Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
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 Common Stock Shares Outstanding | 514,984,359 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 001-10362 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0215232 | |
Entity Address, Address Line One | 3600 Las Vegas Boulevard South | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89109 | |
City Area Code | 702 | |
Local Phone Number | 693-7120 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 1,233,569 | $ 1,526,762 |
Accounts receivable, net | 550,345 | 657,206 |
Inventories | 104,206 | 110,831 |
Income tax receivable | 23,877 | 28,431 |
October 1 litigation insurance receivable | 735,000 | 0 |
Prepaid expenses and other | 233,749 | 203,548 |
Total current assets | 2,880,746 | 2,526,778 |
Property and equipment, net | 20,603,978 | 20,729,888 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 758,992 | 732,867 |
Goodwill | 2,076,431 | 1,821,392 |
Other intangible assets, net | 3,866,536 | 3,944,463 |
Operating lease right-of-use assets, net | 650,990 | 0 |
Other long-term assets, net | 331,198 | 455,318 |
Total other assets | 7,684,147 | 6,954,040 |
Total assets | 31,168,871 | 30,210,706 |
Current liabilities | ||
Accounts payable | 253,637 | 302,578 |
Construction payable | 144,504 | 311,793 |
Current portion of long-term debt | 0 | 43,411 |
Accrued interest on long-term debt | 159,760 | 140,046 |
October 1 litigation liability | 735,000 | 0 |
Other accrued liabilities | 2,000,343 | 2,151,054 |
Total current liabilities | 3,293,244 | 2,948,882 |
Deferred income taxes, net | 1,536,426 | 1,342,538 |
Long-term debt, net | 14,943,874 | 15,088,005 |
Operating lease liabilities | 518,365 | 0 |
Other long-term obligations | 250,368 | 259,240 |
Commitments and contingencies (Note 8) | ||
Redeemable noncontrolling interests | 105,976 | 102,250 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 513,913,791 and 527,479,528 shares | 5,139 | 5,275 |
Capital in excess of par value | 3,846,369 | 4,092,085 |
Retained earnings | 2,255,885 | 2,423,479 |
Accumulated other comprehensive loss | (46,841) | (8,556) |
Total MGM Resorts International stockholders' equity | 6,060,552 | 6,512,283 |
Noncontrolling interests | 4,460,066 | 3,957,508 |
Total stockholders' equity | 10,520,618 | 10,469,791 |
Total liabilities and stockholders' equity | $ 31,168,871 | $ 30,210,706 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 513,913,791 | 527,479,528 |
Common stock, outstanding shares | 513,913,791 | 527,479,528 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Revenues | $ 3,314,382 | $ 3,029,302 | $ 9,714,536 | $ 8,710,234 |
Expenses | ||||
General and administrative | 494,228 | 463,417 | 1,543,764 | 1,319,760 |
Corporate expense | 108,545 | 98,089 | 346,042 | 301,036 |
Preopening and start-up expenses | 925 | 46,890 | 5,091 | 132,884 |
Property transactions, net | 249,858 | (42,400) | 264,424 | (19,532) |
Depreciation and amortization | 322,009 | 300,472 | 973,211 | 865,502 |
Total expenses | 3,112,215 | 2,653,894 | 8,836,377 | 7,691,700 |
Income from unconsolidated affiliates | 36,214 | 35,495 | 101,967 | 115,201 |
Operating income | 238,381 | 410,903 | 980,126 | 1,133,735 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (215,503) | (205,573) | (647,452) | (554,975) |
Non-operating items from unconsolidated affiliates | (14,669) | (11,583) | (54,311) | (31,661) |
Other, net | (9,381) | (3,291) | (53,964) | (11,588) |
Total non-operating income (expense) | (239,553) | (220,447) | (755,727) | (598,224) |
Income (loss) before income taxes | (1,172) | 190,456 | 224,399 | 535,511 |
Benefit (provision) for income taxes | 7,276 | (19,046) | (75,969) | 42,623 |
Net income | 6,104 | 171,410 | 148,430 | 578,134 |
Less: Net income attributable to noncontrolling interests | (43,237) | (28,532) | (110,861) | (88,035) |
Net income (loss) attributable to MGM Resorts International | $ (37,133) | $ 142,878 | $ 37,569 | $ 490,099 |
Net income (loss) per share of common stock attributable to MGM Resorts International | ||||
Basic | $ (0.08) | $ 0.26 | $ 0.06 | $ 0.87 |
Diluted | $ (0.08) | $ 0.26 | $ 0.06 | $ 0.86 |
Weighted average common shares outstanding | ||||
Basic | 518,983 | 535,130 | 528,429 | 549,418 |
Diluted | 518,983 | 540,396 | 531,873 | 555,521 |
Casino [Member] | ||||
Revenues | ||||
Revenues | $ 1,663,049 | $ 1,465,380 | $ 4,887,707 | $ 4,191,910 |
Expenses | ||||
Expenses | 915,207 | 819,334 | 2,706,356 | 2,323,514 |
Rooms [Member] | ||||
Revenues | ||||
Revenues | 595,636 | 566,319 | 1,756,354 | 1,669,670 |
Expenses | ||||
Expenses | 211,292 | 206,406 | 623,929 | 598,432 |
Food and Beverage [Member] | ||||
Revenues | ||||
Revenues | 560,200 | 520,773 | 1,624,973 | 1,470,992 |
Expenses | ||||
Expenses | 427,400 | 391,091 | 1,254,303 | 1,121,465 |
Entertainment, Retail and Other [Member] | ||||
Revenues | ||||
Revenues | 387,596 | 370,150 | 1,114,708 | 1,063,142 |
Expenses | ||||
Expenses | 274,850 | 263,915 | 788,463 | 734,119 |
Reimbursed Costs [Member] | ||||
Revenues | ||||
Revenues | 107,901 | 106,680 | 330,794 | 314,520 |
Expenses | ||||
Expenses | $ 107,901 | $ 106,680 | $ 330,794 | $ 314,520 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||||||
Net income | $ 6,104 | $ 171,410 | $ 148,430 | $ 578,134 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | (18,602) | $ 26,380 | $ (12,405) | 12,210 | $ 1,400 | $ (24,152) | (4,627) | (10,542) |
Unrealized gain (loss) on cash flow hedges | (16,504) | $ (26,298) | $ (13,323) | 4,028 | $ 5,335 | $ 13,856 | (56,125) | 23,219 |
Other comprehensive income (loss) | (35,106) | 16,238 | (60,752) | 12,677 | ||||
Comprehensive income (loss) | (29,002) | 187,648 | 87,678 | 590,811 | ||||
Less: Comprehensive income attributable to noncontrolling interests | (28,911) | (35,299) | (88,298) | (90,868) | ||||
Comprehensive income (loss) attributable to MGM Resorts International | $ (57,913) | $ 152,349 | $ (620) | $ 499,943 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 148,430 | $ 578,134 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 973,211 | 865,502 |
Amortization of debt discounts, premiums and issuance costs | 29,539 | 30,713 |
Loss on retirement of long-term debt | 55,932 | 2,193 |
Provision for doubtful accounts | 30,456 | 32,651 |
Stock-based compensation | 64,518 | 51,010 |
Property transactions, net | 264,424 | (19,532) |
Income from unconsolidated affiliates | (47,656) | (80,219) |
Distributions from unconsolidated affiliates | 0 | 11,563 |
Deferred income taxes | 52,785 | (58,762) |
Change in operating assets and liabilities: | ||
Accounts receivable | (655,786) | (31,791) |
Inventories | 7,734 | (1,457) |
Income taxes receivable and payable, net | 4,555 | 22,997 |
Prepaid expenses and other | (23,105) | (41,532) |
Accounts payable and accrued liabilities | 479,272 | 50,550 |
Other | (28,201) | (16,554) |
Net cash provided by operating activities | 1,356,108 | 1,395,466 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (482,786) | (1,223,924) |
Dispositions of property and equipment | 1,936 | 575 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 163,616 |
Investments in unconsolidated affiliates | (81,271) | (2,503) |
Distributions from unconsolidated affiliates | 99,661 | 320,287 |
Other | (31,112) | (22,209) |
Net cash used in investing activities | (1,029,253) | (1,798,692) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,711,007) | 778,101 |
Issuance of long-term debt | 3,250,000 | 1,000,000 |
Retirement of senior notes and senior debentures | (1,759,978) | (2,265) |
Debt issuance costs | (63,391) | (64,808) |
Issuance of MGM Growth Properties Class A shares, net | 699,362 | 0 |
Dividends paid to common shareholders | (205,163) | (197,295) |
Distributions to noncontrolling interest owners | (172,239) | (149,526) |
Purchases of common stock | (638,815) | (1,133,334) |
Other | (18,655) | (23,476) |
Net cash provided by (used in) financing activities | (619,886) | 207,397 |
Effect of exchange rate on cash | (162) | (1,489) |
Cash and cash equivalents | ||
Net decrease for the period | (293,193) | (197,318) |
Balance, beginning of period | 1,526,762 | 1,499,995 |
Balance, end of period | 1,233,569 | 1,302,677 |
Supplemental cash flow disclosures | ||
Interest paid, net of amounts capitalized | 597,785 | 516,868 |
Federal, state and foreign income taxes paid (received), net of refunds | 18,222 | (8,220) |
Northfield [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 0 | (1,034,534) |
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 | Empire City [Member] | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Empire City Transaction [Member] | Northfield [Member] | Park MGM [Member] | Common Stock [Member] | Common Stock [Member]Empire City [Member] | Common Stock [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Common Stock [Member]Empire City Transaction [Member] | Common Stock [Member]Northfield [Member] | Common Stock [Member]Park MGM [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]Empire City [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 Transaction [Member] | Capital in Excess of Par Value [Member]Northfield [Member] | Capital in Excess of Par Value [Member]Park MGM [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Empire City [Member] | Retained Earnings (Accumulated Deficit) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Retained Earnings (Accumulated Deficit) [Member]Empire City Transaction [Member] | Retained Earnings (Accumulated Deficit) [Member]Northfield [Member] | Retained Earnings (Accumulated Deficit) [Member]Park MGM [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Empire City [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Empire City Transaction [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Northfield [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]Empire City [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 Transaction [Member] | Total MGM Resorts International Stockholder's Equity [Member]Northfield [Member] | Total MGM Resorts International Stockholder's Equity [Member]Park MGM [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]Empire City [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Non-Controlling Interests [Member]Empire City Transaction [Member] | Non-Controlling Interests [Member]Northfield [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 (loss) | 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 flow hedges | 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, 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 | |||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (10,542) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flow hedges | 23,219 | |||||||||||||||||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2018 | 10,746,179 | $ 5,319 | 4,251,702 | 2,510,103 | 6,234 | 6,773,358 | 3,972,821 | |||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2018 | 531,937 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance at Mar. 31, 2018 | 11,400,371 | $ 5,568 | 4,999,958 | 2,372,744 | (7,480) | 7,370,790 | 4,029,581 | |||||||||||||||||||||||||||||||||||
Beginning Balance, Shares at Mar. 31, 2018 | 556,769 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 138,121 | $ 0 | 0 | 123,777 | 0 | 123,777 | 14,344 | |||||||||||||||||||||||||||||||||||
Currency translation adjustment | 1,400 | 0 | 0 | 0 | 583 | 583 | 817 | |||||||||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flow hedges | 5,335 | 0 | 0 | 0 | 3,660 | 3,660 | 1,675 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 17,807 | 0 | 16,430 | 0 | 0 | 16,430 | 1,377 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (1,095) | $ 1 | (1,096) | 0 | 0 | (1,095) | 0 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 102 | |||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (24,287) | (30,492) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (24,287) | (30,492) | ||||||||||||||||||||||||||||
Dividends paid to common shareholders | (65,335) | 0 | 0 | (65,335) | 0 | (65,335) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | (594,864) | $ (190) | (594,674) | 0 | 0 | (594,864) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (19,004) | |||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | (5,986) | $ 0 | (5,986) | 0 | 0 | (5,986) | 0 | |||||||||||||||||||||||||||||||||||
Other | (1,034) | 0 | (818) | 0 | 0 | (818) | (216) | |||||||||||||||||||||||||||||||||||
Ending Balance at Jun. 30, 2018 | 10,839,941 | $ 5,379 | 4,413,814 | 2,431,186 | (3,237) | 6,847,142 | 3,992,799 | |||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Jun. 30, 2018 | 537,867 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 169,194 | $ 0 | 0 | 142,878 | 0 | 142,878 | 26,316 | |||||||||||||||||||||||||||||||||||
Currency translation adjustment | 12,210 | 0 | 0 | 0 | 6,706 | 6,706 | 5,504 | |||||||||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flow hedges | 4,028 | 0 | 0 | 0 | 2,765 | 2,765 | 1,263 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 17,106 | 0 | 15,916 | 0 | 0 | 15,916 | 1,190 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (2,202) | $ 1 | (2,203) | 0 | 0 | (2,202) | 0 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 173 | |||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (17,618) | (31,024) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17,618) | (31,024) | ||||||||||||||||||||||||||||
Dividends paid to common shareholders | (63,961) | 0 | 0 | (63,961) | 0 | (63,961) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | (176,070) | $ (61) | (176,009) | 0 | 0 | (176,070) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (6,103) | |||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | (4,155) | $ 0 | (4,155) | 0 | 0 | (4,155) | 0 | |||||||||||||||||||||||||||||||||||
Other | (1,270) | 0 | 4,339 | 0 | 0 | 4,339 | (5,609) | |||||||||||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2018 | 10,746,179 | $ 5,319 | 4,251,702 | 2,510,103 | 6,234 | 6,773,358 | 3,972,821 | |||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2018 | 531,937 | |||||||||||||||||||||||||||||||||||||||||
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 (loss) | 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 flow hedges | (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, 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 | |||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (4,627) | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flow hedges | (56,125) | |||||||||||||||||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2019 | 10,520,618 | $ 5,139 | 3,846,369 | 2,255,885 | (46,841) | 6,060,552 | 4,460,066 | |||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2019 | 513,914 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance at Mar. 31, 2019 | 11,217,865 | $ 5,372 | 4,420,463 | 2,384,977 | (24,608) | 6,786,204 | 4,431,661 | |||||||||||||||||||||||||||||||||||
Beginning Balance, Shares at Mar. 31, 2019 | 537,156 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 73,881 | $ 0 | 0 | 43,405 | 0 | 43,405 | 30,476 | |||||||||||||||||||||||||||||||||||
Currency translation adjustment | 26,380 | 0 | 0 | 0 | 14,754 | 14,754 | 11,626 | |||||||||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flow hedges | (26,298) | 0 | 0 | 0 | (16,651) | (16,651) | (9,647) | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 17,064 | 0 | 15,991 | 0 | 0 | 15,991 | 1,073 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (1,140) | $ 1 | (1,141) | 0 | 0 | (1,140) | 0 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 182 | |||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (13,716) | (43,310) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (13,716) | (43,310) | ||||||||||||||||||||||||||||
Dividends paid to common shareholders | (68,416) | 0 | 0 | (68,416) | 0 | (68,416) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | (281,833) | $ (110) | (281,723) | 0 | 0 | (281,833) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (11,005) | |||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | 992 | $ 0 | 992 | 0 | 0 | 992 | 0 | |||||||||||||||||||||||||||||||||||
Acquisition transaction | $ (5,760) | $ 0 | $ 21,681 | $ 0 | $ (2) | $ 21,679 | $ (27,439) | |||||||||||||||||||||||||||||||||||
Share issuance | 62,199 | 0 | 9,905 | 0 | 105 | 10,010 | 52,189 | |||||||||||||||||||||||||||||||||||
Other | (3,187) | 0 | (4,583) | 0 | 72 | (4,511) | 1,324 | |||||||||||||||||||||||||||||||||||
Ending Balance at Jun. 30, 2019 | 10,954,721 | $ 5,263 | 4,181,585 | 2,359,966 | (26,330) | 6,520,484 | 4,434,237 | |||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Jun. 30, 2019 | 526,333 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 3,787 | $ 0 | 0 | (37,133) | 0 | (37,133) | 40,920 | |||||||||||||||||||||||||||||||||||
Currency translation adjustment | (18,602) | 0 | 0 | 0 | (10,509) | (10,509) | (8,093) | |||||||||||||||||||||||||||||||||||
Other comprehensive Income (loss) - cash flow hedges | (16,504) | 0 | 0 | 0 | (10,271) | (10,271) | (6,233) | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 15,320 | 0 | 13,891 | 0 | 0 | 13,891 | 1,429 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (1,980) | $ 2 | (1,982) | 0 | 0 | (1,980) | 0 | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 180 | |||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (26,529) | (44,870) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (26,529) | (44,870) | ||||||||||||||||||||||||||||
Dividends paid to common shareholders | (66,948) | 0 | 0 | (66,948) | 0 | (66,948) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | (356,982) | $ (126) | (356,856) | 0 | 0 | (356,982) | 0 | |||||||||||||||||||||||||||||||||||
Repurchase of common stock, Shares | (12,599) | |||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable non-controlling interest to redemption value | (3,074) | $ 0 | (3,074) | 0 | 0 | (3,074) | 0 | |||||||||||||||||||||||||||||||||||
Share issuance | $ 82,737 | $ 0 | $ 12,399 | $ 0 | $ 200 | $ 12,599 | $ 70,138 | |||||||||||||||||||||||||||||||||||
Other | (458) | 0 | 406 | 0 | 69 | 475 | (933) | |||||||||||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2019 | $ 10,520,618 | $ 5,139 | $ 3,846,369 | $ 2,255,885 | $ (46,841) | $ 6,060,552 | $ 4,460,066 | |||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2019 | 513,914 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Dividends declared to common shareholders | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.12 |
Organization
Organization | 9 Months Ended |
