2021 Q4 Form 10-K Financial Statement

#000078957022000005 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $3.057B $9.680B $1.494B
YoY Change 104.68% 87.52% -53.11%
Cost Of Revenue $1.565B $5.031B $910.7M
YoY Change 71.84% 45.69% -52.06%
Gross Profit $1.492B $4.650B $582.9M
YoY Change 155.94% 172.06% -54.66%
Gross Profit Margin 48.8% 48.03% 39.03%
Selling, General & Admin $886.6M $2.507B $634.5M
YoY Change 39.73% 18.14% -6.43%
% of Gross Profit 59.42% 53.92% 108.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $297.0M $1.151B $298.7M
YoY Change -0.56% -4.96% -9.87%
% of Gross Profit 19.91% 24.75% 51.24%
Operating Expenses $1.184B $2.507B $933.2M
YoY Change 26.83% 18.14% -7.57%
Operating Profit $308.3M $2.279B -$350.3M
YoY Change -188.01% -454.7% -111.83%
Interest Expense -$220.3M $799.6M -$217.1M
YoY Change 1.47% 18.22% 13.72%
% of Operating Profit -71.45% 35.09%
Other Income/Expense, Net -$9.361M -$816.9M $12.70M
YoY Change -173.71% -6.0% -109.82%
Pretax Income $147.2M $1.462B -$562.9M
YoY Change -126.16% -196.71% -121.47%
Income Tax $31.15M $253.4M -$106.9M
% Of Pretax Income 21.16% 17.34%
Net Earnings $131.0M $1.254B -$447.6M
YoY Change -129.27% -221.46% -122.25%
Net Earnings / Revenue 4.29% 12.96% -29.97%
Basic Earnings Per Share $2.44
Diluted Earnings Per Share $278.8K $2.41 -$905.7K
COMMON SHARES
Basic Shares Outstanding 469.0M shares 481.9M shares
Diluted Shares Outstanding 487.4M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.703B $4.703B $5.102B
YoY Change -7.82% -7.82% 118.97%
Cash & Equivalents $4.703B $4.703B $5.102B
Short-Term Investments
Other Short-Term Assets $759.0M $759.0M $201.0M
YoY Change 277.6% 277.6% 0.5%
Inventory $96.37M $96.37M $88.32M
Prepaid Expenses
Receivables $583.9M $583.9M $316.5M
Other Receivables $273.9M $273.9M $243.0M
Total Short-Term Assets $6.416B $6.416B $5.951B
YoY Change 7.82% 7.82% 48.48%
LONG-TERM ASSETS
Property, Plant & Equipment $14.44B $25.93B $14.63B
YoY Change -1.34% 13.13% -19.98%
Goodwill $3.481B $2.091B
YoY Change 66.45% 0.32%
Intangibles $3.616B $3.644B
YoY Change -0.75% -4.78%
Long-Term Investments $967.0M $967.0M $1.447B
YoY Change -33.17% -33.17% 76.03%
Other Assets $490.2M $490.2M $443.4M
YoY Change 10.55% 10.66% -2.93%
Total Long-Term Assets $34.48B $34.48B $30.54B
YoY Change 12.89% 12.9% 2.26%
TOTAL ASSETS
Total Short-Term Assets $6.416B $6.416B $5.951B
Total Long-Term Assets $34.48B $34.48B $30.54B
Total Assets $40.90B $40.90B $36.49B
YoY Change 12.07% 12.07% 7.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $263.1M $263.1M $142.5M
YoY Change 84.6% 83.98% -39.46%
Accrued Expenses $2.068B $1.785B $1.604B
YoY Change 28.95% 20.54% 11357.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000B $1.088B $0.00
YoY Change 1259.58%
Total Short-Term Liabilities $3.442B $3.442B $1.857B
YoY Change 85.41% 85.37% -41.83%
LONG-TERM LIABILITIES
Long-Term Debt $11.77B $11.85B $12.38B
YoY Change -4.9% -5.31% 10.81%
Other Long-Term Liabilities $319.9M $12.05B $8.728B
YoY Change -96.33% 38.02% 88.04%
Total Long-Term Liabilities $12.09B $23.89B $12.38B
YoY Change -2.31% 12.5% -21.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.442B $3.442B $1.857B
Total Long-Term Liabilities $12.09B $23.89B $12.38B
Total Liabilities $15.53B $34.83B $14.23B
YoY Change 9.13% 16.13% -32.57%
SHAREHOLDERS EQUITY
Retained Earnings $4.341B $3.091B
YoY Change 40.43% -26.43%
Common Stock $1.755B $3.444B
YoY Change -49.06% -2.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.071B $6.071B $6.505B
YoY Change
Total Liabilities & Shareholders Equity $40.90B $40.90B $36.49B
YoY Change 12.07% 12.07% 7.73%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $131.0M $1.254B -$447.6M
YoY Change -129.27% -221.46% -122.25%
Depreciation, Depletion And Amortization $297.0M $1.151B $298.7M
YoY Change -0.56% -4.96% -9.87%
Cash From Operating Activities $486.7M $1.373B -$243.4M
YoY Change -299.97% -191.99% -153.58%
INVESTING ACTIVITIES
Capital Expenditures -$168.6M $490.7M -$93.00M
YoY Change 81.25% 81.35% -63.7%
Acquisitions $1.790B
YoY Change
Other Investing Activities $35.18M -$46.11M -$19.20M
YoY Change -283.24% 5181.79% -100.4%
Cash From Investing Activities -$133.4M $1.544B -$112.3M
YoY Change 18.77% -28.51% -102.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.754B
YoY Change 395.73%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -720.7M -$2.814B 863.6M
YoY Change -183.45% -233.79% -122.09%
NET CHANGE
Cash From Operating Activities 486.7M $1.373B -243.4M
Cash From Investing Activities -133.4M $1.544B -112.3M
Cash From Financing Activities -720.7M -$2.814B 863.6M
Net Change In Cash -367.3M $101.4M 507.9M
YoY Change -172.32% -96.34% -53.54%
FREE CASH FLOW
Cash From Operating Activities $486.7M $1.373B -$243.4M
Capital Expenditures -$168.6M $490.7M -$93.00M
Free Cash Flow $655.3M $882.7M -$150.4M
YoY Change -535.69% -150.05% -121.17%

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ORGANIZATION <div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Organization. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As of December 31, 2021, the Company operates the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, MGM Grand Las Vegas (including The Signature), The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike Tunica in Tunica. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM, and the Company owns and operates Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip Resorts and Fallen Oak golf course in Saucier, Mississippi. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets are owned by and substantially all of its business is conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. The Company owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, holds a controlling interest in MGP as it is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is a wholly owned subsidiary of MGP</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. T</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">he Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the Fair Market Value of a Class A share (as defined in the Operating Partnership's partnership agreement)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. The determination of settlement method is at the option of MGP’s independent conflicts committee. As of December 31, 2021, the Company owned 41.5% of the Operating Partnership units, and MGP held the remaining 58.5% ownership interest in the Operating Partnership. </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company leases the real estate assets of The Mirage, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, MGM Northfield Park, and MGM Springfield pursuant to a master lease agreement between a subsidiary of the Company and a subsidiary of the Operating Partnership. The Company leases the real estate assets of Bellagio pursuant to a lease agreement between a subsidiary of the Company and a venture that is 5% owned by such subsidiary and 95% owned by a subsidiary of Blackstone Real Estate Income Trust, Inc. (“BREIT”, and such venture, the “Bellagio BREIT Venture”)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. Additionally, the Company leases the real estate assets of Mandalay Bay and MGM Grand Las Vegas, pursuant to a lease agreement between a subsidiary of the Company and a venture that is 50.1% owned by a subsidiary of the Operating Partnership and 49.9% by a subsidiary of BREIT (such venture, the “MGP BREIT Venture”). Further, the Company leases the real estate assets of Aria (including Vdara) pursuant to a lease agreement between a subsidiary of the Company and funds managed by The Blackstone Group ("Blackstone"), as further discussed below. Refer to Note 11 for further discussion of the leases.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's racetrack and casino ("Empire City"). Subsequently, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the master lease between the Company and MGP. Refer to Note 4 and Note 18 for additional information.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In March 2019, the Company entered into an amendment to the master lease with respect to improvements made by the Company related to the rebranding of the Park MGM and NoMad Las Vegas. Refer to Note 18 for additional information on this transaction, which eliminates in consolidation. </span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC ("Northfield") from MGP and MGP retained the associated real estate assets. The Company then rebranded the property to MGM </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Northfield Park, and added it to the master lease between the Company and MGP. Refer to Note 18 for additional information. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On November 15, 2019, Bellagio BREIT Venture was formed, which acquired the Bellagio real estate assets from the Company and leased such assets back to the Company pursuant to a lease agreement. In exchange for the contribution of the real estate assets, the Company received total consideration of $4.25 billion, which consisted of a 5% equity interest in the venture and cash of approximately $4.2 billion. The Company recorded a gain of $2.7 billion related to sale of the Bellagio real estate assets, recorded in “Gain on REIT transactions, net” in the consolidated statements of operations, which primarily reflects the difference between the carrying value of the real estate assets sold and the consideration received. The Company also provides a shortfall guarantee of the principal amount of indebtedness of the debt of Bellagio BREIT Venture’s $3.01 billion of debt (and any interest accrued and unpaid thereon). Refer to Note 11 and Note 12 for additional information relating to the lease and guarantee, respectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In December 2019, the Company completed the sale of Circus Circus Las Vegas and adjacent land. See Note 16 for additional information related to this transaction.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On February 14, 2020, the Company completed a series of transactions (collectively the “MGP BREIT Venture Transaction”) pursuant to which the real estate assets of MGM Grand Las Vegas and Mandalay Bay (including Mandalay Place) were contributed to the newly formed MGP BREIT Venture. In exchange for the contribution of the real estate assets, the Company received total consideration of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$4.6 billion</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">, which was comprised of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$2.5 billion</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> of cash, $1.3 billion of the Operating Partnership’s secured indebtedness assumed by MGP BREIT Venture, and the Operating Partnership’s 50.1% equity interest in MGP BREIT Venture. In addition, the Operating Partnership issued approximately 3 million Operating Partnership units to the Company representing 5% of the equity value of MGP BREIT Venture. The Company recorded the difference between consideration received of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$2.5 billion</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> and the carrying value of the MGM Grand Las Vegas real estate assets of $733 million and selling costs of $27 million as a net gain on sale of assets of $1.7 billion, which is reflected within “Gain on REIT transactions, net” in the consolidated statements of operations. The Company also recorded the difference between consideration received of $2.1 billion and the carrying value of the Mandalay Bay real estate assets of $2.3 billion and selling costs of $10 million as a net loss on sale of assets of $252 million, which is reflected within “Gain on REIT