Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 23, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MGM | ||
Entity Registrant Name | MGM Resorts International | ||
Entity Central Index Key | 0000789570 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 494,853,355 | ||
Entity Public Float | $ 7.9 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-10362 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 88-0215232 | ||
Entity Address, Address Line One | 3600 Las Vegas Boulevard South | ||
Entity Address, City or Town | Las Vegas | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89109 | ||
City Area Code | 702 | ||
Local Phone Number | 693-7120 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement for its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 5,101,637 | $ 2,329,604 |
Accounts receivable, net | 316,502 | 612,717 |
Inventories | 88,323 | 102,888 |
Income tax receivable | 243,415 | 27,167 |
October 1 litigation insurance receivable | 0 | 735,000 |
Prepaid expenses and other | 200,782 | 200,317 |
Total current assets | 5,950,659 | 4,007,693 |
Property and equipment, net | 14,632,091 | 18,285,955 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 1,447,043 | 822,366 |
Goodwill | 2,091,278 | 2,084,564 |
Other intangible assets, net | 3,643,748 | 3,826,504 |
Operating lease right-of-use assets, net | 8,286,694 | 4,392,481 |
Other long-term assets, net | 443,421 | 456,793 |
Total other assets | 15,912,184 | 11,582,708 |
Total assets | 36,494,934 | 33,876,356 |
Current liabilities | ||
Accounts payable | 142,523 | 235,437 |
Construction payable | 30,149 | 74,734 |
Accrued interest on long-term debt | 138,832 | 122,250 |
October 1 litigation liability | 0 | 735,000 |
Other accrued liabilities | 1,545,079 | 2,024,002 |
Total current liabilities | 1,856,583 | 3,191,423 |
Deferred income taxes, net | 2,153,016 | 2,106,506 |
Long-term debt, net | 12,376,684 | 11,168,904 |
Other long-term obligations | 472,084 | 363,588 |
Operating lease liabilities | 8,390,117 | 4,277,970 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests | 66,542 | 105,046 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 494,317,865 and 503,147,632 shares | 4,943 | 5,031 |
Capital in excess of par value | 3,439,453 | 3,531,099 |
Retained earnings | 3,091,007 | 4,201,337 |
Accumulated other comprehensive loss | (30,677) | (10,202) |
Total MGM Resorts International stockholders' equity | 6,504,726 | 7,727,265 |
Noncontrolling interests | 4,675,182 | 4,935,654 |
Total stockholders' equity | 11,179,908 | 12,662,919 |
Total liabilities and stockholders' equity | $ 36,494,934 | $ 33,876,356 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 494,317,865 | 503,147,632 |
Common stock, outstanding shares | 494,317,865 | 503,147,632 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Revenues | $ 5,162,082 | $ 12,899,672 | $ 11,763,096 |
Expenses | |||
General and administrative | 2,122,333 | 2,101,217 | 1,764,638 |
Corporate expense | 460,148 | 464,642 | 419,204 |
Preopening and start-up expenses | 84 | 7,175 | 151,392 |
Property transactions, net | 93,567 | 275,802 | 9,147 |
Gain on REIT transactions, net | (1,491,945) | (2,677,996) | 0 |
Depreciation and amortization | 1,210,556 | 1,304,649 | 1,178,044 |
Total expenses | 5,847,454 | 9,078,978 | 10,441,300 |
Income from unconsolidated affiliates | 42,938 | 119,521 | 147,690 |
Operating income (loss) | (642,434) | 3,940,215 | 1,469,486 |
Non-operating income (expense) | |||
Interest expense, net of amounts capitalized | (676,380) | (847,932) | (769,513) |
Non-operating items from unconsolidated affiliates | (103,304) | (62,296) | (47,827) |
Other, net | (89,361) | (183,262) | (18,140) |
Total non-operating income (expense) | (869,045) | (1,093,490) | (835,480) |
Income (loss) before income taxes | (1,511,479) | 2,846,725 | 634,006 |
Benefit (provision) for income taxes | 191,572 | (632,345) | (50,112) |
Net income (loss) | (1,319,907) | 2,214,380 | 583,894 |
Less: Net (income) loss attributable to noncontrolling interests | 287,183 | (165,234) | (117,122) |
Net income (loss) attributable to MGM Resorts International | $ (1,032,724) | $ 2,049,146 | $ 466,772 |
Earnings (loss) per share | |||
Basic | $ (2.02) | $ 3.90 | $ 0.82 |
Diluted | $ (2.02) | $ 3.88 | $ 0.81 |
Weighted average common shares outstanding | |||
Basic | 494,152 | 524,173 | 544,253 |
Diluted | 494,152 | 527,645 | 549,536 |
Casino [Member] | |||
Revenues | |||
Revenues | $ 2,871,720 | $ 6,517,759 | $ 5,753,150 |
Expenses | |||
Expenses | 1,701,783 | 3,623,899 | 3,199,775 |
Rooms [Member] | |||
Revenues | |||
Revenues | 830,382 | 2,322,579 | 2,212,573 |
Expenses | |||
Expenses | 419,156 | 829,677 | 791,761 |
Food and Beverage [Member] | |||
Revenues | |||
Revenues | 696,040 | 2,145,247 | 1,959,021 |
Expenses | |||
Expenses | 674,118 | 1,661,626 | 1,501,868 |
Entertainment, Retail and Other [Member] | |||
Revenues | |||
Revenues | 518,991 | 1,477,200 | 1,412,860 |
Expenses | |||
Expenses | 412,705 | 1,051,400 | 999,979 |
Reimbursed Costs [Member] | |||
Revenues | |||
Revenues | 244,949 | 436,887 | 425,492 |
Expenses | |||
Expenses | $ 244,949 | $ 436,887 | $ 425,492 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (1,319,907) | $ 2,214,380 | $ 583,894 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 27,762 | 28,870 | (13,022) |
Other comprehensive income (loss) related to cash flow hedges | (79,365) | (29,505) | 3,576 |
Other comprehensive loss | (51,603) | (635) | (9,446) |
Comprehensive income (loss) | (1,371,510) | 2,213,745 | 574,448 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | 309,969 | (168,447) | (112,622) |
Comprehensive income (loss) attributable to MGM Resorts International | $ (1,061,541) | $ 2,045,298 | $ 461,826 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ (1,319,907) | $ 2,214,380 | $ 583,894 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,210,556 | 1,304,649 | 1,178,044 |
Amortization of debt discounts, premiums and issuance costs | 34,363 | 38,972 | 41,102 |
Loss on early retirement of debt | 126,462 | 198,151 | 3,619 |
Provision for credit losses | 71,422 | 39,270 | 39,762 |
Stock-based compensation | 106,956 | 88,838 | 70,177 |
Property transactions, net | 93,567 | 275,802 | 9,147 |
Gain on REIT transactions, net | (1,491,945) | (2,677,996) | 0 |
Noncash lease expense | 183,399 | 71,784 | 0 |
Loss (income) from unconsolidated affiliates | 60,366 | (57,225) | (96,542) |
Distributions from unconsolidated affiliates | 86,584 | 299 | 11,563 |
Deferred income taxes | 18,347 | 595,046 | 46,720 |
Change in operating assets and liabilities: | |||
Accounts receivable | 960,099 | (726,610) | (149,554) |
Inventories | 14,705 | 6,522 | (7,860) |
Income taxes receivable and payable, net | (216,250) | 1,259 | 14,120 |
Prepaid expenses and other | (37) | 7,567 | (8,656) |
Accounts payable and accrued liabilities | (1,382,980) | 465,602 | 21,508 |
Other | (48,750) | (35,909) | (34,505) |
Net cash provided by (used in) operating activities | (1,493,043) | 1,810,401 | 1,722,539 |
Cash flows from investing activities | |||
Capital expenditures, net of construction payable | (270,579) | (739,006) | (1,486,843) |
Dispositions of property and equipment | 6,136 | 2,578 | 25,612 |
Proceeds from transaction | 2,455,839 | 0 | 0 |
Proceeds from sale of Circus Circus Las Vegas and adjacent land | 0 | 652,333 | 0 |
Proceeds from sale of business units and investment in unconsolidated affiliate | 0 | 0 | 163,616 |
Investments in unconsolidated affiliates | (96,925) | (81,877) | (56,295) |
Distributions from unconsolidated affiliates | 63,960 | 100,700 | 322,631 |
Other | 873 | (31,112) | (17,208) |
Net cash provided by (used in) investing activities | 2,159,304 | 3,519,434 | (2,083,021) |
Cash flows from financing activities | |||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,595,089) | (3,634,049) | 1,242,259 |
Issuance of long-term debt | 3,550,000 | 3,250,000 | 1,000,000 |
Retirement of senior notes | (846,815) | (3,764,167) | (2,265) |
Debt issuance costs | (62,348) | (63,391) | (76,519) |
Proceeds from issuance of bridge loan facility | 1,304,625 | 0 | 0 |
Issuance of MGM Growth Properties Class A shares, net | 524,704 | 1,250,006 | 0 |
Dividends paid to common shareholders | (77,606) | (271,288) | (260,592) |
Distributions to noncontrolling interest owners | (286,385) | (223,303) | (184,932) |
Purchases of common stock | (353,720) | (1,031,534) | (1,283,333) |
Other | (53,939) | (41,868) | (45,384) |
Net cash provided by (used in) financing activities | 2,103,427 | (4,529,594) | 389,234 |
Effect of exchange rate on cash | 2,345 | 2,601 | (1,985) |
Cash and cash equivalents | |||
Net increase for the period | 2,772,033 | 802,842 | 26,767 |
Balance, beginning of period | 2,329,604 | 1,526,762 | 1,499,995 |
Balance, end of period | 5,101,637 | 2,329,604 | 1,526,762 |
Supplemental cash flow disclosures | |||
Interest paid, net of amounts capitalized | 639,718 | 826,970 | 723,609 |
Federal, state and foreign income taxes paid (refunds received), net | 8,543 | 28,493 | (10,100) |
Non-cash investing and financing activities | |||
Note receivable related to sale of Circus Circus Las Vegas and adjacent land | 0 | 133,689 | 0 |
MGP BREIT Venture assumption of bridge loan facility | 1,304,625 | 0 | 0 |
Bellagio BREIT Venture [Member] | |||
Cash flows from investing activities | |||
Proceeds from transaction | 0 | 4,151,499 | 0 |
Non-cash investing and financing activities | |||
Investment in venture | 0 | 62,133 | 0 |
MGP BREIT Venture [Member] | |||
Non-cash investing and financing activities | |||
Investment in venture | 802,000 | 0 | 0 |
Northfield [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | 0 | 0 | (1,034,534) |
Empire City [Member] | |||
Cash flows from investing activities | |||
Acquisition, net of cash acquired | $ 0 | $ (535,681) | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | MGP BREIT Venture [Member] | Empire City [Member] | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Empire City Transaction [Member] | Park MGM [Member] | Northfield [Member] | Common Stock [Member] | Common Stock [Member]MGP BREIT Venture [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]Park MGM [Member] | Common Stock [Member]Northfield [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member]MGP BREIT Venture [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]Park MGM [Member] | Capital in Excess of Par Value [Member]Northfield [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]MGP BREIT Venture [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]Park MGM [Member] | Retained Earnings (Accumulated Deficit) [Member]Northfield [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]MGP BREIT Venture [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]Park MGM [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Northfield [Member] | Total MGM Resorts International Stockholder's Equity [Member] | Total MGM Resorts International Stockholder's Equity [Member]MGP BREIT Venture [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]Park MGM [Member] | Total MGM Resorts International Stockholder's Equity [Member]Northfield [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]MGP BREIT Venture [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]Park MGM [Member] | Non-Controlling Interests [Member]Northfield [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) | 574,886 | $ 0 | 0 | 466,772 | 0 | 466,772 | 108,114 | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (13,022) | 0 | 0 | 0 | (7,422) | (7,422) | (5,600) | ||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | 3,576 | 0 | 0 | 0 | 2,476 | 2,476 | 1,100 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 70,196 | 0 | 65,072 | 0 | 0 | 65,072 | 5,124 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (32,202) | $ 23 | (32,225) | 0 | 0 | (32,202) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,280 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (147,321) | $ (31,732) | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (147,321) | $ (31,732) | |||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders | (260,592) | 0 | 0 | (260,592) | 0 | (260,592) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 3,716 | 0 | 3,609 | 0 | 0 | 3,609 | 107 | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,283,333) | $ (411) | (1,282,922) | 0 | 0 | (1,283,333) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock, Shares | (41,076) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (21,326) | $ 0 | (21,326) | 0 | 0 | (21,326) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Other | (4,179) | 0 | 2,168 | 0 | 0 | 2,168 | (6,347) | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2018 | 10,469,791 | $ 5,275 | 4,092,085 | 2,423,479 | (8,556) | 6,512,283 | 3,957,508 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2018 | 527,480 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,205,287 | $ 0 | 0 | 2,049,146 | 0 | 2,049,146 | 156,141 | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 28,870 | 0 | 0 | 0 | 16,125 | 16,125 | 12,745 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | (29,505) | 0 | 0 | 0 | (19,973) | (19,973) | (9,532) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 88,838 | 0 | 83,897 | 0 | 0 | 83,897 | 4,941 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (25,965) | $ 20 | (25,985) | 0 | 0 | (25,965) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,150 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (181,816) | (53,489) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (181,816) | (53,489) | |||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders | (271,288) | 0 | 0 | (271,288) | 0 | (271,288) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 1,546 | 0 | 1,546 | 0 | 0 | 1,546 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1,031,534) | $ (358) | (1,031,176) | 0 | 0 | (1,031,534) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock, Shares | (35,854) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (2,714) | $ 0 | (2,714) | 0 | 0 | (2,714) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition | $ 265,765 | $ 94 | $ 265,671 | $ 0 | $ 0 | $ 265,765 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition, shares | 9,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Transaction | $ 5,027 | $ 528 | $ (5,760) | $ 0 | $ 0 | $ 0 | $ (18,913) | $ (1,984) | $ 21,681 | $ 0 | $ 0 | $ 0 | $ 195 | $ 16 | $ (2) | $ (18,718) | $ (1,968) | $ 21,679 | $ 23,745 | $ 2,496 | $ (27,439) | ||||||||||||||||||||||||||||
Share issuances | 1,201,558 | 0 | 150,464 | 0 | 1,512 | 151,976 | 1,049,582 | ||||||||||||||||||||||||||||||||||||||||||
Other | (2,220) | 0 | (3,473) | 0 | 481 | (2,992) | 772 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2019 | 12,662,919 | $ 5,031 | 3,531,099 | 4,201,337 | (10,202) | 7,727,265 | 4,935,654 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2019 | 503,148 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (1,326,125) | $ 0 | 0 | (1,032,724) | 0 | (1,032,724) | (293,401) | ||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 27,762 | 0 | 0 | 0 | 15,711 | 15,711 | 12,051 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | (79,365) | 0 | 0 | 0 | (44,528) | (44,528) | (34,837) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 106,956 | 0 | 100,907 | 0 | 0 | 100,907 | 6,049 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (16,403) | $ 21 | (16,424) | 0 | 0 | (16,403) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 2,031 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (221,690) | (64,086) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (221,690) | (64,086) | |||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders | (77,606) | 0 | 0 | (77,606) | 0 | (77,606) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock units | 2,142 | 0 | 2,142 | 0 | 0 | 2,142 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (353,720) | $ (109) | (353,611) | 0 | 0 | (353,720) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock, Shares | (10,861) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | 35,520 | $ 0 | 35,520 | 0 | 0 | 35,520 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Transaction | $ 1,725 | $ 0 | $ (6,503) | $ 0 | $ (59) | $ (6,562) | $ 8,287 | ||||||||||||||||||||||||||||||||||||||||||
Share issuances | $ 507,551 | $ 0 | $ 64,188 | $ 0 | $ 646 | $ 64,834 | $ 442,717 | ||||||||||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership units | (22,292) | 0 | 83,859 | 0 | 8,773 | 92,632 | (114,924) | ||||||||||||||||||||||||||||||||||||||||||
Other | (3,380) | 0 | (1,724) | 0 | (1,018) | (2,742) | (638) | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 11,179,908 | $ 4,943 | $ 3,439,453 | $ 3,091,007 | $ (30,677) | $ 6,504,726 | $ 4,675,182 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2020 | 494,318 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends declared and paid to common shareholders | $ 0.1575 | $ 0.52 | $ 0.48 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | NOTE 1 — ORGANIZATION Organization. MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. As of December 31, 2020, 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 and Excalibur. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas. The Company owns, along with local investors, and operates 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 and operates The Park, a dining and entertainment district located between New York-New York and Park MGM, Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip Resorts and Fallen Oak golf course in Saucier, Mississippi MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share . . The Company 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 . T he Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the fair value of a Class A share . The determination of settlement method is at the option of MGP’s independent conflicts committee. As of December 31, 2020, the Company owned 53.0% of the Operating Partnership units, and MGP held the remaining 47.0% ownership interest in the Operating Partnership. Pursuant to a master lease agreement between a subsidiary of the Company and a subsidiary of the Operating Partnership, the Company leases the real estate assets of The Mirage, 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. Pursuant to a lease agreement between a subsidiary of the Company and a venture that is 5% owned by such subsidiary and 95% owned by a subsidiary of Blackstone Real Estate Income Trust, Inc. (“BREIT”, and such venture, the “Bellagio BREIT Venture”), the Company leases the real estate assets of Bellagio . Additionally, pursuant to a lease agreement between a subsidiary of the Company and a venture that is 50.1% owned by a subsidiary of the Operating Partnership and 49.9% by a subsidiary of BREIT (such venture, the “MGP BREIT Venture”), the Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas . Refer to Note 11 for further discussion of the leases. In July 2018, MGP acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), a company that owned the real estate assets and operations of the Hard Rock Rocksino Northfield Park (“Northfield Acquisition”). In April 2019, the Company acquired the membership interests of Northfield from MGP and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, and added it to the master lease between the Company and MGP. Refer to Note 4 and Note 18 for additional information. 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 master lease between the Company and MGP. Refer to Note 4 and Note 18 for additional information. In March 2019, the Company entered into an amendment to the master lease with respect to improvements made by the Company related to the rebranding of the Park MGM and NoMad Las Vegas. Refer to Note 18 for additional information on this transaction. On November 15, 2019, the Bellagio BREIT Venture was formed, which acquired the Bellagio real estate assets from the Company and leased such assets back to the Company pursuant to a lease agreement. In exchange for the contribution of the real estate assets, the Company received total consideration of $4.25 billion, which consisted of a 5% equity interest in the venture and cash of approximately $4.2 billion. The Company recorded a gain of $2.7 billion related to sale of the Bellagio real estate assets, recorded in “Gain on REIT transactions, net” in the consolidated statements of operations, which primarily reflects the difference between the carrying value of the real estate assets sold and the consideration received. The Company also provides a shortfall guarantee of the principal amount of indebtedness of the debt of the Bellagio BREIT Venture’s $3.01 billion of debt (and any interest accrued and unpaid thereon). Refer to Note 11 and Note 12 for additional information relating to the lease and guarantee, respectively. In December 2019, the Company completed the sale of Circus Circus Las Vegas and adjacent land. See Note 16 for additional information related to this transaction. On February 14, 2020, the Company completed a series of transactions (collectively the “MGP BREIT Venture Transaction”) pursuant to which the real estate assets of MGM Grand Las Vegas and Mandalay Bay (including Mandalay Place) were contributed to the newly formed MGP BREIT Venture. In exchange for the contribution of the real estate assets, the Company received total consideration of $4.6 billion, which was comprised of $2.5 billion of cash, $1.3 billion of the Operating Partnership’s secured indebtedness assumed by the MGP BREIT Venture, and the Operating Partnership’s 50.1% equity interest in the MGP BREIT Venture. In addition, the Operating Partnership issued approximately 3 million Operating Partnership units to the Company representing 5% of the equity value of the MGP BREIT Venture. The Company recorded the difference between consideration received of $2.5 billion and the carrying value of the MGM Grand Las Vegas real estate assets of $733 million and selling costs of $27 million as a net gain on sale of assets of $1.7 billion, which is reflected within “Gain on REIT transactions, net” in the consolidated statements of operations. The Company also recorded the difference between consideration received of $2.1 billion and the carrying value of the Mandalay Bay real estate assets of $2.3 billion and selling costs of $10 million as a net loss on sale of assets of $252 million, which is reflected within “Gain on REIT transactions, net” in the consolidated statements of operations. In connection with the transactions, the Company provides a shortfall guarantee of the principal amount of indebtedness of the MGP BREIT Venture (and any interest accrued and unpaid thereon) as further discussed in Note 12. On the closing date, BREIT also purchased approximately 5 million MGP Class A shares for $150 million . In connection with the MGP BREIT Venture Transaction, MGP BREIT Venture entered into a lease with a subsidiary of the Company for the real estate assets of Mandalay Bay and MGM Grand Las Vegas as further discussed in Note 11. Additionally, the master lease with MGP was modified to remove the Mandalay Bay property and the annual cash rent under the MGP master lease was reduced by $133 million, as further discussed in Note 18. Also, on January 14, 2020, the Company, the Operating Partnership, and MGP entered into an agreement for the Operating Partnership to waive its right following the closing of the MGP BREIT Venture Transaction to issue MGP Class A shares, in lieu of cash, to the Company in connection with the Company exercising its right to require the Operating Partnership to redeem Operating Partnership units that the Company holds, at a price per unit equal to a 3% discount to the ten day average closing price prior to the date of the notice of redemption. The waiver was effective upon closing of the transaction on February 14, 2020 and was scheduled to terminate on the earlier of February 14, 2022 or upon the Company’s receipt of cash proceeds of $1.4 billion as consideration for the redemption of the Company’s Operating Partnership units. On May 18, 2020, the Operating Partnership redeemed approximately 30 million Operating Partnership units that the Company held for $700 million, or $23.10 per unit, and on December 2, 2020, the Operating Partnership redeemed approximately 24 million of the Operating Partnership units that the Company held for the remaining $700 million, or $29.78 per unit. As a result, the waiver terminated in accordance with its terms. 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 and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming subconcession and land concessions. 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 6 and Note 18 for additional information related to CityCenter The Company owns 50% of BetMGM LLC (“BetMGM”), which provides online sports betting and iGaming in certain jurisdictions in the United States. The other 50% of BetMGM is owned by Entain plc. The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 17 for additional information about the Company’s segments. Financial Impact of COVID-19. The spread of the novel 2019 coronavirus (“COVID-19”) and developments surrounding the global pandemic have had, and we expect will continue to have, a significant impact on the Company’s business, financial condition, results of operations and cash flows in 2021. In March 2020, all of the Company’s domestic properties temporarily closed pursuant to state and local government restrictions imposed as a result of COVID-19. Throughout the second and third quarters of 2020, all of the Company’s properties re-opened to the public but continue to operate without certain amenities and subject to certain occupancy limitations , with restrictions varying by jurisdiction and with further temporary re-closures and re-openings occurring for our properties or portions of our properties into the first quarter of 2021 . In response to reduced demand, the Company temporarily closed the hotel tower operations at Mandalay Bay and Park MGM midweek and temporarily closed The Mirage midweek, which are expected to resume full week operations on March 3, 2021 . Accordingly, the Company’s properties have continued to generate revenues that are significantly lower than historical results. In addition , as a result of the continued impact of the COVID-19 pandemic and the emergence of variant strains, our properties may be subject to temporary, complete, or partial shutdowns in the future. At this time, we cannot predict whether the jurisdictions in which our properties are located, states or the federal government will continue to impose operating restrictions on us or adopt similar or more restrictive measures in the future, including stay-at-home orders or ordering the temporary closures of all or a portion of our properties. The Company has implemented certain measures to mitigate the spread of COVID-19, including limitations on the number of gaming tables allowed to operate and on the number of seats at each table game, as well as slot machine spacing, temperature checks, mask protection, limitations on restaurant capacity, entertainment events and conventions, as well as other measures to enforce social distancing. In addition, following a temporary closure of the Company’s Macau properties on February 5, 2020, operations resumed on February 20, 2020, subject to certain health safeguards, such as limiting the number of gaming tables allowed to operate and the number of seats available at each table game, slot machine spacing, reduced operating hours at a number of restaurants and bars, temperature checks, mask protection and the need to present negative COVID-19 test results and health declarations submitted through the Macau Health Code system which remain in effect. Effective July 15, 2020, all guests entering our casinos were required to provide a negative nucleic acid test result with a valid ‘green’ Macau Health Code. Although the issuance of tourist visas (including the individual visa scheme) for residents of Zhuhai, Guangdong Province and all other provinces in mainland China to travel to Macau resumed on August 12, 2020, August 26, 2020 and September 23, 2020, respectively, several travel and entry restrictions in Macau, Hong Kong and mainland China remain in place (including the temporary suspension of ferry services from Hong Kong to Macau, the nucleic acid test result certificate and mandatory quarantine requirements for visitors from Hong Kong and Taiwan, and bans on entry or enhanced quarantine requirements on other visitors into Macau), which have significantly impacted visitation to the Company’s Macau properties. While the Company has engaged in aggressive cost reduction efforts to minimize cash outflows while the Company’s properties were initially closed, and has continued to engage in such efforts as the properties have re-opened, the Company still has significant fixed and variable expenses, which have and will continue to adversely affect its profitability. In addition, the Company has seen, and expects to continue to see, weakened demand at its properties as a result of continued domestic and international travel restrictions or warnings, restrictions on amenity use, such as gaming, restaurant and pool capacity limitations, consumer fears and reduced consumer discretionary spending, general economic uncertainty, and increased rates of unemployment. In light of the foregoing, the Company is unable to determine when its properties will return to pre-pandemic demand and pricing, or if the Company’s properties will remain re-opened. The COVID-19 pandemic has had a material impact on its consolidated results of operations during 2020 and we expect that it will continue to have a material impact on our consolidated results of operations during 2021 and potentially thereafter. