2015 Q3 Form 10-Q Financial Statement
#000156459015009822 Filed on November 06, 2015
Income Statement
| Concept | 2015 Q3 | 2014 Q3 |
|---|---|---|
| Revenue | $2.281B | $2.485B |
| YoY Change | -8.22% | 0.89% |
| Cost Of Revenue | $1.398B | $1.593B |
| YoY Change | -12.25% | 0.82% |
| Gross Profit | $882.9M | $891.9M |
| YoY Change | -1.01% | 1.01% |
| Gross Profit Margin | 38.71% | 35.89% |
| Selling, General & Admin | $431.0M | $419.3M |
| YoY Change | 2.79% | 4.49% |
| % of Gross Profit | 48.82% | 47.01% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $204.7M | $202.4M |
| YoY Change | 1.14% | -4.39% |
| % of Gross Profit | 23.18% | 22.69% |
| Operating Expenses | $635.8M | $621.6M |
| YoY Change | 2.28% | 1.4% |
| Operating Profit | $297.4M | $286.5M |
| YoY Change | 3.8% | 9.02% |
| Interest Expense | $191.8M | $202.8M |
| YoY Change | -5.45% | -2.92% |
| % of Operating Profit | 64.49% | 70.8% |
| Other Income/Expense, Net | -$219.1M | -$225.9M |
| YoY Change | -2.99% | -7.44% |
| Pretax Income | $78.24M | $60.59M |
| YoY Change | 29.13% | 223.27% |
| Income Tax | -$16.49M | $10.21M |
| % Of Pretax Income | -21.08% | 16.85% |
| Net Earnings | $66.43M | -$20.27M |
| YoY Change | -427.7% | -9.16% |
| Net Earnings / Revenue | 2.91% | -0.82% |
| Basic Earnings Per Share | $0.12 | -$0.04 |
| Diluted Earnings Per Share | $0.12 | -$0.04 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 563.3M | 490.9M |
| Diluted Shares Outstanding | 569.3M | 490.9M |
Balance Sheet
| Concept | 2015 Q3 | 2014 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.808B | $1.313B |
| YoY Change | 37.7% | -4.51% |
| Cash & Equivalents | $1.808B | $1.313B |
| Short-Term Investments | ||
| Other Short-Term Assets | $187.0M | $145.0M |
| YoY Change | 28.97% | -63.66% |
| Inventory | $101.0M | $99.27M |
| Prepaid Expenses | ||
| Receivables | $471.0M | $434.0M |
| Other Receivables | $16.00M | $0.00 |
| Total Short-Term Assets | $2.582B | $1.991B |
| YoY Change | 29.68% | -12.83% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $15.02B | $14.25B |
| YoY Change | 5.34% | 2.04% |
| Goodwill | $2.893B | |
| YoY Change | -0.25% | |
| Intangibles | $4.332B | |
| YoY Change | -4.76% | |
| Long-Term Investments | $1.537B | $1.555B |
| YoY Change | -1.16% | 9.82% |
| Other Assets | $435.0M | $423.1M |
| YoY Change | 2.8% | -21.63% |
| Total Long-Term Assets | $24.10B | $9.204B |
| YoY Change | 161.83% | -2.15% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $2.582B | $1.991B |
| Total Long-Term Assets | $24.10B | $9.204B |
| Total Assets | $26.68B | $25.45B |
| YoY Change | 4.84% | -0.82% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $169.0M | $266.7M |
| YoY Change | -36.63% | 31.51% |
| Accrued Expenses | $11.00M | $1.890B |
| YoY Change | -99.42% | -3.37% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $0.00 | $1.192B |
| YoY Change | -100.0% | |
| Total Short-Term Liabilities | $1.953B | $3.369B |
| YoY Change | -42.04% | 55.88% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $12.82B | $11.72B |
| YoY Change | 9.36% | -10.06% |
| Other Long-Term Liabilities | $165.0M | $117.7M |
| YoY Change | 40.18% | -25.32% |
| Total Long-Term Liabilities | $12.99B | $11.84B |
| YoY Change | 9.67% | -10.24% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.953B | $3.369B |
| Total Long-Term Liabilities | $12.99B | $11.84B |
| Total Liabilities | $17.44B | $17.55B |
| YoY Change | -0.65% | -1.58% |
| 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 | $5.901B | $4.421B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $26.68B | $25.45B |
| YoY Change | 4.84% | -0.82% |
Cashflow Statement
| Concept | 2015 Q3 | 2014 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $66.43M | -$20.27M |
| YoY Change | -427.7% | -9.16% |
| Depreciation, Depletion And Amortization | $204.7M | $202.4M |
| YoY Change | 1.14% | -4.39% |
| Cash From Operating Activities | $282.4M | $217.9M |
| YoY Change | 29.6% | -40.42% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$406.6M | -$247.3M |
| YoY Change | 64.42% | 80.91% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $181.3M | $58.30M |
| YoY Change | 210.98% | 960.0% |
| Cash From Investing Activities | -$225.2M | -$188.9M |
| YoY Change | 19.22% | 43.98% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -591.9M | -79.60M |
| YoY Change | 643.59% | -42.28% |
| NET CHANGE | ||
| Cash From Operating Activities | 282.4M | 217.9M |
| Cash From Investing Activities | -225.2M | -188.9M |
| Cash From Financing Activities | -591.9M | -79.60M |
| Net Change In Cash | -534.7M | -50.60M |
| YoY Change | 956.72% | -152.38% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $282.4M | $217.9M |
| Capital Expenditures | -$406.6M | -$247.3M |
| Free Cash Flow | $689.0M | $465.2M |
| YoY Change | 48.11% | -7.4% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
1000000000 | |
| CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
4913000 | |
| CY2015Q3 | us-gaap |
Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
|
5000000 | |
| CY2014Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
4180922000 | |
| CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-107909000 | |
| CY2014Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
12991000 | |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
4090917000 | |
| CY2014Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7628274000 | |
| CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
26702511000 | |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Minority Interest
MinorityInterest
|
3537357000 | |
| CY2015Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.12 | |
