$MGM
MGM Resorts International

2017 Q4 Form 8-K Financial Statement

#000095012318006505 Filed on June 27, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $2.598B $2.830B $2.652B
YoY Change 5.4% 12.23% 16.52%
Cost Of Revenue $1.542B $1.598B $1.521B
YoY Change 5.95% 12.11% 15.81%
Gross Profit $1.056B $1.232B $1.132B
YoY Change 4.98% 13.08% 18.3%
Gross Profit Margin 40.63% 43.53% 42.66%
Selling, General & Admin $583.2M $402.0M $354.3M
YoY Change 14.29% 8.09% 10.25%
% of Gross Profit 55.25% 32.63% 31.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $249.4M $249.6M $244.7M
YoY Change 7.04% 18.97% 18.27%
% of Gross Profit 23.63% 20.26% 21.63%
Operating Expenses $832.5M $402.0M $354.3M
YoY Change 12.0% 8.09% 10.25%
Operating Profit $223.4M $492.7M $499.9M
YoY Change -20.89% -30.34% -35.1%
Interest Expense -$137.8M $163.3M -$144.0M
YoY Change 0.15% -2.83% -179.84%
% of Operating Profit -61.68% 33.14% -28.81%
Other Income/Expense, Net -$16.50M -$202.3M -$185.4M
YoY Change 230.0% 2.93% -24.67%
Pretax Income $41.10M $290.5M $314.5M
YoY Change -61.73% -43.74% -39.86%
Income Tax $22.10M $114.7M $73.66M
% Of Pretax Income 53.77% 39.49% 23.42%
Net Earnings $1.387B $148.4M $209.9M
YoY Change 5313.45% -72.01% -55.87%
Net Earnings / Revenue 53.41% 5.24% 7.91%
Basic Earnings Per Share $2.42 $0.26 $0.36
Diluted Earnings Per Share $2.39 $0.26 $0.36
COMMON SHARES
Basic Shares Outstanding 573.5M 574.9M
Diluted Shares Outstanding 580.7M 582.1M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500B $1.987B $1.757B
YoY Change 3.66% 37.41% -29.8%
Cash & Equivalents $1.500B $1.987B $1.757B
Short-Term Investments
Other Short-Term Assets $189.0M $191.0M $148.0M
YoY Change 33.1% 7.3% 7.25%
Inventory $102.3M $101.0M $103.0M
Prepaid Expenses
Receivables $542.3M $515.0M $469.0M
Other Receivables $43.00M $0.00 $7.000M
Total Short-Term Assets $2.376B $2.795B $2.485B
YoY Change 6.58% 26.24% -22.2%
LONG-TERM ASSETS
Property, Plant & Equipment $19.64B $19.14B $18.90B
YoY Change 6.57% 6.61% 17.35%
Goodwill $1.807B
YoY Change -0.58%
Intangibles $3.878B
YoY Change -5.13%
Long-Term Investments $1.033B $1.008B $981.0M
YoY Change -15.33% -15.79% -28.08%
Other Assets $430.4M $433.0M $400.0M
YoY Change 9.41% 9.9% 3.36%
Total Long-Term Assets $26.78B $26.31B $26.06B
YoY Change 3.23% 3.2% 11.57%
TOTAL ASSETS
Total Short-Term Assets $2.376B $2.795B $2.485B
Total Long-Term Assets $26.78B $26.31B $26.06B
Total Assets $29.16B $29.10B $28.54B
YoY Change 3.5% 5.04% 7.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $255.0M $243.0M $206.0M
YoY Change 1.82% 4.74% 27.95%
Accrued Expenses $28.00M $11.00M $47.00M
YoY Change -22.22% -70.27% 487.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $158.0M $466.0M $473.0M
YoY Change 1786.57%
Total Short-Term Liabilities $3.138B $2.736B $2.680B
YoY Change 36.83% 28.41% 39.73%
LONG-TERM LIABILITIES
Long-Term Debt $12.75B $13.03B $12.73B
YoY Change -1.76% 1.88% 2.91%
Other Long-Term Liabilities $284.0M $286.0M $290.0M
YoY Change -12.88% -10.82% 104.23%
Total Long-Term Liabilities $13.04B $13.31B $13.02B
YoY Change -2.03% 1.57% 4.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.138B $2.736B $2.680B
Total Long-Term Liabilities $13.04B $13.31B $13.02B
Total Liabilities $17.47B $18.72B $18.25B
YoY Change -3.9% 5.27% 7.28%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.577B $6.309B $6.511B
YoY Change
Total Liabilities & Shareholders Equity $29.16B $29.10B $28.54B
YoY Change 3.5% 5.04% 7.51%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $1.387B $148.4M $209.9M
YoY Change 5313.45% -72.01% -55.87%
Depreciation, Depletion And Amortization $249.4M $249.6M $244.7M
YoY Change 7.04% 18.97% 18.27%
Cash From Operating Activities $694.5M $572.8M $533.7M
YoY Change 43.2% 31.56% 37.2%
INVESTING ACTIVITIES
Capital Expenditures -$464.8M -$526.7M -$416.5M
YoY Change -30.85% -15.01% -23.31%
Acquisitions
YoY Change
Other Investing Activities $10.80M -$7.100M $289.7M
YoY Change -176.06% -98.68% -46.43%
Cash From Investing Activities -$454.0M -$533.8M -$126.9M
YoY Change -33.86% -53.89% 5668.18%
FINANCING ACTIVITIES
Cash Dividend Paid $62.00M $63.00M $63.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -726.8M 190.9M -43.40M
YoY Change -460.34% -157.0% -109.61%
NET CHANGE
Cash From Operating Activities 694.5M 572.8M 533.7M
Cash From Investing Activities -454.0M -533.8M -126.9M
Cash From Financing Activities -726.8M 190.9M -43.40M
Net Change In Cash -486.3M 229.9M 363.4M
YoY Change -162200.0% -121.75% -56.66%
FREE CASH FLOW
Cash From Operating Activities $694.5M $572.8M $533.7M
Capital Expenditures -$464.8M -$526.7M -$416.5M
Free Cash Flow $1.159B $1.100B $950.2M
YoY Change 0.18% 4.21% 1.94%

Facts In Submission

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CY2016 mgm Proceeds From Cash Deposits
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0
CY2015 mgm Proceeds From Cash Deposits
ProceedsFromCashDeposits
770205000
CY2015 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
4028000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2276204000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-795058000
CY2015 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
977275000
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2016 us-gaap Repayments Of Senior Debt
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2258053000
CY2015 us-gaap Repayments Of Senior Debt
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875504000
CY2016 us-gaap Repayments Of Debt
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583598000
CY2015 us-gaap Repayments Of Debt
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0
CY2015 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
46170000
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1207500000
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2016 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
75032000
CY2015 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
CY2017 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2016 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
100000000
CY2015 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2016 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
103367000
CY2015 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
307227000
