$MGM
MGM Resorts International

2019 Q3 Form 10-Q Financial Statement

#000156459019039971 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $3.314B $3.053B $3.029B
YoY Change 9.41% 17.53% 7.04%
Cost Of Revenue $1.937B $1.827B $1.787B
YoY Change 8.35% 18.46% 11.85%
Gross Profit $1.378B $1.226B $1.242B
YoY Change 10.93% 16.15% 0.8%
Gross Profit Margin 41.57% 40.16% 41.0%
Selling, General & Admin $494.2M $581.6M $463.4M
YoY Change 6.65% -0.27% 15.27%
% of Gross Profit 35.87% 47.44% 37.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $322.0M $312.5M $300.5M
YoY Change 7.15% 25.3% 20.39%
% of Gross Profit 23.37% 25.49% 24.2%
Operating Expenses $494.2M $894.1M $463.4M
YoY Change 6.65% 7.4% 15.27%
Operating Profit $238.4M $335.8M $410.9M
YoY Change -41.99% 50.28% -16.6%
Interest Expense $215.5M -$198.2M $205.6M
YoY Change 4.83% 43.83% 25.9%
% of Operating Profit 90.4% -59.03% 50.03%
Other Income/Expense, Net -$239.6M -$6.600M -$220.4M
YoY Change 8.67% -60.0% 9.0%
Pretax Income -$1.172M $98.50M $190.5M
YoY Change -100.62% 139.66% -34.43%
Income Tax -$7.276M $92.00M $19.05M
% Of Pretax Income 93.4% 10.0%
Net Earnings -$37.13M -$23.33M $142.9M
YoY Change -125.99% -101.68% -3.7%
Net Earnings / Revenue -1.12% -0.76% 4.72%
Basic Earnings Per Share -$0.08 -$0.06 $0.26
Diluted Earnings Per Share -$0.08 -$0.06 $0.26
COMMON SHARES
Basic Shares Outstanding 519.0M 527.2M 535.1M
Diluted Shares Outstanding 519.0M 540.4M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.234B $1.527B $1.303B
YoY Change -5.3% 1.8% -34.42%
Cash & Equivalents $1.234B $1.527B $1.303B
Short-Term Investments
Other Short-Term Assets $234.0M $204.0M $235.0M
YoY Change -0.43% 7.94% 23.04%
Inventory $104.2M $110.8M $104.0M
Prepaid Expenses
Receivables $550.3M $657.2M $547.0M
Other Receivables $759.0M $29.00M $19.00M
Total Short-Term Assets $2.881B $2.527B $2.208B
YoY Change 30.47% 6.33% -21.0%
LONG-TERM ASSETS
Property, Plant & Equipment $20.60B $20.73B $20.73B
YoY Change -0.62% 5.57% 8.35%
Goodwill $2.076B $1.821B
YoY Change 0.82%
Intangibles $3.867B $3.944B
YoY Change 1.71%
Long-Term Investments $759.0M $733.0M $666.0M
YoY Change 13.96% -29.04% -33.93%
Other Assets $331.2M $455.3M $552.0M
YoY Change -40.0% 5.78% 27.48%
Total Long-Term Assets $28.29B $27.68B $27.77B
YoY Change 1.88% 3.36% 5.55%
TOTAL ASSETS
Total Short-Term Assets $2.881B $2.527B $2.208B
Total Long-Term Assets $28.29B $27.68B $27.77B
Total Assets $31.17B $30.21B $29.97B
YoY Change 3.99% 3.6% 3.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $253.6M $302.6M $301.0M
YoY Change -15.74% 18.65% 23.87%
Accrued Expenses $2.160B $47.00M $35.00M
YoY Change 6071.43% 67.86% 218.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $43.41M $0.00
YoY Change -72.52% -100.0%
Total Short-Term Liabilities $3.293B $2.949B $2.978B
YoY Change 10.59% -6.03% 8.85%
LONG-TERM LIABILITIES
Long-Term Debt $14.94B $15.09B $14.66B
YoY Change 1.91% 18.33% 12.57%
Other Long-Term Liabilities $768.7M $259.2M $251.0M
YoY Change 206.27% -8.72% -12.24%
Total Long-Term Liabilities $15.71B $15.35B $14.92B
YoY Change 5.35% 17.74% 12.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.293B $2.949B $2.978B
Total Long-Term Liabilities $15.71B $15.35B $14.92B
Total Liabilities $20.54B $19.64B $19.13B
YoY Change 7.36% 12.42% 2.22%
SHAREHOLDERS EQUITY
Retained Earnings $2.256B $2.423B
YoY Change
Common Stock $3.852B $4.097B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.061B $6.512B $6.773B
YoY Change
Total Liabilities & Shareholders Equity $31.17B $30.21B $29.97B
YoY Change 3.99% 3.6% 3.0%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$37.13M -$23.33M $142.9M
YoY Change -125.99% -101.68% -3.7%
Depreciation, Depletion And Amortization $322.0M $312.5M $300.5M
YoY Change 7.15% 25.3% 20.39%
Cash From Operating Activities $388.3M $327.0M $302.3M
YoY Change 28.45% -52.92% -47.22%
INVESTING ACTIVITIES
Capital Expenditures -$161.2M -$262.9M -$362.1M
YoY Change -55.48% -43.44% -31.25%
Acquisitions
YoY Change
Other Investing Activities $9.400M -$21.40M -$757.1M
YoY Change -101.24% -298.15% 10563.38%
Cash From Investing Activities -$151.7M -$284.3M -$1.119B
YoY Change -86.45% -37.38% 109.69%
FINANCING ACTIVITIES
Cash Dividend Paid $64.00M
YoY Change 1.59%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.1M 181.8M 845.6M
YoY Change -119.17% -125.01% 342.95%
NET CHANGE
Cash From Operating Activities 388.3M 327.0M 302.3M
Cash From Investing Activities -151.7M -284.3M -1.119B
Cash From Financing Activities -162.1M 181.8M 845.6M
Net Change In Cash 74.50M 224.5M 28.60M
YoY Change 160.49% -146.16% -87.56%
FREE CASH FLOW
Cash From Operating Activities $388.3M $327.0M $302.3M
Capital Expenditures -$161.2M -$262.9M -$362.1M
Free Cash Flow $549.5M $589.9M $664.4M
YoY Change -17.29% -49.12% -39.57%

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17106000
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17618000
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4155000
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-1270000
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us-gaap Nature Of Operations
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1 — ORGANIZATION </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-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Organization.<span 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.</span></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, Park MGM, 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. The Company operates and, along with local investors, owns MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, and MGM Springfield in Springfield, Massachusetts. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns The Park, a dining and entertainment district located between New York-New York and Park MGM, 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) in which substantially all of its assets are owned by, and substantially all of its businesses are conducted through, MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. 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 Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is a wholly-owned subsidiary of MGP. 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. The Company and MGP’s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 10. As of September 30, 2019, the Company owned 67.7% of the Operating Partnership units, and MGP held the remaining 32.3% 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 tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, and MGM Northfield Park from the landlord.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </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;">In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino (“Empire City”). Subsequently, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. Refer to Note 3 for additional information.</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%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2019, the Company entered into an amendment to the existing master lease with respect to investments made by the Company related to improvements at Park MGM and NoMad Las Vegas. Additionally, <span style="color:#000000;">in April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), the entity that owned the operating assets associated with Hard Rock Rocksino Northfield Park (rebranded to MGM Northfield Park upon the Company’s acquisition), from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information on these transactions.</span></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;">On October 14, 2019, the Company entered into an agreement for the sale of Circus Circus Las Vegas and adjacent land. See Note 2 for additional information related to this transaction.</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;">On October 15, 2019, the Company entered into an agreement to form a joint venture with a subsidiary of Blackstone Real Estate Income Trust (“BREIT”). The joint venture will acquire the Bellagio real estate assets from the Company and lease it back to a subsidiary of the Company pursuant to a lease agreement. The lease will provide for initial annual rent of $245 million with a fixed 2% escalator for the first ten years and, thereafter, an escalator equal to the greater of 2% and the CPI increase during the prior year, subject to a cap of 3% during the 11<sup style="font-size:85%;line-height:120%;vertical-align:top">th</sup> through 20<sup style="font-size:85%;line-height:120%;vertical-align:top">th</sup> years and 4% thereafter. As consideration for the real estate assets, the Company will receive a 5% equity interest in the joint venture and cash of approximately $4.2 billion. The Company will provide a guarantee of the debt of the joint venture pursuant to which the Company will be responsible for any shortfall between the value of the collateral and the debt obligation. The transaction is expected to close in the fourth quarter of 2019, subject to certain closing conditions. The Bellagio real estate assets were classified as held and used in the consolidated balance sheets at September 30, 2019 as the held for sale criteria were not met as of the balance sheet date.</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 an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates the MGM Macau resort and casino and MGM Cotai, an integrated casino, hotel and entertainment resort located on the Cotai Strip in Macau, as well as the related gaming subconcession and land concessions. In March 2019, MGM Grand Paradise and its concessionaire, Sociedade de Jogos de Macau, S.A (“SJMSA”) <span style="Background-color:#FFFFFF;">entered into a Sub-Concession Extension Contract (the “Extension Agreement”), pursuant to which the gaming sub-concession of MGM Grand Paradise, which was due to expire on March 31, 2020, has been extended to June 26, 2022, which coincides with the current expiration date of all the other concessionaires and sub-concessionaires.</span> In connection with the extension, MGM Grand Paradise paid the government of Macau approximately $25 million upon signing of the Extension Agreement as contract premium for such extension. In addition, in March 2019, MGM Grand Paradise also executed the MGM SJM Agreement with SJMSA, pursuant to which MGM Grand Paradise paid SJMSA an amount of approximately $2 million in connection with the extension of the sub-concession.   </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 Park MGM. 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; and Vdara, a luxury condominium-hotel. See Note 4 for additional information related to CityCenter.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </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 three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments. </p>
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mgm Commissions Complimentaries And Other Incentives
CommissionsComplimentariesAndOtherIncentives
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mgm Commissions Complimentaries And Other Incentives
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758992000
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36214000
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35495000
mgm Income Loss From Unconsolidated Affiliates
