum lease payments | $ 1,536,665 |
Commitments and Contingencies84
Commitments and Contingencies - Additional Information (Detail) | Feb. 15, 2017USD ($) | Sep. 01, 2016USD ($)shares | Sep. 30, 2016USD ($) | Apr. 30, 2013aAgreement | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2016a |
Loss Contingencies [Line Items] | |||||||||
Rental expense for operating leases | $ 92,000,000 | $ 80,000,000 | $ 74,000,000 | ||||||
Initial term of contract | 25 years | ||||||||
Other accrued liabilities | $ 178,340,000 | 180,272,000 | |||||||
Other long-term obligations | 284,416,000 | 325,981,000 | |||||||
Business exit expense (credit) | (40,629,000) | 139,335,000 | 0 | ||||||
Senior Credit Facility [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit facility outstanding | 15,000,000 | ||||||||
Letters of credit [Member] | Senior Credit Facility [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit facility amount | 250,000,000 | ||||||||
MGP Senior Credit Facility [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit facility outstanding | 0 | ||||||||
MGP Senior Credit Facility [Member] | Letters of credit [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit facility amount | 75,000,000 | ||||||||
MGM China Credit Facility [Member] | Guarantee Type, Other [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit facility outstanding | 39,000,000 | ||||||||
T-Mobile Arena [Member] | Senior credit facility term loan B [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payment guarantee | 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 | 0 | 71,000,000 | |||||||
Other accrued liabilities | 10,000,000 | 8,000,000 | |||||||
Other long-term obligations | 23,000,000 | 63,000,000 | |||||||
Business exit expense (credit) | $ (41,000,000) | ||||||||
MGM National Harbor Project [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Rental expense for operating leases | 16,000,000 | 16,000,000 | 19,000,000 | ||||||
Area of ground lease | a | 23 | ||||||||
Initial lease term | 25 years | ||||||||
Number of lease extension periods | Agreement | 13 | ||||||||
Number of reasonably assured lease extensions | Agreement | 7 | ||||||||
Length of each potential extension period for operating leases | 6 years | ||||||||
Operating lease term | 67 years | ||||||||
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) | ||||||||
MGM China [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Ordinary shares acquired | shares | 188,100,000 | ||||||||
Grand Paradise Macau [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Other long-term obligations | 39,000,000 | ||||||||
Deferred cash payment to Grand Paradise Macau | $ 50,000,000 | $ 50,000,000 | 7,000,000 | ||||||
Standby Letters of Credit [Member] | MGM China Credit Facility [Member] | Letters of credit [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Credit facility amount | 100,000,000 | ||||||||
Borgata [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Rental expense for operating leases | $ 6,000,000 | 2,000,000 | |||||||
Area of ground lease | a | 11 | 11 | |||||||
Lease expiration date | Dec. 31, 2070 | ||||||||
Borgata [Member] | Unfavorable Regulatory Action [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Unfavorable lease liability | $ 47,000,000 | 48,000,000 | |||||||
Cotai land concession contract [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Rental expense for operating leases | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | ||||||
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 Property Tax Reimbursement Agreement [Member] | Borgata [Member] | City of Atlantic City, New Jersey [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reimbursement of property tax - Total amount | $ 72,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Net Income Attributable to and Transfers from Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders Equity Note [Line Items] | |||||||||||
Net income (loss) attributable to MGM Resorts International | $ 1,393,713 | $ 149,115 | $ 210,611 | $ 206,847 | $ 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | $ 1,960,286 | $ 1,101,440 | $ (447,720) |
Transfers from/(to) to noncontrolling interest: | |||||||||||
Other | (2,889) | 0 | |||||||||
Net transfers from/(to) noncontrolling interest | 19,752 | (214,353) | |||||||||
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest | 1,980,038 | 887,087 | |||||||||
MGM National Harbor Transaction [Member] | |||||||||||
Transfers from/(to) to noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | (12,497) | 0 | |||||||||
MGM Growth Properties LLC [Member] | |||||||||||
Transfers from/(to) to noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | 0 | (150,414) | |||||||||
MGP Class A share issuance | 1,183,838 | ||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||||
Transfers from/(to) to noncontrolling interest: | |||||||||||
MGP Class A share issuance | 35,138 | 0 | |||||||||
MGM China [Member] | |||||||||||
Transfers from/(to) to noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | 0 | (45,554) | |||||||||
Borgata [Member] | |||||||||||
Transfers from/(to) to noncontrolling interest: | |||||||||||
Net transfers from/(to) noncontrolling interest | $ 0 | $ (18,385) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 19, 2018 | Sep. 01, 2016 | Apr. 25, 2016 | Dec. 31, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2016 |
Stockholders Equity Note [Line Items] | |||||||||||||
Long-term debt, Gross | $ 13,018,276,000 | $ 13,018,276,000 | $ 13,144,380,000 | ||||||||||
Net proceeds from public offering | $ 404,685,000 | $ 1,207,500,000 | $ 0 | ||||||||||
Common stock issued to GPM's subsidiary | 566,275,789 | 566,275,789 | 574,123,706 | ||||||||||
Consideration paid of issuance | $ 0 | $ 100,000,000 | $ 0 | ||||||||||
Dividends declared | 252,014,000 | ||||||||||||
Dividends paid | $ 62,000,000 | $ 63,000,000 | $ 63,000,000 | $ 63,000,000 | |||||||||
Dividends paid per share | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | |||||||||
Repurchase of common stock | 327,500,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Dividends declared | $ 0 | ||||||||||||
Common stock repurchases, Shares | 10,000,000 | ||||||||||||
Repurchase of common stock | $ 100,000 | ||||||||||||
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] | |||||||||||||
Stock repuchased/issued price per share | $ 32.75 | ||||||||||||
Common stock repurchases, Shares | 10,000,000 | ||||||||||||
Repurchase of common stock | $ 328,000,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Dividends declared | $ 68,000,000 | ||||||||||||
Dividends declared per share | $ 0.12 | ||||||||||||
Dividend record date | Mar. 9, 2018 | ||||||||||||
Dividend paid date | Mar. 15, 2018 | ||||||||||||
Borgata [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Partnership interest | 76.30% | ||||||||||||
Long-term debt, Gross | $ 545,000,000 | ||||||||||||
