Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MGM | |
Entity Registrant Name | MGM Resorts International | |
Entity Central Index Key | 789,570 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 537,902,116 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,272,872 | $ 1,499,995 |
Accounts receivable, net | 497,350 | 542,273 |
Inventories | 109,130 | 102,292 |
Income tax receivable | 23,124 | 42,551 |
Prepaid expenses and other | 180,640 | 189,244 |
Total current assets | 2,083,116 | 2,376,355 |
Property and equipment, net | 19,863,078 | 19,635,459 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 882,940 | 1,033,297 |
Goodwill | 1,801,034 | 1,806,531 |
Other intangible assets, net | 3,776,770 | 3,877,960 |
Other long-term assets, net | 570,222 | 430,440 |
Total other assets | 7,030,966 | 7,148,228 |
Total assets | 28,977,160 | 29,160,042 |
Current liabilities | ||
Accounts payable | 268,140 | 255,028 |
Construction payable | 418,945 | 474,807 |
Current portion of long-term debt, net | 0 | 158,042 |
Accrued interest on long-term debt | 140,184 | 135,785 |
Other accrued liabilities | 2,237,524 | 2,114,635 |
Total current liabilities | 3,064,793 | 3,138,297 |
Deferred income taxes, net | 1,226,397 | 1,295,375 |
Long-term debt, net | 13,513,341 | 12,751,052 |
Other long-term obligations | 245,720 | 284,416 |
Commitments and contingencies (Note 6) | ||
Redeemable noncontrolling interests | 86,968 | 79,778 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 537,866,780 and 566,275,789 shares | 5,379 | 5,663 |
Capital in excess of par value | 4,413,814 | 5,357,709 |
Retained earnings | 2,431,186 | 2,217,299 |
Accumulated other comprehensive loss | (3,237) | (3,610) |
Total MGM Resorts International stockholders' equity | 6,847,142 | 7,577,061 |
Noncontrolling interests | 3,992,799 | 4,034,063 |
Total stockholders' equity | 10,839,941 | 11,611,124 |
Total liabilities and stockholders' equity | $ 28,977,160 | $ 29,160,042 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 1,000,000,000 | 1,000,000,000 |
Common stock, issued shares | 537,866,780 | 566,275,789 |
Common stock, outstanding shares | 537,866,780 | 566,275,789 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Revenues | $ 2,858,695 | $ 2,652,133 | $ 5,680,932 | $ 5,369,699 |
Expenses | ||||
General and administrative | 438,453 | 354,349 | 856,343 | 743,137 |
Corporate expense | 103,438 | 79,448 | 202,947 | 152,580 |
Preopening and start-up expenses | 19,077 | 21,093 | 85,994 | 36,159 |
Property transactions, net | 16,970 | 13,243 | 22,868 | 14,939 |
NV Energy exit expense | 0 | (40,629) | 0 | (40,629) |
Depreciation and amortization | 296,208 | 244,754 | 565,030 | 494,523 |
Total expenses | 2,543,560 | 2,192,874 | 5,037,806 | 4,453,695 |
Income from unconsolidated affiliates | 47,940 | 40,639 | 79,706 | 80,405 |
Operating income | 363,075 | 499,898 | 722,832 | 996,409 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (181,493) | (174,058) | (349,402) | (348,117) |
Non-operating items from unconsolidated affiliates | (11,068) | (10,556) | (20,078) | (17,477) |
Other, net | (6,381) | (751) | (8,297) | (1,568) |
Total non-operating income (expense) | (198,942) | (185,365) | (377,777) | (367,162) |
Income before income taxes | 164,133 | 314,533 | 345,055 | 629,247 |
Benefit (provision) for income taxes | (23,710) | (73,660) | 61,669 | (135,800) |
Net income | 140,423 | 240,873 | 406,724 | 493,447 |
Less: Net income attributable to noncontrolling interests | (16,646) | (31,009) | (59,503) | (77,171) |
Net income attributable to MGM Resorts International | $ 123,777 | $ 209,864 | $ 347,221 | $ 416,276 |
Net income per share of common stock attributable to MGM Resorts International | ||||
Basic | $ 0.21 | $ 0.36 | $ 0.60 | $ 0.72 |
Diluted | $ 0.21 | $ 0.36 | $ 0.60 | $ 0.72 |
Weighted average common shares outstanding | ||||
Basic | 548,433 | 574,931 | 556,586 | 574,668 |
Diluted | 554,339 | 582,056 | 563,108 | 581,112 |
Dividends declared per common share | $ 0.12 | $ 0.11 | $ 0.24 | $ 0.22 |
Casino [Member] | ||||
Revenues | ||||
Revenues | $ 1,332,214 | $ 1,172,758 | $ 2,726,530 | $ 2,444,232 |
Expenses | ||||
Expenses | 741,531 | 627,361 | 1,504,180 | 1,294,296 |
Rooms [Member] | ||||
Revenues | ||||
Revenues | 563,871 | 541,755 | 1,103,351 | 1,100,567 |
Expenses | ||||
Expenses | 202,968 | 187,116 | 392,026 | 375,785 |
Food and Beverage [Member] | ||||
Revenues | ||||
Revenues | 494,808 | 485,098 | 950,219 | 954,434 |
Expenses | ||||
Expenses | 376,985 | 363,011 | 730,374 | 716,173 |
Entertainment, Retail and Other [Member] | ||||
Revenues | ||||
Revenues | 363,242 | 353,230 | 692,992 | 670,959 |
Expenses | ||||
Expenses | 243,370 | 243,836 | 470,204 | 467,225 |
Reimbursed Costs [Member] | ||||
Revenues | ||||
Revenues | 104,560 | 99,292 | 207,840 | 199,507 |
Expenses | ||||
Expenses | $ 104,560 | $ 99,292 | $ 207,840 | $ 199,507 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 140,423 | $ 240,873 | $ 406,724 | $ 493,447 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 1,400 | (25,376) | (22,752) | (38,309) |
Unrealized gain (loss) on cash flow hedges | 5,335 | (3,323) | 19,191 | (3,957) |
Other comprehensive income (loss) | 6,735 | (28,699) | (3,561) | (42,266) |
Comprehensive income | 147,158 | 212,174 | 403,163 | 451,181 |
Less: Comprehensive income attributable to noncontrolling interests | (19,138) | (18,675) | (55,569) | (59,106) |
Comprehensive income attributable to MGM Resorts International | $ 128,020 | $ 193,499 | $ 347,594 | $ 392,075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net income | $ 406,724 | $ 493,447 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 565,030 | 494,523 |
Amortization of debt discounts, premiums and issuance costs | 19,956 | 17,717 |
Loss on retirement of long-term debt | 2,636 | 798 |
Provision for doubtful accounts | 17,324 | 10,361 |
Stock-based compensation | 33,911 | 30,965 |
Property transactions, net | 22,868 | 14,939 |
Income from unconsolidated affiliates | (56,307) | (62,928) |
Distributions from unconsolidated affiliates | 9,650 | 7,100 |
Deferred income taxes | (70,986) | 12,465 |
Change in operating assets and liabilities: | ||
Accounts receivable | 26,157 | 63,471 |
Inventories | (6,928) | (5,469) |
Income taxes receivable and payable, net | 19,428 | (18,014) |
Prepaid expenses and other | 5,415 | (6,516) |
Prepaid Cotai land concession premium | 3,440 | (11,216) |
Accounts payable and accrued liabilities | 116,060 | (100,648) |
Other | (21,227) | (1,869) |
Net cash provided by operating activities | 1,093,151 | 939,126 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (861,761) | (872,610) |
Dispositions of property and equipment | 440 | 293 |
Investments in unconsolidated affiliates | (2,503) | (4,773) |
Distributions from unconsolidated affiliates in excess of cumulative earnings | 200,000 | 300,000 |
Other | (15,609) | (15,688) |
Net cash used in investing activities | (679,433) | (592,778) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (360,874) | 204,852 |
Issuance of long-term debt | 1,000,000 | 0 |
Debt issuance costs | (64,777) | (5,403) |
Dividends paid to common shareholders | (133,334) | (126,429) |
Distributions to noncontrolling interest owners | (101,407) | (89,872) |
Purchases of common stock | (957,264) | 0 |
Retirement of debentures | (2,265) | 0 |
Other | (18,230) | (16,093) |
Net cash used in financing activities | (638,151) | (32,945) |
Effect of exchange rate on cash | (2,690) | (2,922) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (227,123) | 310,481 |
Balance, beginning of period | 1,499,995 | 1,446,581 |
Balance, end of period | 1,272,872 | 1,757,062 |
Supplemental cash flow disclosures | ||
Interest paid, net of amounts capitalized | 324,779 | 341,990 |
Federal, state and foreign income taxes paid (received), net of refunds | $ (10,667) | $ 140,605 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2018 | |
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. 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, Park MGM (which had previously been branded as Monte Carlo prior to May 2018), 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 Park MGM, Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi. MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which all of its assets are owned by and all of its businesses are conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”), its 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 a wholly-owned subsidiary of 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. As of June 30, 2018, the Company owned 73.3% of the Operating Partnership units and MGP held the remaining 26.7% of the Operating Partnership units. 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 leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, and MGM National Harbor from the landlord. On April 4, 2018, MGP entered into an agreement with Milstein Entertainment LLC to acquire the membership interests of Northfield Park Associates, LLC, an Ohio limited liability company that owns the real estate assets and operations of the Hard Rock Rocksino Northfield Park (“Rocksino”) for approximately $1.06 billion, and on July 6, 2018, MGP completed the acquisition of the Rocksino. MGP funded the acquisition through a $200 million draw on the Operating Partnership’s delayed draw Term Loan A, a $655 million draw under the Operating Partnership’s revolving credit facility with the remainder of the purchase price paid with cash on hand. Simultaneously with the close, MGP entered into a new agreement with Hard Rock to continue to serve as the manager of the property. 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 the Cotai Strip in Macau that opened on February 13, 2018. The Company owns 50% of and manages CityCenter Holdings, LLC (“CityCenter”), located between Bellagio and Park MGM. 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; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Veer. In March 2018, a subsidiary of CityCenter entered into an agreement for the sale of the Mandarin Oriental Las Vegas 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 3 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. In April 2018, the Company, along with its venture partner, entered into a definitive agreement to sell the Grand Victoria Casino. See Note 3 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 2,500 slots and 120 table games including poker; a 250-room hotel; 110,000 square feet of retail and restaurant space; 46,000 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. MGM Springfield is expected to open on August 24, 2018. On May 28, 2018, the Company entered into an agreement to acquire the real property and operations associated with the Empire City Casino's race track and casino ("Empire City") for total consideration of $850 million, subject to customary working capital and other adjustments, including the assumption of approximately $245 million of debt, the issuance of approximately $260 million of the Company’s common stock, and the remaining balance in cash. If Empire City is awarded a license for live table games on or prior to December 31, 2022 and the Company accepts such license by December 31, 2024, the Company will pay additional consideration of $50 million. The Company and MGP have also entered into a definitive agreement whereby MGP will acquire the developed real property associated with Empire City from the Company for total consideration of approximately $625 million, which will include the assumption of approximately $245 million of debt by MGP, with the balance through the issuance of operating partnership units to the Company. Empire City will be added to the existing Master Lease between the Company and MGP through which MGP will lease the real property back to a subsidiary of the Company, after which a subsidiary of the Company will operate the property. In addition, pursuant to the Master Lease, the Company has agreed to give MGP a right of first offer with respect to certain undeveloped land adjacent to the property to the extent that the Company develops additional gaming facilities and chooses to sell or transfer the property in the future. The transactions are expected to close in the first quarter of 2019, subject to regulatory approvals and other customary closing conditions. The Company has two reportable segments: domestic resorts and MGM China. See Note 9 for additional information about the Company’s segments. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2017 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. Principles of consolidation. Management has determined that MGP is a variable interest entity (“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 26.7% as of June 30, 2018 as noncontrolling interest in the Company’s consolidated financial statements. As of June 30, 2018 and December 31, 2017, on a consolidated basis, MGP had total assets of $10.3 billion and $10.4 billion, respectively, primarily related to its real estate investments, and total liabilities of $4.3 billion as of both dates, primarily related to its indebtedness. Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains and losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of June 30, 2018 and December 31, 2017, the Company had accrued $60 million and $28 million, respectively, for property and equipment within accounts payable, and $1 million and $34 million, respectively, related to construction retention within other long-term liabilities. Revenue recognition. The Company’s revenue contracts with customers consist of casino wager transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions. The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. For casino wager transactions that include complimentary goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary complimentaries provided by the Company and supplied by third parties are recognized as an operating expense. The Company accounts for complimentaries on a portfolio basis given the similar characteristics of the incentives by recognizing redemption per gaming day. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. During the three and six months ended June 30, 2018, commissions, complimentaries, and other incentives provided to gaming customers were $520 million and $1.1 billion, respectively. During the three and six months ended June 30, 2017, commissions, complimentaries, and other incentives provided to gaming customers were $473 million and $958 million, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue. The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such good and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents. The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owned in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2018 2017 2018 2017 2018 2017 (in thousands) Balance at January 1 $ 597,753 $ 227,538 $ 91,119 $ 88,379 $ 539,626 $ 437,287 Balance at June 30 759,049 319,878 98,308 88,195 510,750 425,197 Increase / (decrease) $ 161,296 $ 92,340 $ 7,189 $ (184 ) $ (28,876 ) $ (12,090 ) Reimbursed costs. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 9. Lease revenues earned by the Company from third-parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three and six months ended June 30, 2018, lease revenues include $12 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $43 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and six months ended June 30, 2017, lease revenues include $14 million and $26 million recorded within food and beverage revenue, respectively, and $19 million and $39 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Recently issued accounting standards. In May 2014, the FASB issued the ASC 606, “Revenue from Contracts with Customers (Topic 606)” which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The Company adopted ASC 606 on a full retrospective basis effective January 1, 2018. The most significant impacts of adoption of the new accounting pronouncement were as follows: • Promotional Allowances: The Company no longer recognizes 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 has been removed. The majority of such amounts previously included in promotional allowances now offset casino revenues based on an allocation of revenues to performance obligations using stand-alone selling price. This change resulted in a reclassification of revenue between revenue line items; • Loyalty Accounting: As discussed within Revenue Recognition retained earnings as of January 1, 2015 of $29 million, net of tax of $15 million, with a corresponding increase primarily to other accrued liabilities, • Gaming Promoter Commission: Commissions paid to gaming promoters under MGM China’s incentive program are now fully reflected as a reduction in casino revenue. This change resulted 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 wide area progressive operator fees are recorded gross, that is, the amount received from the customer has been recorded as revenue with the corresponding amount paid as an expense. These changes resulted in an increase in revenue with a corresponding increase in expense; • Estimated Cost of Promotional Allowances: The Company no longer reclassifies the estimated cost of complimentaries provided to the gaming patron from other expense line items to the casino expense line item. This change resulted in a reclassification between expense line items. These changes, and other less significant adjustments that were required upon adoption, did not have an aggregate material impact on operating income, net income, or cash flows . The following tables show the increase/(decrease) to our 2017 quarters and full-year 2017, 2016, and 2015 income statement line items as follows: Three Months Ended Twelve Months Ended Dec 31, 2017 Sep 30, 2017 June 30, 2017 Mar 31, 2017 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 (in thousands) Increase/(decrease) Revenues Casino $ (241,045 ) $ (260,644 ) $ (232,305 ) $ (233,915 ) $ (967,909 ) $ (828,364 ) $ (782,222 ) Rooms (2,987 ) 8,518 (715 ) (3,455 ) 1,361 (20,814 ) (42,152 ) Food and beverage 16,296 21,967 18,552 24,867 81,682 87,895 72,990 Entertainment, retail, and other (1,204 ) (2,867 ) (3,328 ) (1,169 ) (8,568 ) (9,142 ) (10,867 ) (228,940 ) (233,026 ) (217,796 ) (213,672 ) (893,434 ) (770,425 ) (762,251 ) Promotional allowances 229,297 236,460 228,193 223,059 917,009 793,571 751,773 357 3,434 10,397 9,387 23,575 23,146 (10,478 ) Expenses Casino (147,081 ) (147,144 ) (135,898 ) (137,660 ) (567,783 ) (504,561 ) (519,569 ) Rooms 37,260 35,370 34,381 33,833 140,844 121,551 113,560 Food and beverage 100,043 104,786 101,516 103,317 409,662 367,166 353,364 Entertainment, retail, and other 10,220 11,779 11,676 10,718 44,393 41,401 39,306 General and administrative (68 ) (111 ) (114 ) (47 ) (340 ) (83 ) 9 Corporate expense (2 ) — 40 (41 ) (3 ) (69 ) (71 ) 372 4,680 11,601 10,120 26,773 25,405 (13,401 ) Income from unconsolidated affiliates 25 89 56 63 233 671 471 Operating income (loss) 10 (1,157 ) (1,148 ) (670 ) (2,965 ) (1,588 ) 3,394 Income (loss) before income taxes 10 (1,157 ) (1,148 ) (670 ) (2,965 ) (1,588 ) 3,394 Benefit (provision) for income taxes (6,310 ) 405 401 235 (5,269 ) 556 (1,189 ) Net income (loss) (6,300 ) (752 ) (747 ) (435 ) (8,234 ) (1,032 ) 2,205 Net income (loss) attributable to MGM Resorts International $ (6,300 ) $ (752 ) $ (747 ) $ (435 ) $ (8,234 ) $ (1,032 ) $ 2,205 Net income (loss) per share of common stock attributable to MGM Resorts International Basic $ (0.01 ) $ — $ (0.01 ) $ — $ (0.01 ) $ — $ — Diluted $ (0.01 ) $ — $ — $ — $ (0.01 ) $ — $ — In February 2016, the FASB issued ASC 842 “Leases (Topic 842),” which replaces the existing guidance in ASC 840, “Leases.” ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 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 ASC 842 will have on its consolidated financial statements and footnote disclosures. In January 2018, the Company adopted 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”). 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 March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” ("ASU 2018-05"). ASU 2018-05 provides guidance on accounting for the tax effects of the U.S. Tax Cuts and Jobs Act (the “Tax Act”) pursuant to the Staff Accounting Bulletin No. 118, which allows companies to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date, which occurred in the financial statements for the year ended December 31, 2017. The Company continues to evaluate the tax effects of the Tax Act (see Note 5) and expects to finalize its provisional amounts by the fourth quarter of 2018. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: June 30, December 31, 2018 2017 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 663,785 $ 808,220 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 121,978 124,342 Las Vegas Arena Company, LLC (42.5%) 76,356 76,619 Other 20,821 24,116 $ 882,940 $ 1,033,297 The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Income from unconsolidated affiliates $ 47,940 $ 40,639 $ 79,706 $ 80,405 Preopening and start-up expenses — — (3,321 ) — Non-operating items from unconsolidated affiliates (11,068 ) (10,556 ) (20,078 ) (17,477 ) $ 36,872 $ 30,083 $ 56,307 $ 62,928 Mandarin Oriental. In March 2018, a subsidiary of CityCenter entered into an agreement for the sale of the Mandarin Oriental Las Vegas and adjacent retail parcels for approximately $214 million, subject to customary closing conditions. As a result of this transaction, CityCenter recorded an impairment charge of approximately $127 million. The Company recorded a reversal of certain basis differences of $64 million, which entirely offset its 50% share of the impairment charge. The transaction is expected to close during the third quarter of 2018. CityCenter distributions. In May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million and in April 2017, CityCenter paid a $600 million dividend, of which the Company received its 50% share, or $300 million. CityCenter credit facility. In May 2018, CityCenter repriced its term loan B facility to LIBOR plus 2.25% representing a 25 basis point decrease from the prior rate. All other material provisions of the existing credit facility remain unchanged. Concurrently, CityCenter completed the execution of a $200 million incremental term loan which has the same terms as its existing term loan B facility. Grand Victoria sale. In April 2018, the Company, along with its venture partner, entered into a definitive agreement to sell the Grand Victoria Casino, of which a subsidiary of the Company owns 50% interest, to Eldorado Resorts, Inc. for $328 million in cash, subject to a working capital adjustment. The Company will receive its 50% share of the net proceeds after certain transaction costs, or approximately $162 million. The transaction is expected to close during the third quarter of 2018, subject to regulatory approvals and other customary closing conditions. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 4 — LONG-TERM DEBT Long-term debt consisted of the following: June 30, December 31, 2018 2017 (In thousands) Senior credit facility $ 231,250 $ 372,500 Operating Partnership senior credit facility 2,078,375 2,091,375 MGM China credit facility 2,085,994 2,301,584 $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 $1,000 million 5.75% senior notes, due 2025 1,000,000 — $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 350,000 350,000 $0.6 million 7% debentures, due 2036 552 552 $2.3 million 6.7% debentures, due 2096 — 2,265 13,646,171 13,018,276 Less: Premiums, discounts, and unamortized debt issuance costs, net (132,830 ) (109,182 ) 13,513,341 12,909,094 Less: Current portion of long-term debt, net — (158,042 ) $ 13,513,341 $ 12,751,052 Debt due within one year of the June 30, 2018 and December 31, 2017 balance sheets was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities, with the exception that $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 at December 31, 2017. Senior credit facility. At June 30, 2018 , the Company’s senior credit facility consisted of a $231 million term loan A facility and a $1.25 billion revolving facility. The Company permanently repaid $3 million and $6 million of the term loan A facility in the three and six months ended June 30, 2018, respectively, in accordance with the scheduled amortization. At June 30, 2018, the interest rate on the term loan A was 4.34%. At June 30, 2018, no amounts were drawn on the revolving credit facility. The Company was in compliance with its credit facility covenants at June 30, 2018. Operating Partnership senior credit facility. At June 30, 2018, the Operating Partnership senior credit facility consisted of a $470 million term loan A facility, a $1.8 billion term loan B facility, and a $1.35 billion revolving credit facility. On March 23, 2018, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.00% and extended the maturity of the term loan B facility to March 2025, effective June 14, 2018. On June 14, 2018, the Operating Partnership amended its credit agreement to provide for a $750 million increase of the revolving facility to $1.35 billion, provide for a new $200 million delayed draw on the term loan A facility and extend the maturity of the revolving facility and the term loan A facility to June 2023. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.75% to 2.25% determined by reference to a total net leverage ratio pricing grid. In addition, the term loan A facility’s repayment will start on the last business day of each calendar quarter beginning September 30, 2019, for an amount equal to 0.625% of the aggregate principal amount of the term loan A outstanding as of the amendment effective date. The Operating Partnership permanently repaid $0 and $4 million of the term loan A facility in the three and six months ended June 30, 2018, respectively, in accordance with the scheduled amortization, and the Operating Partnership permanently repaid $5 million and $9 million of the term loan B facility in the three and six months ended June 30, 2018, respectively, in accordance with the scheduled amortization. At June 30, 2018, the interest rate on the term loan A facility was 4.34% and the interest rate on the term loan B facility was 4.09%. At June 30, 2018, no amounts were drawn on the revolving credit facility or on the delayed draw on the term loan A facility. The Operating Partnership was in compliance with its credit facility covenants at June 30, 2018. 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 June 30, 2018, 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. The fair values of the interest rate swaps were $34 million and $11 million as of June 30, 2018 and December 31, 2017, respectively. The interest rate swaps were valued in a net unrealized gain position and were recorded in “Other long-term assets, net” in the accompanying consolidated balance sheets. MGM China credit facility. At June 30, 2018, the MGM China credit facility consisted of $2.0 billion of term loans and a $1.0 billion revolving credit facility, which bear interest at a fluctuating rate per annum based on HIBOR plus 1.375% to 2.50%, as determined by MGM China’s leverage ratio. On June 15, 2018, MGM China amended and restated its credit facility for a reduction in the total revolving credit commitments of $450 million to $1.0 billion and an increase in the total term loan commitments of $450 million to $2.0 billion (the aggregate amount of commitments remains unchanged). The final maturity date was also extended to June 2022, but no revolving credit loans or term loans shall remain outstanding after, and no revolving credit or term loan commitments shall be available after, March 31, 2022. Quarterly principal amortization payments of the term loan facilities were amended to be 5% of the original principal amount beginning in September 2018 through December 2021, with the remaining balance due in March 2022, and the maximum total leverage ratio was increased to 6.00 to 1.00 at June 30, 2018, declining to 5.50 to 1.00 at September 30, 2018, 5.00 to 1.00 at December 31, 2018, and 4.50 to 1.00 at March 31, 2019 and thereafter. At June 30, 2018, $98 million was drawn on the revolving credit facility. At June 30, 2018, the interest rates on the term loans and the revolving credit facility were 4.53%. MGM China was in compliance with its credit facility covenants at June 30, 2018. Senior Notes. In June 2018, the Company issued $1.0 billion in aggregate principal amount of 5.750% senior notes due 2025 for net proceeds of $986 million. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $13.8 billion and $13.6 billion at June 30, 2018 and December 31, 2017, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5 — INCOME TAXES For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a provision of 14.4% and a benefit of 17.9% for the three and six months ended June 30, 2018, respectively. 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. The six months ended June 30, 2018 included a $72 million non-cash income tax benefit measurement period adjustment under SAB118 that was recorded during the first quarter for the tax effect of the Tax Act based upon additional information gathered and evaluated during the period. The adjustment primarily resulted from global intangible low-taxed income (“GILTI”) treated as general basket income rather than GILTI basket income. While no measurement period adjustments were recorded during the three months ended June 30, 2018, the Company continues to evaluate the impact of the Tax Act and may adjust provisional amounts in future periods as it gathers additional information and evaluates any future regulatory or other guidance on items that may impact the FTC benefit, including, but not limited to, the treatment of income resulting from GILTI FTCs described above and allocations of interest and other expenses among active, exempt and GILTI foreign source income. 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. On March 15, 2018, MGM Grand Paradise executed an extension of the annual fee arrangement, which covers the distributions of gaming profits earned for the period of January 1, 2017 through March 31, 2020. It requires annual payments of approximately $1 million for 2017 through 2019 and a payment of approximately $300,000 for the first quarter 2020. The Company reversed the $41 million of deferred taxes previously recorded on 2017 earnings, resulting in a reduction in provision for income taxes during the six months ended June 30, 2018, partially offset by the 2017 annual payment amount. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6 — COMMITMENTS AND CONTINGENCIES October 1 litigation. The Company and/or certain of its subsidiaries have been named as defendants in a number of lawsuits related to the October 1, 2017 shooting in Las Vegas. The matters involve in large degree the same legal and factual issues, in each case being filed on behalf of individuals who are seeking damages for emotional distress, physical injury, medical expenses, economic damages and/or wrongful death based on assertions that the Company and/or certain of its subsidiaries were negligent. The Company has also received letters from attorneys purporting to represent persons with claims related to the October 1, 2017 shooting. 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. In June 2018, the Company has removed to federal court all actions that remained pending in California and Nevada state courts following the voluntary dismissals. Motions to remand have been filed in several cases, and the Company anticipates that there may be additional motions to remand filed in the future. The Company has also initiated declaratory relief actions against individuals who had sued or stated an intent to sue in federal courts in various districts. 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 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. 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 June 30, 2018, the term loan B was $50 million. As of June 30, 2018, 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, the Operating Partnership’s senior credit facility limits the amount to $75 million, and MGM China’s credit facility limits the amount to $100 million. At June 30, 2018, $14 million in letters of credit were outstanding under the Company’s senior credit facility and $38 million in letters of credit were outstanding under MGM China’s credit facility. No amounts were outstanding under the Operating Partnership senior credit facility at June 30, 2018. The amount of available borrowings under each of the credit facilities are reduced by any outstanding letters of credit. |
Income Per Share of Common Stoc
Income Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Income Per Share of Common Stock | NOTE 7 — INCOME PER SHARE OF COMMON STOCK The table below reconciles basic and diluted income per share of common stock. Diluted net income attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 123,777 $ 209,864 $ 347,221 $ 416,276 Adjustment related to redeemable noncontrolling interests (5,986 ) (28 ) (10,584 ) (55 ) Net income available to common stockholders - basic 117,791 209,836 336,637 416,221 Potentially dilutive effect due to MGP and MGM China stock compensation plans (26 ) (62 ) (158 ) (129 ) Net income attributable to common stockholders - diluted $ 117,765 $ 209,774 $ 336,479 $ 416,092 Denominator: Weighted-average common shares outstanding - basic 548,433 574,931 556,586 574,668 Potential dilution from share-based awards 5,906 7,125 6,522 6,444 Weighted-average common and common equivalent shares - diluted 554,339 582,056 563,108 581,112 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 2,441 2,078 1,305 2,641 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 8 — STOCKHOLDERS’ EQUITY MGM Resorts International dividends. The Company paid the following dividends during the six months ended June 30, 2018 and 2017: • $65 million quarterly dividend in June 2018, or $0.12 per share; • $68 million quarterly dividend in March 2018, or $0.12 per share; and • $63 million quarterly dividend in each of March and June 2017, or $0.11 per share. Additionally, on August 2, 2018 the Company’s Board of Directors approved a quarterly dividend of $0.12 per share that will be payable on September 14, 2018 to holders of record on September 10, 2018. Supplemental equity information. The following table presents the Company’s changes in stockholders’ equity for the six months ended June 30, 2018: MGM Resorts International Total Stockholders' Noncontrolling Stockholders' Equity Interests Equity (In thousands) Balances, January 1, 2018 $ 7,577,061 $ 4,034,063 $ 11,611,124 Net income 347,221 55,084 402,305 Currency translation adjustment (12,785 ) (9,967 ) (22,752 ) Other comprehensive income - cash flow hedges 13,158 6,033 19,191 Stock-based compensation 31,172 2,752 33,924 Issuance of common stock pursuant to stock-based compensation awards (9,390 ) — (9,390 ) Issuance of performance-based share units 3,609 107 3,716 Distributions to noncontrolling interest owners — (63,855 ) (63,855 ) Dividend paid to common shareholders (133,334 ) — (133,334 ) MGP dividend payable to Class A shareholders — (30,492 ) (30,492 ) Repurchases of common stock (957,264 ) — (957,264 ) Adjustment of redeemable non-controlling interest to redemption value (10,584 ) — (10,584 ) Other (1,722 ) (926 ) (2,648 ) Balances, June 30, 2018 $ 6,847,142 $ 3,992,799 $ 10,839,941 MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program and completed the previously announced $1.0 billion stock repurchase program. Under each 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. The Company repurchased the following shares of common stock during the six months ended June 30, 2018 under the $1.0 billion stock repurchase program: • in March 2018, 10 million shares at $36.24 per share for an aggregate amount of $362 million and • in May 2018, approximately 10 million shares at an average price of $31.38 per share for an aggregate amount of $310 million. The Company repurchased the following shares of common stock during the six months ended June 30, 2018 under the $2.0 billion stock repurchase program: • in June 2018, approximately 9 million shares at an average price of $31.21 per share for an aggregate amount of $285 million. