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Segment Information | 6 Months Ended
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Jun. 30, 2020
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, Park MGM (including NoMad Las Vegas) and Circus Circus Las Vegas (until the sale of such property in December 2019). 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 (upon acquisition in January 2019); and MGM Northfield Park in Northfield Park, Ohio (upon MGM’s acquisition of the operations from MGP in April 2019). MGM China. MGM China consists of MGM Macau and MGM Cotai. The Company’s operations related to investments in unconsolidated affiliates, MGM Northfield Park (prior to April 1, 2019 as the operations were owned by MGP until that date), 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. As a result of the Bellagio transaction in the fourth quarter of 2019, the Company records rent expense associated with the triple-net operating lease with Bellagio BREIT Venture. In order to present profit and loss of each reportable segment on a similar economic basis, the rent expense associated with the triple-net operating leases and ground leases is added back within the financial information reviewed by the chief operating decision maker and as presented below, including recasting of prior year periods. The Company’s management utilizes Adjusted Property EBITDAR 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, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), 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 |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
| (In thousands) |
Net revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Strip Resorts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casino | $ | 63,028 |  |  | $ | 308,183 |  |  | $ | 337,701 |  |  | $ | 632,887 |
Rooms |  | 26,105 |  |  |  | 469,736 |  |  |  | 388,969 |  |  |  | 938,588 |
Food and beverage |  | 21,026 |  |  |  | 389,773 |  |  |  | 309,789 |  |  |  | 755,295 |
Entertainment, retail and other |  | 40,652 |  |  |  | 298,652 |  |  |  | 248,158 |  |  |  | 567,762 |
|  | 150,811 |  |  |  | 1,466,344 |  |  |  | 1,284,617 |  |  |  | 2,894,532 |
Regional Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casino |  | 77,177 |  |  |  | 653,948 |  |  |  | 613,807 |  |  |  | 1,228,104 |
Rooms |  | 4,181 |  |  |  | 81,454 |  |  |  | 60,060 |  |  |  | 153,252 |
Food and beverage |  | 4,314 |  |  |  | 123,870 |  |  |  | 99,406 |  |  |  | 241,749 |
Entertainment, retail and other |  | 3,592 |  |  |  | 51,681 |  |  |  | 41,651 |  |  |  | 91,793 |
|  | 89,264 |  |  |  | 910,953 |  |  |  | 814,924 |  |  |  | 1,714,898 |
MGM China |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Casino |  | 23,284 |  |  |  | 633,179 |  |  |  | 263,698 |  |  |  | 1,296,744 |
Rooms |  | 1,335 |  |  |  | 35,313 |  |  |  | 16,544 |  |  |  | 68,877 |
Food and beverage |  | 4,431 |  |  |  | 30,909 |  |  |  | 17,211 |  |  |  | 61,622 |
Entertainment, retail and other |  | 4,148 |  |  |  | 6,688 |  |  |  | 7,632 |  |  |  | 13,050 |
|  | 33,198 |  |  |  | 706,089 |  |  |  | 305,085 |  |  |  | 1,440,293 |
Reportable segment net revenues |  | 273,273 |  |  |  | 3,083,386 |  |  |  | 2,404,626 |  |  |  | 6,049,723 |
Corporate and other |  | 16,536 |  |  |  | 139,857 |  |  |  | 138,000 |  |  |  | 350,431 |
| $ | 289,809 |  |  | $ | 3,223,243 |  |  | $ | 2,542,626 |  |  | $ | 6,400,154 |
Adjusted Property EBITDAR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Strip Resorts | $ | (104,447 | ) |  | $ | 418,339 |  |  | $ | 163,152 |  |  | $ | 821,990 |
Regional Operations |  | (112,085 | ) |  |  | 260,788 |  |  |  | 39,635 |  |  |  | 472,585 |
MGM China |  | (116,288 | ) |  |  | 172,803 |  |  |  | (138,278 | ) |  |  | 365,614 |
Reportable segment Adjusted Property EBITDAR |  | (332,820 | ) |  |  | 851,930 |  |  |  | 64,509 |  |  |  | 1,660,189 |
Other operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other |  | (159,342 | ) |  |  | (87,606 | ) |  |  | (261,579 | ) |  |  | (148,137 | )
Preopening and start-up expenses |  | 82 |  |  |  | (879 | ) |  |  | (40 | ) |  |  | (4,166 | )
Property transactions, net |  | (26,349 | ) |  |  | (5,790 | ) |  |  | (81,324 | ) |  |  | (14,566 | )
Gain on REIT transactions, net |  | — |  |  |  | — |  |  |  | 1,491,945 |  |  |  | — |
Depreciation and amortization |  | (299,206 | ) |  |  | (334,788 | ) |  |  | (617,496 | ) |  |  | (651,202 | )
CEO transition expense |  | — |  |  |  | — |  |  |  | (44,401 | ) |  |  | — |
October 1 litigation settlement |  | (49,000 | ) |  |  | — |  |  |  | (49,000 | ) |  |  | — |
Restructuring |  | (19,882 | ) |  |  | (42,990 | ) |  |  | (19,882 | ) |  |  | (84,088 | )
Triple-net operating lease and ground lease rent expense |  | (189,567 | ) |  |  | (8,392 | ) |  |  | (331,485 | ) |  |  | (16,285 | )
Income from unconsolidated affiliates related to real estate ventures |  | 41,555 |  |  |  | — |  |  |  | 65,069 |  |  |  | — |
Operating income (loss) |  | (1,034,529 | ) |  |  | 371,485 |  |  |  | 216,316 |  |  |  | 741,745 |
Non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net of amounts capitalized |  | (156,756 | ) |  |  | (215,829 | ) |  |  | (313,893 | ) |  |  | (431,949 | )
Non-operating items from unconsolidated affiliates |  | (23,761 | ) |  |  | (21,477 | ) |  |  | (56,382 | ) |  |  | (39,642 | )
Other, net |  | 8,321 |  |  |  | (46,276 | ) |  |  | (115,943 | ) |  |  | (44,583 | )
|  | (172,196 | ) |  |  | (283,582 | ) |  |  | (486,218 | ) |  |  | (516,174 | )
Income (loss) before income taxes |  | (1,206,725 | ) |  |  | 87,903 |  |  |  | (269,902 | ) |  |  | 225,571 |
Benefit (provision) for income taxes |  | 270,238 |  |  |  | (11,734 | ) |  |  | 7,934 |  |  |  | (83,245 | )
Net income (loss) |  | (936,487 | ) |  |  | 76,169 |  |  |  | (261,968 | ) |  |  | 142,326 |
Less: Net (income) loss attributable to noncontrolling interests |  | 79,230 |  |  |  | (32,764 | ) |  |  | 211,580 |  |  |  | (67,624 | )
Net income (loss) attributable to MGM Resorts International | $ | (857,257 | ) |  | $ | 43,405 |  |  | $ | (50,388 | ) |  | $ | 74,702 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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