CY2016 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
47325000
CY2015 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
6250000
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2015 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12503000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
519422000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-257879000
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3627000
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-921000
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
793000
CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
53414000
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-223731000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-47065000
CY2017 mgm Disposal Group Including Discontinued Operation Cash And Cash Equivalents Period Increase Decrease
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalentsPeriodIncreaseDecrease
0
CY2016 mgm Disposal Group Including Discontinued Operation Cash And Cash Equivalents Period Increase Decrease
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalentsPeriodIncreaseDecrease
0
CY2015 mgm Disposal Group Including Discontinued Operation Cash And Cash Equivalents Period Increase Decrease
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalentsPeriodIncreaseDecrease
3662000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1670312000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1713715000
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
68236000
CY2015 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11801000
CY2017 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
0
CY2016 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
174041000
CY2017 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0
CY2015 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1449499000
CY2016 mgm Change In Completion Guarantee
ChangeInCompletionGuarantee
0
CY2015 mgm Change In Completion Guarantee
ChangeInCompletionGuarantee
-8198000
CY2017 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
204446000
CY2016 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
20241000
CY2015 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
79681000
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7599746000
CY2015 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-1037444000
CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
43002000
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-24878000
CY2015 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
1449496000
CY2015 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
307494000
CY2015 mgm Stock Issued During Period Value Performance Share Units
StockIssuedDuringPeriodValuePerformanceShareUnits
4872000
CY2015 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
7749000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7738104000
CY2016 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
1235310000
CY2016 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
55607000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-30043000
CY2016 mgm Stock Issued During Period Value Performance Share Units
StockIssuedDuringPeriodValuePerformanceShareUnits
5817000
CY2016 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
103457000
CY2016 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
12108000
CY2017 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
2080372000
CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
62522000
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-33780000
CY2017 mgm Stock Issued During Period Value Performance Share Units
StockIssuedDuringPeriodValuePerformanceShareUnits
9743000
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
147685000
CY2017 us-gaap Dividends
Dividends
252014000
CY2017 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
6886000
CY2017 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
327500000
CY2017 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
18280000
CY2017 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
-7749000
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1 &#8212; ORGANIZATION </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Organization. <font style="font-weight:normal;">MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the &#8220;Company&#8221;) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. As discussed further below, the Company leases certain of its real estate assets from MGM Growth Properties Operating Partnership LP (the &#8220;Operating Partnership&#8221;), which is a consolidated subsidiary.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company owns and operates the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur and Circus Circus Las Vegas. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. The Company operates and, along with local investors, owns MGM Grand Detroit in Detroit, Michigan and MGM National Harbor in Prince George&#8217;s County, Maryland. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns and operates the Park, a dining and entertainment district located between New York-New York and Monte Carlo, Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 25, 2016, MGM Growth Properties LLC (&#8220;MGP&#8221;), a consolidated subsidiary of the Company, completed its initial public offering (&#8220;IPO&#8221;) of 57,500,000 of its Class A shares representing limited liability company interests (inclusive of the full exercise by the underwriters of their option to purchase 7,500,000 Class A shares) at an initial offering price of $21 per share. In connection with the IPO, the Company and MGP entered into a series of transactions and several agreements that, among other things, set forth the terms and conditions of the IPO and provide a framework for the Company&#8217;s relationship with MGP.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MGP is organized as an umbrella partnership REIT (commonly referred to as an &#8220;UPREIT&#8221;) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through its Operating Partnership subsidiary. MGP has two classes of authorized and outstanding voting common shares (collectively, the &#8220;shares&#8221;): Class A shares and a single Class B share. The Company owns MGP&#8217;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&#8217;s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP&#8217;s shares so long as the Company and its controlled affiliates&#8217; (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. 