Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MGM | |
Entity Registrant Name | MGM Resorts International | |
Entity Central Index Key | 0000789570 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 537,201,282 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 1,223,404 | $ 1,526,762 |
Accounts receivable, net | 602,602 | 657,206 |
Inventories | 111,302 | 110,831 |
Income tax receivable | 18,536 | 28,431 |
Prepaid expenses and other | 251,291 | 203,548 |
Total current assets | 2,207,135 | 2,526,778 |
Property and equipment, net | 21,196,438 | 20,729,888 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 730,996 | 732,867 |
Goodwill | 2,001,646 | 1,821,392 |
Other intangible assets, net | 4,046,756 | 3,944,463 |
Operating lease right-of-use assets, net | 641,912 | 0 |
Other long-term assets, net | 322,038 | 455,318 |
Total other assets | 7,743,348 | 6,954,040 |
Total assets | 31,146,921 | 30,210,706 |
Current liabilities | ||
Accounts payable | 336,586 | 302,578 |
Construction payable | 249,289 | 311,793 |
Current portion of long-term debt | 2,548 | 43,411 |
Accrued interest on long-term debt | 137,309 | 140,046 |
Other accrued liabilities | 2,086,946 | 2,151,054 |
Total current liabilities | 2,812,678 | 2,948,882 |
Deferred income taxes, net | 1,566,931 | 1,342,538 |
Long-term debt, net | 14,730,829 | 15,088,005 |
Operating lease liabilities | 510,951 | 0 |
Other long-term obligations | 208,329 | 259,240 |
Commitments and contingencies (Note 8) | ||
Redeemable noncontrolling interests | 99,338 | 102,250 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 537,156,480 and 527,479,528 shares | 5,372 | 5,275 |
Capital in excess of par value | 4,420,463 | 4,092,085 |
Retained earnings | 2,384,977 | 2,423,479 |
Accumulated other comprehensive loss | (24,608) | (8,556) |
Total MGM Resorts International stockholders' equity | 6,786,204 | 6,512,283 |
Noncontrolling interests | 4,431,661 | 3,957,508 |
Total stockholders' equity | 11,217,865 | 10,469,791 |
Total liabilities and stockholders' equity | $ 31,146,921 | $ 30,210,706 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 | 537,156,480 | 527,479,528 |
Common stock, outstanding shares | 537,156,480 | 527,479,528 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Revenues | $ 3,176,911 | $ 2,822,237 |
Expenses | ||
General and administrative | 525,112 | 417,890 |
Corporate expense | 129,436 | 99,509 |
Preopening and start-up expenses | 3,287 | 66,917 |
Property transactions, net | 8,776 | 5,898 |
Depreciation and amortization | 316,414 | 268,822 |
Total expenses | 2,845,400 | 2,494,246 |
Income from unconsolidated affiliates | 38,749 | 31,766 |
Operating income | 370,260 | 359,757 |
Non-operating income (expense) | ||
Interest expense, net of amounts capitalized | (216,120) | (167,909) |
Non-operating items from unconsolidated affiliates | (18,165) | (9,010) |
Other, net | 1,693 | (1,916) |
Total non-operating income (expense) | (232,592) | (178,835) |
Income before income taxes | 137,668 | 180,922 |
Benefit (provision) for income taxes | (71,511) | 85,379 |
Net income | 66,157 | 266,301 |
Less: Net income attributable to noncontrolling interests | (34,860) | (42,857) |
Net income attributable to MGM Resorts International | $ 31,297 | $ 223,444 |
Net income per share of common stock attributable to MGM Resorts International | ||
Basic | $ 0.05 | $ 0.39 |
Diluted | $ 0.05 | $ 0.38 |
Weighted average common shares outstanding | ||
Basic | 534,219 | 564,832 |
Diluted | 537,506 | 571,970 |
Casino [Member] | ||
Revenues | ||
Revenues | $ 1,626,346 | $ 1,394,316 |
Expenses | ||
Expenses | 902,757 | 762,649 |
Rooms [Member] | ||
Revenues | ||
Revenues | 574,215 | 539,480 |
Expenses | ||
Expenses | 203,994 | 189,058 |
Food and Beverage [Member] | ||
Revenues | ||
Revenues | 520,221 | 455,411 |
Expenses | ||
Expenses | 400,239 | 353,389 |
Entertainment, Retail and Other [Member] | ||
Revenues | ||
Revenues | 344,374 | 329,750 |
Expenses | ||
Expenses | 243,630 | 226,834 |
Reimbursed Costs [Member] | ||
Revenues | ||
Revenues | 111,755 | 103,280 |
Expenses | ||
Expenses | $ 111,755 | $ 103,280 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 66,157 | $ 266,301 |
Other comprehensive loss, net of tax: | ||
Foreign currency translation adjustment | (12,405) | (24,152) |
Unrealized gain (loss) on cash flow hedges | (13,323) | 13,856 |
Other comprehensive loss | (25,728) | (10,296) |
Comprehensive income | 40,429 | 256,005 |
Less: Comprehensive income attributable to noncontrolling interests | (24,644) | (36,431) |
Comprehensive income attributable to MGM Resorts International | $ 15,785 | $ 219,574 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 66,157 | $ 266,301 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 316,414 | 268,822 |
Amortization of debt discounts, premiums and issuance costs | 9,373 | 9,634 |
Loss on retirement of long-term debt | 0 | 1,019 |
Provision for doubtful accounts | 8,378 | 9,141 |
Stock-based compensation | 32,136 | 16,110 |
Property transactions, net | 8,776 | 5,898 |
Income from unconsolidated affiliates | (20,584) | (19,435) |
Distributions from unconsolidated affiliates | 0 | 4,550 |
Deferred income taxes | 67,827 | (89,746) |
Change in operating assets and liabilities: | ||
Accounts receivable | 48,961 | 27,388 |
Inventories | 423 | (5,114) |
Income taxes receivable and payable, net | 9,897 | 900 |
Prepaid expenses and other | (40,450) | (24,990) |
Accounts payable and accrued liabilities | (97,269) | 113,717 |
Other | (10,257) | (6,531) |
Net cash provided by operating activities | 399,782 | 577,664 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (183,252) | (418,624) |
Dispositions of property and equipment | 341 | 225 |
Investments in unconsolidated affiliates | (9,558) | (2,503) |
Distributions from unconsolidated affiliates | 31,850 | 0 |
Other | (30,511) | (11,475) |
Net cash used in investing activities | (726,811) | (432,377) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (289,767) | 380,035 |
Issuance of long-term debt | 750,000 | 0 |
Retirement of senior notes and senior debentures | (850,000) | (2,265) |
Debt issuance costs | (10,111) | (4,544) |
Issuance of MGM Growth Properties common stock in public offering | 571,838 | 0 |
MGM Growth Properties Class A share issuance costs | (23,447) | 0 |
Dividends paid to common shareholders | (69,799) | (67,999) |
Distributions to noncontrolling interest owners | (46,539) | (47,380) |
Purchases of common stock | 0 | (362,400) |
Other | (7,324) | (12,497) |
Net cash provided by (used in) financing activities | 24,851 | (117,050) |
Effect of exchange rate on cash | (1,180) | (2,830) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (303,358) | 25,407 |
Balance, beginning of period | 1,526,762 | 1,499,995 |
Balance, end of period | 1,223,404 | 1,525,402 |
Supplemental cash flow disclosures | ||
Interest paid, net of amounts capitalized | 209,347 | 168,404 |
Federal, state and foreign income taxes paid (received), net of refunds | (6,429) | 2,935 |
Empire City [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | $ (535,681) | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Empire City [Member] | Empire City MGP [Member] | Park MGM [Member] | Common Stock [Member] | Common Stock [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Common Stock [Member]Empire City [Member] | Common Stock [Member]Empire City MGP [Member] | Common Stock [Member]Park MGM [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Capital in Excess of Par Value [Member]Empire City [Member] | Capital in Excess of Par Value [Member]Empire City MGP [Member] | Capital in Excess of Par Value [Member]Park MGM [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Retained Earnings (Accumulated Deficit) [Member]Empire City [Member] | Retained Earnings (Accumulated Deficit) [Member]Empire City MGP [Member] | Retained Earnings (Accumulated Deficit) [Member]Park MGM [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Empire City [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Empire City MGP [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Park MGM [Member] | Total MGM Resorts International Stockholder's Equity [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Total MGM Resorts International Stockholder's Equity [Member]Empire City [Member] | Total MGM Resorts International Stockholder's Equity [Member]Empire City MGP [Member] | Total MGM Resorts International Stockholder's Equity [Member]Park MGM [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Non-Controlling Interests [Member]Empire City [Member] | Non-Controlling Interests [Member]Empire City MGP [Member] | Non-Controlling Interests [Member]Park MGM [Member] |
Beginning Balance at Dec. 31, 2017 | $ 11,611,124 | $ 5,663 | $ 5,357,709 | $ 2,217,299 | $ (3,610) | $ 7,577,061 | $ 4,034,063 | ||||||||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2017 | 566,276 | ||||||||||||||||||||||||||||||||||
Net income | 264,184 | $ 0 | 0 | 223,444 | 0 | 223,444 | 40,740 | ||||||||||||||||||||||||||||
Currency translation adjustment | (24,152) | 0 | 0 | 0 | (13,368) | (13,368) | (10,784) | ||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flowhedges | 13,856 | 0 | 0 | 0 | 9,498 | 9,498 | 4,358 | ||||||||||||||||||||||||||||
Stock-based compensation | 16,117 | 0 | 14,742 | 0 | 0 | 14,742 | 1,375 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (8,295) | $ 5 | (8,300) | 0 | 0 | (8,295) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 493 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (9,791) | $ (29,777) | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (9,791) | $ (29,777) | |||||||||||||||||||||
Dividends paid to common shareholders | (67,999) | 0 | 0 | (67,999) | 0 | (67,999) | 0 | ||||||||||||||||||||||||||||
Issuance of performance share units | 3,716 | 0 | 3,609 | 0 | 0 | 3,609 | 107 | ||||||||||||||||||||||||||||
Repurchase of common stock | (362,400) | $ (100) | (362,300) | 0 | 0 | (362,400) | 0 | ||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (10,000) | ||||||||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | (4,598) | $ 0 | (4,598) | 0 | 0 | (4,598) | 0 | ||||||||||||||||||||||||||||
Other | (1,614) | 0 | (904) | 0 | 0 | (904) | (710) | ||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2018 | 11,400,371 | $ 5,568 | 4,999,958 | 2,372,744 | (7,480) | 7,370,790 | 4,029,581 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Mar. 31, 2018 | 556,769 | ||||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2018 | 10,469,791 | $ 5,275 | 4,092,085 | 2,423,479 | (8,556) | 6,512,283 | 3,957,508 | ||||||||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2018 | 527,480 | ||||||||||||||||||||||||||||||||||
Net income | 63,932 | $ 0 | 0 | 31,297 | 0 | 31,297 | 32,635 | ||||||||||||||||||||||||||||
Currency translation adjustment | (12,405) | 0 | 0 | 0 | (6,906) | (6,906) | (5,499) | ||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flowhedges | (13,323) | 0 | 0 | 0 | (8,606) | (8,606) | (4,717) | ||||||||||||||||||||||||||||
Stock-based compensation | 32,136 | 0 | 30,950 | 0 | 0 | 30,950 | 1,186 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (4,275) | $ 3 | (4,278) | 0 | 0 | (4,275) | 0 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 305 | ||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (5,133) | (42,064) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,133) | (42,064) | |||||||||||||||||||||
Dividends paid to common shareholders | (69,799) | 0 | 0 | (69,799) | 0 | (69,799) | 0 | ||||||||||||||||||||||||||||
Issuance of performance share units | 1,546 | 0 | 1,546 | 0 | 0 | 1,546 | 0 | ||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | (3,825) | 0 | (3,825) | 0 | 0 | (3,825) | 0 | ||||||||||||||||||||||||||||
Acquisition | $ 265,765 | $ 94 | $ 265,671 | $ 0 | $ 0 | $ 265,765 | $ 0 | ||||||||||||||||||||||||||||
Acquisition transaction, shares | 9,371 | 0 | |||||||||||||||||||||||||||||||||
Acquisition transaction | $ 5,027 | $ 528 | $ 0 | $ 0 | $ (18,913) | $ (1,984) | $ 0 | $ 0 | $ 195 | $ 16 | $ (18,718) | $ (1,968) | $ 23,745 | $ 2,496 | |||||||||||||||||||||
Share issuance | $ 528,843 | $ 0 | $ 57,196 | $ 0 | $ (774) | $ 56,422 | $ 472,421 | ||||||||||||||||||||||||||||
Other | 1,121 | 0 | 2,015 | 0 | 23 | 2,038 | (917) | ||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2019 | $ 11,217,865 | $ 5,372 | $ 4,420,463 | $ 2,384,977 | $ (24,608) | $ 6,786,204 | $ 4,431,661 | ||||||||||||||||||||||||||||
Ending Balance, Shares at Mar. 31, 2019 | 537,156 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared to common shareholders | $ 0.13 | $ 0.12 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2019 | |
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, 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, MGM National Harbor in Prince George’s County, Maryland, and MGM Springfield in Springfield, Massachusetts. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns 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 substantially all of its assets are owned by and substantially all of its businesses are conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). 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. The Company and MGP’s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 10. As of March 31, 2019, the Company owned 69.8% of the Operating Partnership units, and MGP held the remaining 30.2% ownership interest in the Operating Partnership. Pursuant to a master lease agreement between a subsidiary of the Company (the “tenant”) and a subsidiary of the Operating Partnership (the “landlord”), the 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, Empire City, MGM National Harbor, and MGM Northfield Park (beginning April 1, 2019) from the landlord. In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino ("Empire City"). Subsequently, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. Refer to Note 3 for additional information. In March 2019, the Company entered into an amendment to the existing master lease with respect to investments made by the Company related to improvements at Park MGM and NoMad Las Vegas. Additionally, in April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), the entity that owned the operating assets associated with Hard Rock Rocksino Northfield Park (rebranded to MGM Northfield Park upon the Company’s acquisition), from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information on these transactions. 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 MGM Cotai, an integrated casino, hotel and entertainment resort located on the Cotai Strip in Macau, as well as the related gaming subconcession and land concessions. In March 2019, MGM Grand Paradise and its concessionaire, Sociedade de Jogos de Macau, S.A (“SJMSA”) entered into a Sub-Concession Extension Contract (the "Extension Agreement"), pursuant to which the gaming sub-concession of MGM Grand Paradise, which was due to expire on March 31, 2020, has been extended to June 26, 2022, which coincides with the current expiration date of all the other concessionaires and sub-concessionaires. 