IncomeLossFromUnconsolidatedAffiliates
101967000
mgm Income Loss From Unconsolidated Affiliates
IncomeLossFromUnconsolidatedAffiliates
115201000
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0
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0
mgm Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
0
mgm Preopening Costs From Unconsolidated Affiliates
PreopeningCostsFromUnconsolidatedAffiliates
3321000
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NonOperatingItemsFromUnconsolidatedAffiliates
14669000
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NonOperatingItemsFromUnconsolidatedAffiliates
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mgm Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
54311000
mgm Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
31661000
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21545000
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IncomeLossFromEquityMethodInvestments
23912000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
47656000
us-gaap Income Loss From Equity Method Investments
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80219000
CY2019Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15066825000
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DebtInstrumentCarryingAmount
15253239000
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122951000
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121823000
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14943874000
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15131416000
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0
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43411000
CY2019Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14943874000
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15088005000
CY2019Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
16000000000
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LongTermDebtFairValue
15100000000
CY2019Q3 us-gaap Accrued Insurance Current And Noncurrent
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735000000
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76000000
mgm Supplemental Balance Sheet Information Related To Operating Leases Table Textblock
SupplementalBalanceSheetInformationRelatedToOperatingLeasesTableTextblock
Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information): <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin:auto;border-collapse:collapse; width:100%;"> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:84.4%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-bottom:solid 0.75pt #000000;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2019</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:84.4%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Supplemental balance sheet information</p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%; border-top:solid 0.75pt #000000;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:italic;color:#000000;font-size:9pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(In thousands)</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-style:italic;color:#000000;font-size:9pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:84.4%; border-bottom:double 2.5pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating lease right-of-use assets</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.68%; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">650,990</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%; border-bottom:double 2.5pt transparent;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:84.4%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating lease obligation - short-term (recorded within “Other accrued liabilities”)</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%; border-top:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.68%; border-top:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">69,694</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:84.4%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating lease obligation - long-term</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.68%; border-bottom:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">518,365</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:84.4%; border-bottom:double 2.5pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total operating lease liabilities</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.68%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">588,059</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.98%; border-bottom:double 2.5pt transparent;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:84.4%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.94%; border-top:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.68%; border-top:double 2.5pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:84.4%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average remaining lease term (years)</p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:84.4%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average discount rate (%)</p></td> <td colspan="2" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.62%;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.98%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> </table></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;"> </p>
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
650990000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
69694000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
518365000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
588059000
