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STOCKHOLDERS’ EQUITY | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) attributable to MGM Resorts International are as follows:
|  | Currency Translation Adjustments |  | Cash Flow Hedges |  | Other |  | Total
|  | (In thousands)
Balances, January 1, 2021 |  | $ | 12,964 |  |  | $ | (55,357) |  |  | $ | 11,716 |  |  | $ | (30,677) |
Other comprehensive income (loss) before reclassifications |  | (24,655) |  |  | 12,588 |  |  | — |  |  | (12,067) |
Amounts reclassified to interest expense |  | — |  |  | 22,200 |  |  | — |  |  | 22,200 |
Other comprehensive income (loss), net of tax |  | (24,655) |  |  | 34,788 |  |  | — |  |  | 10,133 |
Other changes: |  |  |  |  |  |  |  |
MGP Class A share issuances |  | — |  |  | — |  |  | 3,240 |  |  | 3,240 |
Redemption of MGP OP units |  | — |  |  | — |  |  | 5,327 |  |  | 5,327 |
Other |  | — |  |  | — |  |  | (2,358) |  |  | (2,358) |
Net changes |  | (24,655) |  |  | 34,788 |  |  | 6,209 |  |  | 16,342 |
Other comprehensive (income) loss attributable to noncontrolling interest |  | 10,784 |  |  | (21,065) |  |  | — |  |  | (10,281) |
Balances, December 31, 2021 |  | (907) |  |  | (41,634) |  |  | 17,925 |  |  | (24,616) |
Other comprehensive income before reclassifications |  | 27,336 |  |  | 30,692 |  |  | — |  |  | 58,028 |
Amounts reclassified to interest expense |  | — |  |  | 7,000 |  |  | — |  |  | 7,000 |
Other comprehensive income, net of tax |  | 27,336 |  |  | 37,692 |  |  | — |  |  | 65,028 |
Other changes: |  |  |  |  |  |  |  |
Deconsolidation of MGP |  | — |  |  | 28,151 |  |  | (17,067) |  |  | 11,084 |
Other |  | 1,074 |  |  | — |  |  | (1,794) |  |  | (720) |
Net changes |  | 28,410 |  |  | 65,843 |  |  | (18,861) |  |  | 75,392 |
Other comprehensive (income) loss attributable to noncontrolling interest |  | 6,932 |  |  | (24,209) |  |  | — |  |  | (17,277) |
Balances, December 31, 2022 |  | 34,435 |  |  | — |  |  | (936) |  |  | 33,499 |
Other comprehensive income before reclassifications |  | 109,278 |  |  | — |  |  | — |  |  | 109,278 |
Amounts reclassified to "Other, net" |  | — |  |  | — |  |  | 936 |  |  | 936 |
Other comprehensive income, net of tax |  | 109,278 |  |  | — |  |  | 936 |  |  | 110,214 |
Other comprehensive loss attributable to noncontrolling interest |  | 183 |  |  | — |  |  | — |  |  | 183 |
Balances, December 31, 2023 |  | $ | 143,896 |  |  | $ | — |  |  | $ | — |  |  | $ | 143,896 |
Noncontrolling interest The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest, which shows the effects of changes in the Company’s ownership interest in a subsidiary on the equity attributable to the Company:
|  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In thousands)
Net income attributable to MGM Resorts International |  | $ | 1,142,180 |  |  | $ | 1,473,093 |  |  | $ | 1,254,370 |
Transfers from/(to) noncontrolling interest: |  |  |  |  |  |
MGP Class A share issuances |  | — |  |  | — |  |  | 103,174 |
Redemption of MGP OP units |  | — |  |  | — |  |  | 176,659 |
Deconsolidation of MGP |  | — |  |  | 11,084 |  |  | — |
Other |  | — |  |  | (120) |  |  | (5,062) |
Net transfers from noncontrolling interest |  | — |  |  | 10,964 |  |  | 274,771 |
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest |  | $ | 1,142,180 |  |  | $ | 1,484,057 |  |  | $ | 1,529,141 |
Noncontrolling interest ownership transactions MGP Class A share issuance – March 2021. On March 15, 2021, MGP completed an offering of 22 million of its Class A shares, the proceeds of which were used to partially satisfy MGP’s obligations pursuant to the notice of redemption delivered by certain MGM subsidiaries, discussed below. Subsequent to MGP’s Class A share issuance and the redemption of MGP OP units, discussed below, the Company indirectly owned 42.1% of the partnership units in MGP OP. Redemption of MGP OP units – March 2021. In March 2021, subsidiaries of the Company delivered a notice of redemption to MGP covering approximately 37 million MGP OP units that they held in accordance with the terms of MGP OP’s partnership agreement. Upon receipt of the notice of redemption, MGP formed a conflicts committee to determine the mix of consideration that it would provide for the MGP OP units. The conflicts committee determined that MGP would redeem approximately 15 million MGP OP units for cash (with such MGP OP units retired upon redemption) and would satisfy its remaining obligation under that notice covering the remaining 22 million MGP OP units using the proceeds, net of the underwriters’ discount, of MGP’s Class A offering, for aggregate cash proceeds received by the Company of approximately $1.2 billion. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests’ ownership percentage of MGP OP’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive loss. Subsequent to the collective transactions, the Company indirectly owned 42.1% of the partnership units in MGP OP. MGP Class A share issuances – At-the-Market (“ATM”) program. During the year ended December 31, 2021, MGP issued approximately 3 million Class A shares under its ATM program, which completed its ATM program. In connection with the issuances, MGP OP issued an equal amount of MGP OP units to MGP. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests’ ownership percentage of MGP OP’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive loss. Subsequent to the collective issuances, the Company indirectly owned 41.6% of the partnership units in MGP OP. Deconsolidation of MGP. On April 29, 2022, the Company completed the VICI Transaction, whereby VICI acquired MGP. In connection with the transaction, the Company no longer holds a controlling interest in MGP and deconsolidated MGP, including the accumulated other comprehensive loss related to MGP. Other equity activity MGM Resorts International stock repurchases. In February 2020, upon substantial completion of the May 2018 $2.0 billion stock repurchase plan, the Company announced that the Board of Directors authorized a $3.0 billion stock repurchase plan. In March 2022, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, in February 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, and, in November 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the year ended December 31, 2021, the Company repurchased approximately 43 million shares of its common stock for an aggregate amount of $1.8 billion. Repurchased shares were retired. During the year ended December 31, 2021, the Company completed its May 2018 $2.0 billion stock repurchase plan. During the year ended December 31, 2022, the Company repurchased approximately 76 million shares of its common stock for an aggregate amount of $2.8 billion, which included the February 2022 repurchase of 4.5 million shares for an aggregate amount of $202.5 million from funds managed by Corvex Management LP, a related party. Repurchased shares were retired. During the year ended December 31, 2022, the Company completed its February 2020 $3.0 billion stock repurchase plan. During the year ended December 31, 2023, the Company repurchased approximately 54 million shares of its common stock for an aggregate amount of $2.3 billion. Repurchased shares were retired. During the year ended December 31, 2023, the Company completed its March 2022 $2.0 billion stock repurchase plan. As of December 31, 2023 the remaining availability under the February 2023 $2.0 billion stock repurchase plan was $183 million and the remaining availability under the November 2023 $2.0 billion stock repurchase plan was $2.0 billion. Subsequent to the year ended December 31, 2023, the Company repurchased approximately 7 million shares of its common stock for an aggregate amount of $320 million, excluding excise tax. Repurchased shares were retired. In connection with those repurchases, the Company completed its February 2023 $2.0 billion stock repurchase plan.

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