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis . Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2020, on a consolidated basis MGP had total assets of $ 10.6 billion, primarily related to its real estate investments, and total liabilities of $ 5.0 billion, primarily related to its indebtedness. Management has determined that Bellagio BREIT Venture is a VIE because the equity holders 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 not the primary beneficiary of Bellagio BREIT Venture and, accordingly, does not consolidate the venture, because the Company does not have power to direct the activities that could potentially be significant to the venture; BREIT, as the managing member, has such power. The Company has recorded its 5% ownership interest in Bellagio BREIT Venture as an investment in unconsolidated affiliates in the Company’s consolidated financial statements, for which such amount was $60 million as of December 31, 2020. The Company’s maximum exposure to loss as a result of its involvement with Bellagio BREIT Venture is equal to the carrying value of its investment, assuming no future capital funding requirements, plus the exposure to loss resulting from the Company’s guarantee of the debt of Bellagio BREIT Venture, which guarantee is immaterial as of December 31, 2020, as further discussed in Note 12. For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s investments in CityCenter, MGP BREIT Venture, and BetMGM, which do not qualify for consolidation as the Company has joint control, given the entities are structured with substantive participating rights whereby both owners participate in the decision making process which prevents the Company from exerting a controlling financial interest in such entities, as defined in ASC 810. Reclassifications . Certain reclassifications have been made to conform the prior period presentation. Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9; • Level 2 inputs when measuring the Operating Partnership’s fair value of its interest rate swaps. See Note 9; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Empire City acquisition. See Note 4; • Level 2 and Level 3 inputs when assessing the fair value of the note receivable relating to the Circus Circus Las Vegas and adjacent land sale. See Note 16. Cash and cash equivalents. Cash and cash equivalents include cash on hand, investments and interest-bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as “Accounts payable” or “Construction payable” as applicable. Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2020 and 2019, approximately 52% and 57%, respectively, of the Company’s gross casino accounts receivable were owed by customers from foreign countries, primarily within Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated loss reserve is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The loss reserve is estimated based on both a specific review of customer accounts as well as historical collection experience and current and expected future economic and business conditions. Management believes that as of December 31, 2020, no significant concentrations of credit risk existed for which a loss reserve had not already been recorded. Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 15 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. Refer to Note 16 for discussion on the impairment loss recorded on Circus Circus Las Vegas and adjacent land in 2019. Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete, or development activity is suspended for more than a brief period. Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No material impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2020, 201 9 , and 201 8 . Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized equal to the difference. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. Revenue recognition. The Company’s revenue from contracts with customers consists of casino wagers transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions. The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon standalone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. Commissions and incentives provided to gaming customers were $1.1 billion, $2.5 billion and $2.3 billion for the years ended December 31, 2020, 2019 and 2018, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue . The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services and the Company is not the controlling entity, which primarily include certain of the Company’s entertainment shows and, in certain jurisdictions, the Company’s arrangement with BetMGM for online sports betting and iGaming. The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resu lting 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 2020 2019 2020 2019 2020 2019 (in thousands) Balance at January 1 $ 314,570 $ 323,811 $ 126,966 $ 113,293 $ 481,095 $ 667,285 Balance at December 31 212,671 314,570 139,756 126,966 382,287 481,095 Increase / (decrease) $ (101,899 ) $ (9,241 ) $ 12,790 $ 13,673 $ (98,808 ) $ (186,190 ) Reimbursed cost. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 17. 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 of time 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 right-of-use (“ROU”) assets and 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 includes 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 typically uses its incremental borrowing rate to discount the lease payments based on the information available at the 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. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. Refer to Note 11 for discussion of leases under which the Company is a lessee. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues from third party tenants include $24 million, $53 million and $51 million recorded within food and beverage revenue for 2020, 2019 and 2018, respectively, and $60 million, $89 million and $87 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 Advertising. The Company expenses advertising costs as they are incurred. Advertising expense that primarily relates to media placement costs and which is generally included in general and administrative expenses, was $88 million, $195 million and $226 million for 2020, 2019 and 2018, respectively. Corporate expense. Corporate expense represents unallocated payroll, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 16 for a detailed discussion of these amounts. Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year. The noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. Income 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. Diluted weighted average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2020 2019 2018 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Adjustment related to redeemable noncontrolling interests 35,520 (2,713 ) (21,326 ) Net income (loss) available to common stockholders - basic (997,204 ) 2,046,433 445,446 Other — (194 ) (206 ) Net income (loss) attributable to common stockholders - diluted $ (997,204 ) $ 2,046,239 $ 445,240 Denominator: Weighted average common shares outstanding basic 494,152 524,173 544,253 Potential dilution from share-based awards — 3,472 5,283 Weighted average common and common equivalent shares - diluted 494,152 527,645 549,536 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 9,493 1,617 2,668 Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Gains or losses from foreign currency remeasurements are recorded to other non-operating income (expense). Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income (loss) are reported in the accompanying consolidated statements of stockholders’ equity. Recently issued accounting standards. 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 adopted ASC 326 on January 1, 2020 , which did not have a material impact on its financial statements or accounting policies. The Company now utilizes a forward-looking current expected credit loss model for accounts receivable, guarantees, and other financial instruments. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”), which simplifies the accounting for income taxes and includes removal of certain exceptions to the general principles of ASC 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The Company will adopt ASU 2019-12 on January 1, 2021, and it will not have a material impact on its financial statements. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, Net | NOTE 3 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following: December 31, 2020 2019 (In thousands) Casino $ 260,998 $ 394,163 Hotel 46,288 164,079 Other 135,805 149,036 443,091 707,278 Less: Loss reserves (126,589 ) (94,561 ) $ 316,502 $ 612,717 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 4 — ACQUISITION 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. 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 master lease between the Company and MGP . See Note 18 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 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 December 31, 2019, Empire City’s net revenue was $193 million, operating income was $12 million and net income was $36 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 for a purchase price of approximately $1.1 billion (“Northfield Acquisition”). MGP funded the acquisition through a $200 million draw on the Operating Partnership’s term loan A and a $655 million draw under the Operating Partnership’s revolving credit facility, with the remainder of the purchase price paid with cash on hand. The acquisition expanded MGP’s real estate assets and diversified MGP’s geographic reach. 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 master lease between the Company and MGP. Refer to Note 18 for additional information. For the period from July 6, 2018 through December 31, 2018, Northfield’s net revenue was $133 million, operating income and net income were both $33 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: December 31, 2020 2019 (In thousands) Land $ 4,081,029 $ 5,348,223 Buildings, building improvements and land improvements 12,053,422 15,291,801 Furniture, fixtures and equipment 5,600,579 5,924,439 Construction in progress 170,957 209,890 21,905,987 26,774,353 Less: Accumulated depreciation (7,474,876 ) (8,581,835 ) Finance lease ROU assets, net 200,980 93,437 $ 14,632,091 $ 18,285,955 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2020 2019 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 441,893 $ 568,879 MGP BREIT Venture (50.1% owned by the Operating Partnership) 810,066 — Other 195,084 253,487 $ 1,447,043 $ 822,366 The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Income from unconsolidated affiliates $ 42,938 $ 119,521 $ 147,690 Preopening and start-up expenses — — (3,321 ) Non-operating items from unconsolidated affiliates (103,304 ) (62,296 ) (47,827 ) $ (60,366 ) $ 57,225 $ 96,542 The following table summarizes further information related to the Company’s share of operating income (loss) from unconsolidated affiliates: Year Ended December 31, 2020 2019 2018 (In thousands) CityCenter $ (29,753 ) $ 128,421 $ 138,383 MGP BREIT Venture 136,755 — — Other (64,064 ) (8,900 ) 9,307 $ 42,938 $ 119,521 $ 147,690 MGP BREIT Venture distributions. For year ended December 31, 2020, the Operating Partnership received $81 million in distributions from MGP BREIT Venture. Other. During the year ended December 31, 2020, the Company recognized other-than-temporary impairment charges of $64 million within “Property transactions, net” in the consolidated statements of operations related to an investment in an unconsolidated affiliate classified within “Other” in the “Investments in and advances to unconsolidated affiliates” table above. CityCenter Mandarin Oriental sale. On August 30, 2018, CityCenter closed the sale of the Mandarin Oriental and adjacent retail parcels for approximately $214 million. During the year ended December 31, 2018, CityCenter recognized a loss on the sale of the Mandarin Oriental of $133 million and the Company recognized a $12 million gain on the 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” in the consolidated statements of operations. CityCenter distributions. During the year ended December 31, 2020, CityCenter paid $101 million in distributions, of which the Company received its 50% share, or approximately $51 million. During the year ended December 31, 2019, CityCenter paid $180 million in distributions, of which the Company received its 50% share, or approximately $90 million. During the year ended December 31, 2018, CityCenter paid $625 million in distributions, of which the Company received its 50% share, or approximately $313 million. Grand Victoria 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” in the consolidated statements of operations. Unconsolidated Affiliate Financial Information – CityCenter & MGP BREIT Venture Summarized balance sheet information is as follows: December 31, 2020 2019 (In thousands) Cash and cash equivalents $ 96,758 $ 246,269 Property and equipment, net 10,237,004 5,937,382 Other assets, net 256,813 204,326 Debt, net 4,715,997 1,734,770 Other liabilities 270,583 343,456 Summarized results of operations are as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Net revenues $ 869,638 $ 1,294,861 $ 1,277,745 Income (loss) from continuing operations (43,749 ) 69,143 97,091 Net income (loss) (43,749 ) 69,143 (37,911 ) Basis Differences The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2020 2019 (In thousands) Venture-level equity attributable to the Company $ 2,981,550 $ 2,399,993 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (504,171 ) (509,382 ) CityCenter capitalized interest (2) 168,966 177,898 CityCenter completion guarantee (3) 248,730 261,708 CityCenter deferred gain (4) (208,204 ) (210,240 ) CityCenter capitalized interest on sponsor notes (5) (33,010 ) (34,755 ) Other-than-temporary impairments of CityCenter investment (6) (1,256,516 ) (1,304,317 ) Other adjustments 49,698 41,461 $ 1,447,043 $ 822,366 (1) Primarily relates to land and fixed assets. (2) Relates to interest capitalized on the Company’s investment balance during development and construction stages. (3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. (4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $352 million of impairments allocated to land. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following: December 31, 2020 2019 (In thousands) Goodwill $ 2,091,278 $ 2,084,564 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 MGM Northfield Park and Empire City racing and gaming licenses 280,000 280,000 Trademarks and other 299,238 300,212 Total indefinite-lived intangible assets 677,336 678,310 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,541,990 4,519,558 Less: Accumulated amortization (1,697,481 ) (1,514,772 ) 2,844,509 3,004,786 MGM National Harbor and MGM Springfield gaming licenses 106,600 106,600 Less: Accumulated amortization (19,102 ) (11,996 ) 87,498 94,604 Other finite-lived intangible assets 60,649 79,197 Less: Accumulated amortization (26,244 ) (30,393 ) 34,405 48,804 Total finite-lived intangible assets, net 2,966,412 3,148,194 Total other intangible assets, net $ 3,643,748 $ 3,826,504 Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2020 and 2019: 2020 Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 30,452 $ — $ — $ — $ 30,452 Regional Operations 701,463 — — — 701,463 MGM China 1,352,649 — — 6,714 1,359,363 $ 2,084,564 $ — $ — $ 6,714 $ 2,091,278 2019 Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 70,975 $ — $ (40,523 ) $ — $ 30,452 Regional Operations 386,892 256,133 58,438 — 701,463 MGM China 1,345,610 — — 7,039 1,352,649 Corporate and other 17,915 — (17,915 ) — — $ 1,821,392 $ 256,133 $ — $ 7,039 $ 2,084,564 Goodwill was recognized in 2019 related to the acquisition of Empire City, which is included in Regional Operations, as further discussed in Note 4. The goodwill balance attributable to MGM Northfield Park, which was previously included within Corporate and other in 2018, was reclassed to Regional Operations in 2019 in connection with the Company’s acquisition of the membership interests of Northfield in 2019 as further discussed in Note 4. The presentation MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A. (“SJMSA”), a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. In March 2019, MGM Grand Paradise and SJMSA entered into a Subconcession Extension Contract (the “Extension Agreement”), pursuant to which the gaming subconcession was extended to June 26, 2022, which coincides with the current expiration of all the other concessionaires and subconcessionaires. MGM Grand Paradise paid the government of Macau approximately $25 million and paid SJMSA approximately $2 million as a contract premium for such extension. The Company cannot provide any assurance that the gaming subconcession will be extended beyond the current terms; however, management believes that the gaming subconcession will be extended, given that the Cotai land concession agreement with the government extends significantly beyond the gaming subconcession. As such, as of December 31, 2020, the Company amortizes the gaming subconcession intangible asset on a straight-line basis over the initial term of the Cotai land concession, ending in January 2038. MGM National Harbor and MGM Springfield gaming licenses. The license fee paid to the State of Maryland of $22 million is considered a finite-lived intangible asset that is amortized on a straight-line basis over a period of its initial term of 15 years, beginning in December 2016, when MGM National Harbor started operations. The license fee paid to the State of Massachusetts of $85 million is considered a finite-lived intangible asset that is amortized over a period of 15 years, beginning in August 2018, when MGM Springfield started operations. Total amortization expense related to intangible assets was $194 million, $192 million and $176 million for 2020, 2019, and 2018, respectively. As of December 31, 2020, estimated future amortization is as follows: Years ending December 31, (In thousands) 2021 $ 197,104 2022 190,981 2023 178,672 2024 176,685 2025 174,900 Thereafter 2,048,070 $ 2,966,412 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | NOTE 8 — OTHER ACCRUED LIABILITIES Other accrued liabilities consisted of the following: December 31, 2020 2019 (In thousands) Contract and contract-related liabilities: Outstanding chip liability $ 212,671 $ 314,570 Loyalty program obligations 139,756 126,966 Casino front money 133,114 176,827 Advance deposits and ticket sales 123,079 190,325 Unpaid wagers and other 126,094 113,943 Other accrued liabilities: Payroll and related 327,644 507,041 Taxes, other than income taxes 109,100 218,027 Operating Partnership interest rate swaps - current 32,155 — MGP dividend 64,086 53,489 Operating lease liabilities - current (Refer to Note 11) 31,843 67,473 Finance lease liabilities - current (Refer to Note 11) 80,193 27,975 Other 165,344 227,366 $ 1,545,079 $ 2,024,002 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 9 — LONG-TERM DEBT Long-term debt consisted of the following: December 31, 2020 2019 (In thousands) Senior credit facility $ — $ — Operating Partnership senior credit facility 10,000 1,703,750 MGM China credit facility 770,034 667,404 7.75% senior notes, due 2022 1,000,000 1,000,000 6% senior notes, due 2023 1,250,000 1,250,000 5.625% Operating Partnership senior notes, due 2024 1,050,000 1,050,000 5.375% MGM China senior notes, due 2024 750,000 750,000 6.75% senior notes, due 2025 750,000 — 5.75% senior notes, due 2025 675,000 1,000,000 4.625% Operating Partnership senior notes, due 2025 800,000 — 5.25% MGM China senior notes, due 2025 500,000 — 5.875% MGM China senior notes, due 2026 750,000 750,000 4.5% Operating Partnership senior notes, due 2026 500,000 500,000 4.625% senior notes, due 2026 400,000 500,000 5.75% Operating Partnership senior notes, due 2027 750,000 750,000 5.5% senior notes, due 2027 675,000 1,000,000 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 4.75% senior notes, due 2028 750,000 — 3.875% Operating Partnership senior notes, due 2029 750,000 — 7% debentures, due 2036 552 552 12,480,586 11,271,706 Less: Premiums, discounts, and unamortized debt issuance costs, net (103,902 ) (102,802 ) $ 12,376,684 $ 11,168,904 Debt due within one year of the December 31, 2019 balance sheet was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving credit facilities. Interest expense, net consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Total interest incurred $ 679,251 $ 853,007 $ 821,229 Interest capitalized (2,871 ) (5,075 ) (51,716 ) $ 676,380 $ 847,932 $ 769,513 Senior credit facility. At December 31, 2020, the Company’s senior credit facility consisted of a $1.5 billion revolving facility. The revolving facility bears interest of LIBOR plus 1.50% to 2.25% determined by reference to a total net leverage ratio pricing grid. At December 31, 2020, no amounts were drawn on the revolving credit facility. On February 14, 2020, in connection with the MGP BREIT Venture Transaction, the Company used proceeds from the transaction to repay and terminate the $1.5 billion outstanding on its existing revolving facility in full and entered into an unsecured credit agreement, comprised of a $1.5 billion unsecured revolving facility that matures in February 2025. As a result, the Company incurred a $4 million loss on early retirement of debt recorded in “Other, net” in the consolidated statements of operations. In April 2020, the Company amended its credit facility to provide it with certain relief from the effects of the COVID-19 pandemic. The amendment provides the Company a waiver of the financial maintenance covenants for the period beginning with the quarter ending June 30, 2020 through the earlier of (x) the date the Company delivers to the administrative agent a compliance certificate with respect to the quarter ending June 30, 2021 and (y) the date the Company delivers to the administrative agent an irrevocable notice terminating the covenant relief period (such period, the “covenant relief period”). In connection with the amendment, the Company pledged the Operating Partnership units held by loan parties to the lenders as collateral. The Company also agreed to certain limitations including, among other things, further restricting its ability to incur debt and liens, make restricted payments, make investments and prepay subordinated debt. In addition, in connection with the amendment, the Company agreed to a liquidity test that requires the Company’s borrower group (as defined in the credit agreement) to maintain a minimum liquidity level of not less than $ 600 million (including unrestricted cash, cash equivalents and availability under the revolving credit facility), tested at the end of each month during the covenant relief period. In February 2021, the Company further amended its credit facility to extend the covenant relief period through (but excluding) the second quarter of 2022 and a djust the required leverage and interest coverage levels for the covenant when it is reimposed a t the end of the waiver period . Pursuant to that amendment, the Company agreed to increase its total required minimum liquidity level to $ billion. The Company’s senior credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its applicable covenants at December 31, 2020 . As of December 31, 2019, the senior credit facility was secured by (i) a mortgage on the real properties comprising the MGM Grand Las Vegas, (ii) a pledge of substantially all existing and future personal property of the subsidiaries of the Company that own the MGM Grand Las Vegas; and (iii) a pledge of the equity or limited liability company interests of the entities that own the MGM Grand Las Vegas and the Bellagio. In connection with the MGP BREIT Venture Transaction, on February 14, 2020, the Company entered into an unsecured credit agreement which provides that we will grant a security interest in our Operating Partnership units in the future to the extent our leverage ratio exceeds certain thresholds. Operating Partnership senior credit facility and bridge facility. At December 31, 2020, the Operating Partnership’s senior secured credit facility consisted of a $1.35 billion revolving credit facility. The revolving facility bears interest of LIBOR plus 1.75% to 2.25% determined by reference to a total net leverage ratio pricing grid and will mature in June 2023. At December 31, 2020, $ 10 million was drawn on the revolving credit facility and the interest rate on the revolving credit facility was 1.90% . In February 2020, in connection with the MGP BREIT Venture Transaction, the Operating Partnership amended its senior secured credit facility to, among other things, allow for the transaction to occur, permit the incurrence by the Operating Partnership of a nonrecourse guarantee relating to the debt of the MGP BREIT Venture (refer to Note 12 for description of such guarantee), and permit the incurrence of the bridge loan facility. As a result of the transaction and the amendment, the Operating Partnership repaid its $1.3 billion outstanding term loan B facility in full with the proceeds of a bridge facility, which was then assumed by the MGP BREIT Venture as partial consideration for the Operating Partnership’s contribution. Additionally, the Operating Partnership used the proceeds from the settlement of the forward equity issuances to pay off the outstanding balance of $399 million on its term loan A facility in full. As a result, the Operating Partnership incurred an $18 million loss on early retirement of debt recorded in “Other, net” in the consolidated statements of operations. The Operating Partnership is party to interest rate swaps to mitigate the effects of interest rate volatility inherent in its variable rate debt as well as forecasted debt issuances. As of December 31, 2020, the Operating Partnership has currently effective interest rate swap agreements on which it pays a weighted average fixed rate of 1.821% on total notional amount of $1.9 billion. The Operating Partnership has an additional $900 million total notional amount of forward starting interest rate swaps that are not currently effective. The fair value of interest rate swaps designated as cash flow hedges was $41 million, with $1 million recorded as a current liability and $40 million recorded as a long-term liability as of December 31, 2020, and $7 million recorded as an asset and $28 million recorded as a long-term liability as of December 31, 2019. The fair value of interest rate swaps not designated as cash flow hedges was $78 million, with $31 million recorded as a current liability and $47 million recorded as a long-term liability as of December 31, 2020, and $3 million recorded as a long-term liability as of December 31, 2019, respectively. Interest rate swaps in an asset position are recorded within “Other long-term assets,” those in a current liability position are recorded within “Other accrued expenses,” and those in a long-term liability position are recorded within “Other long-term liabilities” on the consolidated balance sheets. The Operating Partnership credit facility contains customary representations and warranties, events of default and positive and negative covenants, including that the Operating Partnership maintain compliance with a maximum senior secured net debt to adjusted total assets ratio, a maximum total net debt to adjusted assets ratio and a minimum interest coverage ratio . The Operating Partnership was in compliance with its credit facility covenants at December 31, 2020. The Operating Partnership senior credit facility is guaranteed by each of the Operating Partnership’s existing and subsequently acquired direct and indirect wholly owned material domestic restricted subsidiaries, and secured by a first priority lien security interest on substantially all of the Operating Partnership’s and such restricted subsidiaries’ material assets, including mortgages on its real estate, excluding the real estate assets of MGM National Harbor and Empire City, and subject to other customary exclusions. MGM China credit facility. At December 31, 2020, the MGM China credit facility consisted of a $1.25 billion unsecured revolving credit facility. The revolving credit facility bears interest at a fluctuating rate per annum based on Hong Kong Interbank Offered Rate (“HIBOR”) plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio and will mature in May 2024. At December 31, 2020, $770 million was drawn on the MGM China credit facility and the weighted average interest rate was 2.98%. The MGM China credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. Due to the impact of COVID-19, in April 2020, MGM China entered into an amendment of its credit agreement which provided for a waiver of its maximum leverage ratio extending through the second quarter of 2021, and a waiver of its minimum interest coverage ratio from the second quarter of 2020 through the second quarter of 2021. In October 2020, MGM China further amended its credit agreement to provide for a waiver of its maximum leverage ratio and its minimum interest coverage ratio through the fourth quarter of 2021. MGM China was in compliance with its applicable MGM China credit facility covenants at December 31, 2020. In February 2021, MGM China further amended its credit agreement to provide for a waiver of its maximum leverage ratio and its minimum interest coverage ratio through the fourth quarter of 2022. MGM China second credit facility. In May 2020, MGM China entered into a second credit facility, which consisted of a $300 million unsecured revolving credit facility with an option to increase the amount of the facility up to $500 million, subject to certain conditions. In June 2020, MGM China increased the amount of the second revolving credit facility by $100 million to $400 million. The MGM China second credit facility 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. Draws will be subject to satisfaction of certain conditions precedent, including evidence that the MGM China credit facility has been fully drawn. At December 31, 2020, no amounts were drawn on the MGM China second credit facility The MGM China second credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio beginning in the third quarter of 2021. Due to the impact of COVID-19, MGM China entered into an amendment of its second credit facility in October 2020 which provided for a waiver of its maximum leverage ratio and its minimum interest coverage ratio through the fourth quarter of 2021. MGM China was in compliance with its applicable MGM China second credit facility covenants at December 31, 2020. In February 2021, MGM China further amended its second credit facility agreement to provide for a waiver of its maximum leverage ratio and its minimum interest coverage ratio through the fourth quarter of 2022. Bridge Facility. In connection with the Empire City transaction in January 2019, 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 October 2020, the Company issued $750 million in aggregate principal amount of 4.75% senior notes due 2028. In May 2020, the Company issued $750 million in aggregate principal amount of 6.75% senior notes due 2025. In March 2020, the Company completed cash tender offers for an aggregate amount of $750 million of its senior notes, comprised of $325 million principal amount of its outstanding 5.75% senior notes due 2025, $100 million principal amount of its outstanding 4.625% senior notes due 2026, and $325 million principal amount of its outstanding 5.5% senior notes due 2027. As a result, the Company incurred a $105 million loss on early retirement of debt recorded in “Other, net” in the consolidated statements of operations. In December 2019, the Company used a portion of the net proceeds from the Bellagio transaction to redeem for cash all $267 million principal amount of its outstanding 5.250% senior notes due 2020, all $361 million principal amount of its outstanding 6.750% senior notes due 2020, and all $1.25 billion principal amount of its outstanding 6.625% senior notes due 2021. The Company incurred a $171 million loss on the early retirement of such notes recorded in “Other, net” in the consolidated statements of operations. 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% senior notes due 2019. Operating Partnership senior notes. In November 2020, the Operating Partnership issued $750 million in aggregate principal amount of 3.875% senior notes due 2029. In June 2020, the Operating Partnership issued $800 million in aggregate principal amount of 4.625% senior notes due 2025. In January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027. Each series of the Operating Partnership's senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by all of the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s credit facilities, other than MGP Finance Co-Issuer, Inc., which is a co-issuer of the senior notes. The Operating Partnership may redeem all or part of the senior notes at a redemption price equal to 100% of the principal amount of the senior notes plus, to the extent the Operating Partnership is redeeming senior notes prior to the date that is three months prior to their maturity date, an applicable make whole premium, plus, in each case, accrued and unpaid interest. The indentures governing the senior notes contain customary covenants and events of default. These covenants are subject to a number of important exceptions and qualifications set forth in the applicable indentures governing the senior notes, including, with respect to the restricted payments covenants, the ability to make unlimited restricted payments to maintain the REIT status of MGP. MGM China senior notes. In June 2020, MGM China issued $500 million in aggregate principal amount of 5.25% senior notes due 2025. 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. MGM China incurred a $16 million loss on the debt retirement recorded in “Other, net” in the consolidated statements of operations. Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2020 are as follows: Years ending December 31, (In thousands) 2021 $ — 2022 1,000,000 2023 1,260,000 2024 2,570,034 2025 2,725,000 Thereafter 4,925,552 $ 12,480,586 Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $13.2 billion and $12.1 billion at December 31, 2020 and 2019, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 — INCOME TAXES The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Domestic operations $ (665,376 ) $ 2,717,756 $ 660,832 Foreign operations (846,103 ) 128,969 (26,826 ) $ (1,511,479 ) $ 2,846,725 $ 634,006 The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2020 2019 2018 Federal: (In thousands) Current $ 207,544 $ (4,928 ) $ 11,991 Deferred (excluding separate components) 19,852 (537,993 ) (143,468 ) Deferred – (42,109 ) (20,175 ) (19,753 ) Other noncurrent 4,922 (5,745 ) 576 Benefit (provision) for federal income taxes 190,209 (568,841 ) (150,654 ) State: Current (816 ) (22,685 ) (12,564 ) Deferred (excluding separate components) (33,087 ) (32,793 ) (12,731 ) Deferred – 47,728 (5,241 ) (29,490 ) Deferred – (3,375 ) (191 ) 41,068 Other noncurrent (946 ) (1,401 ) (1,334 ) Benefit (provision) for state income taxes 9,504 (62,311 ) (15,051 ) Foreign: Current (828 ) (2,454 ) (2,037 ) Deferred (excluding separate components) 4,206 44,374 63,827 Deferred – 39,920 32,915 30,574 Deferred – (51,439 ) (76,028 ) 23,229 Benefit (provision) for foreign income taxes (8,141 ) (1,193 ) 115,593 $ 191,572 $ (632,345 ) $ (50,112 ) A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal income tax statutory rate 21.0 % 21.0 % 21.0 % Net operating loss carryback rate differential 5.5 — — Non-controlling interest 1.6 (0.8 ) (2.4 ) Foreign jurisdiction income/losses taxed at other than U.S. statutory rate (12.5 ) (0.5 ) (9.5 ) Federal valuation allowance (2.8 ) 0.7 3.1 Macau dividend tax — — (6.4 ) State taxes, net 0.5 1.7 1.9 General business credits 0.3 (0.5 ) (2.9 ) Stock-based compensation — (0.1 ) (1.2 ) Non-deductible employee dining facility costs 0.2 0.2 1.4 Permanent and other items (1.1 ) 0.5 2.9 12.7 % 22.2 % 7.9 % The tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2020 2019 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 25,287 $ 25,085 Deferred compensation 6,331 7,918 Net operating loss carryforward 57,419 19,265 Accruals, reserves and other 106,801 97,590 Stock-based compensation 18,227 18,882 Lease liabilities 1,972,343 1,020,171 Long-term debt 10,907 2,022 Tax credits 3,095,856 2,600,142 5,293,171 3,791,075 Less: Valuation allowance (2,720,008 ) (2,469,907 ) 2,573,163 1,321,168 Deferred tax assets – foreign: Bad debt reserve 2,106 1,682 Net operating loss carryforward 180,143 140,223 Accruals, reserves and other 7,814 13,112 Property and equipment 17,890 10,125 Stock-based compensation 7,163 6,487 Lease liabilities 1,368 1,213 216,484 172,842 Less: Valuation allowance (155,587 ) (104,149 ) 60,897 68,693 Total deferred tax assets $ 2,634,060 $ 1,389,861 Deferred tax liabilities – federal and state: Property and equipment $ (1,349,355 ) $ (1,599,948 ) Investments in unconsolidated affiliates (1,158,342 ) (496,501 ) ROU assets (1,860,195 ) (977,870 ) Intangibles (108,728 ) (112,380 ) (4,476,620 ) (3,186,699 ) Deferred tax liabilities – foreign: Intangibles (309,256 ) (307,728 ) ROU Assets (1,200 ) (1,940 ) (310,456 ) (309,668 ) Total deferred tax liability $ (4,787,076 ) $ (3,496,367 ) Net deferred tax liability $ (2,153,016 ) $ (2,106,506 ) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act contains certain income tax provisions that are beneficial to the Company; namely, the relaxation of the interest expense deduction limitation for the 2019 and 2020 tax years and the allowance of a five-year The Company has recorded a valuation allowance of $2.7 billion on its foreign tax credit (“FTC”) carryover of $3.1 billion as of December 31, 2020, resulting in an FTC net deferred tax asset of $379 million. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. While the Company generally does not expect to generate new FTC carryovers after the year ended December 31, 2017, it will be able to utilize its existing FTC carryovers to the extent that it has active foreign source income during the 10-year FTC carryforward period. Such foreign source income includes the recapture, to the extent of U.S. taxable income, of overall domestic losses that totaled $1.5 billion at December 31, 2020. The Company relies on future U.S. source operating income in assessing utilization of the overall domestic losses and, by extension, future FTC realization during the 10-year FTC carryover period. The FTC carryovers will expire if not utilized as follows: $340 million in 2022; $976 million in 2023; $769 million in 2024; $674 million in 2025; $134 million in 2026; and $200 million in 2027. The Company’s assessment of the realization of its FTC deferred tax asset is based on available evidence, including assumptions concerning future U.S. operating profits and foreign source income. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change. On March 30, 2020, MGM Grand Paradise was granted an extension of its exemption from the Macau 12% complementary tax on gaming profits through June 26, 2022, concurrent with the end of the term of its gaming subconcession. The prior exemption was set to expire on March 31, 2020. The Company previously re-measured its net deferred tax liability for MGM Grand Paradise during 2019 assuming it would receive the complementary tax exemption extension through June 26, 2022 as a result of required non-discriminatory treatment among gaming concessionaires and subconcessionaires under Macanese law. As a result, no additional remeasurement is required for the year ended December 31, 2020. The Company continues to assume that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond June 26, 2022 and has factored that assumption into the measurement of Macau deferred tax assets and liabilities. Absent the exemption from complementary tax on gaming profits, “Net income attributable to MGM Resorts International” would have increased by $4 million and decreased by $54 million in 2020 and 2019, respectively, and diluted earnings per share would have increased by $0.01 and decreased $0.10 Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2020 a complementary tax NOL carryforward of $1.5 billion resulting from non-gaming operations that will expire if not utilized in years 2021 through 2023. MGM Grand Paradise’s exemption from the 12% complementary tax on gaming profits does not apply to dividend distributions of such profits to MGM China. MGM Grand Paradise has had an agreement with the Macau government to settle the 12% complementary tax that would otherwise be due by its shareholder, MGM China, on distributions of its gaming profits by paying a flat annual payment (“annual fee arrangement”) regardless of the amount of distributable dividends. Such annual fee arrangement covers the distributions of gaming profits earned for the period of January 1, 2017 through March 31, 2020. Payments of approximately $1 million were made for 2017 through 2019 and a payment of approximately $0.3 million The Company has NOLs in certain of the states in which it operates that total $885 million as of December 31, 2020, which equates to deferred tax assets of $57 million after federal tax effect and before valuation allowance. The majority of these NOL carryforwards will expire if not utilized by 2025 through 2040 with the remaining being carried forward indefinitely. The Company has provided a valuation allowance of $6 million on certain of its state deferred tax assets, including a portion of NOLs described above. In addition, there is a valuation allowance of $153 million on certain Macau deferred tax assets, and a valuation allowance of $3 million on Hong Kong NOLs because the Company believes these assets do not meet the “more likely than not” criteria for recognition. A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Gross unrecognized tax benefits at January 1 $ 33,298 $ 24,464 $ 18,588 Gross increases - prior period tax positions 3,717 8,960 5,345 Gross decreases - prior period tax positions (1,398 ) (1,006 ) (957 ) Gross increases - current period tax positions — 880 1,488 Gross unrecognized tax benefits at December 31 $ 35,617 $ 33,298 $ 24,464 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $9 The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense, which were not material as of December 31, 2020, 2019 or 2018. The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. As of December 31, 2020, the IRS can no longer assess tax with respect to years ended prior to 2014; however, the IRS may adjust NOLs generated in such years that were utilized in 2014. The IRS examination of the Company’s 2014 U.S. consolidated federal income tax return has been closed and the case has been submitted to the IRS Appeals Office for resolution. At issue are deductions the Company claimed as repairs expense when it implemented new tangible property regulations in such year. The Company has reached a tentative settlement with the IRS Appeals Office on these matters and anticipates signing a closing agreement during the first quarter of 2021. The Company does not anticipate any cash tax payments resulting from the settlement. As of December 31, 2020, other than adjustments resulting from the federal and state income tax audits discussed herein, the various state and local tax jurisdictions in which the Company files tax returns can no longer assess tax with respect to years ended prior to 2016. However, such jurisdictions may adjust NOLs generated in such years that are utilized in subsequent years. The Company has received a preliminary audit determination with respect to the examination of income tax returns filed in the state of Michigan for tax years 2014 through 2018 and has requested an informal conference with the Michigan Department of Treasury Hearings Division to contest the findings of the audit. The Company does not anticipate any material adjustments upon resolution of this audit. In addition, one of the Company’s subsidiaries, Marina District Development Company, LLC, had income tax returns under examination in the state of New Jersey for tax years 2015 through 2018 which were closed during the first quarter of 2021 with no change. The Company believes that it is reasonably possible that the total amounts of unrecognized tax benefits at December 31, 2020 may decrease by up to $30 million within the next twelve months on the expectation during such period of settlements of the IRS and New Jersey examinations described above. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 11 – 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 master lease agreement with MGP is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 18 for further discussion of the master lease with MGP. Land. The Company is a lessee of land underlying MGM National Harbor and a portion of the land underlying Borgata and Beau Rivage. The Company is obligated to make lease payments through the non-cancelable term of the ground leases, which is through 2066 for Beau Rivage, through 2070 for Borgata, and through 2082 for MGM National Harbor. Additionally, the Company has MGM Macau and MGM Cotai land concession contracts, each with an initial 25-year Bellagio real estate assets. Pursuant to a lease agreement between a subsidiary of the Company and the Bellagio BREIT Venture, the Company leases the real estate assets of Bellagio from the Bellagio BREIT venture. The Bellagio lease has an initial term of 30 years with two subsequent ten-year The lease provides for an initial annual rent for the lease year beginning November 15, 2019 and ending November 30, 2020 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 11th through 20th years and 4% thereafter. Annual cash rent payments for the second lease year that commenced on December 1, 2020 increased to $ 250 million. The Company does not consider the renewal options reasonably certain of being exercised and, accordingly, has determined the lease term to be 30 years. In consideration of such, the Company determined that the expected lease term of 30 years to be less than 75 % of the economic useful live of the real estate assets of Bellagio. Further, the Bellagio BREIT Venture provided its implicit rate to the Company, with which the Company determined that the present value of the future lease payments is less than 90 % of the fair market value of the Bellagio real estate assets. Accordingly, in consideration of these lease classification tests as well as that the lease does not transfer ownership of the assets back to the Company at the end of the lease term or grant the Company a purchase option and the real estate assets have alternative uses at the end of the lease term, the Company classified Bellagio lease as an operating lease. In addition, t he lease obligates the Company to spend a specified percentage of net revenues at the property on capital expenditures and that the Company comply with certain financial covenants, which, if not met, would require the Company to maintain cash security or provide one or more letters of credit in favor of the landlord in an amount equal to rent for the succeeding two-year period. The Company was in compliance with its applicable covenants as of December 31, 2020. Mandalay Bay and MGM Grand Las Vegas real estate assets. Pursuant to a lease agreement between a subsidiary of the Company and MGP BREIT Venture, the Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas from the MGP BREIT Venture. The Mandalay Bay and MGM Grand Las Vegas lease has an initial term of 30 years with two subsequent ten-year In addition, the lease obligates the Company to spend a specified percentage of net revenues at the properties on capital expenditures and that the Company comply with certain financial covenants, which, if not met, will require the Company to maintain cash security or provide one or more letters of credit in favor of the landlord in an amount equal to the rent for the succeeding one-year period. The Company was in compliance with its applicable covenants as of December 31, 2020. Other information. Components of lease costs and other information related to the Company’s leases was as follows: Year Ended December 31, 2020 2019 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 751,002 $ 143,954 Finance lease costs Interest expense (2) $ (21,320 ) $ 1,164 Amortization expense 70,476 13,341 Total finance lease costs $ 49,156 $ 14,505 (1) During the years ended December 31, 2020 and 2019, operating lease cost includes $331 million and $42 million related to the Bellagio lease, respectively, and $347 million and $0 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. (2) For the year ended December 31, 2020 interest expense includes the effect of COVID-19 related rent concessions received on certain finance leases, for which such effect was recognized as negative variable rent expense. December 31, 2020 2019 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 8,286,694 $ 4,392,481 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 31,843 $ 67,473 Operating lease liabilities - long-term (2) 8,390,117 4,277,970 Total operating lease liabilities $ 8,421,960 $ 4,345,443 Finance leases Finance lease right-of-use assets, net, classified within "Property and equipment, net" $ 200,980 $ 93,437 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 80,193 $ 27,975 Finance lease liabilities - long-term, classified within "Other long-term obligations" 134,287 67,182 Total finance lease liabilities $ 214,480 $ 95,157 Weighted average remaining lease term (years) Operating leases 30 31 Finance leases 3 4 Weighted average discount rate (%) Operating leases 8 7 Finance leases 3 3 (1) As of December 31, 2020 and 2019, operating lease right-of-use assets, net included $3.7 billion and $3.7 billion related to the Bellagio lease, respectively and $4.0 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively. (2) As of December 31, 2020 and 2019, operating lease liabilities – long-term included $3.8 billion and $3.7 billion related to the Bellagio lease, respectively and $4.1 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively. Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 572,186 $ 117,072 Operating cash outflows from finance leases 2,956 1,164 Financing cash outflows from finance leases (1) 34,494 10,311 ROU assets obtained in exchange for new lease liabilities Operating leases $ 4,120,955 $ 3,814,115 Finance leases 177,085 84,934 (1) Included within “Other” within the “Cash flows from financing activities” on the accompanying consolidated statements of cash flows. Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2021 $ 612,823 $ 84,853 2022 616,235 72,524 2023 625,365 63,717 2024 635,755 1,033 2025 644,804 517 Thereafter 19,801,073 — Total future minimum lease payments 22,936,055 222,644 Less: Amount of lease payments representing interest (14,514,095 ) (8,164 ) Present value of future minimum lease payments 8,421,960 214,480 Less: Current portion (31,843 ) (80,193 ) Long-term portion of lease liabilities $ 8,390,117 $ 134,287 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12 – 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”) entered into a settlement agreement (the “Settlement Agreement”) whereby the Company and its insurance carriers deposited funds into a settlement fund covering participating claimants. Claimants had to elect whether to participate in the settlement. Substantially all claimants did elect to participate in the settlement, and that election is final. The Nevada court issued an order of good faith settlement determination with respect to the Settlement Agreement on September 30, 2020. The deadline for appeals to that decision was October 30, 2020. No such appeals were filed. That determination was the last step, prior to funding, in the settlement process. As a result, the Company and its insurance carriers deposited $800 million during November 2020 into a settlement fund covering the participating claimants, which the Company had accrued, and of which $751 million was funded by the Company’s insurers, which had been recorded as an insurance receivable, and $49 million was funded by the Company, reflected within “Corporate expense” on the consolidated statements of operations for the year ended December 31, 2020. As a result of the foregoing, the Participating Claimants lawsuits were dismissed with prejudice. While the Company intends for substantially all claimants to be covered by the Settlement Agreement, certain lawsuits were not resolved by the settlement. Following the mediation, a few additional lawsuits related to non-physical injury claims were filed against the Company and/or certain of its subsidiaries which are not included in the Settlement Agreement. The Company will continue to investigate the factual and legal defenses to any remaining claims, and evaluate these matters based on subsequent events, new information and future circumstances but the Company does not believe any remaining claims would be considered material. The Company intends to defend against any such lawsuits and believes it ultimately should prevail, but litigation of this type is inherently unpredictable. 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. 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 $850 million. At December 31, 2020, $26 million in letters of credit were outstanding under the Company’s senior credit facility. T he Operating Partnership’s senior credit facility limits the amount of letters of credit that can be issued to $ 75 million. No letters of credit were outstanding under the Operating Partnership ’s senior credit facility at December 31, 20 20 . The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit. MGM China bank guarantee. In connection with the extension of the expiration of the gaming subconcession to June 2022, MGM Grand Paradise provided a bank guarantee in an amount of approximately $103 million (when giving effect to foreign currency exchange rate fluctuations) to the government of Macau in May 2019 to warrant the fulfillment of an existing commitment of labor liabilities upon the expiration of the gaming subconcession in June 2022 . Bellagio BREIT Venture shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, which matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Bellagio owned by Bellagio BREIT Venture, and the debt obligation. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial. MGP BREIT Venture shortfall guarantee. The Company provides a shortfall guarantee of the $3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of MGP BREIT Venture, which has an initial term of twelve years, maturing in 2032, with an anticipated repayment date of March 2030. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Mandalay Bay and MGM Grand Las Vegas, owned by MGP BREIT Venture, and the debt obligation. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial . MGP BREIT Venture bad acts guarantee. The Operating Partnership provides a guarantee for the losses incurred by the lenders of the indebtedness of the MGP BREIT Venture arising out of certain bad acts by the Operating Partnership, its venture partner, or the venture, such as fraud or willful misconduct, based on the party’s percentage ownership of the MGP BREIT Venture. This guarantee is capped at 10% of the principal amount outstanding at the time of the loss. The Operating Partnership and its venture partner have separately indemnified each other for the other party’s share of the overall liability exposure, if at fault. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 13 — STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss attributable to MGM Resorts International are as follows: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balances, January 1, 2018 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) Other comprehensive income (loss) before reclassifications (13,022 ) 4,706 — (8,316 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,130 ) — (1,130 ) Other comprehensive income (loss), net of tax (13,022 ) 3,576 — (9,446 ) Other comprehensive (income) loss attributable to noncontrolling interest 5,600 (1,100 ) — 4,500 Balances, December 31, 2018 (18,872 ) 9,144 1,172 (8,556 ) Other comprehensive income (loss) before reclassifications 28,870 (28,783 ) — 87 Amounts reclassified from accumulated other comprehensive loss to interest expense — (5,599 ) — (5,599 ) Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" — 4,877 — 4,877 Other comprehensive income (loss), net of tax 28,870 (29,505 ) — (635 ) Other changes in accumulated other comprehensive loss: Empire City MGP transaction — — 195 195 MGP Class A share issuances — — 1,512 1,512 Park MGM Transaction — — 16 16 Northfield OpCo transaction — — (2 ) (2 ) Other — — 481 481 Changes in accumulated other comprehensive loss 28,870 (29,505 ) 2,202 1,567 Other comprehensive (income) loss attributable to noncontrolling interest (12,745 ) 9,532 — (3,213 ) Balances, December 31, 2019 (2,747 ) (10,829 ) 3,374 (10,202 ) Other comprehensive income (loss) before reclassifications 27,762 (94,740 ) — (66,978 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — 17,922 — 17,922 Amounts reclassified from accumulated other comprehensive loss to "Other, net" — (2,547 ) — (2,547 ) Other comprehensive income (loss), net of tax 27,762 (79,365 ) — (51,603 ) Other changes in accumulated other comprehensive loss MGP Class A share issuances — — 646 646 MGP BREIT Venture Transaction — — (59 ) (59 ) Redemption of Operating Partnership units — — 8,773 8,773 Other — — (1,018 ) (1,018 ) Changes in accumulated other comprehensive loss 27,762 (79,365 ) 8,342 (43,261 ) Other comprehensive (income) loss attributable to noncontrolling interest (12,051 ) 34,837 — 22,786 Balances, December 31, 2020 $ 12,964 $ (55,357 ) $ 11,716 $ (30,677 ) At December 31, 2020, t he estimated amount currently recorded in accumulated other comprehensive loss that will be recognized in earnings over the next 12 months is not material. Noncontrolling interest The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company: For the Years Ended December 31, 2020 2019 2018 (In thousands) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Transfers from/(to) noncontrolling interest: MGP Class A share issuances 64,834 151,976 — MGP BREIT Venture Transaction (6,562 ) — — Redemption of Operating Partnership units 92,632 — — Empire City MGP transaction — (18,718 ) — Park MGM Transaction — (1,968 ) — Northfield OpCo transaction — 21,679 — Other (1,759 ) (935 ) (5,667 ) Net transfers from/(to) noncontrolling interest 149,145 152,034 (5,667 ) Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ (883,579 ) $ 2,201,180 $ 461,105 Noncontrolling interest ownership transactions E mpire City MGP transaction. As further discussed in Note 18, on January 29, 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 MGP transaction, the Company indirectly owned 74.6% of the partnership units in the Operating Partnership. MGP Class A share issuance – January 2019. On January 31, 2019, MGP completed an offering of approximately 20 million of its Class A shares. In connection with the offering, the Operating Partnership issued approximately 20 million Operating Partnership units to MGP. The Company 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 the issuance, the Company indirectly owned 69.7% of the partnership units in the Operating Partnership. Park MGM Transaction. As further discussed in Note 18, on March 7, 2019, the Company entered into an amendment to the MGP master lease with respect to improvements made by the Company related to the rebranding of the Park MGM and NoMad Las Vegas property (the “Park MGM Transaction”) for which consideration included the issuance of approximately 1 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 issuance, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership. Northfield OpCo transaction . As further discussed in Note 18, in April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC (“Northfield OpCo”) 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 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 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 year ended December 31, 2019, MGP issued approximately 5 million Class A shares under its ATM program. In connection with the issuances, the Operating Partnership issued 5 million Operating Partnership units to MGP during the year ended December 31, 2019. 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 collective issuances, the Company indirectly owned 67.6% of the partnership units in the Operating Partnership MGP Class A share issuance – November 2019. On November 22, 2019, MGP completed an offering of 30 million of its Class A shares. The offering consisted of 18 million shares sold directly to the underwriters at closing and 12 million shares sold to forward purchasers under forward sale agreements. In connection with the offering, the Operating Partnership issued 18 million Operating Partnership units to MGP. The Company 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 the issuance, the Company indirectly owned 63.7% of the partnership units in the Operating Partnership. MGP Class A share issuance – Forward settlements. On February 11, 2020 through February 13, 2020, MGP settled approximately 13 million Class A shares issued under forward sales agreements. In connection with the settlements, the Operating Partnership issued approximately 13 million Operating Partnership units to MGP. 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 settlements, the Company indirectly owned 61.2% of the partnership units in the Operating Partnership. MGP Class A share issuance – BREIT. On February 14, 2020, in connection with MGP’s registered sale of approximately 5 million Class A shares to BREIT, the Operating Partnership issued approximately 5 million Operating Partnership units to MGP. 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 issuance, the Company indirectly owned 60.3% of the partnership units in the Operating Partnership. MGP Class A share issuance – MGP BREIT Venture Transaction. In February 2020, in connection with the MGP BREIT Venture Transaction, the Operating Partnership issued approximately 3 million Operating Partnership units to the Company as discussed in Note 1. 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 issuance, the Company indirectly owned 60.6% of the partnership units in the Operating Partnership. Redemption of Operating Partnership units. On May 18, 2020, the Operating Partnership redeemed approximately 30 million Operating Partnership units from the Company for $700 million pursuant to the waiver agreement discussed in Note 1. 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 redemption, the Company indirectly owned 56.7% of the partnership units in the Operating Partnership. Further, on December 2, 2020, the Operating Partnership redeemed approximately 24 million Operating Partnership units from the Company for $700 million pursuant to the waiver agreement discussed in Note 1. 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 redemption and as of December 31, 2020, the Company indirectly owned 53.0% of the partnership units in the Operating Partnership. Other equity activity MGM Resorts International dividends. On February 10, 2021 the Company’s Board of Directors approved a quarterly dividend of $0.0025 per share that will be payable on March 15, 2021 to holders of record on March 10, 2021. MGM Resorts International stock repurchase program. In February 2020, upon substantial completion of the $2.0 billion stock repurchase program, the Company’s Board of Directors authorized a $3.0 billion stock repurchase program. Under each stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the year ended December 31, 2020, the Company repurchased approximately 11 million shares of its common stock at an average price of $32.57 per share for an aggregate amount of $354 million. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $4 million as of December 31, 2020 and the remaining availability under the $3.0 billion stock repurchase program was $3.0 billion as of December 31, 2020. During the year ended December 31, 2019, the Company repurchased approximately 36 million shares of its common stock at an average purchase price of $28.77 per share for an aggregate amount of $1.0 billion. Repurchased shares were retired. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 14 — STOCK-BASED COMPENSATION MGM Resorts 2005 Omnibus Incentive Plan. The Company’s omnibus incentive plan, as amended (the “Omnibus Plan”), allows it to grant up to 45 million shares or share-based awards, such as stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers and employees of the Company and its subsidiaries. As of December 31, 2020, the Company had an aggregate of approximately 20 million shares of common stock available for grant as share-based awards under the Omnibus Plan. Additionally, as of December 31, 2020, the Company had approximately 3 million aggregate SARs outstanding and approximately 7 million aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent units related to RSUs and PSUs. As of December 31, 2020, there was a total of $76 million of unamortized compensation related to SARs, RSUs, and PSUs, which is expected to be recognized over a weighted average period of 1.6 years. MGM Growth Properties 2016 Omnibus Incentive Plan and MGM China Share Option Plan. The Company’s subsidiaries, MGP and MGM China, each adopted their own equity award plans for the issuance of share-based awards to each subsidiary’s eligible recipients. Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2020 2019 2018 Compensation cost: (In thousands) Omnibus Plan $ 93,096 $ 76,995 $ 57,735 MGM Growth Properties Omnibus Incentive Plan 2,854 2,277 2,092 MGM China Share Option Plan 11,006 9,566 10,369 Total compensation cost 106,956 88,838 70,196 Less: Reimbursed costs and capitalized cost (2,118 ) (3,487 ) (1,710 ) Compensation cost after reimbursed costs and capitalized cost 104,838 85,351 68,486 Less: Related tax benefit (20,605 ) (16,752 ) (13,218 ) Compensation cost, net of tax benefit $ 84,233 $ 68,599 $ 55,268 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 15 — EMPLOYEE BENEFIT PLANS Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects: a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and d) If the plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference. The Company’s participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands) (4) Surcharge Expiration Dates of Collective Bargaining Pension Fund (1) Plan Number 2019 2018 Status (3) 2020 2019 2018 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 24,610 $ 52,218 $ 47,825 No 3/31/2021 (5) (5) (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) (6) 82-0994119/001 Red Red Yes $ 5,151 $ 10,151 $ 9,794 Yes 5/31/2022 (1) The Company was listed in the plan's Form 5500 as providing more than 5% (2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4) There have been no significant changes that affect the comparability of contributions. (5) The Company is party to twelve collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary Workers Union and Bartenders Union. The agreements between Aria, Bellagio, Mandalay Bay, and MGM Grand Las Vegas are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements. (6) Effective January 1, 2018, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the Legacy Plan of the National Retirement Fund (NRF) to the newly formed UHF. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new plan. The terms of the UHF plan are identical to the NRF plan. Multiemployer benefit plans other than pensions . Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $138 million, $206 million, and $191 million to the Health Fund in the years ended December 31, 2020, 2019, and 2018, respectively. |
Property Transactions, Net
Property Transactions, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property Transactions, Net | NOTE 16 — PROPERTY TRANSACTIONS, NET Property transactions, net consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Loss related to sale of Circus Circus Las Vegas and adjacent land $ — $ 220,294 $ — Gain on sale of Grand Victoria — — (44,703 ) Other property transactions, net 93,567 55,508 53,850 $ 93,567 $ 275,802 $ 9,147 Circus Circus Las Vegas and adjacent land. In December 2019, the Company completed the previously announced sale of Circus Circus Las Vegas and the adjacent land for $825 million, which consisted 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 $133.7 million. The note has a stated interest rate of 3% for the first two years, 4% for following two years, and 4.5% for the fifth year and is secured by the borrower with the land adjacent to Circus Circus Las Vegas as collateral with an effective interest rate of 7.31%. The interest on the note, which is comprised of the stated interest and the discount on the note, will amortize into interest income using the effective interest method over the length of the agreement. The carrying value of the note receivable was $144 million and $134 million as of December 31, 2020 and 2019, respectively, and was recorded within “Other assets, net” in the consolidated balance sheets. During the third quarter of 2019, the Company recorded a non-cash impairment charge of $219 million, which reflects the amount by which the assets’ carrying value exceeds the assets’ fair value (expected selling price). We further recognized a loss of $2 million during the fourth quarter of 2019 primarily relating to selling costs. The assets and liabilities of Circus Circus Las Vegas and the adjacent land sold of $810 million and $14 million, respectively, primarily consisted of property and equipment, net of $785 million. Circus Circus Las Vegas is not classified as discontinued operations for the year ended December 31, 2019 because the Company concluded that the sale is not a strategic shift that has a major effect on the Company’s operations or its financial results and it does not represent a major geographic segment or product line. Grand Victoria investment sale. See Note 6 for additional information related to the sale of Grand Victoria investment in 2018. Other. Other property transactions, net in 2020 includes other-than-temporary impairment charges of $64 million related to an investment in an unconsolidated affiliate, as discussed in Note 6, as well as miscellaneous asset disposals and write-downs, including a loss of $17 million related to production show costs. Other property transactions, net for 2019 and 2018 includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, including, a loss of $24 million related to MGM Cotai production show costs and a loss of $20 million related to the rebranding of the Monte Carlo Resort and Casino to Park MGM and NoMad Las Vegas in 2018. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 17 — SEGMENT INFORMATION The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Company 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 (until the sale of such property in December 2019). 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; Empire City in Yonkers, New York (upon acquisition in January 2019); and MGM Northfield Park in Northfield Park, Ohio (upon MGM’s acquisition of the operations from MGP in April 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. Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, gain on REIT transactions, net, 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), rent expense associated with triple-net operating and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and property transactions, net, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminates in consolidation. The following tables present the Company’s segment information: Year Ended December 31, 2020 2019 2018 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 728,254 $ 1,296,170 $ 1,407,733 Rooms 662,813 1,863,521 1,776,029 Food and beverage 471,529 1,517,745 1,402,378 Entertainment, retail and other 383,189 1,153,615 1,130,532 2,245,785 5,831,051 5,716,672 Regional Operations Casino 1,569,193 2,537,780 2,026,925 Rooms 130,945 316,753 318,017 Food and beverage 184,153 494,243 428,934 Entertainment, retail and other 82,880 201,008 160,645 1,967,171 3,549,784 2,934,521 MGM China Casino 565,671 2,609,806 2,195,144 Rooms 36,624 142,306 118,527 Food and beverage 40,284 127,152 114,862 Entertainment, retail and other 14,124 26,158 21,424 656,703 2,905,422 2,449,957 Reportable segment net revenues 4,869,659 12,286,257 11,101,150 Corporate and other 292,423 613,415 661,946 $ 5,162,082 $ 12,899,672 $ 11,763,096 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 232,188 $ 1,643,122 $ 1,706,315 Regional Operations 343,990 969,866 781,854 MGM China (193,832 ) 734,729 574,333 Reportable segment Adjusted Property EBITDAR 382,346 3,347,717 3,062,502 Other operating income (expense) Corporate and other, net (530,843 ) (331,621 ) (224,800 ) Preopening and start-up expenses (84 ) (7,175 ) (151,392 ) Property transactions, net (93,567 ) (275,802 ) (9,147 ) Gain on REIT transactions, net 1,491,945 2,677,996 — Depreciation and amortization (1,210,556 ) (1,304,649 ) (1,178,044 ) CEO transition expense (44,401 ) — — October 1 litigation settlement (49,000 ) — — Restructuring (26,025 ) (92,139 ) — Triple-net operating lease and ground lease rent expense (710,683 ) (74,656 ) (29,633 ) Income from unconsolidated affiliates related to real estate ventures 148,434 544 — Operating income (loss) (642,434 ) 3,940,215 1,469,486 Non-operating income (expense) Interest expense, net of amounts capitalized (676,380 ) (847,932 ) (769,513 ) Non-operating items from unconsolidated affiliates (103,304 ) (62,296 ) (47,827 ) Other, net (89,361 ) (183,262 ) (18,140 ) (869,045 ) (1,093,490 ) (835,480 ) Income (loss) before income taxes (1,511,479 ) 2,846,725 634,006 Benefit (provision) for income taxes 191,572 (632,345 ) (50,112 ) Net income (loss) (1,319,907 ) 2,214,380 583,894 Less: Net (income) loss attributable to noncontrolling interests 287,183 (165,234 ) (117,122 ) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Year Ended December 31, 2020 2019 2018 Capital expenditures: (In thousands) Las Vegas Strip Resorts $ 87,511 $ 285,863 $ 501,044 Regional Operations 41,456 187,489 72,865 MGM China 108,352 145,634 390,212 Reportable segment capital expenditures 237,319 618,986 964,121 Corporate and other 33,260 120,020 537,347 Eliminated in consolidation — — (14,625 ) $ 270,579 $ 739,006 $ 1,486,843 Total assets are not allocated to segments for internal reporting presentations or when determining the allocation of resources and, accordingly, are not presented. Long-lived assets, which includes property and equipment, net, operating and finance lease right-of-use assets, net, goodwill, and other intangible assets, net, presented by geographic region in which the Company holds assets are presented below: December 31, 2020 2019 2018 Long-lived assets: (In thousands) United States $ 21,035,992 $ 20,582,055 $ 18,228,939 China and all other foreign countries 7,617,819 8,007,449 8,266,804 $ 28,653,811 $ 28,589,504 $ 26,495,743 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 18 — RELATED PARTY TRANSACTIONS CityCenter Management agreements. The Company and CityCenter have entered into agreements whereby the Company is responsible for management of the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined) for Aria and Vdara. The Company earned fees of $16 million, $48 million and $47 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2020, 2019 and 2018, the Company incurred $212 million, $420 million and $409 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2020 and 2019, CityCenter owed the Company $39 million and $66 million, respectively, for management services and reimbursable costs recorded in “Accounts receivable, net” in the accompanying consolidated balance sheets. MGM China Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) is the Co-Chairperson of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. Ho is also the managing director of Shun Tak Holdings Limited (together with its subsidiaries “Shun Tak”), a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. Shun Tak provides various services and products, including ferry tickets, travel products, rental of hotel rooms, laundry services and property cleaning services to MGM China. In addition, MGM China leases transportation equipment and office space from Shun Tak. MGM China incurred expenses relating to Shun Tak of $7 million, $16 million and $17 million for the years ended December 31, 2020, 2019 and 2018, respectively. In addition, Ms. Ho holds managing director positions with other companies that provide advertising services to MGM China, which totaled $1 million and $6 million for the years ended December 31, 2020 and 2019. Grand Paradise Macau deferred cash payment. On September 1, 2016, the Company purchased 188.1 million common shares of its MGM China subsidiary from Grand Paradise Macau (“GPM”), an entity controlled by Ms. Ho. As part of the consideration for the purchase, the Company agreed to pay GPM or its nominee a deferred cash payment of $50 million, which will be paid in amounts equal to the ordinary dividends received on such shares, with a final lump sum payment due on the fifth anniversary of the closing date of the transaction if any portion of the deferred cash payment remains unpaid at that time. Such amount was paid to Expert Angles Limited, an entity controlled by Ms. Ho through November 2018 and subsequently controlled by an immediate family member of Ms. Ho. As of December 31, 2020 and 2019, the Company recorded a remaining liability on a discounted basis of $33 million in “Other accrued liabilities” and $34 million in “Other long-term obligations,” respectively, in the accompanying consolidated balance sheets. MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. Ho indirectly holds a noncontrolling interest, is party to a brand license agreement and a development services agreement with MGM China, for which the related amounts are eliminated in consolidation. An entity owned by Ms. Ho received distributions of $5 million, $20 million and $22 million for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. MGP As further described in Note 1, pursuant to the master lease with MGP, the Company leases the real estate assets of The Mirage, 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 MGP. MGP master lease. The MGP master lease has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year Rent under the MGP master lease consists of a “base rent” component and a “percentage rent” component. As of December 31, 2020, the base rent represents approximately 91% of the rent payments due and the percentage rent represents approximately 9% of the rent payments due under the MGP master lease. The MGP master lease also provides for fixed annual escalators of 2% on the base rent through the sixth lease year and the possibility for additional 2% increases thereafter subject to the Company meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease. ; provided that the tenant will not be in default of the financial covenants in the event there is an unavoidable delay (as such term is defined in the lease). 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 remainder in issuance of Operating Partnership units. The real estate assets of Empire City were then leased to the Company pursuant to an amendment to the MGP master lease, increasing the annual rent payment to MGP by $50 million, prorated for the remainder of the lease year. Consistent with the MGP master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. As disclosed above, the master lease provides MGP 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 MGP may exercise should the Company elect to sell this property in the future. On March 7, 2019, the Company entered into an amendment to the existing MGP master lease with respect to the Park MGM Transaction. In connection with the transaction, the Company received consideration of $638 million, of which approximately $606 million was paid in cash and the remainder in 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 MGP master lease with MGP, 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 annual rent payments under the MGP master lease for the fourth lease year, which commenced on April 1, 2019, increased to $946 million from $770 million at the start of the third lease year. The increase was a result of the $50 million in additional rent for each of the Park MGM Transaction and the addition of Empire City in the beginning of 2019, the $60 million of additional rent for MGM Northfield Park, which entered the Master Lease on April 1, 2019, as well as the third 2.0% fixed annual rent escalator that went into effect on April 1, 2019. On February 14, 2020, the Company amended the MGP master lease to remove Mandalay Bay from such master lease and the annual rent under the MGP master lease was reduced by $133 million to $813 million. The annual cash rent payments under the MGP master lease for the fifth lease year, which commenced on April 1, 2020, increased to $828 million from $813 million, as a result of the fourth 2.0% fixed annual rent escalator that went into effect on April 1, 2020. Additionally, refer to Note 1 for discussion relating to the waiver agreement with MGP and the Operating Partnership units redeemed thereunder. All intercompany transactions, including transactions under the MGP master lease, have been eliminated in the Company’s consolidation of MGP. The public ownership of MGP’s Class A shares is recognized as noncontrolling interests in the Company’s consolidated financial statements. Bellagio BREIT Venture The Company has a 5% ownership interest in the Bellagio BREIT Venture, which owns the real estate assets of Bellagio and leases such assets to a subsidiary of the Company pursuant to a lease agreement. Refer to Note 11 for further information related to the Bellagio lease. MGP BREIT Venture MGP has a 50.1% ownership interest in the MGP BREIT Venture, which owns the real estate assets of Mandalay Bay and MGM Grand Las Vegas and leases such assets to a subsidiary of the Company pursuant to a lease agreement. Refer to Note 11 for further information related to the Mandalay Bay and MGM Grand Las Vegas lease. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at Expected Write-offs, Beginning of Credit Net of Balance at Period Losses Recoveries End of Period Loss reserve: Year Ended December 31, 2020 $ 94,561 $ 71,422 $ (39,394 ) $ 126,589 Year Ended December 31, 2019 90,775 39,270 (35,484 ) 94,561 Year Ended December 31, 2018 92,571 39,762 (41,558 ) 90,775 Balance at Beginning of Balance at Period Increase Decrease End of Period Deferred income tax valuation allowance: Year Ended December 31, 2020 $ 2,574,056 $ 301,539 $ — $ 2,875,595 Year Ended December 31, 2019 2,477,703 96,353 — 2,574,056 Year Ended December 31, 2018 2,513,738 — (36,035 ) 2,477,703 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis . Management has determined that MGP is a VIE because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2020, on a consolidated basis MGP had total assets of $ 10.6 billion, primarily related to its real estate investments, and total liabilities of $ 5.0 billion, primarily related to its indebtedness. Management has determined that Bellagio BREIT Venture is a VIE because the equity holders 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 not the primary beneficiary of Bellagio BREIT Venture and, accordingly, does not consolidate the venture, because the Company does not have power to direct the activities that could potentially be significant to the venture; BREIT, as the managing member, has such power. The Company has recorded its 5% ownership interest in Bellagio BREIT Venture as an investment in unconsolidated affiliates in the Company’s consolidated financial statements, for which such amount was $60 million as of December 31, 2020. The Company’s maximum exposure to loss as a result of its involvement with Bellagio BREIT Venture is equal to the carrying value of its investment, assuming no future capital funding requirements, plus the exposure to loss resulting from the Company’s guarantee of the debt of Bellagio BREIT Venture, which guarantee is immaterial as of December 31, 2020, as further discussed in Note 12. For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company accounts for the entity under the equity method, such as the Company’s investments in CityCenter, MGP BREIT Venture, and BetMGM, which do not qualify for consolidation as the Company has joint control, given the entities are structured with substantive participating rights whereby both owners participate in the decision making process which prevents the Company from exerting a controlling financial interest in such entities, as defined in ASC 810. |
