10-Q

UNITED STATES

SECURITIES& EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to  

Commission File No. 001-10362

MGM Resorts International

(Exact name of registrant as specified in its charter)

Delaware	88-0215232
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109

(Address of principal executive offices)

(702) 693-7120

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes   x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files):   Yes   x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):   Yes  ¨     No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class	Outstanding at May 5, 2015
Common Stock, $.01 par value	563,042,468 shares

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

FORM 10-Q

I N D E X

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Consolidated Balance Sheets at March 31, 2015 and December 31, 2014	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2015 and March 31, 2014	2
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2015 and March 31, 2014	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and March 31, 2014	4
	Condensed Notes to Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 6.	Exhibits	35
SIGNATURES		36

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	March 31,		December 31,
	2015		2014
ASSETS
Current assets
Cash and cash equivalents	$	2,195,535	$	1,713,715
Cash deposits - original maturities longer than 90 days		—		570,000
Accounts receivable, net		461,751		473,345
Inventories		103,286		104,011
Income tax receivable		7,725		14,675
Prepaid expenses and other		188,310		151,414
Total current assets		2,956,607		3,027,160
Property and equipment, net		14,561,951		14,441,542
Other assets
Investments in and advances to unconsolidated affiliates		1,661,444		1,559,034
Goodwill		2,898,127		2,897,110
Other intangible assets, net		4,309,206		4,364,856
Other long-term assets, net		411,112		412,809
Total other assets		9,279,889		9,233,809
	$	26,798,447	$	26,702,511
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	187,325	$	164,252
Construction payable		125,720		170,439
Deferred income taxes, net		70,552		62,142
Current portion of long-term debt		—		1,245,320
Accrued interest on long-term debt		184,205		191,155
Other accrued liabilities		1,327,959		1,574,617
Total current liabilities		1,895,761		3,407,925
Deferred income taxes, net		2,547,150		2,621,860
Long-term debt		14,551,810		12,913,882
Other long-term obligations		150,691		130,570
Commitments and contingencies (Note 6)
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 491,335,813 and 491,292,117 shares		4,913		4,913
Capital in excess of par value		4,192,684		4,180,922
Retained earnings (accumulated deficit)		61,941		(107,909	)
Accumulated other comprehensive income		13,580		12,991
Total MGM Resorts International stockholders' equity		4,273,118		4,090,917
Noncontrolling interests		3,379,917		3,537,357
Total stockholders' equity		7,653,035		7,628,274
	$	26,798,447	$	26,702,511

The accompanying condensed notes are an integral part of these consolidated financial statements.

1

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	March 31,
	2015			2014
Revenues
Casino	$	1,278,502		$	1,583,432
Rooms		459,425			452,386
Food and beverage		384,101			383,392
Entertainment		125,968			133,777
Retail		45,037			44,616
Other		126,550			125,427
Reimbursed costs		101,060			94,975
		2,520,643			2,818,005
Less: Promotional allowances		(188,399	)		(187,607	)
		2,332,244			2,630,398
Expenses
Casino		782,808			990,834
Rooms		141,313			134,238
Food and beverage		221,521			220,058
Entertainment		96,999			98,937
Retail		24,096			23,476
Other		84,323			87,577
Reimbursed costs		101,060			94,975
General and administrative		328,173			319,246
Corporate expense		50,356			53,351
Preopening and start-up expenses		15,871			5,636
Property transactions, net		1,589			558
Depreciation and amortization		206,412			207,655
		2,054,521			2,236,541
Income from unconsolidated affiliates		117,381			22,615
Operating income		395,104			416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized		(216,262	)		(209,387	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
Other, net		(3,490	)		(1,434	)
		(238,763	)		(233,036	)
Income before income taxes		156,341			183,436
Benefit for income taxes		56,305			2,664
Net income		212,646			186,100
Less: Net income attributable to noncontrolling interests		(42,796	)		(83,448	)
Net income attributable to MGM Resorts International	$	169,850		$	102,652
Net income per share of common stock attributable to MGM Resorts International
Basic	$	0.35		$	0.21
Diluted	$	0.33		$	0.20

The accompanying condensed notes are an integral part of these consolidated financial statements.

2

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended
	March 31,
	2015			2014
Net income	$	212,646		$	186,100
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		2,476			(2,760	)
Other		(672	)		1,250
Other comprehensive income (loss)		1,804			(1,510	)
Comprehensive income		214,450			184,590
Less: Comprehensive income attributable to noncontrolling interests		(44,011	)		(82,205	)
Comprehensive income attributable to MGM Resorts International	$	170,439		$	102,385

The accompanying condensed notes are an integral part of these consolidated financial statements.

3

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended
	March 31,
	2015			2014
Cash flows from operating activities
Net income	$	212,646		$	186,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		206,412			207,655
Amortization of debt discounts, premiums and issuance costs		9,782			9,402
Provision for doubtful accounts		17,955			9,834
Stock-based compensation		10,676			8,195
Property transactions, net		1,589			558
Income from unconsolidated affiliates		(97,697	)		(381	)
Distributions from unconsolidated affiliates		4,039			3,703
Deferred income taxes		(68,648	)		(6,782	)
Change in operating assets and liabilities:
Accounts receivable		(6,350	)		(14,186	)
Inventories		731			6,349
Income taxes receivable and payable, net		6,879			5,736
Prepaid expenses and other		(37,386	)		(29,736	)
Prepaid Cotai land concession premium		(12,953	)		(12,945	)
Accounts payable and accrued liabilities		(77,428	)		(87,934	)
Other		5,401			5,227
Net cash provided by operating activities		175,648			290,795
Cash flows from investing activities
Capital expenditures, net of construction payable		(292,329	)		(192,751	)
Dispositions of property and equipment		164			135
Investments in and advances to unconsolidated affiliates		(160,079	)		(32,175	)
Distributions from unconsolidated affiliates in excess of earnings		1,111			497
Investments in treasury securities - maturities longer than 90 days		—			(54,064	)
Proceeds from treasury securities - maturities longer than 90 days		—			63,063
Cash deposits - original maturities longer than 90 days		570,000			—
Other		(2,070	)		1,226
Net cash provided by (used in) investing activities		116,797			(214,069	)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less		(1,318,626	)		(1,735,125	)
Borrowings under bank credit facilities – maturities longer than 90 days		1,710,625			1,728,125
Retirement of senior notes		—			(508,900	)
Distributions to noncontrolling interest owners		(202,624	)		(247,140	)
Other		(152	)		(1,648	)
Net cash provided by (used in) financing activities		189,223			(764,688	)
Effect of exchange rate on cash		704			(971	)
Cash and cash equivalents
Net increase (decrease) for the period		482,372			(688,933	)
Change in cash related to assets held for sale		(552	)		—
Balance, beginning of period		1,713,715			1,803,669
Balance, end of period	$	2,195,535		$	1,114,736
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	$	213,430		$	200,226
Federal, state and foreign income taxes paid, net of refunds		4,747			3,864
Non-cash investing and financing activities
Increase (decrease) in investment in and advances to CityCenter related to change in completion guarantee liability	$	(8,198	)	$	12,306

The accompanying condensed notes are an integral part of these consolidated financial statements.

4

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — ORGANIZATION

Organization. MGM Resorts International (the “Company”) is a Delaware corporation that acts largely as a holding company and, through wholly owned subsidiaries, owns and/or operates casino resorts. The Company owns and operates the following casino resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur and Circus Circus Las Vegas. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. The Company owns and operates Circus Circus Reno in Reno, Nevada. In April 2015, the Company sold Railroad Pass in Henderson, Nevada and Gold Strike in Jean, Nevada, as discussed in Note 3. Along with local investors, the Company owns and operates MGM Grand Detroit in Detroit, Michigan. The Company owns and operates two resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike Tunica. The Company also owns Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi.

The Company owns 51% and has a controlling interest in MGM China Holdings Limited (“MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), the Macau company that owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concession. MGM Grand Paradise also has a land concession contract with the government of Macau to develop a second resort and casino on an approximately 18 acre site in Cotai, Macau (“MGM Cotai”). MGM Cotai will be an integrated casino, hotel and entertainment resort and is currently expected to have approximately 1,500 hotel rooms, 500 gaming tables and 1,500 slots. The total estimated project budget is $3.0 billion, excluding development fees eliminated in consolidation, capitalized interest and land related costs.

The Company owns 50% of CityCenter, located between Bellagio and Monte Carlo. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, a casino resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; Crystals, a retail, dining and entertainment district; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. The Company receives a management fee of 2% of revenues for the management of Aria and Vdara, and 5% of EBITDA (as defined in the agreements governing the Company’s management of Aria and Vdara). In addition, the Company receives an annual fee of $3 million for the management of Crystals. See Notes 4 and 6 for additional information related to CityCenter.

The Company owns 50% of the Borgata Hotel Casino & Spa (“Borgata”) located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey. Boyd Gaming Corporation owns the other 50% of Borgata and also operates the resort.  See Note 4 for additional information regarding Borgata.  The Company also has 50% interests in Grand Victoria and Silver Legacy. 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. Silver Legacy is located in Reno, adjacent to Circus Circus Reno, and the other 50% is owned by Eldorado Resorts, Inc.

The Company has entered into management agreements for future non-gaming hotels, resorts and residential products in the Middle East, North Africa, India and the United States. In 2014, the Company and the Hakkasan Group formed MGM Hakkasan Hospitality (“MGM Hakkasan”), owned 50% by each member, to design, develop and manage luxury non-gaming hotels, resorts and residences under certain brands licensed from the Company and the Hakkasan Group. In October 2014, the Company contributed all of the management agreements for non-gaming hotels, resorts and residential projects (outside of the greater China region) that are currently under development to MGM Hakkasan. The Company will continue to develop and manage properties in the greater China region with Diaoyutai State Guesthouse, including MGM Grand Sanya.

The Maryland Video Lottery Facility Location Commission has awarded the Company’s subsidiary developing MGM National Harbor the license to build and operate a destination resort casino in Prince George’s County at National Harbor. The expected cost to develop and construct MGM National Harbor is approximately $1.3 billion, excluding capitalized interest and land related costs. The Company expects the resort to include a casino with approximately 3,600 slots and 160 table games including poker; a 300-room hotel with luxury spa and rooftop pool; 79,000 square feet of high‑end branded retail and fine and casual dining; a 3,000-seat theater venue; 50,000 square feet of meeting and event space; and a 4,700-space parking garage.

The Company’s subsidiary that will develop MGM Springfield was awarded the Category One casino license in Region B, Western Massachusetts, one of three licensing regions designated by legislation, to build and operate MGM Springfield. MGM Springfield will be developed on 14.5 acres of land in downtown Springfield, Massachusetts. The expected cost to develop and construct MGM Springfield is $760 million, excluding capitalized interest and land related costs. The Company expects the resort will include a casino with approximately 3,000 slots and 100 table games including poker; a 250-room hotel; 64,000 square feet of retail and restaurant space; 33,000 square feet of meeting and event space; and a 3,500-space parking garage.

5

In 2013, the Company formed Las Vegas Arena Company, LLC (the “Las Vegas Arena Company”) with a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) - a leader in sports, entertainment, and promotions - to design, construct, and operate the Las Vegas Arena, which will be located on a parcel of the Company’s land between Frank Sinatra Drive and New York-New York, adjacent to the Las Vegas Strip. The Company and AEG each own 50% of Las Vegas Arena Company. The Las Vegas Arena is anticipated to seat between 18,000 – 20,000 people. Such development is estimated to cost approximately $350 million, excluding capitalized interest and land related costs.

The Company has two reportable segments: wholly owned domestic resorts and MGM China. See Note 10 for additional information about the Company’s segments.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2014 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.

The consolidated financial statements have been retroactively adjusted to reflect the Company’s investment in Borgata under the equity method for all periods presented in this quarterly report. The impact of the retroactive adjustments on net income for the three months ended March 31, 2014 was a decrease of $6 million.

Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 5.

Property and equipment. As of March 31, 2015, the Company had accrued $8 million for property and equipment within “Accounts payable” and $28 million related to construction retention in “Other long-term obligations.” In addition, during the three months ended March 31, 2015, the Company entered into capital leases with obligations of $16 million.

Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was (36%) for the three months ended March 31, 2015.

The Company recognizes deferred tax assets, net of applicable reserves, related to tax loss and credit carryforwards and other temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. As of December 31, 2014, the scheduled future reversal of existing U.S. federal taxable temporary differences exceeds the scheduled future reversal of existing U.S. federal deductible temporary differences.  Consequently, the Company no longer applies a valuation allowance against its domestic deferred tax assets other than its foreign tax credit deferred tax asset.

6

The Company generates significant excess foreign tax credits each year that are attributable to the Macau Special Gaming Tax which is 35% of gross gaming revenue in Macau.  Because MGM China is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. As long as the exemption from Macau’s 12% complementary tax on gaming profits continues, the Company expects that it will generate excess foreign tax credits on an annual basis and that none of the excess foreign credits will be utilized until the exemption expires. Although the Company’s current five-year exemption from the Macau 12% complementary tax on gaming profits ends on December 31, 2016, the Company believes it will be entitled to receive a third five-year exemption from Macau based upon exemptions granted to the Company’s competitors in order to ensure non-discriminatory treatment among gaming concessionaires and subconcessionaires. For all periods beyond December 31, 2021, the Company has assumed that it will be paying the Macau 12% complementary tax on gaming profits and will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset.  Furthermore, the Company does not rely on future U.S. source operating income in assessing future foreign tax credit realization due to its history of recent losses in the U.S. and therefore only relies on U.S. federal taxable temporary differences that it expects will reverse during the 10-year foreign tax credit carryover period.

The Company projects that it will be able to realize a benefit and, hence, projects that it will record a deferred tax asset for foreign tax credits, net of valuation allowance, of approximately $252 million as of December 31, 2015 and has reflected this assumption in its annual effective tax rate for 2015. The Company’s assessment of realization of its foreign tax credit deferred tax asset is based on available evidence, including assumptions about future profitability of and distributions from MGM China, as well as its assumption concerning renewals of the five-year exemption from Macau’s 12% complementary tax on gaming profits.  As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions may have a material impact on the amount of the valuation allowance.  For example, should the Company in a future period actually receive or be able to assume an additional five-year exemption, an additional valuation allowance would likely need to be provided on some portion or all of the foreign tax credit deferred tax asset, resulting in an increase in the provision for income taxes in such period and such increase may be material.  In addition, a change to forecasts of future profitability of, and distributions from, MGM China could also result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in such period.

Recently issued accounting standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of ASU 2014-09 will have on its consolidated financial statements and footnote disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Amendments to the Consolidation Analysis,” (“ASU 2015-02”), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015.  ASU 2015-02 amends: the assessment of whether a limited partnership is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships, clarifies how to determine whether the equity holders as a group have power over an entity. The Company is currently assessing the impact that adoption of ASU 2015-02 will have on its consolidated financial statements and footnote disclosures.

NOTE 3 — ASSETS HELD FOR SALE

On April 1, 2015, the Company closed the sale of Railroad Pass.  At closing, the Company received $8 million in cash proceeds. The assets and liabilities of Railroad Pass have been classified as held for sale as of March 31, 2015 and December 31, 2014. At March 31, 2015 and December 31, 2014, assets held for sale of $10 million and $9 million, respectively, comprised predominantly of property and equipment, are classified within “Prepaid expenses and other” and liabilities related to assets held for sale of $1 million and $2 million, respectively, comprised of accounts payable and other accrued liabilities, are classified within “Other accrued liabilities.”

On April 30, 2015, the Company closed the sale of Gold Strike and related assets in Jean, Nevada. At closing, the Company received $12 million in cash proceeds. The assets and liabilities of Gold Strike have been classified as held for sale as of March 31, 2015 and December 31, 2014.  Assets held for sale of $14 million, comprised predominantly of property and equipment, are classified within “Prepaid expenses and other” at both March 31, 2015 and December 31, 2014.  Liabilities related to assets held for sale of $2 million, comprised of accounts payable and other accrued liabilities, are classified within “Other accrued liabilities” at both March 31, 2015 and December 31, 2014.

7

Railroad Pass and Gold Strike have not been classified as discontinued operations because the Company has concluded that the sales will not have a major effect on the Company’s operations or its financial results and it does not represent a disposal of a major geographic segment or product line.

NOTE 4 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	1,305,707	$	1,221,306
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%)		140,052		141,162
Marina District Development Company – Borgata (50%)		112,333		109,252
Other		103,352		87,314
	$	1,661,444	$	1,559,034

The Company recorded its share of the results of operations of unconsolidated affiliates as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Income from unconsolidated affiliates	$	117,381		$	22,615
Preopening and start-up expenses		(673	)		(19	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
	$	97,697		$	381

CityCenter

Summarized balance sheet information for CityCenter is as follows:

	March 31,		December 31,
	2015		2014
	(In thousands)
Current assets	$	666,600	$	561,904
Property and other assets, net		7,830,931		7,883,709
Current liabilities		255,659		508,168
Long-term debt and other long-term obligations		1,553,008		1,552,913
Equity		6,688,864		6,384,532

Summarized income statement information for CityCenter is as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Net revenues	$	318,239		$	336,417
Operating expenses		(136,633	)		(331,454	)
Operating income		181,606			4,963
Non-operating expenses		(18,005	)		(25,165	)
Net income (loss)	$	163,601		$	(20,202	)

CityCenter litigation settlement. In December 2014, the Company and CityCenter entered into a settlement agreement with Perini Building Company, Inc. (“Perini”), general contractor for CityCenter, the remaining Perini subcontractors and relevant insurers to resolve all outstanding project lien claims and CityCenter’s counterclaims relating to the Harmon Hotel and Spa. The settlement was subject to execution of a global settlement agreement among the parties described above, which was subsequently executed, and CityCenter’s procurement of replacement general liability insurance covering construction of the CityCenter development, which was

8

obtained in January 2015. The proceeds pursuant to such global settlement agreement, combined with certain prior Harmon-related insurance settlement proceeds, resulted in a gain of $160 million recorded by CityCenter during the first quarter of 2015, of which the Company recorded its 50% share of $80 million.

CityCenter dividend. In April 2015, CityCenter adopted an annual distribution policy and declared a special dividend of $400 million, of which the Company received its 50% share of $200 million. Under the annual distribution policy, CityCenter will distribute up to 35% of excess cash flow, subject to the approval of the CityCenter board of directors.

Las Vegas Arena

See Note 6 for discussion of the Company’s joint and several completion and repayment guarantees and equity contribution commitments related to the Las Vegas Arena.

NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
Senior credit facility:
$2,737 million ($2,744 million at December 31, 2014) term loans, net	$	2,731,392	$	2,738,118
MGM Grand Paradise credit facility:
$550 million term loans		553,376		553,177
Revolving loans		399,876		—
$1,450 million 4.25% convertible senior notes, due 2015, net		1,450,201		1,451,405
$875 million 6.625% senior notes, due 2015, net		875,200		875,370
$242.9 million 6.875% senior notes, due 2016		242,900		242,900
$732.7 million 7.5% senior notes, due 2016		732,749		732,749
$500 million 10% senior notes, due 2016, net		498,212		497,955
$743 million 7.625% senior notes, due 2017		743,000		743,000
$475 million 11.375% senior notes, due 2018, net		469,347		468,949
$850 million 8.625% senior notes, due 2019		850,000		850,000
$500 million 5.25% senior notes, due 2020		500,000		500,000
$1,000 million 6.75% senior notes, due 2020		1,000,000		1,000,000
$1,250 million 6.625% senior notes, due 2021		1,250,000		1,250,000
$1,000 million 7.75% senior notes, due 2022		1,000,000		1,000,000
$1,250 million 6% senior notes, due 2023, net		1,250,720		1,250,742
$0.6 million 7% debentures, due 2036, net		572		572
$4.3 million 6.7% debentures, due 2096		4,265		4,265
		14,551,810		14,159,202
Less: Current portion		—		(1,245,320	)
	$	14,551,810	$	12,913,882

Debt due within one year of the March 31, 2015 balance sheet date was classified as long-term as substantially all of the $1.45 billion 4.25% convertible senior notes were converted into shares of the Company’s common stock in April 2015, and the Company has both the intent and ability to refinance other current maturities on a long-term basis under its revolving senior credit facility.  As of December 31, 2014, the amount available under the Company’s revolving senior credit facility was less than current maturities related to the Company’s senior notes, convertible senior notes and term loan credit facilities. The Company excluded from the December 31, 2014 current portion of long-term debt the amount available for refinancing under its revolving credit facility.

Senior credit facility. At March 31, 2015, the Company’s senior credit facility consisted of a $1.2 billion revolving credit facility, a $1.03 billion term loan A facility and a $1.71 billion term loan B facility. The revolving and term loan A facilities bear interest at LIBOR plus an applicable rate determined by the Company’s credit rating (2.75% as of March 31, 2015). The term loan B facility bears interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%. The revolving and term loan A facilities mature in December 2017 and the term loan B facility matures in December 2019. The term loan A and term loan B facilities are subject to scheduled amortization payments on the last day of each calendar quarter in an amount equal to 0.25% of the original principal balance. The Company permanently repaid $7 million in 2015 in accordance with the scheduled amortization. The Company had $1.1

9

billion of available borrowing capacity under its senior credit facility at March 31, 2015. At March 31, 2015, the interest rate on the term loan A was 2.9% and the interest rate on the term loan B was 3.5%.  

The land and substantially all of the assets of MGM Grand Las Vegas, Bellagio and The Mirage secure up to $3.35 billion of obligations outstanding under the senior credit facility. In addition, the land and substantially all of the assets of New York-New York and Gold Strike Tunica secure the entire amount of the senior credit facility and the land and substantially all of the assets of MGM Grand Detroit secure its $450 million of obligations as a co-borrower under the senior credit facility. In addition, the senior credit facility is secured by a pledge of the equity or limited liability company interests of the subsidiaries that own the pledged properties.

The senior credit facility contains customary representations and warranties and customary affirmative and negative covenants. In addition, the senior credit facility requires the Company and its restricted subsidiaries (the “Restricted Group”) to maintain a minimum trailing four-quarter EBITDA (as defined in the senior credit facility) and limits the ability of the Restricted Group to make capital expenditures and investments. As of March 31, 2015, the Restricted Group was required to maintain a minimum EBITDA of $1.25 billion. The minimum EBITDA requirement is $1.25 billion through June 30, 2015 and increases to $1.30 billion for September 30, 2015 and December 31, 2015 and to $1.35 billion for March 31, 2016, with periodic increases thereafter. EBITDA for the trailing four quarters ended March 31, 2015, calculated in accordance with the terms of the senior credit facility, was $1.35 billion. The senior credit facility limits the Restricted Group to capital expenditures of $500 million per fiscal year, with unused amounts in any fiscal year rolling over to the next fiscal year, but not any fiscal year thereafter. The Restricted Group’s total capital expenditures allowable under the senior credit facility for fiscal year 2015, after giving effect to unused amounts from 2014, was $794 million. In addition, the senior credit facility limits the Restricted Group’s ability to make investments subject to certain thresholds and other important exceptions. As of March 31, 2015, the Restricted Group was within the limit of capital expenditures and other investments for the 2015 calendar year.

The senior credit facility provides for customary events of default, including, without limitation, (i) payment defaults, (ii) covenant defaults, (iii) cross-defaults to certain other indebtedness in excess of specified amounts, (iv) certain events of bankruptcy and insolvency, (v) judgment defaults in excess of specified amounts, (vi) the failure of any loan document by a significant party to be in full force and effect and such circumstance, in the reasonable judgment of the required lenders, is materially adverse to the lenders, or (vii) the security documents cease to create a valid and perfected first priority lien on any material portion of the collateral. In addition, the senior credit facility provides that a cessation of business due to revocation, suspension or loss of any gaming license affecting a specified amount of its revenues or assets, will constitute an event of default.

MGM Grand Paradise credit facility. At March 31, 2015, the MGM Grand Paradise credit facility consisted of approximately $550 million of term loans and an approximately $1.45 billion revolving credit facility due October 2017. The credit facility is subject to scheduled amortization payments beginning in July 2016. The interest rate on the facility fluctuates annually based on HIBOR plus a margin, which ranges between 1.75% and 2.50%, based on MGM China’s leverage ratio. The margin was 1.75% at March 31, 2015. MGM China is a joint and several co-borrower with MGM Grand Paradise. The MGM Grand Paradise credit facility is secured by MGM Grand Paradise’s interest in the Cotai land use right, and MGM China, MGM Grand Paradise and their guarantor subsidiaries have granted a security interest in substantially all of their assets to secure the facility. The MGM Grand Paradise credit facility will be used for general corporate purposes and for the development of MGM Cotai. At March 31, 2015, the interest rate on the term loans and outstanding revolving loans was 1.99%.

The MGM Grand Paradise credit facility agreement contains customary representations and warranties, events of default, affirmative covenants and negative covenants, which impose restrictions on, among other things, the ability of MGM China and its subsidiaries to make investments, pay dividends and sell assets, and to incur additional debt and additional liens. MGM China is also required to maintain compliance with a maximum consolidated total leverage ratio of 4.50 to 1.00 prior to the first anniversary of the MGM Cotai opening date and 4.00 to 1.00 thereafter, in addition to a minimum interest coverage ratio of 2.50 to 1.00. MGM China was in compliance with its credit facility covenants at March 31, 2015.

In April 2015, MGM China agreed in principle with its lenders to amend and restate its senior credit facility and increase the term loan commitments to $1.55 billion and extend the maturity date for the term loans and the revolving credit facility to April 2019. Additionally, the amended MGM Grand Paradise credit facility is expected to bear interest at a fluctuating rate per annum based on HIBOR plus a margin, initially set for a six month period at 1.75% per annum, but thereafter will range between 1.375% and 2.50% based on MGM China’s leverage ratio. The consent is subject to the execution of a formal amended and restated facilities agreement, among the lenders, MGM China and MGM Grand Paradise and is conditioned upon the satisfaction (or waiver) of all conditions precedent to its effectiveness, including, but not limited to, receipt of any government or regulatory approval required in connection with the transaction. There is no assurance as to whether and when binding agreements in respect of the proposed facilities will be finalized.

