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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 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) (upon acquisition in September 2021), 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. 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, property transactions, net, and 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:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (In thousands)
Net revenue |  |  |  |  |  |
Las Vegas Strip Resorts |  |  |  |  |  |
Casino |  | $ | 1,549,419 |  |  | $ | 728,254 |  |  | $ | 1,296,170 |
Rooms |  | 1,402,712 |  |  | 662,813 |  |  | 1,863,521 |
Food and beverage |  | 1,015,366 |  |  | 471,529 |  |  | 1,517,745 |
Entertainment, retail and other |  | 769,688 |  |  | 383,189 |  |  | 1,153,615 |
|  | 4,737,185 |  |  | 2,245,785 |  |  | 5,831,051 |
Regional Operations |  |  |  |  |  |
Casino |  | 2,721,515 |  |  | 1,569,193 |  |  | 2,537,780 |
Rooms |  | 220,828 |  |  | 130,945 |  |  | 316,753 |
Food and beverage |  | 307,750 |  |  | 184,153 |  |  | 494,243 |
Entertainment, retail and other |  | 142,270 |  |  | 82,880 |  |  | 201,008 |
|  | 3,392,363 |  |  | 1,967,171 |  |  | 3,549,784 |
MGM China |  |  |  |  |  |
Casino |  | 1,057,962 |  |  | 565,671 |  |  | 2,609,806 |
Rooms |  | 66,498 |  |  | 36,624 |  |  | 142,306 |
Food and beverage |  | 68,489 |  |  | 40,284 |  |  | 127,152 |
Entertainment, retail and other |  | 17,812 |  |  | 14,124 |  |  | 26,158 |
|  | 1,210,761 |  |  | 656,703 |  |  | 2,905,422 |
Reportable segment net revenues |  | 9,340,309 |  |  | 4,869,659 |  |  | 12,286,257 |
Corporate and other |  | 339,831 |  |  | 292,423 |  |  | 613,415 |
|  | $ | 9,680,140 |  |  | $ | 5,162,082 |  |  | $ | 12,899,672 |
Adjusted Property EBITDAR |  |  |  |  |  |
Las Vegas Strip Resorts |  | $ | 1,738,211 |  |  | $ | 232,188 |  |  | $ | 1,643,122 |
Regional Operations |  | 1,217,814 |  |  | 343,990 |  |  | 969,866 |
MGM China |  | 25,367 |  |  | (193,832) |  |  | 734,729 |
Reportable segment Adjusted Property EBITDAR |  | 2,981,392 |  |  | 382,346 |  |  | 3,347,717 |
Other operating income (expense) |  |  |  |  |  |
Corporate and other, net |  | (560,309) |  |  | (530,843) |  |  | (331,621) |
Preopening and start-up expenses |  | (5,094) |  |  | (84) |  |  | (7,175) |
Property transactions, net |  | 67,736 |  |  | (93,567) |  |  | (275,802) |
Depreciation and amortization |  | (1,150,610) |  |  | (1,210,556) |  |  | (1,304,649) |
Gain on REIT transactions, net |  | — |  |  | 1,491,945 |  |  | 2,677,996 |
Gain on consolidation of CityCenter, net |  | 1,562,329 |  |  | — |  |  | — |
CEO transition expense |  | — |  |  | (44,401) |  |  | — |
October 1 litigation settlement |  | — |  |  | (49,000) |  |  | — |
Restructuring |  | — |  |  | (26,025) |  |  | (92,139) |
Triple-net operating lease and ground lease rent expense |  | (833,158) |  |  | (710,683) |  |  | (74,656) |
Gain related to sale of Harmon land - unconsolidated affiliate |  | 49,755 |  |  | — |  |  | — |
Income from unconsolidated affiliates related to real estate ventures |  | 166,658 |  |  | 148,434 |  |  | 544 |
Operating income (loss) |  | 2,278,699 |  |  | (642,434) |  |  | 3,940,215 |
Non-operating income (expense) |  |  |  |  |  |
Interest expense, net of amounts capitalized |  | (799,593) |  |  | (676,380) |  |  | (847,932) |
Non-operating items from unconsolidated affiliates |  | (83,243) |  |  | (103,304) |  |  | (62,296) |
Other, net |  | 65,941 |  |  | (89,361) |  |  | (183,262) |
|  | (816,895) |  |  | (869,045) |  |  | (1,093,490) |
Income (loss) before income taxes |  | 1,461,804 |  |  | (1,511,479) |  |  | 2,846,725 |
Benefit (provision) for income taxes |  | (253,415) |  |  | 191,572 |  |  | (632,345) |
Net income (loss) |  | 1,208,389 |  |  | (1,319,907) |  |  | 2,214,380 |
Less: Net (income) loss attributable to noncontrolling interests |  | 45,981 |  |  | 287,183 |  |  | (165,234) |
Net income (loss) attributable to MGM Resorts International |  | $ | 1,254,370 |  |  | $ | (1,032,724) |  |  | $ | 2,049,146 |
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Capital expenditures: |  | (In thousands)
Las Vegas Strip Resorts |  | $ | 266,944 |  |  | $ | 87,511 |  |  | $ | 285,863 |
Regional Operations |  | 77,406 |  |  | 41,456 |  |  | 187,489 |
MGM China |  | 67,989 |  |  | 108,352 |  |  | 145,634 |
Reportable segment capital expenditures |  | 412,339 |  |  | 237,319 |  |  | 618,986 |
Corporate and other |  | 78,358 |  |  | 33,260 |  |  | 120,020 |
|  | $ | 490,697 |  |  | $ | 270,579 |  |  | $ | 739,006 |
Total assets are not allocated to segments for internal reporting presentations or when determining the allocation of resources and, accordingly, are not presented. Long-lived assets, which includes property and equipment, net, operating and finance lease right-of-use assets, net, goodwill, and other intangible assets, net, presented by geographic region in which the Company holds assets are presented below:
|  | December 31,
|  | 2021 |  | 2020 |  | 2019
Long-lived assets: |  | (In thousands)
United States |  | $ | 25,848,917 |  |  | $ | 21,035,992 |  |  | $ | 20,582,055 |
China and all other foreign countries |  | 7,176,763 |  |  | 7,617,819 |  |  | 8,007,449 |
|  | $ | 33,025,680 |  |  | $ | 28,653,811 |  |  | $ | 28,589,504 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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