Reclassifications | Reclassifications . Certain reclassifications have been made to conform the prior period presentation. |
Management's use of estimates | Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair value measurements | Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements: • Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9; • Level 2 inputs when measuring the Operating Partnership’s fair value of its interest rate swaps. See Note 9; • Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Empire City acquisition. See Note 4; • Level 2 and Level 3 inputs when assessing the fair value of the note receivable relating to the Circus Circus Las Vegas and adjacent land sale. See Note 16. |
Cash and cash equivalents | Cash and cash equivalents. Cash and cash equivalents include cash on hand, investments and interest-bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as “Accounts payable” or “Construction payable” as applicable. |
Accounts receivable and credit risk | Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2020 and 2019, approximately 52% and 57%, respectively, of the Company’s gross casino accounts receivable were owed by customers from foreign countries, primarily within Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables. Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated loss reserve is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The loss reserve is estimated based on both a specific review of customer accounts as well as historical collection experience and current and expected future economic and business conditions. Management believes that as of December 31, 2020, no significant concentrations of credit risk existed for which a loss reserve had not already been recorded. |
Inventories | Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method. |
Property and equipment | Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 15 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses. Refer to Note 16 for discussion on the impairment loss recorded on Circus Circus Las Vegas and adjacent land in 2019. |
Capitalized interest | Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete, or development activity is suspended for more than a brief period. |
Investments in and advances to unconsolidated affiliates | Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. |
Goodwill and other intangible assets | Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No material impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2020, 201 9 , and 201 8 . Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis. Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. If the fair value of the reporting unit is less than its carrying value, an impairment charge is recognized equal to the difference. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference. |
Revenue recognition | Revenue recognition. The Company’s revenue from contracts with customers consists of casino wagers transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions. The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis. For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon standalone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the SSP of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. Commissions and incentives provided to gaming customers were $1.1 billion, $2.5 billion and $2.3 billion for the years ended December 31, 2020, 2019 and 2018, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue . The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services and the Company is not the controlling entity, which primarily include certain of the Company’s entertainment shows and, in certain jurisdictions, the Company’s arrangement with BetMGM for online sports betting and iGaming. The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resu lting 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 2020 2019 2020 2019 2020 2019 (in thousands) Balance at January 1 $ 314,570 $ 323,811 $ 126,966 $ 113,293 $ 481,095 $ 667,285 Balance at December 31 212,671 314,570 139,756 126,966 382,287 481,095 Increase / (decrease) $ (101,899 ) $ (9,241 ) $ 12,790 $ 13,673 $ (98,808 ) $ (186,190 ) Reimbursed cost. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter. Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 17. 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 of time 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 right-of-use (“ROU”) assets and 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 includes 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 typically uses its incremental borrowing rate to discount the lease payments based on the information available at the 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. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term. For finance leases, the ROU asset depreciates on a straight-line basis over the shorter of the lease term or useful life of the ROU asset and the lease liability accretes interest based on the interest method using the discount rate determined at lease commencement. Refer to Note 11 for discussion of leases under which the Company is a lessee. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues from third party tenants include $24 million, $53 million and $51 million recorded within food and beverage revenue for 2020, 2019 and 2018, respectively, and $60 million, $89 million and $87 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 |
Advertising | Advertising. The Company expenses advertising costs as they are incurred. Advertising expense that primarily relates to media placement costs and which is generally included in general and administrative expenses, was $88 million, $195 million and $226 million for 2020, 2019 and 2018, respectively. |
Corporate expense | Corporate expense. Corporate expense represents unallocated payroll, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred. |
Preopening and start-up expenses | Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations. |
Property transactions, net | Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 16 for a detailed discussion of these amounts. |
Redeemable noncontrolling interest | Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year. The noncontrolling interest parties each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests. |
Income per share of common stock | 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. Diluted weighted average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2020 2019 2018 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Adjustment related to redeemable noncontrolling interests 35,520 (2,713 ) (21,326 ) Net income (loss) available to common stockholders - basic (997,204 ) 2,046,433 445,446 Other — (194 ) (206 ) Net income (loss) attributable to common stockholders - diluted $ (997,204 ) $ 2,046,239 $ 445,240 Denominator: Weighted average common shares outstanding basic 494,152 524,173 544,253 Potential dilution from share-based awards — 3,472 5,283 Weighted average common and common equivalent shares - diluted 494,152 527,645 549,536 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 9,493 1,617 2,668 |
Currency translation | Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Gains or losses from foreign currency remeasurements are recorded to other non-operating income (expense). |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income (loss) are reported in the accompanying consolidated statements of stockholders’ equity. |
Recently issued accounting standards | Recently issued accounting standards. 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 adopted ASC 326 on January 1, 2020 , which did not have a material impact on its financial statements or accounting policies. The Company now utilizes a forward-looking current expected credit loss model for accounts receivable, guarantees, and other financial instruments. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” (“ASU 2019-12”), which simplifies the accounting for income taxes and includes removal of certain exceptions to the general principles of ASC 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The Company will adopt ASU 2019-12 on January 1, 2021, and it will not have a material impact on its financial statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis: Buildings and improvements 15 to 40 years Land improvements 10 to 20 years Furniture and fixtures 3 to 20 years Equipment 3 to 15 years |
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 2020 2019 2020 2019 2020 2019 (in thousands) Balance at January 1 $ 314,570 $ 323,811 $ 126,966 $ 113,293 $ 481,095 $ 667,285 Balance at December 31 212,671 314,570 139,756 126,966 382,287 481,095 Increase / (decrease) $ (101,899 ) $ (9,241 ) $ 12,790 $ 13,673 $ (98,808 ) $ (186,190 ) |
Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding | Diluted weighted average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Year Ended December 31, 2020 2019 2018 Numerator: (In thousands) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Adjustment related to redeemable noncontrolling interests 35,520 (2,713 ) (21,326 ) Net income (loss) available to common stockholders - basic (997,204 ) 2,046,433 445,446 Other — (194 ) (206 ) Net income (loss) attributable to common stockholders - diluted $ (997,204 ) $ 2,046,239 $ 445,240 Denominator: Weighted average common shares outstanding basic 494,152 524,173 544,253 Potential dilution from share-based awards — 3,472 5,283 Weighted average common and common equivalent shares - diluted 494,152 527,645 549,536 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 9,493 1,617 2,668 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: December 31, 2020 2019 (In thousands) Casino $ 260,998 $ 394,163 Hotel 46,288 164,079 Other 135,805 149,036 443,091 707,278 Less: Loss reserves (126,589 ) (94,561 ) $ 316,502 $ 612,717 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
MGM Growth Properties LLC [Member] | Empire City [Member] | |
Business Acquisition [Line Items] | |
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 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: December 31, 2020 2019 (In thousands) Land $ 4,081,029 $ 5,348,223 Buildings, building improvements and land improvements 12,053,422 15,291,801 Furniture, fixtures and equipment 5,600,579 5,924,439 Construction in progress 170,957 209,890 21,905,987 26,774,353 Less: Accumulated depreciation (7,474,876 ) (8,581,835 ) Finance lease ROU assets, net 200,980 93,437 $ 14,632,091 $ 18,285,955 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Unconsolidated Affiliates | Investments in and advances to unconsolidated affiliates consisted of the following: December 31, 2020 2019 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 441,893 $ 568,879 MGP BREIT Venture (50.1% owned by the Operating Partnership) 810,066 — Other 195,084 253,487 $ 1,447,043 $ 822,366 |
Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates | The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Income from unconsolidated affiliates $ 42,938 $ 119,521 $ 147,690 Preopening and start-up expenses — — (3,321 ) Non-operating items from unconsolidated affiliates (103,304 ) (62,296 ) (47,827 ) $ (60,366 ) $ 57,225 $ 96,542 |
Schedule of Share of Income (Loss) From Unconsolidated Affiliates | The following table summarizes further information related to the Company’s share of operating income (loss) from unconsolidated affiliates: Year Ended December 31, 2020 2019 2018 (In thousands) CityCenter $ (29,753 ) $ 128,421 $ 138,383 MGP BREIT Venture 136,755 — — Other (64,064 ) (8,900 ) 9,307 $ 42,938 $ 119,521 $ 147,690 |
Summarized Balance Sheet Information | Unconsolidated Affiliate Financial Information – CityCenter & MGP BREIT Venture Summarized balance sheet information is as follows: December 31, 2020 2019 (In thousands) Cash and cash equivalents $ 96,758 $ 246,269 Property and equipment, net 10,237,004 5,937,382 Other assets, net 256,813 204,326 Debt, net 4,715,997 1,734,770 Other liabilities 270,583 343,456 |
Summarized Income Statement Information | Summarized results of operations are as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Net revenues $ 869,638 $ 1,294,861 $ 1,277,745 Income (loss) from continuing operations (43,749 ) 69,143 97,091 Net income (loss) (43,749 ) 69,143 (37,911 ) |
Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances | Differences between the Company’s share of venture-level equity and investment balances are as follows: December 31, 2020 2019 (In thousands) Venture-level equity attributable to the Company $ 2,981,550 $ 2,399,993 Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts International (1) (504,171 ) (509,382 ) CityCenter capitalized interest (2) 168,966 177,898 CityCenter completion guarantee (3) 248,730 261,708 CityCenter deferred gain (4) (208,204 ) (210,240 ) CityCenter capitalized interest on sponsor notes (5) (33,010 ) (34,755 ) Other-than-temporary impairments of CityCenter investment (6) (1,256,516 ) (1,304,317 ) Other adjustments 49,698 41,461 $ 1,447,043 $ 822,366 (1) Primarily relates to land and fixed assets. (2) Relates to interest capitalized on the Company’s investment balance during development and construction stages. (3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members. (4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter. (5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013. (6) The impairment of the Company’s CityCenter investment includes $352 million of impairments allocated to land. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and other intangible assets consisted of the following: December 31, 2020 2019 (In thousands) Goodwill $ 2,091,278 $ 2,084,564 Indefinite-lived intangible assets: Detroit development rights $ 98,098 $ 98,098 MGM Northfield Park and Empire City racing and gaming licenses 280,000 280,000 Trademarks and other 299,238 300,212 Total indefinite-lived intangible assets 677,336 678,310 Finite-lived intangible assets: MGM Grand Paradise gaming subconcession 4,541,990 4,519,558 Less: Accumulated amortization (1,697,481 ) (1,514,772 ) 2,844,509 3,004,786 MGM National Harbor and MGM Springfield gaming licenses 106,600 106,600 Less: Accumulated amortization (19,102 ) (11,996 ) 87,498 94,604 Other finite-lived intangible assets 60,649 79,197 Less: Accumulated amortization (26,244 ) (30,393 ) 34,405 48,804 Total finite-lived intangible assets, net 2,966,412 3,148,194 Total other intangible assets, net $ 3,643,748 $ 3,826,504 |
Summary of Changes in Company's Goodwill by Reportable Segment | Goodwill . A summary of changes in the Company’s goodwill by reportable segment is as follows for 2020 and 2019: 2020 Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 30,452 $ — $ — $ — $ 30,452 Regional Operations 701,463 — — — 701,463 MGM China 1,352,649 — — 6,714 1,359,363 $ 2,084,564 $ — $ — $ 6,714 $ 2,091,278 2019 Balance at January 1 Acquisitions Reclassifications Currency exchange Balance at December 31 (In thousands) Goodwill, net by segment: Las Vegas Strip Resorts $ 70,975 $ — $ (40,523 ) $ — $ 30,452 Regional Operations 386,892 256,133 58,438 — 701,463 MGM China 1,345,610 — — 7,039 1,352,649 Corporate and other 17,915 — (17,915 ) — — $ 1,821,392 $ 256,133 $ — $ 7,039 $ 2,084,564 |
Schedule of Estimated Future Amortization | As of December 31, 2020, estimated future amortization is as follows: Years ending December 31, (In thousands) 2021 $ 197,104 2022 190,981 2023 178,672 2024 176,685 2025 174,900 Thereafter 2,048,070 $ 2,966,412 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following: December 31, 2020 2019 (In thousands) Contract and contract-related liabilities: Outstanding chip liability $ 212,671 $ 314,570 Loyalty program obligations 139,756 126,966 Casino front money 133,114 176,827 Advance deposits and ticket sales 123,079 190,325 Unpaid wagers and other 126,094 113,943 Other accrued liabilities: Payroll and related 327,644 507,041 Taxes, other than income taxes 109,100 218,027 Operating Partnership interest rate swaps - current 32,155 — MGP dividend 64,086 53,489 Operating lease liabilities - current (Refer to Note 11) 31,843 67,473 Finance lease liabilities - current (Refer to Note 11) 80,193 27,975 Other 165,344 227,366 $ 1,545,079 $ 2,024,002 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, 2020 2019 (In thousands) Senior credit facility $ — $ — Operating Partnership senior credit facility 10,000 1,703,750 MGM China credit facility 770,034 667,404 7.75% senior notes, due 2022 1,000,000 1,000,000 6% senior notes, due 2023 1,250,000 1,250,000 5.625% Operating Partnership senior notes, due 2024 1,050,000 1,050,000 5.375% MGM China senior notes, due 2024 750,000 750,000 6.75% senior notes, due 2025 750,000 — 5.75% senior notes, due 2025 675,000 1,000,000 4.625% Operating Partnership senior notes, due 2025 800,000 — 5.25% MGM China senior notes, due 2025 500,000 — 5.875% MGM China senior notes, due 2026 750,000 750,000 4.5% Operating Partnership senior notes, due 2026 500,000 500,000 4.625% senior notes, due 2026 400,000 500,000 5.75% Operating Partnership senior notes, due 2027 750,000 750,000 5.5% senior notes, due 2027 675,000 1,000,000 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 4.75% senior notes, due 2028 750,000 — 3.875% Operating Partnership senior notes, due 2029 750,000 — 7% debentures, due 2036 552 552 12,480,586 11,271,706 Less: Premiums, discounts, and unamortized debt issuance costs, net (103,902 ) (102,802 ) $ 12,376,684 $ 11,168,904 |
Schedule of Interest Expense, Net | Interest expense, net consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Total interest incurred $ 679,251 $ 853,007 $ 821,229 Interest capitalized (2,871 ) (5,075 ) (51,716 ) $ 676,380 $ 847,932 $ 769,513 |
Schedule of Maturities of Long-Term Debt | Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2020 are as follows: Years ending December 31, (In thousands) 2021 $ — 2022 1,000,000 2023 1,260,000 2024 2,570,034 2025 2,725,000 Thereafter 4,925,552 $ 12,480,586 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations | Income (loss) before income taxes for domestic and foreign operations consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Domestic operations $ (665,376 ) $ 2,717,756 $ 660,832 Foreign operations (846,103 ) 128,969 (26,826 ) $ (1,511,479 ) $ 2,846,725 $ 634,006 |
Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes | The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows: Year Ended December 31, 2020 2019 2018 Federal: (In thousands) Current $ 207,544 $ (4,928 ) $ 11,991 Deferred (excluding separate components) 19,852 (537,993 ) (143,468 ) Deferred – (42,109 ) (20,175 ) (19,753 ) Other noncurrent 4,922 (5,745 ) 576 Benefit (provision) for federal income taxes 190,209 (568,841 ) (150,654 ) State: Current (816 ) (22,685 ) (12,564 ) Deferred (excluding separate components) (33,087 ) (32,793 ) (12,731 ) Deferred – 47,728 (5,241 ) (29,490 ) Deferred – (3,375 ) (191 ) 41,068 Other noncurrent (946 ) (1,401 ) (1,334 ) Benefit (provision) for state income taxes 9,504 (62,311 ) (15,051 ) Foreign: Current (828 ) (2,454 ) (2,037 ) Deferred (excluding separate components) 4,206 44,374 63,827 Deferred – 39,920 32,915 30,574 Deferred – (51,439 ) (76,028 ) 23,229 Benefit (provision) for foreign income taxes (8,141 ) (1,193 ) 115,593 $ 191,572 $ (632,345 ) $ (50,112 ) |
Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate | A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal income tax statutory rate 21.0 % 21.0 % 21.0 % Net operating loss carryback rate differential 5.5 — — Non-controlling interest 1.6 (0.8 ) (2.4 ) Foreign jurisdiction income/losses taxed at other than U.S. statutory rate (12.5 ) (0.5 ) (9.5 ) Federal valuation allowance (2.8 ) 0.7 3.1 Macau dividend tax — — (6.4 ) State taxes, net 0.5 1.7 1.9 General business credits 0.3 (0.5 ) (2.9 ) Stock-based compensation — (0.1 ) (1.2 ) Non-deductible employee dining facility costs 0.2 0.2 1.4 Permanent and other items (1.1 ) 0.5 2.9 12.7 % 22.2 % 7.9 % |
Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability | The tax-effected components of the Company’s net deferred tax liability are as follows: December 31, 2020 2019 Deferred tax assets – federal and state: (In thousands) Bad debt reserve $ 25,287 $ 25,085 Deferred compensation 6,331 7,918 Net operating loss carryforward 57,419 19,265 Accruals, reserves and other 106,801 97,590 Stock-based compensation 18,227 18,882 Lease liabilities 1,972,343 1,020,171 Long-term debt 10,907 2,022 Tax credits 3,095,856 2,600,142 5,293,171 3,791,075 Less: Valuation allowance (2,720,008 ) (2,469,907 ) 2,573,163 1,321,168 Deferred tax assets – foreign: Bad debt reserve 2,106 1,682 Net operating loss carryforward 180,143 140,223 Accruals, reserves and other 7,814 13,112 Property and equipment 17,890 10,125 Stock-based compensation 7,163 6,487 Lease liabilities 1,368 1,213 216,484 172,842 Less: Valuation allowance (155,587 ) (104,149 ) 60,897 68,693 Total deferred tax assets $ 2,634,060 $ 1,389,861 Deferred tax liabilities – federal and state: Property and equipment $ (1,349,355 ) $ (1,599,948 ) Investments in unconsolidated affiliates (1,158,342 ) (496,501 ) ROU assets (1,860,195 ) (977,870 ) Intangibles (108,728 ) (112,380 ) (4,476,620 ) (3,186,699 ) Deferred tax liabilities – foreign: Intangibles (309,256 ) (307,728 ) ROU Assets (1,200 ) (1,940 ) (310,456 ) (309,668 ) Total deferred tax liability $ (4,787,076 ) $ (3,496,367 ) Net deferred tax liability $ (2,153,016 ) $ (2,106,506 ) |
Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Gross unrecognized tax benefits at January 1 $ 33,298 $ 24,464 $ 18,588 Gross increases - prior period tax positions 3,717 8,960 5,345 Gross decreases - prior period tax positions (1,398 ) (1,006 ) (957 ) Gross increases - current period tax positions — 880 1,488 Gross unrecognized tax benefits at December 31 $ 35,617 $ 33,298 $ 24,464 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Costs | Other information. Components of lease costs and other information related to the Company’s leases was as follows: Year Ended December 31, 2020 2019 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 751,002 $ 143,954 Finance lease costs Interest expense (2) $ (21,320 ) $ 1,164 Amortization expense 70,476 13,341 Total finance lease costs $ 49,156 $ 14,505 (1) During the years ended December 31, 2020 and 2019, operating lease cost includes $331 million and $42 million related to the Bellagio lease, respectively, and $347 million and $0 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. (2) For the year ended December 31, 2020 interest expense includes the effect of COVID-19 related rent concessions received on certain finance leases, for which such effect was recognized as negative variable rent expense. |
Schedule of Supplemental Balance Sheet Information Related to Leases | December 31, 2020 2019 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 8,286,694 $ 4,392,481 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 31,843 $ 67,473 Operating lease liabilities - long-term (2) 8,390,117 4,277,970 Total operating lease liabilities $ 8,421,960 $ 4,345,443 Finance leases Finance lease right-of-use assets, net, classified within "Property and equipment, net" $ 200,980 $ 93,437 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 80,193 $ 27,975 Finance lease liabilities - long-term, classified within "Other long-term obligations" 134,287 67,182 Total finance lease liabilities $ 214,480 $ 95,157 Weighted average remaining lease term (years) Operating leases 30 31 Finance leases 3 4 Weighted average discount rate (%) Operating leases 8 7 Finance leases 3 3 (1) As of December 31, 2020 and 2019, operating lease right-of-use assets, net included $3.7 billion and $3.7 billion related to the Bellagio lease, respectively and $4.0 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively. (2) As of December 31, 2020 and 2019, operating lease liabilities – long-term included $3.8 billion and $3.7 billion related to the Bellagio lease, respectively and $4.1 billion and $0 related to the Mandalay Bay and MGM Grand lease, respectively. |
Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities | Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 572,186 $ 117,072 Operating cash outflows from finance leases 2,956 1,164 Financing cash outflows from finance leases (1) 34,494 10,311 ROU assets obtained in exchange for new lease liabilities Operating leases $ 4,120,955 $ 3,814,115 Finance leases 177,085 84,934 (1) Included within “Other” within the “Cash flows from financing activities” on the accompanying consolidated statements of cash flows. |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Operating Leases Finance Leases Year ending December 31, (In thousands) 2021 $ 612,823 $ 84,853 2022 616,235 72,524 2023 625,365 63,717 2024 635,755 1,033 2025 644,804 517 Thereafter 19,801,073 — Total future minimum lease payments 22,936,055 222,644 Less: Amount of lease payments representing interest (14,514,095 ) (8,164 ) Present value of future minimum lease payments 8,421,960 214,480 Less: Current portion (31,843 ) (80,193 ) Long-term portion of lease liabilities $ 8,390,117 $ 134,287 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component | Changes in accumulated other comprehensive loss attributable to MGM Resorts International are as follows: Currency Translation Adjustments Cash Flow Hedges Other Total (In thousands) Balances, January 1, 2018 $ (11,450 ) $ 6,668 $ 1,172 $ (3,610 ) Other comprehensive income (loss) before reclassifications (13,022 ) 4,706 — (8,316 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — (1,130 ) — (1,130 ) Other comprehensive income (loss), net of tax (13,022 ) 3,576 — (9,446 ) Other comprehensive (income) loss attributable to noncontrolling interest 5,600 (1,100 ) — 4,500 Balances, December 31, 2018 (18,872 ) 9,144 1,172 (8,556 ) Other comprehensive income (loss) before reclassifications 28,870 (28,783 ) — 87 Amounts reclassified from accumulated other comprehensive loss to interest expense — (5,599 ) — (5,599 ) Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" — 4,877 — 4,877 Other comprehensive income (loss), net of tax 28,870 (29,505 ) — (635 ) Other changes in accumulated other comprehensive loss: Empire City MGP transaction — — 195 195 MGP Class A share issuances — — 1,512 1,512 Park MGM Transaction — — 16 16 Northfield OpCo transaction — — (2 ) (2 ) Other — — 481 481 Changes in accumulated other comprehensive loss 28,870 (29,505 ) 2,202 1,567 Other comprehensive (income) loss attributable to noncontrolling interest (12,745 ) 9,532 — (3,213 ) Balances, December 31, 2019 (2,747 ) (10,829 ) 3,374 (10,202 ) Other comprehensive income (loss) before reclassifications 27,762 (94,740 ) — (66,978 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — 17,922 — 17,922 Amounts reclassified from accumulated other comprehensive loss to "Other, net" — (2,547 ) — (2,547 ) Other comprehensive income (loss), net of tax 27,762 (79,365 ) — (51,603 ) Other changes in accumulated other comprehensive loss MGP Class A share issuances — — 646 646 MGP BREIT Venture Transaction — — (59 ) (59 ) Redemption of Operating Partnership units — — 8,773 8,773 Other — — (1,018 ) (1,018 ) Changes in accumulated other comprehensive loss 27,762 (79,365 ) 8,342 (43,261 ) Other comprehensive (income) loss attributable to noncontrolling interest (12,051 ) 34,837 — 22,786 Balances, December 31, 2020 $ 12,964 $ (55,357 ) $ 11,716 $ (30,677 ) |
