| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Delaware | 88-0215232 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common stock (Par Value $0.01) | MGM | New York Stock Exchange (NYSE) | ||||||
| Large Accelerated Filer | ☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
| Emerging growth company | ☐ | ||||||||||
| Class | Outstanding at August 1, 2022 | |||||||
| Common Stock, $0.01 par value | 393,102,147 shares | |||||||
| Page | ||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 5,784,173 | $ | 4,703,059 | |||||||
| Restricted cash | — | 500,000 | |||||||||
| Accounts receivable, net | 668,919 | 583,915 | |||||||||
| Inventories | 115,100 | 96,374 | |||||||||
| Income tax receivable | 232,621 | 273,862 | |||||||||
| Prepaid expenses and other | 337,701 | 258,972 | |||||||||
| Assets held for sale | 2,028,267 | — | |||||||||
| Total current assets | 9,166,781 | 6,416,182 | |||||||||
| Property and equipment, net | 5,027,668 | 14,435,493 | |||||||||
| Other assets | |||||||||||
| Investments in and advances to unconsolidated affiliates | 155,600 | 967,044 | |||||||||
| Goodwill | 4,705,842 | 3,480,997 | |||||||||
| Other intangible assets, net | 3,598,127 | 3,616,385 | |||||||||
| Operating lease right-of-use assets, net | 24,773,652 | 11,492,805 | |||||||||
| Other long-term assets, net | 1,004,468 | 490,210 | |||||||||
| Total other assets | 34,237,689 | 20,047,441 | |||||||||
| $ | 48,432,138 | $ | 40,899,116 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 359,258 | $ | 263,097 | |||||||
| Construction payable | 21,029 | 23,099 | |||||||||
| Current portion of long-term debt | 1,250,000 | 1,000,000 | |||||||||
| Accrued interest on long-term debt | 82,214 | 172,624 | |||||||||
| Other accrued liabilities | 1,874,659 | 1,983,444 | |||||||||
| Liabilities related to assets held for sale | 1,957,420 | — | |||||||||
| Total current liabilities | 5,544,580 | 3,442,264 | |||||||||
| Deferred income taxes, net | 2,983,457 | 2,439,364 | |||||||||
| Long-term debt, net | 7,107,155 | 11,770,797 | |||||||||
| Operating lease liabilities | 25,135,947 | 11,802,464 | |||||||||
| Other long-term obligations | 320,407 | 319,914 | |||||||||
| Commitments and contingencies (Note 10) | |||||||||||
| Redeemable noncontrolling interests | 142,909 | 147,547 | |||||||||
| Stockholders’ equity | |||||||||||
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 398,418,158 and 453,803,759 shares | 3,984 | 4,538 | |||||||||
| Capital in excess of par value | — | 1,750,135 | |||||||||
| Retained earnings | 5,746,532 | 4,340,588 | |||||||||
| Accumulated other comprehensive loss | (16,942) | (24,616) | |||||||||
| Total MGM Resorts International stockholders’ equity | 5,733,574 | 6,070,645 | |||||||||
| Noncontrolling interests | 1,464,109 | 4,906,121 | |||||||||
| Total stockholders’ equity | 7,197,683 | 10,976,766 | |||||||||
| $ | 48,432,138 | $ | 40,899,116 | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Casino | $ | 1,357,134 | $ | 1,336,124 | $ | 2,778,044 | $ | 2,434,757 | |||||||||||||||
| Rooms | 774,732 | 365,028 | 1,331,805 | 563,447 | |||||||||||||||||||
| Food and beverage | 677,756 | 302,666 | 1,170,610 | 460,078 | |||||||||||||||||||
| Entertainment, retail and other | 445,342 | 189,011 | 816,908 | 324,233 | |||||||||||||||||||
| Reimbursed costs | 9,924 | 75,133 | 21,830 | 133,194 | |||||||||||||||||||
| 3,264,888 | 2,267,962 | 6,119,197 | 3,915,709 | ||||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Casino | 622,166 | 616,903 | 1,296,531 | 1,168,808 | |||||||||||||||||||
| Rooms | 232,429 | 137,287 | 428,542 | 241,500 | |||||||||||||||||||
| Food and beverage | 480,121 | 214,159 | 848,783 | 349,386 | |||||||||||||||||||
| Entertainment, retail and other | 265,184 | 102,170 | 483,933 | 180,551 | |||||||||||||||||||
| Reimbursed costs | 9,924 | 75,133 | 21,830 | 133,194 | |||||||||||||||||||
| General and administrative | 1,028,765 | 590,209 | 1,805,602 | 1,136,616 | |||||||||||||||||||
| Corporate expense | 119,610 | 96,870 | 230,851 | 174,907 | |||||||||||||||||||
| Preopening and start-up expenses | 542 | 90 | 976 | 95 | |||||||||||||||||||
| Property transactions, net | (19,395) | (28,906) | 35,343 | (2,835) | |||||||||||||||||||
| Gain on REIT transactions, net | (2,277,747) | — | (2,277,747) | — | |||||||||||||||||||
| Depreciation and amortization | 366,255 | 283,625 | 654,893 | 574,176 | |||||||||||||||||||
| 827,854 | 2,087,540 | 3,529,537 | 3,956,398 | ||||||||||||||||||||
| Income (loss) from unconsolidated affiliates | (55,583) | 83,338 | (102,421) | 57,759 | |||||||||||||||||||
| Operating income | 2,381,451 | 263,760 | 2,487,239 | 17,070 | |||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (136,559) | (202,772) | (332,650) | (398,067) | |||||||||||||||||||
| Non-operating items from unconsolidated affiliates | (6,120) | (23,216) | (21,253) | (44,052) | |||||||||||||||||||
| Other, net | (43,308) | 87,358 | (9,006) | 119,543 | |||||||||||||||||||
| (185,987) | (138,630) | (362,909) | (322,576) | ||||||||||||||||||||
| Income (loss) before income taxes | 2,195,464 | 125,130 | 2,124,330 | (305,506) | |||||||||||||||||||
| Benefit (provision) for income taxes | (572,839) | (34,826) | (536,498) | 59,872 | |||||||||||||||||||
| Net income (loss) | 1,622,625 | 90,304 | 1,587,832 | (245,634) | |||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | 161,312 | 14,449 | 178,089 | 18,558 | |||||||||||||||||||
| Net income (loss) attributable to MGM Resorts International | $ | 1,783,937 | $ | 104,753 | $ | 1,765,921 | $ | (227,076) | |||||||||||||||
| Earnings (loss) per share | |||||||||||||||||||||||
| Basic | $ | 4.24 | $ | 0.14 | $ | 4.06 | $ | (0.56) | |||||||||||||||
| Diluted | $ | 4.20 | $ | 0.14 | $ | 4.02 | $ | (0.56) | |||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||
| Basic | 417,393 | 489,459 | 430,084 | 491,785 | |||||||||||||||||||
| Diluted | 421,303 | 495,302 | 434,336 | 491,785 | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Net income (loss) | $ | 1,622,625 | $ | 90,304 | $ | 1,587,832 | $ | (245,634) | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Foreign currency translation adjustment | (9,828) | 5,811 | (27,794) | (7,211) | |||||||||||||||||||