Issuance of operating partnership units | 27,400,000 | ||||||||||||
MGM Growth Properties LLC [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Percentage of minority interest | 26.60% | 26.60% | |||||||||||
Partnership interest | 73.30% | 73.40% | 72.30% | 73.40% | |||||||||
Issuance of operating partnership units | 9,800,000 | ||||||||||||
Cash in exchange | $ 463,000,000 | ||||||||||||
MGM Growth Properties LLC [Member] | Term loans [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Long-term debt, Gross | $ 425,000,000 | ||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
New issuance of shares | 13,225,000 | ||||||||||||
Shares authorized to underwriters | 1,725,000 | ||||||||||||
Stock repuchased/issued price per share | $ 30.60 | ||||||||||||
Net proceeds from public offering | $ 388,000,000 | ||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | Initial Public Offering [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Percentage of minority interest | 26.70% | ||||||||||||
New issuance of shares | 57,500,000 | ||||||||||||
Shares authorized to underwriters | 7,500,000 | ||||||||||||
Stock repuchased/issued price per share | $ 21 | ||||||||||||
MGM China [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Ordinary shares acquired | 188,100,000 | ||||||||||||
Percentage ownership interest | 56.00% | 56.00% | |||||||||||
MGM China [Member] | Ms Ho Pansy Catilina Chiu King | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Percentage ownership interest | 22.50% | ||||||||||||
Grand Paradise Macau [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Common stock issued to GPM's subsidiary | 7,060,492 | ||||||||||||
Consideration paid of issuance | $ 100,000,000 | ||||||||||||
Deferred cash payment to Grand Paradise Macau | $ 50,000,000 | $ 50,000,000 | $ 7,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)shares | |
Omnibus Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Maximum number of shares to be issued | 45,000,000 |
Number of shares available for grant as share-based awards | 21,000,000 |
Number of options and stock appreciation rights outstanding | 9,000,000 |
Number of restricted stock units and performance share units outstanding | 6,000,000 |
Unamortized compensation | $ | $ 127 |
Weighted-average period over which compensation cost is expected to be recognized | 2 years 1 month 6 days |
MGM China Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of options and stock appreciation rights outstanding | 77,000,000 |
MGP Omnibus Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of restricted stock units and performance share units outstanding | 244,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Information Related to Intrinsic Value (Detail) - Omnibus Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based awards exercised and RSUs and PSUs vested | $ 100,264 |
Stock options and SARs outstanding | 112,604 |
Stock options and SARs vested and expected to vest | 111,284 |
Stock options and SARs exercisable | $ 78,865 |
Stock-Based Compensation - Sc89
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 62,522 | $ 55,607 | $ 43,002 |
Less: Reimbursed costs and capitalized cost | (1,398) | (1,350) | (1,156) |
Compensation cost after reimbursed costs and capitalized cost | 61,124 | 54,257 | 41,846 |
Less: Related tax benefit | (18,650) | (16,782) | (11,230) |
Compensation cost, net of tax benefit | 42,474 | 37,475 | 30,616 |
Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 49,383 | 43,661 | 33,742 |
MGP Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 2,568 | 3,401 | |
MGM China Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 10,571 | $ 8,545 | $ 9,260 |
Employee Benefit Plans - Table
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer identification number | 886,016,617 | ||
Pension plan number | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status | No | ||
Contributions by the Company | $ 45,297 | $ 44,001 | $ 41,904 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreements, Last | May 31, 2018 | ||
Legacy Plan of the National Retirement Fund (NRF) [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer identification number | 136,130,178 | ||
Pension plan number | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions by the Company | $ 9,416 | $ 3,788 | |
Surcharge Imposed | Yes | ||
Expiration Date of Collective Bargaining Agreements, Last | Feb. 29, 2020 |
Employee Benefit Plans - Tabl91
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Parenthetical) (Detail) - Agreement | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | |||
Number of collective bargaining agreements | 10 | ||
Number of significant collective bargaining agreements | 4 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% | |
Multiemployer plans, funded status | At least 80 percent | ||
Legacy Plan of the National Retirement Fund (NRF) [Member] | |||
Multiemployer Plans [Line Items] | |||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | ||
Multiemployer plans, funded status | Less than 65 percent |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Accrued Liabilities [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Liability for self-insurance | $ 87 | $ 83 | |
Multiemployer Plans, Postretirement Benefit [Member] | UNITE HERE Health [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Contributions by the Company | $ 183 | $ 187 | $ 192 |
Property Transactions, Net - Sc
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Other property transactions, net | $ 50,279 | $ 17,078 | $ 41,903 |
Property transactions, net | 50,279 | 17,078 | 35,951 |
Grand Victoria [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Investment impairment charge | 0 | 0 | 17,050 |
Circus Circus Reno and Silver Legacy [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain on sale of Circus Circus Reno and Silver Legacy investment | $ 0 | $ 0 | $ (23,002) |
Property Transactions, Net - Ad
Property Transactions, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 23, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Other property transactions, net | $ (50,279) | $ (17,078) | $ (41,903) | |
Trade-in of Aircraft [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Other property transactions, net | $ (18,000) | |||
Monte Carlo Rebranding [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Other property transactions, net | $ (34,000) | |||
Silver Legacy [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage ownership interest | 50.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | $ 2,597,248 | $ 2,826,740 | $ 2,641,737 | $ 2,708,179 | $ 2,460,820 | $ 2,515,115 | $ 2,269,502 | $ 2,209,686 | $ 10,773,904 | $ 9,455,123 | $ 9,190,068 |
Other operating income (expense) | |||||||||||
NV Energy exit expense | 40,629 | (139,335) | 0 | ||||||||
Preopening and start-up expenses | (118,475) | (140,075) | (71,327) | ||||||||
Property transactions, net | (50,279) | (17,078) | (35,951) | ||||||||
