$MGM
MGM Resorts International

2016 Q4 Form 10-Q Financial Statement

#000156459016028455 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $2.464B $2.522B $2.281B
YoY Change 12.43% 10.57% -8.22%
Cost Of Revenue $1.456B $1.426B $1.398B
YoY Change 10.3% 1.97% -12.25%
Gross Profit $1.005B $1.090B $882.9M
YoY Change 15.26% 23.41% -1.01%
Gross Profit Margin 40.8% 43.21% 38.71%
Selling, General & Admin $510.3M $372.0M $431.0M
YoY Change 21.96% -13.7% 2.79%
% of Gross Profit 50.76% 34.14% 48.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $233.0M $209.8M $204.7M
YoY Change 16.38% 2.49% 1.14%
% of Gross Profit 23.17% 19.25% 23.18%
Operating Expenses $743.3M $372.0M $635.8M
YoY Change 20.18% -41.5% 2.28%
Operating Profit $282.4M $707.3M $297.4M
YoY Change -123.59% 137.83% 3.8%
Interest Expense -$137.6M $168.0M $191.8M
YoY Change -15.43% -12.38% -5.45%
% of Operating Profit -48.72% 23.76% 64.49%
Other Income/Expense, Net -$5.000M -$196.5M -$219.1M
YoY Change 51.52% -10.33% -2.99%
Pretax Income $107.4M $516.3M $78.24M
YoY Change -107.65% 559.83% 29.13%
Income Tax $37.50M -$45.00M -$16.49M
% Of Pretax Income 34.92% -8.72% -21.08%
Net Earnings $25.63M $530.1M $66.43M
YoY Change -103.28% 698.08% -427.7%
Net Earnings / Revenue 1.04% 21.02% 2.91%
Basic Earnings Per Share $0.04 $0.93 $0.12
Diluted Earnings Per Share $0.04 $0.92 $0.12
COMMON SHARES
Basic Shares Outstanding 573.4M 568.1M 563.3M
Diluted Shares Outstanding 573.8M 569.3M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.447B $1.446B $1.808B
YoY Change -13.35% -20.02% 37.7%
Cash & Equivalents $1.447B $1.446B $1.808B
Short-Term Investments
Other Short-Term Assets $142.0M $178.0M $187.0M
YoY Change 2.9% -4.81% 28.97%
Inventory $97.73M $97.00M $101.0M
Prepaid Expenses
Receivables $542.9M $492.0M $471.0M
Other Receivables $0.00 $1.000M $16.00M
Total Short-Term Assets $2.230B $2.214B $2.582B
YoY Change -7.44% -14.25% 29.68%
LONG-TERM ASSETS
Property, Plant & Equipment $18.43B $17.95B $15.02B
YoY Change 19.86% 19.53% 5.34%
Goodwill $1.817B
YoY Change 27.0%
Intangibles $4.088B
YoY Change -1.85%
Long-Term Investments $1.220B $1.197B $1.537B
YoY Change -18.18% -22.12% -1.16%
Other Assets $393.4M $394.0M $435.0M
YoY Change 13.19% -9.43% 2.8%
Total Long-Term Assets $25.94B $25.49B $24.10B
YoY Change 13.76% 5.78% 161.83%
TOTAL ASSETS
Total Short-Term Assets $2.230B $2.214B $2.582B
Total Long-Term Assets $25.94B $25.49B $24.10B
Total Assets $28.17B $27.71B $26.68B
YoY Change 11.74% 3.84% 4.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $250.5M $232.0M $169.0M
YoY Change 37.6% 37.28% -36.63%
Accrued Expenses $36.00M $37.00M $11.00M
YoY Change 111.76% 236.36% -99.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.375M $0.00 $0.00
YoY Change -97.45% -100.0%
Total Short-Term Liabilities $2.293B $2.131B $1.953B
YoY Change 2.48% 9.1% -42.04%
LONG-TERM LIABILITIES
Long-Term Debt $12.98B $12.79B $12.82B
YoY Change 4.94% -0.27% 9.36%
Other Long-Term Liabilities $326.0M $320.7M $165.0M
YoY Change 106.76% 94.37% 40.18%
Total Long-Term Liabilities $13.31B $13.11B $12.99B
YoY Change 6.22% 0.93% 9.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.293B $2.131B $1.953B
Total Long-Term Liabilities $13.31B $13.11B $12.99B
Total Liabilities $18.18B $17.78B $17.44B
YoY Change 4.21% 1.98% -0.65%
SHAREHOLDERS EQUITY
Retained Earnings $545.8M
YoY Change -198.23%
Common Stock $5.659B
YoY Change -0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.220B $6.191B $5.901B
YoY Change
Total Liabilities & Shareholders Equity $28.17B $27.71B $26.68B
YoY Change 11.73% 3.84% 4.84%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $25.63M $530.1M $66.43M
YoY Change -103.28% 698.08% -427.7%
Depreciation, Depletion And Amortization $233.0M $209.8M $204.7M
YoY Change 16.38% 2.49% 1.14%
Cash From Operating Activities $485.0M $435.4M $282.4M
YoY Change 76.11% 54.18% 29.6%
INVESTING ACTIVITIES
Capital Expenditures -$672.2M -$619.7M -$406.6M
YoY Change 44.19% 52.41% 64.42%
Acquisitions
YoY Change
Other Investing Activities -$14.20M -$537.8M $181.3M
YoY Change -119.37% -396.64% 210.98%
Cash From Investing Activities -$686.4M -$1.158B -$225.2M
YoY Change 74.66% 414.03% 19.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 201.7M -334.9M -591.9M
YoY Change -1113.57% -43.42% 643.59%
NET CHANGE
Cash From Operating Activities 485.0M 435.4M 282.4M
Cash From Investing Activities -686.4M -1.158B -225.2M
Cash From Financing Activities 201.7M -334.9M -591.9M
Net Change In Cash 300.0K -1.057B -534.7M
YoY Change -100.22% 97.7% 956.72%
FREE CASH FLOW
Cash From Operating Activities $485.0M $435.4M $282.4M
Capital Expenditures -$672.2M -$619.7M -$406.6M
Free Cash Flow $1.157B $1.055B $689.0M
YoY Change 56.04% 53.13% 48.11%