Sep. 30, 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. 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) 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 September 30, 2019, the Company owned 67.7% of the Operating Partnership units, and MGP held the remaining 32.3% 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 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. On October 14, 2019, the Company entered into an agreement for the sale of Circus Circus Las Vegas and adjacent land. See Note 2 for additional information related to this transaction. On October 15, 2019, the Company entered into an agreement to form a joint venture with a subsidiary of Blackstone Real Estate Income Trust (“BREIT”). The joint venture will acquire the Bellagio real estate assets from the Company and lease it back to a subsidiary of the Company pursuant to a lease agreement. The lease will provide for initial annual rent of $245 million with a fixed 2% escalator for the first ten years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% during the 11 th th The Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “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 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 | 9 Months Ended |
Sep. 30, 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 32.3% as of September 30, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of September 30, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $11.9 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.5 billion and $5.1 billion, respectively, primarily related to its indebtedness. Reclassifications. Certain reclassifications have been made to conform the prior period presentation. Circus Circus Las Vegas and adjacent land. As discussed in Note 1, the Company entered into an agreement to sell Circus Circus Las Vegas and the adjacent land for $825 million. The $825 million purchase price will consist of $662.5 million paid in cash and a secured note due 2024 with a face value of $162.5 million and fair value of $135.8 million. The transaction is expected to close in the fourth quarter of 2019 subject to custo mary closing conditions, including receipt of necessary regulatory approvals. At September 30, 2019, the Company reviewed the carrying value of its Circus Circus Las Vegas and adjacent land long-lived asset groups for impairment as an offer for sale was received during the third quarter of 2019 and due to management’s expectation that it was more likely than not that the assets will be divested in the sale. As a result, the Company recorded a non-cash impairment charge of $219 million, which is classified within “Property transactions, net” in the consolidated statements of operations, and reflects the amount by which the assets’ carrying value exceeds the assets’ fair value (expected selling price). Circus Circus Las Vegas and the adjacent land were classified as held and used in the consolidated balance sheets at September 30, 2019 as the held for sale criteria, while met subsequent to the balance sheet date and before the financial statements were issued, were not met as of the balance sheet date. 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 and nine months ended September 30, 2019, commissions and incentives provided to gaming customers were $687 million and $1.9 billion, respectively. During the three and nine months ended September 30, 2018, commissions and incentives provided to gaming customers were $594 million and $1.7 billion, 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 owed 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 September 30 328,061 550,041 125,518 105,421 444,573 563,244 Increase / (decrease) $ 4,250 $ (47,712 ) $ 12,225 $ 14,302 $ (222,712 ) $ 23,618 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 and nine months ended September 30, 2019, lease revenues from third-party tenants include $14 million and $39 million recorded within food and beverage revenue, respectively, and $22 million and $67 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and nine months ended September 30, 2018, lease revenues from third-party tenants include $14 million and $39 million recorded within food and beverage revenue, respectively, and $22 million and $65 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations. 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. In June 2016, the FASB issued ASC 326 “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASC 326”), which replaces the existing incurred loss model with a current expected credit loss (CECL) model that requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees, and other financial instruments. ASC 326 is effective for the Company as of January 1, 2020 with the impact of adoption recorded with a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently assessing the impact of ASC 326 on its financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 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. During the second quarter of 2019, the Company received updated information regarding facts and circumstances in existence as of the acquisition date that impacted the forecasted revenues and expenses utilized in the preliminary purchase price valuation. As a result, the Company recorded a measurement period adjustment that included a $76 million decrease to the racing and gaming license , a $ 17 million decrease to other intangible assets and a $ 20 million decrease to deferred income taxes, with the offset to goodwill. The allocation of fair value has been finalized as of September 30, 2019. The following table sets forth the 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 52,000 Other intangible assets 34,000 Goodwill 256,133 Other assets 24,420 Deferred income taxes (125,149 ) Other liabilities (85,690 ) $ 864,644 The Company recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were determined using methodologies under the income approach based on significant inputs that were not observable. The gaming license is an indefinite-lived intangible asset and the customer lists and trade name acquired, both of which comprise other intangible assets above, are amortized over their estimated useful lives of approximately four and five years, respectively. The goodwill is primarily attributable to the potential for a conversion to a full-scale gaming facility. For the period from January 29, 2019 through September 30, 2019, Empire City’s net revenue was $143 million, operating income was $13 million and net income was $28 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. 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 on this intercompany transaction, which eliminates in consolidation. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2019 2018 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 553,761 $ 589,965 Other 205,231 142,902 $ 758,992 $ 732,867 The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Income from unconsolidated affiliates $ 36,214 $ 35,495 $ 101,967 $ 115,201 Preopening and start-up expenses — — — (3,321 ) Non-operating items from unconsolidated affiliates (14,669 ) (11,583 ) (54,311 ) (31,661 ) $ 21,545 $ 23,912 $ 47,656 $ 80,219 Grand Victoria sale. On August 7, 2018, the Company, along with its joint venture partner, completed the sale of Grand Victoria, of which a subsidiary of the Company owned a 50% interest, for $328 million in cash. The Company recorded a gain of $45 million related to the sale, which is recorded within “Property transactions, net. CityCenter Summarized income statement information for CityCenter is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Net revenues $ 320,352 $ 294,387 $ 993,215 $ 942,871 Operating income 61,464 26,105 159,831 139,977 Income from continuing operations 33,082 4,842 56,079 81,718 Net income (loss) 33,082 (1,227 ) 56,079 (52,899 ) Mandarin Oriental. On August 30, 2018, CityCenter closed the sale of the Mandarin Oriental Las Vegas (“Mandarin Oriental”) and adjacent retail parcels for approximately $214 million. During the three and nine months ended September 30, 2018, CityCenter recognized a loss on sale of the Mandarin Oriental of $6 million and $133 million, respectively. During the three and nine months ended September 30, 2018, the Company recognized a $12 million gain on sale related to the reversal of basis differences in excess of its share of the loss recorded by CityCenter, which is recorded within “Income from unconsolidated affiliates.” CityCenter distributions. In March 2019, CityCenter paid a $64 million dividend, of which the Company received its 50% share, or approximately $32 million. In April 2019, CityCenter paid a $116 million dividend, of which the Company received its 50% share, or approximately $58 million. In September 2018, CityCenter paid a $225 million dividend, of which the Company received its 50% share, or approximately $113 million. In May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 5 — LONG-TERM DEBT Long-term debt consisted of the following: September 30, December 31, 2019 2018 (In thousands) Senior credit facility $ 1,260,000 $ 750,000 Operating Partnership senior credit facility 2,252,313 2,819,125 MGM China credit facility 775,658 2,433,562 $850 million 8.625% senior notes, due 2019 — 850,000 $500 million 5.25% senior notes, due 2020 267,476 500,000 $1,000 million 6.75% senior notes, due 2020 360,826 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 $750 million 5.375% MGM China senior notes, due 2024 750,000 — $1,000 million 5.75% senior notes, due 2025 1,000,000 1,000,000 $750 million 5.875% MGM China senior notes, due 2026 750,000 — $500 million 4.5% 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 — $1,000 million 5.5% senior notes, due 2027 1,000,000 — $350 million 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 $0.6 million 7% debentures, due 2036 552 552 15,066,825 15,253,239 Less: Premiums, discounts, and unamortized debt issuance costs, net (122,951 ) (121,823 ) 14,943,874 15,131,416 Less: Current portion — (43,411 ) $ 14,943,874 $ 15,088,005 Debt due within one year of the September 30, 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 $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 December 31, 2018. Senior credit facility. At September 30, 2019 , the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility . At September 30, 2019, $510 million was drawn on the revolving credit facility. At September 30, 2019, the interest rate on the term loan A facility was 4.04% and the interest rate on the revolving credit facility was 4.03%. The Company was in compliance with its credit facility covenants at September 30, 2019. Operating Partnership senior credit facility. At September 30, 2019, the Operating Partnership senior credit facility consisted of a $467 million term loan A facility, a $1.79 billion term loan B facility, and a $1.35 billion revolving credit facility. At September 30, 2019, the interest rate on each of the term loan A facility and the term loan B facility was 4.04%, respectively. At September 30, 2019, no amounts were drawn on the revolving credit facility. The Operating Partnership was in compliance with its credit facility covenants at September 30, 2019. The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior credit facility. As of September 30, 2019, the Operating Partnership pays a weighted average fixed rate of 1.707% on total notional amount of $1.5 billion. As of September 30, 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 September 30, 2019, the MGM China credit facility consisted of a $1.25 billion unsecured revolving credit facility . In August 2019, MGM China entered into a new $1.25 billion senior unsecured revolving credit facility, on which it drew $776 million and used the proceeds to fully repay the borrowings outstanding under its previous secured credit facility. The new revolving credit facility matures in May 2024 and bears interest at a fluctuating rate per annum based on HIBOR plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. The new revolving credit facility contains customary representations and warranties, events of default, and affirmative, negative and financial covenants, including covenants requiring MGM China to maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. During the nine months ended September 30, 2019, MGM China also used the proceeds from its senior notes issuance, discussed below, to permanently repay $1.0 billion of the previous term loan facilities, with the remaining proceeds used to pay down outstanding borrowings under its previous revolving credit facility. At September 30, 2019, $776 million was outstanding on the revolving credit facility. At September 30, 2019, the interest rate on the revolving credit facility was 4.25%. MGM China was in compliance with its credit facility covenants at September 30, 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. MGM China senior notes. In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026. The Company primarily used the net proceeds from the offering to pay down outstanding borrowings under the MGM China credit facility, as discussed above. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $16 billion and $15.1 billion at September 30, 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 | 9 Months Ended |
Sep. 30, 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 benefit of 620.8% and a provision of 33.9% for the three and nine months ended September 30, 2019, respectively, compared to a provision of 10.0% and a benefit of 8.0% for the three and nine months ended September 30, 2018, respectively. The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. 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 first quarter, has applied 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. $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, The Company recorded a $20 million increase in its valuation allowance on its foreign tax credit carryovers (“FTCs”) and a corresponding increase in its income tax expense for the nine months ended September 30, 2019 based upon revisions 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. Finally, 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 nine months ended September 30, 2019. |
Leases
Leases | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2019 includes operating lease cost of $26 million and $76 million, respectively. Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): September 30, 2019 Supplemental balance sheet information (In thousands) Operating lease right-of-use assets $ 650,990 Operating lease obligation - short-term (recorded within “Other accrued liabilities”) $ 69,694 Operating lease obligation - long-term 518,365 Total operating lease liabilities $ 588,059 Weighted-average remaining lease term (years) 37 Weighted-average discount rate (%) 7 Nine Months Ended September 30, 2019 Supplemental cash flows information (In thousands) Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases $ 66,562 Maturities of operating lease liabilities were as follows: Year ending December 31, (In thousands) 2019 (excluding the nine months ended September 30, 2019) $ 25,542 2020 94,646 2021 74,759 2022 58,776 2023 56,261 Thereafter 1,442,944 Total future minimum lease payments 1,752,928 Less: Amount of lease payments representing interest (1,164,869 ) Total $ 588,059 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 were 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 . In connection with the mediation of these matters, the Company and law firms representing plaintiffs in the majority of pending matters and purporting to represent substantially all claimants known to the Company (collectively, the “Claimants”) have entered into a settlement agreement (the “Settlement Agreement”) whereby, subject to the satisfaction of certain monetary and non-monetary conditions, the Company’s insurance carriers will deposit funds into a settlement fund covering the plaintiffs and certain other cases that emerged or were filed prior to October 1, 2019. Pursuant to the terms of the Settlement Agreement, the Company expects that the total amount placed in the fund to be between $735 million and $800 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 by certain categories of claimants, as defined in the Settlement Agreement. The Company has $751 million of insurance coverage available to fund. Following the mediation, and shortly before the statute of limitations expired, a few additional lawsuits were filed against the Company and/or certain of its subsidiaries. While it is possible that these lawsuits may be resolved as part of the Settlement Agreement, no assurances can be made that they will be included. 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 believed it was in the best interests of all parties involved to negotiate and enter into the Settlement Agreement. As a result of the foregoing, the Company believes that it is probable a loss will be incurred and, as of September 30, 2019, the Company accrued a liability of $735 million, which represents the low end of the range of probable loss. In addition, the Company recorded an insurance receivable of $735 million, which represents the entire amount of the liability recorded for the settlement of these cases. While the Company intends for substantially all claimants to be covered by the Settlement Agreement, it remains possible that certain claimants may not join the settlement. In addition, no assurances can be given that the significant conditions to the Settlement Agreement will be satisfied by the Claimants. If the conditions in the Settlement Agreement are not satisfied and the mediation stay is lifted, 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 believes it ultimately 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, and the Operating Partnership’s senior credit facility limits the amount to $75 million. At September 30, 2019, $11 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 at September 30, 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 provided a bank guarantee in an amount of approximately $102 million to the government of Macau in May 2019 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 | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Numerator: Net income (loss) attributable to MGM Resorts International $ (37,133 ) $ 142,878 $ 37,569 $ 490,099 Adjustment related to redeemable noncontrolling interests (3,074 ) (4,155 ) (5,906 ) (14,739 ) Net income (loss) available to common stockholders - basic (40,207 ) 138,723 31,663 475,360 Potentially dilutive effect due to MGP and MGM China stock compensation plans (30 ) (43 ) (111 ) (179 ) Net income (loss) attributable to common stockholders - diluted $ (40,237 ) $ 138,680 $ 31,552 $ 475,181 Denominator: Weighted-average common shares outstanding - basic 518,983 535,130 528,429 549,418 Potential dilution from share-based awards — 5,266 3,444 6,103 Weighted-average common and common equivalent shares - diluted 518,983 540,396 531,873 555,521 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,108 2,432 1,816 1,681 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 10 — STOCKHOLDERS’ EQUITY Noncontrolling interest ownership transactions 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 (as defined in Note 12) 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 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 Northfield OpCo transaction, the Company indirectly owned 68.8% of the partnership units in the Operating Partnership. MGP Class A share issuances – At-the-Market (“ATM”) program. During the three and nine months ended September 30, 2019, MGP issued approximately 3 million and 5 million Class A shares under its ATM program, respectively. In connection with the issuances, the Operating Partnership issued 3 million and 5 million Operating Partnership units to MGP during the three and nine months ended September 30, 2019, respectively. 