XML 34 R20.htm IDEA: XBRL DOCUMENT v3.23.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s management views each of its casino properties 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 in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan (upon its acquisition in May 2022), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage (until its disposition in
December 2022), 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 properties: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023); 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 its 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 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,
 202320222023 2022
 (In thousands)
Net revenue
Las Vegas Strip Resorts
Casino$546,273 $575,868 $1,539,048 $1,549,690 
Rooms694,554 735,653 2,152,960 1,916,949 
Food and beverage545,850 599,846 1,727,248 1,544,886 
Entertainment, retail and other319,162 389,655 1,009,385 1,089,565 
2,105,839 2,301,022 6,428,641 6,101,090 
Regional Operations
Casino678,565 721,192 2,074,972 2,159,010 
Rooms85,267 84,754 229,500 211,780 
Food and beverage107,952 115,432 331,322 312,621 
Entertainment, retail and other, and reimbursed costs53,173 52,557 161,106 141,022 
924,957 973,935 2,796,900 2,824,433 
MGM China
Casino713,961 70,325 1,938,891 422,476 
Rooms47,270 6,989 108,442 30,472 
Food and beverage44,460 7,703 105,058 36,084 
Entertainment, retail and other6,834 2,469 18,681 9,841 
812,525 87,486 2,171,072 498,873 
Reportable segment net revenues3,843,321 3,362,443 11,396,613 9,424,396 
Corporate and other129,862 53,629 392,073 110,873 
 $3,973,183 $3,416,072 $11,788,686 $9,535,269 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
(In thousands)
Adjusted Property EBITDAR
Las Vegas Strip Resorts$714,086 $846,355 $2,326,424 $2,265,256 
Regional Operations 293,257 321,984 900,199 975,113 
MGM China226,117 (70,410)604,454 (148,157)
Reportable segment Adjusted Property EBITDAR1,233,460 1,097,929 3,831,077 3,092,212 
 
Other operating income (expense)
Corporate and other, net(87,946)(148,120)(437,193)(552,265)
Preopening and start-up expenses(68)(396)(356)(1,372)
Property transactions, net (12,227)11,639 378,235 (23,704)
Depreciation and amortization(201,827)(1,405,520)(608,831)(2,060,413)
Gain on REIT transactions, net— — — 2,277,747 
Triple-net operating lease and ground lease rent expense(564,154)(604,193)(1,698,867)(1,350,099)
Income from unconsolidated affiliates related to real estate ventures2,698 2,690 8,088 59,162 
Operating income (loss)369,936 (1,045,971)1,472,153 1,441,268 
Non-operating income (expense)
Interest expense, net of amounts capitalized(111,170)(125,172)(353,415)(457,822)
Non-operating items from unconsolidated affiliates438 (995)(1,187)(22,248)
Other, net(34,879)(14,316)35,121 (23,322)
(145,611)(140,483)(319,481)(503,392)
Income (loss) before income taxes224,325 (1,186,454)1,152,672 937,876 
Benefit (provision) for income taxes(12,440)125,367 (217,360)(411,131)
Net income (loss)211,885 (1,061,087)935,312 526,745 
Less: Net (income) loss attributable to noncontrolling interests(50,768)484,257 (106,592)662,346 
Net income (loss) attributable to MGM Resorts International$161,117 $(576,830)$828,720 $1,189,091