Summary of Net Income Attributable to and Transfers from Noncontrolling Interest, Which Shows Effects of Changes in Company's Ownership Interest in a Subsidiary | The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company: For the Years Ended December 31, 2020 2019 2018 (In thousands) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Transfers from/(to) noncontrolling interest: MGP Class A share issuances 64,834 151,976 — MGP BREIT Venture Transaction (6,562 ) — — Redemption of Operating Partnership units 92,632 — — Empire City MGP transaction — (18,718 ) — Park MGM Transaction — (1,968 ) — Northfield OpCo transaction — 21,679 — Other (1,759 ) (935 ) (5,667 ) Net transfers from/(to) noncontrolling interest 149,145 152,034 (5,667 ) Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest $ (883,579 ) $ 2,201,180 $ 461,105 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Compensation Cost Recognized | Recognition of compensation cost. Compensation cost was recognized as follows: Year Ended December 31, 2020 2019 2018 Compensation cost: (In thousands) Omnibus Plan $ 93,096 $ 76,995 $ 57,735 MGM Growth Properties Omnibus Incentive Plan 2,854 2,277 2,092 MGM China Share Option Plan 11,006 9,566 10,369 Total compensation cost 106,956 88,838 70,196 Less: Reimbursed costs and capitalized cost (2,118 ) (3,487 ) (1,710 ) Compensation cost after reimbursed costs and capitalized cost 104,838 85,351 68,486 Less: Related tax benefit (20,605 ) (16,752 ) (13,218 ) Compensation cost, net of tax benefit $ 84,233 $ 68,599 $ 55,268 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Table Outlining Company's Participation in Pension Plans | The Company’s participation in these plans is presented below. EIN/Pension Pension Protection Act Zone Status (2) FIP/RP Contributions by the Company (in thousands) (4) Surcharge Expiration Dates of Collective Bargaining Pension Fund (1) Plan Number 2019 2018 Status (3) 2020 2019 2018 Imposed Agreements Southern Nevada Culinary and Bartenders Pension Plan 88-6016617/001 Green Green No $ 24,610 $ 52,218 $ 47,825 No 3/31/2021 (5) (5) (5) The Legacy Plan of the UNITE HERE Retirement Fund (UHF) (6) 82-0994119/001 Red Red Yes $ 5,151 $ 10,151 $ 9,794 Yes 5/31/2022 (1) The Company was listed in the plan's Form 5500 as providing more than 5% (2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded. (3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented. (4) There have been no significant changes that affect the comparability of contributions. (5) The Company is party to twelve collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary Workers Union and Bartenders Union. The agreements between Aria, Bellagio, Mandalay Bay, and MGM Grand Las Vegas are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements. (6) Effective January 1, 2018, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the Legacy Plan of the National Retirement Fund (NRF) to the newly formed UHF. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new plan. The terms of the UHF plan are identical to the NRF plan. |
Property Transactions, Net (Tab
Property Transactions, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Transactions, Net | Property transactions, net consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Loss related to sale of Circus Circus Las Vegas and adjacent land $ — $ 220,294 $ — Gain on sale of Grand Victoria — — (44,703 ) Other property transactions, net 93,567 55,508 53,850 $ 93,567 $ 275,802 $ 9,147 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Year Ended December 31, 2020 2019 2018 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 728,254 $ 1,296,170 $ 1,407,733 Rooms 662,813 1,863,521 1,776,029 Food and beverage 471,529 1,517,745 1,402,378 Entertainment, retail and other 383,189 1,153,615 1,130,532 2,245,785 5,831,051 5,716,672 Regional Operations Casino 1,569,193 2,537,780 2,026,925 Rooms 130,945 316,753 318,017 Food and beverage 184,153 494,243 428,934 Entertainment, retail and other 82,880 201,008 160,645 1,967,171 3,549,784 2,934,521 MGM China Casino 565,671 2,609,806 2,195,144 Rooms 36,624 142,306 118,527 Food and beverage 40,284 127,152 114,862 Entertainment, retail and other 14,124 26,158 21,424 656,703 2,905,422 2,449,957 Reportable segment net revenues 4,869,659 12,286,257 11,101,150 Corporate and other 292,423 613,415 661,946 $ 5,162,082 $ 12,899,672 $ 11,763,096 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 232,188 $ 1,643,122 $ 1,706,315 Regional Operations 343,990 969,866 781,854 MGM China (193,832 ) 734,729 574,333 Reportable segment Adjusted Property EBITDAR 382,346 3,347,717 3,062,502 Other operating income (expense) Corporate and other, net (530,843 ) (331,621 ) (224,800 ) Preopening and start-up expenses (84 ) (7,175 ) (151,392 ) Property transactions, net (93,567 ) (275,802 ) (9,147 ) Gain on REIT transactions, net 1,491,945 2,677,996 — Depreciation and amortization (1,210,556 ) (1,304,649 ) (1,178,044 ) CEO transition expense (44,401 ) — — October 1 litigation settlement (49,000 ) — — Restructuring (26,025 ) (92,139 ) — Triple-net operating lease and ground lease rent expense (710,683 ) (74,656 ) (29,633 ) Income from unconsolidated affiliates related to real estate ventures 148,434 544 — Operating income (loss) (642,434 ) 3,940,215 1,469,486 Non-operating income (expense) Interest expense, net of amounts capitalized (676,380 ) (847,932 ) (769,513 ) Non-operating items from unconsolidated affiliates (103,304 ) (62,296 ) (47,827 ) Other, net (89,361 ) (183,262 ) (18,140 ) (869,045 ) (1,093,490 ) (835,480 ) Income (loss) before income taxes (1,511,479 ) 2,846,725 634,006 Benefit (provision) for income taxes 191,572 (632,345 ) (50,112 ) Net income (loss) (1,319,907 ) 2,214,380 583,894 Less: Net (income) loss attributable to noncontrolling interests 287,183 (165,234 ) (117,122 ) Net income (loss) attributable to MGM Resorts International $ (1,032,724 ) $ 2,049,146 $ 466,772 Year Ended December 31, 2020 2019 2018 Capital expenditures: (In thousands) Las Vegas Strip Resorts $ 87,511 $ 285,863 $ 501,044 Regional Operations 41,456 187,489 72,865 MGM China 108,352 145,634 390,212 Reportable segment capital expenditures 237,319 618,986 964,121 Corporate and other 33,260 120,020 537,347 Eliminated in consolidation — — (14,625 ) $ 270,579 $ 739,006 $ 1,486,843 |
Schedule of Long Lived Assets Presented by Geographic Region | Total assets are not allocated to segments for internal reporting presentations or when determining the allocation of resources and, accordingly, are not presented. Long-lived assets, which includes property and equipment, net, operating and finance lease right-of-use assets, net, goodwill, and other intangible assets, net, presented by geographic region in which the Company holds assets are presented below: December 31, 2020 2019 2018 Long-lived assets: (In thousands) United States $ 21,035,992 $ 20,582,055 $ 18,228,939 China and all other foreign countries 7,617,819 8,007,449 8,266,804 $ 28,653,811 $ 28,589,504 $ 26,495,743 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions | Dec. 02, 2020USD ($)$ / sharesshares | May 18, 2020USD ($)$ / sharesshares | Feb. 14, 2020USD ($)shares | Feb. 13, 2020shares | Nov. 22, 2019shares | Nov. 15, 2019USD ($) | Feb. 29, 2020shares | Jan. 31, 2019shares | Dec. 31, 2020USD ($)PropertySegment | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Sep. 01, 2016shares |
Organization Disclosure [Line Items] | ||||||||||||
Gain on sale of real estate assets | $ 1,491,945 | $ 2,677,996 | $ 0 | |||||||||
Assumption of debt | 12,480,586 | 11,271,706 | ||||||||||
Payment for purchase of common shares | 353,720 | $ 1,031,534 | $ 1,283,333 | |||||||||
Operating partnership units, redeemed | shares | 24 | 30 | ||||||||||
Cash proceeds for redemption | $ 700,000 | $ 700,000 | $ 22,292 | |||||||||
Operating partnership redemption per unit | $ / shares | $ 29.78 | $ 23.10 | ||||||||||
Number of integrated casino | Property | 2 | |||||||||||
Number of reportable segments | Segment | 3 | |||||||||||
CityCenter Holdings LLC As Investee [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage ownership interest | 50.00% | 50.00% | ||||||||||
BetMGM LLC [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage ownership interest | 50.00% | |||||||||||
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage ownership interest | 50.00% | |||||||||||
Entain [Member] | BetMGM LLC [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage ownership interest | 50.00% | |||||||||||
Hard Rock Rocksino Northfield Park [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Date of acquisition agreement | 2018-07 | |||||||||||
Bellagio B R E I T Venture | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage of minority interest | 5.00% | |||||||||||
MGP BREIT Venture [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Partnership interest | 50.10% | |||||||||||
Percentage of minority interest | 49.90% | |||||||||||
Total consideration received from sale of real estate assets | $ 4,600,000 | |||||||||||
Cash received from sale of real estate assets | $ 2,500,000 | |||||||||||
Guarantee obligation amount | $ 3,000,000 | |||||||||||
Operating partnership equity interest | 50.10% | |||||||||||
Issuance of operating partnership units | shares | 3 | 3 | ||||||||||
Percentage of issuance of operating partnership units to equity value of consolidated subsidiary | 5.00% | |||||||||||
Reduction in lease annual rent due to modification | $ 133,000 | |||||||||||
MGP BREIT Venture [Member] | Term Loan B [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Assumption of debt | $ 1,300,000 | |||||||||||
Blackstone Real Estate Income Trust [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage of ownership interest | 5.00% | |||||||||||
Total consideration received from sale of real estate assets | $ 4,250,000 | |||||||||||
Cash received from sale of real estate assets | 4,200,000 | |||||||||||
Gain on sale of real estate assets | 2,700,000 | |||||||||||
Guarantee obligation amount | $ 3,010,000 | $ 3,010,000 | ||||||||||
Blackstone Real Estate Income Trust [Member] | Class A Shareholders [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Ordinary shares acquired | shares | 5 | |||||||||||
Payment for purchase of common shares | $ 150,000 | |||||||||||
MGM Grand Las Vegas [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Total consideration received from sale of real estate assets | 2,500,000 | |||||||||||
Gain on sale of real estate assets | 1,700,000 | |||||||||||
Carrying value of real estate assets | 733,000 | |||||||||||
Selling Cost Of Real Estate | 27,000 | |||||||||||
Mandalay Bay [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Total consideration received from sale of real estate assets | 2,100,000 | |||||||||||
Gain on sale of real estate assets | (252,000) | |||||||||||
Carrying value of real estate assets | 2,300,000 | |||||||||||
Selling Cost Of Real Estate | $ 10,000 | |||||||||||
Subsidiary Of Blackstone Real Estate Income Trust | Bellagio B R E I T Venture | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Percentage of ownership interest | 95.00% | |||||||||||
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 | 53.00% | |||||||||||
Percentage of minority interest | 47.00% | |||||||||||
Redemptions discount percentage | 3.00% | |||||||||||
MGM Growth Properties LLC [Member] | Maximum [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Cash proceeds for redemption | $ 1,400,000 | |||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Issuance of operating partnership units | shares | 5 | 13 | 18 | 20 | 5 | |||||||
MGM China [Member] | ||||||||||||
Organization Disclosure [Line Items] | ||||||||||||
Ordinary shares acquired | shares | 188.1 | |||||||||||
Percentage ownership interest | 56.00% |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Total assets | $ 36,494,934,000 | $ 33,876,356,000 | |
Investments in and advances to unconsolidated affiliates | $ 1,447,043,000 | 822,366,000 | |
Percentage of ownership interest | 100.00% | ||
Impairment charges | $ 0 | 0 | $ 0 |
Commissions, complimentaries and other incentives | 1,100,000,000 | 2,500,000,000 | 2,300,000,000 |
Advertising expense | $ 88,000,000 | 195,000,000 | 226,000,000 |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | ||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Food and Beverage Revenue [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Lease revenue | $ 24,000,000 | 53,000,000 | 51,000,000 |
Entertainment Retail and Other Revenue [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Lease revenue | $ 60,000,000 | $ 89,000,000 | $ 87,000,000 |
Accounts Receivable [Member] | Customer Concentration [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of gross casino accounts receivable | 52.00% | 57.00% | |
Bellagio Blackstone Real Estate Income Trust [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of ownership interest | 5.00% | ||
Investments in and advances to unconsolidated affiliates | $ 60,000,000 | ||
MGM Growth Properties LLC [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Total assets | 10,600,000,000 | ||
Total liabilities | $ 5,000,000,000 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Minimum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Minimum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum [Member] | Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum [Member] | Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - related Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding Chip Liability [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 314,570 | $ 323,811 |
Balance at December 31 | 212,671 | 314,570 |
Increase / (decrease) | (101,899) | (9,241) |
Loyalty Program [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 126,966 | 113,293 |
Balance at December 31 | 139,756 | 126,966 |
Increase / (decrease) | 12,790 | 13,673 |
Customer Advances and Other [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 481,095 | 667,285 |
Balance at December 31 | 382,287 | 481,095 |
Increase / (decrease) | $ (98,808) | $ (186,190) |
Basis of Presentation and Sig_7
Basis of Presentation and Significant Accounting Policies - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net income (loss) attributable to MGM Resorts International | $ (1,032,724) | $ 2,049,146 | $ 466,772 |
Adjustment related to redeemable noncontrolling interests | 35,520 | (2,713) | (21,326) |
Net income (loss) available to common stockholders - basic | (997,204) | 2,046,433 | 445,446 |
Other | 0 | (194) | (206) |
Net income (loss) attributable to common stockholders - diluted | $ (997,204) | $ 2,046,239 | $ 445,240 |
Denominator: | |||
Weighted average common shares outstanding basic | 494,152 | 524,173 | 544,253 |
Potential dilution from share-based awards | 0 | 3,472 | 5,283 |
Weighted average common and common equivalent shares - diluted | 494,152 | 527,645 | 549,536 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 9,493 | 1,617 | 2,668 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 443,091 | $ 707,278 |
Less: Loss reserves | (126,589) | (94,561) |
Accounts receivable, net | 316,502 | 612,717 |
Casino [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 260,998 | 394,163 |
Hotel [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 46,288 | 164,079 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 135,805 | $ 149,036 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Millions | Mar. 07, 2019 | Jan. 29, 2019 | Jul. 06, 2018 | Dec. 31, 2024 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 |
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 | $ 193 | ||||||
Operating income | 12 | ||||||
Net income | $ 36 | ||||||
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] | |||||||
Business Acquisition [Line Items] | |||||||
Revenue | $ 133 | ||||||
Operating income | 33 | ||||||
Net income | $ 33 | ||||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 1,100 | ||||||
Percentage of membership interest acquired | 100.00% | ||||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | Revolving Credit Facility [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Liabilities incurred for acquisition | $ 655 | ||||||
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member] | Delayed Draw Term Loan A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Liabilities incurred for acquisition | $ 200 |
Acquisition - Schedule of Purch
Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 29, 2019 | Dec. 31, 2018 |
Fair value of assets acquired and liabilities assumed: | ||||
Goodwill | $ 2,091,278 | $ 2,084,564 | $ 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 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 21,905,987 | $ 26,774,353 |
Less: Accumulated depreciation | (7,474,876) | (8,581,835) |
Finance lease ROU assets, net | 200,980 | 93,437 |
Property and equipment, net | 14,632,091 | 18,285,955 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,081,029 | 5,348,223 |
Buildings, building improvements and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,053,422 | 15,291,801 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,600,579 | 5,924,439 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 170,957 | $ 209,890 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
MGP BREIT Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.10% | 50.10% |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 1,447,043 | $ 822,366 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 441,893 | 568,879 |
MGP BREIT Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 810,066 | 0 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 195,084 | $ 253,487 |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Income from unconsolidated affiliates | $ 42,938 | $ 119,521 | $ 147,690 |
Preopening and start-up expenses | 0 | 0 | (3,321) |
Non-operating items from unconsolidated affiliates | (103,304) | (62,296) | (47,827) |
Net income from unconsolidated affiliates | $ (60,366) | $ 57,225 | $ 96,542 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | $ 42,938 | $ 119,521 | $ 147,690 |
CityCenter Holdings LLC As Investee [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | (29,753) | 128,421 | 138,383 |
MGP BREIT Venture [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | 136,755 | 0 | 0 |
Other [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Income from unconsolidated affiliates | $ (64,064) | $ (8,900) | $ 9,307 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 30, 2018 | Aug. 07, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | $ 63,960 | $ 100,700 | $ 322,631 | ||
Other-than-temporary impairment charges | 64,000 | ||||
CityCenter Holdings, LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distribution paid/declared | 101,000 | $ 180,000 | 625,000 | ||
MGP BREIT Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | $ 81,000 | ||||
Percentage ownership interest | 50.10% | 50.10% | |||
Mandarin Oriental [Member] | CityCenter Holdings, LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 214,000 | ||||
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences | 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 | ||||
CityCenter Holdings LLC As Investee [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Distributions from unconsolidated affiliates | $ 51,000 | $ 90,000 | $ 313,000 | ||
Distributions from unconsolidated affiliates, percentage | 50.00% | 50.00% | 50.00% | ||
Percentage ownership interest | 50.00% | 50.00% | |||
Grand Victoria [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 45,000 | ||||
Percentage ownership interest | 50.00% | ||||
Grand Victoria [Member] | Cash [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Consideration received from sale of discontinued operations | $ 328,000 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | $ 5,101,637 | $ 2,329,604 |
Property and equipment, net | 14,632,091 | 18,285,955 |
Long-term debt, net | 12,376,684 | 11,168,904 |
City Center and MGP BREIT Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Cash and cash equivalents | 96,758 | 246,269 |
Property and equipment, net | 10,237,004 | 5,937,382 |
Other assets, net | 256,813 | 204,326 |
Long-term debt, net | 4,715,997 | 1,734,770 |
Other liabilities | $ 270,583 | $ 343,456 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | $ 5,162,082 | $ 12,899,672 | $ 11,763,096 |
Income (loss) from continuing operations | (1,319,907) | 2,214,380 | 583,894 |
Net income (loss) | (1,032,724) | 2,049,146 | 466,772 |
City Center and MGP BREIT Venture [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Net revenues | 869,638 | 1,294,861 | 1,277,745 |
Income (loss) from continuing operations | (43,749) | 69,143 | 97,091 |
Net income (loss) | $ (43,749) | $ 69,143 | $ (37,911) |
Investments in and Advances _10
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||
Venture-level equity attributable to the Company | $ 2,981,550 | $ 2,399,993 |
Other adjustments | 49,698 | 41,461 |
Investment balance | 1,447,043 | 822,366 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International | (504,171) | (509,382) |
CityCenter capitalized interest | 168,966 | 177,898 |
CityCenter completion guarantee | 248,730 | 261,708 |
CityCenter deferred gain | (208,204) | (210,240) |
CityCenter capitalized interest on sponsor notes | (33,010) | (34,755) |
Other-than-temporary impairments of investment | (1,256,516) | (1,304,317) |
Investment balance | $ 441,893 | $ 568,879 |
Investments in and Advances _11
Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Parenthetical) (Detail) - CityCenter Holdings LLC As Investee [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ (1,256,516) | $ (1,304,317) |
Land [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other-than-temporary impairments of investment | $ 352,000 | $ 352,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 2,091,278 | $ 2,084,564 | $ 1,821,392 |
Total indefinite-lived intangible assets | 677,336 | 678,310 | |
Finite-lived intangible assets, net | 2,966,412 | 3,148,194 | |
Total other intangible assets, net | 3,643,748 | 3,826,504 | |
Trademarks And Other | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 299,238 | 300,212 | |
Other Finite-lived Intangible Assets [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 60,649 | 79,197 | |
Less: Accumulated amortization | (26,244) | (30,393) | |
Finite-lived intangible assets, net | 34,405 | 48,804 | |
MGM Northfield Park and Empire City [Member] | Racing and Gaming Licenses [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 280,000 | 280,000 | |
Detroit Wholly Owned Subsidiary | Development Rights [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Total indefinite-lived intangible assets | 98,098 | 98,098 | |
MGM Grand Paradise [Member] | Gaming Sub-concession [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 4,541,990 | 4,519,558 | |
Less: Accumulated amortization | (1,697,481) | (1,514,772) | |
Finite-lived intangible assets, net | 2,844,509 | 3,004,786 | |
MGM National Harbor and MGM Springfield Gaming Licenses [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Finite-lived intangible assets, gross | 106,600 | 106,600 | |
Less: Accumulated amortization | (19,102) | (11,996) | |
Finite-lived intangible assets, net | $ 87,498 | $ 94,604 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Company's Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | $ 2,084,564 | $ 1,821,392 |
Acquisitions | 0 | 256,133 |
Reclassifications | 0 | 0 |
Currency exchange | 6,714 | 7,039 |
Goodwill, ending balance | 2,091,278 | 2,084,564 |
Las Vegas Strip Resorts [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 30,452 | 70,975 |
Acquisitions | 0 | 0 |
Reclassifications | 0 | (40,523) |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 30,452 | 30,452 |
Regional Operations [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 701,463 | 386,892 |
Acquisitions | 0 | 256,133 |
Reclassifications | 0 | 58,438 |
Currency exchange | 0 | 0 |
Goodwill, ending balance | 701,463 | 701,463 |
MGM China [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | 1,352,649 | 1,345,610 |
Acquisitions | 0 | 0 |
Reclassifications | 0 | 0 |
Currency exchange | 6,714 | 7,039 |
Goodwill, ending balance | 1,359,363 | 1,352,649 |
Corporate and Other [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill, beginning balance | $ 0 | 17,915 |
Acquisitions | 0 | |
Reclassifications | (17,915) | |
Currency exchange | 0 | |
Goodwill, ending balance | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Apr. 20, 2005 | Aug. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Amortization expense related to intangible assets | $ 194 | $ 192 | $ 176 | ||||
License [Member] | Maryland [Member] | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Consideration paid for license fee | $ 22 | ||||||
Estimated useful life of intangible assets | 15 years | ||||||
License [Member] | Massachusetts [Member] | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Consideration paid for license fee | $ 85 | ||||||
Estimated useful life of intangible assets | 15 years | ||||||
MGM Grand Paradise [Member] | Extension Agreement [Member] | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Extended expiration date of agreement | Jun. 26, 2022 | ||||||
Contract extension premium paid | $ 25 | ||||||
Contract extension fee paid | $ 2 | ||||||
MGM Grand Paradise [Member] | Gaming Sub-concession [Member] | |||||||
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||||||
Estimated remaining useful life of gaming subconcession | 15 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Estimated future amortization | ||
2021 | $ 197,104 | |
2022 | 190,981 | |
2023 | 178,672 | |
2024 | 176,685 | |
2025 | 174,900 | |
Thereafter | 2,048,070 | |
Finite-lived intangible assets, net | $ 2,966,412 | $ 3,148,194 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contract and contract-related liabilities: | ||
Outstanding chip liability | $ 212,671 | $ 314,570 |
Loyalty program obligations | 139,756 | 126,966 |
Casino front money | 133,114 | 176,827 |
Advance deposits and ticket sales | 123,079 | 190,325 |
Unpaid wagers and other | 126,094 | 113,943 |
Other accrued liabilities: | ||
Payroll and related | 327,644 | 507,041 |
Taxes, other than income taxes | 109,100 | 218,027 |
Operating Partnership interest rate swaps - current | 32,155 | 0 |
MGP dividend | 64,086 | 53,489 |
Operating lease liabilities - current (Refer to Note 11) | 31,843 | 67,473 |
Finance lease liabilities - current (Refer to Note 11) | 80,193 | 27,975 |
Other | 165,344 | 227,366 |
Other accrued liabilities | $ 1,545,079 | $ 2,024,002 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 12,480,586 | $ 11,271,706 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (103,902) | (102,802) |
Long-term debt | 12,376,684 | 11,168,904 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 0 | 0 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 10,000 | 1,703,750 |
MGM China Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 770,034 | 667,404 |
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 | 750,000 |
6.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
5.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 675,000 | 1,000,000 |
4.625% Operating Partnership senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 800,000 | 0 |
5.25% MGM China senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 0 |
5.875% MGM China senior notes, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 750,000 |
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 | 400,000 | 500,000 |
5.75% Operating Partnership senior notes, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 750,000 |
5.5% senior notes, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 675,000 | 1,000,000 |