Goodwill impairment | 0 | 0 | (1,467,991) | ||||||||
Gain on Borgata transaction | 0 | 430,118 | 0 | ||||||||
Depreciation and amortization | (993,480) | (849,527) | (819,883) | ||||||||
Operating income (loss) | 223,404 | 493,861 | 501,046 | 497,181 | 282,023 | 712,755 | 769,055 | 315,954 | 1,715,492 | 2,079,787 | (156,232) |
Non-operating income (expense) | |||||||||||
Interest expense, net of amounts capitalized | (668,745) | (694,773) | (797,579) | ||||||||
Non-operating items from unconsolidated affiliates | (34,751) | (53,139) | (76,462) | ||||||||
Other, net | (48,241) | (72,698) | (15,970) | ||||||||
Total non-operating income (expense) | (751,737) | (820,610) | (890,011) | ||||||||
Income (loss) before income taxes | 963,755 | 1,259,177 | (1,046,243) | ||||||||
Benefit (provision) for income taxes | 1,132,663 | (22,299) | 6,594 | ||||||||
Net income (loss) | 1,425,293 | 176,496 | 241,620 | 253,009 | 69,922 | 561,260 | 514,498 | 91,198 | 2,096,418 | 1,236,878 | (1,039,649) |
Less: Net (income) loss attributable to noncontrolling interests | (136,132) | (135,438) | 591,929 | ||||||||
Net income (loss) attributable to MGM Resorts International | 1,393,713 | $ 149,115 | $ 210,611 | $ 206,847 | 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | 1,960,286 | 1,101,440 | (447,720) |
Total assets | 29,159,178 | 28,173,301 | 29,159,178 | 28,173,301 | 25,215,178 | ||||||
Property and equipment, net | 19,635,459 | 18,425,023 | 19,635,459 | 18,425,023 | 15,371,795 | ||||||
Capital expenditures | 1,864,082 | 2,262,473 | 1,466,819 | ||||||||
MGM China [Member] | |||||||||||
Other operating income (expense) | |||||||||||
Goodwill impairment | (1,500,000) | ||||||||||
Reportable segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 10,292,897 | 8,976,205 | 8,712,128 | ||||||||
Adjusted Property EBITDA | 3,039,772 | 2,583,752 | 2,229,847 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 25,890,420 | 24,894,872 | 25,890,420 | 24,894,872 | 21,157,258 | ||||||
Property and equipment, net | 18,148,215 | 17,211,597 | 18,148,215 | 17,211,597 | 13,750,617 | ||||||
Capital expenditures | 1,409,957 | 1,302,306 | 974,335 | ||||||||
Reportable segments [Member] | Domestic Resorts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 8,322,403 | 7,055,718 | 6,497,361 | ||||||||
Adjusted Property EBITDA | 2,514,819 | 2,063,016 | 1,689,966 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 16,428,885 | 16,451,461 | 16,428,885 | 16,451,461 | 13,261,882 | ||||||
Property and equipment, net | 14,320,824 | 14,353,971 | 14,320,824 | 14,353,971 | 11,853,802 | ||||||
Capital expenditures | 486,611 | 317,951 | 383,367 | ||||||||
Reportable segments [Member] | MGM China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 1,970,494 | 1,920,487 | 2,214,767 | ||||||||
Adjusted Property EBITDA | 524,953 | 520,736 | 539,881 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 9,461,535 | 8,443,411 | 9,461,535 | 8,443,411 | 7,895,376 | ||||||
Property and equipment, net | 3,827,391 | 2,857,626 | 3,827,391 | 2,857,626 | 1,896,815 | ||||||
Capital expenditures | 923,346 | 984,355 | 590,968 | ||||||||
Corporate and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 481,007 | 478,918 | 477,940 | ||||||||
Other operating income (expense) | |||||||||||
Corporate and other | (202,675) | 211,932 | 9,073 | ||||||||
Non-operating income (expense) | |||||||||||
Total assets | 3,338,882 | 3,333,625 | 3,338,882 | 3,333,625 | 4,099,837 | ||||||
Property and equipment, net | 1,557,368 | 1,268,622 | 1,557,368 | 1,268,622 | 1,663,095 | ||||||
Capital expenditures | 469,053 | 973,446 | 504,398 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Non-operating income (expense) | |||||||||||
Total assets | (70,124) | (55,196) | (70,124) | (55,196) | (41,917) | ||||||
Property and equipment, net | $ (70,124) | $ (55,196) | (70,124) | (55,196) | (41,917) | ||||||
Capital expenditures | $ (14,928) | $ (13,279) | $ (11,914) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | Oct. 05, 2017USD ($) | Apr. 01, 2017USD ($) | Aug. 01, 2016USD ($) | Apr. 25, 2016USD ($) | Dec. 31, 2017USD ($)Term | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
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 | ||||||
Leasing arrangement description of rent | 0 | ||||||
Master Lease [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual rent payments under master lease of properties | $ 757 | $ 662 | $ 650 | $ 550 | |||
Base Rent [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of initial total rent payments due | 90.00% | ||||||
Fixed annual rent escalator percentage | 2.00% | ||||||
Additional annual rent escalator percentage | 2.00% | ||||||
Percentage Rent [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of initial total rent payments due | 10.00% | ||||||
MGM China [Member] | Shun Tak | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses incurred | $ 13 | $ 10 | $ 16 | ||||
MGM Branding and Development [Member] | Ms Ho Pansy Catilina Chiu King | |||||||
Related Party Transaction [Line Items] | |||||||
Distribution made to noncontrolling interests | 15 | 15 | 15 | ||||
City Center Holdings LLC As a Legal Entity [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual management fee | $ 49 | 43 | 41 | ||||
City Center Holdings LLC As a Legal Entity [Member] | Aria and Vdara [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee as a percentage of revenue | 2.00% | ||||||
Management fee received, percentage of EBITDA | 5.00% | ||||||
City Center Holdings LLC As a Legal Entity [Member] | Crystals [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Annual management fee | $ 3 | ||||||
City Center Holdings LLC As a Legal Entity [Member] | Management Services and Reimbursable Costs [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursable costs for support services provided | 390 | 387 | $ 393 | ||||
Receivable related to management services and reimbursable costs | $ 75 | $ 77 |
Condensed Consolidating Finan98
Condensed Consolidating Financial Information - Additional Information (Detail) | Apr. 25, 2016 | Oct. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 |
MGM Growth Properties LLC [Member] | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Partnership interest | 73.30% | 73.40% | 72.30% | 73.40% |
Condensed Consolidating Finan99
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | $ 2,374,627 | $ 2,229,587 | ||
Property and equipment, net | 19,635,459 | 18,425,023 | $ 15,371,795 | |
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 1,034,161 | 1,220,443 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 6,114,931 | 6,298,248 | ||
Total assets | 29,159,178 | 28,173,301 | 25,215,178 | |
Current liabilities | 3,092,382 | 2,293,421 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 1,304,835 | 2,551,228 | ||
Long-term debt, net | 12,751,052 | 12,979,220 | ||
Other long-term obligations | 284,416 | 325,981 | ||
