2017 Q3 Form 10-Q Financial Statement
#000156459017023064 Filed on November 09, 2017
Income Statement
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| Revenue | $2.830B | $2.522B |
| YoY Change | 12.23% | 10.57% |
| Cost Of Revenue | $1.598B | $1.426B |
| YoY Change | 12.11% | 1.97% |
| Gross Profit | $1.232B | $1.090B |
| YoY Change | 13.08% | 23.41% |
| Gross Profit Margin | 43.53% | 43.21% |
| Selling, General & Admin | $402.0M | $372.0M |
| YoY Change | 8.09% | -13.7% |
| % of Gross Profit | 32.63% | 34.14% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $249.6M | $209.8M |
| YoY Change | 18.97% | 2.49% |
| % of Gross Profit | 20.26% | 19.25% |
| Operating Expenses | $402.0M | $372.0M |
| YoY Change | 8.09% | -41.5% |
| Operating Profit | $492.7M | $707.3M |
| YoY Change | -30.34% | 137.83% |
| Interest Expense | $163.3M | $168.0M |
| YoY Change | -2.83% | -12.38% |
| % of Operating Profit | 33.14% | 23.76% |
| Other Income/Expense, Net | -$202.3M | -$196.5M |
| YoY Change | 2.93% | -10.33% |
| Pretax Income | $290.5M | $516.3M |
| YoY Change | -43.74% | 559.83% |
| Income Tax | $114.7M | -$45.00M |
| % Of Pretax Income | 39.49% | -8.72% |
| Net Earnings | $148.4M | $530.1M |
| YoY Change | -72.01% | 698.08% |
| Net Earnings / Revenue | 5.24% | 21.02% |
| Basic Earnings Per Share | $0.26 | $0.93 |
| Diluted Earnings Per Share | $0.26 | $0.92 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 573.5M | 568.1M |
| Diluted Shares Outstanding | 580.7M | 573.8M |
Balance Sheet
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.987B | $1.446B |
| YoY Change | 37.41% | -20.02% |
| Cash & Equivalents | $1.987B | $1.446B |
| Short-Term Investments | ||
| Other Short-Term Assets | $191.0M | $178.0M |
| YoY Change | 7.3% | -4.81% |
| Inventory | $101.0M | $97.00M |
| Prepaid Expenses | ||
| Receivables | $515.0M | $492.0M |
| Other Receivables | $0.00 | $1.000M |
| Total Short-Term Assets | $2.795B | $2.214B |
| YoY Change | 26.24% | -14.25% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $19.14B | $17.95B |
| YoY Change | 6.61% | 19.53% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $1.008B | $1.197B |
| YoY Change | -15.79% | -22.12% |
| Other Assets | $433.0M | $394.0M |
| YoY Change | 9.9% | -9.43% |
| Total Long-Term Assets | $26.31B | $25.49B |
| YoY Change | 3.2% | 5.78% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $2.795B | $2.214B |
| Total Long-Term Assets | $26.31B | $25.49B |
| Total Assets | $29.10B | $27.71B |
| YoY Change | 5.04% | 3.84% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $243.0M | $232.0M |
| YoY Change | 4.74% | 37.28% |
| Accrued Expenses | $11.00M | $37.00M |
| YoY Change | -70.27% | 236.36% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $466.0M | $0.00 |
| YoY Change | ||
| Total Short-Term Liabilities | $2.736B | $2.131B |
| YoY Change | 28.41% | 9.1% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $13.03B | $12.79B |
| YoY Change | 1.88% | -0.27% |
| Other Long-Term Liabilities | $286.0M | $320.7M |
| YoY Change | -10.82% | 94.37% |
| Total Long-Term Liabilities | $13.31B | $13.11B |
| YoY Change | 1.57% | 0.93% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $2.736B | $2.131B |
| Total Long-Term Liabilities | $13.31B | $13.11B |
| Total Liabilities | $18.72B | $17.78B |
| YoY Change | 5.27% | 1.98% |
| 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 | $6.309B | $6.191B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $29.10B | $27.71B |
| YoY Change | 5.04% | 3.84% |
Cashflow Statement
| Concept | 2017 Q3 | 2016 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $148.4M | $530.1M |
| YoY Change | -72.01% | 698.08% |
| Depreciation, Depletion And Amortization | $249.6M | $209.8M |
| YoY Change | 18.97% | 2.49% |
| Cash From Operating Activities | $572.8M | $435.4M |
| YoY Change | 31.56% | 54.18% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$526.7M | -$619.7M |
| YoY Change | -15.01% | 52.41% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$7.100M | -$537.8M |
| YoY Change | -98.68% | -396.64% |
| Cash From Investing Activities | -$533.8M | -$1.158B |
| YoY Change | -53.89% | 414.03% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | $63.00M | |
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 190.9M | -334.9M |
| YoY Change | -157.0% | -43.42% |
| NET CHANGE | ||
| Cash From Operating Activities | 572.8M | 435.4M |
| Cash From Investing Activities | -533.8M | -1.158B |
| Cash From Financing Activities | 190.9M | -334.9M |
| Net Change In Cash | 229.9M | -1.057B |
| YoY Change | -121.75% | 97.7% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $572.8M | $435.4M |
| Capital Expenditures | -$526.7M | -$619.7M |
| Free Cash Flow | $1.100B | $1.055B |
| YoY Change | 4.21% | 53.13% |