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.7 billion as of June 30, 2018. Accumulated other comprehensive income. Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows: Currency Translation Cash Flow Adjustments Hedges Other Total (In thousands) Balance, January 1, 2018 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) Other comprehensive income (loss) before reclassifications (22,752 ) 18,357 — (4,395 ) Amounts reclassified from accumulated other comprehensive income to interest expense — 834 — 834 Other comprehensive income (loss), net of tax (22,752 ) 19,191 — (3,561 ) Less: Other comprehensive (income) loss attributable to noncontrolling interest 9,967 (6,033 ) — 3,934 Balance, June 30, 2018 $ (24,235 ) $ 19,826 $ 1,172 $ (3,237 ) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 9 — 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, which are not allocated to each property. Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, NV energy exit expense, preopening and start-up expenses, and property transactions, net. The following tables present the Company’s segment information: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Net revenue Domestic resorts Casino $ 833,398 $ 774,712 $ 1,674,095 $ 1,596,378 Rooms 532,869 528,380 1,052,515 1,073,972 Food and beverage 466,663 473,652 901,337 931,579 Entertainment, retail and other 330,073 328,644 633,728 625,424 2,163,003 2,105,388 4,261,675 4,227,353 MGM China Casino 496,895 397,200 1,047,490 846,147 Rooms 31,002 13,376 50,836 26,596 Food and beverage 28,104 11,445 48,841 22,854 Entertainment, retail and other 5,349 1,890 10,044 3,730 561,350 423,911 1,157,211 899,327 Reportable segment net revenues 2,724,353 2,529,299 5,418,886 5,126,680 Corporate and other 134,342 122,834 262,046 243,019 $ 2,858,695 $ 2,652,133 $ 5,680,932 $ 5,369,699 Adjusted Property EBITDA Domestic resorts $ 625,720 $ 656,899 $ 1,242,087 $ 1,304,096 MGM China 119,875 118,906 271,626 264,103 Reportable segment Adjusted Property EBITDA 745,595 775,805 1,513,713 1,568,199 Other operating expense Corporate and other (50,265 ) (37,446 ) (116,989 ) (66,798 ) NV Energy exit expense — 40,629 — 40,629 Preopening and start-up expenses (19,077 ) (21,093 ) (85,994 ) (36,159 ) Property transactions, net (16,970 ) (13,243 ) (22,868 ) (14,939 ) Depreciation and amortization (296,208 ) (244,754 ) (565,030 ) (494,523 ) Operating income 363,075 499,898 722,832 996,409 Non-operating income (expense) Interest expense, net of amounts capitalized (181,493 ) (174,058 ) (349,402 ) (348,117 ) Non-operating items from unconsolidated affiliates (11,068 ) (10,556 ) (20,078 ) (17,477 ) Other, net (6,381 ) (751 ) (8,297 ) (1,568 ) (198,942 ) (185,365 ) (377,777 ) (367,162 ) Income before income taxes 164,133 314,533 345,055 629,247 Benefit (provision) for income taxes (23,710 ) (73,660 ) 61,669 (135,800 ) Net income 140,423 240,873 406,724 493,447 Less: Net income attributable to noncontrolling interests (16,646 ) (31,009 ) (59,503 ) (77,171 ) Net income attributable to MGM Resorts International $ 123,777 $ 209,864 $ 347,221 $ 416,276 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 10 — RELATED PARTY TRANSACTIONS MGM China Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) is a member of the Board of Directors of, and holds a minority ownership interest in, MGM China. MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. 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. Entities owned by Ms. Ho received distributions in connection with her ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. of $4 million and $13 million during the three and six months ended June 30, 2018, respectively, and $8 million and $10 million during the three and six months ended June 30, 2017, respectively. MGP As 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, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, and MGM National Harbor from the landlord. In connection with the commencement of the third lease year on April 1, 2018, annual rent payments under the master lease increased to $770 million from $757 million. The master lease contains customary events of default and financial covenants. The Company was in compliance with all applicable covenants as of June 30, 2018. 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 | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | NOTE 11 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of June 30, 2018, 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, 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 June 30, 2018 and December 31, 2017, and for the three and six months ended June 30, 2018 and 2017 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 Operating Partnership units 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 are reflected in the balance sheets of the applicable MGM subsidiaries. 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. The condensed consolidating financial information presented below therefore includes the accounting for such activity within the respective columns presented and in the elimination column. CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 81,185 $ 945,675 $ 294,979 $ 765,156 $ (3,879 ) $ 2,083,116 Property and equipment, net — 13,539,895 9,880,658 6,334,519 (9,891,994 ) 19,863,078 Investments in subsidiaries 21,713,553 3,403,939 — — (25,117,492 ) — Investments in the MGP Operating Partnership — 3,503,564 — 847,376 (4,350,940 ) — Investments in and advances to unconsolidated affiliates — 852,698 — 5,242 25,000 882,940 Intercompany accounts — 6,514,427 — — (6,514,427 ) — Other non-current assets 58,616 974,909 94,428 5,063,874 (43,801 ) 6,148,026 $ 21,853,354 $ 29,735,107 $ 10,270,065 $ 13,016,167 $ (45,897,533 ) $ 28,977,160 Current liabilities $ 142,431 $ 1,425,041 $ 149,275 $ 1,568,900 $ (220,854 ) $ 3,064,793 Intercompany accounts 6,351,967 — 147 162,313 (6,514,427 ) — Deferred income taxes, net 940,949 — 28,544 285,448 (28,544 ) 1,226,397 Long-term debt, net 7,532,585 570 3,923,224 2,056,962 — 13,513,341 Other long-term obligations 38,280 7,235,916 194,572 2,259,167 (9,482,215 ) 245,720 Total liabilities 15,006,212 8,661,527 4,295,762 6,332,790 (16,246,040 ) 18,050,251 Redeemable noncontrolling interests — — — 86,968 — 86,968 MGM Resorts International stockholders' equity 6,847,142 21,073,580 4,374,317 4,203,596 (29,651,493 ) 6,847,142 Noncontrolling interests — — 1,599,986 2,392,813 — 3,992,799 Total stockholders' equity 6,847,142 21,073,580 5,974,303 6,596,409 (29,651,493 ) 10,839,941 $ 21,853,354 $ 29,735,107 $ 10,270,065 $ 13,016,167 $ (45,897,533 ) $ 28,977,160 At December 31, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 78,909 $ 1,015,802 $ 266,627 $ 1,022,340 $ (7,323 ) $ 2,376,355 Property and equipment, net — 13,521,221 10,021,938 6,125,722 (10,033,422 ) 19,635,459 Investments in subsidiaries 21,040,147 3,304,768 — — (24,344,915 ) — Investments in the MGP Operating Partnership — 3,549,063 — 862,037 (4,411,100 ) — Investments in and advances to unconsolidated affiliates — 1,002,903 — 5,394 25,000 1,033,297 Intercompany accounts — 5,998,499 — — (5,998,499 ) — Other non-current assets 49,142 913,602 62,555 5,134,220 (44,588 ) 6,114,931 $ 21,168,198 $ 29,305,858 $ 10,351,120 $ 13,149,713 $ (44,814,847 ) $ 29,160,042 Current liabilities $ 153,159 $ 1,445,031 $ 144,537 $ 1,609,110 $ (213,540 ) $ 3,138,297 Intercompany accounts 5,783,578 — 962 213,959 (5,998,499 ) — Deferred income taxes, net 934,966 — 28,544 360,409 (28,544 ) 1,295,375 Long-term debt, net 6,682,574 2,835 3,934,628 2,131,015 — 12,751,052 Other long-term obligations 36,860 7,268,664 174,710 2,305,353 (9,501,171 ) 284,416 Total liabilities 13,591,137 8,716,530 4,283,381 6,619,846 (15,741,754 ) 17,469,140 Redeemable noncontrolling interests — — — 79,778 — 79,778 MGM Resorts International stockholders' equity 7,577,061 20,589,328 4,443,089 4,040,676 (29,073,093 ) 7,577,061 Noncontrolling interests — — 1,624,650 2,409,413 — 4,034,063 Total stockholders' equity 7,577,061 20,589,328 6,067,739 6,450,089 (29,073,093 ) 11,611,124 $ 21,168,198 $ 29,305,858 $ 10,351,120 $ 13,149,713 $ (44,814,847 ) $ 29,160,042 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Revenues $ — $ 1,937,394 $ 220,390 $ 921,382 $ (220,471 ) $ 2,858,695 Equity in subsidiaries' earnings 309,334 22,519 — — (331,853 ) — Expenses Casino and hotel operations 2,562 1,094,872 — 572,061 (81 ) 1,669,414 General and administrative 2,408 315,659 27,219 120,386 (27,219 ) 438,453 Corporate expense 39,707 53,652 10,746 5,192 (5,859 ) 103,438 Preopening and start-up expenses — 1,937 — 17,140 — 19,077 Property transactions, net — 17,083 14,426 (113 ) (14,426 ) 16,970 Depreciation and amortization — 158,753 67,474 137,440 (67,459 ) 296,208 44,677 1,641,956 119,865 852,106 (115,044 ) 2,543,560 Income (loss) from unconsolidated affiliates — 48,294 — (354 ) — 47,940 Operating income 264,657 366,251 100,525 68,922 (437,280 ) 363,075 Interest expense, net of amounts capitalized (115,531 ) (156 ) (49,276 ) (16,530 ) — (181,493 ) Other, net 15,356 (118,368 ) (1,927 ) (49,288 ) 136,778 (17,449 ) Income before income taxes 164,482 247,727 49,322 3,104 (300,502 ) 164,133 Benefit (provision) for income taxes (40,705 ) — (1,263 ) 18,258 — (23,710 ) Net income 123,777 247,727 48,059 21,362 (300,502 ) 140,423 Less: Net income attributable to noncontrolling interests — — (13,146 ) (3,500 ) — (16,646 ) Net income attributable to MGM Resorts International $ 123,777 $ 247,727 $ 34,913 $ 17,862 $ (300,502 ) $ 123,777 Net income $ 123,777 $ 247,727 $ 48,059 $ 21,362 $ (300,502 ) $ 140,423 Other comprehensive income, net of tax: Foreign currency translation adjustment 583 583 — 1,400 (1,166 ) 1,400 Unrealized gain on cash flow hedges 3,660 — 6,281 — (4,606 ) 5,335 Other comprehensive income 4,243 583 6,281 1,400 (5,772 ) 6,735 Comprehensive income 128,020 248,310 54,340 22,762 (306,274 ) 147,158 Less: Comprehensive income attributable to noncontrolling interests — — (14,821 ) (4,317 ) — (19,138 ) Comprehensive income attributable to MGM Resorts International $ 128,020 $ 248,310 $ 39,519 $ 18,445 $ (306,274 ) $ 128,020 Six Months Ended June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Revenues $ — $ 3,827,187 $ 436,229 $ 1,854,329 $ (436,813 ) $ 5,680,932 Equity in subsidiaries' earnings 637,601 67,054 — — (704,655 ) — Expenses Casino and hotel operations 5,277 2,144,891 — 1,155,040 (584 ) 3,304,624 General and administrative 4,758 626,509 49,718 225,076 (49,718 ) 856,343 Corporate expense 79,008 104,059 21,227 10,544 (11,891 ) 202,947 Preopening and start-up expenses — 8,679 — 77,315 — 85,994 Property transactions, net — 22,225 18,512 643 (18,512 ) 22,868 Depreciation and amortization — 315,400 136,465 249,588 (136,423 ) 565,030 89,043 3,221,763 225,922 1,718,206 (217,128 ) 5,037,806 Income (loss) from unconsolidated affiliates — 79,926 — (220 ) — 79,706 Operating income 548,558 752,404 210,307 135,903 (924,340 ) 722,832 Interest expense, net of amounts capitalized (225,089 ) (293 ) (98,506 ) (25,514 ) — (349,402 ) Other, net 31,128 (226,318 ) (3,079 ) (95,975 ) 265,869 (28,375 ) Income before income taxes 354,597 525,793 108,722 14,414 (658,471 ) 345,055 Benefit (provision) for income taxes (7,376 ) — (2,494 ) 71,539 — 61,669 Net income 347,221 525,793 106,228 85,953 (658,471 ) 406,724 Less: Net income attributable to noncontrolling interests — — (28,976 ) (30,527 ) — (59,503 ) Net income attributable to MGM Resorts International $ 347,221 $ 525,793 $ 77,252 $ 55,426 $ (658,471 ) $ 347,221 Net income $ 347,221 $ 525,793 $ 106,228 $ 85,953 $ (658,471 ) $ 406,724 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (12,785 ) (12,785 ) — (22,752 ) 25,570 (22,752 ) Unrealized gain on cash flow hedges 13,158 — 22,636 — (16,603 ) 19,191 Other comprehensive income (loss) 373 (12,785 ) 22,636 (22,752 ) 8,967 (3,561 ) Comprehensive income 347,594 513,008 128,864 63,201 (649,504 ) 403,163 Less: Comprehensive income attributable to noncontrolling interests — — (35,009 ) (20,560 ) — (55,569 ) Comprehensive income attributable to MGM Resorts International $ 347,594 $ 513,008 $ 93,855 $ 42,641 $ (649,504 ) $ 347,594 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (224,359 ) $ 624,484 $ 284,333 $ 408,693 $ — $ 1,093,151 Cash flows from investing activities Capital expenditures, net of construction payable — (367,713 ) (190 ) (493,858 ) — (861,761 ) Dispositions of property and equipment — 435 — 5 — 440 Investments in unconsolidated affiliates — (2,503 ) — — — (2,503 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 200,000 — — — 200,000 Intercompany accounts — (515,927 ) — — 515,927 — Other — (9,916 ) — (5,693 ) — (15,609 ) Net cash used in investing activities — (695,624 ) (190 ) (499,546 ) 515,927 (679,433 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less (141,250 ) — (13,000 ) (206,624 ) — (360,874 ) Issuance of long-term debt 1,000,000 — — — — 1,000,000 Debt issuance costs (14,414 ) — (17,490 ) (32,873 ) — (64,777 ) Dividends paid to common shareholders (133,334 ) — — — — (133,334 ) Distributions to noncontrolling interest owners — — (59,553 ) (41,854 ) — (101,407 ) MGP dividends paid to consolidated subsidiaries — — (163,913 ) — 163,913 — Purchases of common stock (957,264 ) — — — — (957,264 ) Retirement of debentures — (2,265 ) — — — (2,265 ) Intercompany accounts 505,289 48,052 — 126,499 (679,840 ) — Other (9,393 ) (4,200 ) — (4,637 ) — (18,230 ) Net cash provided by (used in) financing activities 249,634 41,587 (253,956 ) (159,489 ) (515,927 ) (638,151 ) Effect of exchange rate on cash — — — (2,690 ) — (2,690 ) Cash and cash equivalents Net increase (decrease) for the period 25,275 (29,553 ) 30,187 (253,032 ) — (227,123 ) Balance, beginning of period 26,870 311,043 259,722 902,360 — 1,499,995 Balance, end of period $ 52,145 $ 281,490 $ 289,909 $ 649,328 $ — $ 1,272,872 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended June 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Revenues $ — $ 1,907,756 $ 184,456 $ 745,312 $ (185,391 ) $ 2,652,133 Equity in subsidiaries' earnings 424,981 36,260 — — (461,241 ) — Expenses Casino and hotel operations 2,616 1,063,046 — 455,889 (935 ) 1,520,616 General and administrative 2,131 265,778 20,642 86,440 (20,642 ) 354,349 Corporate expense 31,488 45,347 2,833 (48 ) (172 ) 79,448 Preopening and start-up expenses — 2,131 — 18,962 — 21,093 Property transactions, net — 13,060 10,587 3,097 (13,501 ) 13,243 NV Energy exit expense — (40,629 ) — — — (40,629 ) Depreciation and amortization — 160,402 60,227 84,352 (60,227 ) 244,754 36,235 1,509,135 94,289 648,692 (95,477 ) 2,192,874 Income (loss) from unconsolidated affiliates — 40,652 — (13 ) — 40,639 Operating income 388,746 475,533 90,167 96,607 (551,155 ) 499,898 Interest expense, net of amounts capitalized (122,942 ) (176 ) (44,818 ) (6,122 ) — (174,058 ) Other, net 13,389 (119,693 ) (297 ) (27,857 ) 123,151 (11,307 ) Income before income taxes 279,193 355,664 45,052 62,628 (428,004 ) 314,533 Provision for income taxes (69,329 ) — (1,177 ) (3,154 ) — (73,660 ) Net income 209,864 355,664 43,875 59,474 (428,004 ) 240,873 Less: Net income attributable to noncontrolling interests — — (10,680 ) (20,329 ) — (31,009 ) Net income attributable to MGM Resorts International $ 209,864 $ 355,664 $ 33,195 $ 39,145 $ (428,004 ) $ 209,864 Net income $ 209,864 $ 355,664 $ 43,875 $ 59,474 $ (428,004 ) $ 240,873 Other comprehensive loss, net of tax: Foreign currency translation adjustment (14,018 ) (14,018 ) — (25,376 ) 28,036 (25,376 ) Unrealized loss on cash flow hedges (2,347 ) — (4,112 ) — 3,136 (3,323 ) Other comprehensive loss (16,365 ) (14,018 ) (4,112 ) (25,376 ) 31,172 (28,699 ) Comprehensive income 193,499 341,646 39,763 34,098 (396,832 ) 212,174 Less: Comprehensive income attributable to noncontrolling interests — — (9,705 ) (8,970 ) — (18,675 ) Comprehensive income attributable to MGM Resorts International $ 193,499 $ 341,646 $ 30,058 $ 25,128 $ (396,832 ) $ 193,499 Six Months Ended June 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Revenues $ — $ 3,833,174 $ 368,355 $ 1,538,375 $ (370,205 ) $ 5,369,699 Equity in subsidiaries' earnings 827,050 88,418 — — (915,468 ) — Expenses Casino and hotel operations 5,125 2,114,466 — 935,244 (1,849 ) 3,052,986 General and administrative 4,113 563,979 41,129 175,045 (41,129 ) 743,137 Corporate expense 54,881 92,598 5,684 (240 ) (343 ) 152,580 Preopening and start-up expenses — 2,775 — 33,384 — 36,159 Property transactions, net — 14,607 17,442 3,246 (20,356 ) 14,939 NV Energy exit expense — (40,629 ) — — — (40,629 ) Depreciation and amortization — 323,101 121,911 171,422 (121,911 ) 494,523 64,119 3,070,897 186,166 1,318,101 (185,588 ) 4,453,695 Income (loss) from unconsolidated affiliates — 80,499 — (94 ) — 80,405 Operating income 762,931 931,194 182,189 220,180 (1,100,085 ) 996,409 Interest expense, net of amounts capitalized (246,298 ) (634 ) (89,454 ) (11,731 ) — (348,117 ) Other, net 27,476 (228,187 ) 247 (57,455 ) 238,874 (19,045 ) Income before income taxes 544,109 702,373 92,982 150,994 (861,211 ) 629,247 Provision for income taxes (127,833 ) — (2,415 ) (5,552 ) — (135,800 ) Net income 416,276 702,373 90,567 145,442 (861,211 ) 493,447 Less: Net income attributable to noncontrolling interests — — (22,028 ) (55,143 ) — (77,171 ) Net income attributable to MGM Resorts International $ 416,276 $ 702,373 $ 68,539 $ 90,299 $ (861,211 ) $ 416,276 Net income $ 416,276 $ 702,373 $ 90,567 $ 145,442 $ (861,211 ) $ 493,447 Other comprehensive loss, net of tax: Foreign currency translation adjustment (21,370 ) (21,370 ) — (38,309 ) 42,740 (38,309 ) Unrealized loss on cash flow hedges (2,831 ) — (4,746 ) — 3,620 (3,957 ) Other comprehensive loss (24,201 ) (21,370 ) (4,746 ) (38,309 ) 46,360 (42,266 ) Comprehensive income 392,075 681,003 85,821 107,133 (814,851 ) 451,181 Less: Comprehensive income attributable to noncontrolling interests — — (20,903 ) (38,203 ) — (59,106 ) Comprehensive income attributable to MGM Resorts International $ 392,075 $ 681,003 $ 64,918 $ 68,930 $ (814,851 ) $ 392,075 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (384,587 ) $ 656,632 $ 230,718 $ 436,363 $ — $ 939,126 Cash flows from investing activities Capital expenditures, net of construction payable — (144,433 ) — (728,177 ) — (872,610 ) Dispositions of property and equipment — 174 — 119 — 293 Investments in unconsolidated affiliates — (4,773 ) — — — (4,773 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 300,000 — — — 300,000 Intercompany accounts — (886,611 ) — — 886,611 — Other — (6,560 ) — (9,128 ) — (15,688 ) Net cash used in investing activities — (742,203 ) — (737,186 ) 886,611 (592,778 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (6,250 ) — (25,125 ) 236,227 — 204,852 Debt issuance costs — — (1,024 ) (4,379 ) — (5,403 ) Dividends paid to common shareholders (126,429 ) — — — — (126,429 ) Distributions to noncontrolling interest owners — — (44,564 ) (45,308 ) — (89,872 ) MGP dividends paid to consolidated subsidiaries — — (143,655 ) — 143,655 — Intercompany accounts 924,157 58,984 — 47,125 (1,030,266 ) — Other (11,702 ) — — (4,391 ) — (16,093 ) Net cash provided by (used in) financing activities 779,776 58,984 (214,368 ) 229,274 (886,611 ) (32,945 ) Effect of exchange rate on cash — — — (2,922 ) — (2,922 ) Cash and cash equivalents Net increase (decrease) for the period 395,189 (26,587 ) 16,350 (74,471 ) — 310,481 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 495,184 $ 281,126 $ 376,842 $ 603,910 $ — $ 1,757,062 |