| Unrealized gain on cash flow hedges | 1,661 | 2,090 | 37,692 | 17,388 | |||||||||||||||||||
| Other comprehensive income (loss) | (8,167) | 7,901 | 9,898 | 10,177 | |||||||||||||||||||
| Comprehensive income (loss) | 1,614,458 | 98,205 | 1,597,730 | (235,457) | |||||||||||||||||||
| Less: Comprehensive loss attributable to noncontrolling interests | 163,460 | 10,213 | 164,781 | 11,792 | |||||||||||||||||||
| Comprehensive income (loss) attributable to MGM Resorts International | $ | 1,777,918 | $ | 108,418 | $ | 1,762,511 | $ | (223,665) | |||||||||||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) | $ | 1,587,832 | $ | (245,634) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 654,893 | 574,176 | |||||||||
| Amortization of debt discounts, premiums and issuance costs | 18,271 | 19,938 | |||||||||
| Loss on early retirement of debt | — | 37 | |||||||||
| Provision for credit losses | 292 | 3,724 | |||||||||
| Stock-based compensation | 38,723 | 27,407 | |||||||||
| Property transactions, net | 35,343 | (2,835) | |||||||||
| Gain on REIT transactions, net | (2,277,747) | — | |||||||||
| Noncash lease expense | 168,022 | 88,029 | |||||||||
| Other investment losses (gains) | 7,974 | (86,183) | |||||||||
| Loss (income) from unconsolidated affiliates | 123,674 | (13,707) | |||||||||
| Distributions from unconsolidated affiliates | 34,830 | 49,625 | |||||||||
| Deferred income taxes | 542,642 | (68,821) | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (48,176) | (138,153) | |||||||||
| Inventories | (13,419) | 9,267 | |||||||||
| Income taxes receivable and payable, net | 35,757 | 17,222 | |||||||||
| Prepaid expenses and other | 30,814 | (11,835) | |||||||||
| Accounts payable and accrued liabilities | (13,969) | 187,500 | |||||||||
| Other | 6,957 | (41,341) | |||||||||
| Net cash provided by operating activities | 932,713 | 368,416 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures | (236,844) | (183,392) | |||||||||
| Dispositions of property and equipment | 8,980 | 9,370 | |||||||||
| Investments in unconsolidated affiliates | (167,181) | (101,845) | |||||||||
| Proceeds from real estate transactions | 4,373,820 | — | |||||||||
| Acquisitions, net of cash acquired | (1,597,739) | — | |||||||||
| Distributions from unconsolidated affiliates | 925 | 803 | |||||||||
| Investments and other | (155,280) | 1,342 | |||||||||
| Net cash provided by (used in) investing activities | 2,226,681 | (273,722) | |||||||||
| Cash flows from financing activities | |||||||||||
| Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less | 837,662 | (551,600) | |||||||||
| Issuance of long-term debt | — | 749,775 | |||||||||
| Retirement of senior notes | (1,000,000) | — | |||||||||
| Debt issuance costs | (1,367) | (11,346) | |||||||||
| Issuance of MGM Growth Properties Class A shares, net | — | 792,569 | |||||||||
| Dividends paid to common shareholders | (2,111) | (2,457) | |||||||||
| Distributions to noncontrolling interest owners | (206,254) | (155,576) | |||||||||
| Purchases of common stock | (2,116,055) | (339,661) | |||||||||
| Other | (51,306) | (51,718) | |||||||||
| Net cash provided by (used in) financing activities | (2,539,431) | 429,986 | |||||||||
| Effect of exchange rate on cash, cash equivalents, and restricted cash | (1,617) | (85) | |||||||||
| Change in cash and cash equivalents classified as assets held for sale | (37,232) | — | |||||||||
| Cash, cash equivalents, and restricted cash | |||||||||||
| Net change for the period | 581,114 | 524,595 | |||||||||
| Balance, beginning of period | 5,203,059 | 5,101,637 | |||||||||
| Balance, end of period | $ | 5,784,173 | $ | 5,626,232 | |||||||
| Supplemental cash flow disclosures | |||||||||||
| Interest paid, net of amounts capitalized | $ | 329,621 | $ | 347,551 | |||||||
| Federal, state and foreign income taxes paid (refunds received), net | (32,736) | 1,898 | |||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Par Value | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Total MGM Resorts International Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
| Balances, April 1, 2022 | 430,562 | $ | 4,306 | $ | 761,559 | $ | 4,321,482 | $ | (22,007) | $ | 5,065,340 | $ | 4,814,284 | $ | 9,879,624 | ||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | 1,783,937 | — | 1,783,937 | (163,596) | 1,620,341 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | (6,709) | (6,709) | (3,119) | (9,828) | |||||||||||||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | — | 690 | 690 | 971 | 1,661 | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 12,075 | — | — | 12,075 | 3,304 | 15,379 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 225 | 2 | (5,406) | — | — | (5,404) | — | (5,404) | |||||||||||||||||||||||||||||||||||||||
| Cash distributions to noncontrolling interest owners | — | — | — | — | — | — | (2,448) | (2,448) | |||||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders ($0.0025 per share) | — | — | — | (1,021) | — | (1,021) | — | (1,021) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (32,369) | (324) | (755,893) | (357,866) | — | (1,114,083) | — | (1,114,083) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | (12,412) | — | — | (12,412) | — | (12,412) | |||||||||||||||||||||||||||||||||||||||
| Deconsolidation of MGP | — | — | — | — | 11,084 | 11,084 | (3,184,710) | (3,173,626) | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | 77 | — | — | 77 | (577) | (500) | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2022 | 398,418 | $ | 3,984 | $ | — | $ | 5,746,532 | $ | (16,942) | $ | 5,733,574 | $ | 1,464,109 | $ | 7,197,683 | ||||||||||||||||||||||||||||||||
| Balances, January 1, 2022 | 453,804 | $ | 4,538 | $ | 1,750,135 | $ | 4,340,588 | $ | (24,616) | $ | 6,070,645 | $ | 4,906,121 | $ | 10,976,766 | ||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | 1,765,921 | — | 1,765,921 | (182,642) | 1,583,279 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | (16,893) | (16,893) | (10,901) | (27,794) | |||||||||||||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | — | 13,483 | 13,483 | 24,209 | 37,692 | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 34,456 | — | — | 34,456 | 4,267 | 38,723 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 329 | 3 | (7,718) | — | — | (7,715) | — | (7,715) | |||||||||||||||||||||||||||||||||||||||
