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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
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, MGM China, and MGM Digital. During the fourth quarter of 2024, the Company added MGM Digital as a reportable segment to reflect the Company’s strategic focus on interactive gaming. The corresponding items of segment information for MGM Digital, which were previously included within “Corporate and other”, as applicable, were recast for prior periods. 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 W Las Vegas 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. MGM Digital. MGM Digital consists of LeoVegas (upon its acquisition in September 2022) and other consolidated subsidiaries that offer interactive gaming. The Company’s operations related to 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. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses and monitors budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR in assessing performance of each segment and deciding where to invest capital. Segment Adjusted 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. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, loss from unconsolidated affiliates, and also excludes gain on REIT transactions, net as well as 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. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and National Harbor, and the land concessions at MGM China.
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In thousands)
Net revenue |  |  |  |  |  |
Las Vegas Strip Resorts |  |  |  |  |  |
Casino |  | $ | 1,960,146 |  |  | $ | 2,127,612 |  |  | $ | 2,104,096 |
Rooms |  | 3,159,497 |  |  | 3,027,668 |  |  | 2,729,715 |
Food and beverage |  | 2,356,718 |  |  | 2,289,812 |  |  | 2,125,738 |
Entertainment, retail and other |  | 1,339,752 |  |  | 1,354,054 |  |  | 1,438,823 |
|  | 8,816,113 |  |  | 8,799,146 |  |  | 8,398,372 |
Regional Operations |  |  |  |  |  |
Casino |  | 2,737,778 |  |  | 2,712,205 |  |  | 2,901,072 |
Rooms |  | 304,322 |  |  | 296,100 |  |  | 284,213 |
Food and beverage |  | 456,129 |  |  | 440,002 |  |  | 429,188 |
Entertainment, retail and other |  | 222,093 |  |  | 222,002 |  |  | 201,412 |
|  | 3,720,322 |  |  | 3,670,309 |  |  | 3,815,885 |
MGM China |  |  |  |  |  |
Casino |  | 3,496,697 |  |  | 2,787,837 |  |  | 567,573 |
Rooms |  | 217,798 |  |  | 177,158 |  |  | 43,216 |
Food and beverage |  | 265,883 |  |  | 161,669 |  |  | 49,312 |
Entertainment, retail and other |  | 42,006 |  |  | 26,945 |  |  | 13,492 |
|  | 4,022,384 |  |  | 3,153,609 |  |  | 673,593 |
MGM Digital |  |  |  |  |  |
Casino |  | 552,012 |  |  | 432,146 |  |  | 133,435 |
Reportable segment net revenues |  | 17,110,831 |  |  | 16,055,210 |  |  | 13,021,285 |
Corporate and other |  | 129,714 |  |  | 109,039 |  |  | 106,200 |
|  | $ | 17,240,545 |  |  | $ | 16,164,249 |  |  | $ | 13,127,485 |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In thousands)
Expenses |  |  |  |  |  |
Las Vegas Strip Resorts |  |  |  |  |  |
Payroll related |  | $ | 2,635,565 |  |  | $ | 2,517,233 |  |  | $ | 2,335,843 |
Cost of sales |  | 536,807 |  | 551,877 |  | 512,208
Gaming taxes |  | 232,841 |  |  | 241,943 |  |  | 227,578 |
Other segment items(1) |  | 2,304,357 |  |  | 2,297,607 |  |  | 2,180,435 |
|  | 5,709,570 |  |  | 5,608,660 |  |  | 5,256,064 |
Regional Operations |  |  |  |  |  |
Payroll related |  | 922,924 |  |  | 879,221 |  |  | 855,309 |
Cost of sales |  | 166,872 |  |  | 159,670 |  |  | 160,463 |
Gaming taxes |  | 757,824 |  |  | 735,179 |  |  | 753,494 |
Other segment items(1) |  | 729,146 |  |  | 763,043 |  |  | 751,989 |
|  | 2,576,766 |  |  | 2,537,113 |  |  | 2,521,255 |
MGM China |  |  |  |  |  |
Payroll related |  | 565,858 |  |  | 473,616 |  |  | 375,037 |
Cost of sales |  | 96,516 |  | 62,453 |  | 26,834
Gaming taxes |  | 1,778,032 |  | 1,380,976 |  | 294,471
Other segment items(1) |  | 494,852 |  | 369,675 |  | 180,387
|  | 2,935,258 |  | 2,286,720 |  | 876,729
MGM Digital |  |  |  |  |  |
Payroll related |  | 87,579 |  |  | 71,929 |  |  | 18,681 |
Marketing costs |  | 253,227 |  |  | 164,645 |  |  | 48,107 |
Gaming taxes |  | 125,934 |  |  | 84,064 |  |  | 24,921 |
Other segment items(2) |  | 162,499 |  |  | 143,932 |  |  | 41,312 |
|  | $ | 629,239 |  |  | $ | 464,570 |  |  | $ | 133,021 |
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses. (2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In thousands)
Segment Adjusted EBITDAR |  |  |  |  |  |
Las Vegas Strip Resorts |  | $ | 3,106,543 |  |  | $ | 3,190,486 |  |  | $ | 3,142,308 |
Regional Operations |  | 1,143,556 |  |  | 1,133,196 |  |  | 1,294,630 |
MGM China |  | 1,087,126 |  |  | 866,889 |  |  | (203,136) |
MGM Digital |  | (77,227) |  |  | (32,424) |  |  | 414 |
|  | 5,259,998 |  |  | 5,158,147 |  |  | 4,234,216 |
Other operating income (expense) |  |  |  |  |  |
Corporate and other, net |  | (500,447) |  |  | (496,867) |  |  | (514,883) |
Preopening and start-up expenses |  | (7,972) |  |  | (415) |  |  | (1,876) |
Property transactions, net |  | (81,316) |  |  | 370,513 |  |  | 1,036,997 |
Depreciation and amortization |  | (831,097) |  |  | (814,128) |  |  | (3,482,050) |
Gain on REIT transactions, net |  | — |  |  | — |  |  | 2,277,747 |
Triple net lease rent expense |  | (2,258,057) |  |  | (2,263,649) |  |  | (1,950,566) |
Loss from unconsolidated affiliates |  | (90,653) |  |  | (62,104) |  |  | (160,213) |
Operating income |  | 1,490,456 |  | 1,891,497 |  | 1,439,372
Non-operating income (expense) |  |  |  |  |  |
Interest expense, net of amounts capitalized |  | (443,230) |  |  | (460,293) |  |  | (594,954) |
Non-operating items from unconsolidated affiliates |  | (734) |  |  | (1,032) |  |  | (23,457) |
Other, net |  | 70,573 |  |  | 42,591 |  |  | 82,838 |
|  | (373,391) |  |  | (418,734) |  |  | (535,573) |
Income before income taxes |  | 1,117,065 |  |  | 1,472,763 |  |  | 903,799 |
Provision for income taxes |  | (52,457) |  |  | (157,839) |  |  | (697,068) |
Net income |  | 1,064,608 |  |  | 1,314,924 |  |  | 206,731 |
Less: Net (income) loss attributable to noncontrolling interests |  | (318,050) |  |  | (172,744) |  |  | 1,266,362 |
Net income attributable to MGM Resorts International |  | $ | 746,558 |  |  | $ | 1,142,180 |  |  | $ | 1,473,093 |
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Capital expenditures: |  | (In thousands)
Las Vegas Strip Resorts |  | $ | 597,152 |  |  | $ | 527,104 |  |  | $ | 411,222 |
Regional Operations |  | 170,490 |  |  | 135,848 |  |  | 190,811 |
MGM China |  | 148,813 |  |  | 45,331 |  |  | 30,540 |
MGM Digital |  | 65,849 |  |  | 34,175 |  |  | 7,457 |
Reportable segment capital expenditures |  | 982,304 |  |  | 742,458 |  |  | 640,030 |
Corporate and other |  | 168,285 |  |  | 189,355 |  |  | 125,037 |
|  | $ | 1,150,589 |  |  | $ | 931,813 |  |  | $ | 765,067 |
Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented. Long-lived assets, which includes property and equipment, net and operating and finance lease right-of-use assets, net, presented by geographic region were as follows:
|  | December 31,
|  | 2024 |  | 2023 |  | 2022
Long-lived assets: |  | (In thousands)
United States |  | $ | 26,903,773 |  |  | $ | 26,698,996 |  |  | $ | 26,809,273 |
China |  | 2,734,513 |  |  | 2,731,397 |  |  | 2,926,619 |
Other |  | 90,160 |  |  | 46,616 |  |  | 18,965 |
|  | $ | 29,728,446 |  |  | $ | 29,477,009 |  |  | $ | 29,754,857 |
Net revenue, for which the country was determined based upon the location of the property or online gaming hub, presented by geographic region was as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Net revenue: |  | (In thousands)
United States |  | $ | 12,664,897 |  |  | $ | 12,577,085 |  |  | $ | 12,320,411 |
China |  | 4,020,420 |  |  | 3,153,520 |  |  | 673,655 |
Other |  | 555,228 |  |  | 433,644 |  |  | 133,419 |
|  | $ | 17,240,545 |  |  | $ | 16,164,249 |  |  | $ | 13,127,485 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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