XML 30 R18.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Sep. 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, goodwill impairment, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue | (In thousands)
Las Vegas Strip Resorts |  |  |  |  |  |  |
Casino | $ | 450,273 |  |  | $ | 476,434 |  |  | $ | 1,445,113 |  |  | $ | 1,458,721 |
Rooms | 660,488 |  |  | 743,261 |  |  | 2,145,387 |  |  | 2,337,808 |
Food and beverage | 547,298 |  |  | 574,587 |  |  | 1,718,285 |  |  | 1,798,109 |
Entertainment, retail and other | 326,578 |  |  | 337,931 |  |  | 966,664 |  |  | 998,066 |
| 1,984,637 |  |  | 2,132,213 |  |  | 6,275,449 |  |  | 6,592,704 |
Regional Operations |  |  |  |  |  |  |
Casino | 695,938 |  |  | 692,654 |  |  | 2,078,028 |  |  | 2,061,659 |
Rooms | 87,162 |  |  | 88,275 |  |  | 233,700 |  |  | 232,740 |
Food and beverage | 118,206 |  |  | 116,378 |  |  | 342,862 |  |  | 336,037 |
Entertainment, retail and other | 55,569 |  |  | 54,841 |  |  | 167,316 |  |  | 158,329 |
| 956,875 |  |  | 952,148 |  |  | 2,821,906 |  |  | 2,788,765 |
MGM China |  |  |  |  |  |  |
Casino | 947,483 |  |  | 800,208 |  |  | 2,820,732 |  |  | 2,611,497 |
Rooms | 47,586 |  |  | 52,029 |  |  | 139,958 |  |  | 168,415 |
Food and beverage | 83,092 |  |  | 64,356 |  |  | 235,801 |  |  | 192,716 |
Entertainment, retail and other | 9,567 |  |  | 12,863 |  |  | 28,802 |  |  | 31,036 |
| 1,087,728 |  |  | 929,456 |  |  | 3,225,293 |  |  | 3,003,664 |
MGM Digital |  |  |  |  |  |  |
Casino | 174,027 |  |  | 141,202 |  |  | 465,946 |  |  | 412,157 |
Reportable segment net revenues | 4,203,267 |  |  | 4,155,019 |  |  | 12,788,594 |  |  | 12,797,290 |
Corporate and other | 47,197 |  |  | 28,119 |  |  | 143,822 |  |  | 96,693 |
| $ | 4,250,464 |  |  | $ | 4,183,138 |  |  | $ | 12,932,416 |  |  | $ | 12,893,983 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Expenses | (In thousands)
Las Vegas Strip Resorts |  |  |  |  |  |  |
Payroll related | $ | 639,265 |  |  | $ | 669,279 |  |  | $ | 1,967,561 |  |  | $ | 1,971,365 |
Cost of sales | 126,193 |  |  | 132,001 |  |  | 383,876 |  |  | 401,343 |
Gaming taxes | 53,038 |  |  | 55,448 |  |  | 166,072 |  |  | 169,839 |
Other segment items(1) | 565,272 |  |  | 544,448 |  |  | 1,635,415 |  |  | 1,709,043 |
| 1,383,768 |  |  | 1,401,176 |  |  | 4,152,924 |  |  | 4,251,590 |
Regional Operations |  |  |  |  |  |  |
Payroll related | 237,540 |  |  | 235,157 |  |  | 698,726 |  |  | 690,522 |
Cost of sales | 41,101 |  |  | 42,131 |  |  | 119,162 |  |  | 122,182 |
Gaming taxes | 191,899 |  |  | 193,918 |  |  | 572,285 |  |  | 569,214 |
Other segment items(1) | 190,814 |  |  | 180,957 |  |  | 548,514 |  |  | 544,382 |
| 661,354 |  |  | 652,163 |  |  | 1,938,687 |  |  | 1,926,300 |
MGM China |  |  |  |  |  |  |
Payroll related | 157,782 |  |  | 142,249 |  |  | 457,766 |  |  | 416,159 |
Cost of sales | 30,284 |  |  | 23,729 |  |  | 85,134 |  |  | 69,703 |
Gaming taxes | 482,213 |  |  | 405,650 |  |  | 1,431,132 |  |  | 1,331,883 |
Other segment items(1) | 133,459 |  |  | 120,472 |  |  | 380,364 |  |  | 353,514 |
| 803,738 |  |  | 692,100 |  |  | 2,354,396 |  |  | 2,171,259 |
MGM Digital |  |  |  |  |  |  |
Payroll related | 34,803 |  |  | 25,394 |  |  | 97,194 |  |  | 64,885 |