| Cash distributions to noncontrolling interest owners | — | — | — | — | — | — | (91,289) | (91,289) | |||||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders ($0.005 per share) | — | — | — | (2,111) | — | (2,111) | — | (2,111) | |||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock units | — | — | 1,941 | — | — | 1,941 | 186 | 2,127 | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (55,715) | (557) | (1,757,632) | (357,866) | — | (2,116,055) | — | (2,116,055) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | (21,398) | — | — | (21,398) | — | (21,398) | |||||||||||||||||||||||||||||||||||||||
| Deconsolidation of MGP | — | — | — | — | 11,084 | 11,084 | (3,184,710) | (3,173,626) | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | 216 | — | — | 216 | (1,132) | (916) | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2022 | 398,418 | $ | 3,984 | $ | — | $ | 5,746,532 | $ | (16,942) | $ | 5,733,574 | $ | 1,464,109 | $ | 7,197,683 | ||||||||||||||||||||||||||||||||
| Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Par Value | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Total MGM Resorts International Stockholders’ Equity | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
| Balances, April 1, 2021 | 491,874 | $ | 4,919 | $ | 3,569,186 | $ | 2,757,941 | $ | (25,218) | $ | 6,306,828 | $ | 4,925,691 | $ | 11,232,519 | ||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | 104,753 | — | 104,753 | (16,953) | 87,800 | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | 3,233 | 3,233 | 2,578 | 5,811 | |||||||||||||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | — | 432 | 432 | 1,658 | 2,090 | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 9,684 | — | — | 9,684 | 1,174 | 10,858 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 238 | 2 | (2,316) | — | — | (2,314) | — | (2,314) | |||||||||||||||||||||||||||||||||||||||
| Cash distributions to noncontrolling interest owners | — | — | — | — | — | — | (3,290) | (3,290) | |||||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders ($0.0025 per share) | — | — | — | (1,220) | — | (1,220) | — | (1,220) | |||||||||||||||||||||||||||||||||||||||
| MGP dividend payable to Class A shareholders | — | — | — | — | — | — | (80,673) | (80,673) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (5,582) | (56) | (220,336) | — | — | (220,392) | — | (220,392) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | (37,011) | — | — | (37,011) | — | (37,011) | |||||||||||||||||||||||||||||||||||||||
| MGP Class A share issuances | — | — | 16,752 | — | 371 | 17,123 | 94,387 | 111,510 | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (944) | — | 9 | (935) | (631) | (1,566) | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2021 | 486,530 | $ | 4,865 | $ | 3,335,015 | $ | 2,861,474 | $ | (21,173) | $ | 6,180,181 | $ | 4,923,941 | $ | 11,104,122 | ||||||||||||||||||||||||||||||||
| Balances, January 1, 2021 | 494,318 | $ | 4,943 | $ | 3,439,453 | $ | 3,091,007 | $ | (30,677) | $ | 6,504,726 | $ | 4,675,182 | $ | 11,179,908 | ||||||||||||||||||||||||||||||||
| Net loss | — | — | — | (227,076) | — | (227,076) | (23,207) | (250,283) | |||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | — | — | — | (4,120) | (4,120) | (3,091) | (7,211) | |||||||||||||||||||||||||||||||||||||||
| Cash flow hedges | — | — | — | — | 7,531 | 7,531 | 9,857 | 17,388 | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | 25,187 | — | — | 25,187 | 2,220 | 27,407 | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock pursuant to stock-based compensation awards | 944 | 9 | (11,667) | — | — | (11,658) | — | (11,658) | |||||||||||||||||||||||||||||||||||||||
| Cash distributions to noncontrolling interest owners | — | — | — | — | — | — | (82,297) | (82,297) | |||||||||||||||||||||||||||||||||||||||
Dividends declared and paid to common shareholders ($0.005 per share) | — | — | — | (2,457) | — | (2,457) | — | (2,457) | |||||||||||||||||||||||||||||||||||||||
| MGP dividend payable to Class A shareholders | — | — | — | — | — | — | (80,673) | (80,673) | |||||||||||||||||||||||||||||||||||||||
| Repurchases of common stock | (8,732) | (87) | (339,574) | — | — | (339,661) | — | (339,661) | |||||||||||||||||||||||||||||||||||||||
| Adjustment of redeemable noncontrolling interest to redemption value | — | — | (46,439) | — | — | (46,439) | — | (46,439) | |||||||||||||||||||||||||||||||||||||||
| MGP Class A share issuances | — | — | 99,894 | — | 3,239 | 103,133 | 656,131 | 759,264 | |||||||||||||||||||||||||||||||||||||||
| Redemption of Operating Partnership units | — | — | 171,332 | — | 5,327 | 176,659 | (227,487) | (50,828) | |||||||||||||||||||||||||||||||||||||||
| Other | — | — | (3,171) | — | (2,473) | (5,644) | (2,694) | (8,338) | |||||||||||||||||||||||||||||||||||||||
| Balances, June 30, 2021 | 486,530 | $ | 4,865 | $ | 3,335,015 | $ | 2,861,474 | $ | (21,173) | $ | 6,180,181 | $ | 4,923,941 | $ | 11,104,122 | ||||||||||||||||||||||||||||||||
| Outstanding Chip Liability | Loyalty Program | Customer Advances and Other | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| Balance at January 1 | $ | 176,219 | $ | 212,671 | $ | 144,465 | $ | 139,756 | $ | 640,001 | $ | 382,287 | |||||||||||||||||||||||
| Balance at June 30 | 165,564 | 144,975 | 160,752 | 136,659 | 704,404 | 513,971 | |||||||||||||||||||||||||||||
| Increase / (decrease) | $ | (10,655) | $ | (67,696) | $ | 16,287 | $ | (3,097) | $ | 64,403 | $ | 131,684 | |||||||||||||||||||||||
| Fair value of assets acquired and liabilities assumed: | |||||
| Cash and cash equivalents | $ | 80,670 | |||
| Receivables and other current assets | 98,006 | ||||
| Property and equipment | 122,419 | ||||
| Trademarks | 130,000 | ||||
| Customer lists | 95,000 | ||||
| Goodwill | 1,284,309 | ||||
| Operating lease right-of-use-assets, net | 3,404,894 | ||||
| Other long-term assets | 23,709 | ||||
| Accounts payable, accrued liabilities, and other current liabilities | (145,350) | ||||
| Operating lease liabilities | (3,401,815) | ||||
| Other long-term liabilities | (1,570) | ||||
| $ | 1,690,272 | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net revenues | $ | 3,422,277 | $ | 2,685,073 | $ | 6,542,015 | $ | 4,554,236 | |||||||||||||||