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 also a subsidiary of MGP, which is 100% owned by MGP. The 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 value of a Class A share. The determination of settlement method is at the option of MGP&#8217;s independent conflicts committee. The Company and MGP&#8217;s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 13. As of December 31, 2017, the Company owned 73.4% of the Operating Partnership units, and MGP held the remaining 26.6% ownership interest in the Operating Partnership.&nbsp;&nbsp; </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to a master contribution agreement entered into in connection with the IPO by and between the Company, MGP, and the Operating Partnership, the Company contributed the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit and Beau Rivage to newly formed subsidiaries and subsequently transferred 100% ownership in such subsidiaries to the Operating Partnership in exchange for a percentage ownership of Operating Partnership units. Concurrently, pursuant to a master lease agreement between a subsidiary of the Company (the &#8220;tenant&#8221;) and a subsidiary of the Operating Partnership (the &#8220;landlord&#8221;), the tenant leased the contributed real estate assets from the landlord. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subsequent to the Company completing its acquisition of Borgata in August 2016, as discussed in Note 4, MGP acquired Borgata&#8217;s real property from a subsidiary of the Company, and in October 2017, MGP also acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company. Amendments to the master lease agreement provides for the Company to lease the real estate assets of Borgata and MGM National Harbor from a subsidiary of the Operating Partnership. See Note 10, Note 13, and Note 18 for additional information related to MGP, its ownership and transactions, and certain other intercompany agreements and debt financing transactions entered into in connection therewith.&nbsp;&nbsp; </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has an approximate 56% controlling interest in MGM China, which owns MGM Grand Paradise, S.A. (&#8220;MGM Grand Paradise&#8221;). MGM Grand Paradise owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concessions as well as MGM Cotai, an integrated casino, hotel and entertainment resort located on an 18 acre site on the Cotai Strip in Macau that opened on February 13, 2018. The Gaming Inspection and Coordination Bureau of Macau (&#8220;DICJ&#8221;) approved 100 gaming tables for the opening of MGM Cotai and 25 additional gaming tables effective for operation on January 1, 2019, for a total of 125 gaming tables in aggregate. In addition, the DICJ approved the initial transfer of 77 gaming tables from MGM Macau to MGM Cotai.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company owns 50% of and manages CityCenter Holdings, LLC (&#8220;CityCenter&#8221;), located between Bellagio and Monte Carlo. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, an integrated casino, hotel and entertainment resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. See Note 7 and Note 18 for additional information related to CityCenter.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company and a subsidiary of Anschutz Entertainment Group, Inc. (&#8220;AEG&#8221;) each own 42.5% of the Las Vegas Arena Company, LLC (&#8220;Las Vegas Arena Company&#8221;), the entity which owns the T-Mobile Arena, and Athena Arena, LLC owns the remaining 15%. The Company manages the T-Mobile Arena, which is located on a parcel of the Company&#8217;s land between Frank Sinatra Drive and New York-New York, adjacent to the Las Vegas Strip. The T-Mobile Arena is a 20,000 seat venue designed to host world-class events &#8211; from mixed martial arts, boxing, basketball and bull riding, to high profile awards shows and top-name concerts, and is the home of the Vegas Golden Knights of the National Hockey League. Additionally, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company. See Note 7 for additional information regarding the Company&#8217;s investment in the Las Vegas Arena Company. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company also has a 50% interest in Grand Victoria. Grand Victoria is a riverboat casino in Elgin, Illinois; an affiliate of Hyatt Gaming owns the other 50% of Grand Victoria and also operates the resort. See Note 7 for additional information regarding the Company&#8217;s investment in Grand Victoria.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A subsidiary of the Company was awarded a casino license to build and operate MGM Springfield in Springfield, Massachusetts. MGM Springfield is in the process of being developed on approximately 14 acres of land in downtown Springfield. The Company&#8217;s plans for the resort currently include a casino with approximately 2,550 slots and 120 table games including poker; a 250-room hotel; 100,000 square feet of retail and restaurant space; 44,000 square feet of meeting and event space; and a 3,500 space parking garage, with an expected development and construction cost of approximately $960 million, excluding capitalized interest and land-related costs. Construction of MGM Springfield is expected to be completed in the third quarter of 2018.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has two reportable segments: domestic resorts and MGM China. See Note 17 for additional information about the Company&#8217;s segments. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:5pt;">&nbsp;</p></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">R<font style="color:#000000;">eclassifications. </font><font style="color:#000000;font-weight:normal;">Certain reclassifications have been made to conform the prior period presentation.</font></p></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Management&#8217;s use of estimates.<font style="font-weight:normal;"> 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&#8217;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.</font> </p></div>