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. See Note 4 for additional information related to CityCenter. The Company and a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) each own 42.5% of the Las Vegas Arena Company, LLC (“Las Vegas Arena Company”), the entity which owns the T-Mobile Arena, and Athena Arena, LLC owns the remaining 15%. The Company also manages the T-Mobile Arena. Additionally, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company. See Note 4 for additional information regarding the Company’s investment in the Las Vegas Arena Company. The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 (“SEC”), 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 2018 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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 30.2% as of March 31, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of March 31, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $12.3 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.6 billion and $5.1 billion, respectively, primarily related to its indebtedness. 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. 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 standalone selling price 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 months ended March 31, 2019 and 2018, commissions and incentives provided to gaming customers were $602 million and $540 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. 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 2019 2018 2019 2018 2019 2018 (in thousands) Balance at January 1 $ 323,811 $ 597,753 $ 113,293 $ 91,119 $ 667,285 $ 539,626 Balance at March 31 307,912 779,242 119,033 93,459 613,764 492,599 Increase / (decrease) $ (15,899 ) $ 181,489 $ 5,740 $ 2,340 $ (53,521 ) $ (47,027 ) 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 11. Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. For leases with terms greater than twelve months, the operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also include any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company is a lessor under certain of its lease arrangements. Lease revenues earned by the Company from third-party tenants are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three months ended March 31, 2019 and 2018, lease revenues from third-party tenants include $12 million and $13 million recorded within food and beverage revenue, respectively, and $22 million and $21 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). 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 classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line rent expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019. Prior to the adoption of ASC 842 on January 1, 2019, the master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The master lease and its related accounting eliminates in consolidation. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 3 — ACQUISITIONS Empire City On January 29, 2019, the Company acquired the real property and operations associated with Empire City for total consideration of approximately $865 million, plus customary working capital and other adjustments (“Empire City Acquisition”). The fair value of consideration paid included the issuance of approximately $266 million of the Company’s common stock, the incurrence of a new bridge facility, 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 acquisition expands the Company’s presence in the northeast region and greater New York City market. Subsequent to the Company’s acquisition, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. See Note 12 for additional information. The Company recognized 100% of the assets and liabilities of Empire City at fair value on the date of acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The Company estimated fair value using both level 2 inputs, which are observable inputs for similar assets, and level 3 inputs, which are unobservable inputs. The allocation of fair value for substantially all of the assets and liabilities is preliminary and may be adjusted up to one year after the acquisition. Specifically, as of March 31, 2019, the Company is finalizing valuation work related to the assets and liabilities assumed as well as asset classes that comprise the property and equipment acquired. The following table sets forth the preliminary purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Property and equipment $ 645,733 Cash and cash equivalents 63,197 Racing and gaming license 128,000 Other intangible assets 51,000 Goodwill 183,312 Other assets 24,420 Deferred income taxes (145,328 ) Other liabilities (85,689 ) $ 864,645 The Company recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were preliminarily determined using methodologies under the income approach based on significant inputs that were not observable. The gaming license and trade name, which is included within other intangibles above, are indefinite-lived intangible assets and the customer lists acquired, included within other intangibles above, is amortized over its estimated useful life of four years. The goodwill is primarily attributable to the synergies expected to arise after the acquisition. Consolidated results. For the period from January 29, 2019 through March 31, 2019, Empire City’s net revenue was $37 million, operating income was $4 million and net income was $11 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations. Northfield On July 6, 2018, MGP completed its acquisition of 100% of the membership interests of Northfield. The financial results of Northfield have been included in the consolidated financial statements from the date of acquisition. As of March 31, 2019, the Company is finalizing valuation work related to the asset classes that comprise the property and equipment acquired. In April 2019, the Company subsequently acquired the membership interests of Northfield from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 4 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: March 31, December 31, 2019 2018 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 575,686 $ 589,965 Las Vegas Arena Company, LLC (42.5%) 74,607 73,540 Other 80,703 69,362 $ 730,996 $ 732,867 The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended March 31, 2019 2018 (In thousands) Income from unconsolidated affiliates $ 38,749 $ 31,766 Preopening and start-up expenses — (3,321 ) Non-operating items from unconsolidated affiliates (18,165 ) (9,010 ) $ 20,584 $ 19,435 CityCenter distributions. In March 2019, CityCenter paid a $64 million dividend, of which the Company received its 50% share, or approximately $32 million. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 5 — LONG-TERM DEBT Long-term debt consisted of the following: March 31, December 31, 2019 2018 (In thousands) Senior credit facility $ 1,070,000 $ 750,000 Operating Partnership senior credit facility 2,349,500 2,819,125 MGM China credit facility 2,287,904 2,433,562 $850 million 8.625% senior notes, due 2019 — 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 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 $750 million 5.75% Operating Partnership senior notes, due 2027 750,000 — $350 million 4.50% Operating Partnership senior notes, due 2028 350,000 350,000 $0.6 million 7% debentures, due 2036 552 552 14,857,956 15,253,239 Less: Premiums, discounts, and unamortized debt issuance costs, net (124,579 ) (121,823 ) 14,733,377 15,131,416 Less: Current portion (2,548 ) (43,411 ) $ 14,730,829 $ 15,088,005 Debt due within one year of the March 31, 2019 and December 31, 2018 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 $3 million and $43 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 March 31, 2019 and December 31, 2018, respectively. Senior credit facility. At March 31, 2019 , the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility . At March 31, 2019, $320 million was drawn on the revolving credit facility. At March 31, 2019, the interest rate on the term loan A was 4.75% and the interest rate on the revolving credit facility was 4.66%. The Company was in compliance with its credit facility covenants at March 31, 2019. Operating Partnership senior credit facility. At March 31, 2019, the Operating Partnership senior credit facility consisted of a $470 million term loan A facility, a $1.79 billion term loan B facility, and a $1.35 billion revolving credit facility. At March 31, 2019, $85 million was drawn on the revolving credit facility. At March 31, 2019, the interest rates on the term loan A facility and the term loan B facility were both 4.5%, and the interest rate on the revolving credit facility was 4.41%. The Operating Partnership was in compliance with its credit facility covenants at March 31, 2019. 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 March 31, 2019, 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. In December 2018, the Operating Partnership entered into additional interest rate swaps that have a notional amount of $400 million on which it will pay a fixed rate of 2.735% with the variable rate received resetting monthly to the one-month LIBOR with a floor of 0%. Such interest rate swaps will become effective on December 31, 2019. As of March 31, 2019, and December 31, 2018, the derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting. MGM China credit facility. At March 31, 2019, the MGM China credit facility consisted of $1.7 billion of term loans and a $1.0 billion revolving credit facility . MGM China permanently repaid $99 million of the term loan facilities in the three months ended March 31, 2019 in accordance with the scheduled amortization. At March 31, 2019, $599 million was drawn on the revolving credit facility. At March 31, 2019, the interest rates on the term loans and the revolving credit facility were 4.16% and 4.11%, respectively. MGM China was in compliance with its credit facility covenants at March 31, 2019. Bridge Facility. In connection with the Empire City transaction, the Company borrowed $246 million under a bridge facility, which was subsequently assumed by the Operating Partnership. The Operating Partnership repaid the bridge facility with a combination of cash on hand and a draw on its revolving credit facility, which was subsequently repaid with proceeds from its offering of its 5.75% senior notes due 2027, discussed below. Senior Notes. In April 2019, the Company issued $1.0 billion in aggregate principal amount of 5.50% senior notes due 2027. The Company primarily used the net proceeds from the offering to fund the purchase of $639 million in aggregate principal amount of its outstanding 6.75% senior notes due 2020 and $233 million in aggregate principal amount of its outstanding 5.25% senior notes due 2020 through cash tender offers. In February 2019, the Company repaid its $850 million 8.625% notes due 2019. Operating Partnership senior notes. In January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $15.2 billion and $15.1 billion at March 31, 2019 and December 31, 2018, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6 — 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 51.9% for the three months ended March 31, 2019 compared to a benefit of 47.2% in the prior year quarter. 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. MGM Grand Paradise was previously granted an exemption from the Macau 12% complementary tax on gaming profits through March 31, 2020 and, given the Extension Agreement entered into during the quarter, intends to apply for an extension of such exemption to June 26, 2022 to run concurrent with its extended sub-concession. Competitors of MGM Grand Paradise have received additional extensions of their complementary tax exemptions through June 26, 2022, which runs concurrent with the end of the term of their gaming concessions. The Company believes MGM Grand Paradise should also be entitled to such extension in order to ensure non-discriminatory treatment among gaming concessionaires and sub-concessionaires, a requirement under Macanese law. Based upon these developments, the Company re-measured the net deferred tax liability of MGM Grand Paradise assuming that it will receive an additional extension of its complementary tax exemption through June 26, 2022. This change in assumption resulted in a n et increase in deferred tax liabilities in the amount of $ 35 million , due to an increase in the valuation allowance on certain net operating loss deferred tax assets partially offset by a reduction in certain intangible deferred tax liabilities, and a corresponding income tax expense for the three months ended March 31, 2019. The Company recorded a $10 million increase in its valuation allowance on its foreign tax credit carryovers (“FTCs”) and a corresponding increase in its income tax expense for the three months ended March 31, 2019 based upon a revision of certain assumptions impacting the valuation allowance. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Significant judgment is required in assessing the need for a valuation allowance and future changes to these assumptions could result in material changes in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change. Further, the Empire City Acquisition required a re-measurement of existing state deferred tax liabilities resulting in a $10 million increase in deferred tax liabilities and a corresponding income tax expense for the three months ended March 31, 2019. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 7 — LEASES The Company leases the land underlying certain of its properties, real estate, and various equipment under operating and, to a lesser extent, finance lease arrangements. The Company’s master lease agreement with a subsidiary of MGP for certain real estate assets is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 12 for further discussion of the master lease. Lease expense for the three months ended March 31, 2019 includes operating lease cost of $24 million. Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): March 31, 2019 Supplemental balance sheet information (In thousands) Operating lease right-of-use assets $ 641,912 Operating lease obligation - short-term (recorded within "Other accrued liabilities") $ 62,946 Operating lease obligation - long-term 510,951 Total operating lease liabilities $ 573,897 Weighted-average remaining lease term (years) 37 Weighted-average discount rate (%) 7 Three Months Ended March 31, 2019 Supplemental cash flows information (In thousands) Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases $ 17,365 Maturities of operating lease liabilities were as follows: Year ending December 31, (In thousands) 2019 (excluding the three months ended March 31, 2019) $ 64,292 2020 86,977 2021 67,637 2022 53,833 2023 51,691 Thereafter 1,419,575 Total future minimum lease payments 1,744,005 Less: Amount of lease payments representing interest (1,170,108 ) Total $ 573,897 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 — 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, 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. Lawsuits were first filed in October 2017 and include actions originally filed in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. In June 2018, the Company removed to federal court all actions that remained pending in California and Nevada state courts. The Company also initiated declaratory relief actions in federal courts in various districts against individuals who had sued or stated an intent to sue. Additional lawsuits related to this incident may be filed in the future. Since February of 2019, the Company and counsel representing plaintiffs in all pending matters and purporting to represent substantially all claimants known to the Company (collectively, the “Claimants”) have been, and continue to be, engaged in mediation efforts to resolve these matters. After multiple mediation sessions over several months, progress has been made, and while mediation is ongoing, the Company believes it is reasonably possible that a settlement will be reached. The related litigation is stayed pending mediation (the “Mediation Stay”) and the Company agreed to toll the statute of limitations to May 15, 2020, with respect to the Claimants. Although the Company continues to believe it is not legally responsible for the perpetrator’s criminal acts, in the interest of avoiding protracted litigation and the related impact on the community, the Company believes it is reasonably possible that continued mediation communications will result in a settlement with respect to the Claimants of approximately $735 million, subject to and depending on obtaining a minimum level of participation with escalators based on greater participation increasing the amount payable up to $800 million in the event of 100% participation. The Company has $751 million of insurance coverage available to fund this potential settlement, which the Company’s insurers have agreed to fund. The Company intends for substantially all Claimants to be covered by the settlement, however, it remains possible that certain Claimants may not join the settlement and/or additional claims may be asserted. 