| Net income (loss) attributable to MGM Resorts International | 1,781,930 | 167,176 | 1,780,076 | (188,776) | |||||||||||||||||||
| The Mirage | Gold Strike Tunica | ||||||||||
| (In thousands) | |||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 17,989 | $ | 19,242 | |||||||
| Accounts receivable, net | 22,386 | 1,722 | |||||||||
| Inventories | 4,661 | 950 | |||||||||
| Prepaid expenses and other | 6,680 | 1,284 | |||||||||
| Property and equipment, net | 25,861 | 16,481 | |||||||||
| Goodwill | 10,249 | 40,523 | |||||||||
| Other intangible assets, net | 3,095 | 5,700 | |||||||||
| Operating lease right-of-use assets, net | 1,329,337 | 513,670 | |||||||||
| Other long-term assets, net | 7,024 | 1,413 | |||||||||
| Assets held for sale | $ | 1,427,282 | $ | 600,985 | |||||||
| Liabilities | |||||||||||
| Accounts payable | $ | 10,525 | $ | 5,335 | |||||||
| Other accrued liabilities | 66,421 | 17,826 | |||||||||
| Other long-term obligations | 8,248 | 3,508 | |||||||||
| Operating lease liabilities | 1,330,013 | 515,544 | |||||||||
| Liabilities related to assets held for sale | $ | 1,415,207 | $ | 542,213 | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| (In thousands) | |||||||||||
| Land | $ | 437,387 | $ | 4,082,842 | |||||||
| Buildings, building improvements and land improvements | 4,363,189 | 12,236,042 | |||||||||
| Furniture, fixtures and equipment | 4,231,243 | 5,722,565 | |||||||||
| Construction in progress | 456,394 | 421,445 | |||||||||
| 9,488,213 | 22,462,894 | ||||||||||
| Less: Accumulated depreciation | (4,647,475) | (8,179,310) | |||||||||
| Finance lease ROU assets, net | 186,930 | 151,909 | |||||||||
| $ | 5,027,668 | $ | 14,435,493 | ||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| (In thousands) | |||||||||||
VICI BREIT Venture (50.1% owned by the Operating Partnership through April 28, 2022) | $ | — | $ | 816,756 | |||||||
BetMGM (50%) | 27,625 | 41,060 | |||||||||
| Other | 127,975 | 109,228 | |||||||||
| $ | 155,600 | $ | 967,044 | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Income (loss) from unconsolidated affiliates | $ | (55,583) | $ | 83,338 | $ | (102,421) | $ | 57,759 | |||||||||||||||
| Non-operating items from unconsolidated affiliates | (6,120) | (23,216) | (21,253) | (44,052) | |||||||||||||||||||
| $ | (61,703) | $ | 60,122 | $ | (123,674) | $ | 13,707 | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| CityCenter | $ | — | $ | 90,212 | $ | — | $ | 87,380 | |||||||||||||||
| VICI BREIT Venture | 12,116 | 38,954 | 51,051 | 77,917 | |||||||||||||||||||
| BetMGM | (71,229) | (45,979) | (163,223) | (105,215) | |||||||||||||||||||
| Other | 3,530 | 151 | 9,751 | (2,323) | |||||||||||||||||||
| $ | (55,583) | $ | 83,338 | $ | (102,421) | $ | 57,759 | ||||||||||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| (In thousands) | ||||||||||||||
| Goodwill | $ | 4,705,842 | $ | 3,480,997 | ||||||||||
| Indefinite-lived intangible assets: | ||||||||||||||
| Detroit development rights | $ | 98,098 | $ | 98,098 | ||||||||||
| MGM Northfield Park and Empire City racing and gaming licenses | 280,000 | 280,000 | ||||||||||||
| Trademarks and other | 600,443 | 479,238 | ||||||||||||
| Total indefinite-lived intangible assets | 978,541 | 857,336 | ||||||||||||
| Finite-lived intangible assets: | ||||||||||||||
| MGM Grand Paradise gaming subconcession | 4,493,309 | 4,516,532 | ||||||||||||
| Less: Accumulated amortization | (2,065,163) | (1,865,219) | ||||||||||||
| 2,428,146 | 2,651,313 | |||||||||||||
| MGM National Harbor and MGM Springfield gaming licenses | 106,600 | 106,600 | ||||||||||||
| Less: Accumulated amortization | (29,762) | (26,209) | ||||||||||||
| 76,838 | 80,391 | |||||||||||||
| Other finite-lived intangible assets | 159,839 | 65,207 | ||||||||||||
| Less: Accumulated amortization | (45,237) | (37,862) | ||||||||||||
| 114,602 | 27,345 | |||||||||||||
| Total finite-lived intangible assets, net | 2,619,586 | 2,759,049 | ||||||||||||
| Total other intangible assets, net | $ | 3,598,127 | $ | 3,616,385 | ||||||||||
| 2022 | ||||||||||||||||||||||||||||||||
| Balance at January 1 | Acquisitions | Reclassifications | Currency exchange | Balance at June 30 | ||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||
| Goodwill, net by segment: | ||||||||||||||||||||||||||||||||
| Las Vegas Strip Resorts | $ | 1,427,790 | $ | 1,284,309 | $ | (10,249) | $ | — | $ | 2,701,850 | ||||||||||||||||||||||
| Regional Operations | 701,463 | — | (40,523) | — | 660,940 | |||||||||||||||||||||||||||
| MGM China | 1,351,744 | — | — | (8,692) | 1,343,052 | |||||||||||||||||||||||||||
| $ | 3,480,997 | $ | 1,284,309 | $ | (50,772) | $ | (8,692) | $ | 4,705,842 | |||||||||||||||||||||||
| 2021 | ||||||||||||||||||||||||||||||||
| Balance at January 1 | Acquisitions | Reclassifications | Currency exchange | Balance at December 31 | ||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||
| Goodwill, net by segment: | ||||||||||||||||||||||||||||||||
| Las Vegas Strip Resorts | $ | 30,452 | $ | 1,397,338 | $ | — | $ | — | $ | 1,427,790 | ||||||||||||||||||||||
| Regional Operations | 701,463 | — | — | — | 701,463 | |||||||||||||||||||||||||||
| MGM China | 1,359,363 | — | — | (7,619) | 1,351,744 | |||||||||||||||||||||||||||
| $ | 2,091,278 | $ | 1,397,338 | $ | — | $ | (7,619) | $ | 3,480,997 | |||||||||||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| (In thousands) | |||||||||||
| Operating Partnership senior secured credit facility | $ | — | $ | 50,000 | |||||||
| MGM China first revolving credit facility | 1,155,848 | 360,414 | |||||||||
7.75% senior notes, due 2022 | — | 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 | |||||||||
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 | |||||||||
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 | |||||||||
4.625% senior notes, due 2026 | 400,000 | 400,000 | |||||||||
5.75% Operating Partnership senior notes, due 2027 | — | 750,000 | |||||||||
5.5% senior notes, due 2027 | 675,000 | 675,000 | |||||||||
4.75% MGM China senior notes, due 2027 | 750,000 | 750,000 | |||||||||
4.5% Operating Partnership senior notes, due 2028 | — | 350,000 | |||||||||
4.75% senior notes, due 2028 | 750,000 | 750,000 | |||||||||