Basis of Presentation and Sig18
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2017 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. |
Principles of consolidation | Principles of consolidation. Management has determined that MGP is a variable interest entity (“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 26.7% as of June 30, 2018 as noncontrolling interest in the Company’s consolidated financial statements. As of June 30, 2018 and December 31, 2017, on a consolidated basis, MGP had total assets of $10.3 billion and $10.4 billion, respectively, primarily related to its real estate investments, and total liabilities of $4.3 billion as of both dates, primarily related to its indebtedness. |
Property and equipment | Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains and losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of June 30, 2018 and December 31, 2017, the Company had accrued $60 million and $28 million, respectively, for property and equipment within accounts payable, and $1 million and $34 million, respectively, related to construction retention within other long-term liabilities. |
Revenue recognition | Revenue recognition. The Company’s revenue contracts with customers consist of casino wager transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions. The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. For casino wager transactions that include complimentary goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary complimentaries provided by the Company and supplied by third parties are recognized as an operating expense. The Company accounts for complimentaries on a portfolio basis given the similar characteristics of the incentives by recognizing redemption per gaming day. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. During the three and six months ended June 30, 2018, commissions, complimentaries, and other incentives provided to gaming customers were $520 million and $1.1 billion, respectively. During the three and six months ended June 30, 2017, commissions, complimentaries, and other incentives provided to gaming customers were $473 million and $958 million, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue. The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such good and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents. The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owned in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2018 2017 2018 2017 2018 2017 (in thousands) Balance at January 1 $ 597,753 $ 227,538 $ 91,119 $ 88,379 $ 539,626 $ 437,287 Balance at June 30 759,049 319,878 98,308 88,195 510,750 425,197 Increase / (decrease) $ 161,296 $ 92,340 $ 7,189 $ (184 ) $ (28,876 ) $ (12,090 ) Reimbursed costs. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 9. Lease revenues earned by the Company from third-parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three and six months ended June 30, 2018, lease revenues include $12 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $43 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and six months ended June 30, 2017, lease revenues include $14 million and $26 million recorded within food and beverage revenue, respectively, and $19 million and $39 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. |
Recently issued accounting standards | Recently issued accounting standards. In May 2014, the FASB issued the ASC 606, “Revenue from Contracts with Customers (Topic 606)” which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The Company adopted ASC 606 on a full retrospective basis effective January 1, 2018. The most significant impacts of adoption of the new accounting pronouncement were as follows: • Promotional Allowances: The Company no longer recognizes 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 has been removed. The majority of such amounts previously included in promotional allowances now offset casino revenues based on an allocation of revenues to performance obligations using stand-alone selling price. This change resulted in a reclassification of revenue between revenue line items; • Loyalty Accounting: As discussed within Revenue Recognition retained earnings as of January 1, 2015 of $29 million, net of tax of $15 million, with a corresponding increase primarily to other accrued liabilities, • Gaming Promoter Commission: Commissions paid to gaming promoters under MGM China’s incentive program are now fully reflected as a reduction in casino revenue. This change resulted 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 wide area progressive operator fees are recorded gross, that is, the amount received from the customer has been recorded as revenue with the corresponding amount paid as an expense. These changes resulted in an increase in revenue with a corresponding increase in expense; • Estimated Cost of Promotional Allowances: The Company no longer reclassifies the estimated cost of complimentaries provided to the gaming patron from other expense line items to the casino expense line item. This change resulted in a reclassification between expense line items. These changes, and other less significant adjustments that were required upon adoption, did not have an aggregate material impact on operating income, net income, or cash flows . The following tables show the increase/(decrease) to our 2017 quarters and full-year 2017, 2016, and 2015 income statement line items as follows: Three Months Ended Twelve Months Ended Dec 31, 2017 Sep 30, 2017 June 30, 2017 Mar 31, 2017 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 (in thousands) Increase/(decrease) Revenues Casino $ (241,045 ) $ (260,644 ) $ (232,305 ) $ (233,915 ) $ (967,909 ) $ (828,364 ) $ (782,222 ) Rooms (2,987 ) 8,518 (715 ) (3,455 ) 1,361 (20,814 ) (42,152 ) Food and beverage 16,296 21,967 18,552 24,867 81,682 87,895 72,990 Entertainment, retail, and other (1,204 ) (2,867 ) (3,328 ) (1,169 ) (8,568 ) (9,142 ) (10,867 ) (228,940 ) (233,026 ) (217,796 ) (213,672 ) (893,434 ) (770,425 ) (762,251 ) Promotional allowances 229,297 236,460 228,193 223,059 917,009 793,571 751,773 357 3,434 10,397 9,387 23,575 23,146 (10,478 ) Expenses Casino (147,081 ) (147,144 ) (135,898 ) (137,660 ) (567,783 ) (504,561 ) (519,569 ) Rooms 37,260 35,370 34,381 33,833 140,844 121,551 113,560 Food and beverage 100,043 104,786 101,516 103,317 409,662 367,166 353,364 Entertainment, retail, and other 10,220 11,779 11,676 10,718 44,393 41,401 39,306 General and administrative (68 ) (111 ) (114 ) (47 ) (340 ) (83 ) 9 Corporate expense (2 ) — 40 (41 ) (3 ) (69 ) (71 ) 372 4,680 11,601 10,120 26,773 25,405 (13,401 ) Income from unconsolidated affiliates 25 89 56 63 233 671 471 Operating income (loss) 10 (1,157 ) (1,148 ) (670 ) (2,965 ) (1,588 ) 3,394 Income (loss) before income taxes 10 (1,157 ) (1,148 ) (670 ) (2,965 ) (1,588 ) 3,394 Benefit (provision) for income taxes (6,310 ) 405 401 235 (5,269 ) 556 (1,189 ) Net income (loss) (6,300 ) (752 ) (747 ) (435 ) (8,234 ) (1,032 ) 2,205 Net income (loss) attributable to MGM Resorts International $ (6,300 ) $ (752 ) $ (747 ) $ (435 ) $ (8,234 ) $ (1,032 ) $ 2,205 Net income (loss) per share of common stock attributable to MGM Resorts International Basic $ (0.01 ) $ — $ (0.01 ) $ — $ (0.01 ) $ — $ — Diluted $ (0.01 ) $ — $ — $ — $ (0.01 ) $ — $ — In February 2016, the FASB issued ASC 842 “Leases (Topic 842),” which replaces the existing guidance in ASC 840, “Leases.” ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 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 ASC 842 will have on its consolidated financial statements and footnote disclosures. In January 2018, the Company adopted 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”). 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 March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” ("ASU 2018-05"). ASU 2018-05 provides guidance on accounting for the tax effects of the U.S. Tax Cuts and Jobs Act (the “Tax Act”) pursuant to the Staff Accounting Bulletin No. 118, which allows companies to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date, which occurred in the financial statements for the year ended December 31, 2017. The Company continues to evaluate the tax effects of the Tax Act (see Note 5) and expects to finalize its provisional amounts by the fourth quarter of 2018. |
Basis of Presentation and Sig19
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Contract and Contract - Related Liabilities | The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2018 2017 2018 2017 2018 2017 (in thousands) Balance at January 1 $ 597,753 $ 227,538 $ 91,119 $ 88,379 $ 539,626 $ 437,287 Balance at June 30 759,049 319,878 98,308 88,195 510,750 425,197 Increase / (decrease) $ 161,296 $ 92,340 $ 7,189 $ (184 ) $ (28,876 ) $ (12,090 ) |
Accounting Standards Update 2014-09 | |
Schedule of Increase/(Decrease) By Adopting Accounting Standards in Income Statement Line items | These changes, and other less significant adjustments that were required upon adoption, did not have an aggregate material impact on operating income, net income, or cash flows . The following tables show the increase/(decrease) to our 2017 quarters and full-year 2017, 2016, and 2015 income statement line items as follows: Three Months Ended Twelve Months Ended Dec 31, 2017 Sep 30, 2017 June 30, 2017 Mar 31, 2017 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 (in thousands) Increase/(decrease) Revenues Casino $ (241,045 ) $ (260,644 ) $ (232,305 ) $ (233,915 ) $ (967,909 ) $ (828,364 ) $ (782,222 ) Rooms (2,987 ) 8,518 (715 ) (3,455 ) 1,361 (20,814 ) (42,152 ) Food and beverage 16,296 21,967 18,552 24,867 81,682 87,895 72,990 Entertainment, retail, and other (1,204 ) (2,867 ) (3,328 ) (1,169 ) (8,568 ) (9,142 ) (10,867 ) (228,940 ) (233,026 ) (217,796 ) (213,672 ) (893,434 ) (770,425 ) (762,251 ) Promotional allowances 229,297 236,460 228,193 223,059 917,009 793,571 751,773 357 3,434 10,397 9,387 23,575 23,146 (10,478 ) Expenses Casino (147,081 ) (147,144 ) (135,898 ) (137,660 ) (567,783 ) (504,561 ) (519,569 ) Rooms 37,260 35,370 34,381 33,833 140,844 121,551 113,560 Food and beverage 100,043 104,786 101,516 103,317 409,662 367,166 353,364 Entertainment, retail, and other 10,220 11,779 11,676 10,718 44,393 41,401 39,306 General and administrative (68 ) (111 ) (114 ) (47 ) (340 ) (83 ) 9 Corporate expense (2 ) — 40 (41 ) (3 ) (69 ) (71 ) 372 4,680 11,601 10,120 26,773 25,405 (13,401 ) Income from unconsolidated affiliates 25 89 56 63 233 671 471 Operating income (loss) 10 (1,157 ) (1,148 ) (670 ) (2,965 ) (1,588 ) 3,394 Income (loss) before income taxes 10 (1,157 ) (1,148 ) (670 ) (2,965 ) (1,588 ) 3,394 Benefit (provision) for income taxes (6,310 ) 405 401 235 (5,269 ) 556 (1,189 ) Net income (loss) (6,300 ) (752 ) (747 ) (435 ) (8,234 ) (1,032 ) 2,205 Net income (loss) attributable to MGM Resorts International $ (6,300 ) $ (752 ) $ (747 ) $ (435 ) $ (8,234 ) $ (1,032 ) $ 2,205 Net income (loss) per share of common stock attributable to MGM Resorts International Basic $ (0.01 ) $ — $ (0.01 ) $ — $ (0.01 ) $ — $ — Diluted $ (0.01 ) $ — $ — $ — $ (0.01 ) $ — $ — |
Investments in and Advances t20
Investments in and Advances to Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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: June 30, December 31, 2018 2017 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 663,785 $ 808,220 Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%) 121,978 124,342 Las Vegas Arena Company, LLC (42.5%) 76,356 76,619 Other 20,821 24,116 $ 882,940 $ 1,033,297 |
Schedule of Share of Net Income From Unconsolidated Affiliates | The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Income from unconsolidated affiliates $ 47,940 $ 40,639 $ 79,706 $ 80,405 Preopening and start-up expenses — — (3,321 ) — Non-operating items from unconsolidated affiliates (11,068 ) (10,556 ) (20,078 ) (17,477 ) $ 36,872 $ 30,083 $ 56,307 $ 62,928 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: June 30, December 31, 2018 2017 (In thousands) Senior credit facility $ 231,250 $ 372,500 Operating Partnership senior credit facility 2,078,375 2,091,375 MGM China credit facility 2,085,994 2,301,584 $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 $1,000 million 5.75% senior notes, due 2025 1,000,000 — $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 350,000 350,000 $0.6 million 7% debentures, due 2036 552 552 $2.3 million 6.7% debentures, due 2096 — 2,265 13,646,171 13,018,276 Less: Premiums, discounts, and unamortized debt issuance costs, net (132,830 ) (109,182 ) 13,513,341 12,909,094 Less: Current portion of long-term debt, net — (158,042 ) $ 13,513,341 $ 12,751,052 |
Income Per Share of Common St22
Income Per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
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. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 123,777 $ 209,864 $ 347,221 $ 416,276 Adjustment related to redeemable noncontrolling interests (5,986 ) (28 ) (10,584 ) (55 ) Net income available to common stockholders - basic 117,791 209,836 336,637 416,221 Potentially dilutive effect due to MGP and MGM China stock compensation plans (26 ) (62 ) (158 ) (129 ) Net income attributable to common stockholders - diluted $ 117,765 $ 209,774 $ 336,479 $ 416,092 Denominator: Weighted-average common shares outstanding - basic 548,433 574,931 556,586 574,668 Potential dilution from share-based awards 5,906 7,125 6,522 6,444 Weighted-average common and common equivalent shares - diluted 554,339 582,056 563,108 581,112 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 2,441 2,078 1,305 2,641 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in Stockholders' Equity | The following table presents the Company’s changes in stockholders’ equity for the six months ended June 30, 2018: MGM Resorts International Total Stockholders' Noncontrolling Stockholders' Equity Interests Equity (In thousands) Balances, January 1, 2018 $ 7,577,061 $ 4,034,063 $ 11,611,124 Net income 347,221 55,084 402,305 Currency translation adjustment (12,785 ) (9,967 ) (22,752 ) Other comprehensive income - cash flow hedges 13,158 6,033 19,191 Stock-based compensation 31,172 2,752 33,924 Issuance of common stock pursuant to stock-based compensation awards (9,390 ) — (9,390 ) Issuance of performance-based share units 3,609 107 3,716 Distributions to noncontrolling interest owners — (63,855 ) (63,855 ) Dividend paid to common shareholders (133,334 ) — (133,334 ) MGP dividend payable to Class A shareholders — (30,492 ) (30,492 ) Repurchases of common stock (957,264 ) — (957,264 ) Adjustment of redeemable non-controlling interest to redemption value (10,584 ) — (10,584 ) Other (1,722 ) (926 ) (2,648 ) Balances, June 30, 2018 $ 6,847,142 $ 3,992,799 $ 10,839,941 |
Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component | Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows: Currency Translation Cash Flow Adjustments Hedges Other Total (In thousands) Balance, January 1, 2018 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) Other comprehensive income (loss) before reclassifications (22,752 ) 18,357 — (4,395 ) Amounts reclassified from accumulated other comprehensive income to interest expense — 834 — 834 Other comprehensive income (loss), net of tax (22,752 ) 19,191 — (3,561 ) Less: Other comprehensive (income) loss attributable to noncontrolling interest 9,967 (6,033 ) — 3,934 Balance, June 30, 2018 $ (24,235 ) $ 19,826 $ 1,172 $ (3,237 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Net revenue Domestic resorts Casino $ 833,398 $ 774,712 $ 1,674,095 $ 1,596,378 Rooms 532,869 528,380 1,052,515 1,073,972 Food and beverage 466,663 473,652 901,337 931,579 Entertainment, retail and other 330,073 328,644 633,728 625,424 2,163,003 2,105,388 4,261,675 4,227,353 MGM China Casino 496,895 397,200 1,047,490 846,147 Rooms 31,002 13,376 50,836 26,596 Food and beverage 28,104 11,445 48,841 22,854 Entertainment, retail and other 5,349 1,890 10,044 3,730 561,350 423,911 1,157,211 899,327 Reportable segment net revenues 2,724,353 2,529,299 5,418,886 5,126,680 Corporate and other 134,342 122,834 262,046 243,019 $ 2,858,695 $ 2,652,133 $ 5,680,932 $ 5,369,699 Adjusted Property EBITDA Domestic resorts $ 625,720 $ 656,899 $ 1,242,087 $ 1,304,096 MGM China 119,875 118,906 271,626 264,103 Reportable segment Adjusted Property EBITDA 745,595 775,805 1,513,713 1,568,199 Other operating expense Corporate and other (50,265 ) (37,446 ) (116,989 ) (66,798 ) NV Energy exit expense — 40,629 — 40,629 Preopening and start-up expenses (19,077 ) (21,093 ) (85,994 ) (36,159 ) Property transactions, net (16,970 ) (13,243 ) (22,868 ) (14,939 ) Depreciation and amortization (296,208 ) (244,754 ) (565,030 ) (494,523 ) Operating income 363,075 499,898 722,832 996,409 Non-operating income (expense) Interest expense, net of amounts capitalized (181,493 ) (174,058 ) (349,402 ) (348,117 ) Non-operating items from unconsolidated affiliates (11,068 ) (10,556 ) (20,078 ) (17,477 ) Other, net (6,381 ) (751 ) (8,297 ) (1,568 ) (198,942 ) (185,365 ) (377,777 ) (367,162 ) Income before income taxes 164,133 314,533 345,055 629,247 Benefit (provision) for income taxes (23,710 ) (73,660 ) 61,669 (135,800 ) Net income 140,423 240,873 406,724 493,447 Less: Net income attributable to noncontrolling interests (16,646 ) (31,009 ) (59,503 ) (77,171 ) Net income attributable to MGM Resorts International $ 123,777 $ 209,864 $ 347,221 $ 416,276 |