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<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 &#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="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 &#8220;Company&#8221;) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. The Company owns and/or 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. Along with local investors, the Company owns and operates MGM Grand Detroit in Detroit, Michigan. The Company owns and operates the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, subsequent to its acquisition on August 1, 2016, the Company owns and operates the Borgata Hotel Casino &amp; Spa (&#8220;Borgata&#8221;), located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey. See Note 3 for additional information on the Borgata acquisition. The Company also owns and operates 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:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">On April 25, 2016, MGM Growth Properties LLC (&#8220;MGP&#8221;), a subsidiary of the Company, completed its initial public offering (&#8220;IPO&#8221;) of 57,500,000 of its Class&#160;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.&#160;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:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times-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 and substantially all of its businesses are conducted through its operating partnership subsidiary, MGM Growth Properties Operating Partnership LP (<font style="font-family:Times New Roman;">the &#8220;Operating Partnership&#8221;).</font> <font style="color:#000000;font-family:Times New Roman;">MGP contributed the proceeds from the IPO to the Operating Partnership in exchange for 26.7% of the units in the Operating Partnership. </font>The general partner of the Operating Partnership is also a subsidiary of MGP. <font style="font-family:Times New Roman;">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.&#160;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%. As such, the Company controls MGP through its majority voting rights and consolidates MGP in its financial results. </font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">Pursuant to a master contribution agreement 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 interest in such subsidiaries to the Operating Partnership in exchange for 73.3% of the Operating Partnership units in the Operating Partnership on the closing date of the IPO. At September 30, 2016, following the completion of the Company&#8217;s acquisition of Borgata and the subsequent contribution of Borgata&#8217;s real property to MGP, as discussed in Note 11, the Company indirectly owned 76.3% of the Operating Partnership units and MGP&#8217;s Class A shareholders owned 23.7% of the Operating Partnership units in the Operating Partnership, which is controlled and consolidated by MGP. The ownership units of the Operating Partnership 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. See Note 5 and Note 11 for additional information related to MGP, the IPO and certain other intercompany agreements and debt financing transactions entered into in connection therewith.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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 acquired an additional 4.95% interest in MGM China Holdings Limited (&#8220;MGM China&#8221;) on September 1, 2016, which increased its ownership to approximately 56%. See Note 8 for additional information. The Company has a controlling interest in MGM China, which owns MGM Grand Paradise, S.A. (&#8220;MGM Grand Paradise&#8221;), the Macau company that owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concessions, and is in the process of developing an 18 acre site on the Cotai Strip in Macau (&#8220;MGM Cotai&#8221;). MGM Cotai will be an integrated casino, hotel and entertainment resort with capacity for up to 500 gaming tables and up to 1,500 slots, and featuring approximately 1,500 hotel rooms. The actual number of gaming tables allocated to MGM Cotai will be determined by the Macau government prior to opening, and such allocation is expected to be less than MGM Cotai&#8217;s 500 gaming table capacity. The total estimated project budget is $3.1 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;">&nbsp;</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 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. In April 2016, CityCenter <font style="Background-color:#FFFFFF;color:#000000;">closed the sale of The Shops at </font>Crystals (&#8220;Crystals&#8221;), a retail, dining and entertainment district. 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;">&nbsp;</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 and a subsidiary of Anschutz Entertainment Group, Inc. (&#8220;AEG&#8221;) each own 42.5% of the Las Vegas Arena Company, LLC, the entity which owns the T-Mobile Arena, subsequent to the sale of a 7.5% ownership interest by each of the Company and AEG to Athena Arena, LLC on September 1, 2016. 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, hockey, basketball and bull riding, to high profile awards shows and top-name concerts. T-Mobile Arena<font style="Background-color:#FFFFFF;color:#000000;"> commenced operations in April 2016. </font>Effective January 1, 2016, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company, LLC. See Note 4 for additional information regarding the Company&#8217;s investment in the Las Vegas Arena Company, LLC. In addition, the Company owns and operates The Park, a dining and entertainment district, which opened in April 2016 and which connects to New York-New York, Monte Carlo and T-Mobile Arena. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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 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 4 for additional information regarding the Company&#8217;s investments in its unconsolidated affiliates.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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&#8217;s subsidiary developing MGM National Harbor a license to build and operate a destination integrated casino, hotel and entertainment resort in Prince George&#8217;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 $1.4 billion, excluding capitalized interest and land related costs. The Company expects the resort to include a casino with over 3,300 slots and approximately 160 table games including poker; a 300-room hotel with luxury spa and rooftop pool; 93,100 square feet of high&#8209;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;">&nbsp;</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 a casino license to build and operate MGM Springfield in Springfield, Massachusetts. MGM Springfield will be developed on approximately 14 acres of land in downtown Springfield. The Company&#8217;s plans for the resort currently include a casino with approximately 3,000 slots and 100 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 3,375 space parking garage, with an expected development and construction cost of approximately $865 million, excluding capitalized interest and land related costs.&nbsp;&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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: domestic resorts and MGM China. See Note 10 for additional information about the Company&#8217;s segments.</p></div>
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38965000
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
5817000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
78780000
us-gaap Stockholders Equity Other
StockholdersEquityOther
162000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13987000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9721000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-9179000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30715000
CY2016Q3 mgm Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
314000
CY2015Q3 mgm Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
232000
mgm Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
926000
mgm Share Based Compensation Arrangement By Share Based Payment Award Compensation Cost Reimbursed And Capitalized
ShareBasedCompensationArrangementByShareBasedPaymentAwardCompensationCostReimbursedAndCapitalized
823000
CY2016Q3 mgm Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
13673000
CY2015Q3 mgm Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
9489000
mgm Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
38039000
mgm Allocated Share Based Compensation Net
AllocatedShareBasedCompensationNet
29892000
CY2016Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4178000
CY2015Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2591000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
11747000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7779000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
9495000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6898000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
26292000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
22113000
mgm Number Of Geographical Regions
NumberOfGeographicalRegions
2
mgm Lessee Leasing Arrangements Master Lease Term Of Contract
LesseeLeasingArrangementsMasterLeaseTermOfContract
P10Y
mgm Lessee Leasing Number Of Extensions Of Master Lease
LesseeLeasingNumberOfExtensionsOfMasterLease
4
mgm Lessee Leasing Arrangements Master Leases Additional Renewal Term
LesseeLeasingArrangementsMasterLeasesAdditionalRenewalTerm
P5Y
mgm Adjusted Net Revenue To Rent Ratio
AdjustedNetRevenueToRentRatio
6.25
us-gaap Description Of Lessee Leasing Arrangements Capital Leases
DescriptionOfLesseeLeasingArrangementsCapitalLeases
Thereafter, the annual escalator of 2.0% will be subject to the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant, collectively meeting an adjusted net revenue to rent ratio of 6.25:1.00 based on their net revenue from the leased properties subject to the master lease (as determined in accordance with U.S. GAAP, adjusted to exclude net revenue attributable to certain scheduled subleases and, at the Company’s option, reimbursed cost revenue). The percentage rent will initially be a fixed amount for approximately the first six years and will then be adjusted every five years based on the average actual annual net revenues of the Tenant and, without duplication, the operating subsidiary sublessees of the Tenant, from the leased properties subject to the master lease at such time for the trailing five calendar-year period (calculated by multiplying the average annual net revenues, excluding net revenue attributable to certain scheduled subleases and, at the Landlord’s option, reimbursed cost revenue, for the trailing five calendar-year period by 1.4%).
