Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MGM | |
Entity Registrant Name | MGM Resorts International | |
Entity Central Index Key | 0000789570 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 490,535,706 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock (Par Value $0.01) | |
Security Exchange Name | NYSE | |
Entity File Number | 001-10362 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0215232 | |
Entity Address, Address Line One | 3600 Las Vegas Boulevard South | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89109 | |
City Area Code | 702 | |
Local Phone Number | 693-7120 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 6,171,512 | $ 5,101,637 |
Accounts receivable, net | 360,188 | 316,502 |
Inventories | 82,346 | 88,323 |
Income tax receivable | 242,177 | 243,415 |
Prepaid expenses and other | 227,644 | 200,782 |
Total current assets | 7,083,867 | 5,950,659 |
Property and equipment, net | 14,454,032 | 14,632,091 |
Other assets | ||
Investments in and advances to unconsolidated affiliates | 1,439,454 | 1,447,043 |
Goodwill | 2,087,458 | 2,091,278 |
Other intangible assets, net | 3,586,603 | 3,643,748 |
Operating lease right-of-use assets, net | 8,240,897 | 8,286,694 |
Other long-term assets, net | 438,456 | 443,421 |
Total other assets | 15,792,868 | 15,912,184 |
Total assets | 37,330,767 | 36,494,934 |
Current liabilities | ||
Accounts payable | 160,894 | 142,523 |
Construction payable | 24,395 | 30,149 |
Accrued interest on long-term debt | 175,256 | 138,832 |
Other accrued liabilities | 1,474,841 | 1,545,079 |
Total current liabilities | 1,835,386 | 1,856,583 |
Deferred income taxes, net | 2,154,832 | 2,153,016 |
Long-term debt, net | 13,245,448 | 12,376,684 |
Operating lease liabilities | 8,392,216 | 8,390,117 |
Other long-term obligations | 399,357 | 472,084 |
Commitments and contingencies (Note 7) | ||
Redeemable noncontrolling interests | 71,009 | 66,542 |
Stockholders' equity | ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 491,873,793 and 494,317,865 shares | 4,919 | 4,943 |
Capital in excess of par value | 3,569,186 | 3,439,453 |
Retained earnings | 2,757,941 | 3,091,007 |
Accumulated other comprehensive loss | (25,218) | (30,677) |
Total MGM Resorts International stockholders' equity | 6,306,828 | 6,504,726 |
Noncontrolling interests | 4,925,691 | 4,675,182 |
Total stockholders' equity | 11,232,519 | 11,179,908 |
Total liabilities and stockholders' equity | $ 37,330,767 | $ 36,494,934 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 491,873,793 | 494,317,865 |
Common stock, outstanding shares | 491,873,793 | 494,317,865 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Revenues | $ 1,647,747 | $ 2,252,817 |
Expenses | ||
General and administrative | 546,407 | 574,306 |
Corporate expense | 78,037 | 143,808 |
Preopening and start-up expenses | 5 | 122 |
Property transactions, net | 26,071 | 54,975 |
Gain on REIT transactions, net | 0 | (1,491,945) |
Depreciation and amortization | 290,551 | 318,290 |
Total expenses | 1,868,858 | 1,037,720 |
Income (loss) from unconsolidated affiliates | (25,579) | 35,748 |
Operating income (loss) | (246,690) | 1,250,845 |
Non-operating income (expense) | ||
Interest expense, net of amounts capitalized | (195,295) | (157,137) |
Non-operating items from unconsolidated affiliates | (20,836) | (32,621) |
Other, net | 32,185 | (124,264) |
Total non-operating income (expense) | (183,946) | (314,022) |
Income (loss) before income taxes | (430,636) | 936,823 |
Benefit (provision) for income taxes | 94,698 | (262,304) |
Net income (loss) | (335,938) | 674,519 |
Less: Net loss attributable to noncontrolling interests | 4,109 | 132,350 |
Net income (loss) attributable to MGM Resorts International | $ (331,829) | $ 806,869 |
Earnings (loss) per share | ||
Basic | $ (0.69) | $ 1.64 |
Diluted | $ (0.69) | $ 1.64 |
Weighted average common shares outstanding | ||
Basic | 494,864 | 495,415 |
Diluted | 494,864 | 496,984 |
Casino [Member] | ||
Revenues | ||
Revenues | $ 1,098,633 | $ 1,054,026 |
Expenses | ||
Expenses | 551,905 | 628,670 |
Rooms [Member] | ||
Revenues | ||
Revenues | 198,419 | 433,951 |
Expenses | ||
Expenses | 104,213 | 172,609 |
Food and Beverage [Member] | ||
Revenues | ||
Revenues | 157,412 | 396,709 |
Expenses | ||
Expenses | 135,227 | 339,636 |
Entertainment, Retail and Other [Member] | ||
Revenues | ||
Revenues | 135,222 | 269,945 |
Expenses | ||
Expenses | 78,381 | 199,063 |
Reimbursed Costs [Member] | ||
Revenues | ||
Revenues | 58,061 | 98,186 |
Expenses | ||
Expenses | $ 58,061 | $ 98,186 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ (335,938) | $ 674,519 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (13,022) | 28,336 |
Unrealized gain (loss) on cash flow hedges | 15,298 | (83,086) |
Other comprehensive income (loss) | 2,276 | (54,750) |
Comprehensive income (loss) | (333,662) | 619,769 |
Less: Comprehensive loss attributable to noncontrolling interests | 1,579 | 157,352 |
Comprehensive income (loss) attributable to MGM Resorts International | $ (332,083) | $ 777,121 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net income (loss) | $ (335,938) | $ 674,519 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 290,551 | 318,290 |
Amortization of debt discounts, premiums and issuance costs | 9,734 | 7,935 |
Loss on early retirement of debt | 0 | 126,743 |
Provision for credit losses | 2,127 | 21,980 |
Stock-based compensation | 16,549 | 36,898 |
Property transactions, net | 26,071 | 54,975 |
Gain on REIT transaction, net | 0 | (1,491,945) |
Noncash lease expense | 44,467 | 51,096 |
Loss (income) from unconsolidated affiliates | 46,415 | (3,127) |
Distributions from unconsolidated affiliates | 16,294 | 13,886 |
Deferred income taxes | (80,293) | 277,221 |
Change in operating assets and liabilities: | ||
Accounts receivable | (45,970) | 136,225 |
Inventories | 5,911 | (3,322) |
Income taxes receivable and payable, net | 1,238 | (17,295) |
Prepaid expenses and other | (27,258) | (40,111) |
Accounts payable and accrued liabilities | (23,763) | (577,936) |
Other | (33,745) | (8,969) |
Net cash used in operating activities | (87,610) | (422,937) |
Cash flows from investing activities | ||
Capital expenditures, net of construction payable | (78,914) | (73,110) |
Dispositions of property and equipment | 505 | 175 |
Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction | 0 | 2,455,839 |
Investments in unconsolidated affiliates | (76,845) | (20,649) |
Distributions from unconsolidated affiliates | 0 | 426 |
Other | 342 | 0 |
Net cash provided by (used in) investing activities | (154,912) | 2,362,681 |
Cash flows from financing activities | ||
Net borrowings under bank credit facilities – maturities of 90 days or less | 125,902 | 1,289,434 |
Issuance of long-term debt | 749,775 | 0 |
Retirement of senior notes | 0 | (846,724) |
Debt issuance costs | (9,212) | (9,339) |
Proceeds from issuance of bridge loan facility | 0 | 1,304,625 |
Dividends paid to common shareholders | (1,237) | (73,904) |
Distributions to noncontrolling interest owners | (76,390) | (72,653) |
Purchases of common stock | (119,269) | (353,720) |
Other | (32,104) | (17,582) |
Net cash provided by financing activities | 1,313,499 | 1,744,753 |
Effect of exchange rate on cash | (1,102) | 2,316 |
Cash and cash equivalents | ||
Net increase for the period | 1,069,875 | 3,686,813 |
Balance, beginning of period | 5,101,637 | 2,329,604 |
Balance, end of period | 6,171,512 | 6,016,417 |
Supplemental cash flow disclosures | ||
Interest paid, net of amounts capitalized | 146,631 | 162,002 |
Federal, state and foreign income taxes paid (refunds received), net | (2,401) | 2,439 |
Non-cash investing and financing activities | ||
Investment in MGP BREIT Venture | 0 | 802,000 |
MGP BREIT Venture assumption of bridge loan facility | 0 | 1,304,625 |
MGM Growth Properties LLC [Member] | ||
Cash flows from financing activities | ||
Issuance of MGM Growth Properties Class A shares, net | $ 676,034 | $ 524,616 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | MGP BREIT Venture [Member] | MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Common Stock [Member] | Common Stock [Member]MGP BREIT Venture [Member] | Common Stock [Member]MGM Growth Properties LLC [Member]Class A Shareholders [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]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Retained Earnings [Member] | Retained Earnings [Member]MGP BREIT Venture [Member] | Retained Earnings [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]MGP BREIT Venture [Member] | Accumulated Other Comprehensive Loss [Member]MGM Growth Properties LLC [Member]Class A Shareholders [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]MGM Growth Properties LLC [Member]Class A Shareholders [Member] | Non-Controlling Interests [Member] | Non-Controlling Interests [Member]MGP BREIT Venture [Member] | Non-Controlling Interests [Member]MGM Growth Properties LLC [Member]Class A Shareholders [Member] |
Beginning Balance at Dec. 31, 2019 | $ 12,662,919 | $ 5,031 | $ 3,531,099 | $ 4,201,337 | $ (10,202) | $ 7,727,265 | $ 4,935,654 | ||||||||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 503,148 | ||||||||||||||||||||
Net income (loss) | 672,651 | $ 0 | 0 | 806,869 | 0 | 806,869 | (134,218) | ||||||||||||||
Currency translation adjustment | 28,336 | 0 | 0 | 0 | 15,807 | 15,807 | 12,529 | ||||||||||||||