Convertible senior notes. In April 2015, holders of substantially all of the $1.45 billion in aggregate principle amount of 4.25% convertible senior notes elected to convert the notes into approximately 78 million shares of the Company’s common stock.  The notes

10

were converted at 53.83 shares of common stock per $1,000 principle amount, which is equivalent to a conversion price of approximately $18.58 per share.  In addition, the Company settled the capped call transactions entered into in connection with the initial issuance of $1.15 billion aggregate principle amount of notes and received approximately 6 million shares from such financial institutions. Such shares received in connection with the capped call transactions were subsequently retired.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt at March 31, 2015 was $15.4 billion. At December 31, 2014, the estimated fair value of the Company’s long-term debt was $15.1 billion. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facility. Carrying value of the MGM Grand Paradise credit facility approximates fair value.

NOTE 6 — COMMITMENTS AND CONTINGENCIES

CityCenter completion guarantee. In October 2013, the Company entered into a third amended and restated completion and cost overrun guarantee, which is collateralized by substantially all of the assets of Circus Circus Las Vegas, as well as certain land adjacent to that property. As of March 31, 2015, the Company had funded $888 million under the completion guarantee. During the first quarter of 2015, the Company fulfilled its remaining significant obligations under the completion guarantee in conjunction with the resolution of the Perini litigation and related settlement agreements. The Company is in the process of seeking termination of the completion guarantee and the release of the assets securing such completion guarantee with CityCenter’s lenders.

Cotai land concession contract. MGM Grand Paradise’s land concession contract for an approximate 18 acre site on the Cotai Strip in Macau became effective on January 9, 2013 and has an initial term of 25 years. The total land premium payable to the Macau government for the land concession contract is $161 million and is composed of a down payment and eight additional semi-annual payments. As of March 31, 2015, MGM China had paid $115 million of the contract premium, including interest due on the semi-annual payments, and the amount paid is recorded within “Other long-term assets, net.” Including interest on the four remaining semi-annual payments, MGM China has approximately $59 million remaining payable for the land concession contract. Under the terms of the land concession contract, MGM Grand Paradise is required to complete the development of the land by January 2018.

Las Vegas Arena. In conjunction with Las Vegas Arena Company entering a senior secured credit facility in 2014, the Company and AEG each entered joint and several completion guarantees for the project, as well as a repayment guarantee for the $75 million term loan B (subject to increases and decreases in the event of a rebalancing of the principal amount of indebtedness between the term loan A and term loan B facilities). Additionally, in conjunction with the Las Vegas Arena Company’s senior secured credit facility, the Company and AEG have pledged to contribute equal amounts totaling $175 million for construction, of which $113 million has been contributed as of March 31, 2015.

Other guarantees. The Company is party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $500 million, and the amount of available borrowings under the senior credit facility is reduced by any outstanding letters of credit.  At March 31, 2015, the Company had provided $52 million of letters of credit. MGM Grand Paradise’s senior credit facility limits the amount of letters of credit that can be issued to $100 million, and the amount of available borrowings under the senior credit facility is reduced by any outstanding letters of credit.  At March 31, 2015, MGM China had provided approximately $39 million of guarantees under its credit facility.

In connection with the development of MGM Springfield as discussed in Note 1, the Company obtained a surety bond of $52 million naming the Commonwealth of Massachusetts as beneficiary, and payable thereto, in the event that the Company’s subsidiary is unable to complete the gaming establishment.

Other litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business.  Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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NOTE 7 — INCOME PER SHARE OF COMMON STOCK

The weighted-average number of common and common equivalent shares used in the calculation of basic and diluted income per share consisted of the following:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Numerator:
Net income attributable to MGM Resorts International - basic	$	169,850		$	102,652
Interest on convertible debt, net of tax		19,967			2,195
Potentially dilutive effect due to MGM China Share Option Plan		(8	)		(132	)
Net income attributable to MGM Resorts International - diluted	$	189,809		$	104,715
Denominator:
Weighted-average common shares outstanding - basic		491,422			490,542
Potential dilution from share-based awards		5,836			6,453
Potential dilution from assumed conversion of convertible debt		78,054			16,149
Weighted-average common and common equivalent shares - diluted		575,312			513,144
Antidilutive share-based awards excluded from the calculation of diluted    earnings per share		4,627			2,625

Potential dilution from the assumed conversion of convertible debt for the three months ended March 31, 2015 does not take into consideration the 6 million shares received pursuant to the capped call transactions as discussed in Note 5, as the effect would be antidilutive. For the three months ended March 31, 2014, potential dilution from the assumed conversion of convertible debt relates to the $300 million 4.25% senior convertible notes issued in June 2011. The $1.15 billion 4.25% senior convertible notes issued in April 2010 were excluded from the March 31, 2014 calculation of diluted earnings per share as their effect would be antidilutive.

NOTE 8 — STOCKHOLDERS’ EQUITY

MGM China dividends. MGM China paid a $400 million special dividend in March 2015, of which $204 million remained within the consolidated entity and $196 million was distributed to noncontrolling interests. Additionally, in February 2015, MGM China’s Board of Directors recommended a final dividend for 2014 of approximately $120 million, subject to approval at MGM China’s 2015 annual shareholder meeting.

MGM China paid a $499 million special dividend in March 2014, of which $254 million remained within the consolidated entity and $245 million was distributed to noncontrolling interests.

Supplemental equity information. The following table presents the Company’s changes in stockholders’ equity for the three months ended March 31, 2015:

	MGM Resorts
	International						Total
	Stockholders'			Noncontrolling			Stockholders'
	Equity			Interests			Equity
	(In thousands)
Balances, January 1, 2015	$	4,090,917		$	3,537,357		$	7,628,274
Net income		169,850			42,796			212,646
Currency translation adjustment		1,261			1,215			2,476
Other comprehensive loss from unconsolidated affiliate, net		(672	)		—			(672	)
Stock-based compensation		9,350			1,352			10,702
Change in excess tax benefit from stock-based compensation		(2,166	)		—			(2,166	)
Issuance of common stock pursuant to stock-based compensation awards		(294	)		—			(294	)
Cash distributions to noncontrolling interest owners		—			(202,803	)		(202,803	)
Issuance of performance share units		4,872			—			4,872
Balances, March 31, 2015	$	4,273,118		$	3,379,917		$	7,653,035

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Accumulated other comprehensive income (loss). Changes in accumulated other comprehensive income (loss) attributable to MGM Resorts International by component are as follows:

	Currency
	Translation		Other
	Adjustment		Adjustments			Total
	(In thousands)
Balances, January 1, 2015	$	12,319	$	672		$	12,991
Current period other comprehensive income (loss)		1,261		(672	)		589
Balances, March 31, 2015	$	13,580	$	—		$	13,580

NOTE 9 — STOCK-BASED COMPENSATION

2005 Omnibus Incentive Plan. As of March 31, 2015, the Company had an aggregate of 23 million shares of common stock available for grant as share-based awards under the Company’s omnibus incentive plan (“Omnibus Plan”). A summary of activity under the Company’s share-based payment plans for the three months ended March 31, 2015 is presented below:

Stock options and stock appreciation rights (“SARs”)

	Units			Weighted Average
	(000’s)			Exercise Price
Outstanding at January 1, 2015		16,176		$	15.27
Granted		12			20.03
Exercised		(163	)		14.10
Forfeited or expired		(856	)		35.27
Outstanding at March 31, 2015		15,169			14.20
Exercisable at March 31, 2015		9,824			12.34

Restricted stock units (“RSUs”) and performance share units (“PSUs”)

	RSUs					PSUs
				Weighted				Weighted		Weighted
				Average				Average		Average
	Units			Grant-Date		Units		Grant-Date		Target
	(000’s)			Fair Value		(000’s)		Fair Value		Price
Nonvested at January 1, 2015		1,358		$	18.27		1,455	$	15.14	$	20.48
Forfeited		(15	)		18.08		—		—		—
Nonvested at March 31, 2015		1,343			18.27		1,455		15.14		20.48

Bonus PSUs

	Units		Weighted Average
	(000’s)		Target Price
Outstanding at January 1, 2015		265	$	31.72
Granted		229		25.91
Outstanding at March 31, 2015		494		29.03

The Company grants PSUs for the portion of any calculated bonus for a Section 16 officer of the Company that is in excess of such officer’s base salary (the “Bonus PSU Policy”). Awards granted under the Bonus PSU Policy have the same terms as PSUs granted under the Omnibus Plan with the exception that as of the grant date the awards will not be subject to forfeiture in the event of the officer’s termination.

13

MGM China Share Option Plan. As of March 31, 2015, MGM China had an aggregate of 338 million shares of common stock available for grant as share-based awards under the MGM China share option plan (“MGM China Plan”). A summary of activity under the MGM China Plan for the three months ended March 31, 2015 is presented below:

Stock options

	Units		Weighted Average
	(000’s)		Exercise Price
Outstanding at January 1, 2015		35,058	$	2.85
Granted		710		2.48
Outstanding at March 31, 2015		35,768		2.84
Exercisable at March 31, 2015		10,642		2.05

Recognition of compensation cost. Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Compensation cost:
Omnibus Plan	$	7,942		$	7,002
MGM China Plan		2,760			1,461
Total compensation cost		10,702			8,463
Less:  Reimbursed costs and capitalized cost		(290	)		(268	)
Compensation cost after reimbursed costs and capitalized cost		10,412			8,195
Less:  Related tax benefit		(2,634	)		(2,317	)
Compensation cost, net of tax benefit	$	7,778		$	5,878

NOTE 10 — SEGMENT INFORMATION

The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in two geographic regions: the United States and Macau S.A.R. The Company has aggregated its operations into two reportable segments based on the similar characteristics of the operating segments within the regions in which they operate: wholly owned domestic resorts and MGM China. The Company’s operations related to investments in unconsolidated affiliates and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other, net” in the following segment disclosures to reconcile to consolidated results.

The Company’s management utilizes Adjusted Property EBITDA as the primary profit measure for its reportable segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense related to the Omnibus Plan, which are not allocated to the reportable segments. MGM China recognizes stock compensation expense related to the MGM China Plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net.

14

The following tables present the Company’s segment information:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Net Revenues
Wholly owned domestic resorts	$	1,577,895		$	1,570,234
MGM China		630,087			941,448
Reportable segment net revenues		2,207,982			2,511,682
Corporate and other		124,262			118,716
	$	2,332,244		$	2,630,398
Adjusted Property EBITDA
Wholly owned domestic resorts	$	389,879		$	402,846
MGM China		148,456			240,725
Reportable segment Adjusted Property EBITDA		538,335			643,571
Other operating income (expense)
Corporate and other, net		80,641			(13,250	)
Preopening and start-up expenses		(15,871	)		(5,636	)
Property transactions, net		(1,589	)		(558	)
Depreciation and amortization		(206,412	)		(207,655	)
Operating income		395,104			416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized		(216,262	)		(209,387	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
Other, net		(3,490	)		(1,434	)
		(238,763	)		(233,036	)
Income before income taxes		156,341			183,436
Benefit for income taxes		56,305			2,664
Net income		212,646			186,100
Less: Net income attributable to noncontrolling interests		(42,796	)		(83,448	)
Net income attributable to MGM Resorts International	$	169,850		$	102,652

NOTE 11 — RELATED PARTY TRANSACTIONS

MGM China. MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. Ho, Pansy Catilina Chiu King indirectly holds a noncontrolling interest, entered into a brand license agreement with MGM China. MGM China pays a license fee to MGM Branding and Development equal to 1.75% of MGM China’s consolidated net revenue, subject to an annual cap of $52 million in 2015 with a 20% increase per annum during the agreement term. During the three months ended March 31, 2015 and 2014, MGM China incurred total license fees of $11 million and $16 million, respectively. Such amounts have been eliminated in consolidation. 

MGM China entered into a development services agreement with MGM Branding and Development to provide certain development services to MGM China in connection with future expansion of existing projects and development of future resort gaming projects. Such services are subject to a development fee which is calculated separately for each resort casino property upon commencement of development. For each such property, the fee is 2.625% of project costs, to be paid in installments as certain benchmarks are achieved. Project costs are the total costs incurred for the design, development and construction of the casino, casino hotel, integrated resort and other related sites associated with each project, including costs of construction, fixtures and fittings, signage, gaming and other supplies and equipment and all costs associated with the opening of the business to be conducted at each project but excluding the cost of land and gaming concessions and financing costs. The development fee for MGM Cotai is subject to a cap of $27 million in 2015, which will increase by 10% per annum for each year during the term of the agreement. During the three months ended March 31, 2015, MGM China paid $10 million of fees to MGM Branding and Development related to development services. Such amounts have been eliminated in consolidation. No fee was paid during the three months ended March 31, 2014.

15

NOTE 12 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The Company’s domestic subsidiaries, excluding certain minor subsidiaries, its domestic insurance subsidiaries, MGM Grand Detroit, LLC, MGM National Harbor, LLC and Blue Tarp reDevelopment, LLC (the company that will own and operate the Company’s casino resort in Springfield, Massachusetts), and each of their respective subsidiaries, have fully and unconditionally guaranteed, on a joint and several basis, payment of the senior credit facility and the outstanding debt securities. The Company’s international subsidiaries, including MGM China, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and 2014, are presented below.

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At March 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elimination			Consolidated
	(In thousands)
Current assets	$	1,206,649	$	861,068	$	889,268	$	(378	)	$	2,956,607
Property and equipment, net		—		12,425,331		2,148,592		(11,972	)		14,561,951
Investments in subsidiaries		20,727,345		3,916,769		—		(24,644,114	)		—
Investments in and advances to unconsolidated affiliates		—		1,628,720		7,724		25,000			1,661,444
Intercompany accounts		—		2,389,327		—		(2,389,327	)		—
Other non-current assets		134,077		429,070		7,055,298		—			7,618,445
	$	22,068,071	$	21,650,285	$	10,100,882	$	(27,020,791	)	$	26,798,447
Current liabilities	$	270,376	$	958,446	$	667,317	$	(378	)	$	1,895,761
Intercompany accounts		2,103,314		—		286,013		(2,389,327	)		—
Deferred income taxes, net		2,238,007		—		309,143		—			2,547,150
Long-term debt		13,145,313		4,837		1,401,660		—			14,551,810
Other long-term obligations		37,943		70,525		42,223		—			150,691
Total liabilities		17,794,953		1,033,808		2,706,356		(2,389,705	)		19,145,412
MGM Resorts stockholders' equity		4,273,118		20,616,477		4,014,609		(24,631,086	)		4,273,118
Noncontrolling interests		—		—		3,379,917		—			3,379,917
Total stockholders' equity		4,273,118		20,616,477		7,394,526		(24,631,086	)		7,653,035
	$	22,068,071	$	21,650,285	$	10,100,882	$	(27,020,791	)	$	26,798,447

	At December 31, 2014
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elimination			Consolidated
	(In thousands)
Current assets	$	1,390,806	$	868,688	$	768,335	$	(669	)	$	3,027,160
Property and equipment, net		—		12,445,086		2,008,428		(11,972	)		14,441,542
Investments in subsidiaries		20,430,160		3,896,365		—		(24,326,525	)		—
Investments in and advances to unconsolidated affiliates		—		1,526,446		7,588		25,000			1,559,034
Intercompany accounts		—		2,175,091		—		(2,175,091	)		—
Other non-current assets		141,035		414,801		7,118,939		—			7,674,775
	$	21,962,001	$	21,326,477	$	9,903,290	$	(26,489,257	)	$	26,702,511
Current liabilities	$	1,680,319	$	953,179	$	775,097	$	(670	)	$	3,407,925
Intercompany accounts		1,932,780		—		242,311		(2,175,091	)		—
Deferred income taxes, net		2,312,828		—		309,032		—			2,621,860
Long-term debt		11,907,534		4,837		1,001,511		—			12,913,882
Other long-term obligations		37,623		58,016		34,931		—			130,570
Total liabilities		17,871,084		1,016,032		2,362,882		(2,175,761	)		19,074,237
MGM Resorts stockholders' equity		4,090,917		20,310,445		4,003,051		(24,313,496	)		4,090,917
Noncontrolling interests		—		—		3,537,357		—			3,537,357
Total stockholders' equity		4,090,917		20,310,445		7,540,408		(24,313,496	)		7,628,274
	$	21,962,001	$	21,326,477	$	9,903,290	$	(26,489,257	)	$	26,702,511

16

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,569,282		$	763,685		$	(723	)	$	2,332,244
Equity in subsidiaries' earnings		327,766			44,966			—			(372,732	)		—
Expenses
Casino and hotel operations		1,500			937,439			513,904			(723	)		1,452,120
General and administrative		1,201			269,554			57,418			—			328,173
Corporate expense		15,516			35,204			(364	)		—			50,356
Preopening and start-up expenses		—			917			14,954			—			15,871
Property transactions, net		—			1,257			332			—			1,589
Depreciation and amortization		—			127,818			78,594			—			206,412
		18,217			1,372,189			664,838			(723	)		2,054,521
Income from unconsolidated affiliates		—			117,265			116			—			117,381
Operating income (loss)		309,549			359,324			98,963			(372,732	)		395,104
Interest expense, net of amounts capitalized		(211,077	)		(288	)		(4,897	)		—			(216,262	)
Other, net		12,879			(20,738	)		(14,642	)		—			(22,501	)
Income (loss) before income taxes		111,351			338,298			79,424			(372,732	)		156,341
Benefit (provision) for income taxes		58,499			(1,686	)		(508	)		—			56,305
Net income (loss)		169,850			336,612			78,916			(372,732	)		212,646
Less: Net income attributable to noncontrolling interests		—			—			(42,796	)		—			(42,796	)
Net income (loss) attributable to MGM Resorts International	$	169,850		$	336,612		$	36,120		$	(372,732	)	$	169,850
Net income (loss)	$	169,850		$	336,612		$	78,916		$	(372,732	)	$	212,646
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		1,261			1,261			2,476			(2,522	)		2,476
Other		(672	)		(672	)		—			672			(672	)
Other comprehensive income (loss)		589			589			2,476			(1,850	)		1,804
Comprehensive income (loss)		170,439			337,201			81,392			(374,582	)		214,450
Less: Comprehensive income attributable to noncontrolling interests		—			—			(44,011	)		—			(44,011	)
Comprehensive income (loss) attributable to MGM Resorts International	$	170,439		$	337,201		$	37,381		$	(374,582	)	$	170,439

17

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(217,074	)	$	293,772		$	98,950		$	—		$	175,648
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(105,509	)		(186,820	)		—			(292,329	)
Dispositions of property and equipment		—			100			64			—			164
Investments in and advances to unconsolidated affiliates		(140,732	)		(19,347	)		—			—			(160,079	)
Distributions from unconsolidated affiliates in excess of earnings		—			1,111			—			—			1,111
Cash deposits - original maturities longer than 90 days		570,000			—			—			—			570,000
Intercompany accounts		—			(214,237	)		—			214,237			—
Other		—			(2,070	)		—			—			(2,070	)
Net cash provided by (used in) investing activities		429,268			(339,952	)		(186,756	)		214,237			116,797
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(1,267,625	)		—			(51,001	)		—			(1,318,626	)
Borrowings under bank credit facilities - maturities longer than 90 days		1,260,625			—			450,000			—			1,710,625
Intercompany accounts		187,337			10,520			16,380			(214,237	)		—
Distributions to noncontrolling interest owners		—			—			(202,624	)		—			(202,624	)
Other		(152	)		(2	)		2			—			(152	)
Net cash provided by (used in) financing activities		180,185			10,518			212,757			(214,237	)		189,223
Effect of exchange rate on cash		—			—			704			—			704
Cash and cash equivalents
Net increase (decrease) for the period		392,379			(35,662	)		125,655			—			482,372
Change in cash related to assets held for sale		—			(552	)		—			—			(552	)
Balance, beginning of period		799,508			255,655			658,552			—			1,713,715
Balance, end of period	$	1,191,887		$	219,441		$	784,207		$	—		$	2,195,535

18

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,556,329		$	1,074,662		$	(593	)	$	2,630,398
Equity in subsidiaries' earnings		302,318			93,369			—			(395,687	)		—
Expenses
Casino and hotel operations		1,254			921,974			727,460			(593	)		1,650,095
General and administrative		1,112			260,640			57,494			—			319,246
Corporate expense		16,739			33,586			3,026			—			53,351
Preopening and start-up expenses		—			1,991			3,645			—			5,636
Property transactions, net		—			494			64			—			558
Depreciation and amortization		—			128,075			79,580			—			207,655
		19,105			1,346,760			871,269			(593	)		2,236,541
Income from unconsolidated affiliates		—			22,562			53			—			22,615
Operating income (loss)		283,213			325,500			203,446			(395,687	)		416,472
Interest expense, net of amounts capitalized		(200,897	)		(104	)		(8,386	)		—			(209,387	)
Other, net		18,590			(22,855	)		(19,384	)		—			(23,649	)
Income (loss) before income taxes		100,906			302,541			175,676			(395,687	)		183,436
Benefit (provision) for income taxes		1,746			1,641			(723	)		—			2,664
Net income (loss)		102,652			304,182			174,953			(395,687	)		186,100
Less: Net income attributable to noncontrolling interests		—			—			(83,448	)		—			(83,448	)
Net income (loss) attributable to MGM Resorts International	$	102,652		$	304,182		$	91,505		$	(395,687	)	$	102,652
Net income (loss)	$	102,652		$	304,182		$	174,953		$	(395,687	)	$	186,100
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(1,517	)		(1,517	)		(2,760	)		3,034			(2,760	)
Other		1,250			1,250			—			(1,250	)		1,250
Other comprehensive income (loss)		(267	)		(267	)		(2,760	)		1,784			(1,510	)
Comprehensive income (loss)		102,385			303,915			172,193			(393,903	)		184,590
Less: Comprehensive income attributable to noncontrolling interests		—			—			(82,205	)		—			(82,205	)
Comprehensive income (loss) attributable to MGM Resorts International	$	102,385		$	303,915		$	89,988		$	(393,903	)	$	102,385

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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(186,046	)	$	301,590		$	150,251		$	25,000		$	290,795
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(69,530	)		(123,221	)		—			(192,751	)
Dispositions of property and equipment		—			69			66			—			135
Investments in and advances to unconsolidated affiliates		(5,200	)		(1,975	)		—			(25,000	)		(32,175	)
Distributions from unconsolidated affiliates in excess of earnings		—			497			—			—			497
Investments in treasury securities - maturities longer than 90 days		—			(54,064	)		—			—			(54,064	)
Proceeds from treasury securities - maturities longer than 90 days		—			63,063			—			—			63,063
Intercompany accounts		—			(248,319	)		—			248,319			–
Other		—			1,226			—			—			1,226
Net cash provided by (used in) investing activities		(5,200	)		(309,033	)		(123,155	)		223,319			(214,069	)
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(1,285,125	)		—			(450,000	)		—			(1,735,125	)
Borrowings under bank credit facilities - maturities longer than 90 days		1,278,125			—			450,000			—			1,728,125
Retirement of senior notes		(508,900	)		—			—			—			(508,900	)
Intercompany accounts		515,595			(9,057	)		(258,219	)		(248,319	)		—
Distributions to noncontrolling interest owners		—			—			(247,140	)		—			(247,140	)
Other		(1,202	)		—			(446	)		—			(1,648	)
Net cash used in financing activities		(1,507	)		(9,057	)		(505,805	)		(248,319	)		(764,688	)
Effect of exchange rate on cash		—			—			(971	)		—			(971	)
Cash and cash equivalents
Net decrease for the period		(192,753	)		(16,500	)		(479,680	)		—			(688,933	)
Balance, beginning of period		378,660			237,457			1,187,552			—			1,803,669
Balance, end of period	$	185,907		$	220,957		$	707,872		$	—		$	1,114,736

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks and uncertainties. Please see “Cautionary Statement Concerning Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions that may cause our actual results to differ materially from those discussed in the forward-looking statements. This discussion should be read in conjunction with our historical financial statements and related notes thereto and the other disclosures contained elsewhere in this Quarterly Report on Form 10-Q, and the audited consolidated financial statements and notes for the fiscal year ended December 31, 2014, which were included in our Form 10-K, filed with the Securities and Exchange Commission on March 2, 2015. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods. MGM Resorts International together with its subsidiaries may be referred to as “we,” “us” or “our.” MGM China Holdings Limited together with its subsidiaries is referred to as “MGM China.”

Executive Overview

Our primary business is the ownership and operation of casino resorts, which includes offering gaming, hotel, convention, dining, entertainment, retail and other resort amenities. We believe that we own and invest in several of the premier casino resorts in the world and have continually reinvested in our resorts to maintain our competitive advantage. Most of our revenue is cash-based, through customers wagering with cash or paying for non-gaming services with cash or credit cards. We rely heavily on the ability of our resorts to generate operating cash flow to repay debt financings, fund capital expenditures and provide excess cash flow for future development. We make significant investments in our resorts through newly remodeled hotel rooms, restaurants, entertainment and nightlife offerings, as well as other new features and amenities.

Results of operations from our wholly owned domestic resorts for the three months ended March 31, 2015 decreased due to a decrease in operating margins as net revenues increased less than 1% compared to the prior year quarter. According to the Las Vegas Convention and Visitors Authority, visitor volume for Las Vegas, Las Vegas Strip REVPAR and Las Vegas Strip gaming revenue all decreased slightly for the three months ended March 31, 2015 when compared to the same period in 2014.

