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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China 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’s interactive gaming operations are reported within the MGM Digital reportable segment. 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, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), 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; 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 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. 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, income (loss) from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. 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 MGM National Harbor, and the land concessions at MGM China.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue | (In thousands)
Las Vegas Strip Resorts |  |  |  |  |  |  |
Casino | $ | 456,581 |  |  | $ | 484,739 |  |  | $ | 994,840 |  |  | $ | 982,287 |
Rooms | 734,850 |  |  | 767,294 |  |  | 1,484,899 |  |  | 1,594,547 |
Food and beverage | 584,948 |  |  | 624,241 |  |  | 1,170,987 |  |  | 1,223,522 |
Entertainment, retail and other | 338,313 |  |  | 329,188 |  |  | 640,086 |  |  | 660,135 |
| 2,114,692 |  |  | 2,205,462 |  |  | 4,290,812 |  |  | 4,460,491 |
Regional Operations |  |  |  |  |  |  |
Casino | 710,115 |  |  | 684,037 |  |  | 1,382,090 |  |  | 1,369,005 |
Rooms | 79,813 |  |  | 78,532 |  |  | 146,538 |  |  | 144,465 |
Food and beverage | 115,575 |  |  | 111,906 |  |  | 224,656 |  |  | 219,659 |
Entertainment, retail and other | 59,109 |  |  | 52,663 |  |  | 111,747 |  |  | 103,488 |
| 964,612 |  |  | 927,138 |  |  | 1,865,031 |  |  | 1,836,617 |
MGM China |  |  |  |  |  |  |
Casino | 977,397 |  |  | 891,241 |  |  | 1,873,249 |  |  | 1,811,289 |
Rooms | 45,738 |  |  | 53,171 |  |  | 92,372 |  |  | 116,386 |
Food and beverage | 77,656 |  |  | 65,991 |  |  | 152,709 |  |  | 128,360 |
Entertainment, retail and other | 9,302 |  |  | 7,788 |  |  | 19,235 |  |  | 18,173 |
| 1,110,093 |  |  | 1,018,191 |  |  | 2,137,565 |  |  | 2,074,208 |
MGM Digital |  |  |  |  |  |  |
Casino | 163,861 |  |  | 143,347 |  |  | 291,919 |  |  | 270,955 |
Reportable segment net revenues | 4,353,258 |  |  | 4,294,138 |  |  | 8,585,327 |  |  | 8,642,271 |
Corporate and other | 51,612 |  |  | 33,237 |  |  | 96,625 |  |  | 68,574 |
| $ | 4,404,870 |  |  | $ | 4,327,375 |  |  | $ | 8,681,952 |  |  | $ | 8,710,845 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Expenses | (In thousands)
Las Vegas Strip Resorts |  |  |  |  |  |  |
Payroll related | $ | 666,550 |  |  | $ | 658,503 |  |  | $ | 1,328,296 |  |  | $ | 1,302,086 |
Cost of sales | 129,926 |  |  | 134,154 |  |  | 257,683 |  |  | 269,342 |
Gaming taxes | 53,824 |  |  | 56,447 |  |  | 113,034 |  |  | 114,391 |
Other segment items(1) | 553,896 |  |  | 574,069 |  |  | 1,070,143 |  |  | 1,164,595 |
| 1,404,196 |  |  | 1,423,173 |  |  | 2,769,156 |  |  | 2,850,414 |
Regional Operations |  |  |  |  |  |  |
Payroll related | 232,239 |  |  | 228,127 |  |  | 461,186 |  |  | 455,365 |
Cost of sales | 40,847 |  |  | 40,707 |  |  | 78,061 |  |  | 80,051 |
Gaming taxes | 195,672 |  |  | 189,300 |  |  | 380,386 |  |  | 375,296 |
Other segment items(1) | 187,198 |  |  | 180,626 |  |  | 357,700 |  |  | 363,425 |
| 655,956 |  |  | 638,760 |  |  | 1,277,333 |  |  | 1,274,137 |
MGM China |  |  |  |  |  |  |
Payroll related | 154,776 |  |  | 140,744 |  |  | 299,984 |  |  | 273,910 |
Cost of sales | 27,350 |  |  | 23,624 |  |  | 54,850 |  |  | 45,974 |
Gaming taxes | 500,143 |  |  | 447,914 |  |  | 948,919 |  |  | 926,233 |
