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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ 206,731 $ 1,208,389 $ (1,319,907)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 3,482,050 1,150,610 1,210,556
Amortization of debt discounts, premiums and issuance costs 32,769 40,328 34,363
Loss on early retirement of debt 0 37 126,462
Provision for credit losses 22,738 21,852 71,422
Stock-based compensation 71,296 65,183 106,956
Property transactions, net (1,036,997) (67,736) 93,567
Gain on REIT transactions, net (2,277,747) 0 (1,491,945)
Gain on consolidation of CityCenter, net 0 (1,562,329) 0
Noncash lease expense 437,603 188,917 183,399
Other investment gains (12,430) (28,417) 0
Loss (income) from unconsolidated affiliates 183,670 (1,580) 60,366
Distributions from unconsolidated affiliates 37,435 99,370 86,584
Deferred income taxes 496,189 241,947 18,347
Change in operating assets and liabilities:      
Accounts receivable (211,687) (236,182) 960,099
Inventories (26,627) 3,107 14,705
Income taxes receivable and payable, net 197,097 (30,444) (216,250)
Prepaid expenses and other (14,424) (36,608) (37)
Accounts payable and accrued liabilities 183,839 442,626 (1,382,980)
Other (15,043) (125,647) (48,750)
Net cash provided by (used in) operating activities 1,756,462 1,373,423 (1,493,043)
Cash flows from investing activities      
Capital expenditures (765,067) (490,697) (270,579)
Dispositions of property and equipment 112,019 106,600 6,136
Proceeds from sale of operating resorts 1,054,313 0 0
Proceeds from real estate transactions 4,373,820 3,888,431 2,455,839
Investments in unconsolidated affiliates (254,786) (226,889) (96,925)
Distributions from unconsolidated affiliates 10,361 9,694 63,960
Investments and other (523,361) 46,110 873
Net cash provided by investing activities 2,118,181 1,543,645 2,159,304
Cash flows from financing activities      
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less 1,148,276 (2,096,217) (1,595,089)
Issuance of long-term debt 0 749,775 3,550,000
Repayment of long-term debt (1,070,340) 0 (846,815)
Debt issuance costs (1,367) (18,726) (62,348)
Proceeds from issuance of bridge loan facility 0 0 1,304,625
Issuance of MGM Growth Properties Class A shares, net 0 792,851 524,704
Dividends paid to common shareholders (4,048) (4,789) (77,606)
Distributions to noncontrolling interest owners (210,699) (324,190) (286,385)
Repurchases of common stock (2,775,217) (1,753,509) (353,720)
Other (110,907) (159,290) (53,939)
Net cash provided by (used in) financing activities (3,024,302) (2,814,095) 2,103,427
Effect of exchange rate on cash, cash equivalents, and restricted cash 8,926 (1,551) 2,345
Change in cash and cash equivalents classified as assets held for sale (25,938) 0 0
Cash, cash equivalents, and restricted cash      
Net increase for the period 833,329 101,422 2,772,033
Balance, beginning of period 5,203,059 5,101,637 2,329,604
Balance, end of period 6,036,388 5,203,059 5,101,637
Supplemental cash flow disclosures      
Interest paid, net of amounts capitalized 573,629 705,680 639,718
Federal, state and foreign income taxes paid, net 22,955 43,018 8,543
Non-cash investing and financing activities      
VICI BREIT Venture assumption of bridge loan facility 0 0 1,304,625
Bellagio BREIT Venture      
Non-cash investing and financing activities      
Investment in venture 0 0 802,000
City Center and MGP BREIT Venture      
Cash flows from investing activities      
Acquisitions, net of cash acquired $ (1,889,118) $ (1,789,604) $ 0