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 collective issuances, and as of September 30, 2019, the Company indirectly owned 67.7% of the partnership units in the Operating Partnership. Other equity activity MGM Resorts International dividends. On October 30, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on December 16, 2019 to holders of record on December 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 the Company completed the previously announced $1.0 billion stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. 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 During the three months ended September 30, 2019, the Company repurchased approximately 13 million shares of its common stock at an average price of $28.33 per share for an aggregate amount of $357 million. During the nine months ended September 30, 2019, the Company repurchased approximately 24 million shares of its common stock at an average price of $27.06 per share for an aggregate amount of $639 million. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $750 million as of September 30, 2019. During the three months ended September 30, 2018, the Company repurchased approximately 6 million shares of its common stock at an average price of $28.87 per share for an aggregate amount of $176 million. During the nine months ended September 30, 2018, the Company repurchased approximately 35 million shares of its common stock at an average price of $32.29 per share for an aggregate amount of $1.1 billion. 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) Balances, January 1, 2019 $ (18,872 ) $ 9,144 $ 1,172 $ (8,556 ) Other comprehensive loss before reclassifications (12,405 ) (11,476 ) — (23,881 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,847 ) — (1,847 ) Empire City MGP transaction — — 195 195 MGP Class A share issuances — — (774 ) (774 ) Park MGM Transaction — — 16 16 Other — — 23 23 Other comprehensive loss, net of tax (12,405 ) (13,323 ) (540 ) (26,268 ) Less: Other comprehensive loss attributable to noncontrolling interest 5,499 4,717 — 10,216 Balances, March 31, 2019 (25,778 ) 538 632 (24,608 ) Other comprehensive income (loss) before reclassifications 26,380 (24,531 ) — 1,849 Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,767 ) — (1,767 ) MGP Class A share issuances — — 105 105 Northfield OpCo transaction — — (2 ) (2 ) Other — — 72 72 Other comprehensive income (loss), net of tax 26,380 (26,298 ) 175 257 Less: Other comprehensive (income) loss attributable to noncontrolling interest (11,626 ) 9,647 — (1,979 ) Balances, June 30, 2019 (11,024 ) (16,113 ) 807 (26,330 ) Other comprehensive loss before reclassifications (18,602 ) (15,223 ) — (33,825 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,281 ) — (1,281 ) MGP Class A share issuances — — 200 200 Other — — 69 69 Other comprehensive income (loss), net of tax (18,602 ) (16,504 ) 269 (34,837 ) Less: Other comprehensive loss attributable to noncontrolling interest 8,093 6,233 — 14,326 Balances, September 30, 2019 $ (21,533 ) $ (26,384 ) $ 1,076 $ (46,841 ) |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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) ; Empire City in Yonkers, New York (upon acquisition i n January 2019) ; and MGM Northfield Park in Northfield Park, Ohio (upon acquisition of the operations from MGP i n Apri l 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 (prior to April 1, 2019 as the operations were owned by MGP until that date), 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, depreciation 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 336,262 $ 345,933 $ 969,149 $ 1,068,446 Rooms 469,145 443,477 1,407,733 1,343,563 Food and beverage 401,362 368,823 1,156,657 1,069,977 Entertainment, retail and other 300,679 296,123 868,441 858,988 1,507,448 1,454,356 4,401,980 4,340,974 Regional Operations Casino 660,748 526,041 1,888,852 1,477,623 Rooms 90,197 90,152 243,449 242,581 Food and beverage 126,625 113,953 368,374 314,136 Entertainment, retail and other 57,448 46,965 149,241 117,828 935,018 777,111 2,649,916 2,152,168 MGM China Casino 662,838 536,650 1,959,582 1,584,140 Rooms 36,294 32,690 105,171 83,526 Food and beverage 32,214 31,606 93,836 80,447 Entertainment, retail and other 6,409 5,068 19,459 15,112 737,755 606,014 2,178,048 1,763,225 Reportable segment net revenues 3,180,221 2,837,481 9,229,944 8,256,367 Corporate and other 134,161 191,821 484,592 453,867 $ 3,314,382 $ 3,029,302 $ 9,714,536 $ 8,710,234 Adjusted Property EBITDA Las Vegas Strip Resorts $ 441,155 $ 419,699 $ 1,262,879 $ 1,304,758 Regional Operations 263,616 207,249 725,343 564,277 MGM China 182,010 130,046 543,628 401,672 Reportable segment Adjusted Property EBITDA 886,781 756,994 2,531,850 2,270,707 Other operating income (expense) Corporate and other (73,117 ) (41,129 ) (222,419 ) (158,118 ) Preopening and start-up expenses (925 ) (46,890 ) (5,091 ) (132,884 ) Property transactions, net (249,858 ) 42,400 (264,424 ) 19,532 Depreciation and amortization (322,009 ) (300,472 ) (973,211 ) (865,502 ) Restructuring (2,491 ) — (86,579 ) — Operating income 238,381 410,903 980,126 1,133,735 Non-operating income (expense) Interest expense, net of amounts capitalized (215,503 ) (205,573 ) (647,452 ) (554,975 ) Non-operating items from unconsolidated affiliates (14,669 ) (11,583 ) (54,311 ) (31,661 ) Other, net (9,381 ) (3,291 ) (53,964 ) (11,588 ) (239,553 ) (220,447 ) (755,727 ) (598,224 ) Income (loss) before income taxes (1,172 ) 190,456 224,399 535,511 Benefit (provision) for income taxes 7,276 (19,046 ) (75,969 ) 42,623 Net income 6,104 171,410 148,430 578,134 Less: Net income attributable to noncontrolling interests (43,237 ) (28,532 ) (110,861 ) (88,035 ) Net income (loss) attributable to MGM Resorts International $ (37,133 ) $ 142,878 $ 37,569 $ 490,099 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 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 $15 million during the three and nine months ended September 30, 2019, respectively, and $4 million and $17 million during the three and nine months ended September 30, 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 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 were then 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 $305 million consisting primarily 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 | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | NOTE 13 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of September 30, 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 September 30, 2019 and December 31, 2018 and for the three and nine months ended September 30, 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 September 30, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 774,542 $ 1,123,697 $ 166,402 $ 827,858 $ (11,753 ) $ 2,880,746 Property and equipment, net — 5,197,751 10,894,121 4,524,078 (11,972 ) 20,603,978 Investments in subsidiaries 23,371,673 3,776,537 — — (27,148,210 ) — Investments in the MGP Operating Partnership — 3,657,793 — 771,393 (4,429,186 ) — Investments in and advances to unconsolidated affiliates — 712,292 — 21,700 25,000 758,992 Intercompany accounts — 8,270,168 — — (8,270,168 ) — Other non-current assets 69,752 10,300,179 869,040 7,088,325 (11,402,141 ) 6,925,155 $ 24,215,967 $ 33,038,417 $ 11,929,563 $ 13,233,354 $ (51,248,430 ) $ 31,168,871 Current liabilities $ 879,192 $ 1,614,524 $ 181,890 $ 907,330 $ (289,692 ) $ 3,293,244 Intercompany accounts 8,189,657 — 298 80,213 (8,270,168 ) — Deferred income taxes, net 1,161,765 125,149 29,721 249,512 (29,721 ) 1,536,426 Long-term debt, net 7,841,161 569 4,847,408 2,254,736 — 14,943,874 Other non-current liabilities 83,640 9,314,211 485,942 2,320,021 (11,435,081 ) 768,733 Total liabilities 18,155,415 11,054,453 5,545,259 5,811,812 (20,024,662 ) 20,542,277 Redeemable noncontrolling interests — — — 105,976 — 105,976 MGM Resorts International stockholders' equity 6,060,552 21,982,631 4,309,794 4,931,343 (31,223,768 ) 6,060,552 Noncontrolling interests — 1,333 2,074,510 2,384,223 — 4,460,066 Total stockholders' equity 6,060,552 21,983,964 6,384,304 7,315,566 (31,223,768 ) 10,520,618 $ 24,215,967 $ 33,038,417 $ 11,929,563 $ 13,233,354 $ (51,248,430 ) $ 31,168,871 At December 31, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 304,741 $ 1,244,864 $ 12,054 $ 972,820 $ (7,701 ) $ 2,526,778 Property and equipment, net — 13,585,370 10,506,129 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 — 7,135,183 — — (7,135,183 ) — Other non-current assets 67,214 1,186,666 77,436 4,932,872 (43,015 ) 6,221,173 Assets held for sale — — 355,688 — (355,688 ) — $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 Current liabilities $ 154,484 $ 1,646,481 $ 160,441 $ 1,224,752 $ (237,276 ) $ 2,948,882 Intercompany accounts 6,932,325 — 227 202,631 (7,135,183 ) — 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 7,210,948 215,613 2,247,584 (9,453,924 ) 259,240 Liabilities related to assets held for sale — — 28,937 — (28,937 ) — Total liabilities 16,278,954 8,857,999 5,105,801 6,280,951 (16,885,040 ) 19,638,665 Redeemable noncontrolling interests — — — 102,250 — 102,250 MGM Resorts International stockholders' equity 6,512,283 21,808,465 4,279,535 4,383,581 (30,471,581 ) 6,512,283 Noncontrolling interests — — 1,565,971 2,391,537 — 3,957,508 Total stockholders' equity 6,512,283 21,808,465 5,845,506 6,775,118 (30,471,581 ) 10,469,791 $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 2,142,108 $ 226,011 $ 1,172,280 $ (226,017 ) $ 3,314,382 Equity in subsidiaries' earnings 120,836 30,349 — — (151,185 ) — Expenses Casino and hotel operations 1,525 1,200,554 — 734,577 (6 ) 1,936,650 General and administrative 2,749 542,664 5,922 187,109 (244,216 ) 494,228 Corporate expense 42,231 56,782 4,566 4,966 — 108,545 Preopening and start-up expenses — 926 — (1 ) — 925 Property transactions, net 7,530 232,289 9,921 118 — 249,858 Depreciation and amortization — 108,126 71,957 141,926 — 322,009 54,035 2,141,341 92,366 1,068,695 (244,222 ) 3,112,215 Income (loss) from unconsolidated affiliates — 41,143 — (4,929 ) — 36,214 Operating income 66,801 72,259 133,645 98,656 (132,980 ) 238,381 Interest expense, net of amounts capitalized (118,819 ) (221 ) (63,048 ) (33,415 ) — (215,503 ) Other non-operating, net 18,135 33,793 (65 ) (16,457 ) (59,456 ) (24,050 ) Income (loss) before income taxes (33,883 ) 105,831 70,532 48,784 (192,436 ) (1,172 ) Benefit (provision) for income taxes (3,250 ) — (1,979 ) 12,505 — 7,276 Net income (loss) (37,133 ) 105,831 68,553 61,289 (192,436 ) 6,104 Less: Net income attributable to noncontrolling interests — (1,333 ) (22,515 ) (19,389 ) — (43,237 ) Net income (loss) attributable to MGM Resorts International $ (37,133 ) $ 104,498 $ 46,038 $ 41,900 $ (192,436 ) $ (37,133 ) Net income (loss) $ (37,133 ) $ 105,831 $ 68,553 $ 61,289 $ (192,436 ) $ 6,104 Other comprehensive loss, net of tax: Foreign currency translation adjustment (10,509 ) (10,509 ) — (18,602 ) 21,018 (18,602 ) Unrealized loss on cash flow hedges (10,271 ) — (19,270 ) — 13,037 (16,504 ) Other comprehensive loss (20,780 ) (10,509 ) (19,270 ) (18,602 ) 34,055 (35,106 ) Comprehensive income (loss) (57,913 ) 95,322 49,283 42,687 (158,381 ) (29,002 ) Less: Comprehensive income attributable to noncontrolling interests — — (16,282 ) (12,629 ) — (28,911 ) Comprehensive income (loss) attributable to MGM Resorts International $ (57,913 ) $ 95,322 $ 33,001 $ 30,058 $ (158,381 ) $ (57,913 ) Nine Months Ended September 30, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,221,722 $ 655,193 $ 3,492,820 $ (655,199 ) $ 9,714,536 Equity in subsidiaries' earnings 630,307 96,737 — — (727,044 ) — Expenses Casino and hotel operations 6,042 3,538,069 — 2,170,763 (11,029 ) 5,703,845 General and administrative 23,595 1,634,652 17,401 564,569 (696,453 ) 1,543,764 Corporate expense 145,920 163,826 21,555 14,741 — 346,042 Preopening and start-up expenses — 3,083 — 2,008 — 5,091 Property transactions, net 7,530 244,451 11,344 1,099 — 264,424 Depreciation and amortization — 319,902 223,062 430,247 — 973,211 183,087 5,903,983 273,362 3,183,427 (707,482 ) 8,836,377 Income (loss) from unconsolidated affiliates — 109,555 — (7,588 ) — 101,967 Operating income 447,220 524,031 381,831 301,805 (674,761 ) 980,126 Interest expense, net of amounts capitalized (363,882 ) (638 ) (190,973 ) (91,959 ) — (647,452 ) Other non-operating, net 14,276 143,363 1,383 (27,026 ) (240,271 ) (108,275 ) Income from continuing operations before income taxes 97,614 666,756 192,241 182,820 (915,032 ) 224,399 Provision for income taxes (60,045 ) (8 ) (5,771 ) (10,145 ) — (75,969 ) Income from continuing operations, net of tax 37,569 666,748 186,470 172,675 (915,032 ) 148,430 Income from discontinued operations, net of tax — — 16,216 — (16,216 ) — Net income 37,569 666,748 202,686 172,675 (931,248 ) 148,430 Less: Net income attributable to noncontrolling interests — (4,192 ) (64,328 ) (42,341 ) — (110,861 ) Net income attributable to MGM Resorts International $ 37,569 $ 662,556 $ 138,358 $ 130,334 $ (931,248 ) $ 37,569 Net income $ 37,569 $ 666,748 $ 202,686 $ 172,675 $ (931,248 ) $ 148,430 Other comprehensive loss, net of tax: Foreign currency translation adjustment (2,661 ) (2,661 ) — (4,627 ) 5,322 (4,627 ) Unrealized loss on cash flow hedges (35,528 ) — (65,657 ) — 45,060 (56,125 ) Other comprehensive loss (38,189 ) (2,661 ) (65,657 ) (4,627 ) 50,382 (60,752 ) Comprehensive income (loss) (620 ) 664,087 137,029 168,048 (880,866 ) 87,678 Less: Comprehensive income attributable to noncontrolling interests — — (43,731 ) (44,567 ) — (88,298 ) Comprehensive income (loss) attributable to MGM Resorts International $ (620 ) $ 664,087 $ 93,298 $ 123,481 $ (880,866 ) $ (620 ) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 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 $ (344,621 ) $ 1,306,819 $ (84,517 ) $ 494,018 $ (15,591 ) $ 1,356,108 Cash flows from investing activities Capital expenditures, net of construction payable — (334,870 ) — (147,928 ) 12 (482,786 ) Dispositions of property and equipment — 1,870 — 66 — 1,936 Acquisition of Empire City Casino, net of cash acquired — (535,681 ) — — — (535,681 ) Investments in unconsolidated affiliates — (81,271 ) — — — (81,271 ) Distributions from unconsolidated affiliates — 99,661 — — — 99,661 Intercompany accounts — (1,134,905 ) — — 1,134,905 — Northfield OpCo transaction — (3,779 ) 3,779 — — — Other — (4,500 ) — (26,612 ) — (31,112 ) Net cash provided by (used in) investing activities — (1,993,475 ) 3,779 (174,474 ) 1,134,917 (1,029,253 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less 510,000 245,950 (812,763 ) (1,654,194 ) — (1,711,007 ) Issuance of long-term debt 1,000,000 — 750,000 1,500,000 — 3,250,000 Retirement of senior notes and senior debentures (1,721,698 ) (38,280 ) — — — (1,759,978 ) Debt issuance costs (14,080 ) — (9,983 ) (39,328 ) — (63,391 ) Issuance of MGM Growth Properties Class A shares, net — — 699,362 — — 699,362 Dividends paid to common shareholders (205,163 ) — — — — (205,163 ) MGP dividends paid to consolidated subsidiaries — — (277,899 ) — 277,899 — Distributions to noncontrolling interest owners — (3,574 ) (117,106 ) (51,559 ) — (172,239 ) Purchases of common stock (638,815 ) — — — — (638,815 ) Intercompany accounts 1,176,224 464,988 — (228,408 ) (1,412,804 ) — Other (8,789 ) (43,291 ) (1,342 ) (3,133 ) 37,900 (18,655 ) Net cash provided by (used in) financing activities 97,679 625,793 230,269 (476,622 ) (1,097,005 ) (619,886 ) Effect of exchange rate on cash — — — (162 ) — (162 ) Cash flows from (used in) discontinued operations Cash flows from operating activities — — 15,591 — (15,591 ) — Cash flows used in investing activities — — (12 ) — 12 — Cash flows used in financing activities — — (37,900 ) — 37,900 — Net cash flows used in discontinued operations — — (22,321 ) — 22,321 — Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — 22,321 — Cash and cash equivalents Net increase (decrease) for the period (246,942 ) (60,863 ) 149,531 (157,240 ) 22,321 (293,193 ) Balance, beginning of period 259,738 445,423 3,995 817,606 — 1,526,762 Balance, end of period $ 12,796 $ 384,560 $ 153,526 $ 660,366 $ 22,321 $ 1,233,569 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 2,032,404 $ 216,659 $ 996,987 $ (216,748 ) $ 3,029,302 Equity in subsidiaries' earnings 335,237 27,390 — — (362,627 ) — Expenses Casino and hotel operations 2,602 1,165,476 — 629,205 (9,857 ) 1,787,426 General and administrative 2,417 325,809 20,925 127,980 (13,714 ) 463,417 Corporate expense 33,767 51,545 13,703 4,933 (5,859 ) 98,089 Preopening and start-up expenses — 3,212 — 43,678 — 46,890 Property transactions, net — (42,345 ) 339 (55 ) (339 ) (42,400 ) Depreciation and amortization — 159,226 63,468 138,951 (61,173 ) 300,472 38,786 1,662,923 98,435 944,692 (90,942 ) 2,653,894 Income (loss) from unconsolidated affiliates — 35,925 — (430 ) — 35,495 Operating income 296,451 432,796 118,224 51,865 (488,433 ) 410,903 Interest expense, net of amounts capitalized (125,234 ) (95 ) (58,743 ) (21,501 ) — (205,573 ) Other non-operating, net 16,179 (104,534 ) (857 ) (44,919 ) 119,257 (14,874 ) Income (loss) from continuing operations before income taxes 187,396 328,167 58,624 (14,555 ) (369,176 ) 190,456 Benefit (provision) for income taxes (44,518 ) — (2,650 ) 26,033 2,089 (19,046 ) Income from continuing operations, net of tax 142,878 328,167 55,974 11,478 (367,087 ) 171,410 Income from discontinued