4.5% Operating Partnership senior notes, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000 | 350,000 |
4.75% senior notes, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
3.875% Operating Partnership senior notes, due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
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) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Mar. 31, 2020 | May 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
7.75% senior notes, due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
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, 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, 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, interest rate (as a percent) | 5.375% | 5.375% | 5.375% | ||||||
Long-term debt, maturity year | 2024 | 2024 | 2024 | ||||||
6.75% senior notes, due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | |||||||
Long-term debt, maturity year | 2025 | 2025 | |||||||
5.75% senior notes, due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | |||||||
Long-term debt, maturity year | 2025 | 2025 | |||||||
4.625% Operating Partnership senior notes, due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | |||||||
Long-term debt, maturity year | 2025 | 2025 | |||||||
5.25% MGM China senior notes, due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | |||||||
Long-term debt, maturity year | 2025 | 2025 | |||||||
5.875% MGM China senior notes, due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 5.875% | 5.875% | 5.875% | ||||||
Long-term debt, maturity year | 2026 | 2026 | 2026 | ||||||
4.5% Operating Partnership senior notes, due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
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, interest rate (as a percent) | 4.625% | 4.625% | 4.625% | ||||||
Long-term debt, maturity year | 2026 | 2026 | 2026 | ||||||
5.75% Operating Partnership senior notes, due 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||||||
Long-term debt, maturity year | 2027 | 2027 | 2027 | ||||||
5.5% senior notes, due 2027 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 5.50% | 5.50% | 5.50% | ||||||
Long-term debt, maturity year | 2027 | 2027 | 2027 | ||||||
4.5% Operating Partnership senior notes, due 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | |||||||
Long-term debt, maturity year | 2028 | 2028 | |||||||
4.75% senior notes, due 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | |||||||
Long-term debt, maturity year | 2028 | 2028 | |||||||
3.875% Operating Partnership senior notes, due 2029 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 3.875% | ||||||||
Long-term debt, maturity year | 2029 | ||||||||
7% debentures, due 2036 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, interest rate (as a percent) | 7.00% | 7.00% | |||||||
Long-term debt, maturity year | 2036 | 2036 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Total interest incurred | $ 679,251 | $ 853,007 | $ 821,229 |
Interest capitalized | (2,871) | (5,075) | (51,716) |
Interest expense, net | $ 676,380 | $ 847,932 | $ 769,513 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Feb. 14, 2020 | Nov. 30, 2020 | Oct. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2022 | Apr. 30, 2020 |
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment and termination of existing revolving facility | $ 846,815,000 | $ 3,764,167,000 | $ 2,265,000 | |||||||||||||||
Loss on early retirement of debt | $ (171,000,000) | (126,462,000) | (198,151,000) | $ (3,619,000) | ||||||||||||||
Credit facility amount | 11,271,706,000 | 12,480,586,000 | 11,271,706,000 | |||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as liability | 41,000,000 | |||||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as current liability | 1,000,000 | |||||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as long-term liability | 28,000,000 | 40,000,000 | 28,000,000 | |||||||||||||||
Fair value of interest rate swaps designated as cash flow hedges recorded as asset | 7,000,000 | 7,000,000 | ||||||||||||||||
Fair value of interest rate swaps not designated as cash flow hedges recorded as liability | 78,000,000 | |||||||||||||||||
Fair value of interest rate swaps not designated as cash flow hedges recorded as current liability | 31,000,000 | |||||||||||||||||
Fair value of interest rate swaps not designated as cash flow hedges recorded as long-term liability | 3,000,000 | 47,000,000 | 3,000,000 | |||||||||||||||
Long-term debt, fair value | $ 12,100,000,000 | 13,200,000,000 | $ 12,100,000,000 | |||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notional amount | 900,000,000 | |||||||||||||||||
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notional amount | $ 1,900,000,000 | |||||||||||||||||
Weighted Average fixed interest rate | 1.821% | |||||||||||||||||
5.75% Operating Partnership senior notes, due 2027 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2027 | 2027 | 2027 | |||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||||||
4.75% senior notes, due 2028 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2028 | 2028 | ||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | ||||||||||||||||
6.75% Senior Notes, Due 2025 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2025 | 2025 | ||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | ||||||||||||||||
5.75% Senior Notes, Due 2025 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2025 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | |||||||||||||||||
4.625% senior notes, due 2026 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2026 | 2026 | 2026 | |||||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | 4.625% | 4.625% | ||||||||||||||
5.5% Senior Notes, Due 2027 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2027 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.50% | |||||||||||||||||
5.25% Senior Notes, Due 2020 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2020 | 2020 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | 5.25% | |||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 233,000,000 | |||||||||||||||||
Redemption of senior notes | $ 267,000,000 | |||||||||||||||||
6.75% Senior Notes, Due 2020 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2020 | 2020 | ||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.75% | 6.75% | 6.75% | |||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 639,000,000 | |||||||||||||||||
Redemption of senior notes | $ 361,000,000 | |||||||||||||||||
6.625% Senior Notes, Due 2021 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2021 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 6.625% | 6.625% | ||||||||||||||||
Redemption of senior notes | $ 1,250,000,000 | |||||||||||||||||
5.5% Senior Notes, Due 2027 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2027 | 2027 | 2027 | |||||||||||||||
Long-term debt, principal amount | $ 1,000,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||||||||
8.625% Senior Notes, Due 2019 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment and termination of existing revolving facility | $ 850,000,000 | |||||||||||||||||
Long-term debt, maturity year | 2019 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 8.625% | |||||||||||||||||
3.875% Operating Partnership senior notes, due 2029 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2029 | |||||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 3.875% | |||||||||||||||||
4.625% Operating Partnership senior notes, due 2025 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2025 | 2025 | ||||||||||||||||
Long-term debt, principal amount | $ 800,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 4.625% | 4.625% | ||||||||||||||||
5.25% MGM China senior notes, due 2025 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2025 | 2025 | ||||||||||||||||
Long-term debt, principal amount | $ 500,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.25% | 5.25% | ||||||||||||||||
5.375% MGM China Senior Notes, Due 2024 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2024 | 2024 | 2024 | |||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.375% | 5.375% | 5.375% | 5.375% | ||||||||||||||
5.875% MGM China Senior Notes, Due 2026 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2026 | 2026 | 2026 | |||||||||||||||
Long-term debt, principal amount | $ 750,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.875% | 5.875% | 5.875% | 5.875% | ||||||||||||||
Operating Partnership Senior Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on early retirement of debt | $ (18,000,000) | |||||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Term Loan B [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment of outstanding term loan facility | 1,300,000,000 | |||||||||||||||||
Operating Partnership Senior Credit Facility [Member] | Term Loan A [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment of outstanding term loan facility | $ 399,000,000 | |||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on early retirement of debt | $ (105,000,000) | |||||||||||||||||
Empire City [Member] | Bridge Facility [Member] | 5.75% Operating Partnership senior notes, due 2027 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, maturity year | 2027 | |||||||||||||||||
Long-term debt, principal amount | $ 246,000,000 | |||||||||||||||||
Long-term debt, interest rate (as a percent) | 5.75% | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 750,000,000 | |||||||||||||||||
Maximum [Member] | 5.75% Senior Notes, Due 2025 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | 325,000,000 | |||||||||||||||||
Maximum [Member] | 4.625% senior notes, due 2026 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | 100,000,000 | |||||||||||||||||
Maximum [Member] | 5.5% Senior Notes, Due 2027 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt, aggregate principal amount of debt purchased | $ 325,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Credit facility amount | $ 1,350,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility drawn | $ 10,000,000 | |||||||||||||||||
Debt instrument, interest rate | 1.90% | |||||||||||||||||
Long-term debt, maturity year | 2023 | |||||||||||||||||
Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable interest rate base | HIBOR”) | |||||||||||||||||
Revolving Credit Facility [Member] | HIBOR [Member] | MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Credit facility, maturity date | 2024-05 | |||||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 1.75% | |||||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | HIBOR [Member] | MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 1.625% | |||||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 2.25% | |||||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | HIBOR [Member] | MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 2.75% | |||||||||||||||||
Unsecured Revolving Credit Facility [Member] | MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | $ 1,250,000,000 | |||||||||||||||||
Unsecured Revolving Credit Facility [Member] | MGM China Second Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | $ 500,000,000 | |||||||||||||||||
Line of credit facility drawn | $ 0 | |||||||||||||||||
Line of credit facility, current borrowing capacity | $ 400,000,000 | $ 300,000,000 | ||||||||||||||||
Line of credit facility, increased amount of borrowing capacity | $ 100,000,000 | |||||||||||||||||
Unsecured Revolving Credit Facility [Member] | Minimum [Member] | HIBOR [Member] | MGM China Second Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 1.625% | |||||||||||||||||
Unsecured Revolving Credit Facility [Member] | Maximum [Member] | HIBOR [Member] | MGM China Second Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 2.75% | |||||||||||||||||
Term Loan | MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility drawn | $ 770,000,000 | |||||||||||||||||
Debt instrument, weighted average interest rate | 2.98% | |||||||||||||||||
MGM China Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Credit facility amount | $ 667,404,000 | $ 770,034,000 | $ 667,404,000 | |||||||||||||||
MGM China Credit Facility [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss on early retirement of debt | $ (16,000,000) | |||||||||||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | 1,500,000,000 | |||||||||||||||||
Line of credit facility drawn | $ 0 | |||||||||||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Forecast [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Liquidity level including unrestricted cash, cash equivalents | $ 1,000,000,000 | |||||||||||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | MGP BREIT Venture [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | $ 1,500,000,000 | |||||||||||||||||
Credit facility, maturity date | 2025-02 | |||||||||||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 1.50% | |||||||||||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Liquidity level including unrestricted cash, cash equivalents | $ 600,000,000 | |||||||||||||||||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate margin (as a percent) | 2.25% | |||||||||||||||||
Senior Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | MGP BREIT Venture [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment and termination of existing revolving facility | $ 1,500,000,000 | |||||||||||||||||
Loss on early retirement of debt | $ (4,000,000) |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 0 | |
2022 | 1,000,000 | |
2023 | 1,260,000 | |
2024 | 2,570,034 | |
2025 | 2,725,000 | |
Thereafter | 4,925,552 | |
Long-term debt, Gross | $ 12,480,586 | $ 11,271,706 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ (665,376) | $ 2,717,756 | $ 660,832 |
Foreign operations | (846,103) | 128,969 | (26,826) |
Income (loss) before income taxes | $ (1,511,479) | $ 2,846,725 | $ 634,006 |
Income Taxes - Schedule of Bene
Income Taxes - Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal: | |||
Current | $ 207,544 | $ (4,928) | $ 11,991 |
Deferred (excluding separate components) | 19,852 | (537,993) | (143,468) |
Deferred – valuation allowance | (42,109) | (20,175) | (19,753) |
Other noncurrent | 4,922 | (5,745) | 576 |
Benefit (provision) for federal income taxes | 190,209 | (568,841) | (150,654) |
State: | |||
Current | (816) | (22,685) | (12,564) |
Deferred (excluding separate components) | (33,087) | (32,793) | (12,731) |
Deferred – operating loss carryforward | 47,728 | (5,241) | (29,490) |
Deferred – valuation allowance | (3,375) | (191) | 41,068 |
Other noncurrent | (946) | (1,401) | (1,334) |
Benefit (provision) for state income taxes | 9,504 | (62,311) | (15,051) |
Foreign: | |||
Current | (828) | (2,454) | (2,037) |
Deferred (excluding separate components) | 4,206 | 44,374 | 63,827 |
Deferred – operating loss carryforward | 39,920 | 32,915 | 30,574 |
Deferred – valuation allowance | (51,439) | (76,028) | 23,229 |
Benefit (provision) for foreign income taxes | (8,141) | (1,193) | 115,593 |
Benefit (provision) for income taxes | $ 191,572 | $ (632,345) | $ (50,112) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Federal income tax statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
Net operating loss carryback rate differential | 5.50% | 0.00% | 0.00% | |
Non-controlling interest | 1.60% | (0.80%) | (2.40%) | |
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate | (12.50%) | (0.50%) | (9.50%) | |
Federal valuation allowance | (2.80%) | 0.70% | 3.10% | |
State taxes, net | 0.50% | 1.70% | 1.90% | |
General business credits | 0.30% | (0.50%) | (2.90%) | |
Stock-based compensation | 0.00% | (0.10%) | (1.20%) | |
Non-deductible employee dining facility costs | 0.20% | 0.20% | 1.40% | |
Permanent and other items | (1.10%) | 0.50% | 2.90% | |
Provision for income taxes (as a percent) | 12.70% | 22.20% | 7.90% | |
Macau [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Macau dividend tax | 0.00% | 0.00% | (6.40%) |
Income Taxes - Schedule of Tax-
Income Taxes - Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Deferred tax assets, net | $ 2,634,060 | $ 1,389,861 |
Deferred tax liabilities | ||
Total deferred tax liability | (4,787,076) | (3,496,367) |
Net deferred tax liability | (2,153,016) | (2,106,506) |
Federal and state [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 25,287 | 25,085 |
Deferred compensation | 6,331 | 7,918 |
Net operating loss carryforward | 57,419 | 19,265 |
Accruals, reserves and other | 106,801 | 97,590 |
Stock-based compensation | 18,227 | 18,882 |
Lease liabilities | 1,972,343 | 1,020,171 |
Long-term debt | 10,907 | 2,022 |
Tax credits | 3,095,856 | 2,600,142 |
Deferred tax assets, gross | 5,293,171 | 3,791,075 |
Less: Valuation allowance | (2,720,008) | (2,469,907) |
Deferred tax assets, net | 2,573,163 | 1,321,168 |
Deferred tax liabilities | ||
Property and equipment | (1,349,355) | (1,599,948) |
Investments in unconsolidated affiliates | (1,158,342) | (496,501) |
ROU assets | (1,860,195) | (977,870) |
Intangibles | (108,728) | (112,380) |
Total deferred tax liability | (4,476,620) | (3,186,699) |
Foreign [Member] | ||
Deferred tax assets | ||
Bad debt reserve | 2,106 | 1,682 |
Net operating loss carryforward | 180,143 | 140,223 |
Accruals, reserves and other | 7,814 | 13,112 |
Property and equipment | 17,890 | 10,125 |
Stock-based compensation | 7,163 | 6,487 |
Lease liabilities | 1,368 | 1,213 |
Deferred tax assets, gross | 216,484 | 172,842 |
Less: Valuation allowance | (155,587) | (104,149) |
Deferred tax assets, net | 60,897 | 68,693 |
Deferred tax liabilities | ||
ROU assets | (1,200) | (1,940) |
Intangibles | (309,256) | (307,728) |
Total deferred tax liability | $ (310,456) | $ (309,668) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 30, 2020 | Mar. 27, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Line Items] | |||||||
Federal income tax rate | 21.00% | 21.00% | 21.00% | 35.00% | |||
Increase (decrease) in net income due to exemption from complementary tax | $ 4 | $ (54) | |||||
Increase (decrease) in diluted earnings per share due to exemption from complementary tax | $ 0.01 | $ (0.10) | |||||
Possible decrease in unrecognized tax benefits within next 12 months | $ 30 | ||||||
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% | 12.00% | |||||
Complementary tax | $ 1,500 | ||||||
Annual payments under the extended annual fee arrangement | $ 1 | $ 1 | $ 1 | ||||
Payments under the extended annual fee arrangement | $ 0.3 | ||||||
Coronavirus Aid Relief And Economic Security Act | |||||||
Income Tax Disclosure [Line Items] | |||||||
Net operating losses carryback period | 5 years | ||||||
Income tax receivable | $ 206 | ||||||
Income tax benefit realized | $ 83 |
Income Taxes - Additional Inf_2
Income Taxes - Additional Information1 (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | ||
Net deferred tax asset | $ 379 | |
Tax credit carry forward period | 10 years | |
Domestic losses recaptured in foreign tax credit carry forward. | $ 1,500 | |
Unrecognized tax benefits, if recognized, would affect the effective tax rate | 9 | $ 9 |
Macau [Member] | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax assets, valuation allowance | 153 | |
Hong Kong [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating losses, valuation allowance | 3 | |
2022 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 340 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2022 | |
2023 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 976 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2023 | |
2024 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 769 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2024 | |
2025 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 674 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2025 | |
2027 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 200 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2027 | |
2026 [Member] | ||
Income Tax Disclosure [Line Items] | ||
Tax credit carryforward expiration amount | $ 134 | |
Foreign tax credit carryforward, expiration date | Dec. 31, 2026 | |
Macau [Member] | ||
Income Tax Disclosure [Line Items] | ||
Valuation allowance on foreign tax credit | $ 2,700 | |
Foreign tax credit carryover | $ 3,100 | |
Special gaming tax rate | 35.00% | |
State [Member] | ||
Income Tax Disclosure [Line Items] | ||
Complementary tax | $ 885 | |
Deferred tax assets after federal tax effect and before valuation allowance | 57 | |
Deferred tax assets, valuation allowance | $ 6 | |
State [Member] | Minimum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards expire | 2025 | |
State [Member] | Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards expire | 2040 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits at January 1 | $ 33,298 | $ 24,464 | $ 18,588 |
Gross increases - prior period tax positions | 3,717 | 8,960 | 5,345 |
Gross decreases - prior period tax positions | (1,398) | (1,006) | (957) |
Gross increases - current period tax positions | 0 | 880 | 1,488 |
Gross unrecognized tax benefits at December 31 | $ 35,617 | $ 33,298 | $ 24,464 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Dec. 01, 2020USD ($) | Dec. 31, 2020USD ($)Renewal_period |
Mandalay Bay and MGM Grand Las Vegas [Member] | MGP BREIT Venture [Member] | ||
Leases [Line Items] | ||
Initial annual rent | $ 292 | |
Percentage of expected lease term of economic useful life | 75.00% | |
Percentage Of present value of future minimum lease payments | 90.00% | |
Lease agreement Initial lease term | 30 years | |
Number of renewal periods, exercisable at option | Renewal_period | 2 | |
Lease agreement renewal period | 10 years | |
Lease, Initial Annual Rent Beginning Period | Feb. 14, 2020 | |
Lease, Initial Annual Rent Ending Period | Feb. 28, 2021 | |
Annual rent escalator from year one through year fifteen | 2.00% | |
Annual rent escalator after year fifteen | 2.00% | |
Annual rent escalator cap after year fifteen | 3.00% | |
MGM China [Member] | MGM Macau [Member] | ||
Leases [Line Items] | ||
Initial contract term ending year | 25 years | |
Lease initial contract term ending period | 2031-04 | |
MGM China [Member] | MGM Cotai [Member] | ||
Leases [Line Items] | ||
Initial contract term ending year | 25 years | |
Lease initial contract term ending period | 2038-01 | |
Las Vegas Strip Resorts [Member] | Bellagio BREIT Venture [Member] | Blackstone Real Estate Income Trust [Member] | ||
Leases [Line Items] | ||
Lease agreement Initial lease term | 30 years | |
Lease agreement renewal period | 10 years | |
Initial annual rent | $ 245 | |
Annual rent escalator from year one through year ten | 2.00% | |
Annual rent escalator from year eleven through year twenty | 2.00% | |
Annual rent escalator cap from year eleven through year twenty | 3.00% | |
Annual rent escalator after year twenty | 4.00% | |
Percentage of expected lease term of economic useful life | 75.00% | |
Percentage Of present value of future minimum lease payments | 90.00% | |
Annual rent | $ 250 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost, primarily classified within "General and administrative" | $ 751,002 | $ 143,954 |
Interest expense | (21,320) | 1,164 |
Amortization expense | 70,476 | 13,341 |
Total finance lease costs | $ 49,156 | $ 14,505 |
Leases - Schedule of Componen_2
Leases - Schedule of Components of Lease Costs (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Line Items] | ||
Operating lease cost | $ 751,002 | $ 143,954 |
Bellagio BREIT Venture [Member] | ||
Leases [Line Items] | ||
Operating lease cost | 331,000 | 42,000 |
Mandalay Bay and MGM Grand Las Vegas [Member] | ||
Leases [Line Items] | ||
Operating lease cost | $ 347,000 | $ 0 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
Operating lease right-of-use assets, net | $ 8,286,694 | $ 4,392,481 |
Operating lease liabilities - current, classified within "Other accrued liabilities" | $ 31,843 | $ 67,473 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities - long-term | $ 8,390,117 | $ 4,277,970 |
Total operating lease liabilities | 8,421,960 | 4,345,443 |
Finance leases | ||
Finance lease right-of-use assets, net, classified within "Property and equipment, net" | $ 200,980 | $ 93,437 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet |
Finance lease liabilities - current (Refer to Note 11) | $ 80,193 | $ 27,975 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Finance lease liabilities - long-term, classified within "Other long-term obligations" | $ 134,287 | $ 67,182 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLongTermDebt | us-gaap:OtherLongTermDebt |
Total finance lease liabilities | $ 214,480 | $ 95,157 |
Weighted average remaining lease term (years) | ||
Operating leases | 30 years | 31 years |
Finance leases | 3 years | 4 years |
Weighted average discount rate (%) | ||
Operating leases | 8.00% | 7.00% |
Finance leases | 3.00% | 3.00% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Line Items] | ||
Operating lease right-of-use assets, net | $ 8,286,694 | $ 4,392,481 |
Operating lease liabilities - long-term | 8,390,117 | 4,277,970 |
Bellagio BREIT Venture [Member] | ||
Leases [Line Items] | ||
Operating lease right-of-use assets, net | 3,700,000 | 3,700,000 |
Operating lease liabilities - long-term | 3,800,000 | 3,700,000 |
Mandalay Bay and MGM Grand Las Vegas [Member] | ||
Leases [Line Items] | ||
Operating lease right-of-use assets, net | 4,000,000 | 0 |
Operating lease liabilities - long-term | $ 4,100,000 | $ 0 |
Leases - Schedule of Cash Paid
Leases - Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 572,186 | $ 117,072 |
Operating cash outflows from finance leases | 2,956 | 1,164 |
Financing cash outflows from finance leases | 34,494 | 10,311 |
ROU assets obtained in exchange for new lease liabilities | ||
Operating leases | 4,120,955 | 3,814,115 |
Finance leases | $ 177,085 | $ 84,934 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Leases, 2021 | $ 612,823 | |
Operating Leases, 2022 | 616,235 | |
Operating Leases, 2023 | 625,365 | |
Operating Leases, 2024 | 635,755 | |
Operating Leases, 2025 | 644,804 | |
Operating Leases, Thereafter | 19,801,073 | |
Operating Leases, Total future minimum lease payments | 22,936,055 | |
Operating Leases, Less: Amount of lease payments representing interest | (14,514,095) | |
Total operating lease liabilities | 8,421,960 | $ 4,345,443 |
Less: Current portion | (31,843) | (67,473) |
Operating lease liabilities | 8,390,117 | 4,277,970 |
Finance Leases, 2021 | 84,853 | |
Finance Leases, 2022 | 72,524 | |
Finance Leases, 2023 | 63,717 | |
Finance Leases, 2024 | 1,033 | |
Finance Leases, 2025 | 517 | |
Finance Leases, Thereafter | 0 | |
Finance Leases, Total future minimum lease payments | 222,644 | |
Finance Leases, Less: Amount of lease payments representing interest | (8,164) | |
Total finance lease liabilities | 214,480 | 95,157 |
Less: Current portion | (80,193) | (27,975) |
Long-term portion of lease liabilities | $ 134,287 | $ 67,182 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 15, 2019 | May 31, 2019 | |
Loss Contingencies [Line Items] | |||||
Settlement amount | $ 800,000,000 | ||||
Insurance receivable | 751,000,000 | ||||
Expense | 49,000,000 | $ 0 | $ 0 | ||
Blackstone Real Estate Income Trust [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantee obligation amount | $ 3,010,000,000 | $ 3,010,000,000 | |||
Guarantee term | Bellagio BREIT Venture shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, which matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Bellagio owned by Bellagio BREIT Venture, and the debt obligation. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial. | ||||
MGP BREIT Venture [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantee obligation amount | $ 3,000,000,000 | ||||
Guarantee term | MGP BREIT Venture shortfall guarantee. The Company provides a shortfall guarantee of the $3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of MGP BREIT Venture, which has an initial term of twelve years, maturing in 2032, with an anticipated repayment date of March 2030. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of Mandalay Bay and MGM Grand Las Vegas, owned by MGP BREIT Venture, and the debt obligation. This guarantee is accounted for under ASC 460 at fair value; such value is immaterial. MGP BREIT Venture bad acts guarantee. The Operating Partnership provides a guarantee for the losses incurred by the lenders of the indebtedness of the MGP BREIT Venture arising out of certain bad acts by the Operating Partnership, its venture partner, or the venture, such as fraud or willful misconduct, based on the party’s percentage ownership of the MGP BREIT Venture. This guarantee is capped at 10% of the principal amount outstanding at the time of the loss. The Operating Partnership and its venture partner have separately indemnified each other for the other party’s share of the overall liability exposure, if at fault. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial. | ||||
