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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Taxes

U.S. and foreign (loss) earnings from continuing operations before income taxes and noncontrolling interests are as follows:

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
U.S.			$	(731,333)					$	389,591					$	(1,188,768)
Foreign			16,294						3,438						(198,904)
Total			$	(715,039)					$	393,029					$	(1,387,672)

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax provision (benefit) are as follows:

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
Current income tax provision:
Federal			$	1,796					$	1,411					$	750
State			4,824						6,071						2,071
Foreign			8,168						2,277						(509)
Current income tax provision			14,788						9,759						2,312
Deferred income tax (benefit) provision:
Federal			(134,703)						79,801						(228,908)
State			(22,060)						8,625						(42,085)
Foreign			104						(23)						(42,582)
Deferred income tax (benefit) provision			(156,659)						88,403						(313,575)
Income tax (benefit) provision			$	(141,871)					$	98,162					$	(311,263)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax (benefit) provision to the amounts computed by applying the statutory federal income tax rate to earnings from continuing operations before income taxes is shown as follows:

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
Income tax (benefit) provision at the federal statutory rate of 21%			$	(150,158)					$	82,536					$	(291,411)
State income taxes, net of effect of federal tax benefit			(16,638)						9,385						(24,824)
Non-deductible portion of goodwill in the sale of Mosaic			23,839						—						—
Non-deductible executive compensation			8,170						6,869						7,628
Change in valuation allowance on capital losses			(8,720)						(5,110)						10,010
Research credit			(6,576)						(7,142)						(10,395)
Non-deductible goodwill impairment			—						1,659						15,764
Deferred tax adjustment for enacted changes in tax laws and rates			154						308						(7,330)
Change in judgement on beginning of the year valuation allowance			—						(240)						2,557
Other, net			8,058						9,897						(13,262)
Income tax (benefit) provision			$	(141,871)					$	98,162					$	(311,263)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized.

			December 31,
			2024						2023
			(In thousands)
Deferred tax assets:
Net operating loss carryforwards			$	227,708					$	267,666
Capitalized research & development expenditures			91,187						71,979
Long-term lease liabilities			85,916						94,904
Tax credit carryforwards			44,991						43,833
Accrued expenses			43,130						41,392
Stock-based compensation			36,285						31,120
Other			37,845						51,057
Total deferred tax assets			567,062						601,951
Less: valuation allowance			(62,629)						(61,569)
Total deferred tax assets, net of valuation allowance			504,433						540,382
Deferred tax liabilities:
Investment in MGM Resorts International			(229,597)						(378,112)
Investment in subsidiaries			(222,904)						(223,903)
Intangible assets, net of accumulated amortization			(111,654)						(127,454)
Right-of-use assets			(53,989)						(60,317)
Other			(38,342)						(41,737)
Total deferred tax liabilities			(656,486)						(831,523)
Net deferred tax liabilities			$	(152,053)					$	(291,141)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties but excluding interest, is as follows:

			Year Ended December 31,
			2024						2023						2022
			(In thousands)
Balance at January 1			$	11,275					$	9,843					$	10,951
Additions for tax positions related to the current year			2,786						3,381						3,466
Settlements			—						(2,265)						(4,133)
Additions for tax positions of prior years			—						622						1,167
Reductions for tax positions of prior years			(202)						(306)						(1,608)
Balance at December 31			$	13,859					$	11,275					$	9,843

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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