transactions, net” in the consolidated statements of operations. In connection with the transactions, the Company provides a shortfall guarantee of the principal amount of indebtedness of MGP BREIT Venture (and any interest accrued and unpaid thereon) as further discussed in Note 12. On the closing date, BREIT also purchased approximately 5 million MGP Class A shares for $150 million</span><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In connection with the MGP BREIT Venture Transaction, MGP BREIT Venture entered into a lease with a subsidiary of the Company for the real estate assets of Mandalay Bay and MGM Grand Las Vegas as further discussed in Note 11. Additionally, the master lease with MGP was modified to remove the Mandalay Bay property and the annual cash rent under the MGP master lease was reduced by </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">$133 million</span><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">, as further discussed in Note 18.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Also, on January 14, 2020, the Company, the Operating Partnership, and MGP entered into an agreement for the Operating Partnership to waive its right following the closing of the MGP BREIT Venture Transaction to issue MGP Class A shares, in lieu of cash, to the Company in connection with the Company exercising its right to require the Operating Partnership to redeem Operating Partnership units that the Company holds, at a price per unit equal to a 3% discount to the ten day average closing price prior to the date of the notice of redemption. The waiver was effective upon closing of the transaction on February 14, 2020 and was scheduled to terminate on the earlier of February 14, 2022 or upon the Company’s receipt of cash proceeds of $1.4 billion as consideration for the redemption of the Company’s Operating Partnership units. On May 18, 2020, the Operating Partnership redeemed approximately 30 million Operating Partnership units that the Company held for $700 million, or $23.10 per unit, and on December 2, 2020, the Operating Partnership redeemed approximately 24 million of the Operating Partnership units that the Company held for the remaining $700 million, or $29.78 per unit. As a result, the waiver terminated in accordance with its terms.</span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On March 4, 2021, certain subsidiaries of the Company delivered a notice of redemption to MGP covering approximately 37 million Operating Partnership units that they held, as further discussed in Note 13.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On August 4, 2021, the Company entered into an agreement with VICI Properties, Inc. (“VICI”) and MGP whereby VICI will acquire MGP in a stock-for-stock transaction (such transaction, the “VICI Transaction”). Pursuant to the agreement, MGP Class A shareholders will receive 1.366 shares of newly issued VICI stock in exchange for each MGP Class A share outstanding and the Company will receive 1.366 units of the new VICI operating partnership (“VICI OP”) in exchange for each Operating Partnership unit held by the Company. The fixed exchange ratio represents an agreed upon price of $43 per share of MGP Class A share to the five-day volume weighted average price of VICI stock as of the close of business on July 30, 2021. In connection with the exchange, VICI OP will redeem the majority of the Company’s VICI OP units for cash consideration of $4.4 billion, with the Company retaining an approximate $370 million ownership </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">interest in the VICI OP (based upon the close price of VICI stock as of August 3, 2021). MGP’s Class B share that is held by the Company will be cancelled. As part of the transaction, the Company will enter into an amended and restated master lease with VICI. The new master lease will have an initial term of 25 years, with three 10-year renewals, and initial annual rent of $860 million, escalating annually at a rate of 2% per annum for the first 10 years and thereafter equal to the greater of 2% and the CPI increase during the prior year subject to a cap of 3%. The transaction is expected to close in the first half of 2022, subject to customary closing conditions, regulatory approvals, and approval by VICI stockholders (which was obtained on October 29, 2021). </span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On September 26, 2021, the Company entered into an agreement to acquire the operations of The Cosmopolitan of Las Vegas ("The Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working capital adjustments. </span><span style="color:#212529;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Pursuant to the agreement, the Company is obligated to use its reasonable best efforts to obtain the requisite antitrust and gaming regulatory approvals. The agreement may be terminated by either party if the transaction has not closed on or before June 26, 2022, which date may be extended by either party to a date on or prior to September 26, 2022 under certain circumstances. The agreement contemplates a reverse termination fee of $500 million that is payable by the Company in the event that the parties are unable to obtain antitrust or gaming regulatory approval. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Additionally, the Company will enter into a lease agreement for the real estate assets of The Cosmopolitan. The Cosmopolitan lease will have an initial term of 30 years with three subsequent 10-year renewal periods, exercisable at the Company’s option. The initial term of the lease provides for an initial annual cash rent of $200 million with a fixed 2% escalator for the first 15 years, and thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3%. Additionally, the lease will require the Company to spend a specified percentage of net revenues over a rolling 5-year period at the property on capital expenditures and for the Company to comply with certain financial covenants, which, if not met, would require the Company to maintain cash security or one or more letters of credit in favor of the landlord in an amount equal to rent for the succeeding 1-year period. The transaction is expected to close in the first half of 2022, subject to regulatory approvals and other customary closing conditions.