3.875% Operating Partnership senior notes, due 2029 | — | 750,000 | |||||||||
7% debentures, due 2036 | 552 | 552 | |||||||||
| 8,406,400 | 12,860,966 | ||||||||||
| Less: Premiums, discounts, and unamortized debt issuance costs, net | (49,245) | (90,169) | |||||||||
| 8,357,155 | 12,770,797 | ||||||||||
| Less: Current portion | (1,250,000) | (1,000,000) | |||||||||
| $ | 7,107,155 | $ | 11,770,797 | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 488,987 | $ | 198,963 | $ | 760,836 | $ | 397,954 | |||||||||||||||
| Finance lease costs | |||||||||||||||||||||||
Interest expense(2) | $ | 1,811 | $ | (396) | $ | 2,704 | $ | (1,052) | |||||||||||||||
| Amortization expense | 19,493 | 17,672 | 39,650 | 35,486 | |||||||||||||||||||
| Total finance lease costs | $ | 21,304 | $ | 17,276 | $ | 42,354 | $ | 34,434 | |||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Supplemental balance sheet information | (In thousands) | ||||||||||
| Operating leases | |||||||||||
Operating lease right-of-use assets, net(1) | $ | 24,773,652 | $ | 11,492,805 | |||||||
| $ | 46,143 | $ | 31,706 | ||||||||
Operating lease liabilities - long-term(2) | 25,135,947 | 11,802,464 | |||||||||
| Total operating lease liabilities | $ | 25,182,090 | $ | 11,834,170 | |||||||
| Finance leases | |||||||||||
| $ | 186,930 | $ | 151,909 | ||||||||
| $ | 73,034 | $ | 87,665 | ||||||||
| 121,758 | 75,560 | ||||||||||
| Total finance lease liabilities | $ | 194,792 | $ | 163,225 | |||||||
| Weighted-average remaining lease term (years) | |||||||||||
| Operating leases | 27 | 29 | |||||||||
| Finance leases | 12 | 2 | |||||||||
| Weighted-average discount rate (%) | |||||||||||
| Operating leases | 7 | 7 | |||||||||
| Finance leases | 5 | 3 | |||||||||
| Six Months Ended June 30, | |||||||||||
| 2022 | 2021 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | (In thousands) | ||||||||||
| Operating cash outflows from operating leases | $ | 588,690 | $ | 309,321 | |||||||
| Operating cash outflows from finance leases | 2,686 | 2,576 | |||||||||
Financing cash outflows from finance leases(1) | 43,628 | 35,194 | |||||||||
| ROU assets obtained in exchange for new lease liabilities | |||||||||||
| Operating leases | $ | 15,528,718 | $ | 1,651 | |||||||
| Finance leases | 87,840 | — | |||||||||
| Operating Leases | Finance Leases | ||||||||||
| Year ending December 31, | (In thousands) | ||||||||||
| 2022 (excluding the six months ended June 30, 2022) | $ | 882,530 | $ | 44,610 | |||||||
| 2023 | 1,792,609 | 72,205 | |||||||||
| 2024 | 1,822,890 | 8,752 | |||||||||
| 2025 | 1,853,797 | 8,250 | |||||||||
| 2026 | 1,882,773 | 7,016 | |||||||||
| Thereafter | 52,805,081 | 142,179 | |||||||||
| Total future minimum lease payments | 61,039,680 | 283,012 | |||||||||
| Less: Amount of lease payments representing interest | (35,857,590) | (88,220) | |||||||||
| Present value of future minimum lease payments | 25,182,090 | 194,792 | |||||||||
| Less: Current portion | (46,143) | (73,034) | |||||||||
| Long-term portion of lease liabilities | $ | 25,135,947 | $ | 121,758 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net income (loss) attributable to MGM Resorts International | $ | 1,783,937 | $ | 104,753 | $ | 1,765,921 | $ | (227,076) | |||||||||||||||
| Adjustment related to redeemable noncontrolling interests | (12,412) | (37,011) | (21,397) | (46,439) | |||||||||||||||||||
| Net income (loss) attributable to common stockholders – basic and diluted | $ | 1,771,525 | $ | 67,742 | $ | 1,744,524 | $ | (273,515) | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Weighted-average common shares outstanding – basic | 417,393 | 489,459 | 430,084 | 491,785 | |||||||||||||||||||
| Potential dilution from share-based awards | 3,910 | 5,843 | 4,252 | — | |||||||||||||||||||
| Weighted-average common and common equivalent shares – diluted | 421,303 | 495,302 | 434,336 | 491,785 | |||||||||||||||||||
| Antidilutive share-based awards excluded from the calculation of diluted earnings per share | 705 | 1 | 599 | 8,040 | |||||||||||||||||||
| Currency Translation Adjustments | Cash Flow Hedges | Other | Total | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Balances, April 1, 2022 | $ | (11,091) | $ | (28,841) | $ | 17,925 | $ | (22,007) | |||||||||||||||
| Other comprehensive loss before reclassifications | (9,828) | — | — | (9,828) | |||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss to interest expense | — | 1,661 | — | 1,661 | |||||||||||||||||||
| Other comprehensive income (loss), net of tax | (9,828) | 1,661 | — | (8,167) | |||||||||||||||||||
| Other changes in accumulated other comprehensive loss: | |||||||||||||||||||||||
| Deconsolidation of MGP | — | 28,151 | (17,067) | 11,084 | |||||||||||||||||||
| Changes in accumulated other comprehensive loss | (9,828) | 29,812 | (17,067) | 2,917 | |||||||||||||||||||
| Other comprehensive loss (income) attributable to noncontrolling interest | 3,119 | (971) | — | 2,148 | |||||||||||||||||||
| Balances, June 30, 2022 | $ | (17,800) | $ | — | $ | 858 | $ | (16,942) | |||||||||||||||
| Balances, January 1, 2022 | $ | (907) | $ | (41,634) | $ | 17,925 | $ | (24,616) | |||||||||||||||
| Other comprehensive income (loss) before reclassifications | (27,794) | 30,692 | — | 2,898 | |||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss to interest expense | — | 7,000 | — | 7,000 | |||||||||||||||||||
| Other comprehensive income (loss), net of tax | (27,794) | 37,692 | — | 9,898 | |||||||||||||||||||
| Other changes in accumulated other comprehensive loss: | |||||||||||||||||||||||
| Deconsolidation of MGP | — | 28,151 | (17,067) | 11,084 | |||||||||||||||||||
| Changes in accumulated other comprehensive loss | (27,794) | 65,843 | (17,067) | 20,982 | |||||||||||||||||||
| Other comprehensive loss (income) attributable to noncontrolling interest | 10,901 | (24,209) | — | (13,308) | |||||||||||||||||||
| Balances, June 30, 2022 | $ | (17,800) | $ | — | $ | 858 | $ | (16,942) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net revenue | |||||||||||||||||||||||
| Las Vegas Strip Resorts | |||||||||||||||||||||||
| Casino | $ | 498,524 | $ | 353,473 | $ | 973,822 | $ | 585,567 | |||||||||||||||
| Rooms | 696,008 | 298,714 | 1,181,296 | 443,043 | |||||||||||||||||||