Cash flow hedges | (83,086) | 0 | 0 | 0 | (45,555) | (45,555) | (37,531) | ||||||||||||||
Stock-based compensation | 36,898 | 0 | 35,626 | 0 | 0 | 35,626 | 1,272 | ||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (6,426) | $ 10 | (6,436) | 0 | 0 | (6,426) | 0 | ||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 868 | ||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (7,962) | $ (62,389) | $ 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (7,962) | $ (62,389) | |||||||
Dividends declared and paid to common shareholders | (73,904) | 0 | 0 | (73,904) | 0 | (73,904) | 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) | ||||||||||||||||||||
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 | ||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | 8,070 | $ 0 | 8,070 | 0 | 0 | 8,070 | 0 | ||||||||||||||
Other | (804) | 0 | (121) | 0 | (411) | (532) | (272) | ||||||||||||||
Ending Balance at Mar. 31, 2020 | 13,332,001 | $ 4,932 | 3,274,454 | 4,934,302 | (39,774) | 8,173,914 | 5,158,087 | ||||||||||||||
Ending Balance, Shares at Mar. 31, 2020 | 493,155 | ||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 11,179,908 | $ 4,943 | 3,439,453 | 3,091,007 | (30,677) | 6,504,726 | 4,675,182 | ||||||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 494,318 | ||||||||||||||||||||
Net income (loss) | (338,083) | $ 0 | 0 | (331,829) | 0 | (331,829) | (6,254) | ||||||||||||||
Currency translation adjustment | (13,022) | 0 | 0 | 0 | (7,353) | (7,353) | (5,669) | ||||||||||||||
Cash flow hedges | 15,298 | 0 | 0 | 0 | 7,099 | 7,099 | 8,199 | ||||||||||||||
Stock-based compensation | 16,549 | 0 | 15,503 | 0 | 0 | 15,503 | 1,046 | ||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards | (9,344) | $ 7 | (9,351) | 0 | 0 | (9,344) | 0 | ||||||||||||||
Issuance of common stock pursuant to stock-based compensation awards, Shares | 706 | ||||||||||||||||||||
Cash distributions and dividend payable to noncontrolling interest owners | (3,112) | (75,895) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3,112) | (75,895) | |||||||
Dividends declared and paid to common shareholders | (1,237) | 0 | 0 | (1,237) | 0 | (1,237) | 0 | ||||||||||||||
Repurchases of common stock | (119,269) | $ (31) | (119,238) | 0 | 0 | (119,269) | 0 | ||||||||||||||
Repurchases of common stock, Shares | (3,150) | ||||||||||||||||||||
Share issuances | $ 647,754 | $ 0 | $ 83,142 | $ 0 | $ 2,868 | $ 86,010 | $ 561,744 | ||||||||||||||
Redemption of Operating Partnership units | (50,828) | $ 0 | 171,332 | 0 | 5,327 | 176,659 | (227,487) | ||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (9,428) | 0 | (9,428) | 0 | 0 | (9,428) | 0 | ||||||||||||||
Other | (6,772) | 0 | (2,227) | 0 | (2,482) | (4,709) | (2,063) | ||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 11,232,519 | $ 4,919 | $ 3,569,186 | $ 2,757,941 | $ (25,218) | $ 6,306,828 | $ 4,925,691 | ||||||||||||||
Ending Balance, Shares at Mar. 31, 2021 | 491,874 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared and paid to common shareholders | $ 0.0025 | $ 0.15 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, 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 owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. The Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is a wholly owned subsidiary of MGP. The Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the Fair Market Value of a Class A share (as defined in the Operating Partnership’s partnership agreement). The determination of settlement method is at the option of MGP’s independent conflicts committee. As of March 31, 2021, the Company owned 42.1% of the Operating Partnership units, and MGP held the remaining 57.9% 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 6 for further discussion of the leases. 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 3 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 10 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 our business, financial condition, results of operations and cash flows in 2021 and potentially thereafter. In March 2020, all of the Company’s domestic properties were 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 that were temporarily closed 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 the Company’s properties or portions thereof into the first quarter of 2021. Upon re-opening of the properties, the Company 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 the latter part of the first quarter of 2021, certain jurisdictions have loosened prior operating restrictions, including increased capacity limits applicable to restaurants and conventions as well as allowing limited entertainment events to resume, subject to continued COVID-19 safety measures. Although we are continuing to see reduced operating restrictions at our properties, such properties may be subject to temporary, complete, or partial shutdowns in the future. At this time, the Company cannot predict whether the jurisdictions in which its properties are located, states or federal governments will adopt similar or more restrictive measures in the future than in the past, including stay-at-home orders. While business volumes have improved since operating restrictions loosened in the first quarter of 2021, our properties continued to generate revenues that are significantly lower than historical results. The Company has seen and continues to expect to see weakened demand at its properties relative to pre-pandemic business volumes 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 or pricing. In Macau, following a temporary closure of our 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, and mask protection. Although the issuance of tourist visas (including the individual visit 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, a negative nucleic acid test result, 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. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2020 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. Principles of consolidation. 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 March 31, 2021, on a consolidated basis MGP had total assets of $10.1 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 March 31, 2021. 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 March 31, 2021, as further discussed in Note 7. 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. 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 4; and • Level 2 inputs when measuring the Operating Partnership’s fair value of its interest rate swaps. See Note 4. 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. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the standalone selling price of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2021 2020 2021 2020 2021 2020 (in thousands) Balance at January 1 $ 212,671 $ 314,570 $ 139,756 $ 126,966 $ 382,287 $ 481,095 Balance at March 31 170,040 301,333 133,047 128,650 407,372 371,479 Increase / (decrease) $ (42,631 ) $ (13,237 ) $ (6,709 ) $ 1,684 $ 25,085 $ (109,616 ) 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 10. Leases. Refer to Note 6 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 . During the three months ended March 31, 2021 and 2020 lease revenues from third-party tenants include $4 million and $10 million recorded within food and beverage revenue, respectively, and $16 million and $19 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. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates consisted of the following: March 31, December 31, 2021 2020 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 432,781 $ 441,893 MGP BREIT Venture (50.1% owned by the Operating Partnership) 820,390 810,066 BetMGM (50%) 43,054 27,310 Other 143,229 167,774 $ 1,439,454 $ 1,447,043 The Company recorded its share of income (loss) from unconsolidated affiliates, including adjustments for basis differences, as follows: Three Months Ended March 31, 2021 2020 (In thousands) Income (loss) from unconsolidated affiliates $ (25,579 ) $ 35,748 Non-operating items from unconsolidated affiliates (20,836 ) (32,621 ) $ (46,415 ) $ 3,127 The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates: Three Months Ended March 31, 2021 2020 (In thousands) CityCenter $ (2,831 ) $ 20,666 MGP BREIT Venture 38,962 19,950 BetMGM (59,236 ) (10,677 ) Other (2,474 ) 5,809 $ (25,579 ) $ 35,748 MGP BREIT Venture distributions. For the three months ended March 31, 2021 and 2020, the Operating Partnership received $15 million and $12 million in distributions from MGP BREIT Venture, respectively. BetMGM contributions. For the three months ended March 31, 2021 and 2020, the Company contributed $75 million and $20 million to BetMGM, respectively. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 4 — LONG-TERM DEBT Long-term debt consisted of the following: March 31, December 31, 2021 2020 (In thousands) Operating Partnership senior credit facility $ 500 $ 10,000 MGM China first revolving credit facility 902,923 770,034 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 750,000 750,000 5.75% senior notes, due 2025 675,000 675,000 4.625% Operating Partnership senior notes, due 2025 800,000 800,000 5.25% MGM China senior notes, due 2025 500,000 500,000 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 400,000 400,000 5.75% Operating Partnership senior notes, due 2027 750,000 750,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 — 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 4.75% senior notes, due 2028 750,000 750,000 3.875% Operating Partnership senior notes, due 2029 750,000 750,000 7% debentures, due 2036 552 552 13,353,975 12,480,586 Less: Premiums, discounts, and unamortized debt issuance costs, net (108,527 ) (103,902 ) $ 13,245,448 $ 12,376,684 Debt due within one year of the March 31, 2021 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. Senior credit facility. At March 31, 2021 , the Company’s senior credit facility consisted of a $1.5 billion revolving facility . At March 31, 2021, no amounts were drawn on the revolving credit facility. In February 2021, the Company amended its credit facility to extend the covenant relief period provided under the previous amendment related to its financial maintenance covenants through the earlier of (x) the day immediately following the date the Company delivers to the administrative agent a compliance certificate with respect to the quarter ending June 30, 2022 and (y) the date the Company delivers to the administrative agent an irrevocable notice terminating the covenant relief period, and to adjust the required leverage and interest coverage levels for the covenant when it is reimposed at the end of the waiver period. In addition, in connection with the February 2021 amendment, the Company agreed to an increase of the liquidity test such that the Company’s borrower group (as defined in the credit agreement) is required to maintain a minimum liquidity level of not less than $1.0 billion (including unrestricted cash, cash equivalents and availability under the revolving credit facility), tested at the end of each month during the covenant relief period. 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 March 31, 2021. Operating Partnership senior credit facility and bridge facility. At March 31, 2021, the Operating Partnership senior credit facility consisted of a $1.35 billion revolving credit facility. At March 31, 2021, $1 million was drawn on the revolving credit facility and the interest rate on the revolving credit facility was 4.00%. The Operating Partnership was in compliance with its revolving credit facility covenants at March 31, 2021. 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 March 31, 2021, 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 $29 million, with $5 million recorded as a current liability and $24 million recorded as a long-term liability, 43 MGM China first revolving credit facility. At March 31, 2021, the MGM China first revolving credit facility consisted of a $1.25 billion unsecured revolving credit facility. At March 31, 2021, $903 million was drawn on the MGM China first revolving credit facility and the weighted average interest rate was 2.88%. The MGM China first revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. In February 2021, MGM China 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 revolving credit facility. At March 31, 2021, the MGM China second revolving credit facility consisted of a $400 million unsecured revolving credit facility with an option to increase the amount of the facility up to $500 million, subject to certain conditions. Draws will be subject to satisfaction of certain conditions precedent, including evidence that the MGM China first revolving credit facility has been fully drawn. At March 31, 2021, no amounts were drawn on the MGM China second revolving credit facility The MGM China second revolving 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. In February 2021, MGM China 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 senior notes. In March 2021, MGM China issued $750 million in aggregate principal amount of 4.75% senior notes due 2027 at an issue price of 99.97%. Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $14.0 billion and $13.2 billion at March 31, 2021 and December 31, 2020, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and credit facilities. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5 — INCOME TAXES For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was a benefit of 22.0% on loss before income taxes and a provision of 28.0% on income before income taxes for the three months ended March 31, 2021 and 2020, respectively. The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. The Company decreased its valuation allowance for its foreign tax credits (“FTCs”) by $3 million in the three months ended March 31, 2021 with a corresponding increase to benefit for income taxes. The Company's FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Significant judgment is required in assessing the need for a valuation allowance and future changes to assumptions used in this assessment could result in material changes in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change. MGM Grand Paradise’s application for an extension of its annual fee arrangement with Macau covering distributions of gaming profits to be earned through June 26, 2022 is still pending. Until the extension is granted, the 12% complementary tax will accrue on distributions of gaming profits earned after March 31, 2020; however, no amounts are accrued for the three months ended March 31, 2021 since MGM Grand Paradise continues to generate losses due to the impact of COVID-19. During the three months ended March 31, 2021 one of the Company's subsidiaries, Marina District Development Company, LLC, closed an examination in the state of New Jersey for tax years 2015 through 2018 with no change in tax due. As a result of the audit closure, the Company reversed $10 million of unrecognized tax benefits during the quarter. The Company believes it is reasonably possible that it will reverse an additional $20 million of unrecognized tax benefits within the next twelve months on the expectation during such period of a settlement with IRS Appeals for issues outstanding on the Company's 2014 U.S. consolidated federal income tax return. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | NOTE 6 — 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 11 for further discussion of the master lease with MGP. Bellagio real estate assets. The Bellagio lease has an initial term of 30 years that began on November 15, 2019, with two subsequent ten-year The Company was in compliance with its applicable lease covenants as of March 31, 2021. Mandalay Bay and MGM Grand Las Vegas real estate assets. The Mandalay Bay and MGM Grand Las Vegas lease has an initial term of 30 years that began on February 14, 2020, with two subsequent ten-year The Company was in compliance with its applicable lease covenants as of March 31, 2021. Other information. Components of lease costs and other information related to the Company’s leases was as follows: Three Months Ended March 31, 2021 2020 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 198,991 $ 152,536 Finance lease costs Interest expense (2) $ (656 ) $ (952 ) Amortization expense 17,814 17,406 Total finance lease costs $ 17,158 $ 16,454 (1) For the three months ended March 31, 2021 and 2020, operating lease cost includes $83 million related to the Bellagio lease for each of the respective periods, and $99 million and $51 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. (2) For the three months ended March 31, 2021 and 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. March 31, December 31, 2021 2020 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 8,240,897 $ 8,286,694 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 29,837 $ 31,843 Operating lease liabilities - long-term (2) 8,392,216 8,390,117 Total operating lease liabilities $ 8,422,053 $ 8,421,960 Finance leases Finance lease right-of-use assets, net classified within "Property and equipment, net" $ 183,155 $ 200,980 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 76,496 $ 80,193 Finance lease liabilities - long-term, classified within "Other long-term obligations" 116,591 134,287 Total finance lease liabilities $ 193,087 $ 214,480 Weighted-average remaining lease term (years) Operating leases 30 30 Finance leases 3 3 Weighted-average discount rate (%) Operating leases 8 8 Finance leases 3 3 (1) As of March 31, 2021 and December 31, 2020, operating lease right-of-use assets, net included $3.7 billion related to the Bellagio lease for each of the respective periods, and $4.0 billion related to the Mandalay Bay and MGM Grand lease for each of the respective periods. (2) As of March 31, 2021 and December 31, 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.1 billion related to the Mandalay Bay and MGM Grand lease for each of the respective periods. March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 154,504 $ 122,906 Operating cash outflows from finance leases 1,456 1,722 Financing cash outflows from finance leases (1) 19,269 11,040 ROU assets obtained in exchange for new lease liabilities Operating leases $ — $ 4,121,442 Finance leases — 167,089 (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, 2021 (In thousands) 2021 (excluding the three months ended March 31, 2021) $ 458,381 $ 62,116 2022 616,243 72,521 2023 625,359 63,714 2024 635,750 1,030 2025 644,801 515 Thereafter 19,801,045 — Total future minimum lease payments 22,781,579 199,896 Less: Amount of lease payments representing interest (14,359,526 ) (6,809 ) Present value of future minimum lease payments 8,422,053 193,087 Less: Current portion (29,837 ) (76,496 ) Long-term portion of lease liabilities $ 8,392,216 $ 116,591 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 7 — COMMITMENTS AND CONTINGENCIES 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 March 31, 2021, $30 million in letters of credit were outstanding under the Company’s senior credit facility. The 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 March 31, 2021. 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 $102 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. |