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Accounts receivable and credit risk.<font style="font-weight:normal;"> Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December&#160;31, 2017, </font><font style="font-weight:normal;">35% of the Company&#8217;s casino receivables at its domestic resorts were due from customers residing in foreign countries and 8% of the Company&#8217;s casino receivables related to MGM China. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables.</font> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 allowance for doubtful accounts is maintained to reduce the Company&#8217;s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December&#160;31, 2017, no significant concentrations of credit risk existed for which an allowance had not already been recorded. </p></div>
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
97920000
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017 mgm Percentage Of Ownership Interest
PercentageOfOwnershipInterest
1.00
CY2017Q4 us-gaap Retention Payable
RetentionPayable
34000000
CY2016Q4 us-gaap Retention Payable
RetentionPayable
32000000
CY2017 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2016 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2017 mgm Commissions Complimentaries And Other Incentives
CommissionsComplimentariesAndOtherIncentives
2100000000
CY2016 mgm Commissions Complimentaries And Other Incentives
CommissionsComplimentariesAndOtherIncentives
1800000000
CY2015 mgm Commissions Complimentaries And Other Incentives
CommissionsComplimentariesAndOtherIncentives
1800000000
CY2017 us-gaap Advertising Expense
AdvertisingExpense
223000000
CY2016 us-gaap Advertising Expense
AdvertisingExpense
171000000
CY2015 us-gaap Advertising Expense
AdvertisingExpense
156000000
CY2017 mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
-18363000
CY2016 mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
-28000
CY2015 mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
0
CY2017 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1933689000
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1100380000
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-445515000
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1933421000
CY2016 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1100329000
CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-445515000
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6542000
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5183000
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2601000
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4207000
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18276000
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273000
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758000
CY2017 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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-44311000
CY2017 mgm Reclassification From Accumulated Other Comprehensive Income To Interest Expense
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CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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16432000
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634844000
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643040000
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92571000
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597753000
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227538000
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91119000
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88379000
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303950000
CY2016Q4 mgm Casino Front Money Current
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214017000
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149698000
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8250190000
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148707000
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85978000
CY2016Q4 mgm Unpaid Wagers And Other Liabilities Current
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74563000
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483101000
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483194000
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CY2016Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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156785000
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7568199000
CY2017 mgm Preopening Costs From Unconsolidated Affiliates
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0
CY2016 mgm Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
3168000
CY2015 mgm Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
3475000
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0.50
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2659780000
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41611000
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41871000
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0
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173000000
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180000000
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199000000
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176432000
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176755000
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176755000
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176755000
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176755000
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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InterestCostsIncurred
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CY2016 us-gaap Interest Costs Capitalized Adjustment
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64798000
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CY2016Q2 mgm Senior Notes Redemption Date
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1018500000
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CY2016Q4 us-gaap Long Term Debt Fair Value