</span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On September 27, 2021, the Company completed the acquisition of the 50% ownership interest in CityCenter Holdings, LLC ("CityCenter") held by Infinity World Development Corp ("Infinity World"), a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter is located between Bellagio and Park MGM and consists of Aria, an integrated casino, hotel and entertainment resort; and Vdara, a luxury condominium-hotel. Refer to Note 4 for additional information on this acquisition.</span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On September 28, 2021, the Company sold the real estate assets of Aria (including Vdara) to funds managed by The Blackstone Group Inc. ("Blackstone") for cash consideration of $3.89 billion and entered into a lease through which the real property is leased back to a subsidiary of the Company, as further discussed in Note 11.</span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On October 29, 2021, MGP acquired the real estate assets of MGM Springfield from the Company and MGM Springfield was added to the MGP master lease between the Company and MGP through which MGP leases back the real property to a subsidiary of the Company. Transactions with MGP, including transactions under the MGP master lease, have been eliminated in the Company’s consolidation of MGP. Refer to Note 18 for additional information.</span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On December 13, 2021, the Company entered into an agreement to sell the operations of The Mirage to an affiliate of Seminole Hard Rock Entertainment, Inc. ("Hard Rock") for cash consideration of $1.075 billion, subject to certain purchase price adjustments. Pursuant to the agreement, Hard Rock is obligated to use its reasonable best efforts to obtain the requisite antitrust and gaming regulatory approvals. The agreement may be terminated by either party if the closing has not occurred on or before December 13, 2022, which date may be extended by either party to March 13, 2023 under certain circumstances. The agreement contemplates a reverse termination fee of $322.5 million that is payable by Hard Rock to the Company in the event that the parties are unable to obtain antitrust or gaming regulatory approval. Upon closing, the master lease between the Company and VICI (or MGP in the event that the VICI Transaction is terminated) will be amended and restated to reflect a $90 million reduction in annual cash rent. The transaction is expected to close during the second half of 2022, subject to certain closing conditions, including, but not limited to, the consummation or termination of the VICI Transaction and receipt of regulatory approvals. </span></div><div style="text-align:justify;text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company has an approximate 56% </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates the MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming subconcession and land concessions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Gaming in Macau is currently administered by the Macau Government through concessions awarded to three different concessionaires and three subconcessionaires, of which a subsidiary of MGM China, MGM Grand Paradise, is a subconcessionaire. In 2019, the expiration of MGM Grand Paradise’s subconcession term was extended from March 31, 2020 to June 26, 2022, consistent with the expiration of the other concessionaires and subconcessionaires. Pursuant to the </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Macau gaming law, upon reaching the maximum duration of 20 years, the term of the concessions may be extended one or more times by order of the Chief Executive, which period may not exceed, in total, 5 years. On January 14, 2022, the Macau Government disclosed the content of a bill to amend Macau gaming law, which followed a 45-day public consultation process regarding draft amendment proposals that were issued in September 2021. Under the bill the existing subconcessions will be discontinued and a maximum of six concessions will be awarded for a term to be specified in the concession contract that may not exceed 10 years and which may be extended by three years under certain circumstances. The bill is subject to debate and approval by the Macau Legislative Assembly. The approval of the new gaming law bill will precede the public tender for the awarding of new gaming concessions and to date the Macau Government has provided no indication as to whether the public tender will take place before expiry of the existing gaming concessions and subconcessions but acknowledged that it could consider the extension of the existing concessions and subconcessions beyond their current term if the public tender is held at a later date. Unless MGM Grand Paradise's gaming subconcession is extended or legislation with regard to reversion of casino premises is amended the casino area premises and gaming-related equipment subject to reversion will automatically be transferred to the Macau Government upon expiration, and MGM China will cease to generate any revenues from such gaming operations. In addition, certain events relating to the loss, termination, rescission, revocation or modification of MGM Grand Paradise’s gaming subconcession in Macau, where such events have a material adverse effect on the financial condition, business, properties, or results of operations of MGM China, taken as a whole, may result in a special put option triggering event under MGM China’s senior notes and in an event of default under MGM China’s revolving credit facilities. MGM China continues to closely monitor developments regarding the retendering process or concession extensions including the issuance of guidance by the Macau Government. MGM China intends to respond proactively to all relevant Macau Government requirements when known relating to the process. Management cannot provide any assurance that the gaming subconcession will be extended beyond the current term or that it will be able to obtain a gaming concession in a public tender; however, management believes that MGM Grand Paradise will be successful in obtaining a gaming concession when a public tender is held.