Total liabilities | 17,432,685 | 18,149,850 | ||
Redeemable noncontrolling interests | 79,778 | 54,139 | ||
MGM Resorts International stockholders' equity | 7,612,652 | 6,220,180 | ||
Noncontrolling interests | 4,034,063 | 3,749,132 | ||
Total stockholders' equity | 11,646,715 | 9,969,312 | $ 7,764,427 | $ 7,628,274 |
Total liabilities and stockholders' equity | 29,159,178 | 28,173,301 | ||
Reportable Legal Entities [Member] | Parent [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 78,909 | 103,934 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 21,085,194 | 18,907,988 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 49,142 | 50,741 | ||
Total assets | 21,213,245 | 19,062,663 | ||
Current liabilities | 153,159 | 184,281 | ||
Intercompany accounts | 5,783,579 | 3,406,699 | ||
Deferred income taxes, net | 944,424 | 2,202,809 | ||
Long-term debt, net | 6,682,571 | 7,019,745 | ||
Other long-term obligations | 36,860 | 28,949 | ||
Total liabilities | 13,600,593 | 12,842,483 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 7,612,652 | 6,220,180 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 7,612,652 | 6,220,180 | ||
Total liabilities and stockholders' equity | 21,213,245 | 19,062,663 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 1,014,074 | 981,705 | ||
Property and equipment, net | 13,521,221 | 13,599,127 | ||
Investments in subsidiaries | 3,318,836 | 3,338,752 | ||
Investments in the MGP Operating Partnership | 3,549,063 | 3,553,840 | ||
Investments in and advances to unconsolidated affiliates | 1,003,767 | 1,189,590 | ||
Intercompany accounts | 5,983,656 | 4,796,713 | ||
Other non-current assets | 913,602 | 934,836 | ||
Total assets | 29,304,219 | 28,394,563 | ||
Current liabilities | 1,399,120 | 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 | 7,268,664 | 7,360,887 | ||
Total liabilities | 8,670,619 | 8,665,145 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 20,633,600 | 19,729,418 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 20,633,600 | 19,729,418 | ||
Total liabilities and stockholders' equity | 29,304,219 | 28,394,563 | ||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 266,627 | 368,622 | ||
Property and equipment, net | 10,021,938 | 9,079,678 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 62,555 | 58,440 | ||
Total assets | 10,351,120 | 9,506,740 | ||
Current liabilities | 144,537 | 139,099 | ||
Intercompany accounts | 962 | 166 | ||
Deferred income taxes, net | 28,544 | 25,368 | ||
Long-term debt, net | 3,934,628 | 3,613,567 | ||
Other long-term obligations | 174,710 | 120,279 | ||
Total liabilities | 4,283,381 | 3,898,479 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 4,443,089 | 4,274,444 | ||
Noncontrolling interests | 1,624,650 | 1,333,817 | ||
Total stockholders' equity | 6,067,739 | 5,608,261 | ||
Total liabilities and stockholders' equity | 10,351,120 | 9,506,740 | ||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 1,022,340 | 783,920 | ||
Property and equipment, net | 6,125,722 | 4,837,868 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 862,037 | 636,268 | ||
Investments in and advances to unconsolidated affiliates | 5,394 | 5,853 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 5,134,220 | 5,302,132 | ||
Total assets | 13,149,713 | 11,566,041 | ||
Current liabilities | 1,609,106 | 837,844 | ||
Intercompany accounts | 199,115 | 1,389,848 | ||
Deferred income taxes, net | 360,411 | 348,419 | ||
Long-term debt, net | 2,131,018 | 2,343,073 | ||
Other long-term obligations | 2,305,353 | 1,051,754 | ||
Total liabilities | 6,605,003 | 5,970,938 | ||
Redeemable noncontrolling interests | 79,778 | 54,139 | ||
MGM Resorts International stockholders' equity | 4,055,519 | 3,125,649 | ||
Noncontrolling interests | 2,409,413 | 2,415,315 | ||
Total stockholders' equity | 6,464,932 | 5,540,964 | ||
Total liabilities and stockholders' equity | 13,149,713 | 11,566,041 | ||
Elimination [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | (7,323) | (8,594) | ||
Property and equipment, net | (10,033,422) | (9,091,650) | ||
Investments in subsidiaries | (24,404,030) | (22,246,740) | ||
Investments in the MGP Operating Partnership | (4,411,100) | (4,190,108) | ||
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 | ||
Intercompany accounts | (5,983,656) | (4,796,713) | ||
Other non-current assets | (44,588) | (47,901) | ||
Total assets | (44,859,119) | (40,356,706) | ||
Current liabilities | (213,540) | (169,226) | ||
Intercompany accounts | (5,983,656) | (4,796,713) | ||
Deferred income taxes, net | (28,544) | (25,368) | ||
Long-term debt, net | 0 | 0 | ||
Other long-term obligations | (9,501,171) | (8,235,888) | ||
Total liabilities | (15,726,911) | (13,227,195) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | (29,132,208) | (27,129,511) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | (29,132,208) | (27,129,511) | ||
Total liabilities and stockholders' equity | $ (44,859,119) | $ (40,356,706) |
Condensed Consolidating Fina100
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | $ 2,597,248 | $ 2,826,740 | $ 2,641,737 | $ 2,708,179 | $ 2,460,820 | $ 2,515,115 | $ 2,269,502 | $ 2,209,686 | $ 10,773,904 | $ 9,455,123 | $ 9,190,068 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 6,166,006 | 5,495,664 | 5,625,376 | ||||||||
General and administrative | 1,559,915 | 1,378,617 | 1,309,104 | ||||||||
Corporate expense | 356,875 | 312,774 | 274,551 | ||||||||
NV Energy exit expense | (40,629) | 139,335 | |||||||||
Preopening and start-up expenses | 118,475 | 140,075 | 71,327 | ||||||||
Property transactions, net | 50,279 | 17,078 | 1,503,942 | ||||||||
Gain on Borgata transaction | 0 | (430,118) | 0 | ||||||||
Depreciation and amortization | 993,480 | 849,527 | 819,883 | ||||||||
Total expenses | 9,204,401 | 7,902,952 | 9,604,183 | ||||||||
Income (loss) from unconsolidated affiliates | 145,989 | 527,616 | 257,883 | ||||||||
Operating income (loss) | 223,404 | 493,861 | 501,046 | 497,181 | 282,023 | 712,755 | 769,055 | 315,954 | 1,715,492 | 2,079,787 | (156,232) |
Interest expense, net of amounts capitalized | (668,745) | (694,773) | (797,579) | ||||||||
Other, net | (82,992) | (125,837) | (92,432) | ||||||||
Income (loss) before income taxes | 963,755 | 1,259,177 | (1,046,243) | ||||||||
Benefit (provision) for income taxes | 1,132,663 | (22,299) | 6,594 | ||||||||
Net income (loss) | 1,425,293 | 176,496 | 241,620 | 253,009 | 69,922 | 561,260 | 514,498 | 91,198 | 2,096,418 | 1,236,878 | (1,039,649) |
Less: Net (income) loss attributable to noncontrolling interests | (136,132) | (135,438) | 591,929 | ||||||||
Net income (loss) attributable to MGM Resorts International | 1,393,713 | 149,115 | 210,611 | 206,847 | 24,669 | 535,619 | 474,353 | 66,799 | 1,960,286 | 1,101,440 | (447,720) |
Net income (loss) | $ 1,425,293 | $ 176,496 | $ 241,620 | $ 253,009 | $ 69,922 | $ 561,260 | $ 514,498 | $ 91,198 | 2,096,418 | 1,236,878 | (1,039,649) |