Income Per Share of Common Stoc
Income Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Income Per Share of Common Stock | NOTE 8 — INCOME PER SHARE OF COMMON STOCK The table below reconciles basic and diluted income per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Three Months Ended March 31, 2021 2020 (In thousands) Numerator: Net income (loss) attributable to MGM Resorts International $ (331,829 ) $ 806,869 Adjustment related to redeemable noncontrolling interests (9,428 ) 8,070 Net income (loss) available to common stockholders – basic and diluted $ (341,257 ) $ 814,939 Denominator: Weighted-average common shares outstanding – basic 494,864 495,415 Potential dilution from share-based awards — 1,569 Weighted-average common and common equivalent shares – diluted 494,864 496,984 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 8,484 3,876 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 9 — STOCKHOLDERS’ EQUITY Noncontrolling interest ownership transactions MGP Class A share issuance – March 2021. On March 15, 2021, MGP completed an offering of 22 million of its Class A shares, the proceeds of which were used to partially satisfy MGP’s obligations pursuant to that certain notice of redemption delivered by certain MGM subsidiaries, discussed below. Subsequent to MGP’s Class A share issuance and the redemption of Operating Partnership units, discussed below, the Company indirectly owned 42.1% of the partnership units in the Operating Partnership. Redemption of Operating Partnership units – March 2021. In March 2021, subsidiaries of the Company delivered a notice of redemption to MGP covering approximately 37 million Operating Partnership units that they held in accordance with the terms of the Operating Partnership’s partnership agreement. In accordance with the terms of such agreement, upon receipt of the notice of redemption, MGP formed a conflicts committee to determine the mix of consideration that it would provide for the Operating Partnership units. The conflicts committee determined that MGP would redeem approximately 15 million Operating Partnership units for cash (with such Operating Partnership units retired upon redemption) and would satisfy its remaining obligation under that notice covering the remaining 22 million Operating Partnership units using the proceeds, net of the underwriters’ discount, of MGP’s Class A offering, for aggregate cash proceeds received by the Company of approximately $1.2 billion. 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 loss. Subsequent to the collective transactions, the Company indirectly owned 42.1% of the partnership units in the Operating Partnership. Other equity activity MGM Resorts International dividends. On April 28, 2021 the Company’s Board of Directors approved a quarterly dividend of $0.0025 per share that will be payable on June 15, 2021 to holders of record on June 10, 2021 MGM Resorts International stock repurchase program. In February 2020, upon substantial completion of the May 2018 $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 three months ended March 31, 2021, the Company repurchased approximately 3 million shares of its common stock at an average price of $37.87 per share for an aggregate amount of $119 million. Repurchased shares were retired. As a result of those repurchases, the Company completed its May 2018 $2.0 billion stock repurchase program and the remaining availability under the February 2020 $3.0 billion stock repurchase program was $2.9 billion as of March 31, 2021. Subsequent to the quarter ended March 31, 2021, the Company repurchased 1 million shares of its common stock at an average price of $39.10 per share for an aggregate amount of $56 million. Repurchased shares will be retired. During the three months ended March 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. Accumulated other comprehensive loss. Changes in accumulated other comprehensive loss attributable to MGM Resorts International are as follows: Currency Translation Cash Flow Adjustments Hedges Other Total (In thousands) Balances, January 1, 2021 $ 12,964 $ (55,357 ) $ 11,716 $ (30,677 ) Other comprehensive income (loss) before reclassifications (13,022 ) 10,680 — (2,342 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — 4,618 — 4,618 Other comprehensive income (loss), net of tax (13,022 ) 15,298 — 2,276 Other changes in accumulated other comprehensive income (loss): MGP Class A share issuance — — 2,868 2,868 Redemption of Operating Partnership units — — 5,327 5,327 Other — — (2,482 ) (2,482 ) Changes in accumulated other comprehensive income (loss): (13,022 ) 15,298 5,713 7,989 Other comprehensive loss (income) attributable to noncontrolling interest 5,669 (8,199 ) — (2,530 ) Balances, March 31, 2021 $ 5,611 $ (48,258 ) $ 17,429 $ (25,218 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 10 — 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 and Park MGM (including NoMad Las Vegas). Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio. MGM China. MGM China consists of MGM Macau and MGM Cotai. The Company’s operations related to investments in unconsolidated affiliates and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results. 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, 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: Three Months Ended March 31, 2021 2020 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 232,094 $ 274,673 Rooms 144,329 362,864 Food and beverage 90,419 288,763 Entertainment, retail and other 78,122 207,506 544,964 1,133,806 Regional Operations Casino 596,655 536,630 Rooms 40,579 55,879 Food and beverage 50,364 95,092 Entertainment, retail and other 23,753 38,059 711,351 725,660 MGM China Casino 261,604 240,414 Rooms 13,512 15,209 Food and beverage 16,629 12,780 Entertainment, retail and other 4,609 3,484 296,354 271,887 Reportable segment net revenues 1,552,669 2,131,353 Corporate and other 95,078 121,464 $ 1,647,747 $ 2,252,817 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 108,119 $ 267,599 Regional Operations 241,982 151,720 MGM China 4,775 (21,990 ) Reportable segment Adjusted Property EBITDAR 354,876 397,329 Other operating income (expense) Corporate and other, net (136,991 ) (102,237 ) Preopening and start-up expenses (5 ) (122 ) Property transactions, net (26,071 ) (54,975 ) Gain on REIT transactions, net — 1,491,945 Depreciation and amortization (290,551 ) (318,290 ) CEO transition expense — (44,401 ) Triple-net operating lease and ground lease rent expense (189,620 ) (141,918 ) Income from unconsolidated affiliates related to real estate ventures 41,672 23,514 Operating income (loss) (246,690 ) 1,250,845 Non-operating income (expense) Interest expense, net of amounts capitalized (195,295 ) (157,137 ) Non-operating items from unconsolidated affiliates (20,836 ) (32,621 ) Other, net 32,185 (124,264 ) (183,946 ) (314,022 ) Income (loss) before income taxes (430,636 ) 936,823 Benefit (provision) for income taxes 94,698 (262,304 ) Net income (loss) (335,938 ) 674,519 Less: Net loss attributable to noncontrolling interests 4,109 132,350 Net income (loss) attributable to MGM Resorts International $ (331,829 ) $ 806,869 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 11 — RELATED PARTY TRANSACTIONS 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 . The annual rent payments under the MGP master lease for the sixth lease year, which commenced on April 1, 2021, increased to $843 million from $828 million, as a result of the fifth 2.0% fixed annual rent escalator that went into effect on April 1, 2021. In March 2021, the Company delivered a notice of redemption covering approximately 37 million Operating Partnership units that it held which was satisfied with aggregate cash proceeds of approximately $1.2 billion. Refer to Note 9 for further discussion of such redemption. 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 6 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 6 for further information related to the Mandalay Bay and MGM Grand Las Vegas lease. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2020 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year. |
Principles of consolidation | Principles of consolidation. 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 March 31, 2021, on a consolidated basis MGP had total assets of $10.1 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 March 31, 2021. 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 March 31, 2021, as further discussed in Note 7. 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. |
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 4; and • Level 2 inputs when measuring the Operating Partnership’s fair value of its interest rate swaps. See Note 4. |