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company owns 50% of BetMGM, LLC (“BetMGM”), which provides online sports betting and iGaming in certain jurisdictions in the United States. The other 50% of BetMGM is owned by Entain plc.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 17 for additional information about the Company’s segments. </span></div><div style="text-indent:27.78pt"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Financial Impact of COVID-19. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The spread of the novel 2019 coronavirus (“COVID-19”) and developments surrounding the global pandemic have had a significant impact on the Company’s business, financial condition, results of operations and cash flows in 2020 and 2021 and may continue to impact the Company's business in 2022 and thereafter. In March 2020, all of the Company’s domestic properties were temporarily closed pursuant to state and local government restrictions imposed as a result of COVID-19. Throughout the second and third quarters of 2020, all of the Company’s properties that were temporarily closed re-opened to the public, with temporary re-closures and re-openings occurring for certain of the Company’s properties or portions thereof into the first quarter of 2021. Upon re-opening, the properties continued to operate without certain amenities and subject to certain occupancy limitations, with restrictions varying by jurisdiction. Beginning in the latter part of the first quarter of 2021 and continuing into the second quarter of 2021, the Company’s domestic jurisdictions eased and removed prior operating restrictions, including capacity and occupancy limits, as well as social distancing policies. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Although all of the Company’s properties have re-opened, in light of the unpredictable nature of the pandemic, including the emergence and spread of COVID-19 variants, the properties may be subject to new operating restrictions and/or temporary, complete, or partial shutdowns in the future. At this time, the Company cannot predict whether jurisdictions, states or the federal government will adopt similar or more restrictive measures in the future than in the past, including stay-at-home orders or the temporary closure of all or a portion of the Company’s properties as a result of the pandemic.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27.78pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In Macau, following a temporary closure of the Company’s properties on February 5, 2020, operations resumed on February 20, 2020, subject to certain health safeguards, such as limiting the number of seats available at each table game, slot machine spacing, reduced operating hours at a number of restaurants and bars, temperature checks, and mask protection. Although the issuance of tourist visas (including the individual visit scheme) for residents of Zhuhai, Guangdong Province and all other provinces in mainland China to travel to Macau resumed on August 12, 2020, August 26, 2020 and September 23, 2020, respectively, several travel and entry restrictions in Macau, Hong Kong and mainland China remain in place (including the temporary suspension of ferry services between Hong Kong and Macau, the negative nucleic acid test result certificate, and mandatory quarantine requirements for returning residents, for visitors from Hong Kong, Taiwan, and certain regions in mainland China, and bans on entry on other visitors), which significantly impacted visitation to the Company’s Macau properties. In the third and fourth quarters of 2021, local COVID-19 cases were identified in Macau. Upon such occurrences, a state of immediate prevention was declared and mass mandatory nucleic acid testing was imposed in Macau, the validity period of negative test results for re-entry into mainland China was shortened and quarantine requirements were imposed, certain events were cancelled or suspended, and in some instances, </span></div>certain entertainment and leisure facilities were closed throughout Macau. Although gaming and hotel operations have remained open during these states of immediate prevention, such measures have had a negative effect on the Company's operations and it is uncertain whether further closures, including the closure of the Company’s properties, or travel restrictions to Macau will be implemented if additional local COVID-19 cases are identified.
CY2020Q2 us-gaap Partners Capital Account Units Redeemed
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30000000 shares
CY2020Q2 us-gaap Partners Capital Account Redemptions
PartnersCapitalAccountRedemptions
700000000 USD
CY2020Q2 mgm Partners Capital Account Redemptions Per Unit
PartnersCapitalAccountRedemptionsPerUnit
23.10
CY2020Q4 us-gaap Partners Capital Account Units Redeemed
PartnersCapitalAccountUnitsRedeemed
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CY2020Q4 us-gaap Partners Capital Account Redemptions
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CY2020Q4 mgm Partners Capital Account Redemptions Per Unit