Gross gaming revenues in the Macau market decreased 37% in the three months ended March 31, 2015 compared to 2014.  We believe operating results have been negatively affected by economic conditions and certain policy initiatives in China, stricter enforcement of entrance into Macau via the use of transit visas as well as a decrease in duration of stay permitted for transit visa holders and the implementation of a full main floor casino smoking ban in October 2014.  The decrease in gross gaming revenues accelerated during the second half of 2014 and has continued into the first quarter of 2015 as Macau has become an increasingly challenging and competitive market, impacting primarily VIP casino gaming operations. According to statistics published by the Statistics and Census Service of the Macau Government, visitor arrivals decreased 4% in the first quarter of 2015 compared to the same period in 2014. However, despite concerns over the recent events and the sustainability of economic growth in China, we expect the Macau market to grow on a long-term basis due to further development and penetration of the mainland China market and infrastructure improvements expected to facilitate more convenient travel to and within Macau.  

Our results of operations are affected by decisions we make related to our capital allocation, our access to capital and our cost of capital. While we continue to be focused on improving our financial position, we are also dedicated to capitalizing on development opportunities. In Macau, we plan to spend approximately $3.0 billion, excluding development fees eliminated in consolidation, capitalized interest and land related costs, to develop a resort and casino featuring approximately 1,500 hotel rooms, 500 gaming tables, and 1,500 slots built on an approximately 18 acre site in Cotai, Macau (“MGM Cotai”). MGM Cotai is expected to open in the fourth quarter of 2016.

We were awarded the sixth and final casino license under current statutes in the State of Maryland by the Maryland Video Lottery Facility Location Commission to build and operate MGM National Harbor, a destination resort casino in Prince George’s County at National Harbor. We currently expect the cost to develop and construct MGM National Harbor to be approximately $1.3 billion, excluding capitalized interest and land related costs. We expect that the resort will include a casino with approximately 3,600 slots and 160 table games including poker; a 300-room hotel with luxury spa and rooftop pool; 79,000 square feet of high-end branded retail and fine and casual dining; a 3,000-seat theater venue; 50,000 square feet of meeting and event space; and a 4,700-space parking garage. Construction of MGM National Harbor has commenced with estimated completion in the fourth quarter of 2016.

We were awarded the Category One casino license in Region B, Western Massachusetts, one of three licensing regions designated by legislation, to build and operate MGM Springfield. MGM Springfield will be developed on approximately 14.5 acres of land in downtown Springfield, Massachusetts. We currently expect the cost to develop and construct MGM Springfield to be approximately $760 million, excluding capitalized interest and land related costs. We expect the resort will include a casino with approximately 3,000 slots and 100 table games including poker; a 250-room hotel; 64,000 square feet of retail and restaurant space;

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33,000 square feet of meeting and event space; and a 3,500-space parking garage. Construction of MGM Springfield is expected to be completed in late 2017 or early 2018.

We entered into an agreement with a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) – leader in sports, entertainment, and promotions – to design, construct, and operate the Las Vegas Arena, which will be located on a parcel of our land between Frank Sinatra Drive and New York-New York, adjacent to the Las Vegas Strip. We and AEG each own 50% of Las Vegas Arena Company, the developer of the arena. The Las Vegas Arena is anticipated to seat between 18,000 – 20,000 people and is currently scheduled to be completed in the first half of 2016. Such development is estimated to cost approximately $350 million, excluding capitalized interest and land related costs. In September 2014, a wholly owned subsidiary of Las Vegas Arena Company entered into a $200 million senior secured credit facility to finance construction of the Las Vegas Arena.

Wholly Owned Domestic Resorts

Over half of the net revenue from our wholly owned domestic resorts is derived from non-gaming operations including hotel, food and beverage, entertainment and other non-gaming amenities. We market to different customer groups and utilize our significant convention and meeting facilities to maximize hotel occupancy and customer volumes during off-peak times such as mid-week or during traditionally slower leisure travel periods, which also leads to better labor utilization. Our operating results are highly dependent on the volume of customers at our resorts, which in turn affects the price we can charge for our hotel rooms and other amenities. Also, we generate a significant portion of our revenue from our wholly owned domestic resorts in Las Vegas, Nevada, which exposes us to certain risks, such as increased competition from new or expanded Las Vegas resorts, and from the expansion of gaming in the United States generally.

Key performance indicators related to gaming and hotel revenue at our wholly owned domestic resorts are:

· Gaming revenue indicators – table games drop and slots handle (volume indicators); “win” or “hold” percentage, which is not fully controllable by us. Our normal table games hold percentage is in the range of 18% to 22% of table games drop and our normal slots hold percentage is in the range of 8.0% to 8.5% of slots handle; and

· Hotel revenue indicators – hotel occupancy (a volume indicator); average daily rate (“ADR,” a price indicator); and revenue per available room (“REVPAR,” a summary measure of hotel results, combining ADR and occupancy rate). Our calculation of ADR, which is the average price of occupied rooms per day, includes the impact of complimentary rooms. Complimentary room rates are determined based on an analysis of retail or “cash” rates for each customer segment and each type of room product to estimate complimentary rates which are consistent with retail rates. Complimentary rates are reviewed at least annually and on an interim basis if there are significant changes in market conditions. Because the mix of rooms provided on a complimentary basis, particularly to casino customers, includes a disproportionate suite component, the composite ADR including complimentary rooms is slightly higher than the ADR for cash rooms, reflecting the higher retail value of suites.

MGM China

We own 51% and have a controlling interest in MGM China Holdings Limited (“MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), the Macau company that owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concession and is in the process of developing an integrated casino, hotel and entertainment resort in Cotai. We believe our investment in MGM China plays an important role in extending our reach internationally and will foster future growth and profitability.

Revenues at MGM Macau are generated from three primary customer segments in the Macau gaming market: VIP casino gaming operations, main floor gaming operations, and slot machine operations. VIP players play mostly in dedicated VIP rooms or designated gaming areas. VIP customers can be further divided into customers sourced by in-house VIP programs and those sourced through gaming promoters. A significant portion of our VIP volume is generated through the use of gaming promoters. Gaming promoters introduce VIP gaming players to MGM Macau, assist these customers with travel arrangements, and extend gaming credit to these players. In exchange for their services, gaming promoters are compensated through payment of revenue-sharing arrangements or rolling chip turnover based commissions. In-house VIP players also typically receive a commission based on the program in which they participate. MGM Macau main floor operations primarily consist of walk-in and day trip visitors. Unlike gaming promoters and in-house VIP players, main floor players do not receive commissions. The profit contribution from the main floor segment exceeds the VIP segment due to commission costs paid to gaming promoters. Gaming revenues from the main gaming floors have grown significantly in recent years and we believe this segment represents the most potential for sustainable growth in the future.

VIP gaming at MGM Macau is conducted by the use of special purpose nonnegotiable gaming chips. Gaming promoters purchase these nonnegotiable chips from MGM Macau and in turn they sell these chips to their players. The nonnegotiable chips allow

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MGM Macau to track the amount of wagering conducted by each gaming promoters’ clients in order to determine VIP gaming play. Gaming promoter commissions are based on either a percentage of actual win plus a monthly complimentary allowance based on a percentage of the rolling chip turnover their customers generate, or a percentage of the rolling chip turnover plus discounted offerings on nongaming amenities. The estimated portion of the gaming promoter payments that represent amounts passed through to VIP customers is recorded as a reduction of casino revenue, and the estimated portion retained by the gaming promoter for its compensation is recorded as casino expense. In-house VIP commissions are based on a percentage of rolling chip turnover and are recorded as a reduction of casino revenue.

In addition to the key performance indicators used by our wholly owned domestic resorts, MGM Macau utilizes “turnover,” which is the sum of nonnegotiable chip wagers won by MGM Macau calculated as nonnegotiable chips purchased plus nonnegotiable chips exchanged less nonnegotiable chips returned. Turnover provides a basis for measuring VIP casino win percentage. Win for VIP gaming operations at MGM Macau is normally in the range of 2.7% to 3.0% of turnover.

Corporate and Other

Corporate and other includes our investments in unconsolidated affiliates and certain management and other operations.

Results of Operations

The following discussion is based on our consolidated financial statements for the three months ended March 31, 2015 and 2014.

Summary Operating Results

The following table summarizes our operating results:

	Three Months Ended
	March 31,
	2015		2014
	(In thousands)
Net revenues	$	2,332,244	$	2,630,398
Operating income		395,104		416,472

Consolidated net revenue for the three months ended March 31, 2015 decreased 11% compared to the prior year period due primarily to a decrease in casino revenue at MGM Macau. See below for additional information related to segment revenues.

Consolidated operating income was $395 million for the three months ended March 31, 2015 compared to $416 million for the same period in the prior year.  The current year period was negatively affected by the decrease in operating income at MGM Macau.  In addition, preopening expense increased in the three months ended March 31, 2015 due primarily to the National Harbor and Springfield projects.  Operating income benefited in the current year quarter due to an increase in income from unconsolidated affiliates, primarily from CityCenter, which included $80 million related to our share of a gain recognized by CityCenter as a result of the final resolution of its construction litigation and related settlements.

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Operating Results – Detailed Segment Information

The following table presents a detail by segment of consolidated net revenues and Adjusted EBITDA. Management uses Adjusted Property EBITDA as the primary profit measure for its reportable segments. See “Non-GAAP Measures” for additional information:

	Three Months Ended
	March 31,
	2015		2014
	(In thousands)
Net Revenues
Wholly owned domestic resorts	$	1,577,895	$	1,570,234
MGM China		630,087		941,448
Reportable segment net revenues		2,207,982		2,511,682
Corporate and other		124,262		118,716
	$	2,332,244	$	2,630,398
Adjusted EBITDA
Wholly owned domestic resorts	$	389,879	$	402,846
MGM China		148,456		240,725
Reportable segment Adjusted Property EBITDA		538,335		643,571
Corporate and other		80,641		(13,250	)
	$	618,976	$	630,321

Wholly owned domestic resorts. The following table presents detailed net revenues at our wholly owned domestic resorts:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Casino revenue, net
Table games	$	218,654		$	232,508
Slots		421,121			400,562
Other		19,928			18,689
Casino revenue, net		659,703			651,759
Non-casino revenue
Rooms		443,584			436,665
Food and beverage		363,534			360,113
Entertainment, retail and other		274,120			279,873
Non-casino revenue		1,081,238			1,076,651
		1,740,941			1,728,410
Less: Promotional allowances		(163,046	)		(158,176	)
	$	1,577,895		$	1,570,234

Net revenue for the three months ended March 31, 2015 increased less than 1% compared to the same period in the prior year, as a result of slight increases in casino and non-casino revenue. Casino revenue increased 1% in the current year quarter compared to the same period in the prior year, due primarily to a 5% increase in slots revenue which benefited from an increase in slots volume, particularly at MGM Grand Detroit and Beau Rivage. Table games revenue decreased 6% in the first quarter of 2015 due to a decrease in table games volume of 3% and a decrease in table games hold percentage to 20.1% in the current year quarter from 20.8% in the prior year quarter.

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Rooms revenue increased 2% in the first quarter of 2015 as a result of a 1% increase in REVPAR at our Las Vegas Strip resorts. The following table provides key hotel statistics for our Las Vegas Strip resorts:

	Three Months Ended
	March 31,
	2015			2014
Occupancy		90	%		92	%
Average Daily Rate (ADR)	$	152		$	147
Revenue per Available Room (REVPAR)		136			135

Food and beverage revenue increased 1% compared to the prior year quarter as a result of an increase in convention and banquet business and the opening of several new outlets. Entertainment revenue decreased 6% compared to the prior year quarter, due primarily to a decrease in in-house shows and timing of certain arena events.

Adjusted Property EBITDA at our wholly owned domestic resorts decreased 3% during the three months ended March 31, 2015 compared to the prior year quarter. Adjusted Property EBITDA margin for the first quarter of 2015 decreased by approximately 100 basis points to 24.7% from the prior year quarter due primarily to an increase in payroll and related costs, while net revenues increased less than 1%, as discussed above.

MGM China. The following table presents detailed net revenues for MGM China:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Casino revenue, net
VIP table games	$	304,395		$	549,938
Main floor table games		261,498			302,196
Slots		52,906			79,540
Casino revenue, net		618,799			931,674
Non-casino revenue		35,282			37,785
		654,081			969,459
Less: Promotional allowances		(23,994	)		(28,011	)
	$	630,087		$	941,448

For the quarter ended March 31, 2015, net revenue for MGM China decreased 33% compared to the same period in the prior year, primarily as a result of a decrease in VIP table games revenue of 45% as well as a decrease in main floor table games revenue of 13%. VIP table games turnover decreased 51% while VIP table games hold percentage increased to 3.3% in the current quarter from 3.0% in the prior year quarter.

MGM China’s Adjusted EBITDA for the three months ended March 31, 2015 and 2014 was $148 million and $241 million, respectively. Excluding license fees of $11 million and $16 million for the three months ended March 31, 2015 and 2014, respectively, Adjusted EBITDA decreased 38%. Adjusted EBITDA margin decreased approximately 200 basis points to 23.6% in the current year quarter, and was negatively affected by the decrease in VIP and main floor table games revenues.

Corporate and other. Corporate and other revenue includes revenues from other corporate operations, management services and reimbursed costs revenue primarily related to our CityCenter management agreement. Corporate and other Adjusted EBITDA for the three months ended March 31, 2015 increased due primarily to an increase in our share of operating income from CityCenter, including certain basis difference adjustments, as well as an increase in our share of operating income from Borgata. See below for additional discussion of our share of operating results from unconsolidated affiliates.

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Operating Results – Income from Unconsolidated Affiliates

The following table summarizes information related to our income from unconsolidated affiliates:

	Three Months Ended
	March 31,
	2015		2014
	(In thousands)
CityCenter	$	101,601	$	14,046
Borgata		11,983		3,839
Other		3,797		4,730
	$	117,381	$	22,615

During September 2014, we resumed accounting for our Borgata investment under the equity method and have adjusted our prior period financial statements retroactively as required by generally accepted accounting principles.  See Note 2 in the accompanying consolidated financial statements for further discussion.  

Our share of CityCenter’s operating income, including certain basis difference adjustments, for the three months ended March 31, 2015 was $102 million and included $80 million related to our share of a gain recognized by CityCenter as a result of the final resolution of its construction litigation and related settlements. Casino revenues at Aria decreased 10% due to a decrease in table games volume of 12% and a decrease in hold percentage to 24.3% in the current year quarter from 26.8% in the prior year quarter. Slots revenue at Aria increased 6% compared to the prior year period.   CityCenter’s rooms revenue increased 2% due to an increase in REVPAR at Aria and Vdara of 4% and 5%, respectively, from the prior year period. Our share of Borgata’s operating income increased in the three months ended March 31, 2015 due to a 7% increase in casino revenue and a reduction in real estate taxes recognized by Borgata.

Non-operating Results

Interest expense

Gross interest expense increased $14 million for the three months ended March 31, 2015 compared to the prior year period, primarily as a result of an increase in the average debt balance due to the issuance of the $1.25 billion 6% senior notes issued in November 2014. Capitalized interest was $11 million and $4 million in the three months ended March 31, 2015 and 2014, respectively, with the increase relating primarily to the MGM Cotai and MGM National Harbor projects.

Income taxes

We recorded income tax benefit of $56 million and $3 million for the three months ended March 31, 2015 and 2014, respectively.   Because we no longer have federal income tax net operating loss carryforwards at December 31, 2014, the amount of foreign tax credits utilized will increase in 2015 compared to 2014, resulting in the increase in income tax benefit for the three months ended March 31, 2015. See Note 2 in the accompanying financial statements for further discussion of our annual effective tax rate assumptions regarding projected foreign tax credit usage and valuation allowance.

Non-GAAP Measures

“Adjusted EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net. “Adjusted Property EBITDA” is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming and hospitality industry, and 2) a principal basis for valuation of gaming and hospitality companies.

We believe that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluating our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, we believe excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when we are developing and constructing a major expansion project and will depend on where the current period

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lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, we use Adjusted Property EBITDA as the primary measure of wholly owned domestic resorts operating performance.

Adjusted EBITDA or Adjusted Property EBITDA should not be construed as an alternative to operating income or net income, as an indicator of our performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. We have significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA or Adjusted Property EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA or Adjusted Property EBITDA information may calculate Adjusted EBITDA or Adjusted Property EBITDA in a different manner.

The following table presents a reconciliation of Adjusted EBITDA to net income attributable to MGM Resorts International:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Adjusted EBITDA	$	618,976		$	630,321
Preopening and start-up expenses		(15,871	)		(5,636	)
Property transactions, net		(1,589	)		(558	)
Depreciation and amortization		(206,412	)		(207,655	)
Operating income		395,104			416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized		(216,262	)		(209,387	)
Other, net		(22,501	)		(23,649	)
		(238,763	)		(233,036	)
Income before income taxes		156,341			183,436
Benefit for income taxes		56,305			2,664
Net income		212,646			186,100
Less: Net income attributable to noncontrolling interests		(42,796	)		(83,448	)
Net income attributable to MGM Resorts International	$	169,850		$	102,652

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The following tables present reconciliations of operating income (loss) to Adjusted Property EBITDA and Adjusted EBITDA:

	Three Months Ended March 31, 2015
				Preopening			Property			Depreciation
	Operating			andStart-up			Transactions,			and		Adjusted
	Income(Loss)			Expenses			Net			Amortization		EBITDA
	(In thousands)
Bellagio	$	66,337		$	—		$	197		$	22,633	$	89,167
MGM Grand Las Vegas		46,726			—			(10	)		18,490		65,206
Mandalay Bay		35,321			—			259			18,408		53,988
The Mirage		17,874			54			(1	)		12,593		30,520
Luxor		7,762			(1	)		50			9,488		17,299
New York-New York		19,672			(307	)		264			4,964		24,593
Excalibur		12,909			—			(19	)		3,652		16,542
Monte Carlo		14,314			—			517			5,225		20,056
Circus Circus Las Vegas		3,802			231			—			3,800		7,833
MGM Grand Detroit		27,739			—			—			5,873		33,612
Beau Rivage		11,859			—			—			6,531		18,390
Gold Strike Tunica		8,622			—			—			2,928		11,550
Other resort operations		893			—			—			230		1,123
Wholly owned domestic resorts		273,830			(23	)		1,257			114,815		389,879
MGM China		72,366			3,071			332			72,687		148,456
Unconsolidated resorts		116,708			673			—			—		117,381
Management and other operations		14,114			267			—			1,936		16,317
		477,018			3,988			1,589			189,438		672,033
Stock compensation		(7,579	)		—			—			—		(7,579	)
Corporate		(74,335	)		11,883			—			16,974		(45,478	)
	$	395,104		$	15,871		$	1,589		$	206,412	$	618,976

	Three Months Ended March 31, 2014
				Preopening		Property			Depreciation
	Operating			and Start-up		Transactions,			and		Adjusted
	Income (Loss)			Expenses		Net			Amortization		EBITDA
	(In thousands)
Bellagio	$	81,851		$	—	$	(21	)	$	23,319	$	105,149
MGM Grand Las Vegas		40,932			197		(8	)		21,112		62,233
Mandalay Bay		34,411			802		(2	)		20,789		56,000
The Mirage		22,592			—		147			12,680		35,419
Luxor		8,807			3		(1	)		9,169		17,978
New York-New York		20,887			55		244			4,441		25,627
Excalibur		15,455			—		(1	)		3,436		18,890
Monte Carlo		14,014			915		3			4,963		19,895
Circus Circus Las Vegas		1,537			—		(11	)		3,783		5,309
MGM Grand Detroit		27,654			—		—			5,712		33,366
Beau Rivage		8,166			—		—			6,475		14,641
Gold Strike Tunica		6,365			—		—			3,202		9,567
Other resort operations		(1,769	)		—		—			541		(1,228	)
Wholly owned domestic resorts		280,902			1,972		350			119,622		402,846
MGM China		164,589			2,408		(104	)		73,832		240,725
Unconsolidated resorts		22,596			19		—			—		22,615
Management and other operations		16,961			—		—			2,891		19,852
		485,048			4,399		246			196,345		686,038
Stock compensation		(6,699	)		—		—			—		(6,699	)
Corporate		(61,877	)		1,237		312			11,310		(49,018	)
	$	416,472		$	5,636	$	558		$	207,655	$	630,321

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Liquidity and Capital Resources

Cash Flows

Our cash and cash equivalents balance at March 31, 2015 was $2.2 billion, which included $469 million at MGM China.

Operating activities. Trends in our operating cash flows tend to follow trends in operating income, excluding non-cash charges, but can be affected by changes in working capital, the timing of significant tax payments or refunds, and by earnings and distributions from unconsolidated affiliates. Cash provided by operating activities was $176 million for the three months ended March 31, 2015, compared to cash provided by operating activities of $291 million in the prior year period. Operating cash flows decreased primarily as a result of a decrease at MGM China in the current year period.  Operating cash flows related to MGM China were $79 million for the three months ended March 31, 2015, compared to $160 million in the prior year period. In the three months ended March 31, 2015 operating cash flows were also negatively affected due to an increase in interest payments.

Investing activities. We made capital expenditures of $292 million for the three months ended March 31, 2015, of which $146 million related to MGM China, excluding development fees eliminated in consolidation. Capital expenditures at MGM China included $132 million related to the construction of MGM Cotai and $14 million related to improvements at MGM Macau. Capital expenditures at our wholly owned domestic resorts and corporate entities of $146 million included $37 million and $17 million related to the construction of MGM National Harbor and MGM Springfield, respectively, various room remodels including the tower rooms at Mandalay Bay and the suites at Bellagio, construction of additional exhibit space at the Mandalay Bay Convention Center, construction of The Park entertainment district, a remodel of the facades of New York-New York and Monte Carlo, and restaurant and entertainment venue remodels.

We had capital expenditures of $193 million for the three months ended March 31, 2014, of which $120 million related to MGM China.  Capital expenditures at MGM China included $110 million related to the construction of MGM Cotai.  Capital expenditures at our wholly owned domestic resorts included expenditures for a remodel of the front facades of New York-New York and Monte Carlo, a gaming salon remodel and a marquee replacement.

For the three months ended March 31, 2015 and 2014, investments in and advances to unconsolidated affiliates primarily represented investments in CityCenter pursuant to the completion guarantee. For the three months ended March 31, 2015, investing activities also included $570 million related to the maturity of certificates of deposit with original maturities longer than 90 days.  For the three months ended March 31, 2014, investing activities included activity related to the investment of funds held by the trust that held our 50% ownership in Borgata prior to its dissolution in September 2014.

Financing activities. MGM China paid a $400 million dividend in March 2015, of which $196 million was distributed to noncontrolling interests. MGM China paid a $499 million dividend in March 2014, of which $245 million was distributed to noncontrolling interests.

In the three months ended March 31, 2015, we borrowed net debt of $392 million, including $400 million of borrowings under the MGM Grand Paradise credit facility. During the three months ended March 31, 2014, we repaid net debt of $516 million, which included the repayment of the $509 million 5.875% senior notes at maturity on February 27, 2014.

Other Factors Affecting Liquidity

Anticipated uses of cash. We have significant outstanding debt and contractual obligations in addition to planned capital expenditures. At March 31, 2015, we had $14.6 billion of indebtedness, including $2.7 billion of borrowings outstanding under our $3.9 billion senior credit facility and $953 million outstanding under the $2.0 billion MGM China credit facility. We have an estimated $820 million of cash interest payments based on current outstanding debt and applicable interest rates within the next twelve months. In April 2015 substantially all of our $1.45 billion 4.25% convertible senior notes were converted into shares of our common stock.  We expect to meet our current debt maturities and planned capital expenditure requirements with future anticipated operating cash flows, cash and cash equivalents, and available borrowings under our senior credit facility.

In addition, we expect to make capital investments as described below during the full year 2015. See “Executive Overview” for further information regarding the scope and timing of our significant development projects.

· $430 million in capital expenditures at our wholly owned domestic resorts and corporate entities, excluding MGM National Harbor and MGM Springfield;

· $390 million in capital expenditures, including land costs, related to the MGM National Harbor project;

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· $95 million in capital expenditures, including land costs, related to MGM Springfield; and

· $50 million investment in our Las Vegas Arena project.

During the full year 2015, MGM China expects to spend approximately $75 million in capital improvements at MGM Macau and $1.1 billion on the MGM Cotai project, excluding capitalized interest and land.

Our capital expenditures fluctuate depending on our decisions with respect to strategic capital investments in new or existing resorts and the timing of capital investments to maintain the quality of our resorts, the amounts of which can vary depending on timing of larger remodel projects related to our public spaces and hotel rooms. Future capital expenditures could vary from our current expectations depending on the progress of our development efforts and the structure of our ownership interests in future developments.

Cotai land concession. MGM Grand Paradise’s land concession contract for an approximate 18 acre site in Cotai, Macau became effective on January 9, 2013 and has an initial term of 25 years. The total land premium payable to the Macau government for the land concession contract is $161 million and is composed of a down payment and eight additional semi-annual payments. As of March 31, 2015, MGM China had paid $115 million of the contract premium, including interest due on the semi-annual payments. Including interest on the four remaining semi-annual payments, MGM China has approximately $59 million remaining payable for the land concession contract.

Critical Accounting Policies and Estimates

A complete discussion of our critical accounting policies and estimates is included in our Form 10-K for the fiscal year ended December 31, 2014. There have been no significant changes in our critical accounting policies and estimates since year end.