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. For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the standalone selling price of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets. The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2021 2020 2021 2020 2021 2020 (in thousands) Balance at January 1 $ 212,671 $ 314,570 $ 139,756 $ 126,966 $ 382,287 $ 481,095 Balance at March 31 170,040 301,333 133,047 128,650 407,372 371,479 Increase / (decrease) $ (42,631 ) $ (13,237 ) $ (6,709 ) $ 1,684 $ 25,085 $ (109,616 ) 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 10. Leases. Refer to Note 6 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 . During the three months ended March 31, 2021 and 2020 lease revenues from third-party tenants include $4 million and $10 million recorded within food and beverage revenue, respectively, and $16 million and $19 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. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Contract and Contract - Related Liabilities | The following table summarizes the activity related to contract and contract-related liabilities: Outstanding Chip Liability Loyalty Program Customer Advances and Other 2021 2020 2021 2020 2021 2020 (in thousands) Balance at January 1 $ 212,671 $ 314,570 $ 139,756 $ 126,966 $ 382,287 $ 481,095 Balance at March 31 170,040 301,333 133,047 128,650 407,372 371,479 Increase / (decrease) $ (42,631 ) $ (13,237 ) $ (6,709 ) $ 1,684 $ 25,085 $ (109,616 ) |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Unconsolidated Affiliates | Investments in and advances to unconsolidated affiliates consisted of the following: March 31, December 31, 2021 2020 (In thousands) CityCenter Holdings, LLC – CityCenter (50%) $ 432,781 $ 441,893 MGP BREIT Venture (50.1% owned by the Operating Partnership) 820,390 810,066 BetMGM (50%) 43,054 27,310 Other 143,229 167,774 $ 1,439,454 $ 1,447,043 |
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: Three Months Ended March 31, 2021 2020 (In thousands) Income (loss) from unconsolidated affiliates $ (25,579 ) $ 35,748 Non-operating items from unconsolidated affiliates (20,836 ) (32,621 ) $ (46,415 ) $ 3,127 |
Schedule of Share of Income (Loss) From Unconsolidated Affiliates | The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates: Three Months Ended March 31, 2021 2020 (In thousands) CityCenter $ (2,831 ) $ 20,666 MGP BREIT Venture 38,962 19,950 BetMGM (59,236 ) (10,677 ) Other (2,474 ) 5,809 $ (25,579 ) $ 35,748 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: March 31, December 31, 2021 2020 (In thousands) Operating Partnership senior credit facility $ 500 $ 10,000 MGM China first revolving credit facility 902,923 770,034 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 750,000 750,000 5.75% senior notes, due 2025 675,000 675,000 4.625% Operating Partnership senior notes, due 2025 800,000 800,000 5.25% MGM China senior notes, due 2025 500,000 500,000 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 400,000 400,000 5.75% Operating Partnership senior notes, due 2027 750,000 750,000 5.5% senior notes, due 2027 675,000 675,000 4.75% MGM China senior notes, due 2027 750,000 — 4.5% Operating Partnership senior notes, due 2028 350,000 350,000 4.75% senior notes, due 2028 750,000 750,000 3.875% Operating Partnership senior notes, due 2029 750,000 750,000 7% debentures, due 2036 552 552 13,353,975 12,480,586 Less: Premiums, discounts, and unamortized debt issuance costs, net (108,527 ) (103,902 ) $ 13,245,448 $ 12,376,684 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: Three Months Ended March 31, 2021 2020 (In thousands) Operating lease cost, primarily classified within "General and administrative" (1) $ 198,991 $ 152,536 Finance lease costs Interest expense (2) $ (656 ) $ (952 ) Amortization expense 17,814 17,406 Total finance lease costs $ 17,158 $ 16,454 (1) For the three months ended March 31, 2021 and 2020, operating lease cost includes $83 million related to the Bellagio lease for each of the respective periods, and $99 million and $51 million related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively. (2) For the three months ended March 31, 2021 and 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 | March 31, December 31, 2021 2020 Supplemental balance sheet information (In thousands) Operating leases Operating lease right-of-use assets, net (1) $ 8,240,897 $ 8,286,694 Operating lease liabilities - current, classified within "Other accrued liabilities" $ 29,837 $ 31,843 Operating lease liabilities - long-term (2) 8,392,216 8,390,117 Total operating lease liabilities $ 8,422,053 $ 8,421,960 Finance leases Finance lease right-of-use assets, net classified within "Property and equipment, net" $ 183,155 $ 200,980 Finance lease liabilities - current, classified within "Other accrued liabilities" $ 76,496 $ 80,193 Finance lease liabilities - long-term, classified within "Other long-term obligations" 116,591 134,287 Total finance lease liabilities $ 193,087 $ 214,480 Weighted-average remaining lease term (years) Operating leases 30 30 Finance leases 3 3 Weighted-average discount rate (%) Operating leases 8 8 Finance leases 3 3 (1) As of March 31, 2021 and December 31, 2020, operating lease right-of-use assets, net included $3.7 billion related to the Bellagio lease for each of the respective periods, and $4.0 billion related to the Mandalay Bay and MGM Grand lease for each of the respective periods. (2) As of March 31, 2021 and December 31, 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.1 billion related to the Mandalay Bay and MGM Grand lease for each of the respective periods. |
Schedule of Cash Paid for Amounts Included in Measurement of Lease Liabilities and ROU Assets Obtained in Exchange for New Lease Liabilities | March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities (In thousands) Operating cash outflows from operating leases $ 154,504 $ 122,906 Operating cash outflows from finance leases 1,456 1,722 Financing cash outflows from finance leases (1) 19,269 11,040 ROU assets obtained in exchange for new lease liabilities Operating leases $ — $ 4,121,442 Finance leases — 167,089 (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, 2021 (In thousands) 2021 (excluding the three months ended March 31, 2021) $ 458,381 $ 62,116 2022 616,243 72,521 2023 625,359 63,714 2024 635,750 1,030 2025 644,801 515 Thereafter 19,801,045 — Total future minimum lease payments 22,781,579 199,896 Less: Amount of lease payments representing interest (14,359,526 ) (6,809 ) Present value of future minimum lease payments 8,422,053 193,087 Less: Current portion (29,837 ) (76,496 ) Long-term portion of lease liabilities $ 8,392,216 $ 116,591 |
Income Per Share of Common St_2
Income Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding | The table below reconciles basic and diluted income per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan. Three Months Ended March 31, 2021 2020 (In thousands) Numerator: Net income (loss) attributable to MGM Resorts International $ (331,829 ) $ 806,869 Adjustment related to redeemable noncontrolling interests (9,428 ) 8,070 Net income (loss) available to common stockholders – basic and diluted $ (341,257 ) $ 814,939 Denominator: Weighted-average common shares outstanding – basic 494,864 495,415 Potential dilution from share-based awards — 1,569 Weighted-average common and common equivalent shares – diluted 494,864 496,984 Antidilutive share-based awards excluded from the calculation of diluted earnings per share 8,484 3,876 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Cash Flow Adjustments Hedges Other Total (In thousands) Balances, January 1, 2021 $ 12,964 $ (55,357 ) $ 11,716 $ (30,677 ) Other comprehensive income (loss) before reclassifications (13,022 ) 10,680 — (2,342 ) Amounts reclassified from accumulated other comprehensive loss to interest expense — 4,618 — 4,618 Other comprehensive income (loss), net of tax (13,022 ) 15,298 — 2,276 Other changes in accumulated other comprehensive income (loss): MGP Class A share issuance — — 2,868 2,868 Redemption of Operating Partnership units — — 5,327 5,327 Other — — (2,482 ) (2,482 ) Changes in accumulated other comprehensive income (loss): (13,022 ) 15,298 5,713 7,989 Other comprehensive loss (income) attributable to noncontrolling interest 5,669 (8,199 ) — (2,530 ) Balances, March 31, 2021 $ 5,611 $ (48,258 ) $ 17,429 $ (25,218 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present the Company’s segment information: Three Months Ended March 31, 2021 2020 (In thousands) Net revenue Las Vegas Strip Resorts Casino $ 232,094 $ 274,673 Rooms 144,329 362,864 Food and beverage 90,419 288,763 Entertainment, retail and other 78,122 207,506 544,964 1,133,806 Regional Operations Casino 596,655 536,630 Rooms 40,579 55,879 Food and beverage 50,364 95,092 Entertainment, retail and other 23,753 38,059 711,351 725,660 MGM China Casino 261,604 240,414 Rooms 13,512 15,209 Food and beverage 16,629 12,780 Entertainment, retail and other 4,609 3,484 296,354 271,887 Reportable segment net revenues 1,552,669 2,131,353 Corporate and other 95,078 121,464 $ 1,647,747 $ 2,252,817 Adjusted Property EBITDAR Las Vegas Strip Resorts $ 108,119 $ 267,599 Regional Operations 241,982 151,720 MGM China 4,775 (21,990 ) Reportable segment Adjusted Property EBITDAR 354,876 397,329 Other operating income (expense) Corporate and other, net (136,991 ) (102,237 ) Preopening and start-up expenses (5 ) (122 ) Property transactions, net (26,071 ) (54,975 ) Gain on REIT transactions, net — 1,491,945 Depreciation and amortization (290,551 ) (318,290 ) CEO transition expense — (44,401 ) Triple-net operating lease and ground lease rent expense (189,620 ) (141,918 ) Income from unconsolidated affiliates related to real estate ventures 41,672 23,514 Operating income (loss) (246,690 ) 1,250,845 Non-operating income (expense) Interest expense, net of amounts capitalized (195,295 ) (157,137 ) Non-operating items from unconsolidated affiliates (20,836 ) (32,621 ) Other, net 32,185 (124,264 ) (183,946 ) (314,022 ) Income (loss) before income taxes (430,636 ) 936,823 Benefit (provision) for income taxes 94,698 (262,304 ) Net income (loss) (335,938 ) 674,519 Less: Net loss attributable to noncontrolling interests 4,109 132,350 Net income (loss) attributable to MGM Resorts International $ (331,829 ) $ 806,869 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2021PropertySegment | Dec. 31, 2020 | |
Organization Disclosure [Line Items] | ||
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% | 50.00% |
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member] | ||
Organization Disclosure [Line Items] | ||
Percentage ownership interest | 50.00% | |
Entain plc [Member] | BetMGM LLC [Member] | ||
Organization Disclosure [Line Items] | ||
Percentage ownership interest | 50.00% | |
Bellagio BREIT Venture [Member] | ||
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% | |
Subsidiary of Blackstone Real Estate Income Trust [Member] | Bellagio BREIT Venture [Member] | ||
Organization Disclosure [Line Items] | ||
Percentage of ownership interest | 95.00% | |
MGM China [Member] | ||
Organization Disclosure [Line Items] | ||
Percentage ownership interest | 56.00% | |
Number of integrated casino | Property | 2 | |
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 | 42.10% | |
Percentage of minority interest | 57.90% |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Total assets | $ 37,330,767 | $ 36,494,934 | |
Investments in and advances to unconsolidated affiliates | $ 1,439,454 | $ 1,447,043 | |
Percentage of ownership interest | 100.00% | ||
Food and Beverage Revenue [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Lease revenue | $ 4,000 | $ 10,000 | |
Entertainment Retail and Other Revenue [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Lease revenue | $ 16,000 | $ 19,000 | |
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 | ||
MGM Growth Properties LLC [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Total assets | 10,100,000 | ||
Total liabilities | $ 5,000,000 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - Related Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Outstanding Chip Liability [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | $ 212,671 | $ 314,570 |
Balance at March 31 | 170,040 | 301,333 |
Increase / (decrease) | (42,631) | (13,237) |
Loyalty Program [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 139,756 | 126,966 |
Balance at March 31 | 133,047 | 128,650 |
Increase / (decrease) | (6,709) | 1,684 |
Customer Advances and Other [Member] | ||
Contract And Contract Related Liabilities [Line Items] | ||
Balance at January 1 | 382,287 | 481,095 |
Balance at March 31 | 407,372 | 371,479 |
Increase / (decrease) | $ 25,085 | $ (109,616) |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 1,439,454 | $ 1,447,043 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 432,781 | 441,893 |
MGP BREIT Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 820,390 | 810,066 |
BetMGM [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | 43,054 | 27,310 |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated affiliates | $ 143,229 | $ 167,774 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail) | Mar. 31, 2021 | Dec. 31, 2020 |
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% |
BetMGM [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percentage ownership interest | 50.00% | 50.00% |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income (Loss) From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Income (loss) from unconsolidated affiliates | $ (25,579) | $ 35,748 |
Non-operating items from unconsolidated affiliates | (20,836) | (32,621) |
Net income from unconsolidated affiliates | $ (46,415) | $ 3,127 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||
Income (loss) from unconsolidated affiliates | $ (25,579) | $ 35,748 |
CityCenter Holdings LLC As Investee [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Income (loss) from unconsolidated affiliates | (2,831) | 20,666 |
MGP BREIT Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Income (loss) from unconsolidated affiliates | 38,962 | 19,950 |
BetMGM [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Income (loss) from unconsolidated affiliates | (59,236) | (10,677) |
Other [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Income (loss) from unconsolidated affiliates | $ (2,474) | $ 5,809 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||
Distributions from unconsolidated affiliates | $ 0 | $ 426 |
MGP BREIT Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Distributions from unconsolidated affiliates | 15,000 | 12,000 |
BetMGM [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Contributions to unconsolidated affiliates | $ 75,000 | $ 20,000 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt, Gross | $ 13,353,975 | $ 12,480,586 |
Less: Premiums, discounts, and unamortized debt issuance costs, net | (108,527) | (103,902) |
Long-term debt | 13,245,448 | 12,376,684 |
Operating Partnership Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 500 | 10,000 |
MGM China First Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, Gross | 902,923 | 770,034 |
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 | 750,000 |
5.75% senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 675,000 | 675,000 |
4.625% Operating Partnership senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 800,000 | 800,000 |
5.25% MGM China senior notes, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
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 | 400,000 |
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 | 675,000 |
4.75% MGM China senior notes, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 0 |
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 | 750,000 |
3.875% Operating Partnership senior notes, due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | 750,000 |
7% debentures, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 552 | $ 552 |
Long-Term Debt - Schedule of _2
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
7.75% senior notes, due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (as a percent) | 7.75% | 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% | 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% | 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 | |
6.75% senior notes, due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (as a percent) | 6.75% | 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% | 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% | 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% | 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 | |
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% | 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 | |
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 | |
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 | |
4.75% MGM China senior notes, due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | |
Long-term debt, maturity year | 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% | 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% | 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% | 3.875% | 3.875% |
Long-term debt, maturity year | 2029 | 2029 | |
7% debentures, due 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, interest rate (as a percent) | 7.00% | 7.00% | 7.00% |
Long-term debt, maturity year | 2036 | 2036 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 13,353,975,000 | $ 13,353,975,000 | $ 12,480,586,000 | ||
Fair value of interest rate swaps designated as cash flow hedges recorded as liability | 29,000,000 | 29,000,000 | 41,000,000 | ||
Fair value of interest rate swaps designated as cash flow hedges recorded as current liability | 5,000,000 | 5,000,000 | 1,000,000 | ||
Fair value of interest rate swaps designated as cash flow hedges recorded as long-term liability | 24,000,000 | 24,000,000 | 40,000,000 | ||
Fair value of interest rate swaps not designated as cash flow hedges recorded as liability | 43,000,000 | 43,000,000 | 78,000,000 | ||
Fair value of interest rate swaps not designated as cash flow hedges recorded as current liability | 24,000,000 | 24,000,000 | 31,000,000 | ||
Fair value of interest rate swaps not designated as cash flow hedges recorded as long-term liability | 19,000,000 | 19,000,000 | 47,000,000 | ||
Long-term debt, fair value | $ 14,000,000,000 | $ 14,000,000,000 | $ 13,200,000,000 | ||
4.75% MGM China senior notes, due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, maturity year | 2027 | 2027 | |||
Long-term debt, principal amount | $ 750,000,000 | $ 750,000,000 | |||
Long-term debt, interest rate (as a percent) | 4.75% | 4.75% | |||
Long term debt, issued price percentage | 99.97% | ||||