mgm Rent Multiplier Percentage Of Operating Subsidiary Subleases
RentMultiplierPercentageOfOperatingSubsidiarySubleases
0.014
CY2016Q3 us-gaap Payments For Rent
PaymentsForRent
154000000
us-gaap Payments For Rent
PaymentsForRent
255000000
mgm Percent Interest In A Less Than Hundred Percent Owned Consolidated Affiliate
PercentInterestInALessThanHundredPercentOwnedConsolidatedAffiliate
0.763
CY2016Q3 mgm Investment In Consolidated Subsidiary
InvestmentInConsolidatedSubsidiary
0
CY2016Q3 mgm Investments In Operating Partnership
InvestmentsInOperatingPartnership
0
CY2016Q3 us-gaap Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
0
CY2016Q3 us-gaap Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment
6346350000
CY2016Q3 us-gaap Due To Affiliate Noncurrent
DueToAffiliateNoncurrent
0
CY2016Q3 us-gaap Liabilities
Liabilities
17781577000
CY2015Q4 mgm Investment In Consolidated Subsidiary
InvestmentInConsolidatedSubsidiary
0
CY2015Q4 us-gaap Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
0
CY2015Q4 us-gaap Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment
5943137000
CY2015Q4 us-gaap Due To Affiliate Noncurrent
DueToAffiliateNoncurrent
0
CY2015Q4 us-gaap Liabilities
Liabilities
17444501000
CY2016Q3 mgm Equity Net Earnings Subsidiaries
EquityNetEarningsSubsidiaries
0
CY2016Q3 us-gaap Direct Costs Of Hotels
DirectCostsOfHotels
1425519000
mgm Equity Net Earnings Subsidiaries
EquityNetEarningsSubsidiaries
0
CY2016Q3 mgm Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
-28442000
mgm Change In Intercompany Payable Financing Activities
ChangeInIntercompanyPayableFinancingActivities
0
CY2016Q3 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0
us-gaap Direct Costs Of Hotels
DirectCostsOfHotels
4040201000
mgm Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
-112944000
mgm Proceeds From Payments To Intercompany Activity
ProceedsFromPaymentsToIntercompanyActivity
0
us-gaap Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
CashDividendsPaidToParentCompanyByConsolidatedSubsidiaries
0
CY2015Q3 mgm Equity Net Earnings Subsidiaries
EquityNetEarningsSubsidiaries
0
CY2015Q3 us-gaap Direct Costs Of Hotels
DirectCostsOfHotels
1397900000
CY2015Q3 mgm Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
-27354000
mgm Equity Net Earnings Subsidiaries
EquityNetEarningsSubsidiaries
0
us-gaap Direct Costs Of Hotels
DirectCostsOfHotels
4305817000
mgm Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
-72436000
mgm Proceeds From Payments To Intercompany Activity
ProceedsFromPaymentsToIntercompanyActivity
0
mgm Change In Intercompany Payable Financing Activities
ChangeInIntercompanyPayableFinancingActivities
0
CY2015Q3 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
4481000

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