Selected Quarterly Financial Results (Unaudited)

12 Months Ended

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.