Percentage of principal amount outstanding guaranteed | 10.00% | ||||
MGM Grand Paradise SA [Member] | Extension Agreement [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantee obligation amount | $ 103,000,000 | ||||
Guarantee term | MGM China bank guarantee. In connection with the extension of the expiration of the gaming subconcession to June 2022, MGM Grand Paradise provided a bank guarantee in an amount of approximately $103 million (when giving effect to foreign currency exchange rate fluctuations) to the government of Macau in May 2019 to warrant the fulfillment of an existing commitment of labor liabilities upon the expiration of the gaming subconcession in June 2022. | ||||
MGP Senior Credit Facility [Member] | |||||
Loss Contingencies [Line Items] | |||||
Credit facility outstanding | $ 0 | ||||
Senior Credit Facility [Member] | |||||
Loss Contingencies [Line Items] | |||||
Credit facility outstanding | 26,000,000 | ||||
Letters of credit [Member] | MGP Senior Credit Facility [Member] | |||||
Loss Contingencies [Line Items] | |||||
Line of credit facility | 75,000,000 | ||||
Letters of credit [Member] | Senior Credit Facility [Member] | |||||
Loss Contingencies [Line Items] | |||||
Line of credit facility | 850,000,000 | ||||
Corporate Expense [Member] | |||||
Loss Contingencies [Line Items] | |||||
Expense | $ 49,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 12,662,919 | $ 10,469,791 | $ 11,611,124 |
Other comprehensive loss | (51,603) | (635) | (9,446) |
Other changes in accumulated other comprehensive loss: | |||
Ending Balance | 11,179,908 | 12,662,919 | 10,469,791 |
MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Share issuances | 507,551 | 1,201,558 | |
Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | (5,027) | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (2,747) | (18,872) | (11,450) |
Other comprehensive income (loss) before reclassifications | 27,762 | 28,870 | (13,022) |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 0 | 0 | |
Other comprehensive loss | 27,762 | 28,870 | (13,022) |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 0 | ||
Other | 0 | 0 | |
Changes in accumulated other comprehensive loss | 27,762 | 28,870 | |
Other comprehensive (income) loss attributable to noncontrolling interest | (12,051) | (12,745) | 5,600 |
Ending Balance | 12,964 | (2,747) | (18,872) |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Share issuances | 0 | 0 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGP BREIT Venture [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
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 | (10,829) | 9,144 | 6,668 |
Other comprehensive income (loss) before reclassifications | (94,740) | (28,783) | 4,706 |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 17,922 | (5,599) | (1,130) |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | (2,547) | 4,877 | |
Other comprehensive loss | (79,365) | (29,505) | 3,576 |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 0 | ||
Other | 0 | 0 | |
Changes in accumulated other comprehensive loss | (79,365) | (29,505) | |
Other comprehensive (income) loss attributable to noncontrolling interest | 34,837 | 9,532 | (1,100) |
Ending Balance | (55,357) | (10,829) | 9,144 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Share issuances | 0 | 0 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGP BREIT Venture [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 0 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 3,374 | 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 |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | 0 | 0 | |
Other comprehensive loss | 0 | 0 | 0 |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 8,773 | ||
Other | (1,018) | 481 | |
Changes in accumulated other comprehensive loss | 8,342 | 2,202 | |
Other comprehensive (income) loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending Balance | 11,716 | 3,374 | 1,172 |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Share issuances | 646 | 1,512 | |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 195 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 16 | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | (2) | ||
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGP BREIT Venture [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | (59) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (10,202) | (8,556) | (3,610) |
Other comprehensive income (loss) before reclassifications | (66,978) | 87 | (8,316) |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 17,922 | (5,599) | (1,130) |
Amounts reclassified from accumulated other comprehensive loss related to de-designation of interest rate swaps to "Other, net" | (2,547) | 4,877 | |
Other comprehensive loss | (51,603) | (635) | (9,446) |
Other changes in accumulated other comprehensive loss: | |||
Redemption of Operating Partnership units | 8,773 | ||
Other | (1,018) | 481 | |
Changes in accumulated other comprehensive loss | (43,261) | 1,567 | |
Other comprehensive (income) loss attributable to noncontrolling interest | 22,786 | (3,213) | 4,500 |
Ending Balance | (30,677) | (10,202) | $ (8,556) |
AOCI Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Share issuances | 646 | 1,512 | |
AOCI Including Portion Attributable to Noncontrolling Interest | Empire City Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 195 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Park MGM Transaction [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | 16 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | $ (2) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | MGP BREIT Venture [Member] | |||
Other changes in accumulated other comprehensive loss: | |||
Acquisition transaction | $ (59) |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Net Income Attributable to and Transfers from Noncontrolling Interest, Which Shows Effects of Changes in Company's Ownership Interest in a Subsidiary (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Line Items] | |||
Net income (loss) attributable to MGM Resorts International | $ (1,032,724) | $ 2,049,146 | $ 466,772 |
Transfers from/(to) noncontrolling interest: | |||
Other | (1,759) | (935) | (5,667) |
Redemption of Operating Partnership units | 92,632 | 0 | 0 |
Net transfers from/(to) noncontrolling interest | 149,145 | 152,034 | (5,667) |
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest | (883,579) | 2,201,180 | 461,105 |
Empire City [Member] | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from/(to) noncontrolling interest | 0 | (18,718) | 0 |
Park MGM [Member] | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from/(to) noncontrolling interest | 0 | (1,968) | 0 |
Northfield OpCo [Member] | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from/(to) noncontrolling interest | 0 | 21,679 | 0 |
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||
Transfers from/(to) noncontrolling interest: | |||
MGP Class A share issuances | 64,834 | 151,976 | 0 |
MGP BREIT Venture [Member] | |||
Transfers from/(to) noncontrolling interest: | |||
Net transfers from/(to) noncontrolling interest | $ (6,562) | $ 0 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | Feb. 10, 2021 | Dec. 02, 2020 | May 18, 2020 | Feb. 14, 2020 | Feb. 13, 2020 | Nov. 22, 2019 | Mar. 07, 2019 | Jan. 29, 2019 | Feb. 29, 2020 | Apr. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2018 |
Stockholders Equity Note [Line Items] | |||||||||||||||
Operating partnership units, redeemed | 24,000 | 30,000 | |||||||||||||
Cash proceeds for redemption | $ 700,000,000 | $ 700,000,000 | $ 22,292,000 | ||||||||||||
Common stock repurchases, value | 353,720,000 | $ 1,031,534,000 | $ 1,283,333,000 | ||||||||||||
Common Stock [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Cash proceeds for redemption | $ 0 | ||||||||||||||
Common stock repurchases, Shares | 10,861 | 35,854 | 41,076 | ||||||||||||
Common stock repurchases, value | $ 109,000 | $ 358,000 | $ 411,000 | ||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Authorized amount of stock repurchase | 2,000,000,000 | $ 2,000,000,000 | |||||||||||||
Repurchase of common stock, remaining amount | 4,000,000 | ||||||||||||||
Share Repurchase Program Two [Member] | Common Stock [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Authorized amount of stock repurchase | $ 3,000,000,000 | 3,000,000,000 | |||||||||||||
Repurchase of common stock, remaining amount | $ 3,000,000,000 | ||||||||||||||
Share Repurchase Program [Member] | Common Stock [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Common stock repurchases, Shares | 11,000 | 36,000 | |||||||||||||
Stock repurchased, average price per share | $ 32.57 | $ 28.77 | |||||||||||||
Common stock repurchases, value | $ 354,000,000 | $ 1,000,000,000 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Dividend declared date | Feb. 10, 2021 | ||||||||||||||
Dividends declared per share | $ 0.0025 | ||||||||||||||
Dividend paid date | Mar. 15, 2021 | ||||||||||||||
Dividend record date | Mar. 10, 2021 | ||||||||||||||
MGP BREIT Venture [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Issuance of operating partnership units | 3,000 | 3,000 | |||||||||||||
Northfield Park associates LLC [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Issuance of operating partnership units | 9,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Issuance of operating partnership units | 5,000 | 13,000 | 18,000 | 20,000 | 5,000 | ||||||||||
New issuance of shares | 5,000 | 13,000 | 30,000 | 20,000 | 5,000 | ||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | Underwriters [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
New issuance of shares | 18,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | Forward Purchasers [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
New issuance of shares | 12,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Empire City [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Issuance of operating partnership units | 13,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Park MGM [Member] | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Issuance of operating partnership units | 1,000 | ||||||||||||||
MGM Growth Properties LLC [Member] | Operating Partnership | |||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||
Partnership interest | 56.70% | 60.30% | 61.20% | 63.70% | 69.80% | 74.60% | 60.60% | 68.80% | 69.70% | 53.00% | 67.60% | ||||
Operating partnership units, redeemed | 24,000 | 30,000 | |||||||||||||
Cash proceeds for redemption | $ 700,000,000 | $ 700,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - Omnibus Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Maximum number of shares to be issued | 45,000,000 |
Number of shares available for grant as share-based awards | 20,000,000 |
Number of options and stock appreciation rights outstanding | 3,000,000 |
Number of restricted stock units and performance share units outstanding | 7,000,000 |
Unamortized compensation | $ | $ 76 |
Weighted-average period over which compensation cost is expected to be recognized | 1 year 7 months 6 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 106,956 | $ 88,838 | $ 70,196 |
Less: Reimbursed costs and capitalized cost | (2,118) | (3,487) | (1,710) |
Compensation cost after reimbursed costs and capitalized cost | 104,838 | 85,351 | 68,486 |
Less: Related tax benefit | (20,605) | (16,752) | (13,218) |
Compensation cost, net of tax benefit | 84,233 | 68,599 | 55,268 |
Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 93,096 | 76,995 | 57,735 |
MGP Omnibus Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | 2,854 | 2,277 | 2,092 |
MGM China Plan [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Compensation cost | $ 11,006 | $ 9,566 | $ 10,369 |
Employee Benefit Plans - Table
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 88-0215232 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 88-6016617 | ||
Pension plan number | 001 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status | No | ||
Contributions by the Company (in thousands)(4) | $ 24,610 | $ 52,218 | $ 47,825 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreements, Second | May 31, 2023 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | Minimum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreements | Mar. 31, 2021 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreements | May 31, 2024 | ||
Legacy Plan of the UNITE HERE Retirement Fund (UHF) [Member] | |||
Multiemployer Plans [Line Items] | |||
Entity Tax Identification Number | 82-0994119 | ||
Pension plan number | 001 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status | Implemented | ||
Contributions by the Company (in thousands)(4) | $ 5,151 | $ 10,151 | $ 9,794 |
Surcharge Imposed | Yes | ||
Legacy Plan of the UNITE HERE Retirement Fund (UHF) [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective Bargaining Agreements | May 31, 2022 |
Employee Benefit Plans - Tabl_2
Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Parenthetical) (Detail) - Agreement | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Plans [Line Items] | |||
Number of collective bargaining agreements | 12 | ||
Number of significant collective bargaining agreements | 4 | ||
Southern Nevada Culinary and Bartenders Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% | |
Multiemployer plans, funded status | At least 80 percent | ||
Legacy Plan of the UNITE HERE Retirement Fund (UHF) [Member] | |||
Multiemployer Plans [Line Items] | |||
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500 | 5.00% | 5.00% | |
Multiemployer plans, funded status | Less than 65 percent |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Multiemployer Plans, Postretirement Benefit [Member] | UNITE HERE Health [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Contributions by the Company (in thousands)(4) | $ 138 | $ 206 | $ 191 |
Property Transactions, Net - Sc
Property Transactions, Net - Schedule of Property Transactions, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Other property transactions, net | $ 93,567 | $ 55,508 | $ 53,850 |
Property transactions, net | 93,567 | 275,802 | 9,147 |
Circus Circus Las Vegas and Adjacent Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Loss related to sale of Circus Circus Las Vegas and adjacent land | 0 | 220,294 | 0 |
Grand Victoria [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain on sale of Grand Victoria | $ 0 | $ 0 | $ (44,703) |
Property Transactions, Net - Ad
Property Transactions, Net - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, net | $ 18,285,955 | $ 18,285,955 | $ 14,632,091 | $ 18,285,955 | ||
Other-than-temporary impairment charges | 64,000 | |||||
Other property transactions, net | (93,567) | (55,508) | $ (53,850) | |||
Other Assets, Net [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Consideration receivable from sale of assets, notes receivable fair value | 134,000 | 134,000 | 144,000 | 134,000 | ||
Circus Circus Las Vegas and Adjacent Land [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Consideration receivable from sale of assets | 825,000 | 825,000 | 825,000 | |||
Consideration receivable from sale of assets, cash receivable | 662,500 | 662,500 | 662,500 | |||
Consideration receivable from sale of assets, notes receivable face value | 162,500 | 162,500 | 162,500 | |||
Consideration receivable from sale of assets, notes receivable fair value | $ 133,700 | 133,700 | 133,700 | |||
Secured note effective interest rate | 7.31% | |||||
Non-cash impairment charge | $ 219,000 | |||||
Recognized loss on disposition | 2,000 | |||||
Value of assets and liabilities disposed | $ 810,000 | 810,000 | 810,000 | |||
Proceeds from sale of land | 14,000 | |||||
Property and equipment, net | $ 785,000 | $ 785,000 | 785,000 | |||
M G M Cotai Production [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Other property transactions, net | $ (17,000) | $ (24,000) | ||||
Monte Carlo Rebranding [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Other property transactions, net | $ (20,000) | |||||
Secured Note Due 2024 Interest Rate in First Two Years [Member] | Circus Circus Las Vegas and Adjacent Land [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 3.00% | 3.00% | 3.00% | |||
Secured Note Due 2024 Interest Rate in Following Two Years [Member] | Circus Circus Las Vegas and Adjacent Land [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 4.00% | 4.00% | 4.00% | |||
Secured Note Due 2024 Interest Rate in Fifth Year [Member] | Circus Circus Las Vegas and Adjacent Land [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term debt, interest rate (as a percent) | 4.50% | 4.50% | 4.50% |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Revenues | $ 5,162,082 | $ 12,899,672 | $ 11,763,096 |
Other operating income (expense) | |||
Preopening and start-up expenses | (84) | (7,175) | (151,392) |
Property transactions, net | (93,567) | (275,802) | (9,147) |
Gain on REIT transactions, net | 1,491,945 | 2,677,996 | 0 |
Depreciation and amortization | (1,210,556) | (1,304,649) | (1,178,044) |
October 1 litigation settlement | (49,000) | 0 | 0 |
Restructuring | (26,025) | (92,139) | 0 |
Triple-net operating lease and ground lease rent expense | (710,683) | (74,656) | (29,633) |
Income from unconsolidated affiliates related to real estate ventures | 148,434 | 544 | 0 |
Operating income (loss) | (642,434) | 3,940,215 | 1,469,486 |
Non-operating income (expense) | |||
Interest expense, net of amounts capitalized | (676,380) | (847,932) | (769,513) |
Non-operating items from unconsolidated affiliates | (103,304) | (62,296) | (47,827) |
Other, net | (89,361) | (183,262) | (18,140) |
Total non-operating income (expense) | (869,045) | (1,093,490) | (835,480) |
Income (loss) before income taxes | (1,511,479) | 2,846,725 | 634,006 |
Benefit (provision) for income taxes | 191,572 | (632,345) | (50,112) |
Net income (loss) | (1,319,907) | 2,214,380 | 583,894 |
Less: Net (income) loss attributable to noncontrolling interests | 287,183 | (165,234) | (117,122) |
Net income (loss) attributable to MGM Resorts International | (1,032,724) | 2,049,146 | 466,772 |
Capital expenditures | 270,579 | 739,006 | 1,486,843 |
Chief Executive Officer [Member] | |||
Other operating income (expense) | |||
CEO transition expense | (44,401) | 0 | 0 |
Reportable segments [Member] | |||
Revenues | |||
Revenues | 4,869,659 | 12,286,257 | 11,101,150 |
Adjusted Property EBITDAR | 382,346 | 3,347,717 | 3,062,502 |
Non-operating income (expense) | |||
Capital expenditures | 237,319 | 618,986 | 964,121 |
Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||
Revenues | |||
Revenues | 2,245,785 | 5,831,051 | 5,716,672 |
Adjusted Property EBITDAR | 232,188 | 1,643,122 | 1,706,315 |
Non-operating income (expense) | |||
Capital expenditures | 87,511 | 285,863 | 501,044 |
Reportable segments [Member] | MGM China [Member] | |||
Revenues | |||
Revenues | 656,703 | 2,905,422 | 2,449,957 |
Adjusted Property EBITDAR | (193,832) | 734,729 | 574,333 |
Non-operating income (expense) | |||
Capital expenditures | 108,352 | 145,634 | 390,212 |
Reportable segments [Member] | Regional Operations [Member] | |||
Revenues | |||
Revenues | 1,967,171 | 3,549,784 | 2,934,521 |
Adjusted Property EBITDAR | 343,990 | 969,866 | 781,854 |
Non-operating income (expense) | |||
Capital expenditures | 41,456 | 187,489 | 72,865 |
Corporate and other [Member] | |||
Revenues | |||
Revenues | 292,423 | 613,415 | 661,946 |
Other operating income (expense) | |||
Corporate and other, net | (530,843) | (331,621) | (224,800) |
Non-operating income (expense) | |||
Capital expenditures | 33,260 | 120,020 | 537,347 |
Consolidation, Eliminations [Member] | |||
Non-operating income (expense) | |||
Capital expenditures | (14,625) | ||
Casino [Member] | |||
Revenues | |||
Revenues | 2,871,720 | 6,517,759 | 5,753,150 |
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||
Revenues | |||
Revenues | 728,254 | 1,296,170 | 1,407,733 |
Casino [Member] | Reportable segments [Member] | MGM China [Member] | |||
Revenues | |||
Revenues | 565,671 | 2,609,806 | 2,195,144 |
Casino [Member] | Reportable segments [Member] | Regional Operations [Member] | |||
Revenues | |||
Revenues | 1,569,193 | 2,537,780 | 2,026,925 |
Rooms [Member] | |||
Revenues | |||
Revenues | 830,382 | 2,322,579 | 2,212,573 |
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||
Revenues | |||
Revenues | 662,813 | 1,863,521 | 1,776,029 |
Rooms [Member] | Reportable segments [Member] | MGM China [Member] | |||
Revenues | |||
Revenues | 36,624 | 142,306 | 118,527 |
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member] | |||
Revenues | |||
Revenues | 130,945 | 316,753 | 318,017 |
Food and Beverage [Member] | |||
Revenues | |||
Revenues | 696,040 | 2,145,247 | 1,959,021 |
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||
Revenues | |||
Revenues | 471,529 | 1,517,745 | 1,402,378 |
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member] | |||
Revenues | |||
Revenues | 40,284 | 127,152 | 114,862 |
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member] | |||
Revenues | |||
Revenues | 184,153 | 494,243 | 428,934 |
Entertainment, Retail and Other [Member] | |||
Revenues | |||
Revenues | 518,991 | 1,477,200 | 1,412,860 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | |||
Revenues | |||
Revenues | 383,189 | 1,153,615 | 1,130,532 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member] | |||
Revenues | |||
Revenues | 14,124 | 26,158 | 21,424 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member] | |||
Revenues | |||
Revenues | $ 82,880 | $ 201,008 | $ 160,645 |
Segment Information - Schedul_2
Segment Information - Schedule of Long Lived Assets Presented by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Long-lived assets: | |||
Long-lived assets | $ 28,653,811 | $ 28,589,504 | $ 26,495,743 |
United States [Member] | |||
Long-lived assets: | |||
Long-lived assets | 21,035,992 | 20,582,055 | 18,228,939 |
China and All Other Foreign Countries [Member] | |||
Long-lived assets: | |||
Long-lived assets | $ 7,617,819 | $ 8,007,449 | $ 8,266,804 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands, shares in Millions | Apr. 01, 2020USD ($) | Feb. 14, 2020USD ($) | Apr. 01, 2019USD ($) | Mar. 07, 2019USD ($)shares | Jan. 29, 2019USD ($) | Jan. 02, 2019USD ($) | Sep. 01, 2016USD ($)shares | Jan. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)Term | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Revenues | $ 5,162,082 | $ 12,899,672 | $ 11,763,096 | |||||||||
Other accrued liabilities | $ 1,545,079 | 2,024,002 | ||||||||||
Initial lease term | 10 years | |||||||||||
Lease, number of extensions | Term | 4 | |||||||||||
Lease, additional extended terms | 5 years | |||||||||||
Leasing arrangement description of rent | the possibility for additional 2% increases thereafter subject to the Company meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease | |||||||||||
Total purchase price | $ 638,000 | |||||||||||
Purchase price in cash | 606,000 | |||||||||||
Empire City [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Total purchase price | $ 865,000 | |||||||||||
Empire City [Member] | Developed Real Property [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Total purchase price | $ 634,000 | |||||||||||
Liabilities incurred for acquisition | 246,000 | |||||||||||
Increase in annual rent payment | $ 50,000 | |||||||||||
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 | 305,000 | |||||||||||
Base Rent [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percentage of initial total rent payments due | 91.00% | |||||||||||
Fixed annual rent escalator percentage | 2.00% | |||||||||||
Additional annual rent escalator percentage | 2.00% | |||||||||||
Percentage Rent [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Percentage of initial total rent payments due | 9.00% | |||||||||||
Master Lease [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Fixed annual rent escalator percentage | 2.00% | |||||||||||
Increase in annual rent payment | $ 50,000 | |||||||||||
Annual fixed rent, percentage | 2.00% | 90.00% | ||||||||||
Increase in annual rent per year, percentage | 2.00% | |||||||||||
Annual rent | $ 828,000 | $ 813,000 | $ 946,000 | $ 770,000 | $ 813,000 | |||||||
Decrease in annual rent payment | $ 133,000 | |||||||||||
Master Lease [Member] | Empire City [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Increase in additional rent payment | $ 50,000 | |||||||||||
Master Lease [Member] | Northfield OpCo [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Increase in annual rent payment | $ 60,000 | |||||||||||
Annual fixed rent, percentage | 90.00% | |||||||||||
Increase in annual rent per year, percentage | 2.00% | |||||||||||
Master Lease [Member] | MGM Northfield Park [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Increase in additional rent payment | $ 60,000 | |||||||||||
MGM China [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Advertising expenses | $ 1,000 | 6,000 | ||||||||||
Ordinary shares acquired | shares | 188.1 | |||||||||||
Grand Paradise Macau [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Deferred cash payment | $ 50,000 | |||||||||||
Grand Paradise Macau [Member] | Other Accrued Liabilities [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Other accrued liabilities | 33,000 | |||||||||||
Grand Paradise Macau [Member] | Other Long-Term Obligations [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Other liabilities on discounted basis | 34,000 | |||||||||||
MGM Growth Properties LLC [Member] | Northfield OpCo [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Redemption of operating partnership units | shares | 9 | |||||||||||
Shun Tak [Member] | MGM China [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Expenses incurred | 7,000 | 16,000 | 17,000 | |||||||||
Ms Ho Pansy Catilina Chiu King [Member] | MGM Branding and Development [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Distribution made to noncontrolling interests | $ 5,000 | 20,000 | 22,000 | |||||||||
Blackstone Real Estate Income Trust [Member] | MGP [Member] | Lease Agreements [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership interest | 50.10% | |||||||||||
Blackstone Real Estate Income Trust [Member] | Bellagio BREIT Venture [Member] | Real Estate Assets and Leases [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership interest | 5.00% | |||||||||||
CityCenter Holdings, LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Revenues | $ 16,000 | 48,000 | 47,000 | |||||||||
CityCenter Holdings, LLC [Member] | Aria and Vdara [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Management fee as a percentage of revenue | 2.00% | |||||||||||
Management fee received, percentage of EBITDA | 5.00% | |||||||||||
CityCenter Holdings, LLC [Member] | Management Services and Reimbursable Costs [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Reimbursable costs for support services provided | $ 212,000 | 420,000 | $ 409,000 | |||||||||
Receivable related to management services and reimbursable costs | $ 39,000 | $ 66,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 94,561 | ||
Balance at End of Period | 126,589 | $ 94,561 | |
Loss Reserve [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 94,561 | 90,775 | $ 92,571 |
Expected Credit Losses | 71,422 | 39,270 | 39,762 |
Write-offs, Net of Recoveries | (39,394) | (35,484) | (41,558) |
Balance at End of Period | 126,589 | 94,561 | 90,775 |
Deferred income tax valuation allowance [Member] | |||
Movement in Valuation Allowances And Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,574,056 | 2,477,703 | 2,513,738 |
Increase | 301,539 | 96,353 | 0 |
Decrease | 0 | 0 | (36,035) |
Balance at End of Period | $ 2,875,595 | $ 2,574,056 | $ 2,477,703 |