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29.78
CY2021 mgm Number Of Integrated Casino
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CY2021 us-gaap Number Of Reportable Segments
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CY2021 mgm Percentage Of Ownership Interest
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CY2021 us-gaap Prior Period Reclassification Adjustment Description
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Reclassifications</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. Certain reclassifications have been made to conform the prior period presentation.</span>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Management’s use of estimates.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span>
CY2021 us-gaap Concentration Risk Credit Risk
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Accounts receivable and credit risk.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit following background checks and investigations of creditworthiness. At December 31, 2021 and 2020, approximately 43% and 52%, respectively, of the Company’s gross casino accounts receivable were owed by customers from foreign countries, primarily within Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables.</span>Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated loss reserve is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The loss reserve is estimated based on both a specific review of customer accounts as well as historical collection experience and current and expected future economic and business conditions. Management believes that as of December 31, 2021, no significant concentrations of credit risk existed for which a loss reserve had not already been recorded.
CY2019 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
CY2021 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
CY2020 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
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121000000 USD
CY2020 us-gaap Advertising Expense
AdvertisingExpense
88000000 USD
CY2019 us-gaap Advertising Expense
AdvertisingExpense
195000000 USD
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NetIncomeLoss
1254370000 USD
CY2020 us-gaap Net Income Loss
NetIncomeLoss
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CY2019 us-gaap Net Income Loss
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CY2020 mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
35520000 USD
CY2019 mgm Adjustment Related To Redeemable Noncontrolling Interests
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2046433000 USD
CY2021 mgm Net Income Loss Available To Shareholders Dilutive Securities To Others
NetIncomeLossAvailableToShareholdersDilutiveSecuritiesToOthers
0 USD
CY2020 mgm Net Income Loss Available To Shareholders Dilutive Securities To Others
NetIncomeLossAvailableToShareholdersDilutiveSecuritiesToOthers
0 USD
CY2019 mgm Net Income Loss Available To Shareholders Dilutive Securities To Others
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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967044000 USD
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5257000 USD
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967044000 USD
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CY2020Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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5000000 USD
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20000000 USD
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25000000 USD
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78000000 USD
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40000000 USD
CY2021Q4 mgm Fair Value Of Interest Rate Swaps Not Designated As Cash Flow Hedges Recorded As Liability
FairValueOfInterestRateSwapsNotDesignatedAsCashFlowHedgesRecordedAsLiability
27000000 USD
CY2021Q4 mgm Fair Value Of Interest Rate Swaps Not Designated As Cash Flow Hedges Recorded As Current Liability
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8000000 USD
CY2020Q4 mgm Fair Value Of Interest Rate Swaps Not Designated As Cash Flow Hedges Recorded As Long Term Liability
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47000000 USD
CY2021Q4 mgm Line Of Credit Facility Increased Amount Of Borrowing Capacity
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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332000000 USD
CY2021 mgm Foreign Tax Credit Carry Forward Period
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CY2021 mgm Domestic Losses Recaptured In Foreign Tax Credit Carry Forward
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1300000000 USD
CY2021 mgm Increase Decrease In Net Income Due To Exemption From Complementary Tax
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-10000000 USD
CY2020 mgm Increase Decrease In Net Income Due To Exemption From Complementary Tax
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4000000 USD
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CY2020 mgm Increase Decrease In Diluted Earnings Per Share Due To Exemption From Complementary Tax
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0.01
mgm Payments Under Extended Annual Fee Arrangement
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CY2021 mgm Payments Under Extended Annual Fee Arrangement
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3717000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
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CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2019 mgm Finance Lease Interest Expense Credit
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16264000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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19568000 USD