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. If such a settlement is not consummated, the Mediation Stay will be lifted and the Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of any such 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 any such 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 would be 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. The insurance carriers have not expressed a reservation of rights or coverage defense that affects the Company’s evaluation of potential losses in connection with these claims. 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. 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 . 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 March 31, 2019, $12 million in letters of credit were outstanding under the Company’s senior credit facility. No letters of credit were outstanding under the Operating Partnership’s senior credit facility or MGM China’s credit facility at March 31, 2019. The amount of available borrowings under each of the credit facilities are reduced by any outstanding letters of credit. In connection with the Extension Agreement, MGM Grand Paradise is required to provide a bank guarantee in an amount not less than $101 million to the government of Macau within three months from the date of signing of the Extension Agreement to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022. |
Income Per Share of Common Stoc
Income Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Income Per Share of Common Stock | NOTE 9 — 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 March 31, 2019 2018 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 31,297 $ 223,444 Adjustment related to redeemable noncontrolling interests (3,825 ) (4,598 ) Net income available to common stockholders - basic 27,472 218,846 Potentially dilutive effect due to MGP and MGM China stock compensation plans (52 ) (165 ) Net income attributable to common stockholders - diluted $ 27,420 $ 218,681 Denominator: Weighted-average common shares outstanding - basic 534,219 564,832 Potential dilution from share-based awards 3,287 7,138 Weighted-average common and common equivalent shares - diluted 537,506 571,970 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,929 170 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 10 — STOCKHOLDERS’ EQUITY Empire City transaction. As further discussed in Note 12, in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration that included the issuance of approximately 13 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Empire City transaction, the Company indirectly owned 74.6% of the partnership units in the Operating Partnership. MGP Class A share issuance. In January 2019, MGP completed an offering of approximately 20 million of its Class A shares. In connection with the offering, the Operating Partnership issued 20 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to MGP’s issuance of the incremental shares, the Company indirectly owned 69.7% of the partnership units in the Operating Partnership. Park MGM Lease Transaction. As further discussed in Note 12, in March 2019, the Company and MGP completed the Park MGM Lease Transaction for which consideration included the issuance of approximately 1 million Operating Partnership units to a subsidiary of the Company. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance of the incremental shares, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership. Northfield OpCo transaction . As further discussed in Note 12, in April 2019, the Company acquired the membership interests of Northfield from MGP for consideration of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership and MGP retained the real estate assets. The Company will account for such transaction, which reduces its ownership in the Operating Partnership to 68.8%, within the second quarter 2019. MGM Resorts International dividends. On April 29, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on June 14, 2019 to holders of record on June 10, 2019. 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. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. 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 There were no repurchases made during the three months ended March 31, 2019. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.4 billion as of March 31, 2019. During the three months ended March 31, 2018, the Company repurchased 10 million shares of its common stock at $36.24 per share for an aggregate amount of $362 million. Repurchased shares were retired. 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, 2019 $ (18,872 ) $ 9,144 $ 1,172 $ (8,556 ) Other comprehensive income (loss) before reclassifications (12,405 ) (11,476 ) — (23,881 ) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense — (1,847 ) — (1,847 ) Empire City MGP transaction — — 195 195 MGP Class A share issuance — — (774 ) (774 ) Park MGM Transaction — — 16 16 Other — — 23 23 Other comprehensive income (loss), net of tax (12,405 ) (13,323 ) (540 ) (26,268 ) Less: Other comprehensive (income) loss attributable to noncontrolling interest 5,499 4,717 — 10,216 Balance, March 31, 2019 $ (25,778 ) $ 538 $ 632 $ (24,608 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 11 — 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 has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. Las Vegas Strip Resorts . Las Vegas Strip Resorts consists of the following casino resorts: Bellagio, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage, Luxor, New York-New York (including the Park), Excalibur, Park MGM (including NoMad Las Vegas) and Circus Circus Las Vegas. Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts (upon commencing operations in August 2018); and Empire City in Yonkers, New York (upon acquisition in January 2019). MGM China. MGM China consists of MGM Macau and MGM Cotai. The Company’s operations related to investments in unconsolidated affiliates, MGM Northfield Park (as the operations were owned by MGP until April 1, 2019), 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 and underlying operating segments . Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each operating segment, and before rent expense related to the master lease with MGP that eliminates in consolidation . Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, dep reciation and amortization, preopening and start-up expenses , restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), and property transactions, net. The following tables present the Company’s segment information: Three Months Ended March 31, 2019 2018 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 324,704 $ 372,820 Rooms 468,852 448,597 Food and beverage 365,522 339,509 Entertainment, retail and other 269,110 271,178 1,428,188 1,432,104 Regional Operations Casino 574,156 467,877 Rooms 71,798 71,049 Food and beverage 117,879 95,165 Entertainment, retail and other 40,112 32,477 803,945 666,568 MGM China Casino 663,565 550,595 Rooms 33,564 19,834 Food and beverage 30,713 20,737 Entertainment, retail and other 6,362 4,695 734,204 595,861 Reportable segment net revenues 2,966,337 2,694,533 Corporate and other 210,574 127,704 $ 3,176,911 $ 2,822,237 Adjusted Property EBITDA Las Vegas Strip Resorts $ 403,527 $ 449,154 Regional Operations 206,574 167,213 MGM China 190,790 151,751 Reportable segment Adjusted Property EBITDA 800,891 768,118 Other operating income (expense) Corporate and other (61,056 ) (66,724 ) Preopening and start-up expenses (3,287 ) (66,917 ) Property transactions, net (8,776 ) (5,898 ) Depreciation and amortization (316,414 ) (268,822 ) Restructuring (41,098 ) — Operating income 370,260 359,757 Non-operating income (expense) Interest expense, net of amounts capitalized (216,120 ) (167,909 ) Non-operating items from unconsolidated affiliates (18,165 ) (9,010 ) Other, net 1,693 (1,916 ) (232,592 ) (178,835 ) Income before income taxes 137,668 180,922 Benefit (provision) for income taxes (71,511 ) 85,379 Net income 66,157 266,301 Less: Net income attributable to noncontrolling interests (34,860 ) (42,857 ) Net income attributable to MGM Resorts International $ 31,297 $ 223,444 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 12 — 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 $5 million and $10 million during the three months ended March 31, 2019 and 2018, 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, Empire City, MGM National Harbor, and MGM Northfield Park (beginning April 1, 2019) from the landlord. Subsequent to the Company completing its acquisition of Empire City in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration of approximately $634 million, which included the assumption of debt of approximately $246 million, which was immediately repaid, and the remaining paid through the issuance of Operating Partnership units. The real estate assets of Empire City are leased to the Company pursuant to an amendment to the master lease, increasing the annual rent payment to MGP by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. In addition, the master lease provides the landlord with a right of first offer with respect to certain undeveloped land adjacent to the property to the extent the Company develops additional gaming facilities, which the landlord may exercise should the Company elect to sell this property in the future. On March 7, 2019, the tenant entered into an amendment to the existing master lease with respect to investments made by the Company related to the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). In connection with the transaction, the Company received consideration of $638 million, of which approximately $606 million was paid in cash and the remaining paid through the issuance of Operating Partnership units. Additionally, the annual rent payment to MGP was increased by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. Additionally, on April 1, 2019, the Company acquired the membership interests of Northfield from MGP, which held the operations of Northfield, for fair value of consideration of approximately $301 million consisting of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership, and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, which was then added to the existing master lease between the landlord and tenant, increasing the annual rent payment to MGP by $60 million. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. The addition of Empire City and the Park MGM Lease Transaction in January 2019 and March 2019, respectively, increased annual rent payments associated with the master lease for the third lease year to $870 million from $770 million. All intercompany transactions, including transactions under the master lease and those described above, 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 | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | NOTE 13 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of March 31, 2019, all of the Company’s principal debt arrangements are guaranteed by each of its material domestic subsidiaries, other than MGP and the Operating Partnership, MGM Grand Detroit, MGM National Harbor, MGM Springfield, 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 March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 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. Prior to the adoption of ASC 842 on January 1, 2019, for these subsidiaries, such investment constituted continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the master lease did not qualify for sale-leaseback accounting. The real estate assets were 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 were also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore included the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. As such, the real estate assets, finance liabilities, and related interest expense component of rent payments are no longer reflected in the results of the applicable MGM subsidiaries. Instead, the real estate assets are now only reflected on the balance sheet of the MGP subsidiary that received such assets and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets with the related rental payment reflected within “general and administrative” expense within the condensed consolidating financial information. CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At March 31, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 97,072 $ 1,191,305 $ 96,294 $ 831,700 $ (9,236 ) $ 2,207,135 Property and equipment, net — 5,410,421 11,073,152 4,723,488 (10,623 ) 21,196,438 Investments in subsidiaries 23,226,988 3,825,369 — — (27,052,357 ) — Investments in the MGP Operating Partnership — 4,009,946 — 800,043 (4,809,989 ) — Investments in and advances to unconsolidated affiliates — 674,971 — 31,025 25,000 730,996 Intercompany accounts — 7,923,254 — — (7,923,254 ) — Other non-current assets 69,974 9,408,598 1,157,239 7,175,104 (10,798,563 ) 7,012,352 $ 23,394,034 $ 32,443,864 $ 12,326,685 $ 13,561,360 $ (50,579,022 ) $ 31,146,921 Current liabilities $ 141,224 $ 1,651,470 $ 215,806 $ 1,071,687 $ (267,509 ) $ 2,812,678 Intercompany accounts 7,745,873 — 425 176,956 (7,923,254 ) — Deferred income taxes, net 1,150,071 145,328 34,642 266,610 (29,720 ) 1,566,931 Long-term debt, net 7,528,352 569 4,939,702 2,262,206 — 14,730,829 Other non-current liabilities 42,310 8,745,547 419,193 2,332,678 (10,820,448 ) 719,280 Total liabilities 16,607,830 10,542,914 5,609,768 6,110,137 (19,040,931 ) 19,829,718 Redeemable noncontrolling interests — — — 99,338 — 99,338 MGM Resorts International stockholders' equity 6,786,204 21,899,513 4,679,335 4,959,652 (31,538,500 ) 6,786,204 Noncontrolling interests — 1,437 2,037,582 2,392,233 409 4,431,661 Total stockholders' equity 6,786,204 21,900,950 6,716,917 7,351,885 (31,538,091 ) 11,217,865 $ 23,394,034 $ 32,443,864 $ 12,326,685 $ 13,561,360 $ (50,579,022 ) $ 31,146,921 At December 31, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 304,741 $ 1,178,696 $ 78,222 $ 972,820 $ (7,701 ) $ 2,526,778 Property and equipment, net — 13,564,979 10,526,520 6,392,014 (9,753,625 ) 20,729,888 Investments in subsidiaries 22,419,282 3,401,031 — — (25,820,313 ) — Investments in the MGP Operating Partnership — 3,434,602 — 831,494 (4,266,096 ) — Investments in and advances to unconsolidated affiliates — 678,748 — 29,119 25,000 732,867 Intercompany accounts — 7,135,263 — — (7,135,263 ) — Other non-current assets 67,214 917,537 346,565 