operations, net of tax — — 13,949 — (13,949 ) — Net income 142,878 328,167 69,923 11,478 (381,036 ) 171,410 Less: Net income attributable to noncontrolling interests — — (19,484 ) (9,048 ) — (28,532 ) Net income attributable to MGM Resorts International $ 142,878 $ 328,167 $ 50,439 $ 2,430 $ (381,036 ) $ 142,878 Net income $ 142,878 $ 328,167 $ 69,923 $ 11,478 $ (381,036 ) $ 171,410 Other comprehensive income, net of tax: Foreign currency translation adjustment 6,706 6,706 — 12,210 (13,412 ) 12,210 Unrealized gain on cash flow hedges 2,765 — 4,736 — (3,473 ) 4,028 Other comprehensive income 9,471 6,706 4,736 12,210 (16,885 ) 16,238 Comprehensive income 152,349 334,873 74,659 23,688 (397,921 ) 187,648 Less: Comprehensive income attributable to noncontrolling interests — — (20,747 ) (14,552 ) — (35,299 ) Comprehensive income attributable to MGM Resorts International $ 152,349 $ 334,873 $ 53,912 $ 9,136 $ (397,921 ) $ 152,349 Nine Months Ended September 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 5,859,591 $ 652,888 $ 2,851,316 $ (653,561 ) $ 8,710,234 Equity in subsidiaries' earnings 972,838 94,444 — — (1,067,282 ) — Expenses Casino and hotel operations 7,879 3,310,367 — 1,784,245 (10,441 ) 5,092,050 General and administrative 7,175 952,318 70,643 353,056 (63,432 ) 1,319,760 Corporate expense 112,775 155,604 34,930 15,477 (17,750 ) 301,036 Preopening and start-up expenses — 11,891 — 120,993 — 132,884 Property transactions, net — (20,120 ) 18,851 588 (18,851 ) (19,532 ) Depreciation and amortization — 474,626 199,933 388,539 (197,596 ) 865,502 127,829 4,884,686 324,357 2,662,898 (308,070 ) 7,691,700 Income (loss) from unconsolidated affiliates — 115,851 — (650 ) — 115,201 Operating income 845,009 1,185,200 328,531 187,768 (1,412,773 ) 1,133,735 Interest expense, net of amounts capitalized (350,323 ) (388 ) (157,249 ) (47,015 ) — (554,975 ) Other non-operating, net 47,307 (330,852 ) (3,936 ) (140,894 ) 385,126 (43,249 ) Income (loss) from continuing operations before income taxes 541,993 853,960 167,346 (141 ) (1,027,647 ) 535,511 Benefit (provision) for income taxes (51,894 ) — (5,144 ) 97,572 2,089 42,623 Income from continuing operations, net of tax 490,099 853,960 162,202 97,431 (1,025,558 ) 578,134 Income from discontinued operations, net of tax — — 13,949 — (13,949 ) — Net income 490,099 853,960 176,151 97,431 (1,039,507 ) 578,134 Less: Net income attributable to noncontrolling interests — — (48,460 ) (39,575 ) — (88,035 ) Net income attributable to MGM Resorts International $ 490,099 $ 853,960 $ 127,691 $ 57,856 $ (1,039,507 ) $ 490,099 Net income $ 490,099 $ 853,960 $ 176,151 $ 97,431 $ (1,039,507 ) $ 578,134 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (6,079 ) (6,079 ) — (10,542 ) 12,158 (10,542 ) Unrealized gain on cash flow hedges 15,923 — 27,372 — (20,076 ) 23,219 Other comprehensive income (loss) 9,844 (6,079 ) 27,372 (10,542 ) (7,918 ) 12,677 Comprehensive income 499,943 847,881 203,523 86,889 (1,047,425 ) 590,811 Less: Comprehensive income attributable to noncontrolling interests — — (55,756 ) (35,112 ) — (90,868 ) Comprehensive income attributable to MGM Resorts International $ 499,943 $ 847,881 $ 147,767 $ 51,777 $ (1,047,425 ) $ 499,943 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (338,197 ) $ 961,795 $ 424,837 $ 355,281 $ (8,250 ) $ 1,395,466 Cash flows from investing activities Capital expenditures, net of construction payable — (541,497 ) (191 ) (682,840 ) 604 (1,223,924 ) Dispositions of property and equipment — 477 — 98 — 575 Proceeds from sale of business units and investment in unconsolidated affiliate — 163,616 — — — 163,616 Acquisition of Northfield Park, net of cash acquired — 67,606 (1,068,337 ) — (33,803 ) (1,034,534 ) Investments in unconsolidated affiliates — (2,503 ) — — — (2,503 ) Distributions from unconsolidated affiliates — 320,287 — — — 320,287 Intercompany accounts — (992,845 ) — — 992,845 — Other — (13,416 ) — (8,793 ) — (22,209 ) Net cash used in investing activities — (998,275 ) (1,068,528 ) (691,535 ) 959,646 (1,798,692 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (144,375 ) — 747,375 175,101 — 778,101 Issuance of long-term debt 1,000,000 — — — — 1,000,000 Retirement of senior notes and senior debentures — (2,265 ) — — — (2,265 ) Debt issuance costs (14,414 ) — (17,490 ) (32,904 ) — (64,808 ) Dividends paid to common shareholders (197,295 ) — — — — (197,295 ) MGP dividends paid to consolidated subsidiaries — — (247,820 ) — 247,820 — Distributions to noncontrolling interest owners — — (90,045 ) (59,481 ) — (149,526 ) Purchases of common stock (1,133,334 ) — — — — (1,133,334 ) Intercompany accounts 859,461 124,252 — 256,952 (1,240,665 ) — Other (11,594 ) (5,714 ) — (6,168 ) — (23,476 ) Net cash provided by financing activities 358,449 116,273 392,020 333,500 (992,845 ) 207,397 Effect of exchange rate on cash — — — (1,489 ) — (1,489 ) Cash flows from (used in) discontinued operations Cash flows from operating activities — — 8,250 — (8,250 ) — Cash flows used in investing activities — — 33,199 — (33,199 ) — Cash flows used in financing activities — — — — — — Net cash flows used in discontinued operations — — 41,449 — (41,449 ) — Change in cash and cash equivalents classified as assets held for sale — — 41,449 — (41,449 ) — Cash and cash equivalents Net increase (decrease) for the period 20,252 79,793 (251,671 ) (4,243 ) (41,449 ) (197,318 ) Balance, beginning of period 26,870 311,043 259,722 902,360 — 1,499,995 Balance, end of period $ 47,122 $ 390,836 $ 8,051 $ 898,117 $ (41,449 ) $ 1,302,677 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 32.3% as of September 30, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of September 30, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $11.9 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.5 billion and $5.1 billion, respectively, primarily related to its indebtedness. Reclassifications. Certain reclassifications have been made to conform the prior period presentation. |
Circus Circus Las Vegas and adjacent land | Circus Circus Las Vegas and adjacent land. As discussed in Note 1, the Company entered into an agreement to sell Circus Circus Las Vegas and the adjacent land for $825 million. The $825 million purchase price will consist of $662.5 million paid in cash and a secured note due 2024 with a face value of $162.5 million and fair value of $135.8 million. The transaction is expected to close in the fourth quarter of 2019 subject to custo mary closing conditions, including receipt of necessary regulatory approvals. At September 30, 2019, the Company reviewed the carrying value of its Circus Circus Las Vegas and adjacent land long-lived asset groups for impairment as an offer for sale was received during the third quarter of 2019 and due to management’s expectation that it was more likely than not that the assets will be divested in the sale. As a result, the Company recorded a non-cash impairment charge of $219 million, which is classified within “Property transactions, net” in the consolidated statements of operations, and reflects the amount by which the assets’ carrying value exceeds the assets’ fair value (expected selling price). Circus Circus Las Vegas and the adjacent land were classified as held and used in the consolidated balance sheets at September 30, 2019 as the held for sale criteria, while met subsequent to the balance sheet date and before the financial statements were issued, were not met as of the balance sheet date. |
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 and nine months ended September 30, 2019, commissions and incentives provided to gaming customers were $687 million and $1.9 billion, respectively. During the three and nine months ended September 30, 2018, commissions and incentives provided to gaming customers were $594 million and $1.7 billion, 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 owed 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 September 30 328,061 550,041 125,518 105,421 444,573 563,244 Increase / (decrease) $ 4,250 $ (47,712 ) $ 12,225 $ 14,302 $ (222,712 ) $ 23,618 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 and nine months ended September 30, 2019, lease revenues from third-party tenants include $14 million and $39 million recorded within food and beverage revenue, respectively, and $22 million and $67 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and nine months ended September 30, 2018, lease revenues from third-party tenants include $14 million and $39 million recorded within food and beverage revenue, respectively, and $22 million and $65 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations. |
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. In June 2016, the FASB issued ASC 326 “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASC 326”), which replaces the existing incurred loss model with a current expected credit loss (CECL) model that requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees, and other financial instruments. ASC 326 is effective for the Company as of January 1, 2020 with the impact of adoption recorded with a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently assessing the impact of ASC 326 on its financial statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 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 September 30 328,061 550,041 125,518 105,421 444,573 563,244 Increase / (decrease) $ 4,250 $ (47,712 ) $ 12,225 $ 14,302 $ (222,712 ) $ 23,618 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The following table sets forth the 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 52,000 Other intangible assets 34,000 Goodwill 256,133 Other assets 24,420 Deferred income taxes (125,149 ) Other liabilities (85,690 ) $ 864,644 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2019 2018 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 553,761 $ 589,965 Other 205,231 142,902 $ 758,992 $ 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Income from unconsolidated affiliates $ 36,214 $ 35,495 $ 101,967 $ 115,201 Preopening and start-up expenses — — — (3,321 ) Non-operating items from unconsolidated affiliates (14,669 ) (11,583 ) (54,311 ) (31,661 ) $ 21,545 $ 23,912 $ 47,656 $ 80,219 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: September 30, December 31, 2019 2018 (In thousands) Senior credit facility $ 1,260,000 $ 750,000 Operating Partnership senior credit facility 2,252,313 2,819,125 MGM China credit facility 775,658 2,433,562 $850 million 8.625% senior notes, due 2019 — 850,000 $500 million 5.25% senior notes, due 2020 267,476 500,000 $1,000 million 6.75% senior notes, due 2020 360,826 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 $750 million 5.375% MGM China senior notes, due 2024 750,000 — $1,000 million 5.75% senior notes, due 2025 1,000,000 1,000,000 $750 million 5.875% MGM China senior notes, due 2026 750,000 — $500 million 4.5% 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 — $1,000 million 5.5% senior notes, due 2027 1,000,000 — $350 million 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 $0.6 million 7% debentures, due 2036 552 552 15,066,825 15,253,239 Less: Premiums, discounts, and unamortized debt issuance costs, net (122,951 ) (121,823 ) 14,943,874 15,131,416 Less: Current portion — (43,411 ) $ 14,943,874 $ 15,088,005 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, 2019 Supplemental balance sheet information (In thousands) Operating lease right-of-use assets $ 650,990 Operating lease obligation - short-term (recorded within “Other accrued liabilities”) $ 69,694 Operating lease obligation - long-term 518,365 Total operating lease liabilities $ 588,059 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): Nine Months Ended September 30, 2019 Supplemental cash flows information (In thousands) Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases $ 66,562 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows: Year ending December 31, (In thousands) 2019 (excluding the nine months ended September 30, 2019) $ 25,542 2020 94,646 2021 74,759 2022 58,776 2023 56,261 Thereafter 1,442,944 Total future minimum lease payments 1,752,928 Less: Amount of lease payments representing interest (1,164,869 ) Total $ 588,059 |
Income Per Share of Common St_2
Income Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Numerator: Net income (loss) attributable to MGM Resorts International $ (37,133 ) $ 142,878 $ 37,569 $ 490,099 Adjustment related to redeemable noncontrolling interests (3,074 ) (4,155 ) (5,906 ) (14,739 ) Net income (loss) available to common stockholders - basic (40,207 ) 138,723 31,663 475,360 Potentially dilutive effect due to MGP and MGM China stock compensation plans (30 ) (43 ) (111 ) (179 ) Net income (loss) attributable to common stockholders - diluted $ (40,237 ) $ 138,680 $ 31,552 $ 475,181 Denominator: Weighted-average common shares outstanding - basic 518,983 535,130 528,429 549,418 Potential dilution from share-based awards — 5,266 3,444 6,103 Weighted-average common and common equivalent shares - diluted 518,983 540,396 531,873 555,521 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 1,108 2,432 1,816 1,681 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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) Balances, January 1, 2019 $ (18,872 ) $ 9,144 $ 1,172 $ (8,556 ) Other comprehensive loss before reclassifications (12,405 ) (11,476 ) — (23,881 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,847 ) — (1,847 ) Empire City MGP transaction — — 195 195 MGP Class A share issuances — — (774 ) (774 ) Park MGM Transaction — — 16 16 Other — — 23 23 Other comprehensive loss, net of tax (12,405 ) (13,323 ) (540 ) (26,268 ) Less: Other comprehensive loss attributable to noncontrolling interest 5,499 4,717 — 10,216 Balances, March 31, 2019 (25,778 ) 538 632 (24,608 ) Other comprehensive income (loss) before reclassifications 26,380 (24,531 ) — 1,849 Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,767 ) — (1,767 ) MGP Class A share issuances — — 105 105 Northfield OpCo transaction — — (2 ) (2 ) Other — — 72 72 Other comprehensive income (loss), net of tax 26,380 (26,298 ) 175 257 Less: Other comprehensive (income) loss attributable to noncontrolling interest (11,626 ) 9,647 — (1,979 ) Balances, June 30, 2019 (11,024 ) (16,113 ) 807 (26,330 ) Other comprehensive loss before reclassifications (18,602 ) (15,223 ) — (33,825 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,281 ) — (1,281 ) MGP Class A share issuances — — 200 200 Other — — 69 69 Other comprehensive income (loss), net of tax (18,602 ) (16,504 ) 269 (34,837 ) Less: Other comprehensive loss attributable to noncontrolling interest 8,093 6,233 — 14,326 Balances, September 30, 2019 $ (21,533 ) $ (26,384 ) $ 1,076 $ (46,841 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 336,262 $ 345,933 $ 969,149 $ 1,068,446 Rooms 469,145 443,477 1,407,733 1,343,563 Food and beverage 401,362 368,823 1,156,657 1,069,977 Entertainment, retail and other 300,679 296,123 868,441 858,988 1,507,448 1,454,356 4,401,980 4,340,974 Regional Operations Casino 660,748 526,041 1,888,852 1,477,623 Rooms 90,197 90,152 243,449 242,581 Food and beverage 126,625 113,953 368,374 314,136 Entertainment, retail and other 57,448 46,965 149,241 117,828 935,018 777,111 2,649,916 2,152,168 MGM China Casino 662,838 536,650 1,959,582 1,584,140 Rooms 36,294 32,690 105,171 83,526 Food and beverage 32,214 31,606 93,836 80,447 Entertainment, retail and other 6,409 5,068 19,459 15,112 737,755 606,014 2,178,048 1,763,225 Reportable segment net revenues 3,180,221 2,837,481 9,229,944 8,256,367 Corporate and other 134,161 191,821 484,592 453,867 $ 3,314,382 $ 3,029,302 $ 9,714,536 $ 8,710,234 Adjusted Property EBITDA Las Vegas Strip Resorts $ 441,155 $ 419,699 $ 1,262,879 $ 1,304,758 Regional Operations 263,616 207,249 725,343 564,277 MGM China 182,010 130,046 543,628 401,672 Reportable segment Adjusted Property EBITDA 886,781 756,994 2,531,850 2,270,707 Other operating income (expense) Corporate and other (73,117 ) (41,129 ) (222,419 ) (158,118 ) Preopening and start-up expenses (925 ) (46,890 ) (5,091 ) (132,884 ) Property transactions, net (249,858 ) 42,400 (264,424 ) 19,532 Depreciation and amortization (322,009 ) (300,472 ) (973,211 ) (865,502 ) Restructuring (2,491 ) — (86,579 ) — Operating income 238,381 410,903 980,126 1,133,735 Non-operating income (expense) Interest expense, net of amounts capitalized (215,503 ) (205,573 ) (647,452 ) (554,975 ) Non-operating items from unconsolidated affiliates (14,669 ) (11,583 ) (54,311 ) (31,661 ) Other, net (9,381 ) (3,291 ) (53,964 ) (11,588 ) (239,553 ) (220,447 ) (755,727 ) (598,224 ) Income (loss) before income taxes (1,172 ) 190,456 224,399 535,511 Benefit (provision) for income taxes 7,276 (19,046 ) (75,969 ) 42,623 Net income 6,104 171,410 148,430 578,134 Less: Net income attributable to noncontrolling interests (43,237 ) (28,532 ) (110,861 ) (88,035 ) Net income (loss) attributable to MGM Resorts International $ (37,133 ) $ 142,878 $ 37,569 $ 490,099 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At September 30, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 774,542 $ 1,123,697 $ 166,402 $ 827,858 $ (11,753 ) $ 2,880,746 Property and equipment, net — 5,197,751 10,894,121 4,524,078 (11,972 ) 20,603,978 Investments in subsidiaries 23,371,673 3,776,537 — — (27,148,210 ) — Investments in the MGP Operating Partnership — 3,657,793 — 771,393 (4,429,186 ) — Investments in and advances to unconsolidated affiliates — 712,292 — 21,700 25,000 758,992 Intercompany accounts — 8,270,168 — — (8,270,168 ) — Other non-current assets 69,752 10,300,179 869,040 7,088,325 (11,402,141 ) 6,925,155 $ 24,215,967 $ 33,038,417 $ 11,929,563 $ 13,233,354 $ (51,248,430 ) $ 31,168,871 Current liabilities $ 879,192 $ 1,614,524 $ 181,890 $ 907,330 $ (289,692 ) $ 3,293,244 Intercompany accounts 8,189,657 — 298 80,213 (8,270,168 ) — Deferred income taxes, net 1,161,765 125,149 29,721 249,512 (29,721 ) 1,536,426 Long-term debt, net 7,841,161 569 4,847,408 2,254,736 — 14,943,874 Other non-current liabilities 83,640 9,314,211 485,942 2,320,021 (11,435,081 ) 768,733 Total liabilities 18,155,415 11,054,453 5,545,259 5,811,812 (20,024,662 ) 20,542,277 Redeemable noncontrolling interests — — — 105,976 — 105,976 MGM Resorts International stockholders' equity 6,060,552 21,982,631 4,309,794 4,931,343 (31,223,768 ) 6,060,552 Noncontrolling interests — 1,333 2,074,510 2,384,223 — 4,460,066 Total stockholders' equity 6,060,552 21,983,964 6,384,304 7,315,566 (31,223,768 ) 10,520,618 $ 24,215,967 $ 33,038,417 $ 11,929,563 $ 13,233,354 $ (51,248,430 ) $ 31,168,871 At December 31, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Current assets $ 304,741 $ 1,244,864 $ 12,054 $ 972,820 $ (7,701 ) $ 2,526,778 Property and equipment, net — 13,585,370 10,506,129 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 — 7,135,183 — — (7,135,183 ) — Other non-current assets 67,214 1,186,666 77,436 4,932,872 (43,015 ) 6,221,173 Assets held for sale — — 355,688 — (355,688 ) — $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 30,210,706 Current liabilities $ 154,484 $ 1,646,481 $ 160,441 $ 1,224,752 $ (237,276 ) $ 2,948,882 Intercompany accounts 6,932,325 — 227 202,631 (7,135,183 ) — 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 7,210,948 215,613 2,247,584 (9,453,924 ) 259,240 Liabilities related to assets held for sale — — 28,937 — (28,937 ) — Total liabilities 16,278,954 8,857,999 5,105,801 6,280,951 (16,885,040 ) 19,638,665 Redeemable noncontrolling interests — — — 102,250 — 102,250 MGM Resorts International stockholders' equity 6,512,283 21,808,465 4,279,535 4,383,581 (30,471,581 ) 6,512,283 Noncontrolling interests — — 1,565,971 2,391,537 — 3,957,508 Total stockholders' equity 6,512,283 21,808,465 5,845,506 6,775,118 (30,471,581 ) 10,469,791 $ 22,791,237 $ 30,666,464 $ 10,951,307 $ 13,158,319 $ (47,356,621 ) $ 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 September 30, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 2,142,108 $ 226,011 $ 1,172,280 $ (226,017 ) $ 3,314,382 Equity in subsidiaries' earnings 120,836 30,349 — — (151,185 ) — Expenses Casino and hotel operations 1,525 1,200,554 — 734,577 (6 ) 1,936,650 General and administrative 2,749 542,664 5,922 187,109 (244,216 ) 494,228 Corporate expense 42,231 56,782 4,566 4,966 — 108,545 Preopening and start-up expenses — 926 — (1 ) — 925 Property transactions, net 7,530 232,289 9,921 118 — 249,858 Depreciation and amortization — 108,126 71,957 141,926 — 322,009 54,035 2,141,341 92,366 1,068,695 (244,222 ) 3,112,215 Income (loss) from unconsolidated affiliates — 41,143 — (4,929 ) — 36,214 Operating income 66,801 72,259 133,645 98,656 (132,980 ) 238,381 Interest expense, net of amounts capitalized (118,819 ) (221 ) (63,048 ) (33,415 ) — (215,503 ) Other non-operating, net 18,135 33,793 (65 ) (16,457 ) (59,456 ) (24,050 ) Income (loss) before income taxes (33,883 ) 105,831 70,532 48,784 (192,436 ) (1,172 ) Benefit (provision) for income taxes (3,250 ) — (1,979 ) 12,505 — 7,276 Net income (loss) (37,133 ) 105,831 68,553 61,289 (192,436 ) 6,104 Less: Net income attributable to noncontrolling interests — (1,333 ) (22,515 ) (19,389 ) — (43,237 ) Net income (loss) attributable to MGM Resorts International $ (37,133 ) $ 104,498 $ 46,038 $ 41,900 $ (192,436 ) $ (37,133 ) Net income (loss) $ (37,133 ) $ 105,831 $ 68,553 $ 61,289 $ (192,436 ) $ 6,104 Other comprehensive loss, net of tax: Foreign currency translation adjustment (10,509 ) (10,509 ) — (18,602 ) 21,018 (18,602 ) Unrealized loss on cash flow hedges (10,271 ) — (19,270 ) — 13,037 (16,504 ) Other comprehensive loss (20,780 ) (10,509 ) (19,270 ) (18,602 ) 34,055 (35,106 ) Comprehensive income (loss) (57,913 ) 95,322 49,283 42,687 (158,381 ) (29,002 ) Less: Comprehensive income attributable to noncontrolling interests — — (16,282 ) (12,629 ) — (28,911 ) Comprehensive income (loss) attributable to MGM Resorts International $ (57,913 ) $ 95,322 $ 33,001 $ 30,058 $ (158,381 ) $ (57,913 ) Nine Months Ended September 30, 2019 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 6,221,722 $ 655,193 $ 3,492,820 $ (655,199 ) $ 9,714,536 Equity in subsidiaries' earnings 630,307 96,737 — — (727,044 ) — Expenses Casino and hotel operations 6,042 3,538,069 — 2,170,763 (11,029 ) 5,703,845 General and administrative 23,595 1,634,652 17,401 564,569 (696,453 ) 1,543,764 Corporate expense 145,920 163,826 21,555 14,741 — 346,042 Preopening and start-up expenses — 3,083 — 2,008 — 5,091 Property transactions, net 7,530 244,451 11,344 1,099 — 264,424 Depreciation and amortization — 319,902 223,062 430,247 — 973,211 183,087 5,903,983 273,362 3,183,427 (707,482 ) 8,836,377 Income (loss) from unconsolidated affiliates — 109,555 — (7,588 ) — 101,967 Operating income 447,220 524,031 381,831 301,805 (674,761 ) 980,126 Interest expense, net of amounts capitalized (363,882 ) (638 ) (190,973 ) (91,959 ) — (647,452 ) Other non-operating, net 14,276 143,363 1,383 (27,026 ) (240,271 ) (108,275 ) Income from continuing operations before income taxes 97,614 666,756 192,241 182,820 (915,032 ) 224,399 Provision for income taxes (60,045 ) (8 ) (5,771 ) (10,145 ) — (75,969 ) Income from continuing operations, net of tax 37,569 666,748 186,470 172,675 (915,032 ) 148,430 Income from discontinued operations, net of tax — — 16,216 — (16,216 ) — Net income 37,569 666,748 202,686 172,675 (931,248 ) 148,430 Less: Net income attributable to noncontrolling interests — (4,192 ) (64,328 ) (42,341 ) — (110,861 ) Net income attributable to MGM Resorts International $ 37,569 $ 662,556 $ 138,358 $ 130,334 $ (931,248 ) $ 37,569 Net income $ 37,569 $ 666,748 $ 202,686 $ 172,675 $ (931,248 ) $ 148,430 Other comprehensive loss, net of tax: Foreign currency translation adjustment (2,661 ) (2,661 ) — (4,627 ) 5,322 (4,627 ) Unrealized loss on cash flow hedges (35,528 ) — (65,657 ) — 45,060 (56,125 ) Other comprehensive loss (38,189 ) (2,661 ) (65,657 ) (4,627 ) 50,382 (60,752 ) Comprehensive income (loss) (620 ) 664,087 137,029 168,048 (880,866 ) 87,678 Less: Comprehensive income attributable to noncontrolling interests — — (43,731 ) (44,567 ) — (88,298 ) Comprehensive income (loss) attributable to MGM Resorts International $ (620 ) $ 664,087 $ 93,298 $ 123,481 $ (880,866 ) $ (620 ) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION Three Months Ended September 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 2,032,404 $ 216,659 $ 996,987 $ (216,748 ) $ 3,029,302 Equity in subsidiaries' earnings 335,237 27,390 — — (362,627 ) — Expenses Casino and hotel operations 2,602 1,165,476 — 629,205 (9,857 ) 1,787,426 General and administrative 2,417 325,809 20,925 127,980 (13,714 ) 463,417 Corporate expense 33,767 51,545 13,703 4,933 (5,859 ) 98,089 Preopening and start-up expenses — 3,212 — 43,678 — 46,890 Property transactions, net — (42,345 ) 339 (55 ) (339 ) (42,400 ) Depreciation and amortization — 159,226 63,468 138,951 (61,173 ) 300,472 38,786 1,662,923 98,435 944,692 (90,942 ) 2,653,894 Income (loss) from unconsolidated affiliates — 35,925 — (430 ) — 35,495 Operating income 296,451 432,796 118,224 51,865 (488,433 ) 410,903 Interest expense, net of amounts capitalized (125,234 ) (95 ) (58,743 ) (21,501 ) — (205,573 ) Other non-operating, net 16,179 (104,534 ) (857 ) (44,919 ) 119,257 (14,874 ) Income (loss) from continuing operations before income taxes 187,396 328,167 58,624 (14,555 ) (369,176 ) 190,456 Benefit (provision) for income taxes (44,518 ) — (2,650 ) 26,033 2,089 (19,046 ) Income from continuing operations, net of tax 142,878 328,167 55,974 11,478 (367,087 ) 171,410 Income from discontinued operations, net of tax — — 13,949 — (13,949 ) — Net income 142,878 328,167 69,923 11,478 (381,036 ) 171,410 Less: Net income attributable to noncontrolling interests — — (19,484 ) (9,048 ) — (28,532 ) Net income attributable to MGM Resorts International $ 142,878 $ 328,167 $ 50,439 $ 2,430 $ (381,036 ) $ 142,878 Net income $ 142,878 $ 328,167 $ 69,923 $ 11,478 $ (381,036 ) $ 171,410 Other comprehensive income, net of tax: Foreign currency translation adjustment 6,706 6,706 — 12,210 (13,412 ) 12,210 Unrealized gain on cash flow hedges 2,765 — 4,736 — (3,473 ) 4,028 Other comprehensive income 9,471 6,706 4,736 12,210 (16,885 ) 16,238 Comprehensive income 152,349 334,873 74,659 23,688 (397,921 ) 187,648 Less: Comprehensive income attributable to noncontrolling interests — — (20,747 ) (14,552 ) — (35,299 ) Comprehensive income attributable to MGM Resorts International $ 152,349 $ 334,873 $ 53,912 $ 9,136 $ (397,921 ) $ 152,349 Nine Months Ended September 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Net revenues $ — $ 5,859,591 $ 652,888 $ 2,851,316 $ (653,561 ) $ 8,710,234 Equity in subsidiaries' earnings 972,838 94,444 — — (1,067,282 ) — Expenses Casino and hotel operations 7,879 3,310,367 — 1,784,245 (10,441 ) 5,092,050 General and administrative 7,175 952,318 70,643 353,056 (63,432 ) 1,319,760 Corporate expense 112,775 155,604 34,930 15,477 (17,750 ) 301,036 Preopening and start-up expenses — 11,891 — 120,993 — 132,884 Property transactions, net — (20,120 ) 18,851 588 (18,851 ) (19,532 ) Depreciation and amortization — 474,626 199,933 388,539 (197,596 ) 865,502 127,829 4,884,686 324,357 2,662,898 (308,070 ) 7,691,700 Income (loss) from unconsolidated affiliates — 115,851 — (650 ) — 115,201 Operating income 845,009 1,185,200 328,531 187,768 (1,412,773 ) 1,133,735 Interest expense, net of amounts capitalized (350,323 ) (388 ) (157,249 ) (47,015 ) — (554,975 ) Other non-operating, net 47,307 (330,852 ) (3,936 ) (140,894 ) 385,126 (43,249 ) Income (loss) from continuing operations before income taxes 541,993 853,960 167,346 (141 ) (1,027,647 ) 535,511 Benefit (provision) for income taxes (51,894 ) — (5,144 ) 97,572 2,089 42,623 Income from continuing operations, net of tax 490,099 853,960 162,202 97,431 (1,025,558 ) 578,134 Income from discontinued operations, net of tax — — 13,949 — (13,949 ) — Net income 490,099 853,960 176,151 97,431 (1,039,507 ) 578,134 Less: Net income attributable to noncontrolling interests — — (48,460 ) (39,575 ) — (88,035 ) Net income attributable to MGM Resorts International $ 490,099 $ 853,960 $ 127,691 $ 57,856 $ (1,039,507 ) $ 490,099 Net income $ 490,099 $ 853,960 $ 176,151 $ 97,431 $ (1,039,507 ) $ 578,134 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (6,079 ) (6,079 ) — (10,542 ) 12,158 (10,542 ) Unrealized gain on cash flow hedges 15,923 — 27,372 — (20,076 ) 23,219 Other comprehensive income (loss) 9,844 (6,079 ) 27,372 (10,542 ) (7,918 ) 12,677 Comprehensive income 499,943 847,881 203,523 86,889 (1,047,425 ) 590,811 Less: Comprehensive income attributable to noncontrolling interests — — (55,756 ) (35,112 ) — (90,868 ) Comprehensive income attributable to MGM Resorts International $ 499,943 $ 847,881 $ 147,767 $ 51,777 $ (1,047,425 ) $ 499,943 |
Schedule of Condensed Consolidating Statement of Cash Flows Information | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 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 $ (344,621 ) $ 1,306,819 $ (84,517 ) $ 494,018 $ (15,591 ) $ 1,356,108 Cash flows from investing activities Capital expenditures, net of construction payable — (334,870 ) — (147,928 ) 12 (482,786 ) Dispositions of property and equipment — 1,870 — 66 — 1,936 Acquisition of Empire City Casino, net of cash acquired — (535,681 ) — — — (535,681 ) Investments in unconsolidated affiliates — (81,271 ) — — — (81,271 ) Distributions from unconsolidated affiliates — 99,661 — — — 99,661 Intercompany accounts — (1,134,905 ) — — 1,134,905 — Northfield OpCo transaction — (3,779 ) 3,779 — — — Other — (4,500 ) — (26,612 ) — (31,112 ) Net cash provided by (used in) investing activities — (1,993,475 ) 3,779 (174,474 ) 1,134,917 (1,029,253 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less 510,000 245,950 (812,763 ) (1,654,194 ) — (1,711,007 ) Issuance of long-term debt 1,000,000 — 750,000 1,500,000 — 3,250,000 Retirement of senior notes and senior debentures (1,721,698 ) (38,280 ) — — — (1,759,978 ) Debt issuance costs (14,080 ) — (9,983 ) (39,328 ) — (63,391 ) Issuance of MGM Growth Properties Class A shares, net — — 699,362 — — 699,362 Dividends paid to common shareholders (205,163 ) — — — — (205,163 ) MGP dividends paid to consolidated subsidiaries — — (277,899 ) — 277,899 — Distributions to noncontrolling interest owners — (3,574 ) (117,106 ) (51,559 ) — (172,239 ) Purchases of common stock (638,815 ) — — — — (638,815 ) Intercompany accounts 1,176,224 464,988 — (228,408 ) (1,412,804 ) — Other (8,789 ) (43,291 ) (1,342 ) (3,133 ) 37,900 (18,655 ) Net cash provided by (used in) financing activities 97,679 625,793 230,269 (476,622 ) (1,097,005 ) (619,886 ) Effect of exchange rate on cash — — — (162 ) — (162 ) Cash flows from (used in) discontinued operations Cash flows from operating activities — — 15,591 — (15,591 ) — Cash flows used in investing activities — — (12 ) — 12 — Cash flows used in financing activities — — (37,900 ) — 37,900 — Net cash flows used in discontinued operations — — (22,321 ) — 22,321 — Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — 22,321 — Cash and cash equivalents Net increase (decrease) for the period (246,942 ) (60,863 ) 149,531 (157,240 ) 22,321 (293,193 ) Balance, beginning of period 259,738 445,423 3,995 817,606 — 1,526,762 Balance, end of period $ 12,796 $ 384,560 $ 153,526 $ 660,366 $ 22,321 $ 1,233,569 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2018 Guarantor Non-Guarantor Subsidiaries Parent Subsidiaries MGP Other Elimination Consolidated (In thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (338,197 ) $ 961,795 $ 424,837 $ 355,281 $ (8,250 ) $ 1,395,466 Cash flows from investing activities Capital expenditures, net of construction payable — (541,497 ) (191 ) (682,840 ) 604 (1,223,924 ) Dispositions of property and equipment — 477 — 98 — 575 Proceeds from sale of business units and investment in unconsolidated affiliate — 163,616 — — — 163,616 Acquisition of Northfield Park, net of cash acquired — 67,606 (1,068,337 ) — (33,803 ) (1,034,534 ) Investments in unconsolidated affiliates — (2,503 ) — — — (2,503 ) Distributions from unconsolidated affiliates — 320,287 — — — 320,287 Intercompany accounts — (992,845 ) — — 992,845 — Other — (13,416 ) — (8,793 ) — (22,209 ) Net cash used in investing activities — (998,275 ) (1,068,528 ) (691,535 ) 959,646 (1,798,692 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less (144,375 ) — 747,375 175,101 — 778,101 Issuance of long-term debt 1,000,000 — — — — 1,000,000 Retirement of senior notes and senior debentures — (2,265 ) — — — (2,265 ) Debt issuance costs (14,414 ) — (17,490 ) (32,904 ) — (64,808 ) Dividends paid to common shareholders (197,295 ) — — — — (197,295 ) MGP dividends paid to consolidated subsidiaries — — (247,820 ) — 247,820 — Distributions to noncontrolling interest owners — — (90,045 ) (59,481 ) — (149,526 ) Purchases of common stock (1,133,334 ) — — — — (1,133,334 ) Intercompany accounts 859,461 124,252 — 256,952 (1,240,665 ) — Other (11,594 ) (5,714 ) — (6,168 ) — (23,476 ) Net cash provided by financing activities 358,449 116,273 392,020 333,500 (992,845 ) 207,397 Effect of exchange rate on cash — — — (1,489 ) — (1,489 ) Cash flows from (used in) discontinued operations Cash flows from operating activities — — 8,250 — (8,250 ) — Cash flows used in investing activities — — 33,199 — (33,199 ) — Cash flows used in financing activities — — — — — — Net cash flows used in discontinued operations — — 41,449 — (41,449 ) — Change in cash and cash equivalents classified as assets held for sale — — 41,449 — (41,449 ) — Cash and cash equivalents Net increase (decrease) for the period 20,252 79,793 (251,671 ) (4,243 ) (41,449 ) (197,318 ) Balance, beginning of period 26,870 311,043 259,722 902,360 — 1,499,995 Balance, end of period $ 47,122 $ 390,836 $ 8,051 $ 898,117 $ (41,449 ) $ 1,302,677 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Millions | Oct. 15, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019 | Sep. 30, 2019Segment | Apr. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2018 |
Organization Disclosure [Line Items] | |||||||
Percentage of minority interest | 32.30% | ||||||
Number of reportable segments | Segment | 3 | ||||||
CityCenter Holdings LLC As Investee [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Percentage ownership interest | 50.00% | 50.00% | |||||
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Percentage ownership interest | 50.00% | ||||||
Blackstone Real Estate Income Trust [Member] | Subsequent Event [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Initial annual rent | $ 245 | ||||||
Annual rent escalator from year one through year ten | 2.00% | ||||||
Annual rent escalator cap from year eleven through year twenty | 3.00% | ||||||
Annual rent escalator after year twenty | 4.00% | ||||||
Percentage of equity interest in joint venture | 5.00% | ||||||
Amounts owed to the Company by joint venture | $ 4,200 | ||||||
Blackstone Real Estate Income Trust [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Annual rent escalator from year eleven through year twenty | 2.00% | ||||||
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% | 69.80% | 67.70% | 68.80% | 74.60% | ||
Percentage of minority interest | 32.30% | ||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||
Organization Disclosure [Line Items] | |||||||
Partnership interest | 67.70% | 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 | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of minority interest | 32.30% | 32.30% | ||||
Total assets | $ 31,168,871 | $ 31,168,871 | $ 30,210,706 | |||
Total liabilities | 20,542,277 | 20,542,277 | 19,638,665 | |||
Commissions, complimentaries and other incentives | 687,000 | $ 594,000 | 1,900 | $ 1,700 | ||
Operating ROU assets | 650,990 | 650,990 | $ 656,000 | 0 | ||
Operating lease liabilities | 588,059 | 588,059 | $ 580,000 | |||
Food and Beverage Revenue [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease revenue | 14,000 | 14,000 | 39,000 | 39,000 | ||
Entertainment Retail and Other Revenue [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease revenue | 22,000 | $ 22,000 | 67,000 | $ 65,000 | ||
Circus Circus Las Vegas and Adjacent Land [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Consideration receivable from sale of assets | 825,000 | 825,000 | ||||
Consideration receivable from sale of assets, cash receivable | 662,500 | 662,500 | ||||
Consideration receivable from sale of assets, notes receivable face value | 162,500 | 162,500 | ||||
Consideration receivable from sale of assets, notes receivable fair value | $ 135,800 | 135,800 | ||||
Non-cash impairment charge | $ 219,000 | |||||
MGM Growth Properties LLC [Member] | ||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of minority interest | 32.30% | 32.30% | ||||
Total assets | $ 11,900,000 | $ 11,900,000 | 11,000,000 | |||
Total liabilities | $ 5,500,000 | $ 5,500,000 | $ 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 | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Outstanding Chip Liability [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 323,811 | $ 597,753 |
Balance at September 30 | 328,061 | 550,041 |
Increase / (decrease) | 4,250 | (47,712) |
