GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets consisted of the following:


	December 31,
	2022		2021
	(In thousands)
Goodwill	$	5,029,312	$	3,480,997

Indefinite-lived intangible assets:
Trademarks	$	754,431	$	479,238
Gaming rights and other	385,060		378,098
Total indefinite-lived intangible assets	1,139,491		857,336
Finite-lived intangible assets:
MGM Grand Paradise gaming subconcession	4,519,486		4,516,532
Less: Accumulated amortization	(4,519,486)		(1,865,219)
	—		2,651,313
Customer lists	283,232		52,000
Less: Accumulated amortization	(60,055)		(32,188)
	223,177		19,812
Gaming rights	106,600		106,600
Less: Accumulated amortization	(33,316)		(26,209)
	73,284		80,391
Technology and other	129,061		13,207
Less: Accumulated amortization	(13,761)		(5,674)
	115,300		7,533
Total finite-lived intangible assets, net	411,761		2,759,049
Total other intangible assets, net	$	1,551,252	$	3,616,385

Goodwill. A summary of changes in the Company’s goodwill is as follows:


	2022
	Balance at January 1		Acquisitions/Divestitures		Reclassifications		Currency exchange		Balance at December 31
	(In thousands)
Las Vegas Strip Resorts	$	1,427,790	$	1,279,219	$	—	$	—	$	2,707,009
Regional Operations	701,463		—		(40,523)		—		660,940
MGM China	1,351,744		—		—		(866)		1,350,878
Corporate and other	—		288,367		—		22,118		310,485
	$	3,480,997	$	1,567,586	$	(40,523)	$	21,252	$	5,029,312


	2021
	Balance at January 1		Acquisitions		Reclassifications		Currency exchange		Balance at December 31
	(In thousands)
Las Vegas Strip Resorts	$	30,452	$	1,397,338	$	—	$	—	$	1,427,790
Regional Operations	701,463		—		—		—		701,463
MGM China	1,359,363		—		—		(7,619)		1,351,744
	$	2,091,278	$	1,397,338	$	—	$	(7,619)	$	3,480,997

Refer to Note 4 for discussion on acquisitions, divestitures, and assets held for sale (reclassifications).

MGM Grand Paradise gaming subconcession. As described in Note 1, the enactment of the new Macau gaming law in June 2022 provided for material changes to the legal form of gaming concessions in Macau, including discontinuing and prohibiting gaming subconcessions subsequent to their expiration, and also included material changes to the rights and obligations provided for under the new gaming concessions. As a result, the Company determined that the MGM Grand Paradise gaming subconcession and new gaming concession are two separate units of account.

Further, as the material changes in the legal and regulatory environment could have an adverse effect on the value of MGM Grand Paradise’s gaming subconcession, the Company concluded that a triggering event had occurred under ASC 360 in June 2022 for the MGM China asset group. The Company compared the estimated undiscounted cash flows of the asset group to its carrying value and determined that the undiscounted cash flows significantly exceeded the carrying value and, therefore, no impairment was indicated.

Additionally, in June 2022, the Company reassessed the useful life of the gaming subconcession intangible asset and determined that, given the new gaming law and the resulting changes described above, the useful life would no longer be based on the initial term of the MGM Cotai land concession, which ends in January 2038, and that the useful life should be revised to align with the cessation of the subconcession rights that occurred at the end of the contractual term of the gaming subconcession, which ended on December 31, 2022. Accordingly, amortization of the MGM Grand Paradise gaming subconcession was recognized on a straight-line basis over its reduced useful life. The gaming subconcession was fully amortized as of December 31, 2022.

Amortization expense related to intangible assets was $2.7 billion, $197 million and $194 million for 2022, 2021, and 2020, respectively. As of December 31, 2022, estimated future amortization is as follows:


Years ending December 31,	(In thousands)
2023	$	77,200
2024	75,214
2025	73,428
2026	71,643
2027	54,602
Thereafter	59,674
	$	411,761