Market Risk

In addition to the inherent risks associated with our normal operations, we are also exposed to additional market risks. Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates and foreign currency exchange rates. Our primary exposure to market risk is interest rate risk associated with our variable rate long-term debt. We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed-rate borrowings and short-term borrowings under our bank credit facilities. A change in interest rates generally does not have an impact upon our future earnings and cash flow for fixed-rate debt instruments. As fixed-rate debt matures, however, and if additional debt is acquired to fund the debt repayment, future earnings and cash flow may be affected by changes in interest rates. This effect would be realized in the periods subsequent to the periods when the debt matures. We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions.

As of March 31, 2015, variable rate borrowings represented 25% of our total borrowings. Assuming a 100 basis-point increase in LIBOR (in the case of the term loan B facility, over the 1% floor specified in our senior credit facility), our annual interest cost would increase by $27 million based on gross amounts outstanding at March 31, 2015. Assuming a 100 basis-point increase in HIBOR for the MGM Grand Paradise credit facility, our annual interest cost would increase by $10 million based on amounts outstanding at March 31, 2015. The following table provides additional information about our gross long-term debt subject to changes in interest rates:

																						Fair Value
	Debt maturing in																					March 31,
	2015			2016			2017			2018			2019			Thereafter			Total			2015
	(In millions)
Fixed-rate	$	2,325		$	1,476		$	743		$	475		$	850		$	5,005		$	10,874		$	11,760
Average interest rate		5.1	%		8.2	%		7.6	%		11.4	%		8.6	%		6.6	%		6.9	%
Variable rate	$	28		$	166		$	1,838		$	18		$	1,641		$	—		$	3,691		$	3,685
Average interest rate		3.3	%		2.2	%		2.5	%		3.5	%		3.5	%	N/A				2.9	%

In addition to the risk associated with our variable interest rate debt, we are also exposed to risks related to changes in foreign currency exchange rates, mainly related to MGM China and to our operations at MGM Macau and the development of MGM Cotai. While recent fluctuations in exchange rates have not been significant, potential changes in policy by governments or fluctuations in the economies of the United States, Macau or Hong Kong could cause variability in these exchange rates. As of March 31, 2015, a 1% increase in the Hong Kong dollar (the functional currency of MGM China) to the U.S. dollar exchange rate would impact the carrying

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value of our cash balance by $5 million and a 1% decrease in the exchange rate would impact the carrying value of our debt balance by $10 million.

Cautionary Statement Concerning Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “will,” “may” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding expected market growth in Macau, our ability to generate significant cash flow, amounts we will spend in capital expenditures and investments, the opening of strategic resort developments, the estimated costs and components associated with those developments, dividends we will receive from MGM China or CityCenter and amounts projected to be realized as deferred tax assets. The foregoing is not a complete list of all forward-looking statements we make.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Therefore, we caution you against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market, and regulatory conditions and the following:

· our substantial indebtedness and significant financial commitments could adversely affect our development options and financial results and impact our ability to satisfy our obligations;

· current and future economic and credit market conditions could adversely affect our ability to service or refinance our indebtedness and to make planned expenditures and investments;

· restrictions and limitations in the agreements governing our senior credit facility and other senior indebtedness could significantly affect our ability to operate our business, as well as significantly affect our liquidity;

· significant competition we face with respect to destination travel locations generally and with respect to our peers in the industries in which we compete;

· the fact that our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations could adversely affect our business;

· the impact on our business of economic and market conditions in the markets in which we operate and in the locations in which our customers reside;

· restrictions on our ability to have any interest or involvement in gaming business in China, Macau, Hong Kong and Taiwan, other than through MGM China;

· the ability of the Macau government to terminate MGM Grand Paradise’s gaming subconcession under certain circumstances without compensating MGM Grand Paradise or refuse to grant MGM Grand Paradise an extension of the subconcession, which is scheduled to expire on March 31, 2020;

· our ability to build and open our development in Cotai by January 2018;

· the dependence of MGM Macau upon gaming promoters for a significant portion of gaming revenues in Macau;

· our ability to recognize our foreign tax credit deferred asset and the variability of the valuation allowance we may apply against such deferred tax asset;

· extreme weather conditions or climate change may cause property damage or interrupt business;

· the concentration of a majority of our major gaming resorts on the Las Vegas Strip;

· the fact that we extend credit to a large portion of our customers and we may not be able to collect gaming receivables;

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· the potential occurrence of impairments to goodwill, indefinite-lived intangible assets or long-lived assets which could negatively affect future profits;

· the susceptibility of leisure and business travel, especially travel by air, to global geopolitical events, such as terrorist attacks or acts of war or hostility, and to disease epidemics;

· the fact that co-investing in properties, including our investment in CityCenter, decreases our ability to manage risk;

· the fact that future construction or development projects will be susceptible to substantial development and construction risks;

· the fact that our insurance coverage may not be adequate to cover all possible losses that our properties could suffer, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future;

· the fact that CityCenter has decided to abate the potential for structural collapse of the Harmon Hotel & Spa (the “Harmon”) in the event of a code-level earthquake by demolishing the building, which exposes us to risks in connection with the demolition process;

· the fact that a failure to protect our trademarks could have a negative impact on the value of our brand names and adversely affect our business;

· the risks associated with doing business outside of the United States and the impact of any potential violations of the Foreign Corrupt Practices Act or other similar anti-corruption laws;

· risks related to pending claims that have been, or future claims that may be brought against us;

· the fact that a significant portion of our labor force is covered by collective bargaining agreements;

· the sensitivity of our business to energy prices and a rise in energy prices could harm our operating results;

· the potential that failure to maintain the integrity of our computer systems and internal customer information could result in damage of reputation and/or subject us to fines, payment of damages, lawsuits or other restrictions on our use or transfer of data;

· increases in gaming taxes and fees in the jurisdictions in which we operate; and

· the potential for conflicts of interest to arise because certain of our directors and officers are also directors of MGM China, which is now a publicly traded company listed on the Hong Kong Stock Exchange.

Any forward-looking statement made by us in this Form 10-Q speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. If we update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

You should also be aware that while we from time to time communicate with securities analysts, we do not disclose to them any material non-public information, internal forecasts or other confidential business information. Therefore, you should not assume that we agree with any statement or report issued by any analyst, irrespective of the content of the statement or report. To the extent that reports issued by securities analysts contain projections, forecasts or opinions, those reports are not our responsibility and are not endorsed by us.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We incorporate by reference the information appearing under “Market Risk” in Part I, Item 2 of this Form 10-Q.

Item 4. Controls and Procedures

Our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have concluded that our disclosure controls and procedures (as such term is defined in Rules 13(a)-15(e) and 15d-15(e) under the Exchange

32

Act) were effective as of March 31, 2015 to provide reasonable assurance that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and regulations and to provide that such information is accumulated and communicated to management to allow timely decisions regarding required disclosures. This conclusion is based on an evaluation as required by Rule 13a-15(b) under the Exchange Act conducted under the supervision and participation of the principal executive officer and principal financial officer along with company management.

During the quarter ended March 31, 2015, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II. OTHER INFORMATION

Item 1. Legal Proceedings

Shareholder litigation.Adolf  Stumpf and RoseMarie Stumpf as trustees for the Christine Stumpf Trust v. MGM Resorts International, et al. (Case No. 10262, filed October 21, 2014, Court of Chancery of the State of Delaware), and Pontiac General Employees Retirement System v. Robert H. Baldwin, et al. (Case No. 10290, filed October 28, 2014, Court of Chancery of the State of Delaware).  The Stumpf action names as defendants the Company, members of its Board of Directors, and Bank of America Corporation (“Bank of America”). The Pontiac General action names members of the Company’s Board of Directors and Bank of America as defendants.  Plaintiffs in both actions allege that they are Company stockholders and that they are each acting on behalf of a class including all other Company stockholders.  In the alternative, plaintiff in the Pontiac General action alleges that it claims derivatively on behalf of the Company. Plaintiffs in both actions allege that the Company’s directors breached their fiduciary duties by unjustifiably approving the Company’s Amended and Restated Credit Agreement dated as of December 20, 2012 (the “Credit Agreement” or “Agreement”), which contains what plaintiffs call a “Dead Hand Proxy Put” change of control provision. Plaintiffs in both actions assert that this provision permits Bank of America, as administrative agent under the Credit Agreement, to declare a default, and accelerate payment of all outstanding debt and interest thereunder, in the event of a change of control (i.e., replacement of a majority of the directors by an actual or threatened proxy fight or consent solicitation) under circumstances specified in the Agreement. Plaintiffs in both actions claim that this provision has a coercive effect on stockholder voting for change on the board of directors, and entrenches the Company’s incumbent directors. Both complaints further allege that Bank of America aided and abetted the defendant directors in their alleged breach of fiduciary duties. The Pontiac General complaint seeks a declaration that demands the Board of Directors to invalidate the challenged change of control provision would be futile. Both complaints seek a declaratory judgment that the Company’s directors breached their fiduciary duties, that Bank of America aided and abetted this breach, and that the challenged change of control provision is invalid, unenforceable, and severable; a permanent injunction against enforcement of the challenged provision by Bank of America; and attorneys’ fees and other costs.

Both of these actions were consolidated under the caption In re MGM Resorts International Litigation (Case No. 10290).  Plaintiffs designated the complaint in the Pontiac General action as their operative complaint and agreed to a voluntary dismissal of three directors named in the Stumpf complaint but not the Pontiac General complaint – Mary Chris Gay, William W. Grounds and Gregory M. Spierkel. In December 2014 plaintiffs and the Company agreed to extend deadlines for answers or motions to dismiss the complaint until January 9, 2015. In January 2015 plaintiffs and defendants agreed to extend deadlines for answers to the complaint and objections and responses to plaintiffs’ written document requests until April 7, 2015 to allow the Company and Bank of America to pursue amendment of the Credit Agreement in the second quarter of 2015 in a manner that would moot the action. In our about March 2015, plaintiffs and defendants agreed to an additional extension of the deadline to answer the complaint until April 29, 2015 to permit continued discussions of amendment of the Credit Agreement. On April 28, 2015, the Company informed the Court that it had reached agreement with Bank of America to remove the entirety of the provision challenged by plaintiffs from the Credit Agreement, that plaintiffs’ lawsuit would be mooted once the amendment was approved by a majority of the Company’s lenders under the Credit Agreement, and that Bank of America had commenced the solicitation of those lenders. On April 29, 2015, defendants answered the complaint, denying all allegations of wrongdoing. On May 4, 2015 the Company received approval from a majority of its lenders and executed the amendment to the Credit Agreement. Plaintiffs have informed the Company’s counsel that in the event their claims are mooted plaintiffs will seek an award of attorneys’ fees.

In 2009 various shareholders filed six lawsuits in Nevada federal and state court against the Company and various of its former and current directors and officers alleging federal securities laws violations and/or related breaches of fiduciary duties in connection with statements allegedly made by the defendants during the period August 2007 through the date of such lawsuit filings in 2009 (the “class period”). In general, the lawsuits assert the same or similar allegations, including that during the relevant period defendants artificially inflated the Company’s common stock price by knowingly making materially false and misleading statements and omissions to the investing public about the Company’s financial statements and condition, operations, CityCenter, and the intrinsic value of the Company’s common stock; that these alleged misstatements and omissions thereby enabled certain Company insiders to derive personal profit from the sale of Company common stock to the public; that defendants caused plaintiffs and other shareholders to purchase Company common stock at artificially inflated prices; and that defendants imprudently implemented a share repurchase program to the detriment of the Company. The lawsuits seek unspecified compensatory damages, restitution and disgorgement of alleged profits and/or attorneys’ fees and costs in amounts to be proven at trial, as well as injunctive relief related to corporate governance. Only two of these lawsuits remain pending.  

The lawsuits are:

In re MGM MIRAGE Securities Litigation, Case No. 2:09-cv-01558-GMN-LRL.  In November 2009, the U.S. District Court for Nevada consolidated the Robert Lowinger v. MGM MIRAGE, et al. (Case No. 2:09-cv-01558-RCL-LRL, filed August 19, 2009) and Khachatur Hovhannisyan v. MGM MIRAGE, et al. (Case No. 2:09-cv-02011-LRH-RJJ, filed October 19, 2009) putative class actions under the caption "In re MGM MIRAGE Securities Litigation." The cases name the Company and certain former and current directors

34

and officers as defendants and allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.  After transfer of the cases in 2010 to the Honorable Gloria M. Navarro, the court appointed several employee retirement benefits funds as co-lead plaintiffs and their counsel as co-lead and co-liaison counsel.  In January 2011, lead plaintiffs filed a consolidated amended complaint, alleging that between August 2, 2007 and March 5, 2009, the Company, its directors and certain of its officers violated Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder.  

In September 2013, the court denied defendants’ motion to dismiss plaintiffs’ amended complaint. Defendants answered the amended complaint, the court entered a scheduling order and discovery is proceeding. Plaintiffs filed a motion for class certification in November 2014.  Defendants filed their opposition to class certification in February 2015. The court heard oral argument on the class certification motion on April 21, 2015 and took the matter under advisement. No trial date has been set in this case.  

We and all other defendants will continue to vigorously defend against the claims asserted in these securities cases.

Other. We and our subsidiaries are also defendants in various other lawsuits, most of which relate to routine matters incidental to our business. We do not believe that the outcome of such pending litigation, considered in the aggregate, will have a material adverse effect on the Company.

Item 1A. Risk Factors

A description of certain factors that may affect our future results and risk factors is set forth in our Annual Report on Form 10-K for the year ended December 31, 2014. There have been no material changes to those factors for the three months ended March 31, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 6. Exhibits

3.1	Amended and Restated Bylaws of MGM Resorts International, effective March 19, 2015 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 25, 2015).
10.1	Employment Agreement, executed as of January 12, 2015, by and between the Company and Robert H. Baldwin (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 13, 2015).
31.1	Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).
31.2	Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a).
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350.
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.
101	The following information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 formatted in eXtensible Business Reporting Language: (i) Consolidated Balance Sheets at March 31, 2015 (unaudited) and December 31, 2014 (audited); (ii) Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014; (iii) Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014; (iv) Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014; and (v) Condensed Notes to the Unaudited Consolidated Financial Statements.

35

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MGM Resorts International
Date: May 7, 2015	By:	/s/ JAMES J. MURREN
		James J. Murren
		Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
Date: May 7, 2015		/s/ DANIEL J. D’ARRIGO
		Daniel J. D’Arrigo
		Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)

36

EX-31.1

Exhibit 31.1

CERTIFICATION

I, James J. Murren, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MGM Resorts International;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 7, 2015

/s/ JAMES J. MURREN

James J. Murren

Chairman of the Board and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Daniel J. D’Arrigo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MGM Resorts International;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 7, 2015

/s/ DANIEL J. D’ARRIGO

Daniel J. D’Arrigo

Executive Vice President, Chief Financial Officer and
Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of MGM Resorts International (the “Company”) on Form 10-Q for the period ending March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James J. Murren, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ JAMES J. MURREN

James J. Murren

Chairman of the Board and Chief Executive Officer

May 7, 2015

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

In connection with the Quarterly Report of MGM Resorts International (the “Company”) on Form 10-Q for the period ending March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel J. D’Arrigo, Executive Vice President, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ DANIEL J. D’ARRIGO

Daniel J. D’Arrigo

Executive Vice President, Chief Financial Officer and Treasurer

May 7, 2015

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	0 Months Ended	3 Months Ended
	Jan. 09, 2013 Payments	Mar. 31, 2015 Payments
Senior credit facility [Member]
Loss Contingencies [Line Items]
Letter of credit outstanding		$ 52
Letters of credit [Member] | Senior credit facility [Member]
Loss Contingencies [Line Items]
Amount that can be issued		500
MGM Resorts International [Member] | Completion guarantee [Member]
Loss Contingencies [Line Items]
Amount funded under completion guarantee		888
MGM Grand Paradise, S.A. [Member] | Cotai land concession contract [Member]
Loss Contingencies [Line Items]
Initial term of contract	25 years
Payable for land concession contract	161
Number of semi-annual payments	8
MGM Grand Paradise, S.A. [Member] | Macau [Member] | Cotai land concession contract [Member]
Loss Contingencies [Line Items]
Area of development site (in acres)		18
MGM China [Member] | Cotai land concession contract [Member]
Loss Contingencies [Line Items]
Payable for land concession contract		59
Number of semi-annual payments		4
Contract premium, recorded within other long-term assets		115
MGM China [Member] | Guarantee Type, Other | Senior credit facility [Member]
Loss Contingencies [Line Items]
Letter of credit outstanding		39
Las Vegas Arena Company, LLC [Member]
Loss Contingencies [Line Items]
Payments to acquire equity method investments		113
Las Vegas Arena Company, LLC [Member] | Maximum [Member] | Anschutz Entertainment Group, Inc [Member]
Loss Contingencies [Line Items]
Other commitment for construction		175
Las Vegas Arena Company, LLC [Member] | Term Loan B Facility [Member]
Loss Contingencies [Line Items]
Repayment guarantee		75
M G M Grand Paradise Senior Credit Facility | Letters of credit [Member] | Senior credit facility [Member] | Standby Letters of Credit
Loss Contingencies [Line Items]
Amount that can be issued		100
MGM Springfield [Member]
Loss Contingencies [Line Items]
Surety bond		$ 52

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	$ 2,956,607	$ 3,027,160
Property and equipment, net	14,561,951	14,441,542
Investments in and advances to unconsolidated affiliates	1,661,444	1,559,034
Other non-current assets	7,618,445	7,674,775
Total assets	26,798,447	26,702,511
Current liabilities	1,895,761	3,407,925
Deferred income taxes, net	2,547,150	2,621,860
Long-term debt	14,551,810	12,913,882
Other long-term obligations	150,691	130,570
Total liabilities	19,145,412	19,074,237
MGM Resorts stockholders' equity	4,273,118	4,090,917
Noncontrolling interests	3,379,917	3,537,357
Total stockholders' equity	7,653,035	7,628,274
Total liabilities and stockholders' equity	26,798,447	26,702,511
Parent [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	1,206,649	1,390,806
Investments in subsidiaries	20,727,345	20,430,160
Other non-current assets	134,077	141,035
Total assets	22,068,071	21,962,001
Current liabilities	270,376	1,680,319
Intercompany accounts	2,103,314	1,932,780
Deferred income taxes, net	2,238,007	2,312,828
Long-term debt	13,145,313	11,907,534
Other long-term obligations	37,943	37,623
Total liabilities	17,794,953	17,871,084
MGM Resorts stockholders' equity	4,273,118	4,090,917
Total stockholders' equity	4,273,118	4,090,917
Total liabilities and stockholders' equity	22,068,071	21,962,001
Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	861,068	868,688
Property and equipment, net	12,425,331	12,445,086
Investments in subsidiaries	3,916,769	3,896,365
Investments in and advances to unconsolidated affiliates	1,628,720	1,526,446
Intercompany accounts	2,389,327	2,175,091
Other non-current assets	429,070	414,801
Total assets	21,650,285	21,326,477
Current liabilities	958,446	953,179
Long-term debt	4,837	4,837
Other long-term obligations	70,525	58,016
Total liabilities	1,033,808	1,016,032
MGM Resorts stockholders' equity	20,616,477	20,310,445
Total stockholders' equity	20,616,477	20,310,445
Total liabilities and stockholders' equity	21,650,285	21,326,477
Non-Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	889,268	768,335
Property and equipment, net	2,148,592	2,008,428
Investments in and advances to unconsolidated affiliates	7,724	7,588
Other non-current assets	7,055,298	7,118,939
Total assets	10,100,882	9,903,290
Current liabilities	667,317	775,097
Intercompany accounts	286,013	242,311
Deferred income taxes, net	309,143	309,032
Long-term debt	1,401,660	1,001,511
Other long-term obligations	42,223	34,931
Total liabilities	2,706,356	2,362,882
MGM Resorts stockholders' equity	4,014,609	4,003,051
Noncontrolling interests	3,379,917	3,537,357
Total stockholders' equity	7,394,526	7,540,408
Total liabilities and stockholders' equity	10,100,882	9,903,290
Elimination [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	(378)	(669)
Property and equipment, net	(11,972)	(11,972)
Investments in subsidiaries	(24,644,114)	(24,326,525)
Investments in and advances to unconsolidated affiliates	25,000	25,000
Intercompany accounts	(2,389,327)	(2,175,091)
Total assets	(27,020,791)	(26,489,257)
Current liabilities	(378)	(670)
Intercompany accounts	(2,389,327)	(2,175,091)
Total liabilities	(2,389,705)	(2,175,761)
MGM Resorts stockholders' equity	(24,631,086)	(24,313,496)
Total stockholders' equity	(24,631,086)	(24,313,496)
Total liabilities and stockholders' equity	$ (27,020,791)	$ (26,489,257)

XML

Stock-Based Compensation - Summary of Bonus Performance Share Units Activity (Detail) (Omnibus Plan [Member], Bonus PSUs [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Omnibus Plan [Member] | Bonus PSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested at the beginning of the period (in shares)	265
Granted (in shares)	229
Nonvested at the end of the period (in shares)	494
Outstanding at the beginning of period, Weighted Average Target Price (in dollars per share)	$ 31.72
Granted, Weighted Average Target Price (in dollars per share)	$ 25.91
Outstanding at the end of period, Weighted Average Target Price (in dollars per share)	$ 29.03

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Condensed Income Statements Captions [Line Items]
Net Revenues	$ 2,332,244	$ 2,630,398
Expenses
Casino and hotel operations	1,452,120	1,650,095
General and administrative	328,173	319,246
Corporate expense	50,356	53,351
Preopening and start-up expenses	15,871	5,636
Property transactions, net	1,589	558
Depreciation and amortization	206,412	207,655
Total expenses	2,054,521	2,236,541
Income from unconsolidated affiliates	117,381	22,615
Operating income (loss)	395,104	416,472
Interest expense, net of amounts capitalized	(216,262)	(209,387)
Other, net	(22,501)	(23,649)
Income before income taxes	156,341	183,436
Benefit for income taxes	56,305	2,664
Net income	212,646	186,100
Less: Net income attributable to noncontrolling interests	(42,796)	(83,448)
Net income attributable to MGM Resorts International	169,850	102,652
Net income (loss)	212,646	186,100
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	2,476	(2,760)
Other	(672)	1,250
Other comprehensive income (loss)	1,804	(1,510)
Comprehensive income	214,450	184,590
Less: Comprehensive income attributable to noncontrolling interests	(44,011)	(82,205)
Comprehensive income attributable to MGM Resorts International	170,439	102,385
Elimination [Member]
Condensed Income Statements Captions [Line Items]
Net Revenues	(723)	(593)
Equity in subsidiaries' earnings	(372,732)	(395,687)
Expenses
Casino and hotel operations	(723)	(593)
Total expenses	(723)	(593)
Operating income (loss)	(372,732)	(395,687)
Income before income taxes	(372,732)	(395,687)
Net income	(372,732)	(395,687)
Net income attributable to MGM Resorts International	(372,732)	(395,687)
Net income (loss)	(372,732)	(395,687)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(2,522)	3,034
Other	672	(1,250)
Other comprehensive income (loss)	(1,850)	1,784
Comprehensive income	(374,582)	(393,903)
Comprehensive income attributable to MGM Resorts International	(374,582)	(393,903)
Parent [Member]
Condensed Income Statements Captions [Line Items]
Equity in subsidiaries' earnings	327,766	302,318
Expenses
Casino and hotel operations	1,500	1,254
General and administrative	1,201	1,112
Corporate expense	15,516	16,739
Total expenses	18,217	19,105
Operating income (loss)	309,549	283,213
Interest expense, net of amounts capitalized	(211,077)	(200,897)
Other, net	12,879	18,590
Income before income taxes	111,351	100,906
Benefit for income taxes	58,499	1,746
Net income	169,850	102,652
Net income attributable to MGM Resorts International	169,850	102,652
Net income (loss)	169,850	102,652
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	1,261	(1,517)
Other	(672)	1,250
Other comprehensive income (loss)	589	(267)
Comprehensive income	170,439	102,385
Comprehensive income attributable to MGM Resorts International	170,439	102,385
Guarantor Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Net Revenues	1,569,282	1,556,329
Equity in subsidiaries' earnings	44,966	93,369
Expenses
Casino and hotel operations	937,439	921,974
General and administrative	269,554	260,640
Corporate expense	35,204	33,586
Preopening and start-up expenses	917	1,991
Property transactions, net	1,257	494
Depreciation and amortization	127,818	128,075
Total expenses	1,372,189	1,346,760
Income from unconsolidated affiliates	117,265	22,562
Operating income (loss)	359,324	325,500
Interest expense, net of amounts capitalized	(288)	(104)
Other, net	(20,738)	(22,855)
Income before income taxes	338,298	302,541
Benefit for income taxes	(1,686)	1,641
Net income	336,612	304,182
Net income attributable to MGM Resorts International	336,612	304,182
Net income (loss)	336,612	304,182
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	1,261	(1,517)
Other	(672)	1,250
Other comprehensive income (loss)	589	(267)
Comprehensive income	337,201	303,915
Comprehensive income attributable to MGM Resorts International	337,201	303,915
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Net Revenues	763,685	1,074,662
Expenses
Casino and hotel operations	513,904	727,460
General and administrative	57,418	57,494
Corporate expense	(364)	3,026
Preopening and start-up expenses	14,954	3,645
Property transactions, net	332	64
Depreciation and amortization	78,594	79,580
Total expenses	664,838	871,269
Income from unconsolidated affiliates	116	53
Operating income (loss)	98,963	203,446
Interest expense, net of amounts capitalized	(4,897)	(8,386)
Other, net	(14,642)	(19,384)
Income before income taxes	79,424	175,676
Benefit for income taxes	(508)	(723)
Net income	78,916	174,953
Less: Net income attributable to noncontrolling interests	(42,796)	(83,448)
Net income attributable to MGM Resorts International	36,120	91,505
Net income (loss)	78,916	174,953
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	2,476	(2,760)
Other comprehensive income (loss)	2,476	(2,760)
Comprehensive income	81,392	172,193
Less: Comprehensive income attributable to noncontrolling interests	(44,011)	(82,205)
Comprehensive income attributable to MGM Resorts International	$ 37,381	$ 89,988