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (43,188) | (2,680) | 3,727 | ||||||||
Unrealized gain on cash flow hedges | 7,995 | 1,879 | |||||||||
Other | 0 | 0 | (672) | ||||||||
Other comprehensive income (loss) | (35,193) | (801) | 3,055 | ||||||||
Comprehensive income (loss) | 2,061,225 | 1,236,077 | (1,036,594) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (119,700) | (134,680) | 589,905 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 1,941,525 | 1,101,397 | (446,689) | ||||||||
Reportable Legal Entities [Member] | Parent [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | 0 | 0 | 0 | ||||||||
Equity in subsidiaries' earnings | 1,394,690 | 1,780,707 | 376,074 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 10,784 | 9,063 | 6,717 | ||||||||
General and administrative | 8,742 | 6,834 | 4,959 | ||||||||
Corporate expense | 127,092 | 131,938 | 120,615 | ||||||||
NV Energy exit expense | 0 | 0 | |||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 0 | 0 | 0 | ||||||||
Gain on Borgata transaction | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Total expenses | 146,618 | 147,835 | 132,291 | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income (loss) | 1,248,072 | 1,632,872 | 243,783 | ||||||||
Interest expense, net of amounts capitalized | (466,907) | (562,536) | (762,529) | ||||||||
Other, net | 26,215 | (7,864) | 49,497 | ||||||||
Income (loss) before income taxes | 807,380 | 1,062,472 | (469,249) | ||||||||
Benefit (provision) for income taxes | 1,152,906 | 38,968 | 21,529 | ||||||||
Net income (loss) | 1,960,286 | 1,101,440 | (447,720) | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | 1,960,286 | 1,101,440 | (447,720) | ||||||||
Net income (loss) | 1,960,286 | 1,101,440 | (447,720) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (23,995) | (1,477) | 1,703 | ||||||||
Unrealized gain on cash flow hedges | 5,234 | 1,434 | |||||||||
Other | (672) | ||||||||||
Other comprehensive income (loss) | (18,761) | (43) | 1,031 | ||||||||
Comprehensive income (loss) | 1,941,525 | 1,101,397 | (446,689) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 1,941,525 | 1,101,397 | (446,689) | ||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | 7,516,836 | 6,918,748 | 6,429,103 | ||||||||
Equity in subsidiaries' earnings | 157,348 | 175,729 | (566,270) | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 4,127,270 | 3,894,478 | 3,807,569 | ||||||||
General and administrative | 1,181,329 | 1,137,110 | 1,038,053 | ||||||||
Corporate expense | 200,804 | 160,956 | 154,424 | ||||||||
NV Energy exit expense | (40,629) | 139,335 | |||||||||
Preopening and start-up expenses | 8,258 | 8,775 | 4,973 | ||||||||
Property transactions, net | 43,985 | 16,449 | 24,688 | ||||||||
Gain on Borgata transaction | (430,118) | ||||||||||
Depreciation and amortization | 649,676 | 524,123 | 348,159 | ||||||||
Total expenses | 6,170,693 | 5,451,108 | 5,377,866 | ||||||||
Income (loss) from unconsolidated affiliates | 147,001 | 527,934 | 259,002 | ||||||||
Operating income (loss) | 1,650,492 | 2,171,303 | 743,969 | ||||||||
Interest expense, net of amounts capitalized | (982) | (1,500) | (1,057) | ||||||||
Other, net | (402,602) | (324,141) | (84,958) | ||||||||
Income (loss) before income taxes | 1,246,908 | 1,845,662 | 657,954 | ||||||||
Benefit (provision) for income taxes | 0 | (22,579) | (7,125) | ||||||||
Net income (loss) | 1,246,908 | 1,823,083 | 650,829 | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | 1,246,908 | 1,823,083 | 650,829 | ||||||||
Net income (loss) | 1,246,908 | 1,823,083 | 650,829 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (23,995) | (1,477) | 1,703 | ||||||||
Unrealized gain on cash flow hedges | 0 | 0 | |||||||||
Other | (672) | ||||||||||
Other comprehensive income (loss) | (23,995) | (1,477) | 1,031 | ||||||||
Comprehensive income (loss) | 1,222,913 | 1,821,606 | 651,860 | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 1,222,913 | 1,821,606 | 651,860 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | 765,695 | 467,548 | 0 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 0 | 0 | 0 | ||||||||
General and administrative | 84,348 | 68,063 | 58,473 | ||||||||
Corporate expense | 34,085 | 20,360 | 0 | ||||||||
NV Energy exit expense | 0 | 0 | |||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | 34,022 | 4,684 | 6,665 | ||||||||
Gain on Borgata transaction | 0 | ||||||||||
Depreciation and amortization | 260,455 | 220,667 | 196,816 | ||||||||
Total expenses | 412,910 | 313,774 | 261,954 | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income (loss) | 352,785 | 153,774 | (261,954) | ||||||||
Interest expense, net of amounts capitalized | (184,175) | (115,438) | 0 | ||||||||
Other, net | 2,286 | (726) | 0 | ||||||||
Income (loss) before income taxes | 170,896 | 37,610 | (261,954) | ||||||||
Benefit (provision) for income taxes | (4,906) | (2,264) | 0 | ||||||||
Net income (loss) | 165,990 | 35,346 | (261,954) | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | (41,775) | (29,938) | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | 124,215 | 5,408 | (261,954) | ||||||||
Net income (loss) | 165,990 | 35,346 | (261,954) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Unrealized gain on cash flow hedges | 9,782 | 1,879 | |||||||||
Other | 0 | ||||||||||
Other comprehensive income (loss) | 9,782 | 1,879 | 0 | ||||||||
Comprehensive income (loss) | 175,772 | 37,225 | (261,954) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (44,536) | (30,383) | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 131,236 | 6,842 | (261,954) | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | 3,260,883 | 2,539,794 | 2,763,862 | ||||||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | 2,031,768 | 1,595,542 | 1,813,987 | ||||||||
General and administrative | 369,844 | 214,839 | 207,619 | ||||||||
Corporate expense | (515) | (194) | (488) | ||||||||
NV Energy exit expense | 0 | 0 | |||||||||
Preopening and start-up expenses | 110,217 | 131,300 | 66,354 | ||||||||
Property transactions, net | 6,294 | (246) | 1,472,589 | ||||||||
Gain on Borgata transaction | 0 | ||||||||||
Depreciation and amortization | 343,804 | 261,730 | 274,908 | ||||||||
Total expenses | 2,861,412 | 2,202,971 | 3,834,969 | ||||||||
Income (loss) from unconsolidated affiliates | (1,012) | (318) | (1,119) | ||||||||
Operating income (loss) | 398,459 | 336,505 | (1,072,226) | ||||||||
Interest expense, net of amounts capitalized | (16,681) | (15,299) | (33,993) | ||||||||
Other, net | (142,997) | (93,145) | (56,971) | ||||||||
Income (loss) before income taxes | 238,781 | 228,061 | (1,163,190) | ||||||||
Benefit (provision) for income taxes | (15,337) | (36,424) | (7,810) | ||||||||
Net income (loss) | 223,444 | 191,637 | (1,171,000) | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | (94,357) | (105,500) | 591,929 | ||||||||