Operating Partnership Senior Credit Facility [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 900,000,000 | $ 900,000,000 | |||
Operating Partnership Senior Credit Facility [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 1,900,000,000 | $ 1,900,000,000 | |||
Weighted Average fixed interest rate | 1.821% | 1.821% | |||
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility drawn | $ 1,000,000,000 | $ 1,000,000,000 | |||
Credit facility amount | $ 1,350,000,000 | $ 1,350,000,000 | |||
Debt instrument, interest rate | 4.00% | 4.00% | |||
Unsecured Revolving Credit Facility [Member | MGM China First Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 1,250,000,000 | $ 1,250,000,000 | |||
Unsecured Revolving Credit Facility [Member | MGM China Second Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | 500,000,000 | 500,000,000 | |||
Line of credit facility drawn | 0 | 0 | |||
Line of credit facility, current borrowing capacity | 400,000,000 | 400,000,000 | $ 400,000,000 | ||
Term Loan [Member] | MGM China First Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility drawn | $ 903,000,000 | $ 903,000,000 | |||
Debt instrument, weighted average interest rate | 2.88% | 2.88% | |||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 1,500,000,000 | $ 1,500,000,000 | |||
Line of credit facility drawn | $ 0 | $ 0 | |||
Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Increase the liquidity level including unrestricted cash, cash equivalents | $ 1,000,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||
Effective income tax rate | (22.00%) | 28.00% |
Marina District Development Company, LLC [Member] | ||
Income Tax Disclosure [Line Items] | ||
Unrecognized tax benefits reversed | $ 10,000,000 | |
Reversal of unrecognized tax benefits reasonably possible | $ 20,000,000 | |
MGM Grand Paradise SA [Member] | ||
Income Tax Disclosure [Line Items] | ||
Complementary tax rate on distributions of gaming profits (as a percent) | 12.00% | |
Accrued amount | $ 0 | |
Macau [Member] | ||
Income Tax Disclosure [Line Items] | ||
Decrease in foreign tax credit carry forward valuation allowance | $ 3,000,000 | |
Special gaming tax rate | 35.00% |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Mar. 01, 2021USD ($) | Dec. 01, 2020USD ($) | Mar. 31, 2021Renewal_period |
Blackstone Real Estate Income Trust [Member] | Las Vegas Strip Resorts [Member] | Bellagio BREIT Venture [Member] | |||
Leases [Line Items] | |||
Lease agreement initial lease term | 30 years | ||
Lease, initial annual rent, beginning period | Nov. 15, 2019 | ||
Number of renewal periods, exercisable at option | Renewal_period | 2 | ||
Lease agreement renewal period | 10 years | ||
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% | ||
Annual rent | $ | $ 250 | ||
MGP BREIT Venture [Member] | Mandalay Bay and MGM Grand Las Vegas [Member] | |||
Leases [Line Items] | |||
Lease agreement initial lease term | 30 years | ||
Lease, initial annual rent, beginning period | Feb. 14, 2020 | ||
Number of renewal periods, exercisable at option | Renewal_period | 2 | ||
Lease agreement renewal period | 10 years | ||
Annual rent | $ | $ 298 | ||
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% |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost, primarily classified within "General and administrative" | $ 198,991 | $ 152,536 |
Interest expense | (656) | (952) |
Amortization expense | 17,814 | 17,406 |
Total finance lease costs | $ 17,158 | $ 16,454 |
Leases - Schedule of Componen_2
Leases - Schedule of Components of Lease Costs (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Line Items] | ||
Operating lease cost | $ 198,991 | $ 152,536 |
Bellagio BREIT Venture [Member] | ||
Leases [Line Items] | ||
Operating lease cost | 83,000 | 83,000 |
Mandalay Bay and MGM Grand Las Vegas [Member] | ||
Leases [Line Items] | ||
Operating lease cost | $ 99,000 | $ 51,000 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating leases | ||
Operating lease right-of-use assets, net | $ 8,240,897 | $ 8,286,694 |
Operating lease liabilities - current, classified within "Other accrued liabilities" | $ 29,837 | $ 31,843 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Operating lease liabilities - long-term | $ 8,392,216 | $ 8,390,117 |
Total operating lease liabilities | 8,422,053 | 8,421,960 |
Finance leases | ||
Finance lease right-of-use assets, net classified within "Property and equipment, net" | $ 183,155 | $ 200,980 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | Property and equipment, net |
Finance lease liabilities - current, classified within "Other accrued liabilities" | $ 76,496 | $ 80,193 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Finance lease liabilities - long-term, classified within "Other long-term obligations" | $ 116,591 | $ 134,287 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term obligations | Other long-term obligations |
Total finance lease liabilities | $ 193,087 | $ 214,480 |
Weighted-average remaining lease term (years) | ||
Operating leases | 30 years | 30 years |
Finance leases | 3 years | 3 years |
Weighted-average discount rate (%) | ||
Operating leases | 8.00% | 8.00% |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Line Items] | ||
Operating lease right-of-use assets, net | $ 8,240,897 | $ 8,286,694 |
Operating lease liabilities - long-term | 8,392,216 | 8,390,117 |
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 | 3,800,000 |
Mandalay Bay and MGM Grand Las Vegas [Member] | ||
Leases [Line Items] | ||
Operating lease right-of-use assets, net | 4,000,000 | 4,000,000 |
Operating lease liabilities - long-term | $ 4,100,000 | $ 4,100,000 |
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 | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 154,504 | $ 122,906 |
Operating cash outflows from finance leases | 1,456 | 1,722 |
Financing cash outflows from finance leases | 19,269 | 11,040 |
ROU assets obtained in exchange for new lease liabilities | ||
Operating leases | 0 | 4,121,442 |
Finance leases | $ 0 | $ 167,089 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (excluding the three months ended March 31, 2021) | $ 458,381 | |
Operating Leases, 2022 | 616,243 | |
Operating Leases, 2023 | 625,359 | |
Operating Leases, 2024 | 635,750 | |
Operating Leases, 2025 | 644,801 | |
Operating Leases, Thereafter | 19,801,045 | |
Operating Leases, Total future minimum lease payments | 22,781,579 | |
Operating Leases, Less: Amount of lease payments representing interest | (14,359,526) | |
Total operating lease liabilities | 8,422,053 | $ 8,421,960 |
Less: Current portion | (29,837) | (31,843) |
Operating lease liabilities | 8,392,216 | 8,390,117 |
2021 (excluding the three months ended March 31, 2021) | 62,116 | |
Finance Leases, 2022 | 72,521 | |
Finance Leases, 2023 | 63,714 | |
Finance Leases, 2024 | 1,030 | |
Finance Leases, 2025 | 515 | |
Finance Leases, Thereafter | 0 | |
Finance Leases, Total future minimum lease payments | 199,896 | |
Finance Leases, Less: Amount of lease payments representing interest | (6,809) | |
Total finance lease liabilities | 193,087 | 214,480 |
Less: Current portion | (76,496) | (80,193) |
Long-term portion of lease liabilities | $ 116,591 | $ 134,287 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | May 31, 2019 | |
Blackstone Real Estate Income Trust [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation amount | $ 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% | |
MGP Senior Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility outstanding | $ 0 | |
Senior Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility outstanding | 30,000,000 | |
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 | |
MGM Grand Paradise SA [Member] | Extension Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation amount | $ 102,000,000 | |
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 $102 million (when giving effect to foreign currency exchange rate fluctuations) to the government of Macau in May 2019 to warrant the fulfillment of an existing commitment of labor liabilities upon the expiration of the gaming subconcession in June 2022. |
Income Per Share of Common St_3
Income Per Share of Common Stock - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net income (loss) attributable to MGM Resorts International | $ (331,829) | $ 806,869 |
Adjustment related to redeemable noncontrolling interests | (9,428) | 8,070 |
Net income (loss) available to common stockholders – basic and diluted | $ (341,257) | $ 814,939 |
Denominator: | ||
Weighted-average common shares outstanding – basic | 494,864 | 495,415 |
Potential dilution from share-based awards | 0 | 1,569 |
Weighted-average common and common equivalent shares – diluted | 494,864 | 496,984 |
Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 8,484 | 3,876 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | Apr. 28, 2021 | Mar. 15, 2021 | May 03, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 29, 2020 | May 31, 2018 |
Stockholders Equity Note [Line Items] | ||||||||
Cash proceeds for redemption | $ 50,828,000 | |||||||
Common stock repurchases, value | 119,269,000 | $ 353,720,000 | ||||||
Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Cash proceeds for redemption | $ 0 | |||||||
Common stock repurchases, Shares | 3,150 | 10,861 | ||||||
Common stock repurchases, value | $ 31,000 | $ 109,000 | ||||||