4,932,872 (43,015 ) 6,221,173 $ 22,791,237 $ 30,310,856 $ 10,951,307 $ 13,158,319 $ (47,001,013 ) $ 30,210,706 Current liabilities $ 154,484 $ 1,617,675 $ 189,247 $ 1,224,752 $ (237,276 ) $ 2,948,882 Intercompany accounts 6,932,325 — 307 202,631 (7,135,263 ) — Deferred income taxes, net 1,097,654 — 33,634 240,970 (29,720 ) 1,342,538 Long-term debt, net 8,055,472 570 4,666,949 2,365,014 — 15,088,005 Other non-current liabilities 39,019 7,210,897 215,664 2,247,584 (9,453,924 ) 259,240 Total liabilities 16,278,954 8,829,142 5,105,801 6,280,951 (16,856,183 ) 19,638,665 Redeemable noncontrolling interests — — — 102,250 — 102,250 MGM Resorts International stockholders' equity 6,512,283 21,481,714 4,279,535 4,383,581 (30,144,830 ) 6,512,283 Noncontrolling interests — — 1,565,971 2,391,537 — 3,957,508 Total stockholders' equity 6,512,283 21,481,714 5,845,506 6,775,118 (30,144,830 ) 10,469,791 $ 22,791,237 $ 30,310,856 $ 10,951,307 $ 13,158,319 $ (47,001,013 ) $ 30,210,706 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended March 31, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 1,936,286 $ 271,264 $ 1,172,785 $ (203,424 ) $ 3,176,911 Equity in subsidiaries' earnings 259,299 40,097 — — (299,396 ) — Expenses Casino and hotel operations 2,459 1,104,372 44,929 721,638 (11,023 ) 1,862,375 General and administrative 16,485 522,007 5,920 188,949 (208,249 ) 525,112 Corporate expense 58,775 53,007 13,029 4,625 — 129,436 Preopening and start-up expenses — 1,214 — 2,073 — 3,287 Property transactions, net — 7,814 1,113 (204 ) 53 8,776 Depreciation and amortization — 101,646 75,009 141,162 (1,403 ) 316,414 77,719 1,790,060 140,000 1,058,243 (220,622 ) 2,845,400 Income from unconsolidated affiliates — 37,055 — 1,694 — 38,749 Operating income 181,580 223,378 131,264 116,236 (282,198 ) 370,260 Interest expense, net of amounts capitalized (126,653 ) (208 ) (63,948 ) (25,311 ) — (216,120 ) Other non-operating, net 18,626 85,214 1,709 2,464 (124,485 ) (16,472 ) Income before income taxes 73,553 308,384 69,025 93,389 (406,683 ) 137,668 Provision for income taxes (42,256 ) (5 ) (2,661 ) (26,589 ) — (71,511 ) Net income 31,297 308,379 66,364 66,800 (406,683 ) 66,157 Less: Net income attributable to noncontrolling interests — (1,437 ) (19,955 ) (13,061 ) (407 ) (34,860 ) Net income attributable to MGM Resorts International $ 31,297 $ 306,942 $ 46,409 $ 53,739 $ (407,090 ) $ 31,297 Net income $ 31,297 $ 308,379 $ 66,364 $ 66,800 $ (406,683 ) $ 66,157 Other comprehensive loss, net of tax: Foreign currency translation adjustment (6,906 ) (6,906 ) — (12,405 ) 13,812 (12,405 ) Unrealized loss on cash flow hedges (8,606 ) — (15,612 ) — 10,895 (13,323 ) Other comprehensive loss (15,512 ) (6,906 ) (15,612 ) (12,405 ) 24,707 (25,728 ) Comprehensive income 15,785 301,473 50,752 54,395 (381,976 ) 40,429 Less: Comprehensive income attributable to noncontrolling interests — — (15,238 ) (9,406 ) — (24,644 ) Comprehensive income attributable to MGM Resorts International $ 15,785 $ 301,473 $ 35,514 $ 44,989 $ (381,976 ) $ 15,785 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 2019 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 $ (107,623 ) $ 782,436 $ (439,533 ) $ 164,502 $ — $ 399,782 Cash flows from investing activities Capital expenditures, net of construction payable — (108,690 ) (12 ) (74,550 ) — (183,252 ) Dispositions of property and equipment — 273 — 68 — 341 Acquisition of Empire City Casino, net of cash acquired — (535,681 ) — — — (535,681 ) Investments in unconsolidated affiliates — (9,558 ) — — — (9,558 ) Distributions from unconsolidated affiliates — 31,850 — — — 31,850 Intercompany accounts — (787,991 ) — — 787,991 — Other — (3,500 ) — (27,011 ) — (30,511 ) Net cash used in investing activities — (1,413,297 ) (12 ) (101,493 ) 787,991 (726,811 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less 320,000 245,950 (715,575 ) (140,142 ) — (289,767 ) Issuance of long-term debt — — 750,000 — — 750,000 Retirement of senior notes (850,000 ) — — — — (850,000 ) Debt issuance costs (128 ) — (9,983 ) — — (10,111 ) Issuance of MGM Growth Properties common stock in public offering — — 571,838 — — 571,838 MGM Growth Properties Class A share issuance costs — — (23,447 ) — — (23,447 ) MGP dividends paid to consolidated subsidiaries — — (87,322 ) — 87,322 — Dividends paid to common shareholders (69,799 ) — — — — (69,799 ) Distributions to noncontrolling interest owners — — (31,733 ) (14,806 ) — (46,539 ) Intercompany accounts 523,231 407,838 — (55,756 ) (875,313 ) — Other (5,073 ) (2,198 ) — (53 ) — (7,324 ) Net cash provided by (used in) financing activities (81,769 ) 651,590 453,778 (210,757 ) (787,991 ) 24,851 Effect of exchange rate on cash — — — (1,180 ) — (1,180 ) Cash and cash equivalents Net increase (decrease) for the period (189,392 ) 20,729 14,233 (148,928 ) — (303,358 ) Balance, beginning of period 259,738 389,601 59,817 817,606 — 1,526,762 Balance, end of period $ 70,346 $ 410,330 $ 74,050 $ 668,678 $ — $ 1,223,404 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended March 31, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 1,889,793 $ 215,839 $ 932,947 $ (216,342 ) $ 2,822,237 Equity in subsidiaries' earnings 328,267 44,535 — — (372,802 ) — Expenses Casino and hotel operations 2,715 1,050,019 — 582,979 (503 ) 1,635,210 General and administrative 2,350 310,850 22,499 104,690 (22,499 ) 417,890 Corporate expense 39,301 50,407 10,481 5,352 (6,032 ) 99,509 Preopening and start-up expenses — 6,742 — 60,175 — 66,917 Property transactions, net — 5,142 4,086 756 (4,086 ) 5,898 Depreciation and amortization — 156,647 68,991 112,148 (68,964 ) 268,822 44,366 1,579,807 106,057 866,100 (102,084 ) 2,494,246 Income from unconsolidated affiliates — 31,632 — 134 — 31,766 Operating income 283,901 386,153 109,782 66,981 (487,060 ) 359,757 Interest expense, net of amounts capitalized (109,558 ) (137 ) (49,230 ) (8,984 ) — (167,909 ) Other non-operating, net 15,772 (107,950 ) (1,152 ) (46,687 ) 129,091 (10,926 ) Income before income taxes 190,115 278,066 59,400 11,310 (357,969 ) 180,922 Benefit (provision) for income taxes 33,329 — (1,231 ) 53,281 — 85,379 Net income 223,444 278,066 58,169 64,591 (357,969 ) 266,301 Less: Net income attributable to noncontrolling interests — — (15,830 ) (27,027 ) — (42,857 ) Net income attributable to MGM Resorts International $ 223,444 $ 278,066 $ 42,339 $ 37,564 $ (357,969 ) $ 223,444 Net income $ 223,444 $ 278,066 $ 58,169 $ 64,591 $ (357,969 ) $ 266,301 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (13,368 ) (13,368 ) — (24,152 ) 26,736 (24,152 ) Unrealized gain on cash flow hedges 9,498 — 16,355 — (11,997 ) 13,856 Other comprehensive income (loss) (3,870 ) (13,368 ) 16,355 (24,152 ) 14,739 (10,296 ) Comprehensive income 219,574 264,698 74,524 40,439 (343,230 ) 256,005 Less: Comprehensive income attributable to noncontrolling interests — — (20,188 ) (16,243 ) — (36,431 ) Comprehensive income attributable to MGM Resorts International $ 219,574 $ 264,698 $ 54,336 $ 24,196 $ (343,230 ) $ 219,574 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 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 $ (157,092 ) $ 237,173 $ 145,224 $ 352,359 $ — $ 577,664 Cash flows from investing activities Capital expenditures, net of construction payable — (181,743 ) (177 ) (236,704 ) — (418,624 ) Dispositions of property and equipment — 220 — 5 — 225 Investments in unconsolidated affiliates — (2,503 ) — — — (2,503 ) Intercompany accounts — (102,195 ) — — 102,195 — Other — (9,937 ) — (1,538 ) — (11,475 ) Net cash used in investing activities — (296,158 ) (177 ) (238,237 ) 102,195 (432,377 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 516,875 — (8,375 ) (128,465 ) — 380,035 Retirement of senior notes — (2,265 ) — — — (2,265 ) Debt issuance costs — — (4,544 ) — — (4,544 ) MGP dividends paid to consolidated subsidiaries — — (81,956 ) — 81,956 — Dividends paid to common shareholders (67,999 ) — — — — (67,999 ) Distributions to noncontrolling interest owners — — (29,777 ) (17,603 ) — (47,380 ) Purchases of common stock (362,400 ) — — — — (362,400 ) Intercompany accounts 111,580 26,042 — 46,529 (184,151 ) — Other (8,297 ) (2,793 ) — (1,407 ) — (12,497 ) Net cash provided by (used in) financing activities 189,759 20,984 (124,652 ) (100,946 ) (102,195 ) (117,050 ) Effect of exchange rate on cash — — — (2,830 ) — (2,830 ) Cash and cash equivalents Net increase (decrease) for the period 32,667 (38,001 ) 20,395 10,346 — 25,407 Balance, beginning of period 26,870 311,043 259,722 902,360 — 1,499,995 Balance, end of period $ 59,537 $ 273,042 $ 280,117 $ 912,706 $ — $ 1,525,402 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), 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 2018 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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 30.2% as of March 31, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of March 31, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $12.3 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.6 billion and $5.1 billion, respectively, primarily related to its indebtedness. |
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. 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 standalone selling price 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 months ended March 31, 2019 and 2018, commissions and incentives provided to gaming customers were $602 million and $540 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. 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 2019 2018 2019 2018 2019 2018 (in thousands) Balance at January 1 $ 323,811 $ 597,753 $ 113,293 $ 91,119 $ 667,285 $ 539,626 Balance at March 31 307,912 779,242 119,033 93,459 613,764 492,599 Increase / (decrease) $ (15,899 ) $ 181,489 $ 5,740 $ 2,340 $ (53,521 ) $ (47,027 ) 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 11. Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. For leases with terms greater than twelve months, the operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also include any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. The Company is a lessor under certain of its lease arrangements. Lease revenues earned by the Company from third-party tenants are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three months ended March 31, 2019 and 2018, lease revenues from third-party tenants include $12 million and $13 million recorded within food and beverage revenue, respectively, and $22 million and $21 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. |
Recently issued accounting standards | Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). 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 classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line rent expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019. Prior to the adoption of ASC 842 on January 1, 2019, the master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The master lease and its related accounting eliminates in consolidation. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
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 2019 2018 2019 2018 2019 2018 (in thousands) Balance at January 1 $ 323,811 $ 597,753 $ 113,293 $ 91,119 $ 667,285 $ 539,626 Balance at March 31 307,912 779,242 119,033 93,459 613,764 492,599 Increase / (decrease) $ (15,899 ) $ 181,489 $ 5,740 $ 2,340 $ (53,521 ) $ (47,027 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The following table sets forth the preliminary purchase price allocation (in thousands): Fair value of assets acquired and liabilities assumed: Property and equipment $ 645,733 Cash and cash equivalents 63,197 Racing and gaming license 128,000 Other intangible assets 51,000 Goodwill 183,312 Other assets 24,420 Deferred income taxes (145,328 ) Other liabilities (85,689 ) $ 864,645 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, December 31, 2019 2018 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 575,686 $ 589,965 Las Vegas Arena Company, LLC (42.5%) 74,607 73,540 Other 80,703 69,362 $ 730,996 $ 732,867 |
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 March 31, 2019 2018 (In thousands) Income from unconsolidated affiliates $ 38,749 $ 31,766 Preopening and start-up expenses — (3,321 ) Non-operating items from unconsolidated affiliates (18,165 ) (9,010 ) $ 20,584 $ 19,435 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: March 31, December 31, 2019 2018 (In thousands) Senior credit facility $ 1,070,000 $ 750,000 Operating Partnership senior credit facility 2,349,500 2,819,125 MGM China credit facility 2,287,904 2,433,562 $850 million 8.625% senior notes, due 2019 — 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 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 $750 million 5.75% Operating Partnership senior notes, due 2027 750,000 — $350 million 4.50% Operating Partnership senior notes, due 2028 350,000 350,000 $0.6 million 7% debentures, due 2036 552 552 14,857,956 15,253,239 Less: Premiums, discounts, and unamortized debt issuance costs, net (124,579 ) (121,823 ) 14,733,377 15,131,416 Less: Current portion (2,548 ) (43,411 ) $ 14,730,829 $ 15,088,005 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): March 31, 2019 Supplemental balance sheet information (In thousands) Operating lease right-of-use assets $ 641,912 Operating lease obligation - short-term (recorded within "Other accrued liabilities") $ 62,946 Operating lease obligation - long-term 510,951 Total operating lease liabilities $ 573,897 Weighted-average remaining lease term (years) 37 Weighted-average discount rate (%) 7 |
Schedule of Supplemental Cash Flows Information Related to Operating Leases | Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): Three Months Ended March 31, 2019 Supplemental cash flows information (In thousands) Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases $ 17,365 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows: Year ending December 31, (In thousands) 2019 (excluding the three months ended March 31, 2019) $ 64,292 2020 86,977 2021 67,637 2022 53,833 2023 51,691 Thereafter 1,419,575 Total future minimum lease payments 1,744,005 Less: Amount of lease payments representing interest (1,170,108 ) Total $ 573,897 |
Income Per Share of Common St_2