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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 — ORGANIZATION </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <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%;">Organization.<font style="font-weight:normal;"> MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts. As discussed further below, the Company leases certain of its real estate assets from MGM Growth Properties Operating Partnership LP (the “Operating Partnership”), which is a consolidated subsidiary.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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’s County, Maryland. The Company also owns and operates the Borgata Hotel Casino & Spa (“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;"> </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;">MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an “UPREIT”) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through its Operating Partnership subsidiary. MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. The Company owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. 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’s independent conflicts committee. Subsequent to MGP closing its public offering of 13,225,000 Class A shares in September 2017, the Company indirectly owned 72.3% of the partnership units in the Operating Partnership, and MGP owned the remaining 27.7% ownership interest in the Operating Partnership. Prior to September 2017, the Company owned 76.3% of the Operating Partnership units and MGP owned the remaining 23.7% ownership interest in the Operating Partnership. MGP owns 100% of the general partner of the Operating Partnership. See Note 9 for additional information pertaining to the public offering of MGP’s Class A shares. In addition, as discussed further in Note 11, the Company indirectly acquired additional partnership units in connection with the closing of the National Harbor transaction in October 2017 and subsequently holds a 73.4% ownership interest in the Operating Partnership.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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 lease agreement between a subsidiary of the Company (the “Tenant”) and a subsidiary of the Operating Partnership (the “Landlord”), the Company leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur, The Park, Borgata, Gold Strike Tunica, MGM Grand Detroit and Beau Rivage from subsidiaries of the Operating Partnership. As discussed further in Note 11, MGP acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company in October 2017. An amendment to the master lease agreement executed in October 2017 provides for the Company to lease the real estate assets of MGM National Harbor from a subsidiary of the Operating Partnership. See Note 11 for additional information related to MGP and certain of the Company’s related intercompany agreements with MGP or the Operating Partnership.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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 approximately 56% controlling interest in 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 concessions, and is in the process of developing an 18 acre site on the Cotai Strip in Macau (“MGM Cotai”). 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 1,400 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’s 500 gaming table capacity. The total estimated project budget increased to $3.4 billion excluding development fees eliminated in consolidation, capitalized interest and land related costs as a result of the damage and delays caused by Typhoon Hato in August 2017. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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 (“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, 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 4 for additional information related to CityCenter.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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. (“AEG”) each own 42.5% of the Las Vegas Arena Company, LLC (“Las Vegas Arena Company”), 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’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 – 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 4 for additional information regarding the Company’s investment in the Las Vegas Arena Company.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </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 4 for additional information regarding the Company’s investment in Grand Victoria.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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 will be developed on approximately 14 acres of land in downtown Springfield. The Company’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. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </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 10 for additional information about the Company’s segments.</p></div> | ||
| us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | ||
| CY2017Q3 | us-gaap |
Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
|
1.00 | |
| CY2017Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
11000000 | |
| CY2016Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
36000000 | |
| CY2017Q3 | us-gaap |
Retention Payable
RetentionPayable
|
34000000 | |