Share Repurchase Program [Member] | Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Authorized amount of stock repurchase | $ 2,000,000,000 | |||||||
Share Repurchase Program Two [Member] | Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Authorized amount of stock repurchase | $ 3,000,000,000 | |||||||
Repurchase of common stock, remaining amount | $ 2,900,000,000 | $ 2,900,000,000 | ||||||
Share Repurchase Program [Member] | Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Common stock repurchases, Shares | 3,000 | 11,000 | ||||||
Stock repurchased, average price per share | $ 37.87 | $ 32.57 | ||||||
Common stock repurchases, value | $ 119,000,000 | $ 354,000,000 | ||||||
Subsequent Event [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Dividend declared date | Apr. 28, 2021 | |||||||
Dividends declared per share | $ 0.0025 | |||||||
Dividend paid date | Jun. 15, 2021 | |||||||
Dividend record date | Jun. 10, 2021 | |||||||
Subsequent Event [Member] | Share Repurchase Program [Member] | Common Stock [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Common stock repurchases, Shares | 1,000 | |||||||
Stock repurchased, average price per share | $ 39.10 | |||||||
Common stock repurchases, value | $ 56,000,000 | |||||||
MGM Growth Properties LLC [Member] | Operating Partnership [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
Partnership interest | 42.10% | 42.10% | 42.10% | |||||
Operating partnership units, redeemed | 37,000 | |||||||
Operating partnership units, redeemed for cash | 15,000 | |||||||
Operating partnership units, redeemed for Class A offering | 22,000 | |||||||
Cash proceeds for redemption | $ 1,200,000,000 | |||||||
MGM Growth Properties LLC [Member] | Class A shares [Member] | ||||||||
Stockholders Equity Note [Line Items] | ||||||||
New issuance of shares | 22,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | $ 11,179,908 | $ 12,662,919 |
Other comprehensive income (loss) | 2,276 | (54,750) |
Other changes in accumulated other comprehensive income (loss): | ||
Ending Balance | 11,232,519 | 13,332,001 |
MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | ||
Other changes in accumulated other comprehensive income (loss): | ||
Share issuance | 647,754 | $ 507,551 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 12,964 | |
Other comprehensive income (loss) before reclassifications | (13,022) | |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | |
Other comprehensive income (loss) | (13,022) | |
Other changes in accumulated other comprehensive income (loss): | ||
Redemption of Operating Partnership units | 0 | |
Other | 0 | |
Changes in accumulated other comprehensive income (loss): | (13,022) | |
Other comprehensive loss (income) attributable to noncontrolling interest | 5,669 | |
Ending Balance | 5,611 | |
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 income (loss): | ||
Share issuance | 0 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (55,357) | |
Other comprehensive income (loss) before reclassifications | 10,680 | |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 4,618 | |
Other comprehensive income (loss) | 15,298 | |
Other changes in accumulated other comprehensive income (loss): | ||
Redemption of Operating Partnership units | 0 | |
Other | 0 | |
Changes in accumulated other comprehensive income (loss): | 15,298 | |
Other comprehensive loss (income) attributable to noncontrolling interest | (8,199) | |
Ending Balance | (48,258) | |
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 income (loss): | ||
Share issuance | 0 | |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | 11,716 | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 0 | |
Other comprehensive income (loss) | 0 | |
Other changes in accumulated other comprehensive income (loss): | ||
Redemption of Operating Partnership units | 5,327 | |
Other | (2,482) | |
Changes in accumulated other comprehensive income (loss): | 5,713 | |
Other comprehensive loss (income) attributable to noncontrolling interest | 0 | |
Ending Balance | 17,429 | |
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | ||
Other changes in accumulated other comprehensive income (loss): | ||
Share issuance | 2,868 | |
AOCI Including Portion Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning Balance | (30,677) | |
Other comprehensive income (loss) before reclassifications | (2,342) | |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 4,618 | |
Other comprehensive income (loss) | 2,276 | |
Other changes in accumulated other comprehensive income (loss): | ||
Redemption of Operating Partnership units | 5,327 | |
Other | (2,482) | |
Changes in accumulated other comprehensive income (loss): | 7,989 | |
Other comprehensive loss (income) attributable to noncontrolling interest | (2,530) | |
Ending Balance | (25,218) | |
AOCI Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member] | ||
Other changes in accumulated other comprehensive income (loss): | ||
Share issuance | $ 2,868 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Revenues | $ 1,647,747 | $ 2,252,817 |
Other operating income (expense) | ||
Preopening and start-up expenses | (5) | (122) |
Property transactions, net | (26,071) | (54,975) |
Gain on REIT transactions, net | 0 | 1,491,945 |
Depreciation and amortization | (290,551) | (318,290) |
Triple-net operating lease and ground lease rent expense | (189,620) | (141,918) |
Income from unconsolidated affiliates related to real estate ventures | 41,672 | 23,514 |
Operating income (loss) | (246,690) | 1,250,845 |
Non-operating income (expense) | ||
Interest expense, net of amounts capitalized | (195,295) | (157,137) |
Non-operating items from unconsolidated affiliates | (20,836) | (32,621) |
Other, net | 32,185 | (124,264) |
Total non-operating income (expense) | (183,946) | (314,022) |
Income (loss) before income taxes | (430,636) | 936,823 |
Benefit (provision) for income taxes | 94,698 | (262,304) |
Net income (loss) | (335,938) | 674,519 |
Less: Net loss attributable to noncontrolling interests | 4,109 | 132,350 |
Net income (loss) attributable to MGM Resorts International | (331,829) | 806,869 |
Chief Executive Officer [Member] | ||
Other operating income (expense) | ||
CEO transition expense | 0 | (44,401) |
Reportable segments [Member] | ||
Revenues | ||
Revenues | 1,552,669 | 2,131,353 |
Adjusted Property EBITDAR | 354,876 | 397,329 |
Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 544,964 | 1,133,806 |
Adjusted Property EBITDAR | 108,119 | 267,599 |
Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 711,351 | 725,660 |
Adjusted Property EBITDAR | 241,982 | 151,720 |
Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 296,354 | 271,887 |
Adjusted Property EBITDAR | 4,775 | (21,990) |
Corporate and other [Member] | ||
Revenues | ||
Revenues | 95,078 | 121,464 |
Other operating income (expense) | ||
Corporate and other, net | (136,991) | (102,237) |
Casino [Member] | ||
Revenues | ||
Revenues | 1,098,633 | 1,054,026 |
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 232,094 | 274,673 |
Casino [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 596,655 | 536,630 |
Casino [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 261,604 | 240,414 |
Rooms [Member] | ||
Revenues | ||
Revenues | 198,419 | 433,951 |
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 144,329 | 362,864 |
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 40,579 | 55,879 |
Rooms [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 13,512 | 15,209 |
Food and Beverage [Member] | ||
Revenues | ||
Revenues | 157,412 | 396,709 |
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 90,419 | 288,763 |
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 50,364 | 95,092 |
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | 16,629 | 12,780 |
Entertainment, Retail and Other [Member] | ||
Revenues | ||
Revenues | 135,222 | 269,945 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member] | ||
Revenues | ||
Revenues | 78,122 | 207,506 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member] | ||
Revenues | ||
Revenues | 23,753 | 38,059 |
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member] | ||
Revenues | ||
Revenues | $ 4,609 | $ 3,484 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | Apr. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 15, 2021 |
Related Party Transaction [Line Items] | |||||
Cash proceeds for redemption | $ 50,828 | ||||
Real Estate Assets and Leases [Member] | Blackstone Real Estate Income Trust [Member] | Bellagio BREIT Venture [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership interest | 5.00% | 5.00% | 5.00% | ||
MGP [Member] | Blackstone Real Estate Income Trust [Member] | Lease Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership interest | 50.10% | 50.10% | 50.10% | ||
MGM Growth Properties LLC [Member] | Operating Partnership [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating partnership units, redeemed | 37 | ||||
Cash proceeds for redemption | $ 1,200,000 | ||||
Ownership interest | 42.10% | 42.10% | 42.10% | 42.10% | |
Master Lease [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual rent payments under master lease of properties | $ 828,000 | ||||
Master Lease [Member] | Subsequent Event [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual rent payments under master lease of properties | $ 843,000 | ||||
Fixed annual rent escalator percentage | 2.00% |