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Selected Quarterly Financial Results (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Results (Unaudited) | NOTE 20 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED)
|  | Quarter |
|  | First |  |  | Second |  |  | Third |  |  | Fourth |  |  | Total |
2019 |  | (In thousands, except per share data) |
Net revenues |  | $ | 3,176,911 |  |  | $ | 3,223,243 |  |  | $ | 3,314,382 |  |  | $ | 3,185,136 |  |  | $ | 12,899,672 |
Operating income |  |  | 370,260 |  |  |  | 371,485 |  |  |  | 238,381 |  |  |  | 2,960,089 |  |  |  | 3,940,215 |
Net income |  |  | 66,157 |  |  |  | 76,169 |  |  |  | 6,104 |  |  |  | 2,065,950 |  |  |  | 2,214,380 |
Net income (loss) attributable to MGM Resorts International |  |  | 31,297 |  |  |  | 43,405 |  |  |  | (37,133 | ) |  |  | 2,011,577 |  |  |  | 2,049,146 |
Earnings (loss) per share - Basic |  | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | (0.08 | ) |  | $ | 3.94 |  |  | $ | 3.90 |
Earnings (loss) per share - Diluted |  | $ | 0.05 |  |  | $ | 0.08 |  |  | $ | (0.08 | ) |  | $ | 3.91 |  |  | $ | 3.88 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 2,822,237 |  |  | $ | 2,858,695 |  |  | $ | 3,029,302 |  |  | $ | 3,052,862 |  |  | $ | 11,763,096 |
Operating income |  |  | 359,757 |  |  |  | 363,075 |  |  |  | 410,903 |  |  |  | 335,751 |  |  |  | 1,469,486 |
Net income |  |  | 266,301 |  |  |  | 140,423 |  |  |  | 171,410 |  |  |  | 5,760 |  |  |  | 583,894 |
Net income (loss) attributable to MGM Resorts International |  |  | 223,444 |  |  |  | 123,777 |  |  |  | 142,878 |  |  |  | (23,327 | ) |  |  | 466,772 |
Earnings (loss) per share - Basic |  | $ | 0.39 |  |  | $ | 0.21 |  |  | $ | 0.26 |  |  | $ | (0.06 | ) |  | $ | 0.82 |
Earnings (loss) per share - Diluted |  | $ | 0.38 |  |  | $ | 0.21 |  |  | $ | 0.26 |  |  | $ | (0.06 | ) |  | $ | 0.81 |
Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total earnings per share amounts for the year. The following sections list certain items affecting comparability of quarterly and year-to-date results and related impact on earnings (loss) per share - diluted. Additional information related to these items is included elsewhere in the notes to the accompanying financial statements. Certain items affecting comparability for the year ended December 31, 2019 are as follows:
| • | First Quarter. None
| • | Second Quarter. None
| • | Third Quarter. The Company recorded a $219 million non-cash impairment charge ($0.33 per share in the quarter and $0.32 per share in the full year of 2019) related to the Circus Circus Las Vegas and adjacent land; and
| • | Fourth Quarter. The Company recorded a $2.7 billion gain ($4.04 per share in the quarter and $3.95 per share in the full year of 2019) related to the sale and lease back of Bellagio. Additionally, the Company recorded loss on early retirement of debt of $142 million ($0.21 per share) in the quarter and $198 million ($0.28 per share) in the full year of 2019.
Certain items affecting comparability for the year ended December 31, 2018 are as follows:
| • | First Quarter. The Company recorded a $72 million tax benefit ($0.13 per share in the quarter) related to a measurement period adjustment of the Tax Act;
| • | Second Quarter. None;
| • | Third Quarter. The Company recorded a $45 million gain ($0.07 per share in the quarter and $0.06 per share in the full year of 2018) related to the sale of Grand Victoria. Additionally, the Company recorded a $12 million gain ($0.02 per share in the quarter and full year of 2018) related to the sale of Mandarin Oriental; and
| • | Fourth Quarter. The Company recorded business interruption insurance proceeds of $24 million ($0.04 per share in the quarter and $0.03 per share in the full year of 2018) primarily at Mandalay Bay. Additionally, the Company recorded a $92 million tax expense ($0.17 per share in the quarter) related to the Tax Act.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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