| Food and beverage | 560,764 | 215,631 | 945,040 | 306,050 | |||||||||||||||||||
| Entertainment, retail and other | 381,880 | 136,750 | 699,910 | 214,872 | |||||||||||||||||||
| 2,137,176 | 1,004,568 | 3,800,068 | 1,549,532 | ||||||||||||||||||||
| Regional Operations | |||||||||||||||||||||||
| Casino | 734,139 | 707,864 | 1,437,818 | 1,304,519 | |||||||||||||||||||
| Rooms | 70,912 | 48,924 | 127,026 | 89,503 | |||||||||||||||||||
| Food and beverage | 106,051 | 69,149 | 197,189 | 119,513 | |||||||||||||||||||
| Entertainment, retail and other | 48,567 | 30,345 | 88,465 | 54,098 | |||||||||||||||||||
| 959,669 | 856,282 | 1,850,498 | 1,567,633 | ||||||||||||||||||||
| MGM China | |||||||||||||||||||||||
| Casino | 120,948 | 270,935 | 352,151 | 532,539 | |||||||||||||||||||
| Rooms | 7,812 | 17,389 | 23,483 | 30,902 | |||||||||||||||||||
| Food and beverage | 10,940 | 17,886 | 28,381 | 34,515 | |||||||||||||||||||
| Entertainment, retail and other | 3,312 | 4,421 | 7,372 | 9,029 | |||||||||||||||||||
| 143,012 | 310,631 | 411,387 | 606,985 | ||||||||||||||||||||
| Reportable segment net revenues | 3,239,857 | 2,171,481 | 6,061,953 | 3,724,150 | |||||||||||||||||||
| Corporate and other | 25,031 | 96,481 | 57,244 | 191,559 | |||||||||||||||||||
| $ | 3,264,888 | $ | 2,267,962 | $ | 6,119,197 | $ | 3,915,709 | ||||||||||||||||
| Adjusted Property EBITDAR | |||||||||||||||||||||||
| Las Vegas Strip Resorts | $ | 825,267 | $ | 396,805 | $ | 1,418,901 | $ | 504,924 | |||||||||||||||
| Regional Operations | 339,850 | 318,348 | 653,129 | 560,330 | |||||||||||||||||||
| MGM China | (52,091) | 8,581 | (77,747) | 13,356 | |||||||||||||||||||
| Reportable segment Adjusted Property EBITDAR | 1,113,026 | 723,734 | 1,994,283 | 1,078,610 | |||||||||||||||||||
| Other operating income (expense) | |||||||||||||||||||||||
| Corporate and other, net | (193,292) | (106,977) | (404,145) | (243,968) | |||||||||||||||||||
| Preopening and start-up expenses | (542) | (90) | (976) | (95) | |||||||||||||||||||
| Property transactions, net | 19,395 | 28,906 | (35,343) | 2,835 | |||||||||||||||||||
| Depreciation and amortization | (366,255) | (283,625) | (654,893) | (574,176) | |||||||||||||||||||
| Gain on REIT transactions, net | 2,277,747 | — | 2,277,747 | — | |||||||||||||||||||
| Triple-net operating lease and ground lease rent expense | (483,454) | (189,609) | (745,906) | (379,229) | |||||||||||||||||||
| Gain related to sale of Harmon land - unconsolidated affiliate | — | 49,755 | — | 49,755 | |||||||||||||||||||
| Income from unconsolidated affiliates related to real estate ventures | 14,826 | 41,666 | 56,472 | 83,338 | |||||||||||||||||||
| Operating income | 2,381,451 | 263,760 | 2,487,239 | 17,070 | |||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense, net of amounts capitalized | (136,559) | (202,772) | (332,650) | (398,067) | |||||||||||||||||||
| Non-operating items from unconsolidated affiliates | (6,120) | (23,216) | (21,253) | (44,052) | |||||||||||||||||||
| Other, net | (43,308) | 87,358 | (9,006) | 119,543 | |||||||||||||||||||
| (185,987) | (138,630) | (362,909) | (322,576) | ||||||||||||||||||||
| Income (loss) before income taxes | 2,195,464 | 125,130 | 2,124,330 | (305,506) | |||||||||||||||||||
| Benefit (provision) for income taxes | (572,839) | (34,826) | (536,498) | 59,872 | |||||||||||||||||||
| Net income (loss) | 1,622,625 | 90,304 | 1,587,832 | (245,634) | |||||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | 161,312 | 14,449 | 178,089 | 18,558 | |||||||||||||||||||
| Net income (loss) attributable to MGM Resorts International | $ | 1,783,937 | $ | 104,753 | $ | 1,765,921 | $ | (227,076) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net revenues | $ | 3,264,888 | $ | 2,267,962 | $ | 6,119,197 | $ | 3,915,709 | |||||||||||||||
| Operating income | 2,381,451 | 263,760 | 2,487,239 | 17,070 | |||||||||||||||||||
| Net income (loss) | 1,622,625 | 90,304 | 1,587,832 | (245,634) | |||||||||||||||||||
| Net income (loss) attributable to MGM Resorts International | 1,783,937 | 104,753 | 1,765,921 | (227,076) | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Las Vegas Strip Resorts | |||||||||||||||||||||||
| Casino | $ | 498,524 | $ | 353,473 | $ | 973,822 | $ | 585,567 | |||||||||||||||
| Rooms | 696,008 | 298,714 | 1,181,296 | 443,043 | |||||||||||||||||||
| Food and beverage | 560,764 | 215,631 | 945,040 | 306,050 | |||||||||||||||||||
| Entertainment, retail and other | 381,880 | 136,750 | 699,910 | 214,872 | |||||||||||||||||||
| 2,137,176 | 1,004,568 | 3,800,068 | 1,549,532 | ||||||||||||||||||||
| Regional Operations | |||||||||||||||||||||||
| Casino | 734,139 | 707,864 | 1,437,818 | 1,304,519 | |||||||||||||||||||
| Rooms | 70,912 | 48,924 | 127,026 | 89,503 | |||||||||||||||||||
| Food and beverage | 106,051 | 69,149 | 197,189 | 119,513 | |||||||||||||||||||
| Entertainment, retail and other | 48,567 | 30,345 | 88,465 | 54,098 | |||||||||||||||||||
| 959,669 | 856,282 | 1,850,498 | 1,567,633 | ||||||||||||||||||||
| MGM China | |||||||||||||||||||||||
| Casino | 120,948 | 270,935 | 352,151 | 532,539 | |||||||||||||||||||
| Rooms | 7,812 | 17,389 | 23,483 | 30,902 | |||||||||||||||||||
| Food and beverage | 10,940 | 17,886 | 28,381 | 34,515 | |||||||||||||||||||
| Entertainment, retail and other | 3,312 | 4,421 | 7,372 | 9,029 | |||||||||||||||||||
| 143,012 | 310,631 | 411,387 | 606,985 | ||||||||||||||||||||
| Reportable segment net revenues | 3,239,857 | 2,171,481 | 6,061,953 | 3,724,150 | |||||||||||||||||||
| Corporate and other | 25,031 | 96,481 | 57,244 | 191,559 | |||||||||||||||||||
| $ | 3,264,888 | $ | 2,267,962 | $ | 6,119,197 | $ | 3,915,709 | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Table Games Drop | $ | 1,429 | $ | 777 | $ | 2,631 | $ | 1,306 | |||||||||||||||
| Table Games Win | $ | 330 | $ | 173 | $ | 626 | $ | 300 | |||||||||||||||
| Table Games Win % | 23.1 | % | 22.3 | % | 23.8 | % | 23.0 | % | |||||||||||||||
| Slots Handle | $ | 5,344 | $ | 3,641 | $ | 9,951 | $ | 5,941 | |||||||||||||||
| Slots Win | $ | 498 | $ | 351 | $ | 925 | $ | 563 | |||||||||||||||
| Slots Win % | 9.3 | % | 9.6 | % | 9.3 | % | 9.5 | % | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Occupancy(1) | 92 | % | 77 | % | 85 | % | 62 | % | |||||||||||||||
| Average daily rate (ADR) | $ | 225 | $ | 149 | $ | 213 | $ | 142 | |||||||||||||||
Revenue per available room (REVPAR)(1) | $ | 208 | $ | 115 | $ | 182 | $ | 88 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Table Games Drop | $ | 1,090 | $ | 972 | $ | 2,111 | $ | 1,791 | |||||||||||||||
| Table Games Win | $ | 228 | $ | 203 | $ | 444 | $ | 376 | |||||||||||||||
| Table Games Win % | 20.9 | % | 20.9 | % | 21.0 | % | 21.0 | % | |||||||||||||||
| Slots Handle | $ | 7,102 | $ | 6,514 | $ | 13,764 | $ | 11,897 | |||||||||||||||
| Slots Win | $ | 675 | $ | 622 | $ | 1,313 | $ | 1,149 | |||||||||||||||
| Slots Win % | 9.5 | % | 9.6 | % | 9.5 | % | 9.7 | % | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| VIP Table Games Turnover | $ | 684 | $ | 2,590 | $ | 1,647 | $ | 4,963 | |||||||||||||||
| VIP Table Games Win | $ | 24 | $ | 71 | $ | 47 | $ | 149 | |||||||||||||||
| VIP Table Games Win % | 3.5 | % | 2.7 | % | 2.8 | % | 3.0 | % | |||||||||||||||
| Main Floor Table Games Drop | $ | 425 | $ | 1,258 | $ | 1,522 | $ | 2,302 | |||||||||||||||
| Main Floor Table Games Win | $ | 105 | $ | 252 | $ | 345 | $ | 482 | |||||||||||||||
| Main Floor Table Games Win % | 24.8 | % | 20.1 | % | 22.6 | % | 21.0 | % | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Las Vegas Strip Resorts | $ | 825,267 | $ | 396,805 | $ | 1,418,901 | $ | 504,924 | |||||||||||||||
| Regional Operations | 339,850 | 318,348 | 653,129 | 560,330 | |||||||||||||||||||
| MGM China | (52,091) | 8,581 | (77,747) | 13,356 | |||||||||||||||||||
| Corporate and other | (193,292) | (106,977) | (404,145) | (243,968) | |||||||||||||||||||
| Adjusted EBITDAR | $ | 919,734 | $ | 1,590,138 | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Las Vegas Strip Resorts net revenues | $ | 2,137,176 | $ | 1,004,568 | $ | 3,800,068 | $ | 1,549,532 | |||||||||||||||
Acquisitions (1) | (532,840) | — | (844,133) | — | |||||||||||||||||||
| Las Vegas Strip Resorts same-store net revenues | $ | 1,604,336 | $ | 1,004,568 | $ | 2,955,935 | $ | 1,549,532 | |||||||||||||||
| Las Vegas Strip Resorts Adjusted Property EBITDAR | $ | 825,267 | $ | 396,805 | $ | 1,418,901 | $ | 504,924 | |||||||||||||||
Acquisitions (1) | (226,332) | — | (347,552) | — | |||||||||||||||||||
| Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR | $ | 598,935 | $ | 396,805 | $ | 1,071,349 | $ | 504,924 | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| CityCenter | $ | — | $ | 90,212 | $ | — | $ | 87,380 | |||||||||||||||
| VICI BREIT Venture | 12,116 | 38,954 | 51,051 | 77,917 | |||||||||||||||||||
| BetMGM | (71,229) | (45,979) | (163,223) | (105,215) | |||||||||||||||||||
| Other | 3,530 | 151 | 9,751 | (2,323) | |||||||||||||||||||
| $ | (55,583) | $ | 83,338 | $ | (102,421) | $ | 57,759 | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net income (loss) attributable to MGM Resorts International | $ | 1,783,937 | $ | 104,753 | $ | 1,765,921 | $ | (227,076) | |||||||||||||||
| Plus: Net loss attributable to noncontrolling interests | (161,312) | (14,449) | (178,089) | (18,558) | |||||||||||||||||||
| Net income (loss) | 1,622,625 | 90,304 | 1,587,832 | (245,634) | |||||||||||||||||||
| Provision (benefit) for income taxes | 572,839 | 34,826 | 536,498 | (59,872) | |||||||||||||||||||
| Income (loss) before income taxes | 2,195,464 | 125,130 | 2,124,330 | (305,506) | |||||||||||||||||||
| Non-operating (income) expense: | |||||||||||||||||||||||
| Interest expense, net of amounts capitalized | 136,559 | 202,772 | 332,650 | 398,067 | |||||||||||||||||||
| Non-operating items from unconsolidated affiliates | 6,120 | 23,216 | 21,253 | 44,052 | |||||||||||||||||||
| Other, net | 43,308 | (87,358) | 9,006 | (119,543) | |||||||||||||||||||
| 185,987 | 138,630 | 362,909 | 322,576 | ||||||||||||||||||||
| Operating income | 2,381,451 | 263,760 | 2,487,239 | 17,070 | |||||||||||||||||||
| Preopening and start-up expenses | 542 | 90 | 976 | 95 | |||||||||||||||||||
| Property transactions, net | (19,395) | (28,906) | 35,343 | (2,835) | |||||||||||||||||||
| Depreciation and amortization | 366,255 | 283,625 | 654,893 | 574,176 | |||||||||||||||||||
| Gain on REIT transactions, net | (2,277,747) | — | (2,277,747) | — | |||||||||||||||||||
| Triple-net operating lease and ground lease rent expense | 483,454 | 189,609 | 745,906 | 379,229 | |||||||||||||||||||
| Gain related to sale of Harmon land - unconsolidated affiliate | — | (49,755) | — | (49,755) | |||||||||||||||||||
| Income from unconsolidated affiliates related to real estate ventures | (14,826) | (41,666) | (56,472) | (83,338) | |||||||||||||||||||
| Adjusted EBITDAR | $ | 919,734 | $ | 1,590,138 | |||||||||||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Balance Sheet | (In thousands) | ||||||||||
| Current assets | $ | 7,876,968 | $ | 5,663,171 | |||||||
| Investment in the MGP Operating Partnership | — | 2,284,222 | |||||||||
| MGP master lease right-of-use asset, net | — | 6,629,140 | |||||||||
| Other long-term assets | 28,646,512 | 17,025,933 | |||||||||
| MGP master lease operating lease liabilities – current | — | 154,287 | |||||||||
| Other current liabilities | 5,142,598 | 2,752,185 | |||||||||
| Intercompany accounts due to non-guarantor subsidiaries | — | 16,697 | |||||||||
| MGP master lease operating lease liabilities – noncurrent | — | 7,083,505 | |||||||||
| Other long-term liabilities | 28,070,878 | 18,472,138 | |||||||||
| Six Months Ended June 30, 2022 | |||||
| Income Statement | (In thousands) | ||||
| Net revenues | $ | 4,808,292 | |||
| MGP master lease rent expense | 429,065 | ||||
| Operating income | 3,349,976 | ||||
| Income from continuing operations | 1,010,351 | ||||
| Net income | 548,314 | ||||
| Net income attributable to MGM Resorts International | 548,314 | ||||
| Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Dollar Value of Shares that May Yet be Purchased Under the Program | ||||||||||||||||||||
| Period | (In thousands) | ||||||||||||||||||||||
| April 1, 2022 — April 30, 2022 | 6,237,509 | $ | 41.08 | 6,237,509 | $ | 1,992,053 | |||||||||||||||||
| May 1, 2022 — May 31, 2022 | 13,976,096 | $ | 35.12 | 13,976,096 | $ | 1,501,268 | |||||||||||||||||