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Stock-Based Compensation - Summary of Stock Options and Stock Appreciation Rights Activity (Detail) (Omnibus Plan [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Omnibus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at the beginning of the period (in shares)	16,176
Granted (in shares)	12
Exercised (in shares)	(163)
Forfeited or expired (in shares)	(856)
Outstanding at the end of the period (in shares)	15,169
Exercisable at the end of the period (in shares)	9,824
Outstanding at the beginning of the period (in dollars per share)	$ 15.27
Granted (in dollars per share)	$ 20.03
Exercised (in dollars per share)	$ 14.10
Forfeited or expired (in dollars per share)	$ 35.27
Outstanding at the end of the period (in dollars per share)	$ 14.20
Exercisable at the end of the period (in dollars per share)	$ 12.34

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Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) (CityCenter Holdings, LLC [Member], USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
CityCenter Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 666,600	$ 561,904
Property and other assets, net	7,830,931	7,883,709
Current liabilities	255,659	508,168
Long-term debt and other long-term obligations	1,553,008	1,552,913
Equity	$ 6,688,864	$ 6,384,532

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables present the Company’s segment information:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Net Revenues
Wholly owned domestic resorts	$	1,577,895		$	1,570,234
MGM China		630,087			941,448
Reportable segment net revenues		2,207,982			2,511,682
Corporate and other		124,262			118,716
	$	2,332,244		$	2,630,398
Adjusted Property EBITDA
Wholly owned domestic resorts	$	389,879		$	402,846
MGM China		148,456			240,725
Reportable segment Adjusted Property EBITDA		538,335			643,571
Other operating income (expense)
Corporate and other, net		80,641			(13,250	)
Preopening and start-up expenses		(15,871	)		(5,636	)
Property transactions, net		(1,589	)		(558	)
Depreciation and amortization		(206,412	)		(207,655	)
Operating income		395,104			416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized		(216,262	)		(209,387	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
Other, net		(3,490	)		(1,434	)
		(238,763	)		(233,036	)
Income before income taxes		156,341			183,436
Benefit for income taxes		56,305			2,664
Net income		212,646			186,100
Less: Net income attributable to noncontrolling interests		(42,796	)		(83,448	)
Net income attributable to MGM Resorts International	$	169,850		$	102,652

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Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	$ 10,702	$ 8,463
Less: Reimbursed costs and capitalized cost	(290)	(268)
Compensation cost after reimbursed costs and capitalized cost	10,412	8,195
Less: Related tax benefit	(2,634)	(2,317)
Compensation cost, net of tax benefit	7,778	5,878
Omnibus Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	7,942	7,002
MGM China Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	$ 2,760	$ 1,461

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Stockholders' Equity - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015
Stockholders Equity Note [Line Items]
Distributions to noncontrolling interest owners	$ 202,624,000	$ 247,140,000
MGM China [Member]
Stockholders Equity Note [Line Items]
Dividend remained within the consolidated entity			204,000,000	254,000,000
Distributions to noncontrolling interest owners			196,000,000	245,000,000
MGM China [Member] | Special Dividend [Member]
Stockholders Equity Note [Line Items]
Dividends paid			400,000,000	499,000,000
MGM China [Member] | Final Dividend [Member]
Stockholders Equity Note [Line Items]
Dividends recommended					$ 120,000,000

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Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Apr. 30, 2010
Term Loans [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 550.0
Term Loans [Member] | Senior credit facility [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	2,737.0	2,744.0
4.25% convertible senior notes, due 2015, net [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	1,450.0	1,450.0	1,150.0
Long-term debt, interest rate (as a percent)	4.25%	4.25%
Long-term debt, maturity year	2015	2015
6.625% senior notes, due 2015, net [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	875.0	875.0
Long-term debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt, maturity year	2015	2015
6.875% senior notes, due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	242.9	242.9
Long-term debt, interest rate (as a percent)	6.875%	6.875%
Long-term debt, maturity year	2016	2016
7.5% senior notes, due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	732.7	732.7
Long-term debt, interest rate (as a percent)	7.50%	7.50%
Long-term debt, maturity year	2016	2016
10% senior notes, due 2016, net [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	500.0	500.0
Long-term debt, interest rate (as a percent)	10.00%	10.00%
Long-term debt, maturity year	2016	2016
7.625% senior notes, due 2017 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	743.0	743.0
Long-term debt, interest rate (as a percent)	7.625%	7.625%
Long-term debt, maturity year	2017	2017
11.375% senior notes, due 2018, net [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	475.0	475.0
Long-term debt, interest rate (as a percent)	11.375%	11.375%
Long-term debt, maturity year	2018	2018
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	850.0	850.0
Long-term debt, interest rate (as a percent)	8.625%	8.625%
Long-term debt, maturity year	2019	2019
5.25% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	500.0	500.0
Long-term debt, interest rate (as a percent)	5.25%	5.25%
Long-term debt, maturity year	2020	2020
6.75% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	1,000.0	1,000.0
Long-term debt, interest rate (as a percent)	6.75%	6.75%
Long-term debt, maturity year	2020	2020
6.625% senior notes, due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	1,250.0	1,250.0
Long-term debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt, maturity year	2021	2021
7.75% senior notes, due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	1,000.0	1,000.0
Long-term debt, interest rate (as a percent)	7.75%	7.75%
Long-term debt, maturity year	2022	2022
6% senior notes, due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	1,250.0	1,250.0
Long-term debt, interest rate (as a percent)	6.00%	6.00%
Long-term debt, maturity year	2023	2023
7% debentures, due 2036, net [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	0.6	0.6
Long-term debt, interest rate (as a percent)	7.00%	7.00%
Long-term debt, maturity year	2036	2036
6.7% debentures, due 2096 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 4.3	$ 4.3
Long-term debt, interest rate (as a percent)	6.70%	6.70%
Long-term debt, maturity year	2096	2096

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Segment Information - Schedule of Segment Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Net Revenues	$ 2,332,244	$ 2,630,398
Other operating income (expense)
Preopening and start-up expenses	(15,871)	(5,636)
Property transactions, net	(1,589)	(558)
Depreciation and amortization	(206,412)	(207,655)
Operating income	395,104	416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized	(216,262)	(209,387)
Non-operating items from unconsolidated affiliates	(19,011)	(22,215)
Other, net	(3,490)	(1,434)
Total non-operating income (expense)	(238,763)	(233,036)
Income before income taxes	156,341	183,436
Benefit for income taxes	56,305	2,664
Net income	212,646	186,100
Less: Net income attributable to noncontrolling interests	(42,796)	(83,448)
Net income attributable to MGM Resorts International	169,850	102,652
Reportable segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,207,982	2,511,682
Adjusted Property EBITDA	538,335	643,571
Reportable segments [Member] | Wholly Owned Domestic Resorts [Member]
Segment Reporting Information [Line Items]
Net Revenues	1,577,895	1,570,234
Adjusted Property EBITDA	389,879	402,846
Reportable segments [Member] | MGM China [Member]
Segment Reporting Information [Line Items]
Net Revenues	630,087	941,448
Adjusted Property EBITDA	148,456	240,725
Corporate and other [Member]
Segment Reporting Information [Line Items]
Net Revenues	124,262	118,716
Other operating income (expense)
Corporate and other, net	$ 80,641	$ (13,250)

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Stock-Based Compensation - Schedule of Restricted Stock Units and Performance Share Units Activity (Detail) (Omnibus Plan [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested at the beginning of the period (in shares)	1,358
Forfeited (in shares)	(15)
Nonvested at the end of the period (in shares)	1,343
Nonvested at the beginning of the period (in dollars per share)	$ 18.27
Forfeited (in dollars per share)	$ 18.08
Nonvested at the end of the period (in dollars per share)	$ 18.27
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Nonvested at the beginning of the period (in shares)		1,455
Nonvested at the end of the period (in shares)	1,455	1,455
Nonvested at the beginning of the period (in dollars per share)		$ 15.14
Nonvested at the end of the period (in dollars per share)	$ 15.14	$ 15.14
Nonvested at the beginning of period, Weighted Average Target Price (in dollars per share)		$ 20.48
Nonvested at the end of period, Weighted Average Target Price (in dollars per share)	$ 20.48	$ 20.48

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Assets Held For Sale

3 Months Ended

Mar. 31, 2015

Property Plant And Equipment Assets Held For Sale Disclosure [Abstract]

Assets Held for Sale

NOTE 3 — ASSETS HELD FOR SALE

On April 1, 2015, the Company closed the sale of Railroad Pass.  At closing, the Company received $8 million in cash proceeds. The assets and liabilities of Railroad Pass have been classified as held for sale as of March 31, 2015 and December 31, 2014. At March 31, 2015 and December 31, 2014, assets held for sale of $10 million and $9 million, respectively, comprised predominantly of property and equipment, are classified within “Prepaid expenses and other” and liabilities related to assets held for sale of $1 million and $2 million, respectively, comprised of accounts payable and other accrued liabilities, are classified within “Other accrued liabilities.”

On April 30, 2015, the Company closed the sale of Gold Strike and related assets in Jean, Nevada. At closing, the Company received $12 million in cash proceeds. The assets and liabilities of Gold Strike have been classified as held for sale as of March 31, 2015 and December 31, 2014.  Assets held for sale of $14 million, comprised predominantly of property and equipment, are classified within “Prepaid expenses and other” at both March 31, 2015 and December 31, 2014.  Liabilities related to assets held for sale of $2 million, comprised of accounts payable and other accrued liabilities, are classified within “Other accrued liabilities” at both March 31, 2015 and December 31, 2014.

Railroad Pass and Gold Strike have not been classified as discontinued operations because the Company has concluded that the sales will not have a major effect on the Company’s operations or its financial results and it does not represent a disposal of a major geographic segment or product line.

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Stockholders' Equity - Changes in Stockholders' Equity (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Increase (Decrease) in Stockholders' Equity
Balances	$ 7,628,274
Net income	212,646	186,100
Foreign currency translation adjustment	2,476	(2,760)
Other	(672)	1,250
Stock-based compensation	10,702
Change in excess tax benefit from stock-based compensation	(2,166)
Issuance of common stock pursuant to stock-based compensation awards	(294)
Cash distributions to noncontrolling interest owners	(202,803)
Issuance of performance share units	4,872
Balances	7,653,035
MGM Resorts Stockholders' Equity [Member]
Increase (Decrease) in Stockholders' Equity
Balances	4,090,917
Net income	169,850
Foreign currency translation adjustment	1,261
Other	(672)
Stock-based compensation	9,350
Change in excess tax benefit from stock-based compensation	(2,166)
Issuance of common stock pursuant to stock-based compensation awards	(294)
Issuance of performance share units	4,872
Balances	4,273,118
Non-controlling Interests [Member]
Increase (Decrease) in Stockholders' Equity
Balances	3,537,357
Net income	42,796
Foreign currency translation adjustment	1,215
Stock-based compensation	1,352
Cash distributions to noncontrolling interest owners	(202,803)
Balances	$ 3,379,917

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Assets Held for Sale - Additional Information (Detail) (Assets Held-for-sale [Member], USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Apr. 01, 2015	Apr. 30, 2015
Railroad Pass Hotel & Casino [Member]
Long Lived Assets Held For Sale [Line Items]
Assets held for sale	$ 10	$ 9
Liabilities held for sale	1	2
Gold Strike Hotel & Gambling Hall [Member]
Long Lived Assets Held For Sale [Line Items]
Assets held for sale	14	14
Liabilities held for sale	2	2
Subsequent Event [Member] | Railroad Pass Hotel & Casino [Member]
Long Lived Assets Held For Sale [Line Items]
Contingent upon regulatory approvals and other customary closing conditions			8
Subsequent Event [Member] | Gold Strike Hotel & Gambling Hall [Member]
Long Lived Assets Held For Sale [Line Items]
Contingent upon regulatory approvals and other customary closing conditions				$ 12

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Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2015
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Retroactive adjustments on net income (loss)		$ 6
Accrual for property and equipment	8
Construction retention accrued	28
Obligations under capital leases	16
Effective income tax rate	(36.00%)
Macau [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Special gaming tax rate	35.00%
Macau [Member] | MGM China [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Complementary tax rate (as a percent)	12.00%
Period exempted from complementary tax, second exemption period granted	5 years
Complementary tax exemption expiration date	Dec. 31, 2016
Third exemption period from complementary tax assumed based on third exemption period granted to a competitor	5 years
Tax credit carryforward, description	The Company’s current five-year exemption from the Macau 12% complementary tax on gaming profits ends on December 31, 2016, the Company believes it will be entitled to receive a third five-year exemption from Macau based upon exemptions granted to the Company’s competitors in order to ensure non-discriminatory treatment among gaming concessionaires and subconcessionaires. For all periods beyond December 31, 2021, the Company has assumed that it will be paying the Macau 12% complementary tax on gaming profits and will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset. Furthermore, the Company does not rely on future U.S source operating income in assessing future foreign tax credit realization due to its history of recent losses in the U.S. and therefore only relies on U.S. federal taxable temporary differences that it expects will reverse during the 10-year foreign tax credit carryover period.
Foreign tax credit carry forward expiration period	10 years
Macau [Member] | MGM China [Member] | Foreign Tax Authority [Member] | Scenario, Forecast [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Net deferred foreign tax credit asset			$ 252

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Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 175,648	$ 290,795
Cash flows from investing activities
Capital expenditures, net of construction payable	(292,329)	(192,751)
Dispositions of property and equipment	164	135
Investments in and advances to unconsolidated affiliates	(160,079)	(32,175)
Distributions from unconsolidated affiliates in excess of earnings	1,111	497
Investments in treasury securities - maturities longer than 90 days		(54,064)
Proceeds from treasury securities - maturities longer than 90 days		63,063
Cash deposits - original maturities longer than 90 days	570,000
Other	(2,070)	1,226
Net cash provided by (used in) investing activities	116,797	(214,069)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less	(1,318,626)	(1,735,125)
Borrowings under bank credit facilities – maturities longer than 90 days	1,710,625	1,728,125
Retirement of senior notes		(508,900)
Distributions to noncontrolling interest owners	(202,624)	(247,140)
Other	(152)	(1,648)
Net cash provided by (used in) financing activities	189,223	(764,688)
Effect of exchange rate on cash	704	(971)
Cash and cash equivalents
Net increase (decrease) for the period	482,372	(688,933)
Change in cash related to assets held for sale	(552)
Balance, beginning of period	1,713,715	1,803,669
Balance, end of period	2,195,535	1,114,736
Elimination [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities		25,000
Cash flows from investing activities
Investments in and advances to unconsolidated affiliates		(25,000)
Intercompany accounts	214,237	248,319
Net cash provided by (used in) investing activities	214,237	223,319
Cash flows from financing activities
Intercompany accounts	(214,237)	(248,319)
Net cash provided by (used in) financing activities	(214,237)	(248,319)
Parent [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	(217,074)	(186,046)
Cash flows from investing activities
Investments in and advances to unconsolidated affiliates	(140,732)	(5,200)
Cash deposits - original maturities longer than 90 days	570,000
Net cash provided by (used in) investing activities	429,268	(5,200)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less	(1,267,625)	(1,285,125)
Borrowings under bank credit facilities – maturities longer than 90 days	1,260,625	1,278,125
Retirement of senior notes		(508,900)
Intercompany accounts	187,337	515,595
Other	(152)	(1,202)
Net cash provided by (used in) financing activities	180,185	(1,507)
Cash and cash equivalents
Net increase (decrease) for the period	392,379	(192,753)
Balance, beginning of period	799,508	378,660
Balance, end of period	1,191,887	185,907
Guarantor Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	293,772	301,590
Cash flows from investing activities
Capital expenditures, net of construction payable	(105,509)	(69,530)
Dispositions of property and equipment	100	69
Investments in and advances to unconsolidated affiliates	(19,347)	(1,975)
Distributions from unconsolidated affiliates in excess of earnings	1,111	497
Investments in treasury securities - maturities longer than 90 days		(54,064)
Proceeds from treasury securities - maturities longer than 90 days		63,063
Intercompany accounts	(214,237)	(248,319)
Other	(2,070)	1,226
Net cash provided by (used in) investing activities	(339,952)	(309,033)
Cash flows from financing activities
Intercompany accounts	10,520	(9,057)
Other	(2)
Net cash provided by (used in) financing activities	10,518	(9,057)
Cash and cash equivalents
Net increase (decrease) for the period	(35,662)	(16,500)
Change in cash related to assets held for sale	(552)
Balance, beginning of period	255,655	237,457
Balance, end of period	219,441	220,957
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	98,950	150,251
Cash flows from investing activities
Capital expenditures, net of construction payable	(186,820)	(123,221)
Dispositions of property and equipment	64	66
Net cash provided by (used in) investing activities	(186,756)	(123,155)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less	(51,001)	(450,000)
Borrowings under bank credit facilities – maturities longer than 90 days	450,000	450,000
Intercompany accounts	16,380	(258,219)
Distributions to noncontrolling interest owners	(202,624)	(247,140)
Other	2	(446)
Net cash provided by (used in) financing activities	212,757	(505,805)
Effect of exchange rate on cash	704	(971)
Cash and cash equivalents
Net increase (decrease) for the period	125,655	(479,680)
Balance, beginning of period	658,552	1,187,552
Balance, end of period	$ 784,207	$ 707,872

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Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) Attributable to MGM Resorts International by Component (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Accumulated Other Comprehensive Income Loss [Line Items]
Balances, beginning of the period	$ 12,991
Current period other comprehensive income (loss)	589
Balances, end of the period	13,580
Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balances, beginning of the period	12,319
Current period other comprehensive income (loss)	1,261
Balances, end of the period	13,580
Other Adjustments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balances, beginning of the period	672
Current period other comprehensive income (loss)	$ (672)

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 1,661,444	$ 1,559,034
CityCenter Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	1,305,707	1,221,306
Elgin Riverboat Resort-Riverboat Casino [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	140,052	141,162
Marina District Development Company [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	112,333	109,252
Other [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 103,352	$ 87,314

XML

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail)	Mar. 31, 2015	Dec. 31, 2014
CityCenter Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.00%	50.00%
Elgin Riverboat Resort-Riverboat Casino [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.00%	50.00%
Marina District Development Company [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.00%	50.00%

XML

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2014 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.

The consolidated financial statements have been retroactively adjusted to reflect the Company’s investment in Borgata under the equity method for all periods presented in this quarterly report. The impact of the retroactive adjustments on net income for the three months ended March 31, 2014 was a decrease of $6 million.

Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 5.

Property and equipment. As of March 31, 2015, the Company had accrued $8 million for property and equipment within “Accounts payable” and $28 million related to construction retention in “Other long-term obligations.” In addition, during the three months ended March 31, 2015, the Company entered into capital leases with obligations of $16 million.

Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was (36%) for the three months ended March 31, 2015.

The Company recognizes deferred tax assets, net of applicable reserves, related to tax loss and credit carryforwards and other temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. As of December 31, 2014, the scheduled future reversal of existing U.S. federal taxable temporary differences exceeds the scheduled future reversal of existing U.S. federal deductible temporary differences.  Consequently, the Company no longer applies a valuation allowance against its domestic deferred tax assets other than its foreign tax credit deferred tax asset.

The Company generates significant excess foreign tax credits each year that are attributable to the Macau Special Gaming Tax which is 35% of gross gaming revenue in Macau.  Because MGM China is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. As long as the exemption from Macau’s 12% complementary tax on gaming profits continues, the Company expects that it will generate excess foreign tax credits on an annual basis and that none of the excess foreign credits will be utilized until the exemption expires. Although the Company’s current five-year exemption from the Macau 12% complementary tax on gaming profits ends on December 31, 2016, the Company believes it will be entitled to receive a third five-year exemption from Macau based upon exemptions granted to the Company’s competitors in order to ensure non-discriminatory treatment among gaming concessionaires and subconcessionaires. For all periods beyond December 31, 2021, the Company has assumed that it will be paying the Macau 12% complementary tax on gaming profits and will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset.  Furthermore, the Company does not rely on future U.S. source operating income in assessing future foreign tax credit realization due to its history of recent losses in the U.S. and therefore only relies on U.S. federal taxable temporary differences that it expects will reverse during the 10-year foreign tax credit carryover period.

The Company projects that it will be able to realize a benefit and, hence, projects that it will record a deferred tax asset for foreign tax credits, net of valuation allowance, of approximately $252 million as of December 31, 2015 and has reflected this assumption in its annual effective tax rate for 2015. The Company’s assessment of realization of its foreign tax credit deferred tax asset is based on available evidence, including assumptions about future profitability of and distributions from MGM China, as well as its assumption concerning renewals of the five-year exemption from Macau’s 12% complementary tax on gaming profits.  As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions may have a material impact on the amount of the valuation allowance.  For example, should the Company in a future period actually receive or be able to assume an additional five-year exemption, an additional valuation allowance would likely need to be provided on some portion or all of the foreign tax credit deferred tax asset, resulting in an increase in the provision for income taxes in such period and such increase may be material.  In addition, a change to forecasts of future profitability of, and distributions from, MGM China could also result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in such period.

Recently issued accounting standards. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of ASU 2014-09 will have on its consolidated financial statements and footnote disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Amendments to the Consolidation Analysis,” (“ASU 2015-02”), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015.  ASU 2015-02 amends: the assessment of whether a limited partnership is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships, clarifies how to determine whether the equity holders as a group have power over an entity. The Company is currently assessing the impact that adoption of ASU 2015-02 will have on its consolidated financial statements and footnote disclosures.

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Results of Operations of Unconsolidated Affiliates (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity Method Investments And Joint Ventures [Abstract]
Income from unconsolidated affiliates	$ 117,381	$ 22,615
Preopening and start-up expenses	(673)	(19)
Non-operating items from unconsolidated affiliates	(19,011)	(22,215)
Income from unconsolidated affiliates	$ 97,697	$ 381

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Income Per Share of Common Stock - Schedule of Weighted-Average Number of Common and Common Equivalent Shares Used in the Calculation of Basic and Diluted Income Per Share (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income attributable to MGM Resorts International - basic	$ 169,850	$ 102,652
Interest on convertible debt, net of tax	19,967	2,195
Potentially dilutive effect due to MGM China Share Option Plan	(8)	(132)
Net income attributable to MGM Resorts International - diluted	189,809	104,715
Net income attributable to MGM Resorts International - basic	$ 169,850	$ 102,652
Denominator:
Weighted-average common shares outstanding - basic	491,422	490,542
Potential dilution from share-based awards	5,836	6,453
Potential dilution from assumed conversion of convertible debt	78,054	16,149
Weighted-average common and common equivalent shares - diluted	575,312	513,144
Antidilutive share-based awards excluded from the calculation of diluted earnings per share	4,627	2,625

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Related Party Transactions - Additional Information (Detail) (MGM China [Member], Ms Pansy Ho, USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Brand license agreement [Member]
Related Party Transaction [Line Items]
License fee as percentage of MGM China consolidated net revenue	1.75%
Per annum percentage increase in development fee annual cap	20.00%
License fees	$ 11	$ 16
Brand license agreement [Member] | Scenario, Forecast [Member] | Maximum [Member]
Related Party Transaction [Line Items]
License fee cap	52
Development services agreement [Member]
Related Party Transaction [Line Items]
Per annum percentage increase in development fee annual cap	10.00%
Development fee as percentage of project cost	2.625%
Development fees	10	0
Development services agreement [Member] | Scenario, Forecast [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Development fees	$ 27

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 2,195,535	$ 1,713,715
Cash deposits - original maturities longer than 90 days		570,000
Accounts receivable, net	461,751	473,345
Inventories	103,286	104,011
Income tax receivable	7,725	14,675
Prepaid expenses and other	188,310	151,414
Total current assets	2,956,607	3,027,160
Property and equipment, net	14,561,951	14,441,542
Other assets
Investments in and advances to unconsolidated affiliates	1,661,444	1,559,034
Goodwill	2,898,127	2,897,110
Other intangible assets, net	4,309,206	4,364,856
Other long-term assets, net	411,112	412,809
Total other assets	9,279,889	9,233,809
Total assets	26,798,447	26,702,511
Current liabilities
Accounts payable	187,325	164,252
Construction payable	125,720	170,439
Deferred income taxes, net	70,552	62,142
Current portion of long-term debt		1,245,320
Accrued interest on long-term debt	184,205	191,155
Other accrued liabilities	1,327,959	1,574,617
Total current liabilities	1,895,761	3,407,925
Deferred income taxes, net	2,547,150	2,621,860
Long-term debt	14,551,810	12,913,882
Other long-term obligations	150,691	130,570
Commitments and contingencies (Note 6)
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 491,335,813 and 491,292,117 shares	4,913	4,913
Capital in excess of par value	4,192,684	4,180,922
Retained earnings (accumulated deficit)	61,941	(107,909)
Accumulated other comprehensive income	13,580	12,991
Total MGM Resorts International stockholders' equity	4,273,118	4,090,917
Noncontrolling interests	3,379,917	3,537,357
Total stockholders' equity	7,653,035	7,628,274
Total liabilities and stockholders' equity	$ 26,798,447	$ 26,702,511

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Stock-Based Compensation - Additional Information (Detail) In Millions, unless otherwise specified	Mar. 31, 2015
Omnibus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant as share-based awards	23
China Share Option Plan | Stock Options [Member] | MGM China [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant as share-based awards	338