Loyalty Program [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 113,293 | 91,119 |
Balance at September 30 | 125,518 | 105,421 |
Increase / (decrease) | 12,225 | 14,302 |
Customer Advances and Other [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 667,285 | 539,626 |
Balance at September 30 | 444,573 | 563,244 |
Increase / (decrease) | $ (222,712) | $ 23,618 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Millions | Mar. 07, 2019 | Jan. 29, 2019 | Dec. 31, 2024 | Jun. 30, 2019 | Sep. 30, 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% | |||||
Business acquisition, decrease to the racing and gaming license | $ 76 | |||||
Business acquisition, decrease to other intangible assets | 17 | |||||
Business acquisition, decrease to deferred income taxes | $ 20 | |||||
Revenue | $ 143 | |||||
Operating income | 13 | |||||
Net income | $ 28 | |||||
Empire City [Member] | MGM Growth Properties LLC [Member] | Gaming License And Trade Name | ||||||
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 | 5 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 | Sep. 30, 2019 | Jan. 29, 2019 | Dec. 31, 2018 |
Fair value of assets acquired and liabilities assumed: | |||
Goodwill | $ 2,076,431 | $ 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 | 52,000 | ||
Other intangible assets | 34,000 | ||
Goodwill | 256,133 | ||
Other assets | 24,420 | ||
Deferred income taxes | (125,149) | ||
Other liabilities | (85,690) | ||
Business combination, assets acquired and liabilities assumed | $ 864,644 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 758,992 | $ 732,867 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 553,761 | 589,965 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 205,231 | $ 142,902 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Sep. 30, 2019 | Dec. 31, 2018 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Income from unconsolidated affiliates | $ 36,214 | $ 35,495 | $ 101,967 | $ 115,201 |
Preopening and start-up expenses | 0 | 0 | 0 | (3,321) |
Non-operating items from unconsolidated affiliates | (14,669) | (11,583) | (54,311) | (31,661) |
Net income from unconsolidated affiliates | $ 21,545 | $ 23,912 | $ 47,656 | $ 80,219 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 07, 2018 | Apr. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | May 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Aug. 31, 2018 |
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Property transactions, net | $ 249,858 | $ (42,400) | $ 264,424 | $ (19,532) | |||||||
Distributions from unconsolidated affiliates | $ 99,661 | 320,287 | |||||||||
City Center Holdings L L C [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Dividend paid/declared | $ 116,000 | $ 64,000 | $ 225,000 | $ 400,000 | |||||||
Grand Victoria [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Percentage ownership interest | 50.00% | ||||||||||
Consideration receivable from sale of assets | $ 328,000 | ||||||||||
Property transactions, net | $ 45,000 | ||||||||||
Mandarin Oriental [Member] | City Center Holdings L L C [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Consideration receivable from sale of assets | $ 214,000 | ||||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | 6,000 | 133,000 | |||||||||
Mandarin Oriental [Member] | CityCenter Holdings LLC As Investee [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | $ 12,000 | $ 12,000 | |||||||||
CityCenter Holdings LLC As Investee [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Percentage ownership interest | 50.00% | 50.00% | 50.00% | ||||||||
Distributions from unconsolidated affiliates, percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||||
Distributions from unconsolidated affiliates | $ 58,000 | $ 32,000 | $ 113,000 | $ 200,000 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - CityCenter [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Net revenues | $ 320,352 | $ 294,387 | $ 993,215 | $ 942,871 |
Operating income | 61,464 | 26,105 | 159,831 | 139,977 |
Income from continuing operations | 33,082 | 4,842 | 56,079 | 81,718 |
Net income (loss) | $ 33,082 | $ (1,227) | $ 56,079 | $ (52,899) |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 15,066,825 | $ 15,253,239 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (122,951) | (121,823) |
Long-term debt | 14,943,874 | 15,131,416 |
Less: Current portion | 0 | (43,411) |
Long-term debt, net | 14,943,874 | 15,088,005 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 1,260,000 | 750,000 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 2,252,313 | 2,819,125 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 775,658 | 2,433,562 |
Less: Current portion | (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 | 267,476 | 500,000 |
6.75% senior notes, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 360,826 | 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 |
5.375% MGM China senior notes, due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
5.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 1,000,000 |
5.875% MGM China senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
4.5% 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 |
5.5% senior notes, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,000,000 | 0 |
4.5% 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 | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
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% | ||||
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% | 5.25% | |||
Long-term debt, maturity year | 2020 | 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% | 6.75% | |||
Long-term debt, maturity year | 2020 | 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 | ||||
5.375% MGM China senior notes, due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, principal amount | $ 750 | $ 750 | ||||
Long-term debt, interest rate (as a percent) | 5.375% | 5.375% | ||||
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 | ||||
5.875% MGM China senior notes, due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, principal amount | $ 750 | $ 750 | ||||
Long-term debt, interest rate (as a percent) | 5.875% | 5.875% | ||||
Long-term debt, maturity year | 2026 | 2026 | ||||
4.5% 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 | 2027 | ||||
5.5% senior notes, due 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, principal amount | $ 1,000 | |||||
Long-term debt, interest rate (as a percent) | 5.50% | |||||
Long-term debt, maturity year | 2027 | |||||
4.50% MGM Growth Properties 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 | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||||||
Current portion of long-term debt, net of debt issuance costs | $ 0 | $ 0 | $ 43,411,000 | ||||||
Credit facility amount | 15,066,825,000 | 15,066,825,000 | 15,253,239,000 | ||||||
Long-term debt, Gross | 15,066,825,000 | 15,066,825,000 | 15,253,239,000 | ||||||
Repayments of senior notes | 1,759,978,000 | $ 2,265,000 | |||||||
Long-term debt, fair value | 16,000,000,000 | 16,000,000,000 | 15,100,000,000 | ||||||
Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 467,000,000 | $ 467,000,000 | |||||||
Debt instrument, interest rate | 4.04% | 4.04% | |||||||
Long-term debt, Gross | $ 467,000,000 | $ 467,000,000 | |||||||
Term Loan B [Member] | Operating Partnership Senior Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 1,790,000,000 | $ 1,790,000,000 | |||||||
Debt instrument, interest rate | 4.04% | 4.04% | |||||||
Long-term debt, Gross | $ 1,790,000,000 | $ 1,790,000,000 | |||||||
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notional amount | $ 1,500,000,000 | $ 1,500,000,000 | |||||||
Weighted Average fixed interest rate | 1.707% | 1.707% | |||||||
5.75% Operating Partnership senior notes, due 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||||||
Long-term debt, maturity year | 2027 | 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 | $ 246,000,000 | |||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | |||||||
Long-term debt, maturity year | 2027 | ||||||||
Senior Notes 5.50%, Due in 2027 [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 | $ 1,000,000,000 | ||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | 6.75% | 6.75% | |||||
Long-term debt, maturity year | 2020 | 2020 | 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 | $ 500,000,000 | ||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | 5.25% | 5.25% | |||||
Long-term debt, maturity year | 2020 | 2020 | 2020 | ||||||
Long-term debt, aggregate principal amount of debt purchased | $ 233,000,000 | ||||||||
8.625% senior notes, due 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, principal amount | $ 850,000,000 | ||||||||
Long-term debt, interest rate (as a percent) | 8.625% | 8.625% | |||||||
Long-term debt, maturity year | 2019 | 2019 | |||||||
Repayments of senior notes | $ 850,000,000 | ||||||||
5.375% MGM China senior notes, due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Long-term debt, interest rate (as a percent) | 5.375% | 5.375% | 5.375% | ||||||
Long-term debt, maturity year | 2024 | 2024 | |||||||
5.875% MGM China senior notes, due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Long-term debt, interest rate (as a percent) | 5.875% | 5.875% | 5.875% | ||||||
Long-term debt, maturity year | 2026 | 2026 | |||||||
Senior Credit Facility [Member] | Term Loan A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount | $ 750,000,000 | $ 750,000,000 | |||||||
Debt instrument, interest rate | 4.04% | 4.04% | |||||||
Long-term debt, Gross | $ 750,000,000 | $ 750,000,000 | |||||||
MGM China Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Current portion of long-term debt, net of debt issuance costs | $ 43,000,000 | ||||||||
Credit facility amount | 775,658,000 | 775,658,000 | 2,433,562,000 | ||||||
Long-term debt, Gross | 775,658,000 | 775,658,000 | $ 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 | 1,350,000,000 | |||||||
Line of credit facility drawn | 0 | 0 | |||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, maturity date | 2024-05 | ||||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate base | HIBOR | ||||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | Minimum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin (as a percent) | 1.625% | ||||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | Maximum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin (as a percent) | 2.75% | ||||||||
Revolving Credit Facility [Member] | Senior Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | 1,500,000,000 | 1,500,000,000 | |||||||
Line of credit facility drawn | $ 510,000,000 | $ 510,000,000 | |||||||
Debt instrument, interest rate | 4.03% | 4.03% | |||||||
Unsecured Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 1,250,000,000 | $ 1,250,000,000 | |||||||
Credit facility amount | $ 1,250,000,000 | ||||||||
Line of credit facility drawn | 776,000,000 | ||||||||
Long-term debt, Gross | $ 1,250,000,000 | ||||||||
Term Loan [Member] | MGM China Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate | 4.25% | 4.25% | |||||||
Repayments of previous term loan | $ 1,000,000,000 | ||||||||
Revolving credit facility outstanding | $ 776,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Line Items] | ||||
Effective income tax rate | (620.80%) | 10.00% | 33.90% | (8.00%) |
Income tax expense | $ (7,276) | $ 19,046 | $ 75,969 | $ (42,623) |
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 | 20,000 | |||
Income tax expense | $ 20,000 | |||
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) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 26 | $ 76 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 650,990 | $ 656,000 | $ 0 |
Operating lease obligation - short-term (recorded within “Other accrued liabilities”) | $ 69,694 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | ||
Operating lease obligation - long-term | $ 518,365 | $ 0 | |
Total operating lease liabilities | $ 588,059 | $ 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 | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases | $ 66,562 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019 (excluding the nine months ended September 30, 2019) | $ 25,542 | |
2020 | 94,646 | |
2021 | 74,759 | |
2022 | 58,776 | |
2023 | 56,261 | |
Thereafter | 1,442,944 | |
Total future minimum lease payments | 1,752,928 | |
Less: Amount of lease payments representing interest | (1,164,869) | |
Total | $ 588,059 | $ 580,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | May 31, 2019 | |
Loss Contingencies [Line Items] | |||
Insurance coverage available to fund litigation liabilities | $ 751,000,000 | $ 751,000,000 | |
Percentage of participation to increase the amount for settlement by certain categories of claimants | 100.00% | ||
Accrued insurance liability | $ 735,000,000 | 735,000,000 | |
Insurance receivable | 735,000,000 | $ 735,000,000 | |
MGM Grand Paradise SA [Member] | Extension Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Bank guarantee | $ 102,000,000 | ||
Guarantee term | In connection with the Extension Agreement, MGM Grand Paradise provided a bank guarantee in an amount of approximately $102 million to the government of Macau in May 2019 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 | 11,000,000 | 11,000,000 | |
Letters of credit [Member] | MGP Senior Credit Facility [Member] | |||
Loss Contingencies [Line Items] | |||
Line of credit facility | 75,000,000 | 75,000,000 | |
Letters of credit [Member] | Senior Credit Facility [Member] | |||
Loss Contingencies [Line Items] | |||
Line of credit facility | 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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||
Net income (loss) attributable to MGM Resorts International | $ (37,133) | $ 142,878 | $ 37,569 | $ 490,099 |
Adjustment related to redeemable noncontrolling interests | (3,074) | (4,155) | (5,906) | (14,739) |
Net income (loss) available to common stockholders - basic | (40,207) | 138,723 | 31,663 | 475,360 |
Potentially dilutive effect due to MGP and MGM China stock compensation plans | (30) | (43) | (111) | (179) |
Net income (loss) attributable to common stockholders - diluted | $ (40,237) | $ 138,680 | $ 31,552 | $ 475,181 |
Denominator: | ||||
Weighted-average common shares outstanding - basic | 518,983 | 535,130 | 528,429 | 549,418 |
Potential dilution from share-based awards | 0 | 5,266 | 3,444 | 6,103 |
Weighted-average common and common equivalent shares - diluted | 518,983 | 540,396 | 531,873 | 555,521 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 1,108 | 2,432 | 1,816 | 1,681 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | Oct. 30, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 31, 2018 | Sep. 30, 2017 |
Stockholders Equity Note [Line Items] | |||||||||||||
Common stock repurchases, value | $ 356,982,000 | $ 281,833,000 | $ 176,070,000 | $ 594,864,000 | $ 362,400,000 | ||||||||
Common Stock [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Common stock repurchases, Shares | 12,599 | 11,005 | 6,103 | 19,004 | 10,000 | ||||||||
Common stock repurchases, value | $ 126,000 | $ 110,000 | $ 61,000 | $ 190,000 | $ 100,000 | ||||||||
Share Repurchase Program [Member] | Common Stock [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Authorized amount of stock repurchase | $ 2,000,000,000 | ||||||||||||
Repurchase of common stock, remaining amount | $ 750,000,000 | $ 750,000,000 | |||||||||||
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 | 13,000 | 6,000 | 24,000 | 35,000 | |||||||||
Average price per share | $ 28.33 | $ 28.87 | $ 27.06 | $ 32.29 | |||||||||
Common stock repurchases, value | $ 357,000,000 | $ 176,000,000 | $ 639,000,000 | $ 1,100,000,000 | |||||||||
Subsequent Event [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Dividend declared date | Oct. 30, 2019 | ||||||||||||
Dividend paid date | Dec. 16, 2019 | ||||||||||||
Dividend record date | Dec. 10, 2019 | ||||||||||||
Dividends declared per share | $ 0.13 | ||||||||||||
MGM Growth Properties LLC [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Issuance of operating partnership units | 9,000 | 1,000 | |||||||||||
Partnership interest | 68.80% | 69.80% | 74.60% | 67.70% | 67.70% | ||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Issuance of operating partnership units | 20,000 | 3,000 | 5,000 | ||||||||||
Partnership interest | 69.70% | 67.70% | 67.70% | ||||||||||
New issuance of shares | 20,000 | 3,000 | 5,000 | ||||||||||
MGM Growth Properties LLC [Member] | Empire City [Member] | |||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||
Issuance of operating partnership units | 13,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | $ 10,954,721 | $ 11,217,865 | $ 10,469,791 | $ 10,839,941 | $ 10,469,791 | $ 11,611,124 |
Other comprehensive income (loss) | (35,106) | 16,238 | (60,752) | 12,677 | ||
Ending Balance | 10,520,618 | 10,954,721 | 11,217,865 | $ 10,746,179 | 10,520,618 | $ 10,746,179 |
Empire City Transaction [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 | 82,737 | 62,199 | 528,843 | |||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | (11,024) | (25,778) | (18,872) | (18,872) | ||
Other comprehensive income (loss) before reclassifications | (18,602) | 26,380 | (12,405) | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | 0 | 0 | |||
Other | 0 | 0 | 0 | |||
Other comprehensive income (loss) | (18,602) | 26,380 | (12,405) | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 8,093 | (11,626) | 5,499 | |||
Ending Balance | (21,533) | (11,024) | (25,778) | (21,533) | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [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 | 0 | 0 | |||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Park MGM Lease Transaction [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Acquisition transaction | 0 | |||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Northfield OpCo Transaction [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 | (16,113) | 538 | 9,144 | 9,144 | ||
Other comprehensive income (loss) before reclassifications | (15,223) | (24,531) | (11,476) | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense | (1,281) | (1,767) | (1,847) | |||
Other | 0 | 0 | 0 | |||
Other comprehensive income (loss) | (16,504) | (26,298) | (13,323) | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 6,233 | 9,647 | 4,717 | |||
Ending Balance | (26,384) | (16,113) | 538 | (26,384) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [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 | 0 | 0 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Park MGM Lease Transaction [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 | Northfield OpCo Transaction [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 | 807 | 632 | 1,172 | 1,172 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | 0 | 0 | |||