Income Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 (In thousands) Numerator: Net income attributable to MGM Resorts International $ 31,297 $ 223,444 Adjustment related to redeemable noncontrolling interests (3,825 ) (4,598 ) Net income available to common stockholders - basic 27,472 218,846 Potentially dilutive effect due to MGP and MGM China stock compensation plans (52 ) (165 ) Net income attributable to common stockholders - diluted $ 27,420 $ 218,681 Denominator: Weighted-average common shares outstanding - basic 534,219 564,832 Potential dilution from share-based awards 3,287 7,138 Weighted-average common and common equivalent shares - diluted 537,506 571,970 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,929 170 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Balance of 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, 2019 $ (18,872 ) $ 9,144 $ 1,172 $ (8,556 ) Other comprehensive income (loss) before reclassifications (12,405 ) (11,476 ) — (23,881 ) Amounts reclassified from accumulated other comprehensive income (loss) to interest expense — (1,847 ) — (1,847 ) Empire City MGP transaction — — 195 195 MGP Class A share issuance — — (774 ) (774 ) Park MGM Transaction — — 16 16 Other — — 23 23 Other comprehensive income (loss), net of tax (12,405 ) (13,323 ) (540 ) (26,268 ) Less: Other comprehensive (income) loss attributable to noncontrolling interest 5,499 4,717 — 10,216 Balance, March 31, 2019 $ (25,778 ) $ 538 $ 632 $ (24,608 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Three Months Ended March 31, 2019 2018 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 324,704 $ 372,820 Rooms 468,852 448,597 Food and beverage 365,522 339,509 Entertainment, retail and other 269,110 271,178 1,428,188 1,432,104 Regional Operations Casino 574,156 467,877 Rooms 71,798 71,049 Food and beverage 117,879 95,165 Entertainment, retail and other 40,112 32,477 803,945 666,568 MGM China Casino 663,565 550,595 Rooms 33,564 19,834 Food and beverage 30,713 20,737 Entertainment, retail and other 6,362 4,695 734,204 595,861 Reportable segment net revenues 2,966,337 2,694,533 Corporate and other 210,574 127,704 $ 3,176,911 $ 2,822,237 Adjusted Property EBITDA Las Vegas Strip Resorts $ 403,527 $ 449,154 Regional Operations 206,574 167,213 MGM China 190,790 151,751 Reportable segment Adjusted Property EBITDA 800,891 768,118 Other operating income (expense) Corporate and other (61,056 ) (66,724 ) Preopening and start-up expenses (3,287 ) (66,917 ) Property transactions, net (8,776 ) (5,898 ) Depreciation and amortization (316,414 ) (268,822 ) Restructuring (41,098 ) — Operating income 370,260 359,757 Non-operating income (expense) Interest expense, net of amounts capitalized (216,120 ) (167,909 ) Non-operating items from unconsolidated affiliates (18,165 ) (9,010 ) Other, net 1,693 (1,916 ) (232,592 ) (178,835 ) Income before income taxes 137,668 180,922 Benefit (provision) for income taxes (71,511 ) 85,379 Net income 66,157 266,301 Less: Net income attributable to noncontrolling interests (34,860 ) (42,857 ) Net income attributable to MGM Resorts International $ 31,297 $ 223,444 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At March 31, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 97,072 $ 1,191,305 $ 96,294 $ 831,700 $ (9,236 ) $ 2,207,135 Property and equipment, net — 5,410,421 11,073,152 4,723,488 (10,623 ) 21,196,438 Investments in subsidiaries 23,226,988 3,825,369 — — (27,052,357 ) — Investments in the MGP Operating Partnership — 4,009,946 — 800,043 (4,809,989 ) — Investments in and advances to unconsolidated affiliates — 674,971 — 31,025 25,000 730,996 Intercompany accounts — 7,923,254 — — (7,923,254 ) — Other non-current assets 69,974 9,408,598 1,157,239 7,175,104 (10,798,563 ) 7,012,352 $ 23,394,034 $ 32,443,864 $ 12,326,685 $ 13,561,360 $ (50,579,022 ) $ 31,146,921 Current liabilities $ 141,224 $ 1,651,470 $ 215,806 $ 1,071,687 $ (267,509 ) $ 2,812,678 Intercompany accounts 7,745,873 — 425 176,956 (7,923,254 ) — Deferred income taxes, net 1,150,071 145,328 34,642 266,610 (29,720 ) 1,566,931 Long-term debt, net 7,528,352 569 4,939,702 2,262,206 — 14,730,829 Other non-current liabilities 42,310 8,745,547 419,193 2,332,678 (10,820,448 ) 719,280 Total liabilities 16,607,830 10,542,914 5,609,768 6,110,137 (19,040,931 ) 19,829,718 Redeemable noncontrolling interests — — — 99,338 — 99,338 MGM Resorts International stockholders' equity 6,786,204 21,899,513 4,679,335 4,959,652 (31,538,500 ) 6,786,204 Noncontrolling interests — 1,437 2,037,582 2,392,233 409 4,431,661 Total stockholders' equity 6,786,204 21,900,950 6,716,917 7,351,885 (31,538,091 ) 11,217,865 $ 23,394,034 $ 32,443,864 $ 12,326,685 $ 13,561,360 $ (50,579,022 ) $ 31,146,921 At December 31, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 304,741 $ 1,178,696 $ 78,222 $ 972,820 $ (7,701 ) $ 2,526,778 Property and equipment, net — 13,564,979 10,526,520 6,392,014 (9,753,625 ) 20,729,888 Investments in subsidiaries 22,419,282 3,401,031 — — (25,820,313 ) — Investments in the MGP Operating Partnership — 3,434,602 — 831,494 (4,266,096 ) — Investments in and advances to unconsolidated affiliates — 678,748 — 29,119 25,000 732,867 Intercompany accounts — 7,135,263 — — (7,135,263 ) — Other non-current assets 67,214 917,537 346,565 4,932,872 (43,015 ) 6,221,173 $ 22,791,237 $ 30,310,856 $ 10,951,307 $ 13,158,319 $ (47,001,013 ) $ 30,210,706 Current liabilities $ 154,484 $ 1,617,675 $ 189,247 $ 1,224,752 $ (237,276 ) $ 2,948,882 Intercompany accounts 6,932,325 — 307 202,631 (7,135,263 ) — Deferred income taxes, net 1,097,654 — 33,634 240,970 (29,720 ) 1,342,538 Long-term debt, net 8,055,472 570 4,666,949 2,365,014 — 15,088,005 Other non-current liabilities 39,019 7,210,897 215,664 2,247,584 (9,453,924 ) 259,240 Total liabilities 16,278,954 8,829,142 5,105,801 6,280,951 (16,856,183 ) 19,638,665 Redeemable noncontrolling interests — — — 102,250 — 102,250 MGM Resorts International stockholders' equity 6,512,283 21,481,714 4,279,535 4,383,581 (30,144,830 ) 6,512,283 Noncontrolling interests — — 1,565,971 2,391,537 — 3,957,508 Total stockholders' equity 6,512,283 21,481,714 5,845,506 6,775,118 (30,144,830 ) 10,469,791 $ 22,791,237 $ 30,310,856 $ 10,951,307 $ 13,158,319 $ (47,001,013 ) $ 30,210,706 |
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 March 31, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 1,936,286 $ 271,264 $ 1,172,785 $ (203,424 ) $ 3,176,911 Equity in subsidiaries' earnings 259,299 40,097 — — (299,396 ) — Expenses Casino and hotel operations 2,459 1,104,372 44,929 721,638 (11,023 ) 1,862,375 General and administrative 16,485 522,007 5,920 188,949 (208,249 ) 525,112 Corporate expense 58,775 53,007 13,029 4,625 — 129,436 Preopening and start-up expenses — 1,214 — 2,073 — 3,287 Property transactions, net — 7,814 1,113 (204 ) 53 8,776 Depreciation and amortization — 101,646 75,009 141,162 (1,403 ) 316,414 77,719 1,790,060 140,000 1,058,243 (220,622 ) 2,845,400 Income from unconsolidated affiliates — 37,055 — 1,694 — 38,749 Operating income 181,580 223,378 131,264 116,236 (282,198 ) 370,260 Interest expense, net of amounts capitalized (126,653 ) (208 ) (63,948 ) (25,311 ) — (216,120 ) Other non-operating, net 18,626 85,214 1,709 2,464 (124,485 ) (16,472 ) Income before income taxes 73,553 308,384 69,025 93,389 (406,683 ) 137,668 Provision for income taxes (42,256 ) (5 ) (2,661 ) (26,589 ) — (71,511 ) Net income 31,297 308,379 66,364 66,800 (406,683 ) 66,157 Less: Net income attributable to noncontrolling interests — (1,437 ) (19,955 ) (13,061 ) (407 ) (34,860 ) Net income attributable to MGM Resorts International $ 31,297 $ 306,942 $ 46,409 $ 53,739 $ (407,090 ) $ 31,297 Net income $ 31,297 $ 308,379 $ 66,364 $ 66,800 $ (406,683 ) $ 66,157 Other comprehensive loss, net of tax: Foreign currency translation adjustment (6,906 ) (6,906 ) — (12,405 ) 13,812 (12,405 ) Unrealized loss on cash flow hedges (8,606 ) — (15,612 ) — 10,895 (13,323 ) Other comprehensive loss (15,512 ) (6,906 ) (15,612 ) (12,405 ) 24,707 (25,728 ) Comprehensive income 15,785 301,473 50,752 54,395 (381,976 ) 40,429 Less: Comprehensive income attributable to noncontrolling interests — — (15,238 ) (9,406 ) — (24,644 ) Comprehensive income attributable to MGM Resorts International $ 15,785 $ 301,473 $ 35,514 $ 44,989 $ (381,976 ) $ 15,785 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended March 31, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 1,889,793 $ 215,839 $ 932,947 $ (216,342 ) $ 2,822,237 Equity in subsidiaries' earnings 328,267 44,535 — — (372,802 ) — Expenses Casino and hotel operations 2,715 1,050,019 — 582,979 (503 ) 1,635,210 General and administrative 2,350 310,850 22,499 104,690 (22,499 ) 417,890 Corporate expense 39,301 50,407 10,481 5,352 (6,032 ) 99,509 Preopening and start-up expenses — 6,742 — 60,175 — 66,917 Property transactions, net — 5,142 4,086 756 (4,086 ) 5,898 Depreciation and amortization — 156,647 68,991 112,148 (68,964 ) 268,822 44,366 1,579,807 106,057 866,100 (102,084 ) 2,494,246 Income from unconsolidated affiliates — 31,632 — 134 — 31,766 Operating income 283,901 386,153 109,782 66,981 (487,060 ) 359,757 Interest expense, net of amounts capitalized (109,558 ) (137 ) (49,230 ) (8,984 ) — (167,909 ) Other non-operating, net 15,772 (107,950 ) (1,152 ) (46,687 ) 129,091 (10,926 ) Income before income taxes 190,115 278,066 59,400 11,310 (357,969 ) 180,922 Benefit (provision) for income taxes 33,329 — (1,231 ) 53,281 — 85,379 Net income 223,444 278,066 58,169 64,591 (357,969 ) 266,301 Less: Net income attributable to noncontrolling interests — — (15,830 ) (27,027 ) — (42,857 ) Net income attributable to MGM Resorts International $ 223,444 $ 278,066 $ 42,339 $ 37,564 $ (357,969 ) $ 223,444 Net income $ 223,444 $ 278,066 $ 58,169 $ 64,591 $ (357,969 ) $ 266,301 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (13,368 ) (13,368 ) — (24,152 ) 26,736 (24,152 ) Unrealized gain on cash flow hedges 9,498 — 16,355 — (11,997 ) 13,856 Other comprehensive income (loss) (3,870 ) (13,368 ) 16,355 (24,152 ) 14,739 (10,296 ) Comprehensive income 219,574 264,698 74,524 40,439 (343,230 ) 256,005 Less: Comprehensive income attributable to noncontrolling interests — — (20,188 ) (16,243 ) — (36,431 ) Comprehensive income attributable to MGM Resorts International $ 219,574 $ 264,698 $ 54,336 $ 24,196 $ (343,230 ) $ 219,574 |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 2019 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 $ (107,623 ) $ 782,436 $ (439,533 ) $ 164,502 $ — $ 399,782 Cash flows from investing activities Capital expenditures, net of construction payable — (108,690 ) (12 ) (74,550 ) — (183,252 ) Dispositions of property and equipment — 273 — 68 — 341 Acquisition of Empire City Casino, net of cash acquired — (535,681 ) — — — (535,681 ) Investments in unconsolidated affiliates — (9,558 ) — — — (9,558 ) Distributions from unconsolidated affiliates — 31,850 — — — 31,850 Intercompany accounts — (787,991 ) — — 787,991 — Other — (3,500 ) — (27,011 ) — (30,511 ) Net cash used in investing activities — (1,413,297 ) (12 ) (101,493 ) 787,991 (726,811 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less 320,000 245,950 (715,575 ) (140,142 ) — (289,767 ) Issuance of long-term debt — — 750,000 — — 750,000 Retirement of senior notes (850,000 ) — — — — (850,000 ) Debt issuance costs (128 ) — (9,983 ) — — (10,111 ) Issuance of MGM Growth Properties common stock in public offering — — 571,838 — — 571,838 MGM Growth Properties Class A share issuance costs — — (23,447 ) — — (23,447 ) MGP dividends paid to consolidated subsidiaries — — (87,322 ) — 87,322 — Dividends paid to common shareholders (69,799 ) — — — — (69,799 ) Distributions to noncontrolling interest owners — — (31,733 ) (14,806 ) — (46,539 ) Intercompany accounts 523,231 407,838 — (55,756 ) (875,313 ) — Other (5,073 ) (2,198 ) — (53 ) — (7,324 ) Net cash provided by (used in) financing activities (81,769 ) 651,590 453,778 (210,757 ) (787,991 ) 24,851 Effect of exchange rate on cash — — — (1,180 ) — (1,180 ) Cash and cash equivalents Net increase (decrease) for the period (189,392 ) 20,729 14,233 (148,928 ) — (303,358 ) Balance, beginning of period 259,738 389,601 59,817 817,606 — 1,526,762 Balance, end of period $ 70,346 $ 410,330 $ 74,050 $ 668,678 $ — $ 1,223,404 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Three Months Ended March 31, 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 $ (157,092 ) $ 237,173 $ 145,224 $ 352,359 $ — $ 577,664 Cash flows from investing activities Capital expenditures, net of construction payable — (181,743 ) (177 ) (236,704 ) — (418,624 ) Dispositions of property and equipment — 220 — 5 — 225 Investments in unconsolidated affiliates — (2,503 ) — — — (2,503 ) Intercompany accounts — (102,195 ) — — 102,195 — Other — (9,937 ) — (1,538 ) — (11,475 ) Net cash used in investing activities — (296,158 ) (177 ) (238,237 ) 102,195 (432,377 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 516,875 — (8,375 ) (128,465 ) — 380,035 Retirement of senior notes — (2,265 ) — — — (2,265 ) Debt issuance costs — — (4,544 ) — — (4,544 ) MGP dividends paid to consolidated subsidiaries — — (81,956 ) — 81,956 — Dividends paid to common shareholders (67,999 ) — — — — (67,999 ) Distributions to noncontrolling interest owners — — (29,777 ) (17,603 ) — (47,380 ) Purchases of common stock (362,400 ) — — — — (362,400 ) Intercompany accounts 111,580 26,042 — 46,529 (184,151 ) — Other (8,297 ) (2,793 ) — (1,407 ) — (12,497 ) Net cash provided by (used in) financing activities 189,759 20,984 (124,652 ) (100,946 ) (102,195 ) (117,050 ) Effect of exchange rate on cash — — — (2,830 ) — (2,830 ) Cash and cash equivalents Net increase (decrease) for the period 32,667 (38,001 ) 20,395 10,346 — 25,407 Balance, beginning of period 26,870 311,043 259,722 902,360 — 1,499,995 Balance, end of period $ 59,537 $ 273,042 $ 280,117 $ 912,706 $ — $ 1,525,402 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Jan. 31, 2019 | Mar. 31, 2019Segment | Dec. 31, 2018 | |
Organization Disclosure [Line Items] | ||||
Percentage of minority interest | 30.20% | 30.20% | ||
Number of reportable segments | Segment | 3 | |||
CityCenter Holdings LLC As Investee [Member] | ||||
Organization Disclosure [Line Items] | ||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | |
Las Vegas Arena Company LLC As Investee [Member] | ||||
Organization Disclosure [Line Items] | ||||
Percentage ownership interest | 42.50% | 42.50% | 42.50% | |
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | ||||
Organization Disclosure [Line Items] | ||||
Percentage ownership interest | 50.00% | 50.00% | ||
Anschutz Entertainment Group, Inc [Member] | Las Vegas Arena Company LLC As Investee [Member] | ||||
Organization Disclosure [Line Items] | ||||
Percentage ownership interest | 42.50% | 42.50% | ||
Athena Arena, LLC [Member] | Las Vegas Arena Company LLC As Investee [Member] | ||||
Organization Disclosure [Line Items] | ||||
Percentage ownership interest | 15.00% | 15.00% | ||
Hard Rock Rocksino Northfield Park [Member] | ||||
Organization Disclosure [Line Items] | ||||
Date of acquisition agreement | 2019-04 | |||
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% | |||
Partnership interest | 69.80% | 74.60% | 69.80% | |
Percentage of minority interest | 30.20% | 30.20% | ||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||
Organization Disclosure [Line Items] | ||||
Partnership interest | 69.70% | |||
MGM China [Member] | ||||
Organization Disclosure [Line Items] | ||||
Percentage ownership interest | 56.00% | |||
MGM Grand Paradise [Member] | Extension Agreement [Member] | ||||
Organization Disclosure [Line Items] | ||||
Agreement expiration date | Mar. 31, 2020 | |||
Extended expiration date of agreement | Jun. 26, 2022 | |||
Contract extension premium paid | $ 25 | |||
Contract extension fee paid | $ 2 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of minority interest | 30.20% | |||
Total assets | $ 31,146,921 | $ 30,210,706 | ||
Total liabilities | 19,829,718 | 19,638,665 | ||
Commissions, complimentaries and other incentives | 602,000 | $ 540,000 | ||
Operating ROU assets | 641,912 | $ 656,000 | 0 | |
Operating lease liabilities | 573,897 | $ 580,000 | ||
Food and Beverage Revenue [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease revenue | 12,000 | 13,000 | ||
Entertainment Retail and Other Revenue [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease revenue | $ 22,000 | $ 21,000 | ||
MGM Growth Properties LLC [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of minority interest | 30.20% | |||
Total assets | $ 12,300,000 | 11,000,000 | ||
Total liabilities | $ 5,600,000 | $ 5,100,000 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - related Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Outstanding Chip Liability [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 323,811 | $ 597,753 |
