XML 36 R19.htm IDEA: XBRL DOCUMENT v3.22.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2022
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, 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, 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 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
March 31,
 2022 2021
 (In thousands)
Net revenue
Las Vegas Strip Resorts
Casino$475,298 $232,094 
Rooms485,288 144,329 
Food and beverage384,276 90,419 
Entertainment, retail and other318,030 78,122 
1,662,892 544,964 
Regional Operations
Casino703,679 596,655 
Rooms56,114 40,579 
Food and beverage91,138 50,364 
Entertainment, retail and other39,898 23,753 
890,829 711,351 
MGM China
Casino231,203 261,604 
Rooms15,671 13,512 
Food and beverage17,441 16,629 
Entertainment, retail and other4,060 4,609 
268,375 296,354 
Reportable segment net revenues2,822,096 1,552,669 
Corporate and other32,213 95,078 
 $2,854,309 $1,647,747 
Adjusted Property EBITDAR
Las Vegas Strip Resorts$593,634 $108,119 
Regional Operations 313,279 241,982 
MGM China(25,656)4,775 
Reportable segment Adjusted Property EBITDAR881,257 354,876 
 
Other operating income (expense)
Corporate and other, net(210,853)(136,991)
Preopening and start-up expenses(434)(5)
Property transactions, net (54,738)(26,071)
Depreciation and amortization(288,638)(290,551)
Triple-net operating lease and ground lease rent expense(262,452)(189,620)
Income from unconsolidated affiliates related to real estate ventures41,646 41,672 
Operating income (loss)105,788 (246,690)
Non-operating income (expense)
Interest expense, net of amounts capitalized(196,091)(195,295)
Non-operating items from unconsolidated affiliates(15,133)(20,836)
Other, net34,302 32,185 
(176,922)(183,946)
Loss before income taxes(71,134)(430,636)
Benefit for income taxes36,341 94,698 
Net loss(34,793)(335,938)
Less: Net loss attributable to noncontrolling interests16,777 4,109 
Net loss attributable to MGM Resorts International$(18,016)$(331,829)