| June 1, 2022 — June 30, 2022 | 12,155,277 | $ | 30.20 | 12,155,277 | $ | 1,134,204 | |||||||||||||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 10.3* | ||||||||
| 10.4** | ||||||||
| 10.5 | ||||||||
| 10.6* | ||||||||
| 22 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 32.2 | ||||||||
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
| 104 | The cover page from this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, has been formatted in Inline XBRL. | |||||||
| * | Management contract or compensatory plan or arrangement. | ||||
| ** | Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. MGM Resorts International agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request. | ||||
MGM Resorts International | ||||||||||||||
| Date: August 3, 2022 | By: | /s/ WILLIAM J. HORNBUCKLE | ||||||||||||
| William J. Hornbuckle | ||||||||||||||
| Chief Executive Officer and President (Principal Executive Officer) | ||||||||||||||
| Date: August 3, 2022 | /s/ JONATHAN S. HALKYARD | |||||||||||||
| Jonathan S. Halkyard | ||||||||||||||
| Chief Financial Officer and Treasurer (Principal Financial Officer) | ||||||||||||||
| Name of Subsidiary | Issuer/Guarantor Status | |||||||
550 Leasing Company II, LLC | (1) | |||||||
AC Holding Corp. | (1) | |||||||
AC Holding Corp. II | (1) | |||||||
Arena Land Holdings, LLC | (1) | |||||||
| Aria Resort & Casino Holdings, LLC | (1) | |||||||
Aria Resort & Casino, LLC, dba Aria Resort & Casino | (1) | |||||||
Beau Rivage Resorts, LLC, dba Beau Rivage Resort & Casino | (1) | |||||||
Bellagio, LLC, dba Bellagio | (1) | |||||||
Cedar Downs OTB, LLC | (1) | |||||||
Circus Circus Casinos, Inc. | (1) | |||||||
Circus Circus Holdings, Inc. | (1) | |||||||
| CityCenter Boutique Hotel Holdings, LLC | (1) | |||||||
| CityCenter Boutique Residential Development, LLC | (1) | |||||||
CityCenter Facilities Management, LLC | (1) | |||||||
| CityCenter Harmon Development, LLC | (1) | |||||||
| CityCenter Harmon Hotel Holdings, LLC | (1) | |||||||
| CityCenter Holdings, LLC | (1) | |||||||
| CityCenter Land, LLC | (1) | |||||||
CityCenter Realty Corporation | (1) | |||||||
| CityCenter Retail Holdings, LLC | (1) | |||||||
CityCenter Retail Holdings Management, LLC | (1) | |||||||
| CityCenter Vdara Development, LLC | (1) | |||||||
| CityCenter Veer Towers Development, LLC | (1) | |||||||
Destron, Inc. | (1) | |||||||
Grand Garden Arena Management, LLC | (1) | |||||||
Grand Laundry, Inc. | (1) | |||||||
Las Vegas Arena Management, LLC | (1) | |||||||
LV Concrete Corp. | (1) | |||||||
MAC, CORP. | (1) | |||||||
Mandalay Bay, LLC, dba Mandalay Bay Resort & Casino | (1) | |||||||
Mandalay Employment, LLC | (1) | |||||||
Mandalay Place, LLC | (1) | |||||||
Mandalay Resort Group, LLC | (2) | |||||||
Marina District Development Company, LLC, dba The Borgata Hotel Casino & Spa | (1) | |||||||
Marina District Development Holding Co., LLC | (1) | |||||||
Metropolitan Marketing, LLC | (1) | |||||||
MGM CC, LLC | (1) | |||||||
MGM CC Holdings, Inc. | (1) | |||||||
MGM Dev, LLC | (1) | |||||||
MGM Detroit Holdings, LLC | (1) | |||||||
MGM Grand Hotel, LLC, dba MGM Grand Hotel & Casino | (1) | |||||||
MGM Hospitality, LLC | (1) | |||||||
MGM International, LLC | (1) | |||||||
MGM Lessee, LLC | (1) | |||||||
MGM Lessee II, LLC | (1) | |||||||
| MGM Lessee III, LLC | (1) | |||||||
MGM MA Sub, LLC | (1) | |||||||
MGM Public Policy, LLC | (1) | |||||||
MGM Resorts Advertising, Inc. | (1) | |||||||
MGM Resorts Arena Holdings, LLC | (1) | |||||||
MGM Resorts Aviation Corp. | (1) | |||||||
MGM Resorts Corporate Services | (1) | |||||||
MGM Resorts Design & Development | (1) | |||||||
MGM Resorts Development, LLC | (1) | |||||||
MGM Resorts Festival Grounds, LLC | (1) | |||||||
MGM Resorts Festival Grounds II, LLC | (1) | |||||||
MGM Resorts Global Development, LLC | (1) | |||||||
MGM Resorts Interactive, LLC | (1) | |||||||
MGM Resorts International Marketing, Inc. | (1) | |||||||
MGM Resorts International Operations, Inc. | (1) | |||||||
MGM Resorts Land Holdings, LLC | (1) | |||||||
MGM Resorts Manufacturing Corp. | (1) | |||||||
MGM Resorts Mississippi, LLC, dba Gold Strike Tunica | (1) | |||||||
MGM Resorts Regional Operations, LLC | (1) | |||||||
MGM Resorts Retail | (1) | |||||||
MGM Resorts Satellite, LLC | (1) | |||||||
MGM Resorts Sub 1, LLC | (1) | |||||||
MGM Resorts Sub B, LLC | (1) | |||||||
MGM Resorts Venue Management, LLC | (1) | |||||||
MGM Yonkers, Inc., dba Empire City Casino | (1) | |||||||
MH, Inc., dba Shadow Creek | (1) | |||||||
Mirage Laundry Services Corp. | (1) | |||||||
Mirage Resorts, LLC | (1) | |||||||
MMNY Land Company, Inc. | (1) | |||||||
| Nevada Property 1 LLC | (1) | |||||||
| Nevada Restaurant Venture 1 LLC | (1) | |||||||
| Nevada Retail Venture 1 LLC | (1) | |||||||
New Castle, LLC, dba Excalibur Hotel & Casino | (1) | |||||||
New York-New York Hotel & Casino, LLC, dba New York-New York Hotel & Casino | (1) | |||||||
New York-New York Tower, LLC | (1) | |||||||
Northfield Park Associates LLC, dba MGM Northfield Park | (1) | |||||||
| NP1 Pegasus LLC | (1) | |||||||
Park District Holdings, LLC | (1) | |||||||
Park MGM, LLC, dba Park MGM Las Vegas | (1) | |||||||
Park Theater, LLC | (1) | |||||||
PRMA, LLC | (1) | |||||||
PRMA Land Development Company | (1) | |||||||
Project CC, LLC | (1) | |||||||
Ramparts, LLC, dba Luxor Hotel & Casino | (1) | |||||||
Signature Tower I, LLC | (1) | |||||||
Signature Tower 2, LLC | (1) | |||||||
Signature Tower 3, LLC | (1) | |||||||
The Mirage Casino-Hotel, LLC, dba The Mirage Casino-Hotel | (1) | |||||||
The Signature Condominiums, LLC | (1) | |||||||
Tower B, LLC | (1) | |||||||
Tower C, LLC | (1) | |||||||
Vdara Condo Hotel, LLC | (1) | |||||||
Vendido, LLC | (1) | |||||||
VidiAd | (1) | |||||||
Vintage Land Holdings, LLC | (1) | |||||||
| /s/ WILLIAM J. HORNBUCKLE | ||
| William J. Hornbuckle | ||
| Chief Executive Officer and President | ||
| /s/ JONATHAN S. HALKYARD | ||
| Jonathan S. Halkyard | ||
| Chief Financial Officer and Treasurer | ||
/s/ WILLIAM J. HORNBUCKLE | ||
| William J. Hornbuckle | ||
| Chief Executive Officer and President | ||
| August 3, 2022 | ||
| /s/ JONATHAN S. HALKYARD | ||
| Jonathan S. Halkyard | ||
| Chief Financial Officer and Treasurer | ||
| August 3, 2022 | ||