Net income (loss) attributable to MGM Resorts International | 129,087 | 86,137 | (579,071) | ||||||||
Net income (loss) | 223,444 | 191,637 | (1,171,000) | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | (43,188) | (2,680) | 3,727 | ||||||||
Unrealized gain on cash flow hedges | 0 | 0 | |||||||||
Other | 0 | ||||||||||
Other comprehensive income (loss) | (43,188) | (2,680) | 3,727 | ||||||||
Comprehensive income (loss) | 180,256 | 188,957 | (1,167,273) | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | (75,164) | (104,297) | 589,905 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | 105,092 | 84,660 | (577,368) | ||||||||
Elimination [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | (769,510) | (470,967) | (2,897) | ||||||||
Equity in subsidiaries' earnings | (1,552,038) | (1,956,436) | 190,196 | ||||||||
Expenses | |||||||||||
Casino and hotel operations | (3,816) | (3,419) | (2,897) | ||||||||
General and administrative | (84,348) | (48,229) | 0 | ||||||||
Corporate expense | (4,591) | (286) | 0 | ||||||||
NV Energy exit expense | 0 | 0 | |||||||||
Preopening and start-up expenses | 0 | 0 | 0 | ||||||||
Property transactions, net | (34,022) | (3,809) | 0 | ||||||||
Gain on Borgata transaction | 0 | ||||||||||
Depreciation and amortization | (260,455) | (156,993) | 0 | ||||||||
Total expenses | (387,232) | (212,736) | (2,897) | ||||||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Operating income (loss) | (1,934,316) | (2,214,667) | 190,196 | ||||||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | ||||||||
Other, net | 434,106 | 300,039 | 0 | ||||||||
Income (loss) before income taxes | (1,500,210) | (1,914,628) | 190,196 | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) | (1,500,210) | (1,914,628) | 190,196 | ||||||||
Less: Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MGM Resorts International | (1,500,210) | (1,914,628) | 190,196 | ||||||||
Net income (loss) | (1,500,210) | (1,914,628) | 190,196 | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment | 47,990 | 2,954 | (3,406) | ||||||||
Unrealized gain on cash flow hedges | (7,021) | (1,434) | |||||||||
Other | 672 | ||||||||||
Other comprehensive income (loss) | 40,969 | 1,520 | (2,734) | ||||||||
Comprehensive income (loss) | (1,459,241) | (1,913,108) | 187,462 | ||||||||
Less: Comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to MGM Resorts International | $ (1,459,241) | $ (1,913,108) | $ 187,462 |
Condensed Consolidating Fina101
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | $ 2,206,411 | $ 1,533,972 | $ 1,005,079 | |
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (1,864,082) | (2,262,473) | (1,466,819) | |
Dispositions of property and equipment | 718 | 3,944 | 8,032 | |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | 15,000 | 0 | |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | 92,207 | |
Acquisition, net of cash acquired | 0 | (559,443) | 0 | |
Investments in and advances to unconsolidated affiliates | (16,727) | (3,633) | (196,062) | |
Distributions from unconsolidated affiliates in excess of cumulative earnings | $ 300 | 301,211 | 542,097 | 201,612 |
Investments in cash deposits - original maturities longer than 90 days | 0 | 0 | (200,205) | |
Proceeds from cash deposits - original maturities longer than 90 days | 0 | 0 | 770,205 | |
Intercompany accounts | 0 | 0 | 0 | |
Other | (1,712) | (11,696) | (4,028) | |
Net cash used in investing activities | (1,580,592) | (2,276,204) | (795,058) | |
Cash flows from financing activities | ||||
Net borrowings under bank credit facilities – maturities of 90 days or less | 15,001 | 491,032 | 977,275 | |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 1,845,375 | 5,118,750 | |
Repayments under bank credit facilities – maturities longer than 90 days | 0 | (1,845,375) | (5,118,750) | |
Issuance of long-term debt | 350,000 | 2,050,000 | 0 | |
Retirement of senior notes | (502,669) | (2,258,053) | (875,504) | |
Repayment of Borgata credit facility | 0 | (583,598) | 0 | |
Debt issuance costs | (9,977) | (139,584) | (46,170) | |
Issuance of MGM Growth Properties Class A shares in public offering | 404,685 | 1,207,500 | ||
MGM Growth Properties Class A share issuance costs | (17,137) | (75,032) | 0 | |
Dividends paid to common shareholders | (252,014) | 0 | 0 | |
Acquisition of MGM China shares | 0 | (100,000) | 0 | |
MGP dividends paid to consolidated subsidiaries | 0 | 0 | ||
Distributions to noncontrolling interest owners | (170,402) | (103,367) | (307,227) | |
Intercompany accounts | 0 | 0 | 0 | |
Purchases of common stock | (327,500) | 0 | 0 | |
Proceeds from issuance of redeemable noncontrolling interests | 0 | 47,325 | 6,250 | |
Other | (58,765) | (16,801) | (12,503) | |
Net cash provided by (used in) financing activities | (568,778) | 519,422 | (257,879) | |
Effect of exchange rate on cash | (3,627) | (921) | 793 | |
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 53,414 | (223,731) | (47,065) | |
Change in cash related to assets held for sale | 0 | 0 | 3,662 | |
Balance, beginning of period | 1,446,581 | 1,670,312 | 1,713,715 | |
Balance, end of period | 1,499,995 | 1,446,581 | 1,670,312 | |
National Harbor [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Borgata [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | (559,443) | |||
Reportable Legal Entities [Member] | Parent [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | (584,251) | (603,136) | (776,996) | |
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | 0 | 0 | 0 | |
Dispositions of property and equipment | 0 | 0 | 0 | |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |||
Investments in and advances to unconsolidated affiliates | 0 | 0 | (141,390) | |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 | |
Investments in cash deposits - original maturities longer than 90 days | (200,205) | |||
Proceeds from cash deposits - original maturities longer than 90 days | 770,205 | |||
Intercompany accounts | 462,500 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 462,500 | 0 | 428,610 | |
Cash flows from financing activities | ||||
Net borrowings under bank credit facilities – maturities of 90 days or less | 122,500 | (2,016,000) | (28,000) | |
Borrowings under bank credit facilities – maturities longer than 90 days | 1,845,375 | 3,768,750 | ||
Repayments under bank credit facilities – maturities longer than 90 days | (1,845,375) | (3,768,750) | ||
Issuance of long-term debt | 0 | 500,000 | ||
Retirement of senior notes | (502,669) | (2,255,392) | (875,504) | |
Repayment of Borgata credit facility | 0 | |||
Debt issuance costs | 0 | (29,871) | 0 | |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | ||
MGM Growth Properties Class A share issuance costs | 0 | 0 | ||
Dividends paid to common shareholders | (252,014) | |||
Acquisition of MGM China shares | (100,000) | |||
MGP dividends paid to consolidated subsidiaries | 0 | 0 | ||