Other | 69 | 72 | 23 | |||
Other comprehensive income (loss) | 269 | 175 | (540) | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 | |||
Ending Balance | 1,076 | 807 | 632 | 1,076 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Empire City Transaction [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 | 200 | 105 | (774) | |||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Park MGM Lease Transaction [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Acquisition transaction | 16 | |||||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Northfield OpCo Transaction [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Acquisition transaction | (2) | |||||
AOCI Including Portion Attributable to Noncontrolling Interest | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Beginning Balance | (26,330) | (24,608) | (8,556) | (8,556) | ||
Other comprehensive income (loss) before reclassifications | (33,825) | 1,849 | (23,881) | |||
Amounts reclassified from accumulated other comprehensive loss to interest expense | (1,281) | (1,767) | (1,847) | |||
Other | 69 | 72 | 23 | |||
Other comprehensive income (loss) | (34,837) | 257 | (26,268) | |||
Less: Other comprehensive (income) loss attributable to noncontrolling interest | 14,326 | (1,979) | 10,216 | |||
Ending Balance | (46,841) | (26,330) | (24,608) | $ (46,841) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [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 | $ 200 | 105 | (774) | |||
AOCI Including Portion Attributable to Noncontrolling Interest | Park MGM Lease Transaction [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Acquisition transaction | $ 16 | |||||
AOCI Including Portion Attributable to Noncontrolling Interest | Northfield OpCo Transaction [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Acquisition transaction | $ (2) |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Revenues | $ 3,314,382 | $ 3,029,302 | $ 9,714,536 | $ 8,710,234 |
Other operating income (expense) | ||||
Preopening and start-up expenses | (925) | (46,890) | (5,091) | (132,884) |
Property transactions, net | (249,858) | 42,400 | (264,424) | 19,532 |
Depreciation and amortization | (322,009) | (300,472) | (973,211) | (865,502) |
Restructuring | (2,491) | 0 | (86,579) | 0 |
Operating income | 238,381 | 410,903 | 980,126 | 1,133,735 |
Non-operating income (expense) | ||||
Interest expense, net of amounts capitalized | (215,503) | (205,573) | (647,452) | (554,975) |
Non-operating items from unconsolidated affiliates | (14,669) | (11,583) | (54,311) | (31,661) |
Other, net | (9,381) | (3,291) | (53,964) | (11,588) |
Total non-operating income (expense) | (239,553) | (220,447) | (755,727) | (598,224) |
Income (loss) before income taxes | (1,172) | 190,456 | 224,399 | 535,511 |
Benefit (provision) for income taxes | 7,276 | (19,046) | (75,969) | 42,623 |
Net income | 6,104 | 171,410 | 148,430 | 578,134 |
Less: Net income attributable to noncontrolling interests | (43,237) | (28,532) | (110,861) | (88,035) |
Net income (loss) attributable to MGM Resorts International | (37,133) | 142,878 | 37,569 | 490,099 |
Reportable segments [Member] | ||||
Revenues | ||||
Revenues | 3,180,221 | 2,837,481 | 9,229,944 | 8,256,367 |
Adjusted Property EBITDA | 886,781 | 756,994 | 2,531,850 | 2,270,707 |
Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||||
Revenues | ||||
Revenues | 1,507,448 | 1,454,356 | 4,401,980 | 4,340,974 |
Adjusted Property EBITDA | 441,155 | 419,699 | 1,262,879 | 1,304,758 |
Reportable segments [Member] | Regional Operations [Member] | ||||
Revenues | ||||
Revenues | 935,018 | 777,111 | 2,649,916 | 2,152,168 |
Adjusted Property EBITDA | 263,616 | 207,249 | 725,343 | 564,277 |
Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 737,755 | 606,014 | 2,178,048 | 1,763,225 |
Adjusted Property EBITDA | 182,010 | 130,046 | 543,628 | 401,672 |
Corporate and other [Member] | ||||
Revenues | ||||
Revenues | 134,161 | 191,821 | 484,592 | 453,867 |
Other operating income (expense) | ||||
Corporate and other | (73,117) | (41,129) | (222,419) | (158,118) |
Casino [Member] | ||||
Revenues | ||||
Revenues | 1,663,049 | 1,465,380 | 4,887,707 | 4,191,910 |
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||||
Revenues | ||||
Revenues | 336,262 | 345,933 | 969,149 | 1,068,446 |
Casino [Member] | Reportable segments [Member] | Regional Operations [Member] | ||||
Revenues | ||||
Revenues | 660,748 | 526,041 | 1,888,852 | 1,477,623 |
Casino [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 662,838 | 536,650 | 1,959,582 | 1,584,140 |
Rooms [Member] | ||||
Revenues | ||||
Revenues | 595,636 | 566,319 | 1,756,354 | 1,669,670 |
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||||
Revenues | ||||
Revenues | 469,145 | 443,477 | 1,407,733 | 1,343,563 |
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member] | ||||
Revenues | ||||
Revenues | 90,197 | 90,152 | 243,449 | 242,581 |
Rooms [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 36,294 | 32,690 | 105,171 | 83,526 |
Food and Beverage [Member] | ||||
Revenues | ||||
Revenues | 560,200 | 520,773 | 1,624,973 | 1,470,992 |
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||||
Revenues | ||||
Revenues | 401,362 | 368,823 | 1,156,657 | 1,069,977 |
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member] | ||||
Revenues | ||||
Revenues | 126,625 | 113,953 | 368,374 | 314,136 |
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | 32,214 | 31,606 | 93,836 | 80,447 |
Entertainment, Retail and Other [Member] | ||||
Revenues | ||||
Revenues | 387,596 | 370,150 | 1,114,708 | 1,063,142 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||||
Revenues | ||||
Revenues | 300,679 | 296,123 | 868,441 | 858,988 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member] | ||||
Revenues | ||||
Revenues | 57,448 | 46,965 | 149,241 | 117,828 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member] | ||||
Revenues | ||||
Revenues | $ 6,409 | $ 5,068 | $ 19,459 | $ 15,112 |
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 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 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 | 305 | ||||||||
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 | $ 4 | $ 15 | $ 17 | |||||
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 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||||||
Current assets | $ 2,880,746 | $ 2,526,778 | ||||||
Property and equipment, net | 20,603,978 | 20,729,888 | ||||||
Investments in subsidiaries | 0 | 0 | ||||||
Investments in the MGP Operating Partnership | 0 | 0 | ||||||
Investments in and advances to unconsolidated affiliates | 758,992 | 732,867 | ||||||
Intercompany accounts | 0 | 0 | ||||||
Other non-current assets | 6,925,155 | 6,221,173 | ||||||
Assets held for sale | 0 | |||||||
Total assets | 31,168,871 | 30,210,706 | ||||||
Current liabilities | 3,293,244 | 2,948,882 | ||||||
Intercompany accounts | 0 | 0 | ||||||
Deferred income taxes, net | 1,536,426 | 1,342,538 | ||||||
Long-term debt, net | 14,943,874 | 15,088,005 | ||||||
Other non-current liabilities | 768,733 | 259,240 | ||||||
Liabilities related to assets held for sale | 0 | |||||||
Total liabilities | 20,542,277 | 19,638,665 | ||||||
Redeemable noncontrolling interests | 105,976 | 102,250 | ||||||
MGM Resorts International stockholders' equity | 6,060,552 | 6,512,283 | ||||||
Noncontrolling interests | 4,460,066 | 3,957,508 | ||||||
Total stockholders' equity | 10,520,618 | $ 10,954,721 | $ 11,217,865 | 10,469,791 | $ 10,746,179 | $ 10,839,941 | $ 11,400,371 | $ 11,611,124 |
Total liabilities and stockholders' equity | 31,168,871 | 30,210,706 | ||||||
Reportable Legal Entities [Member] | Parent [Member] | ||||||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||||||
Current assets | 774,542 | 304,741 | ||||||
Property and equipment, net | 0 | 0 | ||||||
Investments in subsidiaries | 23,371,673 | 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 | 69,752 | 67,214 | ||||||
Assets held for sale | 0 | |||||||
Total assets | 24,215,967 | 22,791,237 | ||||||
Current liabilities | 879,192 | 154,484 | ||||||
Intercompany accounts | 8,189,657 | 6,932,325 | ||||||
Deferred income taxes, net | 1,161,765 | 1,097,654 | ||||||
Long-term debt, net | 7,841,161 | 8,055,472 | ||||||
Other non-current liabilities | 83,640 | 39,019 | ||||||
Liabilities related to assets held for sale | 0 | |||||||
Total liabilities | 18,155,415 | 16,278,954 | ||||||
Redeemable noncontrolling interests | 0 | 0 | ||||||
MGM Resorts International stockholders' equity | 6,060,552 | 6,512,283 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total stockholders' equity | 6,060,552 | 6,512,283 | ||||||
Total liabilities and stockholders' equity | 24,215,967 | 22,791,237 | ||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||||||
Current assets | 1,123,697 | 1,244,864 | ||||||
Property and equipment, net | 5,197,751 | 13,585,370 | ||||||
Investments in subsidiaries | 3,776,537 | 3,401,031 | ||||||
Investments in the MGP Operating Partnership | 3,657,793 | 3,434,602 | ||||||
Investments in and advances to unconsolidated affiliates | 712,292 | 678,748 | ||||||
Intercompany accounts | 8,270,168 | 7,135,183 | ||||||
Other non-current assets | 10,300,179 | 1,186,666 | ||||||
Assets held for sale | 0 | |||||||
Total assets | 33,038,417 | 30,666,464 | ||||||
Current liabilities | 1,614,524 | 1,646,481 | ||||||
Intercompany accounts | 0 | 0 | ||||||
Deferred income taxes, net | 125,149 | 0 | ||||||
Long-term debt, net | 569 | 570 | ||||||
Other non-current liabilities | 9,314,211 | 7,210,948 | ||||||
Liabilities related to assets held for sale | 0 | |||||||
Total liabilities | 11,054,453 | 8,857,999 | ||||||
Redeemable noncontrolling interests | 0 | 0 | ||||||
MGM Resorts International stockholders' equity | 21,982,631 | 21,808,465 | ||||||
Noncontrolling interests | 1,333 | 0 | ||||||
Total stockholders' equity | 21,983,964 | 21,808,465 | ||||||
Total liabilities and stockholders' equity | 33,038,417 | 30,666,464 | ||||||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||||||
Current assets | 166,402 | 12,054 | ||||||
Property and equipment, net | 10,894,121 | 10,506,129 | ||||||
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 | 869,040 | 77,436 | ||||||
Assets held for sale | 355,688 | |||||||
Total assets | 11,929,563 | 10,951,307 | ||||||
Current liabilities | 181,890 | 160,441 | ||||||
Intercompany accounts | 298 | 227 | ||||||
Deferred income taxes, net | 29,721 | 33,634 | ||||||
Long-term debt, net | 4,847,408 | 4,666,949 | ||||||
Other non-current liabilities | 485,942 | 215,613 | ||||||
Liabilities related to assets held for sale | 28,937 | |||||||
Total liabilities | 5,545,259 | 5,105,801 | ||||||
Redeemable noncontrolling interests | 0 | 0 | ||||||
MGM Resorts International stockholders' equity | 4,309,794 | 4,279,535 | ||||||
Noncontrolling interests | 2,074,510 | 1,565,971 | ||||||
Total stockholders' equity | 6,384,304 | 5,845,506 | ||||||
Total liabilities and stockholders' equity | 11,929,563 | 10,951,307 | ||||||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||||||
Current assets | 827,858 | 972,820 | ||||||
Property and equipment, net | 4,524,078 | 6,392,014 | ||||||
Investments in subsidiaries | 0 | 0 | ||||||
Investments in the MGP Operating Partnership | 771,393 | 831,494 | ||||||
Investments in and advances to unconsolidated affiliates | 21,700 | 29,119 | ||||||
Intercompany accounts | 0 | 0 | ||||||
Other non-current assets | 7,088,325 | 4,932,872 | ||||||
Assets held for sale | 0 | |||||||
Total assets | 13,233,354 | 13,158,319 | ||||||
Current liabilities | 907,330 | 1,224,752 | ||||||
Intercompany accounts | 80,213 | 202,631 | ||||||
Deferred income taxes, net | 249,512 | 240,970 | ||||||
Long-term debt, net | 2,254,736 | 2,365,014 | ||||||
Other non-current liabilities | 2,320,021 | 2,247,584 | ||||||
Liabilities related to assets held for sale | 0 | |||||||
Total liabilities | 5,811,812 | 6,280,951 | ||||||
Redeemable noncontrolling interests | 105,976 | 102,250 | ||||||
MGM Resorts International stockholders' equity | 4,931,343 | 4,383,581 | ||||||
Noncontrolling interests | 2,384,223 | 2,391,537 | ||||||
Total stockholders' equity | 7,315,566 | 6,775,118 | ||||||
Total liabilities and stockholders' equity | 13,233,354 | 13,158,319 | ||||||
Elimination [Member] | ||||||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||||||
Current assets | (11,753) | (7,701) | ||||||
Property and equipment, net | (11,972) | (9,753,625) | ||||||
Investments in subsidiaries | (27,148,210) | (25,820,313) | ||||||
Investments in the MGP Operating Partnership | (4,429,186) | (4,266,096) | ||||||
Investments in and advances to unconsolidated affiliates | 25,000 | 25,000 | ||||||
Intercompany accounts | (8,270,168) | (7,135,183) | ||||||
Other non-current assets | (11,402,141) | (43,015) | ||||||
Assets held for sale | (355,688) | |||||||
Total assets | (51,248,430) | (47,356,621) | ||||||
Current liabilities | (289,692) | (237,276) | ||||||
Intercompany accounts | (8,270,168) | (7,135,183) | ||||||
Deferred income taxes, net | (29,721) | (29,720) | ||||||
Long-term debt, net | 0 | 0 | ||||||
Other non-current liabilities | (11,435,081) | (9,453,924) | ||||||
Liabilities related to assets held for sale | (28,937) | |||||||
Total liabilities | (20,024,662) | (16,885,040) | ||||||
Redeemable noncontrolling interests | 0 | 0 | ||||||
MGM Resorts International stockholders' equity | (31,223,768) | (30,471,581) | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Total stockholders' equity | (31,223,768) | (30,471,581) | ||||||
Total liabilities and stockholders' equity | $ (51,248,430) | $ (47,356,621) |
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 | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Condensed Income Statements Captions [Line Items] | ||||||||
Revenues | $ 3,314,382 | $ 3,029,302 | $ 9,714,536 | $ 8,710,234 | ||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 | ||||
Expenses | ||||||||
Casino and hotel operations | 1,936,650 | 1,787,426 | 5,703,845 | 5,092,050 | ||||
General and administrative | 494,228 | 463,417 | 1,543,764 | 1,319,760 | ||||
Corporate expense | 108,545 | 98,089 | 346,042 | 301,036 | ||||
Preopening and start-up expenses | 925 | 46,890 | 5,091 | 132,884 | ||||
Property transactions, net | 249,858 | (42,400) | 264,424 | (19,532) | ||||
Depreciation and amortization | 322,009 | 300,472 | 973,211 | 865,502 | ||||
Total expenses | 3,112,215 | 2,653,894 | 8,836,377 | 7,691,700 | ||||
Income (loss) from unconsolidated affiliates | 36,214 | 35,495 | 101,967 | 115,201 | ||||
Operating income | 238,381 | 410,903 | 980,126 | 1,133,735 | ||||
Interest expense, net of amounts capitalized | (215,503) | (205,573) | (647,452) | (554,975) | ||||
Other non-operating, net | (24,050) | (14,874) | (108,275) | (43,249) | ||||
Income (loss) before income taxes | (1,172) | 190,456 | 224,399 | 535,511 | ||||
Benefit (provision) for income taxes | 7,276 | (19,046) | (75,969) | 42,623 | ||||
Income from continuing operations, net of tax | 171,410 | 148,430 | 578,134 | |||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||
Net income | 6,104 | 171,410 | 148,430 | 578,134 | ||||
Less: Net income attributable to noncontrolling interests | (43,237) | (28,532) | (110,861) | (88,035) | ||||
Net income (loss) attributable to MGM Resorts International | (37,133) | 142,878 | 37,569 | 490,099 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | (18,602) | $ 26,380 | $ (12,405) | 12,210 | $ 1,400 | $ (24,152) | (4,627) | (10,542) |
Unrealized gain (loss) on cash flow hedges | (16,504) | 4,028 | (56,125) | 23,219 | ||||
Other comprehensive income (loss) | (35,106) | 16,238 | (60,752) | 12,677 | ||||
Comprehensive income (loss) | (29,002) | 187,648 | 87,678 | 590,811 | ||||
Less: Comprehensive income attributable to noncontrolling interests | (28,911) | (35,299) | (88,298) | (90,868) | ||||
Comprehensive income (loss) attributable to MGM Resorts International | (57,913) | 152,349 | (620) | 499,943 | ||||
Reportable Legal Entities [Member] | Parent [Member] | ||||||||
Condensed Income Statements Captions [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Equity in subsidiaries' earnings | 120,836 | 335,237 | 630,307 | 972,838 | ||||
Expenses | ||||||||
Casino and hotel operations | 1,525 | 2,602 | 6,042 | 7,879 | ||||
General and administrative | 2,749 | 2,417 | 23,595 | 7,175 | ||||
Corporate expense | 42,231 | 33,767 | 145,920 | 112,775 | ||||
Preopening and start-up expenses | 0 | 0 | 0 | 0 | ||||
Property transactions, net | 7,530 | 0 | 7,530 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
Total expenses | 54,035 | 38,786 | 183,087 | 127,829 | ||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Operating income | 66,801 | 296,451 | 447,220 | 845,009 | ||||
Interest expense, net of amounts capitalized | (118,819) | (125,234) | (363,882) | (350,323) | ||||
Other non-operating, net | 18,135 | 16,179 | 14,276 | 47,307 | ||||
Income (loss) before income taxes | (33,883) | 187,396 | 97,614 | 541,993 | ||||
Benefit (provision) for income taxes | (3,250) | (44,518) | (60,045) | (51,894) | ||||
Income from continuing operations, net of tax | 142,878 | 37,569 | 490,099 | |||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||
Net income | (37,133) | 142,878 | 37,569 | 490,099 | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to MGM Resorts International | (37,133) | 142,878 | 37,569 | 490,099 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | (10,509) | 6,706 | (2,661) | (6,079) | ||||
Unrealized gain (loss) on cash flow hedges | (10,271) | 2,765 | (35,528) | 15,923 | ||||
Other comprehensive income (loss) | (20,780) | 9,471 | (38,189) | 9,844 | ||||
Comprehensive income (loss) | (57,913) | 152,349 | (620) | 499,943 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income (loss) attributable to MGM Resorts International | (57,913) | 152,349 | (620) | 499,943 | ||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||
Condensed Income Statements Captions [Line Items] | ||||||||
Revenues | 2,142,108 | 2,032,404 | 6,221,722 | 5,859,591 | ||||
Equity in subsidiaries' earnings | 30,349 | 27,390 | 96,737 | 94,444 | ||||
Expenses | ||||||||
Casino and hotel operations | 1,200,554 | 1,165,476 | 3,538,069 | 3,310,367 | ||||
General and administrative | 542,664 | 325,809 | 1,634,652 | 952,318 | ||||
Corporate expense | 56,782 | 51,545 | 163,826 | 155,604 | ||||
Preopening and start-up expenses | 926 | 3,212 | 3,083 | 11,891 | ||||