| CY2016Q4 | us-gaap |
Retention Payable
RetentionPayable
|
32000000 | |
| CY2017Q3 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.395 | |
| CY2017Q3 | mgm |
Percent Interest In A Less Than Hundred Percent Owned Consolidated Affiliate
PercentInterestInALessThanHundredPercentOwnedConsolidatedAffiliate
|
0.723 | |
| CY2017Q3 | mgm |
Percent Interest In A Less Than Hundred Percent Owned Consolidated Affiliate
PercentInterestInALessThanHundredPercentOwnedConsolidatedAffiliate
|
0.763 | |
| us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
566315000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
1076753000 | ||
| CY2017Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
7149000 | |
| CY2016Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
5687000 | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
6679000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
5130000 | ||
| CY2017Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1989000 | |
| us-gaap |
Stockholders Equity Other
StockholdersEquityOther
|
1247000 | ||
| us-gaap |
Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
|
6000000 | ||
| CY2016Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3362000 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2424000 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4314000 | ||
| CY2017Q3 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.11 | |
| CY2017Q3 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
63000000 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.273 | ||
| CY2017Q3 | mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
0 | |
| CY2016Q3 | mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
81000 | |
| mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
0 | ||
| mgm |
Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
|
3168000 | ||
| CY2017Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
28876000 | |
| CY2016Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
21364000 | |
| CY2017Q3 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
13622963000 | |
| CY2016Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
13144380000 | |
| CY2017Q3 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
129661000 | |
| CY2016Q4 | us-gaap |
Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
156785000 | |
| CY2017Q3 | us-gaap |
Long Term Debt
LongTermDebt
|
13493302000 | |
| CY2016Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
12987595000 | |
| CY2017Q3 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
14400000000 | |
| CY2016Q4 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
13900000000 | |
| CY2017Q3 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
1000000 | |
| us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-3000000 | ||
| us-gaap |
Gain Loss On Interest Rate Cash Flow Hedge Ineffectiveness
GainLossOnInterestRateCashFlowHedgeIneffectiveness
|
0 | ||
| CY2017Q3 | mgm |
Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
|
-28000 | |
| CY2016Q3 | mgm |
Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
|
0 | |
| mgm |
Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
|
-83000 | ||
| mgm |
Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
|
0 | ||
| CY2017Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
149087000 | |
| CY2016Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
535619000 | |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
566490000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
1076771000 | ||
| CY2017Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
149045000 | |
| CY2016Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
535604000 | |
| CY2017Q2 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.11 | |
| CY2017Q2 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
63000000 | |
| CY2017Q1 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.11 | |
| CY2017Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
63000000 | |
| us-gaap |
Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
|
665474000 | ||
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
46326000 | ||
| us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
-20352000 | ||
| us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
9743000 | ||
| us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
116953000 | ||
| us-gaap |
Dividends Common Stock
DividendsCommonStock
|
189727000 | ||
| mgm |
Dividend Payable To Noncontrolling Interest Holders
DividendPayableToNoncontrollingInterestHolders
|
28004000 | ||
| us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
327500000 | ||
| us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
-51322000 | ||
| us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-7368000 | ||
| CY2016Q3 | mgm |
Goodwill Impairment And Property Transactions Net
GoodwillImpairmentAndPropertyTransactionsNet
|
-1268000 | |
| CY2016Q3 | mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-28442000 | |
| us-gaap |
Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
|
0 | ||
| mgm |
Cost Of Casino And Hotel Operations And Reimbursable Expense