Marketing costs | 67,838 |  |  | 65,998 |  |  | 192,633 |  |  | 190,330 |
Gaming taxes | 42,730 |  |  | 33,570 |  |  | 112,919 |  |  | 93,119 |
Other segment items(2) | 51,904 |  |  | 39,065 |  |  | 146,539 |  |  | 119,374 |
| $ | 197,275 |  |  | $ | 164,027 |  |  | $ | 549,285 |  |  | $ | 467,708 |
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Segment Adjusted EBITDAR |  |  |  |  |  |  |
Las Vegas Strip Resorts | $ | 600,869 |  |  | $ | 731,037 |  |  | $ | 2,122,525 |  |  | $ | 2,341,114 |
Regional Operations | 295,521 |  |  | 299,985 |  |  | 883,219 |  |  | 862,465 |
MGM China | 283,990 |  |  | 237,356 |  |  | 870,897 |  |  | 832,405 |
MGM Digital | (23,248) |  |  | (22,825) |  |  | (83,339) |  |  | (55,551) |
| 1,157,132 |  |  | 1,245,553 |  |  | 3,793,302 |  |  | 3,980,433 |
Other operating income (expense) |  |  |  |  |  |  |
Corporate and other, net | (112,312) |  |  | (114,907) |  |  | (347,987) |  |  | (353,801) |
Preopening and start-up expenses | (31) |  |  | (519) |  |  | (965) |  |  | (2,469) |
Property transactions, net | (101,775) |  |  | (25,493) |  |  | (117,368) |  |  | (59,124) |
Goodwill impairment | (256,133) |  |  | — |  |  | (256,133) |  |  | — |
Depreciation and amortization | (260,717) |  |  | (233,330) |  |  | (739,136) |  |  | (621,868) |
Triple net lease rent expense | (564,658) |  |  | (564,436) |  |  | (1,693,549) |  |  | (1,692,961) |
Income (loss) from unconsolidated affiliates | 25,642 |  |  | 7,989 |  |  | 38,606 |  |  | (51,319) |
Operating income (loss) | (112,852) |  |  | 314,857 |  |  | 676,770 |  |  | 1,198,891 |
Non-operating income (expense) |  |  |  |  |  |  |
Interest expense, net of amounts capitalized | (102,287) |  |  | (111,873) |  |  | (315,140) |  |  | (334,649) |
Non-operating items from unconsolidated affiliates | 5,942 |  |  | 417 |  |  | 2,149 |  |  | 2,043 |
Other, net | (10,390) |  |  | 93,333 |  |  | (182,826) |  |  | 45,096 |
| (106,735) |  |  | (18,123) |  |  | (495,817) |  |  | (287,510) |
Income (loss) before income taxes | (219,587) |  |  | 296,734 |  |  | 180,953 |  |  | 911,381 |
Benefit (provision) for income taxes | 12,858 |  |  | (52,570) |  |  | (42,857) |  |  | (84,689) |
Net income (loss) | (206,729) |  |  | 244,164 |  |  | 138,096 |  |  | 826,692 |
Less: Net income attributable to noncontrolling interests | (78,526) |  |  | (59,586) |  |  | (225,846) |  |  | (237,566) |
Net income (loss) attributable to MGM Resorts International | $ | (285,255) |  |  | $ | 184,578 |  |  | $ | (87,750) |  |  | $ | 589,126 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: | (In thousands)
Las Vegas Strip Resorts | $ | 145,282 |  |  | $ | 176,748 |  |  | $ | 370,651 |  |  | $ | 419,528 |
Regional Operations | 41,973 |  |  | 59,255 |  |  | 105,843 |  |  | 106,016 |
MGM China | 47,075 |  |  | 57,833 |  |  | 158,394 |  |  | 98,362 |
MGM Digital | 19,913 |  |  | 13,895 |  |  | 59,767 |  |  | 38,649 |
Reportable segment capital expenditures | 254,243 |  |  | 307,731 |  |  | 694,655 |  |  | 662,555 |
Corporate and other | 21,746 |  |  | 28,519 |  |  | 77,817 |  |  | 84,017 |
| $ | 275,989 |  |  | $ | 336,250 |  |  | $ | 772,472 |  |  | $ | 746,572 |
Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration