XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.22.2.2

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Sep. 30, 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, The Cosmopolitan (upon acquisition in May 2022), 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 LeoVegas (upon acquisition in September 2022), 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, property transactions, net, gain on REIT transactions, net, rent expense related to triple-net operating leases and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and also excludes gain on consolidation of CityCenter, net, gain related to CityCenter’s sale of Harmon land recorded within income from unconsolidated affiliates, 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 eliminated in consolidation. The following tables present the Company’s segment information:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Net revenue |  |  |  |  |  |  |
Las Vegas Strip Resorts |  |  |  |  |  |  |
Casino | $ | 575,868 |  |  | $ | 422,541 |  |  | $ | 1,549,690 |  |  | $ | 1,008,108 |
Rooms | 735,653 |  |  | 403,010 |  |  | 1,916,949 |  |  | 846,053 |
Food and beverage | 599,846 |  |  | 308,522 |  |  | 1,544,886 |  |  | 614,572 |
Entertainment, retail and other | 389,655 |  |  | 246,894 |  |  | 1,089,565 |  |  | 461,766 |
| 2,301,022 |  |  | 1,380,967 |  |  | 6,101,090 |  |  | 2,930,499 |
Regional Operations |  |  |  |  |  |  |
Casino | 721,192 |  |  | 719,630 |  |  | 2,159,010 |  |  | 2,024,149 |
Rooms | 84,754 |  |  | 70,766 |  |  | 211,780 |  |  | 160,269 |
Food and beverage | 115,432 |  |  | 92,148 |  |  | 312,621 |  |  | 211,661 |
Entertainment, retail and other, and reimbursed costs | 52,557 |  |  | 42,579 |  |  | 141,022 |  |  | 96,677 |
| 973,935 |  |  | 925,123 |  |  | 2,824,433 |  |  | 2,492,756 |
MGM China |  |  |  |  |  |  |
Casino | 70,325 |  |  | 252,445 |  |  | 422,476 |  |  | 784,984 |
Rooms | 6,989 |  |  | 16,683 |  |  | 30,472 |  |  | 47,585 |
Food and beverage | 7,703 |  |  | 15,808 |  |  | 36,084 |  |  | 50,323 |
Entertainment, retail and other | 2,469 |  |  | 4,123 |  |  | 9,841 |  |  | 13,152 |
| 87,486 |  |  | 289,059 |  |  | 498,873 |  |  | 896,044 |
Reportable segment net revenues | 3,362,443 |  |  | 2,595,149 |  |  | 9,424,396 |  |  | 6,319,299 |
Corporate and other | 53,629 |  |  | 112,390 |  |  | 110,873 |  |  | 303,949 |
| $ | 3,416,072 |  |  | $ | 2,707,539 |  |  | $ | 9,535,269 |  |  | $ | 6,623,248 |
Adjusted Property EBITDAR |  |  |  |  |  |  |
Las Vegas Strip Resorts | $ | 846,355 |  |  | $ | 534,548 |  |  | $ | 2,265,256 |  |  | $ | 1,039,472 |
Regional Operations | 321,984 |  |  | 348,234 |  |  | 975,113 |  |  | 908,564 |
MGM China | (70,410) |  |  | 6,996 |  |  | (148,157) |  |  | 20,352 |
Reportable segment Adjusted Property EBITDAR | 1,097,929 |  |  | 889,778 |  |  | 3,092,212 |  |  | 1,968,388 |
Other operating income (expense) |  |  |  |  |  |  |
Corporate and other, net | (148,120) |  |  | (124,745) |  |  | (552,265) |  |  | (368,713) |
Preopening and start-up expenses | (396) |  |  | (1,547) |  |  | (1,372) |  |  | (1,642) |
Property transactions, net | 11,639 |  |  | (3,677) |  |  | (23,704) |  |  | (842) |
Depreciation and amortization | (1,405,520) |  |  | (279,403) |  |  | (2,060,413) |  |  | (853,579) |
Gain on REIT transactions, net | — |  |  | — |  |  | 2,277,747 |  |  | — |
Gain on consolidation of CityCenter, net | — |  |  | 1,562,329 |  |  | — |  |  | 1,562,329 |
Triple-net operating lease and ground lease rent expense | (604,193) |  |  | (191,622) |  |  | (1,350,099) |  |  | (570,851) |
Gain related to sale of Harmon land - unconsolidated affiliate | — |  |  | — |  |  | — |  |  | 49,755 |
Income from unconsolidated affiliates related to real estate ventures | 2,690 |  |  | 41,669 |  |  | 59,162 |  |  | 125,007 |
Operating income (loss) | (1,045,971) |  |  | 1,892,782 |  |  | 1,441,268 |  |  | 1,909,852 |
Non-operating income (expense) |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | (125,172) |  |  | (200,049) |  |  | (457,822) |  |  | (598,116) |
Non-operating items from unconsolidated affiliates | (995) |  |  | (23,421) |  |  | (22,248) |  |  | (67,473) |
Other, net | (14,316) |  |  | (49,241) |  |  | (23,322) |  |  | 70,302 |
| (140,483) |  |  | (272,711) |  |  | (503,392) |  |  | (595,287) |
Income (loss) before income taxes | (1,186,454) |  |  | 1,620,071 |  |  | 937,876 |  |  | 1,314,565 |
Benefit (provision) for income taxes | 125,367 |  |  | (282,135) |  |  | (411,131) |  |  | (222,263) |
Net income (loss) | (1,061,087) |  |  | 1,337,936 |  |  | 526,745 |  |  | 1,092,302 |
Less: Net loss attributable to noncontrolling interests | 484,257 |  |  | 12,497 |  |  | 662,346 |  |  | 31,055 |
Net income (loss) attributable to MGM Resorts International | $ | (576,830) |  |  | $ | 1,350,433 |  |  | $ | 1,189,091 |  |  | $ | 1,123,357 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration