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SEGMENT INFORMATION
 12 Months Ended
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,
 202420232022
 (In thousands)
Net revenue   
Las Vegas Strip Resorts   
Casino $1,960,146 $2,127,612 $2,104,096 
Rooms3,159,497 3,027,668 2,729,715 
Food and beverage 2,356,718 2,289,812 2,125,738 
Entertainment, retail and other1,339,752 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 
Rooms304,322 296,100 284,213 
Food and beverage 456,129 440,002 429,188 
Entertainment, retail and other222,093 222,002 201,412 
 3,720,322 3,670,309 3,815,885 
MGM China
Casino 3,496,697 2,787,837 567,573 
Rooms217,798 177,158 43,216 
Food and beverage 265,883 161,669 49,312 
Entertainment, retail and other42,006 26,945 13,492 
 4,022,384 3,153,609 673,593 
MGM Digital
Casino552,012 432,146 133,435 
Reportable segment net revenues17,110,831 16,055,210 13,021,285 
Corporate and other129,714 109,039 106,200 
 $17,240,545 $16,164,249 $13,127,485 
Year Ended December 31,
202420232022
(In thousands)
Expenses
Las Vegas Strip Resorts
Payroll related$2,635,565 $2,517,233 $2,335,843 
Cost of sales536,807551,877512,208
Gaming taxes232,841 241,943 227,578 
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 related922,924 879,221 855,309 
Cost of sales166,872 159,670 160,463 
Gaming taxes757,824 735,179 753,494 
Other segment items(1)
729,146 763,043 751,989 
2,576,766 2,537,113 2,521,255 
MGM China
Payroll related565,858 473,616 375,037 
Cost of sales96,51662,45326,834
Gaming taxes1,778,0321,380,976294,471
Other segment items(1)
494,852369,675180,387
2,935,2582,286,720876,729
MGM Digital
Payroll related87,579 71,929 18,681 
Marketing costs253,227 164,645 48,107 
Gaming taxes125,934 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,
202420232022
(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts$3,106,543 $3,190,486 $3,142,308 
Regional Operations1,143,556 1,133,196 1,294,630 
MGM China1,087,126 866,889 (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
1,490,4561,891,4971,439,372
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, net70,573 42,591 82,838 
(373,391)(418,734)(535,573)
Income before income taxes1,117,065 1,472,763 903,799 
Provision for income taxes(52,457)(157,839)(697,068)
Net income1,064,608 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,
 202420232022
Capital expenditures:(In thousands)
Las Vegas Strip Resorts$597,152 $527,104 $411,222 
Regional Operations170,490 135,848 190,811 
MGM China148,813 45,331 30,540 
MGM Digital65,849 34,175 7,457 
Reportable segment capital expenditures982,304 742,458 640,030 
Corporate and other168,285 189,355 125,037 
 $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,
 202420232022
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,
 202420232022
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