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35617000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
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33298000 USD
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11000000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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9000000 USD
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13000000 USD
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2354000 USD
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CY2021 mgm Supplemental Balance Sheet Information Related To Company S Leases Table Textblock
SupplementalBalanceSheetInformationRelatedToCompanySLeasesTableTextblock
<div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.778%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.081%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.557%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.084%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%">December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4pt;font-weight:400;line-height:114%"> </span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%">2021</span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%">2020</span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%">Supplemental balance sheet information</span></td><td colspan="9" style="background-color:#CFF0FC;border-top:0.75pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:114%">(In thousands)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Operating leases</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:114%"> </span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.75pt;padding-left:4.22pt"><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Operating lease right-of-use assets, net</span><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:115%;position:relative;top:-4.2pt;vertical-align:baseline">(1)</span></div></td><td style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">11,492,805</span></td><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">8,286,694</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.75pt;padding-left:4.22pt"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzUtMC0xLTEtNzE5NzU_741862dc-8827-4a2e-ada1-cef22f1abf90"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzUtMC0xLTEtNzE5NzU_a57f7c98-3fa8-4fda-a35f-a60f4b278dd1"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Operating lease liabilities - current, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">classified within "Other accrued liabilities"</span></span></span></div></td><td style="border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:3pt double #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">31,706</span></td><td colspan="3" style="padding:0 1pt"/><td style="border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:3pt double #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">31,843</span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.75pt;padding-left:4.22pt"><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Operating lease liabilities - long-term</span><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:115%;position:relative;top:-4.2pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="background-color:#CFF0FC;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">11,802,464</span></td><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">8,390,117</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.07pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Total operating lease liabilities</span></td><td style="border-top:0.75pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:0.75pt solid #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">11,834,170</span></td><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.75pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:0.75pt solid #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">8,421,960</span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt 2px 12.07pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%"> </span></td><td colspan="3" style="background-color:#CFF0FC;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Finance leases</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.75pt;padding-left:4.22pt"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzEwLTAtMS0xLTcxOTc3_602d2aa0-aedd-4faf-a870-4874be0f20bd"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzEwLTAtMS0xLTcxOTc3_9eb782f5-a1f8-4109-a219-162a30f5f6c6"><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Finance lease right-of-use assets, net, </span><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">classified within "Property and equipment, net"</span></span></span></div></td><td style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">151,909</span></td><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">200,980</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.75pt;padding-left:4.22pt"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzExLTAtMS0xLTcxOTg5_668451cb-6cb7-4209-88db-843346c9e30b"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzExLTAtMS0xLTcxOTg5_7449ec5b-0adf-4e7e-9ecf-716512f83e92"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Finance lease liabilities - current, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">classified within "Other accrued liabilities"</span></span></span></div></td><td style="border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:3pt double #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">87,665</span></td><td colspan="3" style="padding:0 1pt"/><td style="border-top:3pt double #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:3pt double #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">80,193</span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:0.75pt;padding-left:4.22pt"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzEyLTAtMS0xLTcxOTkx_64f8a8f8-1900-45c9-9d31-412648256075"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjUxNjU5NzdkN2Y1MjQ2ZTRiMjliYTk2ZGNmNzRhNTc2L3NlYzo1MTY1OTc3ZDdmNTI0NmU0YjI5YmE5NmRjZjc0YTU3Nl8xMTIvZnJhZzpmZjNmNmExZjRlNTU0Y2NkYjM5YzZmYzZmYTUwOWJlZC90YWJsZTpkMjhiNjg2YmZkOGU0NWMwOWJmYTUyODkwZDhmMmQ1OS90YWJsZXJhbmdlOmQyOGI2ODZiZmQ4ZTQ1YzA5YmZhNTI4OTBkOGYyZDU5XzEyLTAtMS0xLTcxOTkx_c0445db6-8f85-45f0-971b-f64604eb3037"><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Finance lease liabilities - long-term,</span><span style="background-color:#cff0fc;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%"> classified within "Other long-term obligations"</span></span></span></div></td><td colspan="3" style="background-color:#CFF0FC;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">75,560</span></td><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">134,287</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.07pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Total finance lease liabilities</span></td><td style="border-top:0.75pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:0.75pt solid #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">163,225</span></td><td colspan="3" style="padding:0 1pt"/><td style="border-top:0.75pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td colspan="2" style="border-top:0.75pt solid #000000;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">214,480</span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt 2px 12.07pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%"> </span></td><td colspan="3" style="background-color:#CFF0FC;border-top:3pt double #000000;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;border-top:3pt double #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Weighted average remaining lease term (years)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt 2px 5.22pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Operating leases</span></td><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">29</span></td><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">30</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.22pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Finance leases</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">2</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">3</span></td></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt 2px 5.22pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%"> </span></td><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Weighted average discount rate (%)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt 2px 5.22pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Operating leases</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">7 </span></td><td style="background-color:#CFF0FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="2" style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">8 </span></td><td style="background-color:#CFF0FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.22pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Finance leases</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(1)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%;padding-left:8.68pt">As of December 31, 2021 and 2020, operating lease right-of-use assets, net included $3.6 billion and $3.7 billion related to the Bellagio lease, respectively and $4.0 billion related to the Mandalay Bay and MGM Grand Las Vegas lease for each of the respective periods.</span></div>(2)As of December 31, 2021 and 2020, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease for each of the respective periods, and $4.2 billion and $4.1 billion related to the Mandalay Bay and MGM Grand Las Vegas lease, respectively.
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Finance Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P30Y
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P2Y
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2021 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2021 us-gaap Net Income Loss
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CY2020Q4 us-gaap Noncurrent Assets
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28653811000 USD
CY2019Q4 us-gaap Noncurrent Assets
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28589504000 USD
CY2021 mgm Lessee Leasing Arrangements Master Lease Term Of Contract
LesseeLeasingArrangementsMasterLeaseTermOfContract
P10Y
CY2021 mgm Lessee Leasing Number Of Extensions Of Master Lease
LesseeLeasingNumberOfExtensionsOfMasterLease
4 term
CY2021 mgm Lessee Leasing Arrangements Master Lease Term Of Extension
LesseeLeasingArrangementsMasterLeaseTermOfExtension
P5Y
CY2021 mgm Lessee Leasing Arrangements Master Lease Term Of Contract
LesseeLeasingArrangementsMasterLeaseTermOfContract
P10Y
CY2021 mgm Lessee Leasing Arrangements Master Lease Term Of Contract
LesseeLeasingArrangementsMasterLeaseTermOfContract
P10Y
CY2021 mgm Lessee Leasing Arrangements Master Leases Additional Renewal Term
LesseeLeasingArrangementsMasterLeasesAdditionalRenewalTerm
P5Y
CY2021 mgm Lessee Leasing Arrangements Master Leases Additional Renewal Term
LesseeLeasingArrangementsMasterLeasesAdditionalRenewalTerm
P5Y
CY2021 mgm Lessee Leasing Arrangements Master Leases Additional Renewal Term
LesseeLeasingArrangementsMasterLeasesAdditionalRenewalTerm
P5Y
CY2020Q2 mgm Increase In Annual Rent Payment
IncreaseInAnnualRentPayment
828000000 USD
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
813000000 USD
CY2020Q2 mgm Percentage Of Fixed Annual Rent
PercentageOfFixedAnnualRent
0.02
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
843000000 USD
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
828000000 USD
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
843000000 USD
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
873000000 USD

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