| CY2015Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
28310000 | |
| CY2014Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-20270000 | |
| CY2014Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | |
| CY2015Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-16493000 | |
| CY2014Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
10208000 | |
| CY2015Q3 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
204742000 | |
| CY2015Q3 | us-gaap |
Profit Loss
ProfitLoss
|
94735000 | |
| CY2015Q3 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
2040789000 | |
| CY2014Q3 | us-gaap |
Profit Loss
ProfitLoss
|
50382000 | |
| CY2015Q3 | mgm |
Property Transactions Net
PropertyTransactionsNet
|
7123000 | |
| CY2014Q3 | mgm |
Property Transactions Net
PropertyTransactionsNet
|
6794000 | |
| us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-3195000 | ||
| CY2014Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
70652000 | |
| CY2014Q3 | us-gaap |
Pre Opening Costs
PreOpeningCosts
|
10233000 | |
| CY2014Q3 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
2221521000 | |
| CY2014Q3 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
202386000 | |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
491292117 | |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
491292117 | |
| mgm |
Increase Decrease In Prepaid Land Concession Premium
IncreaseDecreaseInPrepaidLandConcessionPremium
|
24167000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-108002000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-169720000 | ||
| us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
11189000 | ||
| us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
15659000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
1022814000 | ||
| CY2015Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.211 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.214 | ||
| mgm |
Number Of Geographical Regions
NumberOfGeographicalRegions
|
2 | ||
| us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
46170000 | ||
| us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
194524000 | ||
| us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
202850000 | ||
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-3457000 | ||
| CY2015Q3 | mgm |
Corporate Expense
CorporateExpense
|
74019000 | |
| CY2014Q3 | mgm |
Corporate Expense
CorporateExpense
|
61563000 | |
| CY2015Q3 | mgm |
Income Loss From Unconsolidated Affiliates
IncomeLossFromUnconsolidatedAffiliates
|
57350000 | |
| CY2014Q3 | mgm |
Income Loss From Unconsolidated Affiliates
IncomeLossFromUnconsolidatedAffiliates
|
23003000 | |
| CY2015Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
1291000 | |
| us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
-672000 | ||
| us-gaap |
Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
|
1250000 | ||
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-13505000 | |
| CY2014Q3 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
36877000 | |
| CY2014Q3 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
63994000 | |
| CY2014Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-27117000 | |
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Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
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Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
28107000 | ||
| us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-1924000 | ||
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
46971000 | ||
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
32554000 | ||
| CY2015Q3 | us-gaap |
Pre Opening Costs
PreOpeningCosts
|
16510000 | |
| CY2015Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
297377000 | |
| CY2014Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
286489000 | |
| CY2015Q3 | us-gaap |
Interest Expense
InterestExpense
|
191781000 | |
| CY2014Q3 | us-gaap |
Interest Expense
InterestExpense
|
202835000 | |
| CY2015Q3 | mgm |
Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
|
22968000 | |
| CY2014Q3 | mgm |
Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
|
22810000 | |
| CY2015Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-4386000 | |
| CY2014Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-254000 | |
| CY2015Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-219135000 | |
| CY2014Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-225899000 | |
| CY2015Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
78242000 | |
| CY2014Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
60590000 | |
| CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
66425000 | |
| CY2015Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.12 | |
| CY2014Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.04 | |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-13505000 | |
| CY2015Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
1291000 | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-1050000 | ||
| us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
304562000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-919079000 | ||
| CY2015Q3 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
96026000 | |
| CY2015Q3 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
29045000 | |
| CY2015Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
66981000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
30624000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
26551000 | ||
| us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
155473000 | ||
| us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