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income	$ 212,646	$ 186,100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	206,412	207,655
Amortization of debt discounts, premiums and issuance costs	9,782	9,402
Provision for doubtful accounts	17,955	9,834
Stock-based compensation	10,676	8,195
Property transactions, net	1,589	558
Income from unconsolidated affiliates	(97,697)	(381)
Distributions from unconsolidated affiliates	4,039	3,703
Deferred income taxes	(68,648)	(6,782)
Change in operating assets and liabilities:
Accounts receivable	(6,350)	(14,186)
Inventories	731	6,349
Income taxes receivable and payable, net	6,879	5,736
Prepaid expenses and other	(37,386)	(29,736)
Prepaid Cotai land concession premium	(12,953)	(12,945)
Accounts payable and accrued liabilities	(77,428)	(87,934)
Other	5,401	5,227
Net cash provided by operating activities	175,648	290,795
Cash flows from investing activities
Capital expenditures, net of construction payable	(292,329)	(192,751)
Dispositions of property and equipment	164	135
Investments in and advances to unconsolidated affiliates	(160,079)	(32,175)
Distributions from unconsolidated affiliates in excess of earnings	1,111	497
Investments in treasury securities - maturities longer than 90 days		(54,064)
Proceeds from treasury securities - maturities longer than 90 days		63,063
Cash deposits - original maturities longer than 90 days	570,000
Other	(2,070)	1,226
Net cash provided by (used in) investing activities	116,797	(214,069)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less	(1,318,626)	(1,735,125)
Borrowings under bank credit facilities – maturities longer than 90 days	1,710,625	1,728,125
Retirement of senior notes		(508,900)
Distributions to noncontrolling interest owners	(202,624)	(247,140)
Other	(152)	(1,648)
Net cash provided by (used in) financing activities	189,223	(764,688)
Effect of exchange rate on cash	704	(971)
Cash and cash equivalents
Net increase (decrease) for the period	482,372	(688,933)
Change in cash related to assets held for sale	(552)
Balance, beginning of period	1,713,715	1,803,669
Balance, end of period	2,195,535	1,114,736
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	213,430	200,226
Federal, state and foreign income taxes paid, net of refunds	4,747	3,864
Non-cash investing and financing activities
Increase (decrease) in investment in and advances to CityCenter related to change in completion guarantee liability	$ (8,198)	$ 12,306

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Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Apr. 30, 2015	Dec. 31, 2014
Schedule Of Equity Method Investments [Line Items]
Recognized property transactions, net	$ 80
CityCenter Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Recognized property transactions, net	160
Percentage ownership interest	50.00%		50.00%
Annual dividend distribution policy Description	Under the annual distribution policy, CityCenter will distribute up to 35% of excess cash flow, subject to the approval of the CityCenter board of directors.
CityCenter Holdings, LLC [Member] | Subsequent Event [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest		50.00%
Dividends declared		400
Dividends received		$ 200

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Income (Loss) Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Weighted-Average Number of Common and Common Equivalent Shares Used in the Calculation of Basic and Diluted Income Per Share

The weighted-average number of common and common equivalent shares used in the calculation of basic and diluted income per share consisted of the following:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Numerator:
Net income attributable to MGM Resorts International - basic	$	169,850		$	102,652
Interest on convertible debt, net of tax		19,967			2,195
Potentially dilutive effect due to MGM China Share Option Plan		(8	)		(132	)
Net income attributable to MGM Resorts International - diluted	$	189,809		$	104,715
Denominator:
Weighted-average common shares outstanding - basic		491,422			490,542
Potential dilution from share-based awards		5,836			6,453
Potential dilution from assumed conversion of convertible debt		78,054			16,149
Weighted-average common and common equivalent shares - diluted		575,312			513,144
Antidilutive share-based awards excluded from the calculation of diluted    earnings per share		4,627			2,625

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Long-Term Debt - Schedule of Long-Term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 14,551,810	$ 14,159,202
Less: Current portion		(1,245,320)
Long-term debt	14,551,810	12,913,882
4.25% convertible senior notes, due 2015, net [Member]
Debt Instrument [Line Items]
Long-term debt	1,450,201	1,451,405
6.625% senior notes, due 2015, net [Member]
Debt Instrument [Line Items]
Long-term debt	875,200	875,370
6.875% senior notes, due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt	242,900	242,900
7.5% senior notes, due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt	732,749	732,749
10% senior notes, due 2016, net [Member]
Debt Instrument [Line Items]
Long-term debt	498,212	497,955
7.625% senior notes, due 2017 [Member]
Debt Instrument [Line Items]
Long-term debt	743,000	743,000
11.375% senior notes, due 2018, net [Member]
Debt Instrument [Line Items]
Long-term debt	469,347	468,949
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt	850,000	850,000
5.25% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	500,000	500,000
6.75% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	1,000,000	1,000,000
6.625% senior notes, due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	1,250,000	1,250,000
7.75% senior notes, due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	1,000,000	1,000,000
6% senior notes, due 2023, net [Member]
Debt Instrument [Line Items]
Long-term debt	1,250,720	1,250,742
7% debentures, due 2036, net [Member]
Debt Instrument [Line Items]
Long-term debt	572	572
6.7% debentures, due 2096 [Member]
Debt Instrument [Line Items]
Long-term debt	4,265	4,265
Term Loans [Member] | Senior credit facility [Member]
Debt Instrument [Line Items]
Long-term debt	2,731,392	2,738,118
Term Loans [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Long-term debt	553,376	553,177
Revolving Loans [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Long-term debt	$ 399,876

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Compensation Cost Recognized

Recognition of compensation cost. Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Compensation cost:
Omnibus Plan	$	7,942		$	7,002
MGM China Plan		2,760			1,461
Total compensation cost		10,702			8,463
Less:  Reimbursed costs and capitalized cost		(290	)		(268	)
Compensation cost after reimbursed costs and capitalized cost		10,412			8,195
Less:  Related tax benefit		(2,634	)		(2,317	)
Compensation cost, net of tax benefit	$	7,778		$	5,878

Omnibus Plan [Member]

Summary of Stock Options and Stock Appreciation Rights Activity

Stock options and stock appreciation rights (“SARs”)

	Units			Weighted Average
	(000’s)			Exercise Price
Outstanding at January 1, 2015		16,176		$	15.27
Granted		12			20.03
Exercised		(163	)		14.10
Forfeited or expired		(856	)		35.27
Outstanding at March 31, 2015		15,169			14.20
Exercisable at March 31, 2015		9,824			12.34

Schedule of Restricted Stock Units and Performance Share Units Activity

Restricted stock units (“RSUs”) and performance share units (“PSUs”)

	RSUs					PSUs
				Weighted				Weighted		Weighted
				Average				Average		Average
	Units			Grant-Date		Units		Grant-Date		Target
	(000’s)			Fair Value		(000’s)		Fair Value		Price
Nonvested at January 1, 2015		1,358		$	18.27		1,455	$	15.14	$	20.48
Forfeited		(15	)		18.08		—		—		—
Nonvested at March 31, 2015		1,343			18.27		1,455		15.14		20.48

Summary of Bonus Performance Share Units Activity

Bonus PSUs

	Units		Weighted Average
	(000’s)		Target Price
Outstanding at January 1, 2015		265	$	31.72
Granted		229		25.91
Outstanding at March 31, 2015		494		29.03

MGM China Plan [Member]

Summary of Stock Options Activity

A summary of activity under the MGM China Plan for the three months ended March 31, 2015 is presented below:

Stock options

	Units		Weighted Average
	(000’s)		Exercise Price
Outstanding at January 1, 2015		35,058	$	2.85
Granted		710		2.48
Outstanding at March 31, 2015		35,768		2.84
Exercisable at March 31, 2015		10,642		2.05

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Organization

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

NOTE 1 — ORGANIZATION

Organization. MGM Resorts International (the “Company”) is a Delaware corporation that acts largely as a holding company and, through wholly owned subsidiaries, owns and/or operates casino resorts. The Company owns and operates the following casino resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Monte Carlo, Excalibur and Circus Circus Las Vegas. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. The Company owns and operates Circus Circus Reno in Reno, Nevada. In April 2015, the Company sold Railroad Pass in Henderson, Nevada and Gold Strike in Jean, Nevada, as discussed in Note 3. Along with local investors, the Company owns and operates MGM Grand Detroit in Detroit, Michigan. The Company owns and operates two resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike Tunica. The Company also owns Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi.

The Company owns 51% and has a controlling interest in MGM China Holdings Limited (“MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), the Macau company that owns and operates the MGM Macau resort and casino and the related gaming subconcession and land concession. MGM Grand Paradise also has a land concession contract with the government of Macau to develop a second resort and casino on an approximately 18 acre site in Cotai, Macau (“MGM Cotai”). MGM Cotai will be an integrated casino, hotel and entertainment resort and is currently expected to have approximately 1,500 hotel rooms, 500 gaming tables and 1,500 slots. The total estimated project budget is $3.0 billion, excluding development fees eliminated in consolidation, capitalized interest and land related costs.

The Company owns 50% of CityCenter, located between Bellagio and Monte Carlo. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, a casino resort; Mandarin Oriental Las Vegas, a non-gaming boutique hotel; Crystals, a retail, dining and entertainment district; and Vdara, a luxury condominium-hotel. In addition, CityCenter features residential units in the Residences at Mandarin Oriental and Veer. The Company receives a management fee of 2% of revenues for the management of Aria and Vdara, and 5% of EBITDA (as defined in the agreements governing the Company’s management of Aria and Vdara). In addition, the Company receives an annual fee of $3 million for the management of Crystals. See Notes 4 and 6 for additional information related to CityCenter.

The Company owns 50% of the Borgata Hotel Casino & Spa (“Borgata”) located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey. Boyd Gaming Corporation owns the other 50% of Borgata and also operates the resort.  See Note 4 for additional information regarding Borgata.  The Company also has 50% interests in Grand Victoria and Silver Legacy. 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. Silver Legacy is located in Reno, adjacent to Circus Circus Reno, and the other 50% is owned by Eldorado Resorts, Inc.

The Company has entered into management agreements for future non-gaming hotels, resorts and residential products in the Middle East, North Africa, India and the United States. In 2014, the Company and the Hakkasan Group formed MGM Hakkasan Hospitality (“MGM Hakkasan”), owned 50% by each member, to design, develop and manage luxury non-gaming hotels, resorts and residences under certain brands licensed from the Company and the Hakkasan Group. In October 2014, the Company contributed all of the management agreements for non-gaming hotels, resorts and residential projects (outside of the greater China region) that are currently under development to MGM Hakkasan. The Company will continue to develop and manage properties in the greater China region with Diaoyutai State Guesthouse, including MGM Grand Sanya.

The Maryland Video Lottery Facility Location Commission has awarded the Company’s subsidiary developing MGM National Harbor the license to build and operate a destination resort casino in Prince George’s County at National Harbor. The expected cost to develop and construct MGM National Harbor is approximately $1.3 billion, excluding capitalized interest and land related costs. The Company expects the resort to include a casino with approximately 3,600 slots and 160 table games including poker; a 300-room hotel with luxury spa and rooftop pool; 79,000 square feet of high‑end branded retail and fine and casual dining; a 3,000-seat theater venue; 50,000 square feet of meeting and event space; and a 4,700-space parking garage.

The Company’s subsidiary that will develop MGM Springfield was awarded the Category One casino license in Region B, Western Massachusetts, one of three licensing regions designated by legislation, to build and operate MGM Springfield. MGM Springfield will be developed on 14.5 acres of land in downtown Springfield, Massachusetts. The expected cost to develop and construct MGM Springfield is $760 million, excluding capitalized interest and land related costs. The Company expects the resort will include a casino with approximately 3,000 slots and 100 table games including poker; a 250-room hotel; 64,000 square feet of retail and restaurant space; 33,000 square feet of meeting and event space; and a 3,500-space parking garage.

In 2013, the Company formed Las Vegas Arena Company, LLC (the “Las Vegas Arena Company”) with a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) - a leader in sports, entertainment, and promotions - to design, construct, and operate the Las Vegas Arena, which will be located on a parcel of the Company’s land between Frank Sinatra Drive and New York-New York, adjacent to the Las Vegas Strip. The Company and AEG each own 50% of Las Vegas Arena Company. The Las Vegas Arena is anticipated to seat between 18,000 – 20,000 people. Such development is estimated to cost approximately $350 million, excluding capitalized interest and land related costs.

The Company has two reportable segments: wholly owned domestic resorts and MGM China. See Note 10 for additional information about the Company’s segments.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	1,000,000,000	1,000,000,000
Common stock, issued shares	491,335,813	491,292,117
Common stock, outstanding shares	491,335,813	491,292,117

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Related Party Transactions

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 11 — RELATED PARTY TRANSACTIONS

MGM China. MGM Branding and Development Holdings, Ltd. (together with its subsidiary MGM Development Services, Ltd., “MGM Branding and Development”), an entity included in the Company’s consolidated financial statements in which Ms. Ho, Pansy Catilina Chiu King indirectly holds a noncontrolling interest, entered into a brand license agreement with MGM China. MGM China pays a license fee to MGM Branding and Development equal to 1.75% of MGM China’s consolidated net revenue, subject to an annual cap of $52 million in 2015 with a 20% increase per annum during the agreement term. During the three months ended March 31, 2015 and 2014, MGM China incurred total license fees of $11 million and $16 million, respectively. Such amounts have been eliminated in consolidation. 

MGM China entered into a development services agreement with MGM Branding and Development to provide certain development services to MGM China in connection with future expansion of existing projects and development of future resort gaming projects. Such services are subject to a development fee which is calculated separately for each resort casino property upon commencement of development. For each such property, the fee is 2.625% of project costs, to be paid in installments as certain benchmarks are achieved. Project costs are the total costs incurred for the design, development and construction of the casino, casino hotel, integrated resort and other related sites associated with each project, including costs of construction, fixtures and fittings, signage, gaming and other supplies and equipment and all costs associated with the opening of the business to be conducted at each project but excluding the cost of land and gaming concessions and financing costs. The development fee for MGM Cotai is subject to a cap of $27 million in 2015, which will increase by 10% per annum for each year during the term of the agreement. During the three months ended March 31, 2015, MGM China paid $10 million of fees to MGM Branding and Development related to development services. Such amounts have been eliminated in consolidation. No fee was paid during the three months ended March 31, 2014.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	MGM
Entity Registrant Name	MGM Resorts International
Entity Central Index Key	0000789570
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		563,042,468

XML

Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Financial Information

NOTE 12 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The Company’s domestic subsidiaries, excluding certain minor subsidiaries, its domestic insurance subsidiaries, MGM Grand Detroit, LLC, MGM National Harbor, LLC and Blue Tarp reDevelopment, LLC (the company that will own and operate the Company’s casino resort in Springfield, Massachusetts), and each of their respective subsidiaries, have fully and unconditionally guaranteed, on a joint and several basis, payment of the senior credit facility and the outstanding debt securities. The Company’s international subsidiaries, including MGM China, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of March 31, 2015 and December 31, 2014, and for the three months ended March 31, 2015 and 2014, are presented below.

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At March 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elimination			Consolidated
	(In thousands)
Current assets	$	1,206,649	$	861,068	$	889,268	$	(378	)	$	2,956,607
Property and equipment, net		—		12,425,331		2,148,592		(11,972	)		14,561,951
Investments in subsidiaries		20,727,345		3,916,769		—		(24,644,114	)		—
Investments in and advances to unconsolidated affiliates		—		1,628,720		7,724		25,000			1,661,444
Intercompany accounts		—		2,389,327		—		(2,389,327	)		—
Other non-current assets		134,077		429,070		7,055,298		—			7,618,445
	$	22,068,071	$	21,650,285	$	10,100,882	$	(27,020,791	)	$	26,798,447
Current liabilities	$	270,376	$	958,446	$	667,317	$	(378	)	$	1,895,761
Intercompany accounts		2,103,314		—		286,013		(2,389,327	)		—
Deferred income taxes, net		2,238,007		—		309,143		—			2,547,150
Long-term debt		13,145,313		4,837		1,401,660		—			14,551,810
Other long-term obligations		37,943		70,525		42,223		—			150,691
Total liabilities		17,794,953		1,033,808		2,706,356		(2,389,705	)		19,145,412
MGM Resorts stockholders' equity		4,273,118		20,616,477		4,014,609		(24,631,086	)		4,273,118
Noncontrolling interests		—		—		3,379,917		—			3,379,917
Total stockholders' equity		4,273,118		20,616,477		7,394,526		(24,631,086	)		7,653,035
	$	22,068,071	$	21,650,285	$	10,100,882	$	(27,020,791	)	$	26,798,447

	At December 31, 2014
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elimination			Consolidated
	(In thousands)
Current assets	$	1,390,806	$	868,688	$	768,335	$	(669	)	$	3,027,160
Property and equipment, net		—		12,445,086		2,008,428		(11,972	)		14,441,542
Investments in subsidiaries		20,430,160		3,896,365		—		(24,326,525	)		—
Investments in and advances to unconsolidated affiliates		—		1,526,446		7,588		25,000			1,559,034
Intercompany accounts		—		2,175,091		—		(2,175,091	)		—
Other non-current assets		141,035		414,801		7,118,939		—			7,674,775
	$	21,962,001	$	21,326,477	$	9,903,290	$	(26,489,257	)	$	26,702,511
Current liabilities	$	1,680,319	$	953,179	$	775,097	$	(670	)	$	3,407,925
Intercompany accounts		1,932,780		—		242,311		(2,175,091	)		—
Deferred income taxes, net		2,312,828		—		309,032		—			2,621,860
Long-term debt		11,907,534		4,837		1,001,511		—			12,913,882
Other long-term obligations		37,623		58,016		34,931		—			130,570
Total liabilities		17,871,084		1,016,032		2,362,882		(2,175,761	)		19,074,237
MGM Resorts stockholders' equity		4,090,917		20,310,445		4,003,051		(24,313,496	)		4,090,917
Noncontrolling interests		—		—		3,537,357		—			3,537,357
Total stockholders' equity		4,090,917		20,310,445		7,540,408		(24,313,496	)		7,628,274
	$	21,962,001	$	21,326,477	$	9,903,290	$	(26,489,257	)	$	26,702,511

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,569,282		$	763,685		$	(723	)	$	2,332,244
Equity in subsidiaries' earnings		327,766			44,966			—			(372,732	)		—
Expenses
Casino and hotel operations		1,500			937,439			513,904			(723	)		1,452,120
General and administrative		1,201			269,554			57,418			—			328,173
Corporate expense		15,516			35,204			(364	)		—			50,356
Preopening and start-up expenses		—			917			14,954			—			15,871
Property transactions, net		—			1,257			332			—			1,589
Depreciation and amortization		—			127,818			78,594			—			206,412
		18,217			1,372,189			664,838			(723	)		2,054,521
Income from unconsolidated affiliates		—			117,265			116			—			117,381
Operating income (loss)		309,549			359,324			98,963			(372,732	)		395,104
Interest expense, net of amounts capitalized		(211,077	)		(288	)		(4,897	)		—			(216,262	)
Other, net		12,879			(20,738	)		(14,642	)		—			(22,501	)
Income (loss) before income taxes		111,351			338,298			79,424			(372,732	)		156,341
Benefit (provision) for income taxes		58,499			(1,686	)		(508	)		—			56,305
Net income (loss)		169,850			336,612			78,916			(372,732	)		212,646
Less: Net income attributable to noncontrolling interests		—			—			(42,796	)		—			(42,796	)
Net income (loss) attributable to MGM Resorts International	$	169,850		$	336,612		$	36,120		$	(372,732	)	$	169,850
Net income (loss)	$	169,850		$	336,612		$	78,916		$	(372,732	)	$	212,646
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		1,261			1,261			2,476			(2,522	)		2,476
Other		(672	)		(672	)		—			672			(672	)
Other comprehensive income (loss)		589			589			2,476			(1,850	)		1,804
Comprehensive income (loss)		170,439			337,201			81,392			(374,582	)		214,450
Less: Comprehensive income attributable to noncontrolling interests		—			—			(44,011	)		—			(44,011	)
Comprehensive income (loss) attributable to MGM Resorts International	$	170,439		$	337,201		$	37,381		$	(374,582	)	$	170,439

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(217,074	)	$	293,772		$	98,950		$	—		$	175,648
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(105,509	)		(186,820	)		—			(292,329	)
Dispositions of property and equipment		—			100			64			—			164
Investments in and advances to unconsolidated affiliates		(140,732	)		(19,347	)		—			—			(160,079	)
Distributions from unconsolidated affiliates in excess of earnings		—			1,111			—			—			1,111
Cash deposits - original maturities longer than 90 days		570,000			—			—			—			570,000
Intercompany accounts		—			(214,237	)		—			214,237			—
Other		—			(2,070	)		—			—			(2,070	)
Net cash provided by (used in) investing activities		429,268			(339,952	)		(186,756	)		214,237			116,797
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(1,267,625	)		—			(51,001	)		—			(1,318,626	)
Borrowings under bank credit facilities - maturities longer than 90 days		1,260,625			—			450,000			—			1,710,625
Intercompany accounts		187,337			10,520			16,380			(214,237	)		—
Distributions to noncontrolling interest owners		—			—			(202,624	)		—			(202,624	)
Other		(152	)		(2	)		2			—			(152	)
Net cash provided by (used in) financing activities		180,185			10,518			212,757			(214,237	)		189,223
Effect of exchange rate on cash		—			—			704			—			704
Cash and cash equivalents
Net increase (decrease) for the period		392,379			(35,662	)		125,655			—			482,372
Change in cash related to assets held for sale		—			(552	)		—			—			(552	)
Balance, beginning of period		799,508			255,655			658,552			—			1,713,715
Balance, end of period	$	1,191,887		$	219,441		$	784,207		$	—		$	2,195,535

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,556,329		$	1,074,662		$	(593	)	$	2,630,398
Equity in subsidiaries' earnings		302,318			93,369			—			(395,687	)		—
Expenses
Casino and hotel operations		1,254			921,974			727,460			(593	)		1,650,095
General and administrative		1,112			260,640			57,494			—			319,246
Corporate expense		16,739			33,586			3,026			—			53,351
Preopening and start-up expenses		—			1,991			3,645			—			5,636
Property transactions, net		—			494			64			—			558
Depreciation and amortization		—			128,075			79,580			—			207,655
		19,105			1,346,760			871,269			(593	)		2,236,541
Income from unconsolidated affiliates		—			22,562			53			—			22,615
Operating income (loss)		283,213			325,500			203,446			(395,687	)		416,472
Interest expense, net of amounts capitalized		(200,897	)		(104	)		(8,386	)		—			(209,387	)
Other, net		18,590			(22,855	)		(19,384	)		—			(23,649	)
Income (loss) before income taxes		100,906			302,541			175,676			(395,687	)		183,436
Benefit (provision) for income taxes		1,746			1,641			(723	)		—			2,664
Net income (loss)		102,652			304,182			174,953			(395,687	)		186,100
Less: Net income attributable to noncontrolling interests		—			—			(83,448	)		—			(83,448	)
Net income (loss) attributable to MGM Resorts International	$	102,652		$	304,182		$	91,505		$	(395,687	)	$	102,652
Net income (loss)	$	102,652		$	304,182		$	174,953		$	(395,687	)	$	186,100
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(1,517	)		(1,517	)		(2,760	)		3,034			(2,760	)
Other		1,250			1,250			—			(1,250	)		1,250
Other comprehensive income (loss)		(267	)		(267	)		(2,760	)		1,784			(1,510	)
Comprehensive income (loss)		102,385			303,915			172,193			(393,903	)		184,590
Less: Comprehensive income attributable to noncontrolling interests		—			—			(82,205	)		—			(82,205	)
Comprehensive income (loss) attributable to MGM Resorts International	$	102,385		$	303,915		$	89,988		$	(393,903	)	$	102,385

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(186,046	)	$	301,590		$	150,251		$	25,000		$	290,795
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(69,530	)		(123,221	)		—			(192,751	)
Dispositions of property and equipment		—			69			66			—			135
Investments in and advances to unconsolidated affiliates		(5,200	)		(1,975	)		—			(25,000	)		(32,175	)
Distributions from unconsolidated affiliates in excess of earnings		—			497			—			—			497
Investments in treasury securities - maturities longer than 90 days		—			(54,064	)		—			—			(54,064	)
Proceeds from treasury securities - maturities longer than 90 days		—			63,063			—			—			63,063
Intercompany accounts		—			(248,319	)		—			248,319			–
Other		—			1,226			—			—			1,226
Net cash provided by (used in) investing activities		(5,200	)		(309,033	)		(123,155	)		223,319			(214,069	)
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(1,285,125	)		—			(450,000	)		—			(1,735,125	)
Borrowings under bank credit facilities - maturities longer than 90 days		1,278,125			—			450,000			—			1,728,125
Retirement of senior notes		(508,900	)		—			—			—			(508,900	)
Intercompany accounts		515,595			(9,057	)		(258,219	)		(248,319	)		—
Distributions to noncontrolling interest owners		—			—			(247,140	)		—			(247,140	)
Other		(1,202	)		—			(446	)		—			(1,648	)
Net cash used in financing activities		(1,507	)		(9,057	)		(505,805	)		(248,319	)		(764,688	)
Effect of exchange rate on cash		—			—			(971	)		—			(971	)
Cash and cash equivalents
Net decrease for the period		(192,753	)		(16,500	)		(479,680	)		—			(688,933	)
Balance, beginning of period		378,660			237,457			1,187,552			—			1,803,669
Balance, end of period	$	185,907		$	220,957		$	707,872		$	—		$	1,114,736

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Casino	$ 1,278,502	$ 1,583,432
Rooms	459,425	452,386
Food and beverage	384,101	383,392
Entertainment	125,968	133,777
Retail	45,037	44,616
Other	126,550	125,427
Reimbursed costs	101,060	94,975
Total revenues, gross	2,520,643	2,818,005
Less: Promotional allowances	(188,399)	(187,607)
Total revenues, net	2,332,244	2,630,398
Expenses
Casino	782,808	990,834
Rooms	141,313	134,238
Food and beverage	221,521	220,058
Entertainment	96,999	98,937
Retail	24,096	23,476
Other	84,323	87,577
Reimbursed costs	101,060	94,975
General and administrative	328,173	319,246
Corporate expense	50,356	53,351
Preopening and start-up expenses	15,871	5,636
Property transactions, net	1,589	558
Depreciation and amortization	206,412	207,655
Total expenses	2,054,521	2,236,541
Income from unconsolidated affiliates	117,381	22,615
Operating income	395,104	416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized	(216,262)	(209,387)
Non-operating items from unconsolidated affiliates	(19,011)	(22,215)
Other, net	(3,490)	(1,434)
Total non-operating income (expense)	(238,763)	(233,036)
Income before income taxes	156,341	183,436
Benefit for income taxes	56,305	2,664
Net income	212,646	186,100
Less: Net income attributable to noncontrolling interests	(42,796)	(83,448)
Net income attributable to MGM Resorts International	$ 169,850	$ 102,652
Net income per share of common stock attributable to MGM Resorts International
Basic	$ 0.35	$ 0.21
Diluted	$ 0.33	$ 0.20

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 6 — COMMITMENTS AND CONTINGENCIES

CityCenter completion guarantee. In October 2013, the Company entered into a third amended and restated completion and cost overrun guarantee, which is collateralized by substantially all of the assets of Circus Circus Las Vegas, as well as certain land adjacent to that property. As of March 31, 2015, the Company had funded $888 million under the completion guarantee. During the first quarter of 2015, the Company fulfilled its remaining significant obligations under the completion guarantee in conjunction with the resolution of the Perini litigation and related settlement agreements. The Company is in the process of seeking termination of the completion guarantee and the release of the assets securing such completion guarantee with CityCenter’s lenders.