Condensed Consolidating Finan25
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 81,185 $ 945,675 $ 294,979 $ 765,156 $ (3,879 ) $ 2,083,116 Property and equipment, net — 13,539,895 9,880,658 6,334,519 (9,891,994 ) 19,863,078 Investments in subsidiaries 21,713,553 3,403,939 — — (25,117,492 ) — Investments in the MGP Operating Partnership — 3,503,564 — 847,376 (4,350,940 ) — Investments in and advances to unconsolidated affiliates — 852,698 — 5,242 25,000 882,940 Intercompany accounts — 6,514,427 — — (6,514,427 ) — Other non-current assets 58,616 974,909 94,428 5,063,874 (43,801 ) 6,148,026 $ 21,853,354 $ 29,735,107 $ 10,270,065 $ 13,016,167 $ (45,897,533 ) $ 28,977,160 Current liabilities $ 142,431 $ 1,425,041 $ 149,275 $ 1,568,900 $ (220,854 ) $ 3,064,793 Intercompany accounts 6,351,967 — 147 162,313 (6,514,427 ) — Deferred income taxes, net 940,949 — 28,544 285,448 (28,544 ) 1,226,397 Long-term debt, net 7,532,585 570 3,923,224 2,056,962 — 13,513,341 Other long-term obligations 38,280 7,235,916 194,572 2,259,167 (9,482,215 ) 245,720 Total liabilities 15,006,212 8,661,527 4,295,762 6,332,790 (16,246,040 ) 18,050,251 Redeemable noncontrolling interests — — — 86,968 — 86,968 MGM Resorts International stockholders' equity 6,847,142 21,073,580 4,374,317 4,203,596 (29,651,493 ) 6,847,142 Noncontrolling interests — — 1,599,986 2,392,813 — 3,992,799 Total stockholders' equity 6,847,142 21,073,580 5,974,303 6,596,409 (29,651,493 ) 10,839,941 $ 21,853,354 $ 29,735,107 $ 10,270,065 $ 13,016,167 $ (45,897,533 ) $ 28,977,160 At December 31, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 78,909 $ 1,015,802 $ 266,627 $ 1,022,340 $ (7,323 ) $ 2,376,355 Property and equipment, net — 13,521,221 10,021,938 6,125,722 (10,033,422 ) 19,635,459 Investments in subsidiaries 21,040,147 3,304,768 — — (24,344,915 ) — Investments in the MGP Operating Partnership — 3,549,063 — 862,037 (4,411,100 ) — Investments in and advances to unconsolidated affiliates — 1,002,903 — 5,394 25,000 1,033,297 Intercompany accounts — 5,998,499 — — (5,998,499 ) — Other non-current assets 49,142 913,602 62,555 5,134,220 (44,588 ) 6,114,931 $ 21,168,198 $ 29,305,858 $ 10,351,120 $ 13,149,713 $ (44,814,847 ) $ 29,160,042 Current liabilities $ 153,159 $ 1,445,031 $ 144,537 $ 1,609,110 $ (213,540 ) $ 3,138,297 Intercompany accounts 5,783,578 — 962 213,959 (5,998,499 ) — Deferred income taxes, net 934,966 — 28,544 360,409 (28,544 ) 1,295,375 Long-term debt, net 6,682,574 2,835 3,934,628 2,131,015 — 12,751,052 Other long-term obligations 36,860 7,268,664 174,710 2,305,353 (9,501,171 ) 284,416 Total liabilities 13,591,137 8,716,530 4,283,381 6,619,846 (15,741,754 ) 17,469,140 Redeemable noncontrolling interests — — — 79,778 — 79,778 MGM Resorts International stockholders' equity 7,577,061 20,589,328 4,443,089 4,040,676 (29,073,093 ) 7,577,061 Noncontrolling interests — — 1,624,650 2,409,413 — 4,034,063 Total stockholders' equity 7,577,061 20,589,328 6,067,739 6,450,089 (29,073,093 ) 11,611,124 $ 21,168,198 $ 29,305,858 $ 10,351,120 $ 13,149,713 $ (44,814,847 ) $ 29,160,042 |
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Revenues $ — $ 1,937,394 $ 220,390 $ 921,382 $ (220,471 ) $ 2,858,695 Equity in subsidiaries' earnings 309,334 22,519 — — (331,853 ) — Expenses Casino and hotel operations 2,562 1,094,872 — 572,061 (81 ) 1,669,414 General and administrative 2,408 315,659 27,219 120,386 (27,219 ) 438,453 Corporate expense 39,707 53,652 10,746 5,192 (5,859 ) 103,438 Preopening and start-up expenses — 1,937 — 17,140 — 19,077 Property transactions, net — 17,083 14,426 (113 ) (14,426 ) 16,970 Depreciation and amortization — 158,753 67,474 137,440 (67,459 ) 296,208 44,677 1,641,956 119,865 852,106 (115,044 ) 2,543,560 Income (loss) from unconsolidated affiliates — 48,294 — (354 ) — 47,940 Operating income 264,657 366,251 100,525 68,922 (437,280 ) 363,075 Interest expense, net of amounts capitalized (115,531 ) (156 ) (49,276 ) (16,530 ) — (181,493 ) Other, net 15,356 (118,368 ) (1,927 ) (49,288 ) 136,778 (17,449 ) Income before income taxes 164,482 247,727 49,322 3,104 (300,502 ) 164,133 Benefit (provision) for income taxes (40,705 ) — (1,263 ) 18,258 — (23,710 ) Net income 123,777 247,727 48,059 21,362 (300,502 ) 140,423 Less: Net income attributable to noncontrolling interests — — (13,146 ) (3,500 ) — (16,646 ) Net income attributable to MGM Resorts International $ 123,777 $ 247,727 $ 34,913 $ 17,862 $ (300,502 ) $ 123,777 Net income $ 123,777 $ 247,727 $ 48,059 $ 21,362 $ (300,502 ) $ 140,423 Other comprehensive income, net of tax: Foreign currency translation adjustment 583 583 — 1,400 (1,166 ) 1,400 Unrealized gain on cash flow hedges 3,660 — 6,281 — (4,606 ) 5,335 Other comprehensive income 4,243 583 6,281 1,400 (5,772 ) 6,735 Comprehensive income 128,020 248,310 54,340 22,762 (306,274 ) 147,158 Less: Comprehensive income attributable to noncontrolling interests — — (14,821 ) (4,317 ) — (19,138 ) Comprehensive income attributable to MGM Resorts International $ 128,020 $ 248,310 $ 39,519 $ 18,445 $ (306,274 ) $ 128,020 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended June 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Revenues $ — $ 1,907,756 $ 184,456 $ 745,312 $ (185,391 ) $ 2,652,133 Equity in subsidiaries' earnings 424,981 36,260 — — (461,241 ) — Expenses Casino and hotel operations 2,616 1,063,046 — 455,889 (935 ) 1,520,616 General and administrative 2,131 265,778 20,642 86,440 (20,642 ) 354,349 Corporate expense 31,488 45,347 2,833 (48 ) (172 ) 79,448 Preopening and start-up expenses — 2,131 — 18,962 — 21,093 Property transactions, net — 13,060 10,587 3,097 (13,501 ) 13,243 NV Energy exit expense — (40,629 ) — — — (40,629 ) Depreciation and amortization — 160,402 60,227 84,352 (60,227 ) 244,754 36,235 1,509,135 94,289 648,692 (95,477 ) 2,192,874 Income (loss) from unconsolidated affiliates — 40,652 — (13 ) — 40,639 Operating income 388,746 475,533 90,167 96,607 (551,155 ) 499,898 Interest expense, net of amounts capitalized (122,942 ) (176 ) (44,818 ) (6,122 ) — (174,058 ) Other, net 13,389 (119,693 ) (297 ) (27,857 ) 123,151 (11,307 ) Income before income taxes 279,193 355,664 45,052 62,628 (428,004 ) 314,533 Provision for income taxes (69,329 ) — (1,177 ) (3,154 ) — (73,660 ) Net income 209,864 355,664 43,875 59,474 (428,004 ) 240,873 Less: Net income attributable to noncontrolling interests — — (10,680 ) (20,329 ) — (31,009 ) Net income attributable to MGM Resorts International $ 209,864 $ 355,664 $ 33,195 $ 39,145 $ (428,004 ) $ 209,864 Net income $ 209,864 $ 355,664 $ 43,875 $ 59,474 $ (428,004 ) $ 240,873 Other comprehensive loss, net of tax: Foreign currency translation adjustment (14,018 ) (14,018 ) — (25,376 ) 28,036 (25,376 ) Unrealized loss on cash flow hedges (2,347 ) — (4,112 ) — 3,136 (3,323 ) Other comprehensive loss (16,365 ) (14,018 ) (4,112 ) (25,376 ) 31,172 (28,699 ) Comprehensive income 193,499 341,646 39,763 34,098 (396,832 ) 212,174 Less: Comprehensive income attributable to noncontrolling interests — — (9,705 ) (8,970 ) — (18,675 ) Comprehensive income attributable to MGM Resorts International $ 193,499 $ 341,646 $ 30,058 $ 25,128 $ (396,832 ) $ 193,499 |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (224,359 ) $ 624,484 $ 284,333 $ 408,693 $ — $ 1,093,151 Cash flows from investing activities Capital expenditures, net of construction payable — (367,713 ) (190 ) (493,858 ) — (861,761 ) Dispositions of property and equipment — 435 — 5 — 440 Investments in unconsolidated affiliates — (2,503 ) — — — (2,503 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 200,000 — — — 200,000 Intercompany accounts — (515,927 ) — — 515,927 — Other — (9,916 ) — (5,693 ) — (15,609 ) Net cash used in investing activities — (695,624 ) (190 ) (499,546 ) 515,927 (679,433 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less (141,250 ) — (13,000 ) (206,624 ) — (360,874 ) Issuance of long-term debt 1,000,000 — — — — 1,000,000 Debt issuance costs (14,414 ) — (17,490 ) (32,873 ) — (64,777 ) Dividends paid to common shareholders (133,334 ) — — — — (133,334 ) Distributions to noncontrolling interest owners — — (59,553 ) (41,854 ) — (101,407 ) MGP dividends paid to consolidated subsidiaries — — (163,913 ) — 163,913 — Purchases of common stock (957,264 ) — — — — (957,264 ) Retirement of debentures — (2,265 ) — — — (2,265 ) Intercompany accounts 505,289 48,052 — 126,499 (679,840 ) — Other (9,393 ) (4,200 ) — (4,637 ) — (18,230 ) Net cash provided by (used in) financing activities 249,634 41,587 (253,956 ) (159,489 ) (515,927 ) (638,151 ) Effect of exchange rate on cash — — — (2,690 ) — (2,690 ) Cash and cash equivalents Net increase (decrease) for the period 25,275 (29,553 ) 30,187 (253,032 ) — (227,123 ) Balance, beginning of period 26,870 311,043 259,722 902,360 — 1,499,995 Balance, end of period $ 52,145 $ 281,490 $ 289,909 $ 649,328 $ — $ 1,272,872 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Six Months Ended June 30, 2017 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (384,587 ) $ 656,632 $ 230,718 $ 436,363 $ — $ 939,126 Cash flows from investing activities Capital expenditures, net of construction payable — (144,433 ) — (728,177 ) — (872,610 ) Dispositions of property and equipment — 174 — 119 — 293 Investments in unconsolidated affiliates — (4,773 ) — — — (4,773 ) Distributions from unconsolidated affiliates in excess of cumulative earnings — 300,000 — — — 300,000 Intercompany accounts — (886,611 ) — — 886,611 — Other — (6,560 ) — (9,128 ) — (15,688 ) Net cash used in investing activities — (742,203 ) — (737,186 ) 886,611 (592,778 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (6,250 ) — (25,125 ) 236,227 — 204,852 Debt issuance costs — — (1,024 ) (4,379 ) — (5,403 ) Dividends paid to common shareholders (126,429 ) — — — — (126,429 ) Distributions to noncontrolling interest owners — — (44,564 ) (45,308 ) — (89,872 ) MGP dividends paid to consolidated subsidiaries — — (143,655 ) — 143,655 — Intercompany accounts 924,157 58,984 — 47,125 (1,030,266 ) — Other (11,702 ) — — (4,391 ) — (16,093 ) Net cash provided by (used in) financing activities 779,776 58,984 (214,368 ) 229,274 (886,611 ) (32,945 ) Effect of exchange rate on cash — — — (2,922 ) — (2,922 ) Cash and cash equivalents Net increase (decrease) for the period 395,189 (26,587 ) 16,350 (74,471 ) — 310,481 Balance, beginning of period 99,995 307,713 360,492 678,381 — 1,446,581 Balance, end of period $ 495,184 $ 281,126 $ 376,842 $ 603,910 $ — $ 1,757,062 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | Jul. 06, 2018USD ($) | May 28, 2018USD ($) | Apr. 04, 2018USD ($) | Dec. 31, 2024USD ($) | Mar. 31, 2017 | Jun. 30, 2018USD ($)aft²SlotgamesRoomParking_garage_spaceSegment | Dec. 31, 2017 | Oct. 31, 2015Seat |
Organization Disclosure [Line Items] | ||||||||
Partnership interest | 73.30% | |||||||
Percentage of minority interest | 26.70% | |||||||
Number of reportable segments | Segment | 2 | |||||||
Empire City [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Total purchase price | $ 850 | |||||||
Debt included in total business combination consideration | 245 | |||||||
Consideration in form of common stock | 260 | |||||||
Empire City [Member] | Developed Real Property [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Total purchase price | 625 | |||||||
Debt included in total business combination consideration | $ 245 | |||||||
Empire City [Member] | Forecast [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Additional contingent consideration payable | $ 50 | |||||||
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% | |||||||
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% | |||||||
Hard Rock Rocksino Northfield Park [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Date of acquisition agreement | Apr. 4, 2018 | |||||||
Total purchase price | $ 1,060 | |||||||
Subsequent Event [Member] | Hard Rock Rocksino Northfield Park [Member] | Delayed Draw Term Loan A [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Liabilities incurred for acquisition | $ 200 | |||||||
Subsequent Event [Member] | Hard Rock Rocksino Northfield Park [Member] | Revolving Credit Facility [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Liabilities incurred for acquisition | $ 655 | |||||||
Class A shares [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Common stock voting rights | one vote per share | |||||||
Non-Guarantor MGP Subsidiaries [Member] | Class B shares [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Common stock voting rights | Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. | |||||||
MGM Growth Properties LLC [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Minimum ownership percentage required for majority voting interest | 30.00% | |||||||
Percentage of minority interest | 26.70% | |||||||
MGM China [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Percentage ownership interest | 56.00% | |||||||
MGM Springfield [Member] | Massachusetts [Member] | ||||||||
Organization Disclosure [Line Items] | ||||||||
Area of development site (in acres) | a | 14 | |||||||
Expected development and construction cost, excluding capitalized and land related costs | $ 960 | |||||||
Number of slots | Slot | 2,500 | |||||||
Number of gaming tables | games | 120 | |||||||
Number of hotel rooms | Room | 250 | |||||||
Area of retail and restaurant space | ft² | 110,000 | |||||||
Area of meeting and event space | ft² | 46,000 | |||||||
Parking garage space | Parking_garage_space | 3,500 |
Basis of Presentation and Sig27
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of minority interest | 26.70% | 26.70% | ||||
Total assets | $ 28,977,160 | $ 28,977,160 | $ 29,160,042 | |||
Total liabilities | 18,050,251 | 18,050,251 | 17,469,140 | |||
Accrual for property and equipment | 60,000 | 60,000 | 28,000 | |||
Construction retention accrued | 1,000 | 1,000 | 34,000 | |||
Commissions, complimentaries and other incentives | 520,000 | $ 473,000 | 1,100,000 | $ 958,000 | ||
Accounting Standards Update 2014-09 | Effect Before and After Topic 606 [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease to beginning retained earnings, net of tax | $ (29,000) | |||||
Tax effect of change in retained earnings | $ 15,000 | |||||
Food and Beverage Revenue [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease revenue | 12,000 | 14,000 | 25,000 | 26,000 | ||
Entertainment Retail and Other Revenue [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease revenue | $ 22,000 | $ 19,000 | $ 43,000 | $ 39,000 | ||
MGM Growth Properties LLC [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of minority interest | 26.70% | 26.70% | ||||
Total assets | $ 10,300,000 | $ 10,300,000 | 10,400,000 | |||
Total liabilities | $ 4,300,000 | $ 4,300,000 | $ 4,300,000 |
Basis of Presentation and Sig28
Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - related Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Outstanding Chip Liability [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 597,753 | $ 227,538 |
Balance at June 30 | 759,049 | 319,878 |
Increase / (decrease) | 161,296 | 92,340 |
Loyalty Program [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 91,119 | 88,379 |
Balance at June 30 | 98,308 | 88,195 |
Increase / (decrease) | 7,189 | (184) |
Customer Advances and Other [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 539,626 | 437,287 |
Balance at June 30 | 510,750 | 425,197 |
Increase / (decrease) | $ (28,876) | $ (12,090) |
Basis of Presentation and Sig29
Basis of Presentation and Significant Accounting Policies -Schedule of Increase / (Decrease) By Adopting Accounting Standards in Income Statement Line items (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | ||||||||||
Total revenues, gross | $ 2,858,695 | $ 2,652,133 | $ 5,680,932 | $ 5,369,699 | ||||||
Expenses | ||||||||||
General and administrative | (438,453) | (354,349) | (856,343) | (743,137) | ||||||
Corporate expense | (103,438) | (79,448) | (202,947) | (152,580) | ||||||
Total expenses | 2,543,560 | 2,192,874 | 5,037,806 | 4,453,695 | ||||||
Income from unconsolidated affiliates | 47,940 | 40,639 | 79,706 | 80,405 | ||||||
Operating income (loss) | 363,075 | 499,898 | 722,832 | 996,409 | ||||||
Income (loss) before income taxes | 164,133 | 314,533 | 345,055 | 629,247 | ||||||
Benefit (provision) for income taxes | (23,710) | (73,660) | 61,669 | (135,800) | ||||||
Net income | 140,423 | 240,873 | 406,724 | 493,447 | ||||||
Net income (loss) attributable to MGM Resorts International | $ 123,777 | $ 209,864 | $ 347,221 | $ 416,276 | ||||||
Net income per share of common stock attributable to MGM Resorts International | ||||||||||
Basic | $ 0.21 | $ 0.36 | $ 0.60 | $ 0.72 | ||||||
Diluted | $ 0.21 | $ 0.36 | $ 0.60 | $ 0.72 | ||||||
Casino [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | $ 1,332,214 | $ 1,172,758 | $ 2,726,530 | $ 2,444,232 | ||||||
Expenses | ||||||||||
Total expenses, gross | 741,531 | 627,361 | 1,504,180 | 1,294,296 | ||||||
Rooms [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | 563,871 | 541,755 | 1,103,351 | 1,100,567 | ||||||