11200000 | ||
| us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
11101000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-106223000 | ||
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
6379000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
45251000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-21678000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-1055000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-8508000 | ||
| us-gaap |
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
|
1456000 | ||
| us-gaap |
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
|
-12419000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
28584000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-7100000 | ||
| mgm |
Increase Decrease In Prepaid Land Concession Premium
IncreaseDecreaseInPrepaidLandConcessionPremium
|
24162000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
737780000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1000578000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
617459000 | ||
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
343000 | ||
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
537000 | ||
| us-gaap |
Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
|
19797000 | ||
| us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
70446000 | ||
| us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
999000 | ||
| us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
123133000 | ||
| us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
210300000 | ||
| us-gaap |
Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
|
200205000 | ||
| us-gaap |
Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
|
770205000 | ||
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
-59000 | ||
| us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
-8149000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-402053000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-591053000 | ||
| us-gaap |
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
|
-717600000 | ||
| us-gaap |
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
|
-1740375000 | ||
| us-gaap |
Proceeds From Short Term Debt Maturing In More Than Three Months
ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths
|
5118750000 | ||
| us-gaap |
Proceeds From Short Term Debt Maturing In More Than Three Months
ProceedsFromShortTermDebtMaturingInMoreThanThreeMonths
|
5171250000 | ||
| us-gaap |
Repayments Of Short Term Debt Maturing In More Than Three Months
RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
|
3416875000 | ||
| us-gaap |
Repayments Of Short Term Debt Maturing In More Than Three Months
RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
|
3451875000 | ||
| us-gaap |
Repayments Of Senior Debt
RepaymentsOfSeniorDebt
|
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Repayments Of Senior Debt
RepaymentsOfSeniorDebt
|
508900000 | ||
| us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
385722000 | ||
| us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
5000000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
98561000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-488895000 | ||
| CY2015Q3 | us-gaap |
Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
|
4481000 | |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="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 — ORGANIZATION </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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%;">Organization.<font style="font-weight:normal;"> MGM Resorts International (the “Company”) is a Delaware corporation that acts largely as a holding company and, through wholly owned subsidiaries, owns and/or operates casino resorts. The Company owns and operates the following casino 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. In July 2015, the Company </font><font style="color:#000000;font-weight:normal;">entered into an agreement to sell</font><font style="font-weight:normal;"> Circus Circus Reno in Reno, Nevada, as discussed in Note 3. Along with local investors, the Company owns and operates MGM Grand Detroit in Detroit, Michigan. The Company owns and operates two resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. The Company also owns 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.</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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 51% and has a controlling interest in MGM China Holdings Limited (“MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), the Macau company that owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concession. MGM Grand Paradise also has a land concession contract with the government of Macau to develop a second resort and casino on an approximately 18 acre site in Cotai, Macau (“MGM Cotai”). MGM Cotai will be an integrated casino, hotel and entertainment complex with capacity for up to 500 gaming tables and up to 1,500 slots, and featuring approximately 1,500 hotel rooms. The total estimated project budget is $3.0 billion, excluding development fees eliminated in consolidation, capitalized interest and land related costs. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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 CityCenter, 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, a casino resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; Crystals, a retail, dining and entertainment district; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. The Company receives a management fee of 2% of revenues for the management of Aria and Vdara, and 5% of EBITDA (as defined in the agreements governing the Company’s management of Aria and Vdara). In addition, the Company receives an annual fee of $3 million for the management of Crystals. See Note 4 for additional information related to CityCenter. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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 the Borgata Hotel Casino & Spa (“Borgata”) located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey. Boyd Gaming Corporation owns the other 50% of Borgata and also operates the resort. 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. In July 2015, the Company entered an agreement to sell its 50% interest in Silver Legacy, located in Reno, Nevada. See Note 4 for additional information regarding the Company’s investments in unconsolidated affiliates.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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 entered into management agreements for future non-gaming hotels, resorts and residential products in the Middle East, North Africa, India and the United States. In 2014, the Company and the Hakkasan Group formed MGM Hakkasan Hospitality (“MGM Hakkasan”), owned 50% by each member, to design, develop and manage luxury non-gaming hotels, resorts and residences under certain brands licensed from the Company and the Hakkasan Group. Upon formation, the Company contributed its management agreements for non-gaming hotels, resorts and residential projects (outside of the greater China region) under development to MGM Hakkasan. In May 2015, the Company and the Hakkasan Group mutually agreed to terminate MGM Hakkasan and the brand license from Hakkasan Group. The Company will continue to develop these projects under its brands through MGM Hospitality (a wholly-owned subsidiary). Additionally, the Company will continue to develop and manage properties in the greater China region with Diaoyutai State Guesthouse, including MGM Grand Sanya.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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 Maryland Video Lottery Facility Location Commission has awarded the Company’s subsidiary developing MGM National Harbor the license to build and operate a destination casino resort in Prince George’s County at National Harbor, which is a waterfront development located on the Potomac River just outside of Washington D.C. The expected cost to develop and construct MGM National Harbor is approximately $1.3 billion, excluding capitalized interest and land related costs. The Company expects the resort to include a casino with approximately 3,600 slots and 160 table games including poker; a 300-room hotel with luxury spa and rooftop pool; 93,100 square feet of high‑end branded retail and fine and casual dining; a 3,000-seat theater venue; 50,000 square feet of meeting and event space; and a 4,700-space parking garage. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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 the Category One casino license in Region B, Western Massachusetts, one of three licensing regions designated by legislation, to build and operate MGM Springfield. MGM Springfield will be developed on approximately 14 acres of land in downtown Springfield, Massachusetts. The Company’s plans for the resort originally included a casino with approximately 3,000 slots and 100 table games including poker; a 250-room hotel tower; 90,000 square feet of retail and restaurant space; 45,000 square feet of meeting and event space; and a 3,500-space parking garage, with an expected development and construction cost of approximately $760 million, excluding capitalized interest and land related costs. The Company has recently undertaken a design and cost review of MGM Springfield and has proposed design and scope changes for various elements of the project. The proposed changes have been submitted to Springfield’s Mayor and City Council and the Massachusetts Gaming Commission for approval. The Company’s review of construction costs remains underway and will be impacted by the final determination of project design and scope, but the Company currently anticipates the cost may increase from the previous estimate of approximately $760 million.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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;">In 2013, the Company formed Las Vegas Arena Company, LLC (the “Las Vegas Arena Company”) with a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) – a leader in sports, entertainment, and promotions – to design, construct, and operate the Las Vegas Arena, which will be located on a parcel of the Company’s land between Frank Sinatra Drive and New York-New York, adjacent to the Las Vegas Strip. The Company and AEG each owns 50% of Las Vegas Arena Company. The Las Vegas Arena is anticipated to seat between 18,000 and 20,000 people. Such development is estimated to cost approximately $350 million,<font style="Background-color:#FFFFFF;color:#000000;"> excluding capitalized interest and land related costs. </font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="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: wholly owned domestic resorts and MGM China. See Note 11 for additional information about the Company’s segments.</p></div> | ||
| us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
31440000 | ||
| us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
1449499000 | ||
| mgm |
Change In Completion Guarantee
ChangeInCompletionGuarantee
|
-8198000 | ||
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | ||