Cotai land concession contract. MGM Grand Paradise’s land concession contract for an approximate 18 acre site on the Cotai Strip in Macau became effective on January 9, 2013 and has an initial term of 25 years. The total land premium payable to the Macau government for the land concession contract is $161 million and is composed of a down payment and eight additional semi-annual payments. As of March 31, 2015, MGM China had paid $115 million of the contract premium, including interest due on the semi-annual payments, and the amount paid is recorded within “Other long-term assets, net.” Including interest on the four remaining semi-annual payments, MGM China has approximately $59 million remaining payable for the land concession contract. Under the terms of the land concession contract, MGM Grand Paradise is required to complete the development of the land by January 2018.

Las Vegas Arena. In conjunction with Las Vegas Arena Company entering a senior secured credit facility in 2014, the Company and AEG each entered joint and several completion guarantees for the project, as well as a repayment guarantee for the $75 million term loan B (subject to increases and decreases in the event of a rebalancing of the principal amount of indebtedness between the term loan A and term loan B facilities). Additionally, in conjunction with the Las Vegas Arena Company’s senior secured credit facility, the Company and AEG have pledged to contribute equal amounts totaling $175 million for construction, of which $113 million has been contributed as of March 31, 2015.

Other guarantees. The Company is party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $500 million, and the amount of available borrowings under the senior credit facility is reduced by any outstanding letters of credit.  At March 31, 2015, the Company had provided $52 million of letters of credit. MGM Grand Paradise’s senior credit facility limits the amount of letters of credit that can be issued to $100 million, and the amount of available borrowings under the senior credit facility is reduced by any outstanding letters of credit.  At March 31, 2015, MGM China had provided approximately $39 million of guarantees under its credit facility.

In connection with the development of MGM Springfield as discussed in Note 1, the Company obtained a surety bond of $52 million naming the Commonwealth of Massachusetts as beneficiary, and payable thereto, in the event that the Company’s subsidiary is unable to complete the gaming establishment.

Other litigation. The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business.  Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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Long-Term Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
Senior credit facility:
$2,737 million ($2,744 million at December 31, 2014) term loans, net	$	2,731,392	$	2,738,118
MGM Grand Paradise credit facility:
$550 million term loans		553,376		553,177
Revolving loans		399,876		—
$1,450 million 4.25% convertible senior notes, due 2015, net		1,450,201		1,451,405
$875 million 6.625% senior notes, due 2015, net		875,200		875,370
$242.9 million 6.875% senior notes, due 2016		242,900		242,900
$732.7 million 7.5% senior notes, due 2016		732,749		732,749
$500 million 10% senior notes, due 2016, net		498,212		497,955
$743 million 7.625% senior notes, due 2017		743,000		743,000
$475 million 11.375% senior notes, due 2018, net		469,347		468,949
$850 million 8.625% senior notes, due 2019		850,000		850,000
$500 million 5.25% senior notes, due 2020		500,000		500,000
$1,000 million 6.75% senior notes, due 2020		1,000,000		1,000,000
$1,250 million 6.625% senior notes, due 2021		1,250,000		1,250,000
$1,000 million 7.75% senior notes, due 2022		1,000,000		1,000,000
$1,250 million 6% senior notes, due 2023, net		1,250,720		1,250,742
$0.6 million 7% debentures, due 2036, net		572		572
$4.3 million 6.7% debentures, due 2096		4,265		4,265
		14,551,810		14,159,202
Less: Current portion		—		(1,245,320	)
	$	14,551,810	$	12,913,882

Debt due within one year of the March 31, 2015 balance sheet date was classified as long-term as substantially all of the $1.45 billion 4.25% convertible senior notes were converted into shares of the Company’s common stock in April 2015, and the Company has both the intent and ability to refinance other current maturities on a long-term basis under its revolving senior credit facility.  As of December 31, 2014, the amount available under the Company’s revolving senior credit facility was less than current maturities related to the Company’s senior notes, convertible senior notes and term loan credit facilities. The Company excluded from the December 31, 2014 current portion of long-term debt the amount available for refinancing under its revolving credit facility.

Senior credit facility. At March 31, 2015, the Company’s senior credit facility consisted of a $1.2 billion revolving credit facility, a $1.03 billion term loan A facility and a $1.71 billion term loan B facility. The revolving and term loan A facilities bear interest at LIBOR plus an applicable rate determined by the Company’s credit rating (2.75% as of March 31, 2015). The term loan B facility bears interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%. The revolving and term loan A facilities mature in December 2017 and the term loan B facility matures in December 2019. The term loan A and term loan B facilities are subject to scheduled amortization payments on the last day of each calendar quarter in an amount equal to 0.25% of the original principal balance. The Company permanently repaid $7 million in 2015 in accordance with the scheduled amortization. The Company had $1.1 billion of available borrowing capacity under its senior credit facility at March 31, 2015. At March 31, 2015, the interest rate on the term loan A was 2.9% and the interest rate on the term loan B was 3.5%.  

The land and substantially all of the assets of MGM Grand Las Vegas, Bellagio and The Mirage secure up to $3.35 billion of obligations outstanding under the senior credit facility. In addition, the land and substantially all of the assets of New York-New York and Gold Strike Tunica secure the entire amount of the senior credit facility and the land and substantially all of the assets of MGM Grand Detroit secure its $450 million of obligations as a co-borrower under the senior credit facility. In addition, the senior credit facility is secured by a pledge of the equity or limited liability company interests of the subsidiaries that own the pledged properties.

The senior credit facility contains customary representations and warranties and customary affirmative and negative covenants. In addition, the senior credit facility requires the Company and its restricted subsidiaries (the “Restricted Group”) to maintain a minimum trailing four-quarter EBITDA (as defined in the senior credit facility) and limits the ability of the Restricted Group to make capital expenditures and investments. As of March 31, 2015, the Restricted Group was required to maintain a minimum EBITDA of $1.25 billion. The minimum EBITDA requirement is $1.25 billion through June 30, 2015 and increases to $1.30 billion for September 30, 2015 and December 31, 2015 and to $1.35 billion for March 31, 2016, with periodic increases thereafter. EBITDA for the trailing four quarters ended March 31, 2015, calculated in accordance with the terms of the senior credit facility, was $1.35 billion. The senior credit facility limits the Restricted Group to capital expenditures of $500 million per fiscal year, with unused amounts in any fiscal year rolling over to the next fiscal year, but not any fiscal year thereafter. The Restricted Group’s total capital expenditures allowable under the senior credit facility for fiscal year 2015, after giving effect to unused amounts from 2014, was $794 million. In addition, the senior credit facility limits the Restricted Group’s ability to make investments subject to certain thresholds and other important exceptions. As of March 31, 2015, the Restricted Group was within the limit of capital expenditures and other investments for the 2015 calendar year.

The senior credit facility provides for customary events of default, including, without limitation, (i) payment defaults, (ii) covenant defaults, (iii) cross-defaults to certain other indebtedness in excess of specified amounts, (iv) certain events of bankruptcy and insolvency, (v) judgment defaults in excess of specified amounts, (vi) the failure of any loan document by a significant party to be in full force and effect and such circumstance, in the reasonable judgment of the required lenders, is materially adverse to the lenders, or (vii) the security documents cease to create a valid and perfected first priority lien on any material portion of the collateral. In addition, the senior credit facility provides that a cessation of business due to revocation, suspension or loss of any gaming license affecting a specified amount of its revenues or assets, will constitute an event of default.

MGM Grand Paradise credit facility. At March 31, 2015, the MGM Grand Paradise credit facility consisted of approximately $550 million of term loans and an approximately $1.45 billion revolving credit facility due October 2017. The credit facility is subject to scheduled amortization payments beginning in July 2016. The interest rate on the facility fluctuates annually based on HIBOR plus a margin, which ranges between 1.75% and 2.50%, based on MGM China’s leverage ratio. The margin was 1.75% at March 31, 2015. MGM China is a joint and several co-borrower with MGM Grand Paradise. The MGM Grand Paradise credit facility is secured by MGM Grand Paradise’s interest in the Cotai land use right, and MGM China, MGM Grand Paradise and their guarantor subsidiaries have granted a security interest in substantially all of their assets to secure the facility. The MGM Grand Paradise credit facility will be used for general corporate purposes and for the development of MGM Cotai. At March 31, 2015, the interest rate on the term loans and outstanding revolving loans was 1.99%.

The MGM Grand Paradise credit facility agreement contains customary representations and warranties, events of default, affirmative covenants and negative covenants, which impose restrictions on, among other things, the ability of MGM China and its subsidiaries to make investments, pay dividends and sell assets, and to incur additional debt and additional liens. MGM China is also required to maintain compliance with a maximum consolidated total leverage ratio of 4.50 to 1.00 prior to the first anniversary of the MGM Cotai opening date and 4.00 to 1.00 thereafter, in addition to a minimum interest coverage ratio of 2.50 to 1.00. MGM China was in compliance with its credit facility covenants at March 31, 2015.

In April 2015, MGM China agreed in principle with its lenders to amend and restate its senior credit facility and increase the term loan commitments to $1.55 billion and extend the maturity date for the term loans and the revolving credit facility to April 2019. Additionally, the amended MGM Grand Paradise credit facility is expected to bear interest at a fluctuating rate per annum based on HIBOR plus a margin, initially set for a six month period at 1.75% per annum, but thereafter will range between 1.375% and 2.50% based on MGM China’s leverage ratio. The consent is subject to the execution of a formal amended and restated facilities agreement, among the lenders, MGM China and MGM Grand Paradise and is conditioned upon the satisfaction (or waiver) of all conditions precedent to its effectiveness, including, but not limited to, receipt of any government or regulatory approval required in connection with the transaction. There is no assurance as to whether and when binding agreements in respect of the proposed facilities will be finalized.

Convertible senior notes. In April 2015, holders of substantially all of the $1.45 billion in aggregate principle amount of 4.25% convertible senior notes elected to convert the notes into approximately 78 million shares of the Company’s common stock.  The notes were converted at 53.83 shares of common stock per $1,000 principle amount, which is equivalent to a conversion price of approximately $18.58 per share.  In addition, the Company settled the capped call transactions entered into in connection with the initial issuance of $1.15 billion aggregate principle amount of notes and received approximately 6 million shares from such financial institutions. Such shares received in connection with the capped call transactions were subsequently retired.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt at March 31, 2015 was $15.4 billion. At December 31, 2014, the estimated fair value of the Company’s long-term debt was $15.1 billion. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facility. Carrying value of the MGM Grand Paradise credit facility approximates fair value.

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Changes in Stockholders' Equity

The following table presents the Company’s changes in stockholders’ equity for the three months ended March 31, 2015:

	MGM Resorts
	International						Total
	Stockholders'			Noncontrolling			Stockholders'
	Equity			Interests			Equity
	(In thousands)
Balances, January 1, 2015	$	4,090,917		$	3,537,357		$	7,628,274
Net income		169,850			42,796			212,646
Currency translation adjustment		1,261			1,215			2,476
Other comprehensive loss from unconsolidated affiliate, net		(672	)		—			(672	)
Stock-based compensation		9,350			1,352			10,702
Change in excess tax benefit from stock-based compensation		(2,166	)		—			(2,166	)
Issuance of common stock pursuant to stock-based compensation awards		(294	)		—			(294	)
Cash distributions to noncontrolling interest owners		—			(202,803	)		(202,803	)
Issuance of performance share units		4,872			—			4,872
Balances, March 31, 2015	$	4,273,118		$	3,379,917		$	7,653,035

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) Attributable to MGM Resorts International by Component

Changes in accumulated other comprehensive income (loss) attributable to MGM Resorts International by component are as follows:

	Currency
	Translation		Other
	Adjustment		Adjustments			Total
	(In thousands)
Balances, January 1, 2015	$	12,319	$	672		$	12,991
Current period other comprehensive income (loss)		1,261		(672	)		589
Balances, March 31, 2015	$	13,580	$	—		$	13,580

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Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2014 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.

The consolidated financial statements have been retroactively adjusted to reflect the Company’s investment in Borgata under the equity method for all periods presented in this quarterly report. The impact of the retroactive adjustments on net income for the three months ended March 31, 2014 was a decrease of $6 million.

Fair value measurements

Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates, cost method investments, assets acquired and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company uses Level 1 inputs for its long-term debt fair value disclosures. See Note 5.

Property and equipment

Property and equipment. As of March 31, 2015, the Company had accrued $8 million for property and equipment within “Accounts payable” and $28 million related to construction retention in “Other long-term obligations.” In addition, during the three months ended March 31, 2015, the Company entered into capital leases with obligations of $16 million.

Income tax provision

Income tax provision. For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was (36%) for the three months ended March 31, 2015.

The Company recognizes deferred tax assets, net of applicable reserves, related to tax loss and credit carryforwards and other temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. As of December 31, 2014, the scheduled future reversal of existing U.S. federal taxable temporary differences exceeds the scheduled future reversal of existing U.S. federal deductible temporary differences.  Consequently, the Company no longer applies a valuation allowance against its domestic deferred tax assets other than its foreign tax credit deferred tax asset.

The Company generates significant excess foreign tax credits each year that are attributable to the Macau Special Gaming Tax which is 35% of gross gaming revenue in Macau.  Because MGM China is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. As long as the exemption from Macau’s 12% complementary tax on gaming profits continues, the Company expects that it will generate excess foreign tax credits on an annual basis and that none of the excess foreign credits will be utilized until the exemption expires. Although the Company’s current five-year exemption from the Macau 12% complementary tax on gaming profits ends on December 31, 2016, the Company believes it will be entitled to receive a third five-year exemption from Macau based upon exemptions granted to the Company’s competitors in order to ensure non-discriminatory treatment among gaming concessionaires and subconcessionaires. For all periods beyond December 31, 2021, the Company has assumed that it will be paying the Macau 12% complementary tax on gaming profits and will thus not be able to credit the Macau Special Gaming Tax in such years, and has factored that assumption into its assessment of the realization of the foreign tax credit deferred tax asset.  Furthermore, the Company does not rely on future U.S. source operating income in assessing future foreign tax credit realization due to its history of recent losses in the U.S. and therefore only relies on U.S. federal taxable temporary differences that it expects will reverse during the 10-year foreign tax credit carryover period.

The Company projects that it will be able to realize a benefit and, hence, projects that it will record a deferred tax asset for foreign tax credits, net of valuation allowance, of approximately $252 million as of December 31, 2015 and has reflected this assumption in its annual effective tax rate for 2015. The Company’s assessment of realization of its foreign tax credit deferred tax asset is based on available evidence, including assumptions about future profitability of and distributions from MGM China, as well as its assumption concerning renewals of the five-year exemption from Macau’s 12% complementary tax on gaming profits.  As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions may have a material impact on the amount of the valuation allowance.  For example, should the Company in a future period actually receive or be able to assume an additional five-year exemption, an additional valuation allowance would likely need to be provided on some portion or all of the foreign tax credit deferred tax asset, resulting in an increase in the provision for income taxes in such period and such increase may be material.  In addition, a change to forecasts of future profitability of, and distributions from, MGM China could also result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in such period.

Recently issued accounting standards

Recently issued accounting standards.In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. Additionally, the new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The Company is currently assessing the impact that adoption of ASU 2014-09 will have on its consolidated financial statements and footnote disclosures.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Amendments to the Consolidation Analysis,” (“ASU 2015-02”), which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015.  ASU 2015-02 amends: the assessment of whether a limited partnership is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships, clarifies how to determine whether the equity holders as a group have power over an entity. The Company is currently assessing the impact that adoption of ASU 2015-02 will have on its consolidated financial statements and footnote disclosures.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 9 — STOCK-BASED COMPENSATION

2005 Omnibus Incentive Plan. As of March 31, 2015, the Company had an aggregate of 23 million shares of common stock available for grant as share-based awards under the Company’s omnibus incentive plan (“Omnibus Plan”). A summary of activity under the Company’s share-based payment plans for the three months ended March 31, 2015 is presented below:

Stock options and stock appreciation rights (“SARs”)

	Units			Weighted Average
	(000’s)			Exercise Price
Outstanding at January 1, 2015		16,176		$	15.27
Granted		12			20.03
Exercised		(163	)		14.10
Forfeited or expired		(856	)		35.27
Outstanding at March 31, 2015		15,169			14.20
Exercisable at March 31, 2015		9,824			12.34

Restricted stock units (“RSUs”) and performance share units (“PSUs”)

	RSUs					PSUs
				Weighted				Weighted		Weighted
				Average				Average		Average
	Units			Grant-Date		Units		Grant-Date		Target
	(000’s)			Fair Value		(000’s)		Fair Value		Price
Nonvested at January 1, 2015		1,358		$	18.27		1,455	$	15.14	$	20.48
Forfeited		(15	)		18.08		—		—		—
Nonvested at March 31, 2015		1,343			18.27		1,455		15.14		20.48

Bonus PSUs

	Units		Weighted Average
	(000’s)		Target Price
Outstanding at January 1, 2015		265	$	31.72
Granted		229		25.91
Outstanding at March 31, 2015		494		29.03

The Company grants PSUs for the portion of any calculated bonus for a Section 16 officer of the Company that is in excess of such officer’s base salary (the “Bonus PSU Policy”). Awards granted under the Bonus PSU Policy have the same terms as PSUs granted under the Omnibus Plan with the exception that as of the grant date the awards will not be subject to forfeiture in the event of the officer’s termination.

MGM China Share Option Plan. As of March 31, 2015, MGM China had an aggregate of 338 million shares of common stock available for grant as share-based awards under the MGM China share option plan (“MGM China Plan”). A summary of activity under the MGM China Plan for the three months ended March 31, 2015 is presented below:

Stock options

	Units		Weighted Average
	(000’s)		Exercise Price
Outstanding at January 1, 2015		35,058	$	2.85
Granted		710		2.48
Outstanding at March 31, 2015		35,768		2.84
Exercisable at March 31, 2015		10,642		2.05

Recognition of compensation cost. Compensation cost for both the Omnibus Plan and MGM China Plan was recognized as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Compensation cost:
Omnibus Plan	$	7,942		$	7,002
MGM China Plan		2,760			1,461
Total compensation cost		10,702			8,463
Less:  Reimbursed costs and capitalized cost		(290	)		(268	)
Compensation cost after reimbursed costs and capitalized cost		10,412			8,195
Less:  Related tax benefit		(2,634	)		(2,317	)
Compensation cost, net of tax benefit	$	7,778		$	5,878

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Income (Loss) Per Share of Common Stock

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Income Per Share of Common Stock

NOTE 7 — INCOME PER SHARE OF COMMON STOCK

The weighted-average number of common and common equivalent shares used in the calculation of basic and diluted income per share consisted of the following:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Numerator:
Net income attributable to MGM Resorts International - basic	$	169,850		$	102,652
Interest on convertible debt, net of tax		19,967			2,195
Potentially dilutive effect due to MGM China Share Option Plan		(8	)		(132	)
Net income attributable to MGM Resorts International - diluted	$	189,809		$	104,715
Denominator:
Weighted-average common shares outstanding - basic		491,422			490,542
Potential dilution from share-based awards		5,836			6,453
Potential dilution from assumed conversion of convertible debt		78,054			16,149
Weighted-average common and common equivalent shares - diluted		575,312			513,144
Antidilutive share-based awards excluded from the calculation of diluted    earnings per share		4,627			2,625

Potential dilution from the assumed conversion of convertible debt for the three months ended March 31, 2015 does not take into consideration the 6 million shares received pursuant to the capped call transactions as discussed in Note 5, as the effect would be antidilutive. For the three months ended March 31, 2014, potential dilution from the assumed conversion of convertible debt relates to the $300 million 4.25% senior convertible notes issued in June 2011. The $1.15 billion 4.25% senior convertible notes issued in April 2010 were excluded from the March 31, 2014 calculation of diluted earnings per share as their effect would be antidilutive.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Stockholders' Equity

NOTE 8 — STOCKHOLDERS’ EQUITY

MGM China dividends. MGM China paid a $400 million special dividend in March 2015, of which $204 million remained within the consolidated entity and $196 million was distributed to noncontrolling interests. Additionally, in February 2015, MGM China’s Board of Directors recommended a final dividend for 2014 of approximately $120 million, subject to approval at MGM China’s 2015 annual shareholder meeting.

MGM China paid a $499 million special dividend in March 2014, of which $254 million remained within the consolidated entity and $245 million was distributed to noncontrolling interests.

Supplemental equity information. The following table presents the Company’s changes in stockholders’ equity for the three months ended March 31, 2015:

	MGM Resorts
	International						Total
	Stockholders'			Noncontrolling			Stockholders'
	Equity			Interests			Equity
	(In thousands)
Balances, January 1, 2015	$	4,090,917		$	3,537,357		$	7,628,274
Net income		169,850			42,796			212,646
Currency translation adjustment		1,261			1,215			2,476
Other comprehensive loss from unconsolidated affiliate, net		(672	)		—			(672	)
Stock-based compensation		9,350			1,352			10,702
Change in excess tax benefit from stock-based compensation		(2,166	)		—			(2,166	)
Issuance of common stock pursuant to stock-based compensation awards		(294	)		—			(294	)
Cash distributions to noncontrolling interest owners		—			(202,803	)		(202,803	)
Issuance of performance share units		4,872			—			4,872
Balances, March 31, 2015	$	4,273,118		$	3,379,917		$	7,653,035

Accumulated other comprehensive income (loss). Changes in accumulated other comprehensive income (loss) attributable to MGM Resorts International by component are as follows:

	Currency
	Translation		Other
	Adjustment		Adjustments			Total
	(In thousands)
Balances, January 1, 2015	$	12,319	$	672		$	12,991
Current period other comprehensive income (loss)		1,261		(672	)		589
Balances, March 31, 2015	$	13,580	$	—		$	13,580

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Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

NOTE 10 — SEGMENT INFORMATION

The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s principal operating activities occur in two geographic regions: the United States and Macau S.A.R. The Company has aggregated its operations into two reportable segments based on the similar characteristics of the operating segments within the regions in which they operate: wholly owned domestic resorts and MGM China. The Company’s operations related to investments in unconsolidated affiliates and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other, net” in the following segment disclosures to reconcile to consolidated results.

The Company’s management utilizes Adjusted Property EBITDA as the primary profit measure for its reportable segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense related to the Omnibus Plan, which are not allocated to the reportable segments. MGM China recognizes stock compensation expense related to the MGM China Plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net.