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.07
us-gaap Operating Lease Payments
OperatingLeasePayments
66562000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
25542000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
94646000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
74759000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
58776000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
56261000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1442944000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1752928000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1164869000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
588059000
CY2019Q3 mgm Percentage Of Participation
PercentageOfParticipation
1
CY2019Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
751000000
CY2019Q3 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
735000000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-37133000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
142878000
us-gaap Net Income Loss
NetIncomeLoss
37569000
us-gaap Net Income Loss
NetIncomeLoss
490099000
CY2019Q3 mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
-3074000
CY2018Q3 mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
-4155000
mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
-5906000
mgm Adjustment Related To Redeemable Noncontrolling Interests
AdjustmentRelatedToRedeemableNoncontrollingInterests
-14739000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-40207000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
138723000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31663000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
475360000
CY2019Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-30000
CY2018Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-43000
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-111000
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-179000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-40237000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
138680000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
31552000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
475181000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
518983000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
535130000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
528429000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
549418000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5266000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3444000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6103000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
518983000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
540396000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
531873000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
555521000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1108000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2432000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1816000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1681000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3314382000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3029302000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9714536000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8710234000
CY2019Q3 us-gaap Pre Opening Costs
PreOpeningCosts
925000
CY2018Q3 us-gaap Pre Opening Costs
PreOpeningCosts
46890000
us-gaap Pre Opening Costs
PreOpeningCosts
5091000
us-gaap Pre Opening Costs
PreOpeningCosts
132884000
CY2019Q3 mgm Property Transactions Net
PropertyTransactionsNet
249858000
CY2018Q3 mgm Property Transactions Net
PropertyTransactionsNet
-42400000
mgm Property Transactions Net
PropertyTransactionsNet
264424000
mgm Property Transactions Net
PropertyTransactionsNet
-19532000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
322009000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
300472000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
973211000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
865502000
CY2019Q3 us-gaap Restructuring Charges
RestructuringCharges
2491000
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
0
us-gaap Restructuring Charges
RestructuringCharges
86579000
us-gaap Restructuring Charges
RestructuringCharges
0
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
238381000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
410903000
us-gaap Operating Income Loss
OperatingIncomeLoss
980126000
us-gaap Operating Income Loss
OperatingIncomeLoss
1133735000
CY2019Q3 us-gaap Interest Expense
InterestExpense
215503000
CY2018Q3 us-gaap Interest Expense
InterestExpense
205573000
us-gaap Interest Expense
InterestExpense
647452000
us-gaap Interest Expense
InterestExpense
554975000
CY2019Q3 mgm Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
14669000
CY2018Q3 mgm Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
11583000
mgm Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
54311000
mgm Non Operating Items From Unconsolidated Affiliates
NonOperatingItemsFromUnconsolidatedAffiliates
31661000
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9381000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3291000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-53964000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-11588000
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-239553000
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-220447000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-755727000
us-gaap Nonoperating Income Expense
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