Expenses | ||||||||||
Total expenses, gross | 202,968 | 187,116 | 392,026 | 375,785 | ||||||
Food and Beverage [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | 494,808 | 485,098 | 950,219 | 954,434 | ||||||
Expenses | ||||||||||
Total expenses, gross | 376,985 | 363,011 | 730,374 | 716,173 | ||||||
Entertainment, Retail and Other [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | 363,242 | 353,230 | 692,992 | 670,959 | ||||||
Expenses | ||||||||||
Total expenses, gross | $ 243,370 | 243,836 | $ 470,204 | $ 467,225 | ||||||
Accounting Standards Update 2014-09 | Effect Before and After Topic 606 [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | $ (228,940) | $ (233,026) | (217,796) | $ (213,672) | $ (893,434) | $ (770,425) | $ (762,251) | |||
Promotional allowances | 229,297 | 236,460 | 228,193 | 223,059 | 917,009 | 793,571 | 751,773 | |||
Total revenues, net | 357 | 3,434 | 10,397 | 9,387 | 23,575 | 23,146 | (10,478) | |||
Expenses | ||||||||||
General and administrative | (68) | (111) | (114) | (47) | (340) | (83) | 9 | |||
Corporate expense | (2) | 0 | 40 | (41) | (3) | (69) | (71) | |||
Total expenses | 372 | 4,680 | 11,601 | 10,120 | 26,773 | 25,405 | (13,401) | |||
Income from unconsolidated affiliates | 25 | 89 | 56 | 63 | 233 | 671 | 471 | |||
Operating income (loss) | 10 | (1,157) | (1,148) | (670) | (2,965) | (1,588) | 3,394 | |||
Income (loss) before income taxes | 10 | (1,157) | (1,148) | (670) | (2,965) | (1,588) | 3,394 | |||
Benefit (provision) for income taxes | (6,310) | 405 | 401 | 235 | (5,269) | 556 | (1,189) | |||
Net income | (6,300) | (752) | (747) | (435) | (8,234) | (1,032) | 2,205 | |||
Net income (loss) attributable to MGM Resorts International | $ (6,300) | $ (752) | $ (747) | $ (435) | $ (8,234) | $ (1,032) | $ 2,205 | |||
Net income per share of common stock attributable to MGM Resorts International | ||||||||||
Basic | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ 0 | |||
Diluted | $ (0.01) | $ 0 | $ 0 | $ 0 | $ (0.01) | $ 0 | $ 0 | |||
Accounting Standards Update 2014-09 | Effect Before and After Topic 606 [Member] | Casino [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | $ (241,045) | $ (260,644) | $ (232,305) | $ (233,915) | $ (967,909) | $ (828,364) | $ (782,222) | |||
Expenses | ||||||||||
Total expenses, gross | (147,081) | (147,144) | (135,898) | (137,660) | (567,783) | (504,561) | (519,569) | |||
Accounting Standards Update 2014-09 | Effect Before and After Topic 606 [Member] | Rooms [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | (2,987) | 8,518 | (715) | (3,455) | 1,361 | (20,814) | (42,152) | |||
Expenses | ||||||||||
Total expenses, gross | 37,260 | 35,370 | 34,381 | 33,833 | 140,844 | 121,551 | 113,560 | |||
Accounting Standards Update 2014-09 | Effect Before and After Topic 606 [Member] | Food and Beverage [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | 16,296 | 21,967 | 18,552 | 24,867 | 81,682 | 87,895 | 72,990 | |||
Expenses | ||||||||||
Total expenses, gross | 100,043 | 104,786 | 101,516 | 103,317 | 409,662 | 367,166 | 353,364 | |||
Accounting Standards Update 2014-09 | Effect Before and After Topic 606 [Member] | Entertainment, Retail and Other [Member] | ||||||||||
Revenues | ||||||||||
Total revenues, gross | (1,204) | (2,867) | (3,328) | (1,169) | (8,568) | (9,142) | (10,867) | |||
Expenses | ||||||||||
Total expenses, gross | $ 10,220 | $ 11,779 | $ 11,676 | $ 10,718 | $ 44,393 | $ 41,401 | $ 39,306 |
Investments in and Advances t30
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 882,940 | $ 1,033,297 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 663,785 | 808,220 |
Elgin Riverboat Resort-Riverboat Casino [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 121,978 | 124,342 |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 76,356 | 76,619 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 20,821 | $ 24,116 |
Investments in and Advances t31
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Jun. 30, 2018 | Apr. 30, 2018 | Dec. 31, 2017 |
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% | 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 t32
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Income from unconsolidated affiliates | $ 47,940 | $ 40,639 | $ 79,706 | $ 80,405 |
Preopening and start-up expenses | 0 | 0 | (3,321) | 0 |
Non-operating items from unconsolidated affiliates | (11,068) | (10,556) | (20,078) | (17,477) |
Net income from unconsolidated affiliates | $ 36,872 | $ 30,083 | $ 56,307 | $ 62,928 |
Investments in and Advances t33
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |||||
May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Apr. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||||||
Dividend paid | $ 133,334,000 | ||||||
Distributions from unconsolidated affiliates | 50.00% | 50.00% | |||||
Distributions from unconsolidated affiliates | $ 200,000,000 | $ 300,000,000 | $ 200,000,000 | $ 300,000,000 | |||
City Center Holdings L L C [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Dividend paid | 400,000,000 | $ 600,000,000 | |||||
City Center Holdings L L C [Member] | New Senior Credit Facility [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Credit facility amount | $ 200,000,000 | ||||||
City Center Holdings L L C [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) | 2.25% | ||||||
Reduction in basis points (as percent) | 0.25% | ||||||
Mandarin Oriental [Member] | City Center Holdings L L C [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Consideration received from sale of discontinued operations | $ 214,000,000 | ||||||
Impairment loss from discontinuing operation | 127,000,000 | ||||||
CityCenter Holdings LLC As Investee [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Reversal of basis differences | $ 64,000,000 | ||||||
Percentage of share of impairment charge offset | 50.00% | ||||||
Percentage ownership interest | 50.00% | 50.00% | |||||
Grand Victoria as Investee [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | ||||
Realized gain (loss) percentage | 50.00% | ||||||
Recognized gain on sale, unconsolidated affiliates | $ 162,000,000 | ||||||
Grand Victoria [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Consideration received from sale of discontinued operations | $ 328,000,000 | ||||||
Percentage ownership interest | 50.00% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 13,646,171 | $ 13,018,276 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (132,830) | (109,182) |
Long-term debt | 13,513,341 | 12,909,094 |
Less: Current portion of long-term debt, net | 0 | (158,042) |
Long-term debt, net | 13,513,341 | 12,751,052 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 231,250 | 372,500 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,078,375 | 2,091,375 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,085,994 | 2,301,584 |
Less: Current portion of long-term debt, net | (158,000) | |
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 |
4.625% senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
5.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 0 |
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 | 350,000 |
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 | $ 0 | $ 2,265 |
Long-Term Debt - Schedule of 35
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
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 |
5.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, principal amount | $ 1,000 | |
Long-term debt, interest rate (as a percent) | 5.75% | |
Long-term debt, maturity year | 2,025 | |
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 |
4.50% Operating Partnership senior notes, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, principal amount | $ 350 | $ 350 |
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% |
Long-term debt, maturity year | 2,028 | 2,028 |
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 |
6% senior notes, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, principal amount | $ 1,250 | $ 1,250 |
Long-term debt, interest rate (as a percent) | 6.00% | 6.00% |
Long-term debt, maturity year | 2,023 | 2,023 |
4.50% 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 |
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% |
Long-term debt, maturity year | 2,026 | 2,026 |
7% debentures, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, principal amount | $ 0.6 | $ 0.6 |
Long-term debt, interest rate (as a percent) | 7.00% | 7.00% |
Long-term debt, maturity year | 2,036 | 2,036 |
6.7% debentures, due 2096 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, principal amount | $ 2.3 | |
Long-term debt, interest rate (as a percent) | 6.70% | |
Long-term debt, maturity year | 2,096 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 14, 2018 | Mar. 23, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2022 | Jun. 15, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt, net of debt issuance costs | $ 0 | $ 0 | $ 0 | $ 158,042,000 | ||||
Credit facility amount | 13,646,171,000 | 13,646,171,000 | 13,646,171,000 | 13,018,276,000 | ||||
Long-term debt, fair value | 13,800,000,000 | 13,800,000,000 | $ 13,800,000,000 | 13,600,000,000 | ||||
Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate base | 0 | |||||||
Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility amount | $ 470,000,000 | $ 470,000,000 | $ 470,000,000 | |||||
Debt instrument, interest rate | 4.34% | 4.34% | 4.34% | |||||
Term loan repayment percentage of initial aggregate principal amount | 0.625% | |||||||
Repayments of term loan | $ 0 | $ 4,000,000 | ||||||
Term Loan A [Member] | Minimum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin (as a percent) | 1.75% | |||||||
Term Loan A [Member] | Maximum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin (as a percent) | 2.25% | |||||||
Term Loan B [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility amount | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | |||||
Debt instrument, interest rate | 4.09% | 4.09% | 4.09% | |||||
Interest rate margin (as a percent) | 2.00% | |||||||
Credit facility, maturity date | 2025-03 | |||||||
Long-term debt, maturity year | 2,023 | |||||||
Repayments of term loan | $ 5,000,000 | $ 9,000,000 | ||||||
Delayed Draw Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility amount | $ 200,000,000 | |||||||
Line of credit facility drawn | $ 0 | 0 | 0 | |||||
Long-term debt, maturity year | 2,023 | |||||||
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional amount | $ 1,200,000,000 | $ 1,200,000,000 | $ 1,200,000,000 | |||||
Fixed interest rate | 1.844% | 1.844% | 1.844% | |||||
Fair values of interest rate swaps | $ 34,000,000 | $ 34,000,000 | $ 34,000,000 | 11,000,000 | ||||
Term Loan B [Member] | Minimum [Member] | LIBOR [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative basis spread on variable rate | 0.00% | 0.00% | 0.00% | |||||
Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, expiration date | Jun. 30, 2022 | |||||||
Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | Debt Covenant Terms Through June Thirty Two Thousand and Eighteen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 600.00% | |||||||
Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | Debt Covenant Terms September Thirty Two Thousand and Eighteen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 550.00% | |||||||
Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | Debt Covenant Terms December Thirty One Two Thousand and Eighteen [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 500.00% | |||||||
Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | Debt Covenant Terms March Thirty One Thousand and Nineteen and Thereafter [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Leverage ratio | 450.00% | |||||||
Senior Notes 5.750%, Due in 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, principal amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||
Net proceeds from senior notes | $ 986,000,000 | |||||||
Senior Credit Facility [Member] | Term Loan A [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility amount | $ 231,000,000 | $ 231,000,000 | $ 231,000,000 | |||||
Repayments of term loan | $ 3,000,000 | $ 6,000 | ||||||
Debt instrument, interest rate | 4.34% | 4.34% | 4.34% | |||||
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 | $ 2,085,994,000 | $ 2,085,994,000 | $ 2,085,994,000 | $ 2,301,584,000 | ||||
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | 1,350,000,000 | 1,350,000,000 | 1,350,000,000 | |||||
Line of credit facility drawn | 0 | 0 | 0 | |||||
Increase (decrease) to revolving credit facility trough amendment | $ 750,000,000 | |||||||
Long-term debt, maturity year | 2,023 | |||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | 1,000,000,000 | 1,000,000,000 | $ 1,000,000,000 | |||||
Revolving Credit Facility [Member] | Maximum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin (as a percent) | 2.50% | |||||||
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | $ 1,000,000,000 | |||||||
Line of credit facility drawn | $ 98,000 | $ 98,000 | $ 98,000 | |||||
Debt instrument, interest rate | 4.53% | 4.53% | 4.53% | |||||
Increase (decrease) to revolving credit facility trough amendment | $ (450,000,000) | |||||||
Amortization payments of aggregate principal balance (as percent) | 5.00% | |||||||
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | $ 0 | |||||||
Line of credit facility, remaining borrowing capacity | 0 | |||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | $ 1,250,000,000 | $ 1,250,000,000 | $ 1,250,000,000 | |||||
Line of credit facility drawn | 0 | 0 | 0 | |||||
Term loans [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | |||||
Term loans [Member] | Minimum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin (as a percent) | 1.375% | |||||||
Term loans [Member] | Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | $ 2,000,000,000 | |||||||
Increase (decrease) to revolving credit facility trough amendment | $ 450,000,000 | |||||||
Term loans [Member] | Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member] | Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility | 0 | |||||||
Line of credit facility, remaining borrowing capacity | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||||
Effective income tax rate | 14.40% | (17.90%) | ||||
Tax cuts and jobs act of 2017 change in tax rate income tax expense benefit | $ 72,000,000 | |||||
Tax credit carry forward period | 10 years | |||||
Tax cuts and jobs act of 2017, measurement period adjustment, income tax expense (benefit) | $ 0 | |||||
Deferred Taxes for annual fee | $ 41,000,000 | $ 41,000,000 | ||||
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% | |||||
MACAU | MGM Grand Paradise SA [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Annual payments required under the extended annual fee arrangement | $ 0 | $ 1,000,000 | ||||
Payments required under the extended annual fee arrangement | $ 0 | |||||
MACAU | Forecast [Member] | MGM Grand Paradise SA [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Annual payments required under the extended annual fee arrangement | $ 1,000,000 | $ 1,000,000 | ||||
Payments required under the extended annual fee arrangement | $ 300,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2018USD ($) |
Senior Credit Facility [Member] | |
Loss Contingencies [Line Items] | |
Credit facility outstanding | $ 14,000,000 |
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 | 38,000,000 |
MGM China Credit Facility [Member] | Letters of credit [Member] | Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Credit facility amount | 100,000,000 |
T-Mobile Arena [Member] | Senior credit facility term loan B [Member] | |
Loss Contingencies [Line Items] | |
Payment guarantee | $ 50,000,000 |
Income Per Share of Common St39
Income Per Share of Common Stock - 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net income (loss) attributable to MGM Resorts International | $ 123,777 | $ 209,864 | $ 347,221 | $ 416,276 |
Adjustment related to redeemable noncontrolling interests | (5,986) | (28) | (10,584) | (55) |
Net income available to common stockholders - basic | 117,791 | 209,836 | 336,637 | 416,221 |
Potentially dilutive effect due to MGP and MGM China stock compensation plans | (26) | (62) | (158) | (129) |
Net income attributable to common stockholders - diluted | $ 117,765 | $ 209,774 | $ 336,479 | $ 416,092 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 548,433 | 574,931 | 556,586 | 574,668 |
Potential dilution from share-based awards | 5,906 | 7,125 | 6,522 | 6,444 |
Weighted-average common and common equivalent shares - diluted | 554,339 | 582,056 | 563,108 | 581,112 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 2,441 | 2,078 | 1,305 | 2,641 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | May 31, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Aug. 02, 2018 | Sep. 30, 2017 | |
Stockholders Equity Note [Line Items] | ||||||||
Dividend paid date | Sep. 14, 2018 | |||||||
Dividend record date | Sep. 10, 2018 | |||||||
Dividends paid | $ 65,000,000 | $ 68,000,000 | $ 63,000,000 | $ 63,000,000 | ||||
Dividends paid per share | $ 0.12 | $ 0.12 | $ 0.11 | $ 0.11 | ||||
Repurchase of common stock | $ 957,264,000 | |||||||
Subsequent Event [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Dividends declared per share | $ 0.12 | |||||||
Two Billion Stock Repurchase Program [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Authorized amount of stock repurchase | $ 2,000,000,000 | |||||||
Repurchase of common stock, remaining amount | $ 1,700,000,000 | $ 1,700,000,000 | ||||||
Two Billion Stock Repurchase Program [Member] | Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Common stock repurchases, Shares | 9 | |||||||
Stock repurchased, average price per share | $ 31.21 | |||||||
Repurchase of common stock | $ 285,000,000 | |||||||
One Billion Stock Repurchase Program [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Authorized amount of stock repurchase | $ 1,000,000,000 | |||||||
