XML 33 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Information 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: Aria (including Vdara), 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, and Park MGM (including NoMad Las Vegas).

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; and MGM Northfield Park in Northfield Park, Ohio.

MGM China. MGM China consists of MGM Macau and MGM Cotai.
The Company’s operations related to investments in unconsolidated affiliates 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.

Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes 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 gain on consolidation of CityCenter, net, gain related to CityCenter’s sale of Harmon land recorded within income from unconsolidated affiliates, and corporate expense (which includes CEO transition expense and October 1 litigation settlement) 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
September 30,		Nine Months Ended
September 30,
 2021 20202021 2020
 (In thousands)
Net revenue
Las Vegas Strip Resorts
Casino$422,541 $189,358 $1,008,108 $527,059 
Rooms403,010 137,869 846,053 526,838 
Food and beverage308,522 81,429 614,572 391,218 
Entertainment, retail and other246,894 72,762 461,766 320,920 
1,380,967 481,418 2,930,499 1,766,035 
Regional Operations
Casino719,630 464,789 2,024,149 1,078,596 
Rooms70,766 34,782 160,269 94,842 
Food and beverage92,148 38,646 211,661 138,052 
Entertainment, retail and other42,579 18,609 96,677 60,260 
925,123 556,826 2,492,756 1,371,750 
MGM China
Casino252,445 35,297 784,984 298,995 
Rooms16,683 2,800 47,585 19,344 
Food and beverage15,808 6,240 50,323 23,451 
Entertainment, retail and other4,123 2,530 13,152 10,162 
289,059 46,867 896,044 351,952 
Reportable segment net revenues2,595,149 1,085,111 6,319,299 3,489,737 
Corporate and other112,390 40,809 303,949 178,809 
 $2,707,539 $1,125,920 $6,623,248 $3,668,546 
Adjusted Property EBITDAR
Las Vegas Strip Resorts$534,548 $15,125 $1,039,472 $178,277 
Regional Operations 348,234 145,734 908,564 185,369 
MGM China6,996 (96,446)20,352 (234,724)
Reportable segment Adjusted Property EBITDAR889,778 64,413 1,968,388 128,922 
 
Other operating income (expense)
Corporate and other, net(124,745)(113,190)(368,713)(374,769)
Preopening and start-up expenses(1,547)(11)(1,642)(51)
Property transactions, net (3,677)(4,116)(842)(85,440)
Depreciation and amortization(279,403)(294,363)(853,579)(911,859)
Gain on REIT transactions, net— — — 1,491,945 
Gain on consolidation of CityCenter, net1,562,329 — 1,562,329 — 
CEO transition expense— — — (44,401)
October 1 litigation settlement— — — (49,000)
Restructuring— — — (19,882)
Triple-net operating lease and ground lease rent expense(191,622)(189,602)(570,851)(521,087)
Gain related to sale of Harmon land - unconsolidated affiliate— — 49,755 — 
Income from unconsolidated affiliates related to real estate ventures41,669 41,687 125,007 106,756 
Operating income (loss)1,892,782 (495,182)1,909,852 (278,866)
Non-operating income (expense)
Interest expense, net of amounts capitalized(200,049)(173,808)(598,116)(487,701)
Non-operating items from unconsolidated affiliates(23,421)(23,604)(67,473)(79,986)
Other, net(49,241)13,889 70,302 (102,054)
(272,711)(183,523)(595,287)(669,741)
Income (loss) before income taxes1,620,071 (678,705)1,314,565 (948,607)
Benefit (provision) for income taxes(282,135)76,734 (222,263)84,668 
Net income (loss)1,337,936 (601,971)1,092,302 (863,939)
Less: Net loss attributable to noncontrolling interests12,497 67,240 31,055 278,820 
Net income (loss) attributable to MGM Resorts International$1,350,433 $(534,731)$1,123,357 $(585,119)