Other segment items(1) | 126,482 |  |  | 112,046 |  |  | 246,905 |  |  | 233,042 |
| 808,751 |  |  | 724,328 |  |  | 1,550,658 |  |  | 1,479,159 |
MGM Digital |  |  |  |  |  |  |
Payroll related | 32,854 |  |  | 19,122 |  |  | 62,391 |  |  | 39,491 |
Marketing costs | 67,002 |  |  | 65,298 |  |  | 124,795 |  |  | 124,332 |
Gaming taxes | 39,564 |  |  | 30,735 |  |  | 70,189 |  |  | 59,549 |
Other segment items(2) | 50,139 |  |  | 42,128 |  |  | 94,635 |  |  | 80,309 |
| $ | 189,559 |  |  | $ | 157,283 |  |  | $ | 352,010 |  |  | $ | 303,681 |
(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.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Segment Adjusted EBITDAR |  |  |  |  |  |  |
Las Vegas Strip Resorts | $ | 710,496 |  |  | $ | 782,289 |  |  | $ | 1,521,656 |  |  | $ | 1,610,077 |
Regional Operations | 308,656 |  |  | 288,378 |  |  | 587,698 |  |  | 562,480 |
MGM China | 301,342 |  |  | 293,863 |  |  | 586,907 |  |  | 595,049 |
MGM Digital | (25,698) |  |  | (13,936) |  |  | (60,091) |  |  | (32,726) |
| 1,294,796 |  |  | 1,350,594 |  |  | 2,636,170 |  |  | 2,734,880 |
Other operating income (expense) |  |  |  |  |  |  |
Corporate and other, net | (108,726) |  |  | (117,260) |  |  | (235,675) |  |  | (238,894) |
Preopening and start-up expenses | (849) |  |  | (855) |  |  | (934) |  |  | (1,950) |
Property transactions, net | (125) |  |  | (16,477) |  |  | (15,593) |  |  | (33,631) |
Depreciation and amortization | (241,975) |  |  | (191,976) |  |  | (478,419) |  |  | (388,538) |
Triple net lease rent expense | (564,416) |  |  | (564,186) |  |  | (1,128,891) |  |  | (1,128,525) |
Income (loss) from unconsolidated affiliates | 25,860 |  |  | (34,184) |  |  | 12,964 |  |  | (59,308) |
Operating income | 404,565 |  |  | 425,656 |  |  | 789,622 |  |  | 884,034 |
Non-operating income (expense) |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | (105,584) |  |  | (112,739) |  |  | (212,853) |  |  | (222,776) |
Non-operating items from unconsolidated affiliates | (4,055) |  |  | 1,762 |  |  | (3,793) |  |  | 1,626 |
Other, net | (161,170) |  |  | (43,431) |  |  | (172,436) |  |  | (48,237) |
| (270,809) |  |  | (154,408) |  |  | (389,082) |  |  | (269,387) |
Income before income taxes | 133,756 |  |  | 271,248 |  |  | 400,540 |  |  | 614,647 |
Benefit (provision) for income taxes | (15,662) |  |  | 11,554 |  |  | (55,715) |  |  | (32,119) |
Net income | 118,094 |  |  | 282,802 |  |  | 344,825 |  |  | 582,528 |
Less: Net income attributable to noncontrolling interests | (69,143) |  |  | (95,730) |  |  | (147,320) |  |  | (177,980) |
Net income attributable to MGM Resorts International | $ | 48,951 |  |  | $ | 187,072 |  |  | $ | 197,505 |  |  | $ | 404,548 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: | (In thousands)
Las Vegas Strip Resorts | $ | 120,131 |  |  | $ | 139,795 |  |  | $ | 225,369 |  |  | $ | 242,780 |
Regional Operations | 41,253 |  |  | 26,929 |  |  | 63,870 |  |  | 46,761 |
MGM China | 51,583 |  |  | 25,145 |  |  | 111,319 |  |  | 40,529 |
MGM Digital | 21,417 |  |  | 12,985 |  |  | 39,854 |  |  | 24,754 |
Reportable segment capital expenditures | 234,384 |  |  | 204,854 |  |  | 440,412 |  |  | 354,824 |
Corporate and other | 34,058 |  |  | 33,388 |  |  | 56,071 |  |  | 55,498 |
| $ | 268,442 |  |  | $ | 238,242 |  |  | $ | 496,483 |  |  | $ | 410,322 |
Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.

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- Definition The entire disclosure for reporting segments including data and tables. 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