One Billion Stock Repurchase Program [Member] | Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Common stock repurchases, Shares | 10 | 10 | ||||||
Stock repurchased, average price per share | $ 31.38 | $ 36.24 | ||||||
Repurchase of common stock | $ 310,000,000 | $ 362,000,000 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Class Of Stock [Line Items] | ||||
Balances, January 1, 2018 | $ 11,611,124 | |||
Balances, January 1, 2018 | 7,577,061 | |||
Balances, January 1, 2018 | 4,034,063 | |||
Net income (loss) attributable to MGM Resorts International | $ 123,777 | $ 209,864 | 347,221 | $ 416,276 |
Net income | 402,305 | |||
Foreign currency translation adjustment | 1,400 | (25,376) | (22,752) | (38,309) |
Other comprehensive income - cash flow hedges | 5,335 | $ (3,323) | 19,191 | $ (3,957) |
Stock-based compensation | 33,924 | |||
Issuance of common stock pursuant to stock-based compensation awards | (9,390) | |||
Issuance of performance-based share units | 3,716 | |||
Distributions to noncontrolling interest owners | (63,855) | |||
Dividend paid to common shareholders | (133,334) | |||
Repurchases of common stock | (957,264) | |||
Adjustment of redeemable non-controlling interest to redemption value | (10,584) | |||
Other | (2,648) | |||
Balances, June 30, 2018 | 3,992,799 | 3,992,799 | ||
Balances, June 30, 2018 | 6,847,142 | 6,847,142 | ||
Balances, June 30, 2018 | 10,839,941 | 10,839,941 | ||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Distributions to noncontrolling interest owners | (30,492) | |||
MGM Resorts Stockholders' Equity [Member] | ||||
Class Of Stock [Line Items] | ||||
Balances, January 1, 2018 | 7,577,061 | |||
Net income (loss) attributable to MGM Resorts International | 347,221 | |||
Foreign currency translation adjustment | (12,785) | |||
Other comprehensive income - cash flow hedges | 13,158 | |||
Stock-based compensation | 31,172 | |||
Issuance of common stock pursuant to stock-based compensation awards | (9,390) | |||
Issuance of performance-based share units | 3,609 | |||
Distributions to noncontrolling interest owners | 0 | |||
Dividend paid to common shareholders | (133,334) | |||
Repurchases of common stock | (957,264) | |||
Adjustment of redeemable non-controlling interest to redemption value | (10,584) | |||
Other | (1,722) | |||
Balances, June 30, 2018 | 6,847,142 | 6,847,142 | ||
MGM Resorts Stockholders' Equity [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Distributions to noncontrolling interest owners | 0 | |||
Non-controlling Interests [Member] | ||||
Class Of Stock [Line Items] | ||||
Balances, January 1, 2018 | 4,034,063 | |||
Net income | 55,084 | |||
Foreign currency translation adjustment | (9,967) | |||
Other comprehensive income - cash flow hedges | 6,033 | |||
Stock-based compensation | 2,752 | |||
Issuance of common stock pursuant to stock-based compensation awards | 0 | |||
Issuance of performance-based share units | 107 | |||
Distributions to noncontrolling interest owners | (63,855) | |||
Dividend paid to common shareholders | 0 | |||
Repurchases of common stock | 0 | |||
Adjustment of redeemable non-controlling interest to redemption value | 0 | |||
Other | (926) | |||
Balances, June 30, 2018 | $ 3,992,799 | 3,992,799 | ||
Non-controlling Interests [Member] | MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Distributions to noncontrolling interest owners | $ (30,492) |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2018 | $ 11,611,124 |
Balances, June 30, 2018 | 10,839,941 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2018 | (11,450) |
Other comprehensive income (loss) before reclassifications | (22,752) |
Amounts reclassified from accumulated other comprehensive income to interest expense | 0 |
Other comprehensive income (loss), net of tax | (22,752) |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 9,967 |
Balances, June 30, 2018 | (24,235) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2018 | 6,668 |
Other comprehensive income (loss) before reclassifications | 18,357 |
Amounts reclassified from accumulated other comprehensive income to interest expense | 834 |
Other comprehensive income (loss), net of tax | 19,191 |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | (6,033) |
Balances, June 30, 2018 | 19,826 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2018 | 1,172 |
Other comprehensive income (loss) before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive income to interest expense | 0 |
Other comprehensive income (loss), net of tax | 0 |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 0 |
Balances, June 30, 2018 | 1,172 |
AOCI Including Portion Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Balances, January 1, 2018 | (3,610) |
Other comprehensive income (loss) before reclassifications | (4,395) |
Amounts reclassified from accumulated other comprehensive income to interest expense | 834 |
Other comprehensive income (loss), net of tax | (3,561) |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 3,934 |
Balances, June 30, 2018 | $ (3,237) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018SegmentRegion | |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Revenues | $ 2,858,695 | $ 2,652,133 | $ 5,680,932 | $ 5,369,699 |
Other operating expense | ||||
NV Energy exit expense | 0 | 40,629 | 0 | 40,629 |
Preopening and start-up expenses | (19,077) | (21,093) | (85,994) | (36,159) |
Property transactions, net | (16,970) | (13,243) | (22,868) | (14,939) |
Depreciation and amortization | (296,208) | (244,754) | (565,030) | (494,523) |
Operating income (loss) | 363,075 | 499,898 | 722,832 | 996,409 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (181,493) | (174,058) | (349,402) | (348,117) |
Non-operating items from unconsolidated affiliates | (11,068) | (10,556) | (20,078) | (17,477) |
Other, net | (6,381) | (751) | (8,297) | (1,568) |
Total non-operating income (expense) | (198,942) | (185,365) | (377,777) | (367,162) |
Income (loss) before income taxes | 164,133 | 314,533 | 345,055 | 629,247 |
Benefit (provision) for income taxes | (23,710) | (73,660) | 61,669 | (135,800) |
Net income | 140,423 | 240,873 | 406,724 | 493,447 |
Less: Net income attributable to noncontrolling interests | (16,646) | (31,009) | (59,503) | (77,171) |
Net income attributable to MGM Resorts International | 123,777 | 209,864 | 347,221 | 416,276 |
Reportable segments [Member] | ||||
Revenues | ||||
Revenues | 2,724,353 | 2,529,299 | 5,418,886 | 5,126,680 |
Adjusted Property EBITDA | 745,595 | 775,805 | 1,513,713 | 1,568,199 |
Reportable segments [Member] | Domestic Resorts [Member] | ||||
Revenues | ||||
Revenues | 2,163,003 | 2,105,388 | 4,261,675 | 4,227,353 |
Adjusted Property EBITDA | 625,720 | 656,899 | 1,242,087 | 1,304,096 |
Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 561,350 | 423,911 | 1,157,211 | 899,327 |
Adjusted Property EBITDA | 119,875 | 118,906 | 271,626 | 264,103 |
Corporate and other [Member] | ||||
Revenues | ||||
Revenues | 134,342 | 122,834 | 262,046 | 243,019 |
Other operating expense | ||||
Corporate and other | (50,265) | (37,446) | (116,989) | (66,798) |
Casino [Member] | ||||
Revenues | ||||
Revenues | 1,332,214 | 1,172,758 | 2,726,530 | 2,444,232 |
Casino [Member] | Reportable segments [Member] | Domestic Resorts [Member] | ||||
Revenues | ||||
Revenues | 833,398 | 774,712 | 1,674,095 | 1,596,378 |
Casino [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 496,895 | 397,200 | 1,047,490 | 846,147 |
Rooms [Member] | ||||
Revenues | ||||
Revenues | 563,871 | 541,755 | 1,103,351 | 1,100,567 |
Rooms [Member] | Reportable segments [Member] | Domestic Resorts [Member] | ||||
Revenues | ||||
Revenues | 532,869 | 528,380 | 1,052,515 | 1,073,972 |
Rooms [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 31,002 | 13,376 | 50,836 | 26,596 |
Food and Beverage [Member] | ||||
Revenues | ||||
Revenues | 494,808 | 485,098 | 950,219 | 954,434 |
Food and Beverage [Member] | Reportable segments [Member] | Domestic Resorts [Member] | ||||
Revenues | ||||
Revenues | 466,663 | 473,652 | 901,337 | 931,579 |
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 28,104 | 11,445 | 48,841 | 22,854 |
Entertainment, Retail and Other [Member] | ||||
Revenues | ||||
Revenues | 363,242 | 353,230 | 692,992 | 670,959 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Domestic Resorts [Member] | ||||
Revenues | ||||
Revenues | 330,073 | 328,644 | 633,728 | 625,424 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | $ 5,349 | $ 1,890 | $ 10,044 | $ 3,730 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Apr. 01, 2018 | Oct. 05, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Master Lease [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual rent payments under master lease of properties | $ 770 | $ 757 | ||||
MGM Branding and Development [Member] | Ms Ho Pansy Catilina Chiu King [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Distribution made to noncontrolling interests | $ 4 | $ 8 | $ 13 | $ 10 |
Condensed Consolidating Finan46
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | $ 2,083,116 | $ 2,376,355 |
Property and equipment, net | 19,863,078 | 19,635,459 |
Investments in subsidiaries | 0 | 0 |
Investments in the MGP Operating Partnership | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 882,940 | 1,033,297 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 6,148,026 | 6,114,931 |
Total assets | 28,977,160 | 29,160,042 |
Current liabilities | 3,064,793 | 3,138,297 |
Intercompany accounts | 0 | 0 |
Deferred income taxes, net | 1,226,397 | 1,295,375 |
Long-term debt, net | 13,513,341 | 12,751,052 |
Other long-term obligations | 245,720 | 284,416 |
Total liabilities | 18,050,251 | 17,469,140 |
Redeemable noncontrolling interests | 86,968 | 79,778 |
MGM Resorts International stockholders' equity | 6,847,142 | 7,577,061 |
Noncontrolling interests | 3,992,799 | 4,034,063 |
Total stockholders' equity | 10,839,941 | 11,611,124 |
Total liabilities and stockholders' equity | 28,977,160 | 29,160,042 |
Reportable Legal Entities [Member] | Parent [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 81,185 | 78,909 |
Property and equipment, net | 0 | 0 |
Investments in subsidiaries | 21,713,553 | 21,040,147 |
Investments in the MGP Operating Partnership | 0 | 0 |
Investments in and advances to unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 58,616 | 49,142 |
Total assets | 21,853,354 | 21,168,198 |
Current liabilities | 142,431 | 153,159 |
Intercompany accounts | 6,351,967 | 5,783,578 |
Deferred income taxes, net | 940,949 | 934,966 |
Long-term debt, net | 7,532,585 | 6,682,574 |
Other long-term obligations | 38,280 | 36,860 |
Total liabilities | 15,006,212 | 13,591,137 |
Redeemable noncontrolling interests | 0 | 0 |
MGM Resorts International stockholders' equity | 6,847,142 | 7,577,061 |
Noncontrolling interests | 0 | 0 |
Total stockholders' equity | 6,847,142 | 7,577,061 |
Total liabilities and stockholders' equity | 21,853,354 | 21,168,198 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 945,675 | 1,015,802 |
Property and equipment, net | 13,539,895 | 13,521,221 |
Investments in subsidiaries | 3,403,939 | 3,304,768 |
Investments in the MGP Operating Partnership | 3,503,564 | 3,549,063 |
Investments in and advances to unconsolidated affiliates | 852,698 | 1,002,903 |
Intercompany accounts | 6,514,427 | 5,998,499 |
Other non-current assets | 974,909 | 913,602 |
Total assets | 29,735,107 | 29,305,858 |
Current liabilities | 1,425,041 | 1,445,031 |
Intercompany accounts | 0 | 0 |
Deferred income taxes, net | 0 | 0 |
Long-term debt, net | 570 | 2,835 |
Other long-term obligations | 7,235,916 | 7,268,664 |
Total liabilities | 8,661,527 | 8,716,530 |
Redeemable noncontrolling interests | 0 | 0 |
MGM Resorts International stockholders' equity | 21,073,580 | 20,589,328 |
Noncontrolling interests | 0 | 0 |
Total stockholders' equity | 21,073,580 | 20,589,328 |
Total liabilities and stockholders' equity | 29,735,107 | 29,305,858 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 294,979 | 266,627 |
Property and equipment, net | 9,880,658 | 10,021,938 |
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 | 94,428 | 62,555 |
Total assets | 10,270,065 | 10,351,120 |
Current liabilities | 149,275 | 144,537 |
Intercompany accounts | 147 | 962 |
Deferred income taxes, net | 28,544 | 28,544 |
Long-term debt, net | 3,923,224 | 3,934,628 |
Other long-term obligations | 194,572 | 174,710 |
Total liabilities | 4,295,762 | 4,283,381 |
Redeemable noncontrolling interests | 0 | 0 |
MGM Resorts International stockholders' equity | 4,374,317 | 4,443,089 |
Noncontrolling interests | 1,599,986 | 1,624,650 |
Total stockholders' equity | 5,974,303 | 6,067,739 |
Total liabilities and stockholders' equity | 10,270,065 | 10,351,120 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | 765,156 | 1,022,340 |
Property and equipment, net | 6,334,519 | 6,125,722 |
Investments in subsidiaries | 0 | 0 |
Investments in the MGP Operating Partnership | 847,376 | 862,037 |
Investments in and advances to unconsolidated affiliates | 5,242 | 5,394 |
Intercompany accounts | 0 | 0 |
Other non-current assets | 5,063,874 | 5,134,220 |
Total assets | 13,016,167 | 13,149,713 |
Current liabilities | 1,568,900 | 1,609,110 |
Intercompany accounts | 162,313 | 213,959 |
Deferred income taxes, net | 285,448 | 360,409 |
Long-term debt, net | 2,056,962 | 2,131,015 |
Other long-term obligations | 2,259,167 | 2,305,353 |
Total liabilities | 6,332,790 | 6,619,846 |
Redeemable noncontrolling interests | 86,968 | 79,778 |
MGM Resorts International stockholders' equity | 4,203,596 | 4,040,676 |
Noncontrolling interests | 2,392,813 | 2,409,413 |
Total stockholders' equity | 6,596,409 | 6,450,089 |
Total liabilities and stockholders' equity | 13,016,167 | 13,149,713 |
Elimination [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Current assets | (3,879) | (7,323) |
Property and equipment, net | (9,891,994) | (10,033,422) |
Investments in subsidiaries | (25,117,492) | (24,344,915) |
Investments in the MGP Operating Partnership | (4,350,940) | (4,411,100) |
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 |
Intercompany accounts | (6,514,427) | (5,998,499) |
Other non-current assets | (43,801) | (44,588) |
Total assets | (45,897,533) | (44,814,847) |
Current liabilities | (220,854) | (213,540) |
Intercompany accounts | (6,514,427) | (5,998,499) |
Deferred income taxes, net | (28,544) | (28,544) |
Long-term debt, net | 0 | 0 |
Other long-term obligations | (9,482,215) | (9,501,171) |
Total liabilities | (16,246,040) | (15,741,754) |
Redeemable noncontrolling interests | 0 | 0 |
MGM Resorts International stockholders' equity | (29,651,493) | (29,073,093) |
Noncontrolling interests | 0 | 0 |
Total stockholders' equity | (29,651,493) | (29,073,093) |
Total liabilities and stockholders' equity | $ (45,897,533) | $ (44,814,847) |
Condensed Consolidating Finan47
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Condensed Income Statements Captions [Line Items] | ||||
Revenues | $ 2,858,695 | $ 2,652,133 | $ 5,680,932 | $ 5,369,699 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Expenses | ||||
Casino and hotel operations | 1,669,414 | 1,520,616 | 3,304,624 | 3,052,986 |
General and administrative | 438,453 | 354,349 | 856,343 | 743,137 |
Corporate expense | 103,438 | 79,448 | 202,947 | 152,580 |
Preopening and start-up expenses | 19,077 | 21,093 | 85,994 | 36,159 |
Property transactions, net | 16,970 | 13,243 | 22,868 | 14,939 |
Depreciation and amortization | 296,208 | 244,754 | 565,030 | 494,523 |
Total expenses | 2,543,560 | 2,192,874 | 5,037,806 | 4,453,695 |
NV Energy exit expense | 0 | (40,629) | 0 | (40,629) |
Income (loss) from unconsolidated affiliates | 47,940 | 40,639 | 79,706 | 80,405 |
Operating income (loss) | 363,075 | 499,898 | 722,832 | 996,409 |
Interest expense, net of amounts capitalized | (181,493) | (174,058) | (349,402) | (348,117) |
Other, net | (17,449) | (11,307) | (28,375) | (19,045) |
Income before income taxes | 164,133 | 314,533 | 345,055 | 629,247 |
Benefit (provision) for income taxes | (23,710) | (73,660) | 61,669 | (135,800) |
Net income | 140,423 | 240,873 | 406,724 | 493,447 |
Less: Net income attributable to noncontrolling interests | (16,646) | (31,009) | (59,503) | (77,171) |
Net income attributable to MGM Resorts International | 123,777 | 209,864 | 347,221 | 416,276 |
Net income | 140,423 | 240,873 | 406,724 | 493,447 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 1,400 | (25,376) | (22,752) | (38,309) |
Unrealized gain (loss) on cash flow hedges | 5,335 | (3,323) | 19,191 | (3,957) |
Other comprehensive income (loss) | 6,735 | (28,699) | (3,561) | (42,266) |
Comprehensive income | 147,158 | 212,174 | 403,163 | 451,181 |
Less: Comprehensive income attributable to noncontrolling interests | (19,138) | (18,675) | (55,569) | (59,106) |
Comprehensive income attributable to MGM Resorts International | 128,020 | 193,499 | 347,594 | 392,075 |
Foreign currency translation adjustment | 1,400 | (25,376) | (22,752) | (38,309) |
Unrealized gain (loss) on cash flow hedges | 5,335 | (3,323) | 19,191 | (3,957) |
Other comprehensive income (loss) | 6,735 | (28,699) | (3,561) | (42,266) |
Comprehensive income | 147,158 | 212,174 | 403,163 | 451,181 |
Less: Comprehensive income attributable to noncontrolling interests | (19,138) | (18,675) | (55,569) | (59,106) |
Comprehensive income attributable to MGM Resorts International | 128,020 | 193,499 | 347,594 | 392,075 |
Reportable Legal Entities [Member] | Parent [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Equity in subsidiaries' earnings | 309,334 | 424,981 | 637,601 | 827,050 |
Expenses | ||||
Casino and hotel operations | 2,562 | 2,616 | 5,277 | 5,125 |
General and administrative | 2,408 | 2,131 | 4,758 | 4,113 |
Corporate expense | 39,707 | 31,488 | 79,008 | 54,881 |
Preopening and start-up expenses | 0 | 0 | 0 | 0 |
Property transactions, net | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total expenses | 44,677 | 36,235 | 89,043 | 64,119 |
NV Energy exit expense | 0 | 0 | ||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Operating income (loss) | 264,657 | 388,746 | 548,558 | 762,931 |
