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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 2,214,380 $ 583,894 $ 2,088,184
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,304,649 1,178,044 993,480
Amortization of debt discounts, premiums and issuance costs 38,972 41,102 32,996
Loss on early retirement of debt 198,151 3,619 45,696
Provision for doubtful accounts 39,270 39,762 20,603
Stock-based compensation 88,838 70,177 62,494
Property transactions, net 275,802 9,147 50,279
Gain on Bellagio transaction (2,677,996) 0 0
Noncash lease expense 71,784 0 0
Income from unconsolidated affiliates (57,225) (96,542) (111,471)
Distributions from unconsolidated affiliates 299 11,563 13,050
Deferred income taxes 595,046 46,720 (1,259,406)
Change in operating assets and liabilities:      
Accounts receivable (726,610) (149,554) (17,972)
Inventories 6,522 (7,860) (4,656)
Income taxes receivable and payable, net 1,259 14,120 (53,204)
Prepaid expenses and other 7,567 (8,656) (54,739)
Accounts payable and accrued liabilities 465,602 21,508 422,258
Other (35,909) (34,505) (21,181)
Net cash provided by operating activities 1,810,401 1,722,539 2,206,411
Cash flows from investing activities      
Capital expenditures, net of construction payable (739,006) (1,486,843) (1,864,082)
Dispositions of property and equipment 2,578 25,612 718
Proceeds from Bellagio transaction 4,151,499 0 0
Proceeds from sale of Circus Circus Las Vegas and adjacent land 652,333 0 0
Proceeds from sale of business units and investment in unconsolidated affiliate 0 163,616 0
Investments in and advances to unconsolidated affiliates (81,877) (56,295) (16,727)
Distributions from unconsolidated affiliates 100,700 322,631 301,211
Other (31,112) (17,208) (1,712)
Net cash provided by (used in) investing activities 3,519,434 (2,083,021) (1,580,592)
Cash flows from financing activities      
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less (3,634,049) 1,242,259 15,001
Issuance of long-term debt 3,250,000 1,000,000 350,000
Retirement of senior notes and senior debentures (3,764,167) (2,265) (502,669)
Debt issuance costs (63,391) (76,519) (9,977)
Issuance of MGM Growth Properties Class A shares, net 1,250,006 0 387,548
Dividends paid to common shareholders (271,288) (260,592) (252,014)
Distributions to noncontrolling interest owners (223,303) (184,932) (170,402)
Purchases of common stock (1,031,534) (1,283,333) (327,500)
Other (41,868) (45,384) (58,765)
Net cash provided by (used in) financing activities (4,529,594) 389,234 (568,778)
Effect of exchange rate on cash 2,601 (1,985) (3,627)
Cash and cash equivalents      
Net increase for the period 802,842 26,767 53,414
Balance, beginning of period 1,526,762 1,499,995 1,446,581
Balance, end of period 2,329,604 1,526,762 1,499,995
Supplemental cash flow disclosures      
Interest paid, net of amounts capitalized 826,970 723,609 658,637
Federal, state and foreign income taxes paid (refunds received), net 28,493 (10,100) 181,651
Non-cash investing and financing activities      
Note receivable related to sale of Circus Circus Las Vegas and adjacent land 133,689 0 0
Investment in Bellagio BREIT Venture 62,133 0 0
Increase in construction accounts payable 0 0 204,466
Northfield [Member]      
Cash flows from investing activities      
Acquisition, net of cash acquired 0 (1,034,534) 0
Empire City [Member]      
Cash flows from investing activities      
Acquisition, net of cash acquired $ (535,681) $ 0 $ 0