Property transactions, net | 232,289 | (42,345) | 244,451 | (20,120) | ||||
Depreciation and amortization | 108,126 | 159,226 | 319,902 | 474,626 | ||||
Total expenses | 2,141,341 | 1,662,923 | 5,903,983 | 4,884,686 | ||||
Income (loss) from unconsolidated affiliates | 41,143 | 35,925 | 109,555 | 115,851 | ||||
Operating income | 72,259 | 432,796 | 524,031 | 1,185,200 | ||||
Interest expense, net of amounts capitalized | (221) | (95) | (638) | (388) | ||||
Other non-operating, net | 33,793 | (104,534) | 143,363 | (330,852) | ||||
Income (loss) before income taxes | 105,831 | 328,167 | 666,756 | 853,960 | ||||
Benefit (provision) for income taxes | 0 | 0 | (8) | 0 | ||||
Income from continuing operations, net of tax | 328,167 | 666,748 | 853,960 | |||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||
Net income | 105,831 | 328,167 | 666,748 | 853,960 | ||||
Less: Net income attributable to noncontrolling interests | (1,333) | 0 | (4,192) | 0 | ||||
Net income (loss) attributable to MGM Resorts International | 104,498 | 328,167 | 662,556 | 853,960 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | (10,509) | 6,706 | (2,661) | (6,079) | ||||
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss) | (10,509) | 6,706 | (2,661) | (6,079) | ||||
Comprehensive income (loss) | 95,322 | 334,873 | 664,087 | 847,881 | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income (loss) attributable to MGM Resorts International | 95,322 | 334,873 | 664,087 | 847,881 | ||||
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||||||||
Condensed Income Statements Captions [Line Items] | ||||||||
Revenues | 226,011 | 216,659 | 655,193 | 652,888 | ||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 | ||||
Expenses | ||||||||
Casino and hotel operations | 0 | 0 | 0 | 0 | ||||
General and administrative | 5,922 | 20,925 | 17,401 | 70,643 | ||||
Corporate expense | 4,566 | 13,703 | 21,555 | 34,930 | ||||
Preopening and start-up expenses | 0 | 0 | 0 | 0 | ||||
Property transactions, net | 9,921 | 339 | 11,344 | 18,851 | ||||
Depreciation and amortization | 71,957 | 63,468 | 223,062 | 199,933 | ||||
Total expenses | 92,366 | 98,435 | 273,362 | 324,357 | ||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Operating income | 133,645 | 118,224 | 381,831 | 328,531 | ||||
Interest expense, net of amounts capitalized | (63,048) | (58,743) | (190,973) | (157,249) | ||||
Other non-operating, net | (65) | (857) | 1,383 | (3,936) | ||||
Income (loss) before income taxes | 70,532 | 58,624 | 192,241 | 167,346 | ||||
Benefit (provision) for income taxes | (1,979) | (2,650) | (5,771) | (5,144) | ||||
Income from continuing operations, net of tax | 55,974 | 186,470 | 162,202 | |||||
Income from discontinued operations, net of tax | 13,949 | 16,216 | 13,949 | |||||
Net income | 68,553 | 69,923 | 202,686 | 176,151 | ||||
Less: Net income attributable to noncontrolling interests | (22,515) | (19,484) | (64,328) | (48,460) | ||||
Net income (loss) attributable to MGM Resorts International | 46,038 | 50,439 | 138,358 | 127,691 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||||
Unrealized gain (loss) on cash flow hedges | (19,270) | 4,736 | (65,657) | 27,372 | ||||
Other comprehensive income (loss) | (19,270) | 4,736 | (65,657) | 27,372 | ||||
Comprehensive income (loss) | 49,283 | 74,659 | 137,029 | 203,523 | ||||
Less: Comprehensive income attributable to noncontrolling interests | (16,282) | (20,747) | (43,731) | (55,756) | ||||
Comprehensive income (loss) attributable to MGM Resorts International | 33,001 | 53,912 | 93,298 | 147,767 | ||||
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||||||||
Condensed Income Statements Captions [Line Items] | ||||||||
Revenues | 1,172,280 | 996,987 | 3,492,820 | 2,851,316 | ||||
Equity in subsidiaries' earnings | 0 | 0 | 0 | 0 | ||||
Expenses | ||||||||
Casino and hotel operations | 734,577 | 629,205 | 2,170,763 | 1,784,245 | ||||
General and administrative | 187,109 | 127,980 | 564,569 | 353,056 | ||||
Corporate expense | 4,966 | 4,933 | 14,741 | 15,477 | ||||
Preopening and start-up expenses | (1) | 43,678 | 2,008 | 120,993 | ||||
Property transactions, net | 118 | (55) | 1,099 | 588 | ||||
Depreciation and amortization | 141,926 | 138,951 | 430,247 | 388,539 | ||||
Total expenses | 1,068,695 | 944,692 | 3,183,427 | 2,662,898 | ||||
Income (loss) from unconsolidated affiliates | (4,929) | (430) | (7,588) | (650) | ||||
Operating income | 98,656 | 51,865 | 301,805 | 187,768 | ||||
Interest expense, net of amounts capitalized | (33,415) | (21,501) | (91,959) | (47,015) | ||||
Other non-operating, net | (16,457) | (44,919) | (27,026) | (140,894) | ||||
Income (loss) before income taxes | 48,784 | (14,555) | 182,820 | (141) | ||||
Benefit (provision) for income taxes | 12,505 | 26,033 | (10,145) | 97,572 | ||||
Income from continuing operations, net of tax | 11,478 | 172,675 | 97,431 | |||||
Income from discontinued operations, net of tax | 0 | 0 | 0 | |||||
Net income | 61,289 | 11,478 | 172,675 | 97,431 | ||||
Less: Net income attributable to noncontrolling interests | (19,389) | (9,048) | (42,341) | (39,575) | ||||
Net income (loss) attributable to MGM Resorts International | 41,900 | 2,430 | 130,334 | 57,856 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | (18,602) | 12,210 | (4,627) | (10,542) | ||||
Unrealized gain (loss) on cash flow hedges | 0 | 0 | 0 | 0 | ||||
Other comprehensive income (loss) | (18,602) | 12,210 | (4,627) | (10,542) | ||||
Comprehensive income (loss) | 42,687 | 23,688 | 168,048 | 86,889 | ||||
Less: Comprehensive income attributable to noncontrolling interests | (12,629) | (14,552) | (44,567) | (35,112) | ||||
Comprehensive income (loss) attributable to MGM Resorts International | 30,058 | 9,136 | 123,481 | 51,777 | ||||
Elimination [Member] | ||||||||
Condensed Income Statements Captions [Line Items] | ||||||||
Revenues | (226,017) | (216,748) | (655,199) | (653,561) | ||||
Equity in subsidiaries' earnings | (151,185) | (362,627) | (727,044) | (1,067,282) | ||||
Expenses | ||||||||
Casino and hotel operations | (6) | (9,857) | (11,029) | (10,441) | ||||
General and administrative | (244,216) | (13,714) | (696,453) | (63,432) | ||||
Corporate expense | 0 | (5,859) | 0 | (17,750) | ||||
Preopening and start-up expenses | 0 | 0 | 0 | 0 | ||||
Property transactions, net | 0 | (339) | 0 | (18,851) | ||||
Depreciation and amortization | 0 | (61,173) | 0 | (197,596) | ||||
Total expenses | (244,222) | (90,942) | (707,482) | (308,070) | ||||
Income (loss) from unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Operating income | (132,980) | (488,433) | (674,761) | (1,412,773) | ||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | 0 | ||||
Other non-operating, net | (59,456) | 119,257 | (240,271) | 385,126 | ||||
Income (loss) before income taxes | (192,436) | (369,176) | (915,032) | (1,027,647) | ||||
Benefit (provision) for income taxes | 0 | 2,089 | 0 | 2,089 | ||||
Income from continuing operations, net of tax | (367,087) | (915,032) | (1,025,558) | |||||
Income from discontinued operations, net of tax | (13,949) | (16,216) | (13,949) | |||||
Net income | (192,436) | (381,036) | (931,248) | (1,039,507) | ||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income (loss) attributable to MGM Resorts International | (192,436) | (381,036) | (931,248) | (1,039,507) | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Foreign currency translation adjustment | 21,018 | (13,412) | 5,322 | 12,158 | ||||
Unrealized gain (loss) on cash flow hedges | 13,037 | (3,473) | 45,060 | (20,076) | ||||
Other comprehensive income (loss) | 34,055 | (16,885) | 50,382 | (7,918) | ||||
Comprehensive income (loss) | (158,381) | (397,921) | (880,866) | (1,047,425) | ||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income (loss) attributable to MGM Resorts International | $ (158,381) | $ (397,921) | $ (880,866) | $ (1,047,425) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | $ 1,356,108 | $ 1,395,466 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (482,786) | (1,223,924) |
Dispositions of property and equipment | 1,936 | 575 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 163,616 |
Investments in unconsolidated affiliates | (81,271) | (2,503) |
Distributions from unconsolidated affiliates | 99,661 | 320,287 |
Intercompany accounts | 0 | 0 |
Northfield OpCo transaction | 0 | |
Other | (31,112) | (22,209) |
Net cash used in investing activities | (1,029,253) | (1,798,692) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,711,007) | 778,101 |
Issuance of long-term debt | 3,250,000 | 1,000,000 |
Retirement of senior notes and senior debentures | (1,759,978) | (2,265) |
Debt issuance costs | (63,391) | (64,808) |
Issuance of MGM Growth Properties Class A shares, net | 699,362 | |
Dividends paid to common shareholders | (205,163) | (197,295) |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | (172,239) | (149,526) |
Purchases of common stock | (638,815) | (1,133,334) |
Intercompany accounts | 0 | 0 |
Other | (18,655) | (23,476) |
Net cash provided by (used in) financing activities | (619,886) | 207,397 |
Effect of exchange rate on cash | (162) | (1,489) |
Cash flows from (used in) discontinued operations | ||
Cash flows from operating activities | 0 | 0 |
Cash flows used in investing activities | 0 | 0 |
Cash flows used in financing activities | 0 | 0 |
Net cash flows used in discontinued operations | 0 | 0 |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 |
Cash and cash equivalents | ||
Net decrease for the period | (293,193) | (197,318) |
Balance, beginning of period | 1,526,762 | 1,499,995 |
Balance, end of period | 1,233,569 | 1,302,677 |
Empire City [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | (535,681) | 0 |
Northfield [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 0 | (1,034,534) |
Reportable Legal Entities [Member] | Parent [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | (344,621) | (338,197) |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | 0 | 0 |
Dispositions of property and equipment | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 0 | 0 |
Northfield OpCo transaction | 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 | 510,000 | (144,375) |
Issuance of long-term debt | 1,000,000 | 1,000,000 |
Retirement of senior notes and senior debentures | (1,721,698) | 0 |
Debt issuance costs | (14,080) | (14,414) |
Issuance of MGM Growth Properties Class A shares, net | 0 | |
Dividends paid to common shareholders | (205,163) | (197,295) |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | 0 | 0 |
Purchases of common stock | (638,815) | (1,133,334) |
Intercompany accounts | 1,176,224 | 859,461 |
Other | (8,789) | (11,594) |
Net cash provided by (used in) financing activities | 97,679 | 358,449 |
Effect of exchange rate on cash | 0 | 0 |
Cash flows from (used in) discontinued operations | ||
Cash flows from operating activities | 0 | 0 |
Cash flows used in investing activities | 0 | 0 |
Cash flows used in financing activities | 0 | 0 |
Net cash flows used in discontinued operations | 0 | 0 |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 |
Cash and cash equivalents | ||
Net decrease for the period | (246,942) | 20,252 |
Balance, beginning of period | 259,738 | 26,870 |
Balance, end of period | 12,796 | 47,122 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 1,306,819 | 961,795 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (334,870) | (541,497) |
Dispositions of property and equipment | 1,870 | 477 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 163,616 | |
Investments in unconsolidated affiliates | (81,271) | (2,503) |
Distributions from unconsolidated affiliates | 99,661 | 320,287 |
Intercompany accounts | (1,134,905) | (992,845) |
Northfield OpCo transaction | (3,779) | |
Other | (4,500) | (13,416) |
Net cash used in investing activities | (1,993,475) | (998,275) |
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 | 0 |
Retirement of senior notes and senior debentures | (38,280) | (2,265) |
Debt issuance costs | 0 | 0 |
Issuance of MGM Growth Properties Class A shares, net | 0 | |
Dividends paid to common shareholders | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | (3,574) | 0 |
Purchases of common stock | 0 | 0 |
Intercompany accounts | 464,988 | 124,252 |
Other | (43,291) | (5,714) |
Net cash provided by (used in) financing activities | 625,793 | 116,273 |
Effect of exchange rate on cash | 0 | 0 |
Cash flows from (used in) discontinued operations | ||
Cash flows from operating activities | 0 | 0 |
Cash flows used in investing activities | 0 | 0 |
Cash flows used in financing activities | 0 | 0 |
Net cash flows used in discontinued operations | 0 | 0 |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 |
Cash and cash equivalents | ||
Net decrease for the period | (60,863) | 79,793 |
Balance, beginning of period | 445,423 | 311,043 |
Balance, end of period | 384,560 | 390,836 |
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | (84,517) | 424,837 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | 0 | (191) |
Dispositions of property and equipment | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 0 | 0 |
Northfield OpCo transaction | 3,779 | |
Other | 0 | 0 |
Net cash used in investing activities | 3,779 | (1,068,528) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (812,763) | 747,375 |
Issuance of long-term debt | 750,000 | 0 |
Retirement of senior notes and senior debentures | 0 | 0 |
Debt issuance costs | (9,983) | (17,490) |
Issuance of MGM Growth Properties Class A shares, net | 699,362 | |
Dividends paid to common shareholders | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | (277,899) | (247,820) |
Distributions to noncontrolling interest owners | (117,106) | (90,045) |
Purchases of common stock | 0 | 0 |
Intercompany accounts | 0 | 0 |
Other | (1,342) | 0 |
Net cash provided by (used in) financing activities | 230,269 | 392,020 |
Effect of exchange rate on cash | 0 | 0 |
Cash flows from (used in) discontinued operations | ||
Cash flows from operating activities | 15,591 | 8,250 |
Cash flows used in investing activities | (12) | 33,199 |
Cash flows used in financing activities | (37,900) | 0 |
Net cash flows used in discontinued operations | (22,321) | 41,449 |
Change in cash and cash equivalents classified as assets held for sale | (22,321) | 41,449 |
Cash and cash equivalents | ||
Net decrease for the period | 149,531 | (251,671) |
Balance, beginning of period | 3,995 | 259,722 |
Balance, end of period | 153,526 | 8,051 |
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Net cash provided by (used in) operating activities | 494,018 | 355,281 |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (147,928) | (682,840) |
Dispositions of property and equipment | 66 | 98 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 0 | 0 |
Northfield OpCo transaction | 0 | |
Other | (26,612) | (8,793) |
Net cash used in investing activities | (174,474) | (691,535) |
Cash flows from financing activities | ||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,654,194) | 175,101 |
Issuance of long-term debt | 1,500,000 | 0 |
Retirement of senior notes and senior debentures | 0 | 0 |
Debt issuance costs | (39,328) | (32,904) |
Issuance of MGM Growth Properties Class A shares, net | 0 | |
Dividends paid to common shareholders | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 0 | 0 |
Distributions to noncontrolling interest owners | (51,559) | (59,481) |
Purchases of common stock | 0 | 0 |
Intercompany accounts | (228,408) | 256,952 |
Other | (3,133) | (6,168) |
Net cash provided by (used in) financing activities | (476,622) | 333,500 |
Effect of exchange rate on cash | (162) | (1,489) |
Cash flows from (used in) discontinued operations | ||
Cash flows from operating activities | 0 | 0 |
Cash flows used in investing activities | 0 | 0 |
Cash flows used in financing activities | 0 | 0 |
Net cash flows used in discontinued operations | 0 | 0 |
Change in cash and cash equivalents classified as assets held for sale | 0 | 0 |
Cash and cash equivalents | ||
Net decrease for the period | (157,240) | (4,243) |
Balance, beginning of period | 817,606 | 902,360 |
Balance, end of period | 660,366 | 898,117 |
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 | |
Reportable Legal Entities [Member] | Northfield [Member] | Parent [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 0 | |
Reportable Legal Entities [Member] | Northfield [Member] | Guarantor Subsidiaries [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | 67,606 | |
Reportable Legal Entities [Member] | Northfield [Member] | Non-Guarantor MGP Subsidiaries [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | (1,068,337) | |
Reportable Legal Entities [Member] | Northfield [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 | (15,591) | (8,250) |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | 12 | 604 |
Dispositions of property and equipment | 0 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | |
Investments in unconsolidated affiliates | 0 | 0 |
Distributions from unconsolidated affiliates | 0 | 0 |
Intercompany accounts | 1,134,905 | 992,845 |
Northfield OpCo transaction | 0 | |
Other | 0 | 0 |
Net cash used in investing activities | 1,134,917 | 959,646 |
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 | 0 |
Retirement of senior notes and senior debentures | 0 | 0 |
Debt issuance costs | 0 | 0 |
Issuance of MGM Growth Properties Class A shares, net | 0 | |
Dividends paid to common shareholders | 0 | 0 |
MGP dividends paid to consolidated subsidiaries | 277,899 | 247,820 |
Distributions to noncontrolling interest owners | 0 | 0 |
Purchases of common stock | 0 | 0 |
Intercompany accounts | (1,412,804) | (1,240,665) |
Other | 37,900 | 0 |
Net cash provided by (used in) financing activities | (1,097,005) | (992,845) |
Effect of exchange rate on cash | 0 | 0 |
Cash flows from (used in) discontinued operations | ||
Cash flows from operating activities | (15,591) | (8,250) |
Cash flows used in investing activities | 12 | (33,199) |
Cash flows used in financing activities | 37,900 | 0 |
Net cash flows used in discontinued operations | 22,321 | (41,449) |
Change in cash and cash equivalents classified as assets held for sale | 22,321 | (41,449) |
Cash and cash equivalents | ||
Net decrease for the period | 22,321 | (41,449) |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 22,321 | (41,449) |
Elimination [Member] | Empire City [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | $ 0 | |
Elimination [Member] | Northfield [Member] | ||
Cash flows from investing activities | ||
Acquisition, net of cash acquired | $ (33,803) |