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CY2017 mgm Deferred Federal Income Tax Expense Benefit Change In Enacted Rates
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CY2016 mgm Deferred Federal Income Tax Expense Benefit Change In Enacted Rates
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0
CY2015 mgm Deferred Federal Income Tax Expense Benefit Change In Enacted Rates
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CY2017 mgm Deferred Federal Income Tax Expense Benefit Valuation Allowance
DeferredFederalIncomeTaxExpenseBenefitValuationAllowance
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CY2016 mgm Deferred Federal Income Tax Expense Benefit Valuation Allowance
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247867000
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CY2016 mgm Other Noncurrent Federal Tax Expense Benefit
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CY2015 mgm Other Noncurrent Federal Tax Expense Benefit
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CY2017 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2016 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2015 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2015 us-gaap Current State And Local Tax Expense Benefit
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1840000
CY2017 mgm Deferred State And Local Tax Expense Benefit Excluding Operating Loss Carryforward And Valuation Allowance
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25233000
CY2016 mgm Deferred State And Local Tax Expense Benefit Excluding Operating Loss Carryforward And Valuation Allowance
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CY2015 mgm Deferred State And Local Tax Expense Benefit Excluding Operating Loss Carryforward And Valuation Allowance
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2263000
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CY2016 mgm Deferred State And Local Tax Expense Benefit Valuation Allowance
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CY2015 mgm Deferred State And Local Tax Expense Benefit Valuation Allowance
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4465000
CY2017 mgm Other Noncurrent State And Local Tax Expense Benefit
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CY2016 mgm Other Noncurrent State And Local Tax Expense Benefit
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CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2016 us-gaap Current Foreign Tax Expense Benefit
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CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2015 us-gaap Current Foreign Tax Expense Benefit
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CY2017 mgm Deferred Foreign Income Tax Expense Benefit Excluding Operating Loss Carryforward And Valuation Allowance
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CY2016 mgm Deferred Foreign Income Tax Expense Benefit Excluding Operating Loss Carryforward And Valuation Allowance
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5832000
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CY2017 mgm Deferred Foreign Income Tax Expense Benefit Valuation Allowance
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CY2016 mgm Deferred Foreign Income Tax Expense Benefit Valuation Allowance
DeferredForeignIncomeTaxExpenseBenefitValuationAllowance
2975000
CY2015 mgm Deferred Foreign Income Tax Expense Benefit Valuation Allowance
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9959000
CY2017 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.00
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0.00
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.00
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CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.00
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0.00
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0.00
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0.00
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894401000
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748219000
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CY2017 us-gaap Foreign Earnings Repatriated
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62000000
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2300000000
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41000000
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CY2015Q4 us-gaap Unrecognized Tax Benefits
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13724000
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0
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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2408000
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0
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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0
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
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CY2017Q4 us-gaap Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
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4
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CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2016 us-gaap Proceeds From Issuance Initial Public Offering
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CY2016 us-gaap Payments To Acquire Additional Interest In Subsidiaries
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CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015 us-gaap Income Loss From Subsidiaries Net Of Tax
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CY2015 mgm Cost Of Casino And Hotel Operations And Reimbursable Expense
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CY2015 mgm Contract Exit Costs Credits
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CY2015 mgm Goodwill Impairment And Property Transactions Net
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CY2015 us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
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CY2015 us-gaap Proceeds From Issuance Initial Public Offering
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CY2015 us-gaap Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
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