Balance at March 31 | 307,912 | 779,242 |
Increase / (decrease) | (15,899) | 181,489 |
Loyalty Program [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 113,293 | 91,119 |
Balance at March 31 | 119,033 | 93,459 |
Increase / (decrease) | 5,740 | 2,340 |
Customer Advances and Other [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 667,285 | 539,626 |
Balance at March 31 | 613,764 | 492,599 |
Increase / (decrease) | $ (53,521) | $ (47,027) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Mar. 07, 2019 | Jan. 29, 2019 | Dec. 31, 2024 | Mar. 31, 2019 | Jul. 06, 2018 |
Business Acquisition [Line Items] | |||||
Total purchase price | $ 638 | ||||
Empire City [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition agreement | Jan. 29, 2019 | ||||
Total purchase price | $ 865 | ||||
Consideration in form of common stock | $ 266 | ||||
Percentage of membership interest acquired | 100.00% | ||||
Revenue | $ 37 | ||||
Operating income | 4 | ||||
Net income | $ 11 | ||||
Empire City [Member] | MGM Growth Properties LLC [Member] | Gaming License and Trade Name [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life of intangible assets | 4 years | ||||
Empire City [Member] | MGM Growth Properties LLC [Member] | Customer List [Member] | |||||
Business Acquisition [Line Items] | |||||
Estimated useful life of intangible assets | 4 years | ||||
Empire City [Member] | Forecast [Member] | |||||
Business Acquisition [Line Items] | |||||
Additional contingent consideration payable | $ 50 | ||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of membership interest acquired | 100.00% |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 29, 2019 | Dec. 31, 2018 |
Fair value of assets acquired and liabilities assumed: | |||
Goodwill | $ 2,001,646 | $ 1,821,392 | |
MGM Growth Properties LLC [Member] | Empire City [Member] | |||
Fair value of assets acquired and liabilities assumed: | |||
Property and equipment | $ 645,733 | ||
Cash and cash equivalents | 63,197 | ||
Racing and gaming license | 128,000 | ||
Other intangible assets | 51,000 | ||
Goodwill | 183,312 | ||
Other assets | 24,420 | ||
Deferred income taxes | (145,328) | ||
Other liabilities | (85,689) | ||
Business combination, assets acquired and liabilities assumed | $ 864,645 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 730,996 | $ 732,867 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 575,686 | 589,965 |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 74,607 | 73,540 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 80,703 | $ 69,362 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Mar. 31, 2019 | Dec. 31, 2018 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Las Vegas Arena Company LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 42.50% | 42.50% |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Income from unconsolidated affiliates | $ 38,749 | $ 31,766 |
Preopening and start-up expenses | 0 | (3,321) |
Non-operating items from unconsolidated affiliates | (18,165) | (9,010) |
Net income from unconsolidated affiliates | $ 20,584 | $ 19,435 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||
Distributions from unconsolidated affiliates | $ 31,850 | $ 0 | |
City Center Holdings L L C [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Dividend paid/declared | $ 64,000 | ||
CityCenter Holdings LLC As Investee [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Distributions from unconsolidated affiliates, percentage | 50.00% | ||
Distributions from unconsolidated affiliates | $ 32,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 14,857,956 | $ 15,253,239 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (124,579) | (121,823) |
Long-term debt | 14,733,377 | 15,131,416 |
Less: Current portion | (2,548) | (43,411) |
Long-term debt, net | 14,730,829 | 15,088,005 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 1,070,000 | 750,000 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,349,500 | 2,819,125 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,287,904 | 2,433,562 |
Less: Current portion | (3,000) | (43,000) |
8.625% senior notes, due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 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 |
5.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 1,000,000 |
4.50% Operating Partnership senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
4.625% senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
5.75% Operating Partnership senior notes, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
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 |
Long-Term Debt - Schedule of _2
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2019 | Jan. 31, 2019 | |
8.625% senior notes, due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 850 | |||
Long-term debt, interest rate (as a percent) | 8.625% | 8.625% | 8.625% | |
Long-term debt, maturity year | 2019 | 2019 | ||
5.25% senior notes, due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 500 | $ 500 | ||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | ||
Long-term debt, maturity year | 2020 | 2020 | ||
6.75% senior notes, due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 1,000 | $ 1,000 | ||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | ||
Long-term debt, maturity year | 2020 | 2020 | ||
6.625% senior notes, due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 1,250 | $ 1,250 | ||
Long-term debt, interest rate (as a percent) | 6.625% | 6.625% | ||
Long-term debt, maturity year | 2021 | 2021 | ||
7.75% senior notes, due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 1,000 | $ 1,000 | ||
Long-term debt, interest rate (as a percent) | 7.75% | 7.75% | ||
Long-term debt, maturity year | 2022 | 2022 | ||
6% senior notes, due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 1,250 | $ 1,250 | ||
Long-term debt, interest rate (as a percent) | 6.00% | 6.00% | ||
Long-term debt, maturity year | 2023 | 2023 | ||
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 | 2024 | 2024 | ||
5.75% senior notes, due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 1,000 | $ 1,000 | ||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | ||
Long-term debt, maturity year | 2025 | 2025 | ||
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 | 2026 | 2026 | ||
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 | 2026 | 2026 | ||
5.75% Operating Partnership senior notes, due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, principal amount | $ 750 | $ 750 | ||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | ||
Long-term debt, maturity year | 2027 | |||
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 | 2028 | 2028 | ||
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 | 2036 | 2036 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Feb. 28, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2019 | |
Debt Instrument [Line Items] | |||||
Current portion of long-term debt, net of debt issuance costs | $ 2,548,000 | $ 43,411,000 | |||
Credit facility amount | 14,857,956,000 | 15,253,239,000 | |||
Long-term debt, fair value | 15,200,000,000 | 15,100,000,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 400,000,000 | ||||
Fixed interest rate | 2.735% | ||||
LIBOR [Member] | Minimum [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative basis spread on variable rate | 0.00% | ||||
Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 470,000,000 | ||||
Debt instrument, interest rate | 4.50% | ||||
Term Loan B [Member] | Operating Partnership Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 1,790,000,000 | ||||
Debt instrument, interest rate | 4.50% | ||||
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 1,200,000,000 | ||||
Fixed interest rate | 1.844% | ||||
Term Loan B [Member] | LIBOR [Member] | Minimum [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative basis spread on variable rate | 0.00% | ||||
5.75% Operating Partnership senior notes, due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | |||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | |||
Long-term debt, maturity year | 2027 | ||||
5.75% Operating Partnership senior notes, due 2027 [Member] | Bridge Facility [Member] | Empire City [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 246,000,000 | ||||
Long-term debt, interest rate (as a percent) | 5.75% | ||||
Long-term debt, maturity year | 2027 | ||||
Senior Notes 5.50%, Due in 2027 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 1,000,000,000 | ||||
Long-term debt, interest rate (as a percent) | 5.50% | ||||
Long-term debt, maturity year | 2027 | ||||
6.75% senior notes, due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 1,000,000,000 | $ 1,000,000,000 | |||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | |||
Long-term debt, maturity year | 2020 | 2020 | |||
6.75% senior notes, due 2020 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 6.75% | ||||
Long-term debt, maturity year | 2020 | ||||
Long-term debt, aggregate principal amount of debt purchased | $ 639,000,000 | ||||
5.25% senior notes, due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, principal amount | $ 500,000,000 | $ 500,000,000 | |||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | |||
Long-term debt, maturity year | 2020 | 2020 | |||
5.25% senior notes, due 2020 [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, interest rate (as a percent) | 5.25% | ||||
Long-term debt, maturity year | 2020 | ||||
Long-term debt, aggregate principal amount of debt purchased | $ 233,000,000 | ||||
8.625% senior notes, due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of term loan | $ 850,000,000 | ||||
Long-term debt, principal amount | $ 850,000,000 | ||||
Long-term debt, interest rate (as a percent) | 8.625% | 8.625% | 8.625% | ||
Long-term debt, maturity year | 2019 | 2019 | |||
Senior Credit Facility [Member] | Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 750,000,000 | ||||
Debt instrument, interest rate | 4.75% | ||||
MGM China Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Current portion of long-term debt, net of debt issuance costs | $ 3,000,000 | $ 43,000,000 | |||
Credit facility amount | 2,287,904,000 | $ 2,433,562,000 | |||
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | 1,350,000,000 | ||||
Line of credit facility drawn | $ 85,000,000 | ||||
Debt instrument, interest rate | 4.41% | ||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 1,000,000,000 | ||||
Line of credit facility drawn | $ 599,000 | ||||
Debt instrument, interest rate | 4.11% | ||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 1,500,000,000 | ||||
Line of credit facility drawn | $ 320,000,000 | ||||
Debt instrument, interest rate | 4.66% | ||||
Term loans [Member] | MGM China Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 1,700,000,000 | ||||
Repayments of term loan | $ 99,000,000 | ||||
Debt instrument, interest rate | 4.16% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||
Effective income tax rate | 51.90% | (47.20%) |
Income tax expense | $ 71,511 | $ (85,379) |
Empire City [Member] | ||
Income Tax Disclosure [Line Items] | ||
Increase in deferred tax liabilities | 10,000 | |
Income tax expense | 10,000 | |
Macau [Member] | ||
Income Tax Disclosure [Line Items] | ||
Increase in valuation allowance on foreign tax credit | 10,000 | |
Income tax expense | $ 10,000 | |
Special gaming tax rate | 35.00% | |
Macau [Member] | MGM Grand Paradise SA [Member] | ||
Income Tax Disclosure [Line Items] | ||
Macau's complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | |
Increase in deferred tax liabilities | $ 35,000 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 24 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 641,912 | $ 656,000 | $ 0 |
Operating lease obligation - short-term (recorded within "Other accrued liabilities") | $ 62,946 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | ||
Operating lease obligation - long-term | $ 510,951 | $ 0 | |
Total operating lease liabilities | $ 573,897 | $ 580,000 | |
Weighted-average remaining lease term (years) | 37 years | ||
Weighted-average discount rate (%) | 7.00% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Cash Flows Information Related to Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases | $ 17,365 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 (excluding the three months ended March 31, 2019) | $ 64,292 | |
2020 | 86,977 | |
2021 | 67,637 | |
2022 | 53,833 | |
2023 | 51,691 | |
Thereafter | 1,419,575 | |
Total future minimum lease payments | 1,744,005 | |
Less: Amount of lease payments representing interest | (1,170,108) | |
Total | $ 573,897 | $ 580,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 2 Months Ended | 3 Months Ended |
Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | ||
Statute of limitation toll date | May 15, 2020 | |
Insurance coverage available to fund litigation liabilities | $ 751,000,000 | $ 751,000,000 |
Percentage of participation to increase the amount for settlement to Claimants | 100.00% | |
MGM Grand Paradise SA [Member] | Extension Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Bank guarantee | $ 101,000,000 | $ 101,000,000 |
Guarantee term | In connection with the Extension Agreement, MGM Grand Paradise is required to provide a bank guarantee in an amount not less than $101 million to the government of Macau within three months from the date of signing of the Extension Agreement to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022 | |
MGP Senior Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility outstanding | 0 | $ 0 |
Senior Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility outstanding | 12,000,000 | 12,000,000 |
Letters of credit [Member] | MGP Senior Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility amount | 75,000,000 | 75,000,000 |
Letters of credit [Member] | MGM China Credit Facility [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility amount | 100,000,000 | 100,000,000 |
Letters of credit [Member] | Senior Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility amount | 250,000,000 | 250,000,000 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated amount for settlement to Claimants | 735,000,000 | 735,000,000 |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated amount for settlement to Claimants | $ 800,000,000 | $ 800,000,000 |
Income Per Share of Common St_3
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income attributable to MGM Resorts International | $ 31,297 | $ 223,444 |
Adjustment related to redeemable noncontrolling interests | (3,825) | (4,598) |
Net income available to common stockholders - basic | 27,472 | 218,846 |
Potentially dilutive effect due to MGP and MGM China stock compensation plans | (52) | (165) |
Net income attributable to common stockholders - diluted | $ 27,420 | $ 218,681 |
Denominator: | ||
Weighted-average common shares outstanding - basic | 534,219 | 564,832 |
Potential dilution from share-based awards | 3,287 | 7,138 |
Weighted-average common and common equivalent shares - diluted | 537,506 | 571,970 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 1,929 | 170 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Apr. 29, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | May 31, 2018 | Sep. 30, 2017 |
Stockholders Equity Note [Line Items] | |||||||||
Repurchase of common stock | $ 362,400,000 | ||||||||
Common Stock [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Common stock repurchases, Shares | 10,000,000 | ||||||||
Repurchase of common stock | $ 100,000 | ||||||||
Share Repurchase Program [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Authorized amount of stock repurchase | $ 2,000,000,000 | ||||||||
Repurchase of common stock, remaining amount | $ 1,400,000,000 | $ 1,400,000,000 | |||||||
Share Repurchase Program Two [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Authorized amount of stock repurchase | $ 1,000,000,000 | ||||||||
Share Repurchase Program [Member] | Common Stock [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Common stock repurchases, Shares | 0 | 10,000,000 | |||||||
Stock repurchased, average price per share | $ 36.24 | ||||||||
Repurchase of common stock | $ 362,000,000 | ||||||||
Subsequent Event [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Dividend declared date | Apr. 29, 2019 | ||||||||
Dividend paid date | Jun. 14, 2019 | ||||||||
Dividend record date | Jun. 10, 2019 | ||||||||
Dividends declared per share | $ 0.13 | ||||||||
MGM Growth Properties LLC [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Partnership interest | 69.80% | 74.60% | 69.80% | ||||||
MGM Growth Properties LLC [Member] | Forecast [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Partnership interest | 68.80% | ||||||||
MGM Growth Properties LLC [Member] | Subsequent Event [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Issuance of operating partnership units | 9,000,000 | ||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Issuance of operating partnership units | 20,000,000 | ||||||||
Partnership interest | 69.70% | ||||||||
New issuance of shares | 20,000,000 | ||||||||
MGM Growth Properties LLC [Member] | Empire City [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Issuance of operating partnership units | 13,000,000 | ||||||||
MGM Growth Properties LLC [Member] | Park MGM [Member] | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Issuance of operating partnership units | 1,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance | $ 10,469,791 |
Ending Balance | 11,217,865 |
Empire City MGP [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 5,027 |
MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Share issuance | 528,843 |
Park MGM [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 528 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance | (18,872) |
Other comprehensive income (loss) before reclassifications | (12,405) |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | 0 |
Other | 0 |
Other comprehensive income (loss), net of tax | (12,405) |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 5,499 |
Ending Balance | (25,778) |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Empire City MGP [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 0 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Share issuance | 0 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Park MGM [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance | 9,144 |
Other comprehensive income (loss) before reclassifications | (11,476) |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (1,847) |
Other | 0 |
Other comprehensive income (loss), net of tax | (13,323) |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 4,717 |
Ending Balance | 538 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Empire City MGP [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Share issuance | 0 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Park MGM [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 0 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance | 1,172 |
Other comprehensive income (loss) before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | 0 |
Other | 23 |
Other comprehensive income (loss), net of tax | (540) |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 0 |
Ending Balance | 632 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Empire City MGP [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 195 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Share issuance | (774) |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Park MGM [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 16 |
AOCI Including Portion Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Beginning Balance | (8,556) |
Other comprehensive income (loss) before reclassifications | (23,881) |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (1,847) |
Other | 23 |
Other comprehensive income (loss), net of tax | (26,268) |
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 10,216 |
Ending Balance | (24,608) |
AOCI Including Portion Attributable to Noncontrolling Interest | Empire City MGP [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | 195 |
AOCI Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Share issuance | (774) |
AOCI Including Portion Attributable to Noncontrolling Interest | Park MGM [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Acquisition transaction | $ 16 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Revenues | $ 3,176,911 | $ 2,822,237 |
Other operating income (expense) | ||
Preopening and start-up expenses | (3,287) | (66,917) |
Property transactions, net | (8,776) | (5,898) |
Depreciation and amortization | (316,414) | (268,822) |
Restructuring | (41,098) | 0 |
Operating income | 370,260 | 359,757 |
Non-operating income (expense) | ||
Interest expense, net of amounts capitalized | (216,120) | (167,909) |
Non-operating items from unconsolidated affiliates | (18,165) | (9,010) |
Other, net | 1,693 | (1,916) |
Total non-operating income (expense) | (232,592) | (178,835) |
Income before income taxes | 137,668 | 180,922 |
Benefit (provision) for income taxes | (71,511) | 85,379 |
Net income | 66,157 | 266,301 |
Less: Net income attributable to noncontrolling interests | (34,860) | (42,857) |
Net income attributable to MGM Resorts International | 31,297 | 223,444 |
Reportable segments [Member] | ||
Revenues | ||
Revenues | 2,966,337 | 2,694,533 |
Adjusted Property EBITDA | 800,891 | 768,118 |
Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 1,428,188 | 1,432,104 |
Adjusted Property EBITDA | 403,527 | 449,154 |
Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 803,945 | 666,568 |
Adjusted Property EBITDA | 206,574 | 167,213 |
Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 734,204 | 595,861 |
Adjusted Property EBITDA | 190,790 | 151,751 |
Corporate and other [Member] | ||
Revenues | ||
Revenues | 210,574 | 127,704 |
Other operating income (expense) | ||
Corporate and other | (61,056) | (66,724) |
Casino [Member] | ||
Revenues | ||
Revenues | 1,626,346 | 1,394,316 |
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 324,704 | 372,820 |
Casino [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 574,156 | 467,877 |
Casino [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 663,565 | 550,595 |
Rooms [Member] | ||
Revenues | ||
Revenues | 574,215 | 539,480 |
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 468,852 | 448,597 |
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 71,798 | 71,049 |
Rooms [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 33,564 | 19,834 |
Food and Beverage [Member] | ||
Revenues | ||
Revenues | 520,221 | 455,411 |
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 365,522 | 339,509 |
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 117,879 | 95,165 |
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 30,713 | 20,737 |
Entertainment, Retail and Other [Member] | ||
Revenues | ||
Revenues | 344,374 | 329,750 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 269,110 | 271,178 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 40,112 | 32,477 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | $ 6,362 | $ 4,695 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Apr. 01, 2019 | Mar. 07, 2019 | Jan. 29, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Related Party Transaction [Line Items] | |||||||
Total purchase price | $ 638 | ||||||
Purchase price in cash | 606 | ||||||
Master Lease [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Increase in annual rent payment | $ 50 | ||||||
Annual fixed rent, percentage | 90.00% | ||||||
Increase in annual rent per year, percentage | 2.00% | ||||||
Annual rent payments under master lease of properties | $ 946 | $ 870 | $ 770 | ||||
Empire City [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Total purchase price | $ 865 | ||||||
Empire City [Member] | Developed Real Property [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Total purchase price | 634 | ||||||
Liabilities incurred for acquisition | 246 | ||||||
Increase in annual rent payment | $ 50 | ||||||
Annual fixed rent, percentage | 90.00% | ||||||
Increase in annual rent per year, percentage | 2.00% | ||||||
Northfield OpCo [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Total purchase price | 301 | ||||||
Northfield OpCo [Member] | Master Lease [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Increase in annual rent payment | $ 60 | ||||||
Annual fixed rent, percentage | 90.00% | ||||||
Increase in annual rent per year, percentage | 2.00% | ||||||
MGM Branding and Development [Member] | Ms Ho Pansy Catilina Chiu King [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Distribution made to noncontrolling interests | $ 5 | $ 10 | |||||
MGM Growth Properties LLC [Member] | Northfield OpCo [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Redemption of operating partnership units | 9 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | $ 2,207,135 | $ 2,526,778 | ||
Property and equipment, net | 21,196,438 | 20,729,888 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 0 | 0 | ||
Investments in and advances to unconsolidated affiliates | 730,996 | 732,867 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 7,012,352 | 6,221,173 | ||
Total assets | 31,146,921 | 30,210,706 | ||
Current liabilities | 2,812,678 | 2,948,882 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 1,566,931 | 1,342,538 | ||
Long-term debt, net | 14,730,829 | 15,088,005 | ||
Other non-current liabilities | 719,280 | 259,240 | ||
Total liabilities | 19,829,718 | 19,638,665 | ||
Redeemable noncontrolling interests | 99,338 | 102,250 | ||
MGM Resorts International stockholders' equity | 6,786,204 | 6,512,283 | ||
Noncontrolling interests | 4,431,661 | 3,957,508 | ||
Total stockholders' equity | 11,217,865 | 10,469,791 | $ 11,400,371 | $ 11,611,124 |
Total liabilities and stockholders' equity | 31,146,921 | 30,210,706 | ||
Reportable Legal Entities [Member] | Parent [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 97,072 | 304,741 | ||
Property and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 23,226,988 | 22,419,282 | ||
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 | 69,974 | 67,214 | ||
Total assets | 23,394,034 | 22,791,237 | ||
Current liabilities | 141,224 | 154,484 | ||
Intercompany accounts | 7,745,873 | 6,932,325 | ||
Deferred income taxes, net | 1,150,071 | 1,097,654 | ||
Long-term debt, net | 7,528,352 | 8,055,472 | ||
Other non-current liabilities | 42,310 | 39,019 | ||
Total liabilities | 16,607,830 | 16,278,954 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 6,786,204 | 6,512,283 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 6,786,204 | 6,512,283 | ||
Total liabilities and stockholders' equity | 23,394,034 | 22,791,237 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 1,191,305 | 1,178,696 | ||
Property and equipment, net | 5,410,421 | 13,564,979 | ||
Investments in subsidiaries | 3,825,369 | 3,401,031 | ||
Investments in the MGP Operating Partnership | 4,009,946 | 3,434,602 | ||
Investments in and advances to unconsolidated affiliates | 674,971 | 678,748 | ||
Intercompany accounts | 7,923,254 | 7,135,263 | ||
Other non-current assets | 9,408,598 | 917,537 | ||
Total assets | 32,443,864 | 30,310,856 | ||
Current liabilities | 1,651,470 | 1,617,675 | ||
Intercompany accounts | 0 | 0 | ||
Deferred income taxes, net | 145,328 | 0 | ||
Long-term debt, net | 569 | 570 | ||
Other non-current liabilities | 8,745,547 | 7,210,897 | ||
Total liabilities | 10,542,914 | 8,829,142 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 21,899,513 | 21,481,714 | ||
Noncontrolling interests | 1,437 | 0 | ||
Total stockholders' equity | 21,900,950 | 21,481,714 | ||
Total liabilities and stockholders' equity | 32,443,864 | 30,310,856 | ||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 96,294 | 78,222 | ||
Property and equipment, net | 11,073,152 | 10,526,520 | ||
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 | 1,157,239 | 346,565 | ||
Total assets | 12,326,685 | 10,951,307 | ||
Current liabilities | 215,806 | 189,247 | ||
Intercompany accounts | 425 | 307 | ||
Deferred income taxes, net | 34,642 | 33,634 | ||
Long-term debt, net | 4,939,702 | 4,666,949 | ||
Other non-current liabilities | 419,193 | 215,664 | ||
Total liabilities | 5,609,768 | 5,105,801 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | 4,679,335 | 4,279,535 | ||
Noncontrolling interests | 2,037,582 | 1,565,971 | ||
Total stockholders' equity | 6,716,917 | 5,845,506 | ||
Total liabilities and stockholders' equity | 12,326,685 | 10,951,307 | ||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | 831,700 | 972,820 | ||
Property and equipment, net | 4,723,488 | 6,392,014 | ||
Investments in subsidiaries | 0 | 0 | ||
Investments in the MGP Operating Partnership | 800,043 | 831,494 | ||
Investments in and advances to unconsolidated affiliates | 31,025 | 29,119 | ||
Intercompany accounts | 0 | 0 | ||
Other non-current assets | 7,175,104 | 4,932,872 | ||
Total assets | 13,561,360 | 13,158,319 | ||
Current liabilities | 1,071,687 | 1,224,752 | ||
Intercompany accounts | 176,956 | 202,631 | ||
Deferred income taxes, net | 266,610 | 240,970 | ||
Long-term debt, net | 2,262,206 | 2,365,014 | ||
Other non-current liabilities | 2,332,678 | 2,247,584 | ||
Total liabilities | 6,110,137 | 6,280,951 | ||
Redeemable noncontrolling interests | 99,338 | 102,250 | ||
MGM Resorts International stockholders' equity | 4,959,652 | 4,383,581 | ||
Noncontrolling interests | 2,392,233 | 2,391,537 | ||
Total stockholders' equity | 7,351,885 | 6,775,118 | ||
Total liabilities and stockholders' equity | 13,561,360 | 13,158,319 | ||
Elimination [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Current assets | (9,236) | (7,701) | ||
Property and equipment, net | (10,623) | (9,753,625) | ||
Investments in subsidiaries | (27,052,357) | (25,820,313) | ||
Investments in the MGP Operating Partnership | (4,809,989) | (4,266,096) | ||
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 | ||
Intercompany accounts | (7,923,254) | (7,135,263) | ||
Other non-current assets | (10,798,563) | (43,015) | ||
Total assets | (50,579,022) | (47,001,013) | ||
Current liabilities | (267,509) | (237,276) | ||
Intercompany accounts | (7,923,254) | (7,135,263) | ||
Deferred income taxes, net | (29,720) | (29,720) | ||
Long-term debt, net | 0 | 0 | ||
Other non-current liabilities | (10,820,448) | (9,453,924) | ||
Total liabilities | (19,040,931) | (16,856,183) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
MGM Resorts International stockholders' equity | (31,538,500) | (30,144,830) | ||
Noncontrolling interests | 409 | 0 | ||
Total stockholders' equity | (31,538,091) | (30,144,830) | ||
Total liabilities and stockholders' equity | $ (50,579,022) | $ (47,001,013) |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements Captions [Line Items] | ||
Revenues | $ 3,176,911 | $ 2,822,237 |
Equity in subsidiaries' earnings | 0 | 0 |
Expenses | ||
Casino and hotel operations | 1,862,375 | 1,635,210 |
