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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets consisted of the following:
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Goodwill |  | $ | 2,091,278 |  |  | $ | 2,084,564 |
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 |  |  | 299,238 |  |  |  | 300,212 |
Total indefinite-lived intangible assets |  |  | 677,336 |  |  |  | 678,310 |
Finite-lived intangible assets: |  |  |  |  |  |  |  |
MGM Grand Paradise gaming subconcession |  |  | 4,541,990 |  |  |  | 4,519,558 |
Less: Accumulated amortization |  |  | (1,697,481 | ) |  |  | (1,514,772 | )
|  |  | 2,844,509 |  |  |  | 3,004,786 |
MGM National Harbor and MGM Springfield gaming licenses |  |  | 106,600 |  |  |  | 106,600 |
Less: Accumulated amortization |  |  | (19,102 | ) |  |  | (11,996 | )
|  |  | 87,498 |  |  |  | 94,604 |
Other finite-lived intangible assets |  |  | 60,649 |  |  |  | 79,197 |
Less: Accumulated amortization |  |  | (26,244 | ) |  |  | (30,393 | )
|  |  | 34,405 |  |  |  | 48,804 |
Total finite-lived intangible assets, net |  |  | 2,966,412 |  |  |  | 3,148,194 |
Total other intangible assets, net |  | $ | 3,643,748 |  |  | $ | 3,826,504 |
Goodwill. A summary of changes in the Company’s goodwill by reportable segment is as follows for 2020 and 2019:
|  | 2020 |
|  | Balance at January 1 |  |  | Acquisitions |  |  | Reclassifications |  |  | Currency exchange |  |  | Balance at December 31 |
|  | (In thousands) |
Goodwill, net by segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Strip Resorts |  | $ | 30,452 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 30,452 |
Regional Operations |  |  | 701,463 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 701,463 |
MGM China |  |  | 1,352,649 |  |  |  | — |  |  |  | — |  |  |  | 6,714 |  |  |  | 1,359,363 |
|  | $ | 2,084,564 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,714 |  |  | $ | 2,091,278 |
|  | 2019 |
|  | Balance at January 1 |  |  | Acquisitions |  |  | Reclassifications |  |  | Currency exchange |  |  | Balance at December 31 |
|  | (In thousands) |
Goodwill, net by segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Strip Resorts |  | $ | 70,975 |  |  | $ | — |  |  | $ | (40,523 | ) |  | $ | — |  |  | $ | 30,452 |
Regional Operations |  |  | 386,892 |  |  |  | 256,133 |  |  |  | 58,438 |  |  |  | — |  |  |  | 701,463 |
MGM China |  |  | 1,345,610 |  |  |  | — |  |  |  | — |  |  |  | 7,039 |  |  |  | 1,352,649 |
Corporate and other |  |  | 17,915 |  |  |  | — |  |  |  | (17,915 | ) |  |  | — |  |  |  | — |
|  | $ | 1,821,392 |  |  | $ | 256,133 |  |  | $ | — |  |  | $ | 7,039 |  |  | $ | 2,084,564 |
Goodwill was recognized in 2019 related to the acquisition of Empire City, which is included in Regional Operations, as further discussed in Note 4. The goodwill balance attributable to MGM Northfield Park, which was previously included within Corporate and other in 2018, was reclassed to Regional Operations in 2019 in connection with the Company’s acquisition of the membership interests of Northfield in 2019 as further discussed in Note 4. The presentation of the goodwill balance attributable to Gold Strike Tunica was reclassified in 2019 from Las Vegas Strip Resorts to Regional Operations. MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A. (“SJMSA”), a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. In March 2019, MGM Grand Paradise and SJMSA entered into a Subconcession Extension Contract (the “Extension Agreement”), pursuant to which the gaming subconcession was extended to June 26, 2022, which coincides with the current expiration of all the other concessionaires and subconcessionaires. MGM Grand Paradise paid the government of Macau approximately $25 million and paid SJMSA approximately $2 million as a contract premium for such extension. The Company cannot provide any assurance that the gaming subconcession will be extended beyond the current terms; however, management believes that the gaming subconcession will be extended, given that the Cotai land concession agreement with the government extends significantly beyond the gaming subconcession. As such, as of December 31, 2020, the Company amortizes the gaming subconcession intangible asset on a straight-line basis over the initial term of the Cotai land concession, ending in January 2038. MGM National Harbor and MGM Springfield gaming licenses. The license fee paid to the State of Maryland of $22 million is considered a finite-lived intangible asset that is amortized on a straight-line basis over a period of its initial term of 15 years, beginning in December 2016, when MGM National Harbor started operations. The license fee paid to the State of Massachusetts of $85 million is considered a finite-lived intangible asset that is amortized over a period of 15 years, beginning in August 2018, when MGM Springfield started operations. Total amortization expense related to intangible assets was $194 million, $192 million and $176 million for 2020, 2019, and 2018, respectively. As of December 31, 2020, estimated future amortization is as follows:
Years ending December 31, |  | (In thousands) |
2021 |  | $ | 197,104 |
2022 |  |  | 190,981 |
2023 |  |  | 178,672 |
2024 |  |  | 176,685 |
2025 |  |  | 174,900 |
Thereafter |  |  | 2,048,070 |
|  | $ | 2,966,412 |

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