CostOfCasinoAndHotelOperationsAndReimbursableExpense
|
4040201000 | ||
| mgm |
Lessee Leasing Arrangements Master Lease Term Of Contract
LesseeLeasingArrangementsMasterLeaseTermOfContract
|
P10Y | ||
| mgm |
Lessee Leasing Number Of Extensions Of Master Lease
LesseeLeasingNumberOfExtensionsOfMasterLease
|
4 | ||
| CY2017Q3 | us-gaap |
Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
|
0 | |
| CY2017Q3 | us-gaap |
Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment
|
6165022000 | |
| mgm |
Other Comprehensive Income Loss Net Of Tax Including Subsidiary
OtherComprehensiveIncomeLossNetOfTaxIncludingSubsidiary
|
-43845000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
-18952000 | ||
| mgm |
Lessee Leasing Arrangements Master Leases Additional Renewal Term
LesseeLeasingArrangementsMasterLeasesAdditionalRenewalTerm
|
P5Y | ||
| mgm |
Adjusted Net Revenue To Rent Ratio
AdjustedNetRevenueToRentRatio
|
6.25 | ||
| mgm |
Rent Multiplier Percentage Of Operating Subsidiary Subleases
RentMultiplierPercentageOfOperatingSubsidiarySubleases
|
0.014 | ||
| CY2017Q3 | us-gaap |
Due To Affiliate Noncurrent
DueToAffiliateNoncurrent
|
0 | |
| CY2017Q3 | us-gaap |
Liabilities
Liabilities
|
18717813000 | |
| CY2016Q4 | mgm |
Investment In Consolidated Subsidiary
InvestmentInConsolidatedSubsidiary
|
0 | |
| CY2016Q4 | mgm |
Investments In Operating Partnership
InvestmentsInOperatingPartnership
|
0 | |
| CY2016Q4 | us-gaap |
Due From Affiliate Noncurrent
DueFromAffiliateNoncurrent
|
0 | |
| CY2016Q4 | us-gaap |
Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment
AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment
|
6298248000 | |
| CY2016Q4 | us-gaap |
Due To Affiliate Noncurrent
DueToAffiliateNoncurrent
|
0 | |
| us-gaap |
Payments For Rent
PaymentsForRent
|
493000000 | ||
| mgm |
Number Of Geographical Regions
NumberOfGeographicalRegions
|
2 | ||
| CY2016Q4 | us-gaap |
Liabilities
Liabilities
|
18149850000 | |
| CY2017Q3 | us-gaap |
Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
|
0 | |
| CY2017Q3 | mgm |
Cost Of Casino And Hotel Operations And Reimbursable Expense
CostOfCasinoAndHotelOperationsAndReimbursableExpense
|
1593280000 | |
| CY2017Q3 | mgm |
Goodwill Impairment And Property Transactions Net
GoodwillImpairmentAndPropertyTransactionsNet
|
7711000 | |
| CY2017Q3 | mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-38963000 | |
| CY2017Q3 | us-gaap |
Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
|
1316000 | |
| us-gaap |
Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
|
0 | ||
| mgm |
Cost Of Casino And Hotel Operations And Reimbursable Expense
CostOfCasinoAndHotelOperationsAndReimbursableExpense
|
4624384000 | ||
| mgm |
Contract Exit Costs Credits
ContractExitCostsCredits
|
-40629000 | ||
| CY2017Q3 | us-gaap |
Payments For Rent
PaymentsForRent
|
165000000 | |
| mgm |
Goodwill Impairment And Property Transactions Net
GoodwillImpairmentAndPropertyTransactionsNet
|
22650000 | ||
| mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-58008000 | ||
| us-gaap |
Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
|
-2641000 | ||
| mgm |
Proceeds From Payments To Intercompany Activity
ProceedsFromPaymentsToIntercompanyActivity
|
0 | ||
| us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
404685000 | ||
| us-gaap |
Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
CashDividendsPaidToParentCompanyByConsolidatedSubsidiaries
|
0 | ||
| mgm |
Change In Intercompany Payable Financing Activities
ChangeInIntercompanyPayableFinancingActivities
|
0 | ||
| CY2016Q3 | us-gaap |
Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
|
0 | |
| CY2016Q3 | mgm |
Cost Of Casino And Hotel Operations And Reimbursable Expense
CostOfCasinoAndHotelOperationsAndReimbursableExpense
|
1425519000 | |
| CY2016Q3 | mgm |
Contract Exit Costs Credits
ContractExitCostsCredits
|
139335000 | |
| 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 |
Percent Interest In A Less Than Hundred Percent Owned Consolidated Affiliate
PercentInterestInALessThanHundredPercentOwnedConsolidatedAffiliate
|
0.723 | ||
| CY2017Q3 | mgm |
Investment In Consolidated Subsidiary
InvestmentInConsolidatedSubsidiary
|
0 | |
| CY2017Q3 | mgm |
Investments In Operating Partnership
InvestmentsInOperatingPartnership
|
0 | |
| mgm |
Contract Exit Costs Credits
ContractExitCostsCredits
|
139335000 | ||
| mgm |
Goodwill Impairment And Property Transactions Net
GoodwillImpairmentAndPropertyTransactionsNet
|
4717000 | ||
| mgm |
Other Nonoperating Income Expense Including Items From Unconsolidated Affiliates
OtherNonoperatingIncomeExpenseIncludingItemsFromUnconsolidatedAffiliates
|
-112944000 | ||
| mgm |
Proceeds From Payments To Intercompany Activity
ProceedsFromPaymentsToIntercompanyActivity
|
0 | ||
| us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
1207500000 | ||
| us-gaap |
Cash Dividends Paid To Parent Company By Consolidated Subsidiaries
CashDividendsPaidToParentCompanyByConsolidatedSubsidiaries
|
0 | ||
| mgm |
Change In Intercompany Payable Financing Activities
ChangeInIntercompanyPayableFinancingActivities
|
0 |