The following tables present the Company’s segment information:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Net Revenues
Wholly owned domestic resorts	$	1,577,895		$	1,570,234
MGM China		630,087			941,448
Reportable segment net revenues		2,207,982			2,511,682
Corporate and other		124,262			118,716
	$	2,332,244		$	2,630,398
Adjusted Property EBITDA
Wholly owned domestic resorts	$	389,879		$	402,846
MGM China		148,456			240,725
Reportable segment Adjusted Property EBITDA		538,335			643,571
Other operating income (expense)
Corporate and other, net		80,641			(13,250	)
Preopening and start-up expenses		(15,871	)		(5,636	)
Property transactions, net		(1,589	)		(558	)
Depreciation and amortization		(206,412	)		(207,655	)
Operating income		395,104			416,472
Non-operating income (expense)
Interest expense, net of amounts capitalized		(216,262	)		(209,387	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
Other, net		(3,490	)		(1,434	)
		(238,763	)		(233,036	)
Income before income taxes		156,341			183,436
Benefit for income taxes		56,305			2,664
Net income		212,646			186,100
Less: Net income attributable to noncontrolling interests		(42,796	)		(83,448	)
Net income attributable to MGM Resorts International	$	169,850		$	102,652

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Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) (CityCenter Holdings, LLC [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CityCenter Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Net revenues	$ 318,239	$ 336,417
Operating expenses	(136,633)	(331,454)
Operating income	181,606	4,963
Non-operating expenses	(18,005)	(25,165)
Net income (loss)	$ 163,601	$ (20,202)

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Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015 Segment Region
Segment Reporting [Abstract]
Number of geographic regions, where principal operating activities of the entity occur	2
Number of reportable segments	2

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
Senior credit facility:
$2,737 million ($2,744 million at December 31, 2014) term loans, net	$	2,731,392	$	2,738,118
MGM Grand Paradise credit facility:
$550 million term loans		553,376		553,177
Revolving loans		399,876		—
$1,450 million 4.25% convertible senior notes, due 2015, net		1,450,201		1,451,405
$875 million 6.625% senior notes, due 2015, net		875,200		875,370
$242.9 million 6.875% senior notes, due 2016		242,900		242,900
$732.7 million 7.5% senior notes, due 2016		732,749		732,749
$500 million 10% senior notes, due 2016, net		498,212		497,955
$743 million 7.625% senior notes, due 2017		743,000		743,000
$475 million 11.375% senior notes, due 2018, net		469,347		468,949
$850 million 8.625% senior notes, due 2019		850,000		850,000
$500 million 5.25% senior notes, due 2020		500,000		500,000
$1,000 million 6.75% senior notes, due 2020		1,000,000		1,000,000
$1,250 million 6.625% senior notes, due 2021		1,250,000		1,250,000
$1,000 million 7.75% senior notes, due 2022		1,000,000		1,000,000
$1,250 million 6% senior notes, due 2023, net		1,250,720		1,250,742
$0.6 million 7% debentures, due 2036, net		572		572
$4.3 million 6.7% debentures, due 2096		4,265		4,265
		14,551,810		14,159,202
Less: Current portion		—		(1,245,320	)
	$	14,551,810	$	12,913,882

XML

Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet Information

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At March 31, 2015
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elimination			Consolidated
	(In thousands)
Current assets	$	1,206,649	$	861,068	$	889,268	$	(378	)	$	2,956,607
Property and equipment, net		—		12,425,331		2,148,592		(11,972	)		14,561,951
Investments in subsidiaries		20,727,345		3,916,769		—		(24,644,114	)		—
Investments in and advances to unconsolidated affiliates		—		1,628,720		7,724		25,000			1,661,444
Intercompany accounts		—		2,389,327		—		(2,389,327	)		—
Other non-current assets		134,077		429,070		7,055,298		—			7,618,445
	$	22,068,071	$	21,650,285	$	10,100,882	$	(27,020,791	)	$	26,798,447
Current liabilities	$	270,376	$	958,446	$	667,317	$	(378	)	$	1,895,761
Intercompany accounts		2,103,314		—		286,013		(2,389,327	)		—
Deferred income taxes, net		2,238,007		—		309,143		—			2,547,150
Long-term debt		13,145,313		4,837		1,401,660		—			14,551,810
Other long-term obligations		37,943		70,525		42,223		—			150,691
Total liabilities		17,794,953		1,033,808		2,706,356		(2,389,705	)		19,145,412
MGM Resorts stockholders' equity		4,273,118		20,616,477		4,014,609		(24,631,086	)		4,273,118
Noncontrolling interests		—		—		3,379,917		—			3,379,917
Total stockholders' equity		4,273,118		20,616,477		7,394,526		(24,631,086	)		7,653,035
	$	22,068,071	$	21,650,285	$	10,100,882	$	(27,020,791	)	$	26,798,447

	At December 31, 2014
	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Elimination			Consolidated
	(In thousands)
Current assets	$	1,390,806	$	868,688	$	768,335	$	(669	)	$	3,027,160
Property and equipment, net		—		12,445,086		2,008,428		(11,972	)		14,441,542
Investments in subsidiaries		20,430,160		3,896,365		—		(24,326,525	)		—
Investments in and advances to unconsolidated affiliates		—		1,526,446		7,588		25,000			1,559,034
Intercompany accounts		—		2,175,091		—		(2,175,091	)		—
Other non-current assets		141,035		414,801		7,118,939		—			7,674,775
	$	21,962,001	$	21,326,477	$	9,903,290	$	(26,489,257	)	$	26,702,511
Current liabilities	$	1,680,319	$	953,179	$	775,097	$	(670	)	$	3,407,925
Intercompany accounts		1,932,780		—		242,311		(2,175,091	)		—
Deferred income taxes, net		2,312,828		—		309,032		—			2,621,860
Long-term debt		11,907,534		4,837		1,001,511		—			12,913,882
Other long-term obligations		37,623		58,016		34,931		—			130,570
Total liabilities		17,871,084		1,016,032		2,362,882		(2,175,761	)		19,074,237
MGM Resorts stockholders' equity		4,090,917		20,310,445		4,003,051		(24,313,496	)		4,090,917
Noncontrolling interests		—		—		3,537,357		—			3,537,357
Total stockholders' equity		4,090,917		20,310,445		7,540,408		(24,313,496	)		7,628,274
	$	21,962,001	$	21,326,477	$	9,903,290	$	(26,489,257	)	$	26,702,511

Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,569,282		$	763,685		$	(723	)	$	2,332,244
Equity in subsidiaries' earnings		327,766			44,966			—			(372,732	)		—
Expenses
Casino and hotel operations		1,500			937,439			513,904			(723	)		1,452,120
General and administrative		1,201			269,554			57,418			—			328,173
Corporate expense		15,516			35,204			(364	)		—			50,356
Preopening and start-up expenses		—			917			14,954			—			15,871
Property transactions, net		—			1,257			332			—			1,589
Depreciation and amortization		—			127,818			78,594			—			206,412
		18,217			1,372,189			664,838			(723	)		2,054,521
Income from unconsolidated affiliates		—			117,265			116			—			117,381
Operating income (loss)		309,549			359,324			98,963			(372,732	)		395,104
Interest expense, net of amounts capitalized		(211,077	)		(288	)		(4,897	)		—			(216,262	)
Other, net		12,879			(20,738	)		(14,642	)		—			(22,501	)
Income (loss) before income taxes		111,351			338,298			79,424			(372,732	)		156,341
Benefit (provision) for income taxes		58,499			(1,686	)		(508	)		—			56,305
Net income (loss)		169,850			336,612			78,916			(372,732	)		212,646
Less: Net income attributable to noncontrolling interests		—			—			(42,796	)		—			(42,796	)
Net income (loss) attributable to MGM Resorts International	$	169,850		$	336,612		$	36,120		$	(372,732	)	$	169,850
Net income (loss)	$	169,850		$	336,612		$	78,916		$	(372,732	)	$	212,646
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		1,261			1,261			2,476			(2,522	)		2,476
Other		(672	)		(672	)		—			672			(672	)
Other comprehensive income (loss)		589			589			2,476			(1,850	)		1,804
Comprehensive income (loss)		170,439			337,201			81,392			(374,582	)		214,450
Less: Comprehensive income attributable to noncontrolling interests		—			—			(44,011	)		—			(44,011	)
Comprehensive income (loss) attributable to MGM Resorts International	$	170,439		$	337,201		$	37,381		$	(374,582	)	$	170,439

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,556,329		$	1,074,662		$	(593	)	$	2,630,398
Equity in subsidiaries' earnings		302,318			93,369			—			(395,687	)		—
Expenses
Casino and hotel operations		1,254			921,974			727,460			(593	)		1,650,095
General and administrative		1,112			260,640			57,494			—			319,246
Corporate expense		16,739			33,586			3,026			—			53,351
Preopening and start-up expenses		—			1,991			3,645			—			5,636
Property transactions, net		—			494			64			—			558
Depreciation and amortization		—			128,075			79,580			—			207,655
		19,105			1,346,760			871,269			(593	)		2,236,541
Income from unconsolidated affiliates		—			22,562			53			—			22,615
Operating income (loss)		283,213			325,500			203,446			(395,687	)		416,472
Interest expense, net of amounts capitalized		(200,897	)		(104	)		(8,386	)		—			(209,387	)
Other, net		18,590			(22,855	)		(19,384	)		—			(23,649	)
Income (loss) before income taxes		100,906			302,541			175,676			(395,687	)		183,436
Benefit (provision) for income taxes		1,746			1,641			(723	)		—			2,664
Net income (loss)		102,652			304,182			174,953			(395,687	)		186,100
Less: Net income attributable to noncontrolling interests		—			—			(83,448	)		—			(83,448	)
Net income (loss) attributable to MGM Resorts International	$	102,652		$	304,182		$	91,505		$	(395,687	)	$	102,652
Net income (loss)	$	102,652		$	304,182		$	174,953		$	(395,687	)	$	186,100
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(1,517	)		(1,517	)		(2,760	)		3,034			(2,760	)
Other		1,250			1,250			—			(1,250	)		1,250
Other comprehensive income (loss)		(267	)		(267	)		(2,760	)		1,784			(1,510	)
Comprehensive income (loss)		102,385			303,915			172,193			(393,903	)		184,590
Less: Comprehensive income attributable to noncontrolling interests		—			—			(82,205	)		—			(82,205	)
Comprehensive income (loss) attributable to MGM Resorts International	$	102,385		$	303,915		$	89,988		$	(393,903	)	$	102,385

Schedule of Condensed Consolidating Statement of Cash Flows Information

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Three Months Ended March 31, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(217,074	)	$	293,772		$	98,950		$	—		$	175,648
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(105,509	)		(186,820	)		—			(292,329	)
Dispositions of property and equipment		—			100			64			—			164
Investments in and advances to unconsolidated affiliates		(140,732	)		(19,347	)		—			—			(160,079	)
Distributions from unconsolidated affiliates in excess of earnings		—			1,111			—			—			1,111
Cash deposits - original maturities longer than 90 days		570,000			—			—			—			570,000
Intercompany accounts		—			(214,237	)		—			214,237			—
Other		—			(2,070	)		—			—			(2,070	)
Net cash provided by (used in) investing activities		429,268			(339,952	)		(186,756	)		214,237			116,797
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(1,267,625	)		—			(51,001	)		—			(1,318,626	)
Borrowings under bank credit facilities - maturities longer than 90 days		1,260,625			—			450,000			—			1,710,625
Intercompany accounts		187,337			10,520			16,380			(214,237	)		—
Distributions to noncontrolling interest owners		—			—			(202,624	)		—			(202,624	)
Other		(152	)		(2	)		2			—			(152	)
Net cash provided by (used in) financing activities		180,185			10,518			212,757			(214,237	)		189,223
Effect of exchange rate on cash		—			—			704			—			704
Cash and cash equivalents
Net increase (decrease) for the period		392,379			(35,662	)		125,655			—			482,372
Change in cash related to assets held for sale		—			(552	)		—			—			(552	)
Balance, beginning of period		799,508			255,655			658,552			—			1,713,715
Balance, end of period	$	1,191,887		$	219,441		$	784,207		$	—		$	2,195,535

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Three Months Ended March 31, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(186,046	)	$	301,590		$	150,251		$	25,000		$	290,795
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(69,530	)		(123,221	)		—			(192,751	)
Dispositions of property and equipment		—			69			66			—			135
Investments in and advances to unconsolidated affiliates		(5,200	)		(1,975	)		—			(25,000	)		(32,175	)
Distributions from unconsolidated affiliates in excess of earnings		—			497			—			—			497
Investments in treasury securities - maturities longer than 90 days		—			(54,064	)		—			—			(54,064	)
Proceeds from treasury securities - maturities longer than 90 days		—			63,063			—			—			63,063
Intercompany accounts		—			(248,319	)		—			248,319			–
Other		—			1,226			—			—			1,226
Net cash provided by (used in) investing activities		(5,200	)		(309,033	)		(123,155	)		223,319			(214,069	)
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(1,285,125	)		—			(450,000	)		—			(1,735,125	)
Borrowings under bank credit facilities - maturities longer than 90 days		1,278,125			—			450,000			—			1,728,125
Retirement of senior notes		(508,900	)		—			—			—			(508,900	)
Intercompany accounts		515,595			(9,057	)		(258,219	)		(248,319	)		—
Distributions to noncontrolling interest owners		—			—			(247,140	)		—			(247,140	)
Other		(1,202	)		—			(446	)		—			(1,648	)
Net cash used in financing activities		(1,507	)		(9,057	)		(505,805	)		(248,319	)		(764,688	)
Effect of exchange rate on cash		—			—			(971	)		—			(971	)
Cash and cash equivalents
Net decrease for the period		(192,753	)		(16,500	)		(479,680	)		—			(688,933	)
Balance, beginning of period		378,660			237,457			1,187,552			—			1,803,669
Balance, end of period	$	185,907		$	220,957		$	707,872		$	—		$	1,114,736

XML

Stock-Based Compensation - Summary of Stock Options Activity (Detail) (MGM China Plan [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
MGM China Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at the beginning of the period (in shares)	35,058
Granted (in shares)	710
Outstanding at the end of the period (in shares)	35,768
Exercisable at the end of the period (in shares)	10,642
Outstanding at the beginning of the period (in dollars per share)	$ 2.85
Granted (in dollars per share)	$ 2.48
Outstanding at the end of the period (in dollars per share)	$ 2.84
Exercisable at the end of the period (in dollars per share)	$ 2.05

XML

Income (Loss) Per Share of Common Stock - Additional Information (Detail) (4.25% convertible senior notes, due 2015, net [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Apr. 30, 2010
Investment Holdings [Line Items]
Share received upon capped call transactions	6
Long-term debt, principal amount	$ 1,450.0		$ 1,450.0	$ 1,150.0
Long-term debt, interest rate (as a percent)	4.25%		4.25%
Convertible Debt Issued June 2011 [Member]
Investment Holdings [Line Items]
Long-term debt, principal amount		300.0
Long-term debt, interest rate (as a percent)		4.25%
Long-term debt, issuance date		2011-06
Convertible Debt Issued April 2010 [Member]
Investment Holdings [Line Items]
Long-term debt, principal amount		$ 1,150.0
Long-term debt, interest rate (as a percent)		4.25%
Long-term debt, issuance date		2010-04

XML

Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 212,646	$ 186,100
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	2,476	(2,760)
Other	(672)	1,250
Other comprehensive income (loss)	1,804	(1,510)
Comprehensive income	214,450	184,590
Less: Comprehensive income attributable to noncontrolling interests	(44,011)	(82,205)
Comprehensive income attributable to MGM Resorts International	$ 170,439	$ 102,385

XML

Investments in and Advances to Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2015

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

NOTE 4 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	1,305,707	$	1,221,306
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%)		140,052		141,162
Marina District Development Company – Borgata (50%)		112,333		109,252
Other		103,352		87,314
	$	1,661,444	$	1,559,034

The Company recorded its share of the results of operations of unconsolidated affiliates as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Income from unconsolidated affiliates	$	117,381		$	22,615
Preopening and start-up expenses		(673	)		(19	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
	$	97,697		$	381

CityCenter

Summarized balance sheet information for CityCenter is as follows:

	March 31,		December 31,
	2015		2014
	(In thousands)
Current assets	$	666,600	$	561,904
Property and other assets, net		7,830,931		7,883,709
Current liabilities		255,659		508,168
Long-term debt and other long-term obligations		1,553,008		1,552,913
Equity		6,688,864		6,384,532

Summarized income statement information for CityCenter is as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Net revenues	$	318,239		$	336,417
Operating expenses		(136,633	)		(331,454	)
Operating income		181,606			4,963
Non-operating expenses		(18,005	)		(25,165	)
Net income (loss)	$	163,601		$	(20,202	)

CityCenter litigation settlement. In December 2014, the Company and CityCenter entered into a settlement agreement with Perini Building Company, Inc. (“Perini”), general contractor for CityCenter, the remaining Perini subcontractors and relevant insurers to resolve all outstanding project lien claims and CityCenter’s counterclaims relating to the Harmon Hotel and Spa. The settlement was subject to execution of a global settlement agreement among the parties described above, which was subsequently executed, and CityCenter’s procurement of replacement general liability insurance covering construction of the CityCenter development, which was obtained in January 2015. The proceeds pursuant to such global settlement agreement, combined with certain prior Harmon-related insurance settlement proceeds, resulted in a gain of $160 million recorded by CityCenter during the first quarter of 2015, of which the Company recorded its 50% share of $80 million.

CityCenter dividend. In April 2015, CityCenter adopted an annual distribution policy and declared a special dividend of $400 million, of which the Company received its 50% share of $200 million. Under the annual distribution policy, CityCenter will distribute up to 35% of excess cash flow, subject to the approval of the CityCenter board of directors.

Las Vegas Arena

See Note 6 for discussion of the Company’s joint and several completion and repayment guarantees and equity contribution commitments related to the Las Vegas Arena.

XML

Organization - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015 Segment	Dec. 31, 2014
Organization Disclosure [Line Items]
Number of reportable segments	2
CityCenter Holdings, LLC [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%	50.00%
Marina District Development Company [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%	50.00%
Grand Victoria [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Silver Legacy [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Las Vegas Arena Company, LLC [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Boyd [Member] | Borgata [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
MGM Hakkasan [Member] | MGM Hakkasan Hospitality [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Co-venturer [Member] | Infinity World Development Corp [Member] | CityCenter Holdings, LLC [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Co-venturer [Member] | Hyatt Gaming [Member] | Grand Victoria [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Co-venturer [Member] | Eldorado LLC [Member] | Silver Legacy [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%
Scenario, Forecast [Member] | Las Vegas Arena Company, LLC [Member]
Organization Disclosure [Line Items]
Expected development and construction cost, excluding capitalized and land related costs	350,000,000
Scenario, Forecast [Member] | Maximum [Member] | Las Vegas Arena Company, LLC [Member]
Organization Disclosure [Line Items]
Number of seats	20,000
Scenario, Forecast [Member] | Minimum [Member] | Las Vegas Arena Company, LLC [Member]
Organization Disclosure [Line Items]
Number of seats	18,000
MGM China [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	51.00%
MGM Cotai [Member] | Scenario, Forecast [Member]
Organization Disclosure [Line Items]
Expected development and construction cost, excluding capitalized and land related costs	3,000,000,000
MGM Cotai [Member] | Scenario, Forecast [Member] | Maximum [Member]
Organization Disclosure [Line Items]
Number of hotel rooms	1,500
Number of gaming tables	500
Number of slots	1,500
Crystals [Member] | CityCenter Holdings, LLC [Member]
Organization Disclosure [Line Items]
Annual management fee	3,000,000
Aria and Vdara [Member] | CityCenter Holdings, LLC [Member]
Organization Disclosure [Line Items]
Management fee as a percentage of revenues	2.00%
Management fee received, percentage of EBITDA	5.00%
Mgm National Harbor [Member] | Scenario, Forecast [Member]
Organization Disclosure [Line Items]
Number of hotel rooms	300
Number of gaming tables	160
Number of slots	3,600
Expected development and construction cost, excluding capitalized and land related costs	1,300,000,000
Number of seats	3,000
Area of meeting and event space	50,000
Area of retail and restaurant space	79,000
Parking garage space	4,700
Mississippi [Member]
Organization Disclosure [Line Items]
Number of resorts owned and operated	2
Macau [Member] | MGM Cotai [Member] | Scenario, Forecast [Member]
Organization Disclosure [Line Items]
Area of development site (in acres)	18
Massachusetts [Member] | MGM Springfield [Member] | Scenario, Forecast [Member]
Organization Disclosure [Line Items]
Area of development site (in acres)	14.5
Number of hotel rooms	250
Number of gaming tables	100
Number of slots	3,000
Expected development and construction cost, excluding capitalized and land related costs	760,000,000
Area of meeting and event space	33,000
Area of retail and restaurant space	64,000
Parking garage space	3,500

XML

Long-Term Debt - Additional Information (Detail) (USD $) Share data in Millions, except Per Share data, unless otherwise specified	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Apr. 30, 2015	Dec. 31, 2014	Apr. 30, 2010
Debt Instrument [Line Items]
Long-term debt, fair value	15,400,000,000		$ 15,100,000,000
MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Long-term debt, maturity date	Oct. 31, 2017
Maximum [Member] | MGM Grand Paradise credit facility [Member] | Debt Covenant Terms Prior to First Anniversary of MGM Cotai Opening [Member]
Debt Instrument [Line Items]
Consolidated leverage ratio	4.50
Maximum [Member] | MGM Grand Paradise credit facility [Member] | Debt Covenant Terms Subsequent to First Anniversary of MGM Cotai Opening [Member]
Debt Instrument [Line Items]
Consolidated leverage ratio	4.00
Minimum [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Consolidated interest coverage ratio	2.50
Revolving Loans [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Credit facility amount	1,450,000,000
Interest rate at the end of the period (as a percent)	1.99%
Term Loans [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Credit facility amount	550,000,000
Interest rate at the end of the period (as a percent)	1.99%
HIBOR [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Variable interest rate base	HIBOR
Interest rate margin (as a percent)	1.75%
HIBOR [Member] | Maximum [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)	2.50%
HIBOR [Member] | Minimum [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.75%
Senior credit facility [Member]
Debt Instrument [Line Items]
Annual capital expenditures after giving effect to unused amounts from prior year	794,000,000
Senior credit facility [Member] | Collateralized land and assets of MGM Grand Detroit [Member] | MGM Grand Detroit, LLC [Member]
Debt Instrument [Line Items]
Debt instrument, collateral amount	450,000,000
Senior credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Annual capital expenditures	500,000,000
Senior credit facility [Member] | Maximum [Member] | Collateralized land and assets of MGM Grand Las Vegas, Bellagio and The Mirage [Member]
Debt Instrument [Line Items]
Debt instrument, collateral amount	3,350,000,000
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms March Thirty One Two Thousand And Fifteen
Debt Instrument [Line Items]
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA)	1,250,000,000
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms June Thirty Two Thousand And Fifteen
Debt Instrument [Line Items]
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA)	1,250,000,000
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms September Thirty Two Thousand And Fifteen
Debt Instrument [Line Items]
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA)	1,300,000,000
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms December Thirty One Two Thousand And Fifteen
Debt Instrument [Line Items]
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA)	1,300,000,000
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms March Thirty One Two Thousand And Sixteen
Debt Instrument [Line Items]
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA)	1,350,000,000
Senior credit facility [Member] | Minimum [Member] | Debt Covenant Terms Trailing Four Quarters [Member]
Debt Instrument [Line Items]
Trailing annual earnings before interest, taxes, depreciation and amortization (EBITDA)	1,350,000,000
Senior credit facility [Member] | Revolving Loans [Member]
Debt Instrument [Line Items]
Credit facility amount	1,200,000,000
Long-term debt, maturity date	Dec. 20, 2017
Available borrowing capacity	1,100,000,000
Senior credit facility [Member] | Term Loans [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	2,737,000,000		2,744,000,000
Repayments	7,000,000
Senior credit facility [Member] | LIBOR [Member] | Revolving Loans [Member]
Debt Instrument [Line Items]
Variable interest rate base	LIBOR
Interest rate margin (as a percent)	2.75%
Subsequent Event [Member] | Term Loans [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Credit facility amount		1,550,000,000
Subsequent Event [Member] | HIBOR [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Variable interest rate base		HIBOR
Interest rate margin (as a percent)		1.75%
Subsequent Event [Member] | HIBOR [Member] | Maximum [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)		2.50%
Subsequent Event [Member] | HIBOR [Member] | Minimum [Member] | MGM Grand Paradise credit facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)		1.375%
4.25% convertible senior notes, due 2015, net [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	1,450,000,000		1,450,000,000	1,150,000,000
Long-term debt, interest rate (as a percent)	4.25%		4.25%
Initial conversion price of shares (in dollars per share)	18.58
Common stock shares issued	78
Share received upon capped call transactions	6
4.25% convertible senior notes, due 2015, net [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount		1,450,000,000
Long-term debt, interest rate (as a percent)		4.25%
Conversion ratio, number of shares per $1,000 principal amount, numerator		53.83
Senior credit facility term loan A [Member]
Debt Instrument [Line Items]
Credit facility amount	1,030,000,000
Long-term debt, maturity date	Dec. 20, 2017
Amortization payments of original principal balance (as percent)	0.25%
Interest rate at the end of the period (as a percent)	2.90%
Senior credit facility term loan A [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable interest rate base	LIBOR
Senior credit facility term loan B [Member]
Debt Instrument [Line Items]
Credit facility amount	1,710,000,000
Interest rate floor (as a percent)	1.00%
Long-term debt, maturity date	Dec. 20, 2019
Amortization payments of original principal balance (as percent)	0.25%
Interest rate at the end of the period (as a percent)	3.50%
Senior credit facility term loan B [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable interest rate base	LIBOR
Interest rate margin (as a percent)	2.50%

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Investments in and Advances to Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Investments in and Advances to Unconsolidated Affiliates

Investments in and advances to unconsolidated affiliates consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	1,305,707	$	1,221,306
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50%)		140,052		141,162
Marina District Development Company – Borgata (50%)		112,333		109,252
Other		103,352		87,314
	$	1,661,444	$	1,559,034

Schedule of Share of Results of Operations of Unconsolidated Affiliates

The Company recorded its share of the results of operations of unconsolidated affiliates as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Income from unconsolidated affiliates	$	117,381		$	22,615
Preopening and start-up expenses		(673	)		(19	)
Non-operating items from unconsolidated affiliates		(19,011	)		(22,215	)
	$	97,697		$	381

CityCenter Holdings, LLC [Member]

Summarized Balance Sheet Information

Summarized balance sheet information for CityCenter is as follows:

	March 31,		December 31,
	2015		2014
	(In thousands)
Current assets	$	666,600	$	561,904
Property and other assets, net		7,830,931		7,883,709
Current liabilities		255,659		508,168
Long-term debt and other long-term obligations		1,553,008		1,552,913
Equity		6,688,864		6,384,532

Summarized Income Statement Information

Summarized income statement information for CityCenter is as follows:

	Three Months Ended
	March 31,
	2015			2014
	(In thousands)
Net revenues	$	318,239		$	336,417
Operating expenses		(136,633	)		(331,454	)
Operating income		181,606			4,963
Non-operating expenses		(18,005	)		(25,165	)
Net income (loss)	$	163,601		$	(20,202	)