| CY2015Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
11000000 | |
| CY2015Q3 | us-gaap |
Retention Payable
RetentionPayable
|
38000000 | |
| CY2015Q3 | us-gaap |
Capital Lease Obligations
CapitalLeaseObligations
|
12000000 | |
| CY2015Q3 | mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
970000 | |
| CY2014Q3 | mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
17000 | |
| mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
2413000 | ||
| mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
137000 | ||
| CY2015Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
33412000 | |
| CY2014Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
176000 | |
| CY2015Q1 | us-gaap |
Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
|
80000000 | |
| CY2015Q3 | us-gaap |
Long Term Debt
LongTermDebt
|
12821037000 | |
| CY2014Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
14159202000 | |
| CY2015Q3 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
13100000000 | |
| CY2014Q4 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
15100000000 | |
| mgm |
Interest Expense Benefit On Convertible Debt Net Of Tax
InterestExpenseBenefitOnConvertibleDebtNetOfTax
|
-2208000 | ||
| CY2014Q3 | us-gaap |
Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
|
-86000 | |
| us-gaap |
Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
|
-7000 | ||
| CY2015Q3 | us-gaap |
Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
|
66425000 | |
| CY2014Q3 | us-gaap |
Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
|
-20356000 | |
| us-gaap |
Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
|
335935000 | ||
| CY2015Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
563287000 | |
| CY2014Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
490914000 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
535619000 | ||
| CY2015Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
6033000 | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
5920000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
6482000 | ||
| us-gaap |
Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
|
6211000 | ||
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
30715000 | ||
| us-gaap |
Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
|
-4795000 | ||
| us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
-1572000 | ||
| us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
|
1449496000 | ||
| us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
304828000 | ||
| us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
4872000 | ||
| us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
9000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
1456000 | ||
| CY2015Q3 | mgm |
Allocated Share Based Compensation Gross
AllocatedShareBasedCompensationGross
|
9721000 | |
| CY2014Q3 | mgm |
Allocated Share Based Compensation Gross
AllocatedShareBasedCompensationGross
|
10226000 | |
| mgm |
Allocated Share Based Compensation Gross
AllocatedShareBasedCompensationGross
|
30715000 | ||
| mgm |
Allocated Share Based Compensation Gross
AllocatedShareBasedCompensationGross
|
27360000 | ||
| CY2015Q3 | mgm |
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
|
232000 | |
| CY2014Q3 | mgm |
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
|
275000 | |
| mgm |
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
|
823000 | ||
| mgm |
Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
|
809000 | ||
| CY2015Q3 | mgm |
Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
|
9489000 | |
| CY2014Q3 | mgm |
Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
|
9951000 | |
| mgm |
Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
|
29892000 | ||
| mgm |
Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
|
26551000 | ||
| CY2015Q3 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
2591000 | |
| CY2014Q3 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
2517000 | |
| us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
7779000 | ||
| us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
7043000 | ||
| CY2015Q3 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
6898000 | |
| CY2014Q3 | us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
7434000 | |
| us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
22113000 | ||
| us-gaap |
Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
|
19508000 | ||
| CY2014Q3 | mgm |
Other Property Transactions Net
OtherPropertyTransactionsNet
|
6794000 | |
| mgm |
Other Property Transactions Net
OtherPropertyTransactionsNet
|
12665000 | ||
| mgm |
Other Property Transactions Net
OtherPropertyTransactionsNet
|
11733000 | ||
| CY2015Q3 | us-gaap |
Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment
|
7546819000 | |
| CY2015Q3 | us-gaap |
Liabilities
Liabilities
|
17435544000 | |
| CY2014Q4 | us-gaap |
Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment
|
7674775000 | |
| CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
19074237000 | |
| CY2015Q3 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
1397900000 | |
| CY2015Q3 | mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-27354000 | |
| us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
4305817000 | ||
| mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-72436000 | ||
| CY2014Q3 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
1593058000 | |
| CY2014Q3 | mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-23064000 | |
| us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
4862145000 | ||
| mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-71018000 |