Interest expense, net of amounts capitalized | (115,531) | (122,942) | (225,089) | (246,298) |
Other, net | 15,356 | 13,389 | 31,128 | 27,476 |
Income before income taxes | 164,482 | 279,193 | 354,597 | 544,109 |
Benefit (provision) for income taxes | (40,705) | (69,329) | (7,376) | (127,833) |
Net income | 123,777 | 209,864 | 347,221 | 416,276 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to MGM Resorts International | 123,777 | 209,864 | 347,221 | 416,276 |
Net income | 123,777 | 209,864 | 347,221 | 416,276 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 583 | (14,018) | (12,785) | (21,370) |
Unrealized gain (loss) on cash flow hedges | 3,660 | (2,347) | 13,158 | (2,831) |
Other comprehensive income (loss) | 4,243 | (16,365) | 373 | (24,201) |
Comprehensive income | 128,020 | 193,499 | 347,594 | 392,075 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 128,020 | 193,499 | 347,594 | 392,075 |
Foreign currency translation adjustment | 583 | (14,018) | (12,785) | (21,370) |
Unrealized gain (loss) on cash flow hedges | 3,660 | (2,347) | 13,158 | (2,831) |
Other comprehensive income (loss) | 4,243 | (16,365) | 373 | (24,201) |
Comprehensive income | 128,020 | 193,499 | 347,594 | 392,075 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 128,020 | 193,499 | 347,594 | 392,075 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Revenues | 1,937,394 | 1,907,756 | 3,827,187 | 3,833,174 |
Equity in subsidiaries' earnings | 22,519 | 36,260 | 67,054 | 88,418 |
Expenses | ||||
Casino and hotel operations | 1,094,872 | 1,063,046 | 2,144,891 | 2,114,466 |
General and administrative | 315,659 | 265,778 | 626,509 | 563,979 |
Corporate expense | 53,652 | 45,347 | 104,059 | 92,598 |
Preopening and start-up expenses | 1,937 | 2,131 | 8,679 | 2,775 |
Property transactions, net | 17,083 | 13,060 | 22,225 | 14,607 |
Depreciation and amortization | 158,753 | 160,402 | 315,400 | 323,101 |
Total expenses | 1,641,956 | 1,509,135 | 3,221,763 | 3,070,897 |
NV Energy exit expense | (40,629) | (40,629) | ||
Income (loss) from unconsolidated affiliates | 48,294 | 40,652 | 79,926 | 80,499 |
Operating income (loss) | 366,251 | 475,533 | 752,404 | 931,194 |
Interest expense, net of amounts capitalized | (156) | (176) | (293) | (634) |
Other, net | (118,368) | (119,693) | (226,318) | (228,187) |
Income before income taxes | 247,727 | 355,664 | 525,793 | 702,373 |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net income | 247,727 | 355,664 | 525,793 | 702,373 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to MGM Resorts International | 247,727 | 355,664 | 525,793 | 702,373 |
Net income | 247,727 | 355,664 | 525,793 | 702,373 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 583 | (14,018) | (12,785) | (21,370) |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 583 | (14,018) | (12,785) | (21,370) |
Comprehensive income | 248,310 | 341,646 | 513,008 | 681,003 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 248,310 | 341,646 | 513,008 | 681,003 |
Foreign currency translation adjustment | 583 | (14,018) | (12,785) | (21,370) |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 583 | (14,018) | (12,785) | (21,370) |
Comprehensive income | 248,310 | 341,646 | 513,008 | 681,003 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 248,310 | 341,646 | 513,008 | 681,003 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Revenues | 220,390 | 184,456 | 436,229 | 368,355 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Expenses | ||||
Casino and hotel operations | 0 | 0 | 0 | 0 |
General and administrative | 27,219 | 20,642 | 49,718 | 41,129 |
Corporate expense | 10,746 | 2,833 | 21,227 | 5,684 |
Preopening and start-up expenses | 0 | 0 | 0 | 0 |
Property transactions, net | 14,426 | 10,587 | 18,512 | 17,442 |
Depreciation and amortization | 67,474 | 60,227 | 136,465 | 121,911 |
Total expenses | 119,865 | 94,289 | 225,922 | 186,166 |
NV Energy exit expense | 0 | 0 | ||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Operating income (loss) | 100,525 | 90,167 | 210,307 | 182,189 |
Interest expense, net of amounts capitalized | (49,276) | (44,818) | (98,506) | (89,454) |
Other, net | (1,927) | (297) | (3,079) | 247 |
Income before income taxes | 49,322 | 45,052 | 108,722 | 92,982 |
Benefit (provision) for income taxes | (1,263) | (1,177) | (2,494) | (2,415) |
Net income | 48,059 | 43,875 | 106,228 | 90,567 |
Less: Net income attributable to noncontrolling interests | (13,146) | (10,680) | (28,976) | (22,028) |
Net income attributable to MGM Resorts International | 34,913 | 33,195 | 77,252 | 68,539 |
Net income | 48,059 | 43,875 | 106,228 | 90,567 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on cash flow hedges | 6,281 | (4,112) | 22,636 | (4,746) |
Other comprehensive income (loss) | 6,281 | (4,112) | 22,636 | (4,746) |
Comprehensive income | 54,340 | 39,763 | 128,864 | 85,821 |
Less: Comprehensive income attributable to noncontrolling interests | (14,821) | (9,705) | (35,009) | (20,903) |
Comprehensive income attributable to MGM Resorts International | 39,519 | 30,058 | 93,855 | 64,918 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on cash flow hedges | 6,281 | (4,112) | 22,636 | (4,746) |
Other comprehensive income (loss) | 6,281 | (4,112) | 22,636 | (4,746) |
Comprehensive income | 54,340 | 39,763 | 128,864 | 85,821 |
Less: Comprehensive income attributable to noncontrolling interests | (14,821) | (9,705) | (35,009) | (20,903) |
Comprehensive income attributable to MGM Resorts International | 39,519 | 30,058 | 93,855 | 64,918 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Revenues | 921,382 | 745,312 | 1,854,329 | 1,538,375 |
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 |
Expenses | ||||
Casino and hotel operations | 572,061 | 455,889 | 1,155,040 | 935,244 |
General and administrative | 120,386 | 86,440 | 225,076 | 175,045 |
Corporate expense | 5,192 | (48) | 10,544 | (240) |
Preopening and start-up expenses | 17,140 | 18,962 | 77,315 | 33,384 |
Property transactions, net | (113) | 3,097 | 643 | 3,246 |
Depreciation and amortization | 137,440 | 84,352 | 249,588 | 171,422 |
Total expenses | 852,106 | 648,692 | 1,718,206 | 1,318,101 |
NV Energy exit expense | 0 | 0 | ||
Income (loss) from unconsolidated affiliates | (354) | (13) | (220) | (94) |
Operating income (loss) | 68,922 | 96,607 | 135,903 | 220,180 |
Interest expense, net of amounts capitalized | (16,530) | (6,122) | (25,514) | (11,731) |
Other, net | (49,288) | (27,857) | (95,975) | (57,455) |
Income before income taxes | 3,104 | 62,628 | 14,414 | 150,994 |
Benefit (provision) for income taxes | 18,258 | (3,154) | 71,539 | (5,552) |
Net income | 21,362 | 59,474 | 85,953 | 145,442 |
Less: Net income attributable to noncontrolling interests | (3,500) | (20,329) | (30,527) | (55,143) |
Net income attributable to MGM Resorts International | 17,862 | 39,145 | 55,426 | 90,299 |
Net income | 21,362 | 59,474 | 85,953 | 145,442 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 1,400 | (25,376) | (22,752) | (38,309) |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 1,400 | (25,376) | (22,752) | (38,309) |
Comprehensive income | 22,762 | 34,098 | 63,201 | 107,133 |
Less: Comprehensive income attributable to noncontrolling interests | (4,317) | (8,970) | (20,560) | (38,203) |
Comprehensive income attributable to MGM Resorts International | 18,445 | 25,128 | 42,641 | 68,930 |
Foreign currency translation adjustment | 1,400 | (25,376) | (22,752) | (38,309) |
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 1,400 | (25,376) | (22,752) | (38,309) |
Comprehensive income | 22,762 | 34,098 | 63,201 | 107,133 |
Less: Comprehensive income attributable to noncontrolling interests | (4,317) | (8,970) | (20,560) | (38,203) |
Comprehensive income attributable to MGM Resorts International | 18,445 | 25,128 | 42,641 | 68,930 |
Elimination [Member] | ||||
Condensed Income Statements Captions [Line Items] | ||||
Revenues | (220,471) | (185,391) | (436,813) | (370,205) |
Equity in subsidiaries' earnings | (331,853) | (461,241) | (704,655) | (915,468) |
Expenses | ||||
Casino and hotel operations | (81) | (935) | (584) | (1,849) |
General and administrative | (27,219) | (20,642) | (49,718) | (41,129) |
Corporate expense | (5,859) | (172) | (11,891) | (343) |
Preopening and start-up expenses | 0 | 0 | 0 | 0 |
Property transactions, net | (14,426) | (13,501) | (18,512) | (20,356) |
Depreciation and amortization | (67,459) | (60,227) | (136,423) | (121,911) |
Total expenses | (115,044) | (95,477) | (217,128) | (185,588) |
NV Energy exit expense | 0 | 0 | ||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 |
Operating income (loss) | (437,280) | (551,155) | (924,340) | (1,100,085) |
Interest expense, net of amounts capitalized | 0 | 0 | 0 | 0 |
Other, net | 136,778 | 123,151 | 265,869 | 238,874 |
Income before income taxes | (300,502) | (428,004) | (658,471) | (861,211) |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 |
Net income | (300,502) | (428,004) | (658,471) | (861,211) |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to MGM Resorts International | (300,502) | (428,004) | (658,471) | (861,211) |
Net income | (300,502) | (428,004) | (658,471) | (861,211) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (1,166) | 28,036 | 25,570 | 42,740 |
Unrealized gain (loss) on cash flow hedges | (4,606) | 3,136 | (16,603) | 3,620 |
Other comprehensive income (loss) | (5,772) | 31,172 | 8,967 | 46,360 |
Comprehensive income | (306,274) | (396,832) | (649,504) | (814,851) |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | (306,274) | (396,832) | (649,504) | (814,851) |
Foreign currency translation adjustment | (1,166) | 28,036 | 25,570 | 42,740 |
Unrealized gain (loss) on cash flow hedges | (4,606) | 3,136 | (16,603) | 3,620 |
Other comprehensive income (loss) | (5,772) | 31,172 | 8,967 | 46,360 |
Comprehensive income | (306,274) | (396,832) | (649,504) | (814,851) |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | $ (306,274) | $ (396,832) | $ (649,504) | $ (814,851) |
Condensed Consolidating Finan48
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
May 31, 2018 | Apr. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | $ 1,093,151 | $ 939,126 | ||
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (861,761) | (872,610) | ||
Dispositions of property and equipment | 440 | 293 | ||
Investments in unconsolidated affiliates | (2,503) | (4,773) | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | $ 200,000 | $ 300,000 | 200,000 | 300,000 |
Intercompany accounts | 0 | 0 | ||
Other | (15,609) | (15,688) | ||
Net cash used in investing activities | (679,433) | (592,778) | ||
Investments in unconsolidated affiliates | 2,503 | 4,773 | ||
Cash flows from financing activities | ||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (360,874) | 204,852 | ||
Issuance of long-term debt | 1,000,000 | 0 | ||
Debt issuance costs | (64,777) | (5,403) | ||
Dividends paid to common shareholders | (133,334) | (126,429) | ||
Distributions to noncontrolling interest owners | (101,407) | (89,872) | ||
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 | ||
Purchases of common stock | (957,264) | 0 | ||
Retirement of debentures | (2,265) | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other | (18,230) | (16,093) | ||
Net cash provided by (used in) financing activities | (638,151) | (32,945) | ||
Effect of exchange rate on cash | (2,690) | (2,922) | ||
Cash and cash equivalents | ||||
Net increase (decrease) for the period | (227,123) | 310,481 | ||
Balance, beginning of period | 1,499,995 | 1,446,581 | ||
Balance, end of period | 1,272,872 | 1,757,062 | ||
Reportable Legal Entities [Member] | Parent [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | (224,359) | (384,587) | ||
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | 0 | 0 | ||
Dispositions of property and equipment | 0 | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Cash flows from financing activities | ||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (141,250) | (6,250) | ||
Issuance of long-term debt | 1,000,000 | |||
Debt issuance costs | (14,414) | 0 | ||
Dividends paid to common shareholders | (133,334) | (126,429) | ||
Distributions to noncontrolling interest owners | 0 | 0 | ||
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 | ||
Purchases of common stock | (957,264) | |||
Retirement of debentures | 0 | |||
Intercompany accounts | 505,289 | 924,157 | ||
Other | (9,393) | (11,702) | ||
Net cash provided by (used in) financing activities | 249,634 | 779,776 | ||
Effect of exchange rate on cash | 0 | 0 | ||
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 25,275 | 395,189 | ||
Balance, beginning of period | 26,870 | 99,995 | ||
Balance, end of period | 52,145 | 495,184 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 624,484 | 656,632 | ||
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (367,713) | (144,433) | ||
Dispositions of property and equipment | 435 | 174 | ||
Investments in unconsolidated affiliates | (2,503) | (4,773) | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 200,000 | 300,000 | ||
Intercompany accounts | (515,927) | (886,611) | ||
Other | (9,916) | (6,560) | ||
Net cash used in investing activities | (695,624) | (742,203) | ||
Investments in unconsolidated affiliates | 2,503 | 4,773 | ||
Cash flows from financing activities | ||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 0 | 0 | ||
Issuance of long-term debt | 0 | |||
Debt issuance costs | 0 | 0 | ||
Dividends paid to common shareholders | 0 | 0 | ||
Distributions to noncontrolling interest owners | 0 | 0 | ||
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 | ||
Purchases of common stock | 0 | |||
Retirement of debentures | (2,265) | |||
Intercompany accounts | 48,052 | 58,984 | ||
Other | (4,200) | 0 | ||
Net cash provided by (used in) financing activities | 41,587 | 58,984 | ||
Effect of exchange rate on cash | 0 | 0 | ||
Cash and cash equivalents | ||||
Net increase (decrease) for the period | (29,553) | (26,587) | ||
Balance, beginning of period | 311,043 | 307,713 | ||
Balance, end of period | 281,490 | 281,126 | ||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 284,333 | 230,718 | ||
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (190) | 0 | ||
Dispositions of property and equipment | 0 | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | (190) | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Cash flows from financing activities | ||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (13,000) | (25,125) | ||
Issuance of long-term debt | 0 | |||
Debt issuance costs | (17,490) | (1,024) | ||
Dividends paid to common shareholders | 0 | 0 | ||
Distributions to noncontrolling interest owners | (59,553) | (44,564) | ||
MGP Operating Partnership distributions paid to consolidated subsidiaries | (163,913) | (143,655) | ||
Purchases of common stock | 0 | |||
Retirement of debentures | 0 | |||
Intercompany accounts | 0 | 0 | ||
Other | 0 | 0 | ||
Net cash provided by (used in) financing activities | (253,956) | (214,368) | ||
Effect of exchange rate on cash | 0 | 0 | ||
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 30,187 | 16,350 | ||
Balance, beginning of period | 259,722 | 360,492 | ||
Balance, end of period | 289,909 | 376,842 | ||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 408,693 | 436,363 | ||
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | (493,858) | (728,177) | ||
Dispositions of property and equipment | 5 | 119 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | ||
Intercompany accounts | 0 | 0 | ||
Other | (5,693) | (9,128) | ||
Net cash used in investing activities | (499,546) | (737,186) | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Cash flows from financing activities | ||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (206,624) | 236,227 | ||
Issuance of long-term debt | 0 | |||
Debt issuance costs | (32,873) | (4,379) | ||
Dividends paid to common shareholders | 0 | 0 | ||
Distributions to noncontrolling interest owners | (41,854) | (45,308) | ||
MGP Operating Partnership distributions paid to consolidated subsidiaries | 0 | 0 | ||
Purchases of common stock | 0 | |||
Retirement of debentures | 0 | |||
Intercompany accounts | 126,499 | 47,125 | ||
Other | (4,637) | (4,391) | ||
Net cash provided by (used in) financing activities | (159,489) | 229,274 | ||
Effect of exchange rate on cash | (2,690) | (2,922) | ||
Cash and cash equivalents | ||||
Net increase (decrease) for the period | (253,032) | (74,471) | ||
Balance, beginning of period | 902,360 | 678,381 | ||
Balance, end of period | 649,328 | 603,910 | ||
Elimination [Member] | ||||
Cash flows from operating activities | ||||
Net cash provided by (used in) operating activities | 0 | 0 | ||
Cash flows from investing activities | ||||
Capital expenditures, net of construction payable | 0 | 0 | ||
Dispositions of property and equipment | 0 | 0 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Distributions from unconsolidated affiliates in excess of cumulative earnings | 0 | 0 | ||
Intercompany accounts | 515,927 | 886,611 | ||
Other | 0 | 0 | ||
Net cash used in investing activities | 515,927 | 886,611 | ||
Investments in unconsolidated affiliates | 0 | 0 | ||
Cash flows from financing activities | ||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 0 | 0 | ||
Issuance of long-term debt | 0 | |||
Debt issuance costs | 0 | 0 | ||
Dividends paid to common shareholders | 0 | 0 | ||
Distributions to noncontrolling interest owners | 0 | 0 | ||
MGP Operating Partnership distributions paid to consolidated subsidiaries | 163,913 | 143,655 | ||
Purchases of common stock | 0 | |||
Retirement of debentures | 0 | |||
Intercompany accounts | (679,840) | (1,030,266) | ||
Other | 0 | 0 | ||
Net cash provided by (used in) financing activities | (515,927) | (886,611) | ||
Effect of exchange rate on cash | 0 | 0 | ||
Cash and cash equivalents | ||||
Net increase (decrease) for the period | 0 | 0 | ||
Balance, beginning of period | 0 | 0 | ||
Balance, end of period | $ 0 | $ 0 |