Distributions to noncontrolling interest owners | 0 | 0 | 0 | |
Intercompany accounts | 1,042,111 | 4,082,303 | 1,003,750 | |
Purchases of common stock | (327,500) | |||
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | ||
Other | (33,802) | (16,765) | (12,512) | |
Net cash provided by (used in) financing activities | 48,626 | 164,275 | 87,734 | |
Effect of exchange rate on cash | 0 | 0 | 0 | |
Cash and cash equivalents | ||||
Net increase (decrease) for the period | (73,125) | (438,861) | (260,652) | |
Change in cash related to assets held for sale | 0 | |||
Balance, beginning of period | 99,995 | 538,856 | 799,508 | |
Balance, end of period | 26,870 | 99,995 | 538,856 | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 1,150,814 | 1,312,165 | 1,375,703 | |
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (482,024) | (290,455) | (353,245) | |
Dispositions of property and equipment | 502 | 1,940 | 7,901 | |
Proceeds from partial disposition of investment in unconsolidated affiliate | 15,000 | |||
Proceeds from sale of business units and investment in unconsolidated affiliate | 92,207 | |||
Investments in and advances to unconsolidated affiliates | (16,727) | (3,633) | (54,672) | |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 301,211 | 542,097 | 201,612 | |
Investments in cash deposits - original maturities longer than 90 days | 0 | |||
Proceeds from cash deposits - original maturities longer than 90 days | 0 | |||
Intercompany accounts | (1,186,942) | (1,562,442) | (1,059,181) | |
Other | (1,754) | (7,651) | (7,516) | |
Net cash used in investing activities | (1,385,734) | (1,864,587) | (1,172,894) | |
Cash flows from financing activities | ||||
Net borrowings under bank credit facilities – maturities of 90 days or less | 0 | 4,094,850 | 0 | |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 0 | ||
Repayments under bank credit facilities – maturities longer than 90 days | 0 | 0 | ||
Issuance of long-term debt | 0 | 0 | ||
Retirement of senior notes | 0 | (2,661) | 0 | |
Repayment of Borgata credit facility | (583,598) | |||
Debt issuance costs | 0 | 0 | 0 | |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | ||
MGM Growth Properties Class A share issuance costs | 0 | 0 | ||
Dividends paid to common shareholders | 0 | |||
Acquisition of MGM China shares | 0 | |||
MGP dividends paid to consolidated subsidiaries | 0 | 0 | ||
Distributions to noncontrolling interest owners | 0 | 0 | 0 | |
Intercompany accounts | 249,893 | (2,952,624) | (157,958) | |
Purchases of common stock | 0 | |||
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | ||
Other | (11,643) | 0 | 0 | |
Net cash provided by (used in) financing activities | 238,250 | 555,967 | (157,958) | |
Effect of exchange rate on cash | 0 | 0 | 0 | |
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 3,330 | 3,545 | 44,851 | |
Change in cash related to assets held for sale | 3,662 | |||
Balance, beginning of period | 307,713 | 304,168 | 255,655 | |
Balance, end of period | 311,043 | 307,713 | 304,168 | |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 482,578 | 297,781 | (58,473) | |
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (488) | (138,987) | (129,308) | |
Dispositions of property and equipment | 0 | 0 | 0 | |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 | |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 | |
Investments in cash deposits - original maturities longer than 90 days | 0 | |||
Proceeds from cash deposits - original maturities longer than 90 days | 0 | |||
Intercompany accounts | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | (462,988) | (138,987) | (129,308) | |
Cash flows from financing activities | ||||
Net borrowings under bank credit facilities – maturities of 90 days or less | (466,875) | (2,411,600) | 0 | |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 0 | ||
Repayments under bank credit facilities – maturities longer than 90 days | 0 | 0 | ||
Issuance of long-term debt | 350,000 | 1,550,000 | ||
Retirement of senior notes | 0 | 0 | 0 | |
Repayment of Borgata credit facility | 0 | |||
Debt issuance costs | (5,598) | (77,163) | 0 | |
Issuance of MGM Growth Properties Class A shares in public offering | 404,685 | 1,207,500 | ||
MGM Growth Properties Class A share issuance costs | (17,137) | (75,032) | ||
Dividends paid to common shareholders | 0 | |||
Acquisition of MGM China shares | 0 | |||
MGP dividends paid to consolidated subsidiaries | (290,091) | (113,414) | ||
Distributions to noncontrolling interest owners | (95,344) | (37,415) | 0 | |
Intercompany accounts | 0 | 158,822 | 187,781 | |
Purchases of common stock | 0 | |||
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | ||
Other | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | (120,360) | 201,698 | 187,781 | |
Effect of exchange rate on cash | 0 | 0 | 0 | |
Cash and cash equivalents | ||||
Net increase (decrease) for the period | (100,770) | 360,492 | 0 | |
Change in cash related to assets held for sale | 0 | |||
Balance, beginning of period | 360,492 | 0 | 0 | |
Balance, end of period | 259,722 | 360,492 | 0 | |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 1,157,270 | 527,162 | 464,845 | |
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (1,381,570) | (1,833,031) | (984,266) | |
Dispositions of property and equipment | 216 | 2,004 | 131 | |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 | |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 | |
Investments in cash deposits - original maturities longer than 90 days | 0 | |||
Proceeds from cash deposits - original maturities longer than 90 days | 0 | |||
Intercompany accounts | 0 | 0 | 0 | |
Other | 42 | (4,045) | 3,488 | |
Net cash used in investing activities | (1,381,312) | (1,835,072) | (980,647) | |
Cash flows from financing activities | ||||
Net borrowings under bank credit facilities – maturities of 90 days or less | 359,376 | 823,782 | 1,005,275 | |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 1,350,000 | ||
Repayments under bank credit facilities – maturities longer than 90 days | 0 | (1,350,000) | ||
Issuance of long-term debt | 0 | 0 | ||
Retirement of senior notes | 0 | 0 | 0 | |
Repayment of Borgata credit facility | 0 | |||
Debt issuance costs | (4,379) | (32,550) | (46,170) | |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | ||
MGM Growth Properties Class A share issuance costs | 0 | 0 | ||
Dividends paid to common shareholders | 0 | |||
Acquisition of MGM China shares | 0 | |||
MGP dividends paid to consolidated subsidiaries | 0 | 0 | ||
Distributions to noncontrolling interest owners | (75,058) | (65,952) | (307,227) | |
Intercompany accounts | 185,029 | 387,355 | 25,608 | |
Purchases of common stock | 0 | |||
Proceeds from issuance of redeemable noncontrolling interests | 47,325 | 6,250 | ||
Other | (13,320) | (36) | 9 | |
Net cash provided by (used in) financing activities | 451,648 | 1,159,924 | 683,745 | |
