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ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The following table sets forth the preliminary purchase price allocation (in thousands):
Cash and cash equivalents | $ | 93,407 |
Receivables and other current assets | 36,872 |
Technology | 126,162 |
Trademarks | 166,356 |
Customer lists | 140,843 |
Goodwill | 238,040 |
Other long-term assets | 19,181 |
Accounts payable, accrued liabilities, and other current liabilities | (118,302) |
Debt | (104,439) |
Other long-term liabilities | (39,564) |
Noncontrolling interests | (2,861) |
| $ | 555,695 |
The following table sets forth the preliminary purchase price allocation (in thousands):
Cash and cash equivalents | $ | 80,670 |
Receivables and other current assets | 94,354 |
Property and equipment | 120,912 |
Trademarks | 130,000 |
Customer lists | 95,000 |
Goodwill | 1,289,468 |
Operating lease right-of-use-assets, net | 3,404,894 |
Other long-term assets | 23,709 |
Accounts payable, accrued liabilities, and other current liabilities | (145,136) |
Operating lease liabilities | (3,401,815) |
Other long-term liabilities | (1,570) |
| $ | 1,690,486 |
The following table sets forth the purchase price allocation (in thousands):
Cash and cash equivalents | $ | 335,396 |
Receivables and other current assets | 106,417 |
Property and equipment - real estate assets held for sale | 3,888,431 |
Property and equipment | 323,093 |
Trademarks | 180,000 |
Goodwill | 1,397,338 |
Other long-term assets | 13,923 |
Accounts payable, accrued liabilities, and other current liabilities | (201,093) |
Debt | (1,729,451) |
Other long-term liabilities | (64,054) |
| $ | 4,250,000 |
Schedule of Pro Forma Financial Information | The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of the indicated date. Pro forma results of operations for the LeoVegas acquisition have not been included because it is not material to the consolidated results of operations.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Net revenues | $ | 3,416,072 |  |  | $ | 3,208,590 |  |  | $ | 9,958,088 |  |  | $ | 7,762,826 |
Net income (loss) attributable to MGM Resorts International | (576,830) |  |  | 226,231 |  |  | 1,203,246 |  |  | 37,454 |
Disposal Groups, Including Discontinued Operations | The major classes of assets and liabilities derecognized are as follows (in thousands):
Cash and cash equivalents | $ | 25,387 |
Income tax receivable | 5,486 |
Prepaid expenses and other | 128 |
Property and equipment, net | 9,250,519 |
Investments in and advances to unconsolidated affiliates | 817,901 |
Operating lease right-of-use assets, net | 236,255 |
Other long-term assets, net | 3,991 |
Total assets | $ | 10,339,667 |
Accounts payable | $ | 1,136 |
Accrued interest on long-term debt | 68,150 |
Other accrued liabilities | 4,057 |
Deferred income taxes, net | 1,284 |
Long-term debt, net | 4,259,473 |
Operating lease liabilities | 336,689 |
Total liabilities | $ | 4,670,789 |
The major classes of assets and liabilities classified as held for sale as of September 30, 2022 are as follows:
| The Mirage |  | Gold Strike Tunica
| (In thousands)
Assets |  |  |
Cash and cash equivalents | $ | 18,636 |  |  | $ | 21,020 |
Accounts receivable, net | 19,102 |  |  | 2,404 |
Inventories | 5,371 |  |  | 978 |
Prepaid expenses and other | 8,139 |  |  | 1,786 |
Property and equipment, net | 25,755 |  |  | 20,269 |
Goodwill | 10,249 |  |  | 40,523 |
Other intangible assets, net | 3,095 |  |  | 5,700 |
Operating lease right-of-use assets, net | 1,322,219 |  |  | 511,090 |
Other long-term assets, net | 7,046 |  |  | 1,406 |
Assets held for sale | $ | 1,419,612 |  |  | $ | 605,176 |
Liabilities |  |  |
Accounts payable | $ | 10,773 |  |  | $ | 5,914 |
Other accrued liabilities | 65,924 |  |  | 17,738 |
Other long-term obligations | 6,666 |  |  | 2,538 |
Operating lease liabilities | 1,328,710 |  |  | 515,777 |
Liabilities related to assets held for sale | $ | 1,412,073 |  |  | $ | 541,967 |

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