General and administrative | 525,112 | 417,890 |
Corporate expense | 129,436 | 99,509 |
Preopening and start-up expenses | 3,287 | 66,917 |
Property transactions, net | 8,776 | 5,898 |
Depreciation and amortization | 316,414 | 268,822 |
Total expenses | 2,845,400 | 2,494,246 |
Income from unconsolidated affiliates | 38,749 | 31,766 |
Operating income | 370,260 | 359,757 |
Interest expense, net of amounts capitalized | (216,120) | (167,909) |
Other non-operating, net | (16,472) | (10,926) |
Income before income taxes | 137,668 | 180,922 |
Benefit (provision) for income taxes | (71,511) | 85,379 |
Net income | 66,157 | 266,301 |
Less: Net income attributable to noncontrolling interests | (34,860) | (42,857) |
Net income attributable to MGM Resorts International | 31,297 | 223,444 |
Net income | 66,157 | 266,301 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (12,405) | (24,152) |
Unrealized loss on cash flow hedges | (13,323) | 13,856 |
Other comprehensive loss | (25,728) | (10,296) |
Comprehensive income | 40,429 | 256,005 |
Less: Comprehensive income attributable to noncontrolling interests | (24,644) | (36,431) |
Comprehensive income attributable to MGM Resorts International | 15,785 | 219,574 |
Reportable Legal Entities [Member] | Parent [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Revenues | 0 | 0 |
Equity in subsidiaries' earnings | 259,299 | 328,267 |
Expenses | ||
Casino and hotel operations | 2,459 | 2,715 |
General and administrative | 16,485 | 2,350 |
Corporate expense | 58,775 | 39,301 |
Preopening and start-up expenses | 0 | 0 |
Property transactions, net | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Total expenses | 77,719 | 44,366 |
Income from unconsolidated affiliates | 0 | 0 |
Operating income | 181,580 | 283,901 |
Interest expense, net of amounts capitalized | (126,653) | (109,558) |
Other non-operating, net | 18,626 | 15,772 |
Income before income taxes | 73,553 | 190,115 |
Benefit (provision) for income taxes | (42,256) | 33,329 |
Net income | 31,297 | 223,444 |
Less: Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to MGM Resorts International | 31,297 | 223,444 |
Net income | 31,297 | 223,444 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (6,906) | (13,368) |
Unrealized loss on cash flow hedges | (8,606) | 9,498 |
Other comprehensive loss | (15,512) | (3,870) |
Comprehensive income | 15,785 | 219,574 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 15,785 | 219,574 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Revenues | 1,936,286 | 1,889,793 |
Equity in subsidiaries' earnings | 40,097 | 44,535 |
Expenses | ||
Casino and hotel operations | 1,104,372 | 1,050,019 |
General and administrative | 522,007 | 310,850 |
Corporate expense | 53,007 | 50,407 |
Preopening and start-up expenses | 1,214 | 6,742 |
Property transactions, net | 7,814 | 5,142 |
Depreciation and amortization | 101,646 | 156,647 |
Total expenses | 1,790,060 | 1,579,807 |
Income from unconsolidated affiliates | 37,055 | 31,632 |
Operating income | 223,378 | 386,153 |
Interest expense, net of amounts capitalized | (208) | (137) |
Other non-operating, net | 85,214 | (107,950) |
Income before income taxes | 308,384 | 278,066 |
Benefit (provision) for income taxes | (5) | 0 |
Net income | 308,379 | 278,066 |
Less: Net income attributable to noncontrolling interests | (1,437) | 0 |
Net income attributable to MGM Resorts International | 306,942 | 278,066 |
Net income | 308,379 | 278,066 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (6,906) | (13,368) |
Unrealized loss on cash flow hedges | 0 | 0 |
Other comprehensive loss | (6,906) | (13,368) |
Comprehensive income | 301,473 | 264,698 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | 301,473 | 264,698 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Revenues | 271,264 | 215,839 |
Equity in subsidiaries' earnings | 0 | 0 |
Expenses | ||
Casino and hotel operations | 44,929 | 0 |
General and administrative | 5,920 | 22,499 |
Corporate expense | 13,029 | 10,481 |
Preopening and start-up expenses | 0 | 0 |
Property transactions, net | 1,113 | 4,086 |
Depreciation and amortization | 75,009 | 68,991 |
Total expenses | 140,000 | 106,057 |
Income from unconsolidated affiliates | 0 | 0 |
Operating income | 131,264 | 109,782 |
Interest expense, net of amounts capitalized | (63,948) | (49,230) |
Other non-operating, net | 1,709 | (1,152) |
Income before income taxes | 69,025 | 59,400 |
Benefit (provision) for income taxes | (2,661) | (1,231) |
Net income | 66,364 | 58,169 |
Less: Net income attributable to noncontrolling interests | (19,955) | (15,830) |
Net income attributable to MGM Resorts International | 46,409 | 42,339 |
Net income | 66,364 | 58,169 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | 0 | 0 |
Unrealized loss on cash flow hedges | (15,612) | 16,355 |
Other comprehensive loss | (15,612) | 16,355 |
Comprehensive income | 50,752 | 74,524 |
Less: Comprehensive income attributable to noncontrolling interests | (15,238) | (20,188) |
Comprehensive income attributable to MGM Resorts International | 35,514 | 54,336 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Revenues | 1,172,785 | 932,947 |
Equity in subsidiaries' earnings | 0 | 0 |
Expenses | ||
Casino and hotel operations | 721,638 | 582,979 |
General and administrative | 188,949 | 104,690 |
Corporate expense | 4,625 | 5,352 |
Preopening and start-up expenses | 2,073 | 60,175 |
Property transactions, net | (204) | 756 |
Depreciation and amortization | 141,162 | 112,148 |
Total expenses | 1,058,243 | 866,100 |
Income from unconsolidated affiliates | 1,694 | 134 |
Operating income | 116,236 | 66,981 |
Interest expense, net of amounts capitalized | (25,311) | (8,984) |
Other non-operating, net | 2,464 | (46,687) |
Income before income taxes | 93,389 | 11,310 |
Benefit (provision) for income taxes | (26,589) | 53,281 |
Net income | 66,800 | 64,591 |
Less: Net income attributable to noncontrolling interests | (13,061) | (27,027) |
Net income attributable to MGM Resorts International | 53,739 | 37,564 |
Net income | 66,800 | 64,591 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (12,405) | (24,152) |
Unrealized loss on cash flow hedges | 0 | 0 |
Other comprehensive loss | (12,405) | (24,152) |
Comprehensive income | 54,395 | 40,439 |
Less: Comprehensive income attributable to noncontrolling interests | (9,406) | (16,243) |
Comprehensive income attributable to MGM Resorts International | 44,989 | 24,196 |
Elimination [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Revenues | (203,424) | (216,342) |
Equity in subsidiaries' earnings | (299,396) | (372,802) |
Expenses | ||
Casino and hotel operations | (11,023) | (503) |
General and administrative | (208,249) | (22,499) |
Corporate expense | 0 | (6,032) |
Preopening and start-up expenses | 0 | 0 |
Property transactions, net | 53 | (4,086) |
Depreciation and amortization | (1,403) | (68,964) |
Total expenses | (220,622) | (102,084) |
Income from unconsolidated affiliates | 0 | 0 |
Operating income | (282,198) | (487,060) |
Interest expense, net of amounts capitalized | 0 | 0 |
Other non-operating, net | (124,485) | 129,091 |
Income before income taxes | (406,683) | (357,969) |
Benefit (provision) for income taxes | 0 | 0 |
Net income | (406,683) | (357,969) |
Less: Net income attributable to noncontrolling interests | (407) | 0 |
Net income attributable to MGM Resorts International | (407,090) | (357,969) |
Net income | (406,683) | (357,969) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | 13,812 | 26,736 |
Unrealized loss on cash flow hedges | 10,895 | (11,997) |
Other comprehensive loss | 24,707 | 14,739 |
Comprehensive income | (381,976) | (343,230) |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to MGM Resorts International | $ (381,976) | $ (343,230) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | $ 399,782 | $ 577,664 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (183,252) | (418,624) |
Dispositions of property and equipment | 341 | 225 |
Investments in unconsolidated affiliates | (9,558) | (2,503) |
Distributions from unconsolidated affiliates | 31,850 | 0 |
Intercompany accounts | 0 | 0 |
Other | (30,511) | (11,475) |
Net cash used in investing activities | (726,811) | (432,377) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (289,767) | 380,035 |
Issuance of long-term debt | 750,000 | 0 |
Retirement of senior notes and senior debentures | (850,000) | (2,265) |
Debt issuance costs | (10,111) | (4,544) |
Issuance of MGM Growth Properties common stock in public offering | 571,838 | 0 |
MGM Growth Properties Class A share issuance costs | (23,447) | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Purchases of common stock | 0 | (362,400) |
Dividends paid to common shareholders | (69,799) | (67,999) |
Distributions to noncontrolling interest owners | (46,539) | (47,380) |
Intercompany accounts | 0 | 0 |
Other | (7,324) | (12,497) |
Net cash provided by (used in) financing activities | 24,851 | (117,050) |
Effect of exchange rate on cash | (1,180) | (2,830) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (303,358) | 25,407 |
Balance, beginning of period | 1,526,762 | 1,499,995 |
Balance, end of period | 1,223,404 | 1,525,402 |
Empire City [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | (535,681) | 0 |
Reportable Legal Entities [Member] | Parent [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | (107,623) | (157,092) |
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 | 0 | |
Intercompany accounts | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 320,000 | 516,875 |
Issuance of long-term debt | 0 | |
Retirement of senior notes and senior debentures | (850,000) | 0 |
Debt issuance costs | (128) | 0 |
Issuance of MGM Growth Properties common stock in public offering | 0 | |
MGM Growth Properties Class A share issuance costs | 0 | |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Purchases of common stock | (362,400) | |
Dividends paid to common shareholders | (69,799) | (67,999) |
Distributions to noncontrolling interest owners | 0 | 0 |
Intercompany accounts | 523,231 | 111,580 |
Other | (5,073) | (8,297) |
Net cash provided by (used in) financing activities | (81,769) | 189,759 |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (189,392) | 32,667 |
Balance, beginning of period | 259,738 | 26,870 |
Balance, end of period | 70,346 | 59,537 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 782,436 | 237,173 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (108,690) | (181,743) |
Dispositions of property and equipment | 273 | 220 |
Investments in unconsolidated affiliates | (9,558) | (2,503) |
Distributions from unconsolidated affiliates | 31,850 | |
Intercompany accounts | (787,991) | (102,195) |
Other | (3,500) | (9,937) |
Net cash used in investing activities | (1,413,297) | (296,158) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | 245,950 | 0 |
Issuance of long-term debt | 0 | |
Retirement of senior notes and senior debentures | 0 | (2,265) |
Debt issuance costs | 0 | 0 |
Issuance of MGM Growth Properties common stock in public offering | 0 | |
MGM Growth Properties Class A share issuance costs | 0 | |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Purchases of common stock | 0 | |
Dividends paid to common shareholders | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 |
Intercompany accounts | 407,838 | 26,042 |
Other | (2,198) | (2,793) |
Net cash provided by (used in) financing activities | 651,590 | 20,984 |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | 20,729 | (38,001) |
Balance, beginning of period | 389,601 | 311,043 |
Balance, end of period | 410,330 | 273,042 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | (439,533) | 145,224 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (12) | (177) |
Dispositions of property and equipment | 0 | 0 |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | |
Intercompany accounts | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | (12) | (177) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (715,575) | (8,375) |
Issuance of long-term debt | 750,000 | |
Retirement of senior notes and senior debentures | 0 | 0 |
Debt issuance costs | (9,983) | (4,544) |
Issuance of MGM Growth Properties common stock in public offering | 571,838 | |
MGM Growth Properties Class A share issuance costs | (23,447) | |
MGP dividends paid to consolidated subsidiaries | (87,322) | (81,956) |
Purchases of common stock | 0 | |
Dividends paid to common shareholders | 0 | 0 |
Distributions to noncontrolling interest owners | (31,733) | (29,777) |
Intercompany accounts | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 453,778 | (124,652) |
Effect of exchange rate on cash | 0 | 0 |
Cash and cash equivalents | ||
Net increase (decrease) for the period | 14,233 | 20,395 |
Balance, beginning of period | 59,817 | 259,722 |
Balance, end of period | 74,050 | 280,117 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 164,502 | 352,359 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (74,550) | (236,704) |
Dispositions of property and equipment | 68 | 5 |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | |
Intercompany accounts | 0 | 0 |
Other | (27,011) | (1,538) |
Net cash used in investing activities | (101,493) | (238,237) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (140,142) | (128,465) |
Issuance of long-term debt | 0 | |
Retirement of senior notes and senior debentures | 0 | 0 |
Debt issuance costs | 0 | 0 |
Issuance of MGM Growth Properties common stock in public offering | 0 | |
MGM Growth Properties Class A share issuance costs | 0 | |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Purchases of common stock | 0 | |
Dividends paid to common shareholders | 0 | 0 |
Distributions to noncontrolling interest owners | (14,806) | (17,603) |
Intercompany accounts | (55,756) | 46,529 |
Other | (53) | (1,407) |
Net cash provided by (used in) financing activities | (210,757) | (100,946) |
Effect of exchange rate on cash | (1,180) | (2,830) |
Cash and cash equivalents | ||
Net increase (decrease) for the period | (148,928) | 10,346 |
Balance, beginning of period | 817,606 | 902,360 |
Balance, end of period | 668,678 | 912,706 |
Reportable Legal Entities [Member] | Empire City [Member] | Parent [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 0 | |
Reportable Legal Entities [Member] | Empire City [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | (535,681) | |
Reportable Legal Entities [Member] | Empire City [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 0 | |
Reportable Legal Entities [Member] | Empire City [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 0 | |
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 | 0 | |
Intercompany accounts | 787,991 | 102,195 |
Other | 0 | 0 |
Net cash used in investing activities | 787,991 | 102,195 |
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 | |
Retirement of senior notes and senior debentures | 0 | 0 |
Debt issuance costs | 0 | 0 |
Issuance of MGM Growth Properties common stock in public offering | 0 | |
MGM Growth Properties Class A share issuance costs | 0 | |
MGP dividends paid to consolidated subsidiaries | 87,322 | 81,956 |
Purchases of common stock | 0 | |
Dividends paid to common shareholders | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 |
Intercompany accounts | (875,313) | (184,151) |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | (787,991) | (102,195) |
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 |
Elimination [Member] | Empire City [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | $ 0 |