Effect of exchange rate on cash | (3,627) | (921) | 793 | |
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 223,979 | (148,907) | 168,736 | |
Change in cash related to assets held for sale | 0 | |||
Balance, beginning of period | 678,381 | 827,288 | 658,552 | |
Balance, end of period | 902,360 | 678,381 | 827,288 | |
Reportable Legal Entities [Member] | National Harbor [Member] | Parent [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Reportable Legal Entities [Member] | National Harbor [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Reportable Legal Entities [Member] | National Harbor [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | (462,500) | |||
Reportable Legal Entities [Member] | National Harbor [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Reportable Legal Entities [Member] | Borgata [Member] | Parent [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Reportable Legal Entities [Member] | Borgata [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | (559,443) | |||
Reportable Legal Entities [Member] | Borgata [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Reportable Legal Entities [Member] | Borgata [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | 0 | |||
Consolidation, Eliminations | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | |
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | 0 | 0 | 0 | |
Dispositions of property and equipment | 0 | 0 | 0 | |
Proceeds from partial disposition of investment in unconsolidated affiliate | 0 | |||
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |||
Investments in and advances to unconsolidated affiliates | 0 | 0 | 0 | |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | 0 | |
Investments in cash deposits - original maturities longer than 90 days | 0 | |||
Proceeds from cash deposits - original maturities longer than 90 days | 0 | |||
Intercompany accounts | 724,442 | 1,562,442 | 1,059,181 | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 1,186,942 | 1,562,442 | 1,059,181 | |
Cash flows from financing activities | ||||
Net borrowings under bank credit facilities – maturities of 90 days or less | 0 | 0 | 0 | |
Borrowings under bank credit facilities – maturities longer than 90 days | 0 | 0 | ||
Repayments under bank credit facilities – maturities longer than 90 days | 0 | 0 | ||
Issuance of long-term debt | 0 | 0 | ||
Retirement of senior notes | 0 | 0 | 0 | |
Repayment of Borgata credit facility | 0 | |||
Debt issuance costs | 0 | 0 | 0 | |
Issuance of MGM Growth Properties Class A shares in public offering | 0 | 0 | ||
MGM Growth Properties Class A share issuance costs | 0 | 0 | ||
Dividends paid to common shareholders | 0 | |||
Acquisition of MGM China shares | 0 | |||
MGP dividends paid to consolidated subsidiaries | 290,091 | 113,414 | ||
Distributions to noncontrolling interest owners | 0 | 0 | 0 | |
Intercompany accounts | (1,477,033) | (1,675,856) | (1,059,181) | |
Purchases of common stock | 0 | |||
Proceeds from issuance of redeemable noncontrolling interests | 0 | 0 | ||
Other | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | (1,186,942) | (1,562,442) | (1,059,181) | |
Effect of exchange rate on cash | 0 | 0 | 0 | |
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 0 | 0 | 0 | |
Change in cash related to assets held for sale | 0 | |||
Balance, beginning of period | 0 | 0 | 0 | |
Balance, end of period | 0 | 0 | $ 0 | |
Consolidation, Eliminations | National Harbor [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | $ 462,500 | |||
Consolidation, Eliminations | Borgata [Member] | ||||
Cash flows from investing activities | ||||
Acquisition, net of cash acquired | $ 0 |
Selected Quarterly Financial102
Selected Quarterly Financial Results (Unaudited) - Schedule of Selected Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 2,597,248 | $ 2,826,740 | $ 2,641,737 | $ 2,708,179 | $ 2,460,820 | $ 2,515,115 | $ 2,269,502 | $ 2,209,686 | $ 10,773,904 | $ 9,455,123 | $ 9,190,068 |
Operating income | 223,404 | 493,861 | 501,046 | 497,181 | 282,023 | 712,755 | 769,055 | 315,954 | 1,715,492 | 2,079,787 | (156,232) |
Net income (loss) | 1,425,293 | 176,496 | 241,620 | 253,009 | 69,922 | 561,260 | 514,498 | 91,198 | 2,096,418 | 1,236,878 | (1,039,649) |
Net income (loss) attributable to MGM Resorts International | $ 1,393,713 | $ 149,115 | $ 210,611 | $ 206,847 | $ 24,669 | $ 535,619 | $ 474,353 | $ 66,799 | $ 1,960,286 | $ 1,101,440 | $ (447,720) |
Earnings per share-basic | $ 2.43 | $ 0.26 | $ 0.37 | $ 0.36 | $ 0.04 | $ 0.94 | $ 0.84 | $ 0.12 | $ 3.39 | $ 1.94 | $ (0.82) |
Earnings per share-diluted | $ 2.40 | $ 0.26 | $ 0.36 | $ 0.36 | $ 0.04 | $ 0.93 | $ 0.83 | $ 0.12 | $ 3.35 | $ 1.92 | $ (0.82) |
Selected Quarterly Financial103
Selected Quarterly Financial Results - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selected Quarterly Financial Results (Unaudited) | |||||||
Tax benefit | $ (1,132,663) | $ 22,299 | $ (6,594) | ||||
Gain on acquisition | $ 0 | $ 430,118 | $ 0 | ||||
Borgata [Member] | |||||||
Selected Quarterly Financial Results (Unaudited) | |||||||
Gain on property tax settlement | $ 36,000 | ||||||
Gain on property tax settlement, per share | $ 0.04 | $ 0.04 | |||||
Gain on acquisition | $ 430,000 | ||||||
Gain on acquisition per share | $ 0.60 | $ 0.61 | |||||
NV Energy [Member] | |||||||
Selected Quarterly Financial Results (Unaudited) | |||||||
NV Energy exit expense | $ 139,000 | ||||||
NV Energy exit expense per share | $ 0.18 | 0.18 | |||||
NV Energy [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||
Selected Quarterly Financial Results (Unaudited) | |||||||
NV Energy exit expense | $ 13,000 | ||||||
NV Energy exit expense per share | $ 0.02 | $ 0.02 | |||||
Crystals [Member] | |||||||
Selected Quarterly Financial Results (Unaudited) | |||||||
Tax benefit | $ 1,400,000 | ||||||
Tax benefit, per share | $ 2.50 | 2.47 | |||||
Gain on sale of business | $ 406,000 | $ 401,000 | |||||
Gain on sale of business per share | $ 0.57 | $ 0.56 | |||||
Crystals [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||
Selected Quarterly Financial Results (Unaudited) | |||||||
Gain on sale of business | $ 401,000 | ||||||
Crystals [Member] | NV Energy [Member] | |||||||
Selected Quarterly Financial Results (Unaudited) | |||||||
NV Energy exit expense | $ 41,000 | ||||||
NV Energy exit expense per share | $ 0.05 | $ 0.05 |
Schedule II - Valuation and 104
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 97,920 | $ 89,789 | $ 89,602 |
Provision for Doubtful Accounts | 20,603 | 10,863 | 54,691 |
Write-offs, Net of Recoveries | (25,952) | (2,732) | (54,504) |
Balance at End of Period | 92,571 | 97,920 | 89,789 |
Deferred income tax valuation allowance [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,583,274 | 2,807,131 | 2,558,767 |
Increase | 2,975 | 248,504 | |
Decrease | (69,536) | (226,832) | (140) |
Balance at End of Period | $ 2,513,738 | $ 2,583,274 | $ 2,807,131 |